Canada Goose Holdings Inc (GOOS) 2026 Q1 法說會逐字稿

Hello and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Canada Goose quarter one fiscal year '26 earnings call. (Operator Instructions)

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Canada Goose 26 財年第一季財報電話會議。（操作員指示）

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

現在我想把電話轉給財務長尼爾鮑登 (Neil Bowden)。尼爾，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. For today's call, Dani and I will start with prepared remarks, and then the four of us will take questions as usual.

大家早安。今天與我一起的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。今天的電話會議，丹尼和我將首先發表準備好的發言，然後我們四個人將像往常一樣回答問題。

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. You can read about these assumptions, risks, and uncertainties in our filings with US and Canadian regulators. These documents are also available on the Investor Relations section of our website.

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。您可以在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 the amounts discussed today are in Canadian dollars unless otherwise indicated. Please note the financial results described in today's call will compare first-quarter results ended June 29, 2025, with the same period ended June 30, 2024, unless otherwise noted.

我們以加幣報告，因此今天討論的金額均以加幣為單位，除非另有說明。請注意，除非另有說明，今天電話會議中所述的財務結果將比較截至 2025 年 6 月 29 日的第一季業績與截至 2024 年 6 月 30 日的同期業績。

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

說完這些，我會把電話轉給丹尼。

Thanks, Neil, and good morning, everyone. Since we kicked off fiscal 2026, it is clear, spring is a growth opportunity and we are capitalizing on it in a big way. This season, we showed up differently with fresh product, bold marketing, and a clear point of view that sparked new energy around the brand. And as customers engaged with us, we delivered, executed with strength across every channel.

謝謝，尼爾，大家早安。自從我們啟動 2026 財年以來，很明顯，春季是一個成長機會，我們正在大力利用它。本季，我們以新鮮的產品、大膽的營銷和清晰的觀點展現了不同的風格，為品牌注入了新的活力。當客戶與我們互動時，我們會透過各個管道強力交付和執行。

The first quarter marked a strong start to the year with revenue up 22% year-over-year. Our direct-to-consumer business showed positive momentum continuing since December of last year, delivering 15% due to see comparable sales growth for the quarter. This now marks seven consecutive months of positive comps.

今年第一季開局強勁，營收年增 22%。我們的直接面向消費者業務自去年 12 月以來一直保持積極勢頭，本季可比銷售額成長 15%。這標誌著公司業績連續七個月保持正成長。

Our performance in North America and Mainland China were particular highlights this quarter, which gives us confidence as we enter the peak season. Our seasonally relevant assortment, commitment to maintaining a consistent and impactful marketing presence, and our focused execution of our direct-to-consumer strategy is clearly working.

本季我們在北美和中國大陸的業績尤其突出，這讓我們對進入旺季充滿信心。我們根據季節變化而進行的產品分類、對保持一致且有影響力的營銷形象的承諾以及我們對直接面向消費者的策略的重點執行顯然是有效的。

On our fourth quarter call, we shared our operating imperatives with you. Please continue to provide the foundation for our execution. First, expanding our product offering to enhance year-round relevance. This quarter, we introduced more newness than ever before, making our stores more seasonally relevant and well positioned with the collection that resonated with consumers in the moment.

在第四季度電話會議上，我們與您分享了我們的營運要務。請繼續為我們的執行提供基礎。首先，擴大我們的產品供應以增強全年的相關性。本季度，我們推出了比以往更多的新品，使我們的商店更加貼合季節，並憑藉與當下消費者產生共鳴的系列產品佔據有利位置。

The Emersen T-shirt, a new style launched this season, topped our bestsellers this quarter, followed by the Beckley Polo and Chilliwack fleece. Apparel was our fastest growing category in Q1, but newness and relevance across our assortment also drove higher growth in our core out-of-work products as well.

本季推出的新款 Emersen T 卹成為本季最暢銷產品，其次是 Beckley Polo 衫和 Chilliwack 羊毛衫。服裝是我們第一季成長最快的類別，但我們產品系列的新穎性和相關性也推動了我們核心非工作產品的更高成長。

Second, building brand heat through focused marketing investments. In the first quarter, we continued to drive brand momentum through strategic marketing investments in our Spring, Summer, and Snow Goose Summer Campaigns.

第二，透過針對性的行銷投入打造品牌熱度。第一季度，我們繼續透過對春季、夏季和雪雁夏季活動的策略行銷投資來推動品牌發展。

The Spring/Summer Campaign brought a fresh energy to the brand, playful and relevant, with a clear message: we do summer, too. It challenged old perceptions and made people take notice. Backed by more even specific product and elevated storytelling, it sparked real momentum.

春夏活動為品牌注入了新鮮活力，充滿樂趣且切題，傳達了一個明確的訊息：我們也做夏天。它挑戰了舊的觀念並吸引了人們的注意。在更具體的產品和更高層次的故事敘述的支持下，它激發了真正的動力。

The Snow Goose campaign built on that heat, resonating globally and driving strong lists and earned media reach, engagement, and follower growth; clear signals that that campaign landed. What Haider is doing is bold. He's reaching deep into the DNA of Canada Goose and pulling it forward, reinterpreting our heritage in a way that feels right now.

Snow Goose 活動藉此熱度，在全球範圍內引起共鳴，並獲得了強大的榜單和媒體影響力、參與度和粉絲增長；清晰的信號表明該活動取得了成功。海德爾的做法是大膽的。他深入挖掘了加拿大鵝的 DNA 並將其發揚光大，以符合當下的方式重新詮釋了我們的傳統。

Snow Goose puts us squarely in the pop culture conversation, creating something that speaks to longtime fans or capturing the attention of a whole new generation. To channel development, we are executing across direct-to-consumer and Wholesale to deliver an elevated experience at every touch point.

《雪雁》讓我們直接置身於流行文化的討論中，創造出一些能引起長期粉絲共鳴或吸引新世代關注的作品。為了通路開發，我們正在透過直接面向消費者和批發的方式開展業務，以在每個接觸點提供更高級的體驗。

Our direct-to-consumer comparable sales growth has remained positive in recent months. We're seeing strong alignment across product marketing and channel operations, driving store conversion higher year over year in every region.

近幾個月來，我們直接面向消費者的可比銷售額一直保持正成長。我們看到產品行銷和通路營運之間的高度協調，推動每個地區的店鋪轉換率逐年提高。

These are clear proof points of the progress that we are making. That said, we are not standing still. Our teams around the world continue to push for more, and we're seeing to translate into the second quarter, with July showing yet another strong month.

這些都是我們正在取得進展的明顯證據。話雖如此，我們並沒有停滯不前。我們遍佈全球的團隊繼續努力，我們看到這項成果將轉化為第二季的成果，7 月又是一個表現強勁的月份。

Finally, I want to highlight the recent release of our fiscal 2025 impact report. We are continuously looking to improve and innovate, ensuring that our efforts lead to a more sustainable future.

最後，我想強調我們最近發布的 2025 財年影響報告。我們不斷尋求改進和創新，確保我們的努力能帶來更永續的未來。

In fiscal 2025, we achieved a 9% reduction in scope 1 emissions and a 25% reduction in scope 3 emissions, while additionally investing in 10 renewable energy projects to fully match our scope 2. I'm very proud of both our progress and of our teams for their commitment every step of the way.

2025財年，我們實現了範圍1排放量減少9%，範圍3排放量減少25%，同時額外投資了10個再生能源項目，以完全符合我們的範圍2。我對我們的進步以及我們團隊在每一步中所做的承諾感到非常自豪。

In closing, I'm energized about the momentum we have built, especially in the uncertain economic environment. We're unlocking major growth opportunities that set Canada Goose up for continued success through the rest of the year and beyond.

最後，我對我們所建立的勢頭感到振奮，特別是在不確定的經濟環境中。我們正在釋放重大的成長機遇，為加拿大鵝在今年剩餘時間及以後繼續取得成功奠定基礎。

And with that I'll turn it over to Neil.

現在我將把話題交給尼爾。

Thanks, Dani. Our first quarter of fiscal 2026 results are a continuation of the strong performance we delivered as we closed out fiscal '25 and the early progress we're making on our key operational priorities this year. Let me walk you through the financial results.

謝謝，丹尼。我們 2026 財年第一季的業績延續了我們在 25 財年結束時取得的強勁業績以及今年我們在關鍵營運重點上取得的早期進展。讓我向您介紹一下財務結果。

Revenue for the first quarter was CAD108 million, up 22% on a reported and constant currency basis from last year's first quarter. DTC comparative sales growth of 15% on a consolidated basis was the primary contributor to our strong quarter, with standout performance in both North America and APAC, and across both e-commerce and stores.

第一季營收為 1.08 億加元，按報告和固定匯率計算比去年第一季成長 22%。合併後 DTC 銷售額年增 15%，這是我們本季業績強勁的主要原因，在北美和亞太地區以及電子商務和實體店均有出色表現。

First, some color on channel performance before getting into the regional picture. All the figures I cite are on a constant currency basis.

首先，在討論區域情況之前，先了解通路表現。我引用的所有數字都是以固定匯率為基礎的。

DTC revenue increased to CAD78 million up 23%, reflecting success of our broader DTC strategy. We sharpened execution and delivered a more elevated experience alongside more newness and made a greater investment in marketing. The combination of these initiatives is translating directly into our financial results, with comparable DTC sales up 15% after a growth of 7% in Q4 of fiscal '25.

DTC 營收成長 23% 至 7,800 萬加元，反映了我們更廣泛的 DTC 策略的成功。我們加強了執行力，提供了更高級的體驗和更多新事物，並在行銷方面進行了更大的投資。這些舉措的結合直接轉化為我們的財務業績，可比 DTC 銷售額繼 2025 財年第四季度增長 7% 之後，又增長了 15%。

In Wholesale, we achieved an 11% year-over-year increase in revenue, both delivering on our order book, including travel retail, and some Wholesale replenishment activity.

在批發方面，我們的營收年增了 11%，包括旅遊零售在內的訂單和一些批發補貨活動。

While timing shifts may cause quarterly fluctuations, our view for the Wholesale business is stable performance this year, following the channel reset over the past few fiscals. That said, we are monitoring retail health in every market, and while there are some spots of caution, we are working together to build the Canada Goose business in this critical channel.

雖然時間變化可能會導致季度波動，但我們認為，在過去幾個財年的管道重置之後，批發業務今年的表現將保持穩定。也就是說，我們正在監控每個市場的零售健康狀況，雖然有一些需要注意的地方，但我們正在共同努力在這個關鍵管道打造加拿大鵝業務。

Other revenue was CAD12 million, up from CAD9 million in Q1 last year, mainly due to hosting two friends and family events this year compared to the one in the prior year.

其他收入為 1,200 萬加元，高於去年第一季的 900 萬加元，主要原因是今年舉辦了兩場朋友和家人活動，而去年同期只有一次。

Now commentary on the geographic revenue trends in Q1. In North America, revenue is up 27% as our DTC channel continued to deliver very strong performance. Stores led the way with double-digit DTC comp sales growth each month in the quarter. While we're very pleased with the performance in both countries, the exceptional growth in the US is particularly encouraging as we head towards our peak season.

現在評論一下第一季的地理收入趨勢。在北美，由於我們的 DTC 通路持續表現強勁，營收成長了 27%。本季度，商店每月都以兩位數的 DTC 銷售額成長領先。雖然我們對這兩個國家的表現都非常滿意，但在我們即將迎來旺季之際，美國的出色成長尤其令人鼓舞。

In APAC, revenue increased by 27%, driven by higher revenue in both channels. Mainland China delivered strong DTC growth, driving the region's overall performance.

在亞太地區，收入成長了 27%，這得益於兩個管道的收入成長。中國大陸的 DTC 業務實現了強勁成長，推動了該地區的整體業績。

While softer trends in Japan tempered growth, the region still achieved double-digit DTC comparable sales growth, underscoring the strength of our brand in the region. While macroeconomic challenges had an effect on traffic, our store conversion rates improved year over year, evidence of our operational improvements bearing fruit. We opened a new store at WF Central in Beijing late in the quarter, marking our third store in that city.

儘管日本的疲軟趨勢抑制了成長，但該地區仍然實現了兩位數的 DTC 可比銷售額成長，凸顯了我們品牌在該地區的實力。雖然宏觀經濟挑戰對客流量產生了影響，但我們的店鋪轉換率逐年提高，證明我們的營運改善取得了成果。本季末，我們在北京王府中環開設了一家新店，這是我們在市內開設的第三家店。

In EMEA, revenue was down slightly year-over-year due to a planned decline in Wholesale revenue, partially offset by higher DTC revenue. The decrease in Wholesale revenue was primarily due to timing shifts to later in the year, and some planned decline in the order book across the region.

在歐洲、中東和非洲地區，由於批發收入計劃下降，收入同比略有下降，但被 DTC 收入的增加部分抵消。批發收入的下降主要是由於時間推遲到今年晚些時候，以及該地區訂單量有所下降。

For the quarter, DTC comparable sales growth was low single-digits negative, reflecting a UK consumer who remains under pressure, while the business in continental Europe is performing at a higher rate. We're focused on ensuring our conversion and brand marketing are optimized to mitigate some of the macro factors that are weighing on performance in EMEA.

本季度，DTC 可比銷售額成長率為低個位數負值，反映出英國消費者仍面臨壓力，而歐洲大陸的業務表現較高。我們專注於確保我們的轉換和品牌行銷得到優化，以減輕影響 EMEA 地區業績的一些宏觀因素。

Moving down the income statement, let's turn to gross profit, keeping in mind that in Q1, small dollar impacts can have an outsized effect on our gross margin figures. Gross margin expanded 170 basis points year-over-year to 61.4%, favorably impacted by margin expansion from our European manufacturing facility. Pricing, product, and channel mix did not have a significant impact during the quarter.

沿著損益表往下看，我們來看看毛利，記住，在第一季度，小額的美元影響可能會對我們的毛利率數字產生巨大的影響。毛利率年增 170 個基點至 61.4%，這得益於我們歐洲製造工廠的利潤率成長。定價、產品和通路組合在本季沒有產生重大影響。

Imported SG&A expense for the quarter was CAD225 million and an increase of CAD75 million or 50% year-over-year. This included a one-time charge of approximately CAD44 million related to an arbitration award to a vendor in a previously disclosed commercial dispute, as well as a higher earnout of CAD9 million linked to the purchase of our knitwear manufacturing facility in 2023.

本季進口銷售、一般及行政費用為 2.25 億加元，年增 7,500 萬加元，增幅為 50%。其中包括與先前披露的商業糾紛中向供應商作出的仲裁裁決相關的約 4,400 萬加元的一次性費用，以及與 2023 年購買我們的針織品製造工廠相關的 900 萬加元的更高收益。

Excluding these one-time charges, our underlying adjusted SG&A was up 16% year-over-year as we made investments in important revenue driving areas like strategic marketing spend, product creation talent, including design, merchandizing, and product development, talent, and store labor, which helped fuel our strong comp sales growth for the quarter. Adjusted SG&A grew at a slower pace than revenue and, therefore, improved as a percentage of revenue by 850 basis points year-over-year.

除這些一次性費用外，我們的基礎調整後銷售、一般及行政費用同比增長 16%，因為我們在戰略營銷支出、產品創造人才（包括設計、商品推銷和產品開發）、人才和店面勞動力等重要收入驅動領域進行了投資，這有助於推動本季度強勁的銷售額增長。調整後的銷售、一般及行政費用的成長速度低於收入的成長速度，因此佔營收的百分比年增了 850 個基點。

As a reminder, our fourth operating imperative of fiscal '26 is operating efficiently with pace and accountability, and SG&A as a percentage of revenue is the key metric we are tracking to monitor our progress. We're pleased with our progress here and plan to continue to focus on this by driving revenue growth and spending SG&A efficiently and on more revenue driving investments, leading to even margin expansion over the long-term.

提醒一下，我們 26 財年的第四個營運要務是高效、快速、負責地運營，而銷售、一般和行政費用佔收入的百分比是我們追蹤的監控進度的關鍵指標。我們對目前所取得的進展感到滿意，並計劃繼續專注於此，推動收入成長，高效支出銷售、一般及行政開支，並進行更多創收投資，從而實現長期利潤率的均勻擴大。

Adjusted EBIT was a loss of CAD106 million for the quarter, which increased from a loss of CAD96 million in Q1 last year. Adjusted net loss attributable to shareholders was CAD88 million or CAD0.91 per share, compared to a loss of CAD76 million or CAD0.79 per share in Q1 of fiscal '25.

本季調整後息稅前利潤虧損 1.06 億加元，較去年第一季的 9,600 萬加元虧損增加。調整後歸屬於股東的淨虧損為 8,800 萬加元，即每股 0.91 加元，而 25 財年第一季的虧損為 7,600 萬加元，即每股 0.79 加元。

We ended the quarter with the balance sheet in the strong position. Inventory was $440 million, down 9% on top of a 7% reduction in Q1 and the fiscal 25, driven largely by higher demand over the last 12 months and tighter inventory management. This marks our seventh consecutive quarter of year-over-year inventory declines. Our inventory turnover has improved as well, rising to 0.9 times from 0.8 times at this time last year.

本季結束時，我們的資產負債表狀況良好。庫存為 4.4 億美元，在第一季和 25 財年減少 7% 的基礎上再下降 9%，這主要是由於過去 12 個月需求增加和庫存管理更加嚴格。這標誌著我們的庫存連續第七個季度同比下降。我們的庫存週轉率也有所提高，從去年同期的0.8次上升到0.9次。

As we plan the year with the benefit of demand signals of the last few quarters, production and purchasing have returned to a more normalized level, although still down from highs a few years ago. Supply chain agility, a competitive strength of being vertically integrated, and more coordination across the product creation value chain continues to be an area of focus and an exciting opportunity for us.

當我們利用過去幾季的需求訊號來規劃新的一年時，生產和採購已經恢復到更正常的水平，儘管仍低於幾年前的高點。供應鏈敏捷性、垂直整合的競爭優勢以及整個產品創造價值鏈的更多協調仍然是我們關注的領域和令人興奮的機會。

We end the quarter with CAD542 million of net debt compared with CAD766 million at the end of the first quarter of fiscal '25. This significant improvement reflects our strong operating cash performance, including our efforts around inventory management over the past 12 months, and resulted in higher cash balances and lower borrowings on our credit facilities. Our net debt leverage was 1.8 times adjusted EBITDA compared with 2.8 times adjusted EBITDA at the same time last year.

本季末，我們的淨債務為 5.42 億加元，而 25 財年第一季末的淨債務為 7.66 億加元。這項顯著改善反映了我們強勁的經營現金表現，包括過去 12 個月我們在庫存管理方面所做的努力，並帶來了更高的現金餘額和更低的信貸借款。我們的淨債務槓桿為調整後 EBITDA 的 1.8 倍，而去年同期為調整後 EBITDA 的 2.8 倍。

CapEx in Q1 was higher versus the prior year as we are strategically allocating capital, primarily, to store openings and renovations that directly support revenue generation and brand elevation. We started fiscal '26 in a strong liquidity position that provides flexibility to make strategic investments and navigate uncertainty in the operating environment while maintaining an efficient capital structure.

第一季的資本支出高於去年，因為我們正在策略性地分配資本，主要用於直接支持創收和品牌提升的門市開業和裝修。我們在 26 財年伊始就擁有強大的流動性，這為我們進行策略性投資和應對經營環境的不確定性提供了靈活性，同時保持了高效的資本結構。

Lastly, I want to address the evolving trade environment. Consistent with what you heard from us last quarter, approximately 75% of our units are manufactured in Canada and virtually all comply with the USMCA requirements, making them currently exempt from tariffs.

最後，我想談談不斷變化的貿易環境。與您上個季度聽到的一致，我們約 75% 的產品是在加拿大製造的，幾乎所有產品都符合 USMCA 的要求，因此目前免徵關稅。

For our European products, we are paying modestly higher tariffs, but they will continue to have a minimal financial impact. We continue to monitor the ongoing developments as it relates to potential new US tariffs on Canadian goods, as well as potential second order impacts on the consumer. In this fluid environment, our strong operational foundation and manufacturing advantages position us well to navigate the evolving trade dynamics.

對於我們的歐洲產品，我們支付的關稅略高，但它們將繼續產生極小的財務影響。我們將繼續關注與美國可能對加拿大商品徵收的新關稅以及對消費者可能產生的次級影響相關的持續發展。在這種不斷變化的環境中，我們強大的營運基礎和製造優勢使我們能夠很好地應對不斷變化的貿易動態。

To close out today's remarks, we are seeing meaningful progress across our four key operating priorities to start the fiscal year, which is leading to continued momentum in our financial results. As we look ahead, we remain focused on what we can control: elevating our brand, driving operational excellence, and deepening connections with our customers around the world.

在今天的演講結束時，我們看到在財政年度開始時我們的四個關鍵營運重點都取得了有意義的進展，這將使我們的財務表現繼續保持良好勢頭。展望未來，我們將繼續專注於我們能夠控制的事情：提升我們的品牌、推動卓越營運以及深化與全球客戶的聯繫。

On behalf of our senior leadership team, I want to thank our Canada teams around the world for their continued efforts and great results. Carrie, Beth, Dani, and I will now take your questions, and with that, I'll turn the call over to our operator. Operator, you can open the line.

我謹代表我們的高階領導團隊感謝我們遍布全球的加拿大團隊的持續努力和所取得的卓越成果。凱莉、貝絲、丹妮和我現在將回答你們的問題，然後我會把電話轉給我們的接線生。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 talk to the drivers of the sequential acceleration in comp in a little bit more detail. How much of this is coming from some of the Snow Goose product that continued to expand this quarter versus your core?

早安，感謝您回答我們的問題。我希望您能更詳細地談談計算機中順序加速的驅動因素。其中有多少來自於本季繼續擴張的 Snow Goose 產品，而不是核心產品？

And looking ahead, how are you thinking about Snow Goose's opportunity to scale into the important winter season? Thank you.

展望未來，您如何看待 Snow Goose 在重要的冬季擴張的機會？謝謝。

Thanks, Brooke. It's Carrie. So I'll talk about -- really, there's three things. So there's -- we talked a lot about marketing in terms of investments that we are making earlier and higher up in the funnel. And so that's the job that that needs to do is bring new energy, engage the consumer in a different way, and bring new customers. And so that's working, right?

謝謝，布魯克。我是嘉莉。所以我要談論——實際上有三件事。因此，我們在投資漏斗的早期和更高階段討論了很多有關行銷的問題。所以我們需要做的工作就是注入新的活力，以不同的方式吸引消費者，並帶來新的客戶。所以這是有效的，對吧？

So if you remember this time last year, we were a tiny bit quieter in the summer and so we launched with a very bold Spring/Summer Campaign that really did the job. It increased reach, increased engagement. The press coverage that we got from that was so strong and so we know it's landing with the consumer.

所以如果你還記得去年這個時候，我們在夏天稍微安靜了一點，所以我們推出了一個非常大膽的春夏活動，確實取得了效果。它擴大了影響力，增加了參與度。我們因此獲得的新聞報導非常強大，因此我們知道它會受到消費者的歡迎。

Then when you move into product, and Dani mentioned this in his remarks, but the assortment is so much more representative of a seasonally relevant collection. So when you look at the apparel growth that we've seen, we're a brand that is known for warmth and outside of winter, we're just really not known as that brand. But this campaign, the collection really challenged that perception, and people responded to it.

然後，當你進入產品時，Dani 在他的評論中提到了這一點，但該系列更能代表與季節相關的系列。因此，當您看到我們所看到的服裝成長時，您會發現我們是一個以溫暖而聞名的品牌，但在冬季之外，我們實際上並不以這個品牌而聞名。但這次活動、這次系列確實挑戰了這種看法，人們也對此做出了回應。

And so then the third thing I would say is really just our execution. So our continued efforts on making sure that we've got the product in the right place, that our brand ambassadors in store are focused on conversion, and you'll see that in the results as well. Conversion was up across every region this quarter. And so the combination of those three things together really, was helping us drive our comps.

那麼我想說的第三件事其實就是我們的執行力。因此，我們不斷努力確保產品放在正確的位置，確保我們店內的品牌大使專注於轉化，您也會在結果中看到這一點。本季各地區的轉換率均上升。因此，這三件事的結合確實幫助我們推動了我們的成長。

When you think about Snow Goose, so Snow Goose did the exact job that it needs to do, right? Haider's collection is supposed to be the top of the spear, really avant-garde, very bold, different for Canada Goose, and bringing freshness, bringing excitement. And so it's much more of a brand heat driver. We're looking at this for now versus a commercial driver.

當您想到 Snow Goose 時，Snow Goose 就完成了它需要做的工作，對嗎？Haider 的系列被認為是頂尖的，非常前衛，非常大膽，對於 Canada Goose 來說與眾不同，帶來了新鮮感，帶來了興奮感。因此，它更像是一個品牌熱度驅動因素。我們目前正在研究這個問題，而不是商業驅動因素。

It does do, obviously, help us. And you see that when we look at basket size, it's obviously driving much more of a halo impact than we had anticipated. But that will continue.

顯然，它確實對我們有幫助。您會發現，當我們查看購物籃規模時，它顯然產生的光環效應比我們預期的要大得多。但這種情況仍將持續。

So we're looking at Snow Goose as the more like a capsule collection on top of our main line, really driving brand heat. And so we've had drop one in the summer, we'll have a drop two soon, shortly, and then we'll be looking at a drop this fall, as well.

因此，我們認為 Snow Goose 更像是我們主線之上的膠囊系列，真正推動品牌熱度。因此，我們在夏天已經經歷了第一次下降，很快我們將經歷第二次下降，然後我們還將在今年秋天看到一次下降。

Great. And if I could just ask Neil a quick question. Understood that there's a lot of changes happening with the timing and the magnitude of marketing investments as you look to reinvigorate the brand.

偉大的。我可以問尼爾一個簡單的問題嗎？了解到當您尋求重振品牌時，行銷投資的時間和規模會發生很多變化。

Can you just help us understand how we should be thinking about year-on-year SG&A growth for the balance of the year and if there's any puts and takes by quarter that we should be thinking about? Thank you.

您能否幫助我們理解我們應該如何考慮今年餘額的同比增長，以及是否有任何按季度計算的收益和收益需要我們考慮？謝謝。

Yeah. It's a good question, Brooke. I'll make some maybe more general comments, given that we don't have guidance out for the year. We talked a lot about -- in the call in a few months ago, about making investments in things that we expect to deliver revenue growth and some of that will happen over the long term.

是的。這是個好問題，布魯克。鑑於我們今年還沒有製定指導，我可能會發表一些更一般性的評論。在幾個月前的電話會議上，我們談了很多關於投資那些我們預計會帶來收入成長的項目，其中一些投資將在長期內實現。

Clearly, the investment around marketing in the first quarter was higher than it had been in the prior year. We would expect that to continue, especially as you just heard from Carrie that we're focused on a few more Snow Goose related drops, as well as getting into our main season.

顯然，第一季的行銷投資高於去年同期。我們預計這種情況會繼續下去，特別是正如你剛剛從 Carrie 那裡聽說的那樣，我們專注於更多與 Snow Goose 相關的產品，並進入我們的主要季節。

The other areas of investment that we're looking at are, we're going to open some new stores this year, as we talked about before. And within those stores, we see that labor is an investment that delivers revenue. And so those are all the areas around investment that we're focused on.

我們正在考慮的其他投資領域是，正如我們之前談到的，我們今年將開設一些新店。在這些商店裡，我們看到勞動力是一種可以帶來收入的投資。這些都是我們關注的投資領域。

As it relates to, maybe, more discretionary SG&A spending, that's a spot where we're being more disciplined about what we expect out of those investments and making, I'd say, more clear choices about things that are not necessarily delivering revenue.

就其可能涉及的更多可自由支配的銷售、一般和行政費用而言，這是一個我們對這些投資的預期更加嚴謹的地方，我想說，我們對那些不一定能帶來收入的事情做出了更明確的選擇。

So on balance, we're expecting to see some lift in SG&A. You'd expect year-over-year to fuel some of this growth and I think we're comfortable with what that looks like.

因此，總的來說，我們預計銷售、一般及行政費用將會提升。您可能會期望逐年推動這一成長，我認為我們對這種成長感到滿意。

Great. Thanks so much. Best of luck going forward.

偉大的。非常感謝。祝你未來好運。

Oliver Chen, TD Cowen.

奧利佛陳 (Oliver Chen)，TD Cowen。

Hi. Thanks a lot. We -- across the luxury goods sector, you've been bucking the trends nicely in China, so I'd love to hear about what you're seeing and all the success that you're having there? Especially given that's a tough market.

你好。多謝。我們——在整個奢侈品行業，你們在中國一直很好地逆勢而上，所以我很想聽聽你們看到了什麼以及你們在那裡取得了什麼成功？尤其是考慮到這是一個艱難的市場。

And then as we think about newness, which does impress us, what -- is there any quantitative aspect to the level or percentage of newness and/or what we should know about the flows upcoming that could help us understand the degree of newness?

然後，當我們思考確實給我們留下深刻印象的新穎性時，新穎性的水平或百分比是否有任何量化方面，以及/或者我們應該了解即將到來的流程，以幫助我們了解新穎性的程度？

And as you think about Haider's success, he's done a really good job with shows that Tom Ford and other -- what are you thinking about amplifying his messaging in terms of the speed of that and what's achievable creatively with respect to the fashion and messaging and unification? Thank you.

當您想到海德爾的成功時，他為湯姆·福特和其他人所做的表演確實非常出色——您認為如何以更快的速度擴大他的信息傳遞範圍，以及在時尚、信息傳遞和統一方面可以創造性地實現什麼？謝謝。

Thanks, Oliver. So let me start with the first question. I think that was on APAC in China. So yes, we're thrilled with the performance in China and the greater AIPAC region, overall, actually.

謝謝，奧利佛。那麼讓我從第一個問題開始。我認為那是在中國的亞太地區。是的，我們對中國以及整個 AIPAC 地區的表現感到非常興奮。

So when you think about it, it's no different in terms of the playbook that we're executing, earlier marketing, top of the funnel, reaching that consumer, diligence in making sure that that product is available. And that is really responding when you think about APAC, the temperatures, the idea that spring is not necessarily the same everywhere that it would be in North America.

所以，當你考慮這一點時，你會發現，就我們執行的劇本、早期行銷、漏斗頂部、接觸消費者、確保產品可用的勤勉而言，這並沒有什麼不同。當你想到亞太地區時，這確實有所回應，氣溫，春天並不一定與北美各地的春天一樣。

But that customer is responding to the newness that we're bringing forward to the table. And then the execution. So the discipline of in-store execution with our brand ambassadors and our teams.

但該客戶對我們提出的新事物做出了回應。然後執行。因此，我們的品牌大使和團隊要嚴格遵守店內執行紀律。

But the other difference, particularly in that region, is when you look at e-commerce. So we've talked about our live streaming success on Douyin before on WeChat. So expanding that is really resonating. It's driving a lot of traffic and engagement with our brand. And so that is obviously a helpful factor as we deliver in that market.

但另一個不同之處，特別是在該地區，體現在電子商務方面。我們之前在微信上討論過我們在抖音上的直播成功。因此擴大這一點確實引起了共鳴。它為我們的品牌帶來了大量的流量和參與度。因此，這顯然是我們在該市場提供服務的一個有益因素。

Japan is, maybe, the outside market in the APAC region, where it's a little bit under pressure, a little softer comps. But very happy with what we're doing in China.

日本可能是亞太地區的外部市場，那裡的壓力有點大，比較疲軟。但對我們在中國所做的事情感到非常高興。

The second question, I think you were talking about degree of newness and the impact of newness. So very strong. So again, that's a part of our long-term product strategy to nearly double the amount of newness.

第二個問題，我想您談論的是新穎性的程度和新穎性的影響。非常強大。所以，這是我們長期產品策略的一部分，旨在將新產品的數量增加近一倍。

And that's mostly in carryover where we're animating some of our heritage or iconic style, so bringing a new reason to buy that second expedition or third expedition. But also introducing completely new styles, and apparel is a big driver of that.

這主要是為了延續我們的一些傳統或標誌性風格，從而為購買第二次或第三次探險產品提供新的理由。但同時也引進了全新的風格，而服裝是其中一個重要的推手。

So we're thrilled with that. It's much more of a seasonally relevant product. It's making sure people are thinking about Canada Goose outside of winter, which we're obviously thrilled with.

所以我們對此感到非常興奮。它更像是一種與季節相關的產品。這確保人們在冬季之外也會想到加拿大鵝，我們對此感到非常興奮。

One thing, Carrie -- this is Beth. I'll add on the newness front. All of our -- this is really an effort across the organization to significantly evolve our practices, to accelerate that pace of newness, creativity, elevation. So merchandizing, sourcing, product development, manufacturing, you name it. There are investments in new members, new ways of working to really accelerate that newness.

有一件事，嘉莉──這是貝絲。我將在新內容方面進行補充。我們所有人——這實際上是整個組織的努力，旨在顯著改進我們的實踐，加快新穎性、創造力和提升的步伐。因此，商品銷售、採購、產品開發、製造等等，應有盡有。我們對新成員、新工作方式進行了投資，以真正加速這種創新。

So we feel like we're just getting started and we're also -- I'm sure, you're excited about the newness you're seeing in the store. We are too. We're thrilled with the commercial results we're seeing from that newness, but we think that the snowball is just beginning to build on the impact that we'll have this year and over the -- in the long term.

所以我們感覺我們才剛開始，而且——我敢肯定，您對在商店裡看到的新事物感到興奮。我們也是。我們對這新事物所帶來的商業成果感到非常興奮，但我們認為，雪球效應才剛開始，它將在今年乃至更長遠的時間內產生影響。

Great. And, Neil, one follow up. Yeah. That'd be great. Yeah, on the fashion show potential.

偉大的。尼爾，還有一個後續問題。是的。那太好了。是的，關於時裝秀的潛力。

I mean, so we're a very different brand than Tom Ford, so we're not trying to replicate those things. But it's obviously a benefit to us in terms of just his -- Haider and his style and how creatively he thinks. And he's pushing our boundaries.

我的意思是，我們與湯姆福特是一個非常不同的品牌，所以我們不會試圖複製那些東西。但就他的——海德爾和他的風格以及他的創造性思維而言，這顯然對我們來說是一個好處。他正在挑戰我們的界限。

As Dani said, he's bold and what he's doing is working for us. So putting us in the center of pop culture, whether that's through our expeditions, we took -- for this summer drop, we took everybody to Utah and really showed up differently, but authentically, right?

正如丹尼所說，他很勇敢，他所做的一切都是為了我們。因此，將我們置於流行文化的中心，無論是透過我們的探險，還是在今年夏天，我們把每個人都帶到了猶他州，並且真正以不同的方式展現自己，但真實地展現出來，對嗎？

He's not trying to turn us into a fashion brand that just is not in our DNA. And so that's what we love about him. That's what he loves about us. And so I think the fact that he's so focused on taking what makes us great as a brand and just elevating that, amplifying it.

他並沒有試圖將我們變成一個不符合我們 DNA 的時尚品牌。這就是我們喜歡他的原因。這就是他喜歡我們的原因。所以我認為，他如此專注於挖掘我們品牌的優秀特質，並加以提升和擴大。

And you'll see that come through the product. You'll see that come through the marketing, the expeditions that we do. And that impact is going to soon impact our mainline collection. Right now, it's just been on Snow Goose, but very soon it will be on all of our collections.

您會透過產品看到這一點。您將透過我們的行銷和探險活動看到這一點。這種影響很快就會影響到我們的主要係列。目前，它剛剛出現在 Snow Goose 上，但很快它將出現在我們所有的系列中。

Hey. That's very helpful. Neil, lastly, just on puts and takes on gross margin that we should know about, regarding any headwinds or non-recurrings? And was two versus one Friends and Family expected? Should we know anything about that as well? Thanks a lot. Best regards.

嘿。這非常有幫助。尼爾，最後，我們應該了解毛利率的看跌期權和看漲期權，以及是否存在任何不利因素或非經常性因素？預計是兩個朋友和家人對一個朋友和家人嗎？我們也應該了解一些關於這方面的事情嗎？多謝。此致。

Thanks, Oliver. On the last point, yes, that was expected. Minimal level of activity, but two is obviously twice as much as one, so that created a little bit of elevation in what was pretty small, overall, dollars.

謝謝，奧利佛。關於最後一點，是的，這是意料之中的。雖然活動量很小，但兩個顯然是一個的兩倍，因此，在總體金額不大的情況下，這帶來了一點收益提升。

As it relates to the margin for the quarter, I probably said this last quarter in the first quarter, and I'll preview next year, first quarter. It's a small quarter, so you can get some noise. The one put and take, which I think we did talk about 12 months ago, was the flow through the European knitwear manufacturer. It was a positive this quarter. Last year, it was not.

由於它與本季度的利潤率有關，我可能在第一季就說過這個上個季度的情況，並且我將預覽明年第一季的情況。這是一個很小的區域，所以你可能會聽到一些噪音。我認為我們在 12 個月前確實討論過的一個問題是透過歐洲針織品製造商的流程。本季度取得了積極的進展。去年情況並非如此。

And so that was probably the main underlying driver of expansion. If you back that off, as we said, net net pricing, product mix, and channel mix was, basically, not a fact -- neither of those were a factor. Although I will say, clearly, I take it as good news that product mix is not necessarily a factor given that we're mixing pretty significantly out of some of that core product and into a whole bunch of newness. And so we love what that shows about the underlying power of this gross margin in this business, usually in the first quarter and as we grow the top line in a pretty significant way.

這可能是擴張的主要潛在驅動力。如果你回顧一下，正如我們所說，淨定價、產品組合和通路組合基本上不是事實——它們都不是因素。儘管我會明確地說，但我認為產品組合不一定是一個因素，這是一個好消息，因為我們正在將一些核心產品與一大堆新產品進行大量混合。因此，我們喜歡這種現象，它反映了該業務毛利率的潛在力量，通常在第一季度，隨著我們收入的顯著增長。

Thanks. Best regards.

謝謝。此致。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Great. Thank you very much. Neil, understanding that Q1 is a very small quarter, but it seems like you have some really nice -- an inflection, Wholesale, and really strong trends, all geos, all categories, obviously, positive.

偉大的。非常感謝。尼爾，我知道第一季是一個非常小的季度，但看起來你有一些非常好的——拐點、批發和非常強勁的趨勢，所有地理位置、所有類別，顯然都是積極的。

What would you need to see to reinstate at least the current quarter guidance? And how should we think about the shaping of -- I know you talked about gross margin, but from an SG&A standpoint, should we expect a double-digit increase to get behind the new product?

您需要看到什麼才能恢復至少當前季度的指導？我們應該如何考慮——我知道您談到了毛利率，但從銷售、一般和行政費用的角度來看，我們是否應該預期兩位數的增長來支持新產品的發展？

And then, Beth, I know back in fall, we had talked extensively about the store productivity drivers and driving productivity within the boxes in non-seasonal quarters. Can you talk about some of the developments there and how you've been able to generate more four wall and productivity during the slower quarters? Thank you.

然後，貝絲，我知道早在秋天，我們就廣泛討論了商店生產力驅動因素以及在非季節性季度內推動盒子生產力的問題。您能談談那裡的一些發展嗎？以及在經濟放緩的時期，您是如何創造更多的效益和提高生產力的？謝謝。

I'll start on the guidance point, Adrienne. Thanks for your question. The -- I think where we are in the year, I guess there's still, at least from our perspective, quite a bit of uncertainty around what the trade environment looks like. And as we said a few months ago, that those second order impacts on consumer health are still weighing on us, especially as we've got 5% of the year done with, a lot more to go.

我將從指導點開始，艾德莉安。謝謝你的提問。我認為，至少從我們的角度來看，今年的貿易環境仍然存在相當大的不確定性。正如我們幾個月前所說的那樣，這些對消費者健康的二階影響仍然對我們造成壓力，特別是因為今年我們已經完成了 5%，還有很多工作要做。

And so we need to see more. And we're clearly monitoring the Canadian-US dynamic more than anything else. There seems to be some more clarity around Europe. But as we see, anything can happen at any day. So we're maintaining a bit of prudence around what the outlook is for the year.

因此我們需要看到更多。顯然，我們最關注的是加拿大和美國之間的動態。歐洲的情況似乎更明朗了。但正如我們所見，任何事情都可能隨時發生。因此，我們對今年的前景保持謹慎態度。

And I'll take the SG&A one, it also relates to your question on store productivity. So obviously, we're not giving any guidance on what to expect in SG&A, but our philosophy on SG&A growth this year is twofold. One, make investments in critical areas that are going to drive revenue growth in the short-, medium-, and long-term.

我將討論銷售、一般及行政費用，這也與您關於商店生產力的問題有關。因此，顯然，我們不會就銷售、一般及行政費用 (SG&A) 的預期給出任何指導，但我們對今年銷售、一般及行政費用增長的理念是雙重的。一是投資於能夠在短期、中期和長期推動收入成長的關鍵領域。

So those areas, as Neil mentioned before, include marketing investments, product creation investments, and store level investments. So store level investments are both new stores, but also labor and other investments in the stores, I'll talk about when I address your -- the next part of your question.

正如 Neil 之前提到的，這些領域包括行銷投資、產品創造投資和商店層面的投資。因此，商店層面的投資既包括新店，也包括商店的勞動力和其他投資，我將在回答您的問題的下一部分時討論這個問題。

So those investments, we are, in real time, looking at what are the investments, what are the KPIs coming out of them? Are they working? Do we do more? So we intend to be very fluid over the course of the year to make those investments where we're seeing the returns and to where we're not. So therefore, it's hard to say exactly what that SG&A growth will be because we want to be nimble and responsive to the impact we're seeing it have on the consumer and our commercial results.

因此，我們正在即時查看這些投資是什麼，以及從中產生的 KPI 是什麼？他們在工作嗎？我們做得更多嗎？因此，我們打算在一年內靈活地進行那些我們能看到回報的投資和那些我們看不到回報的投資。因此，很難確切地說銷售、一般和行政費用的成長會是多少，因為我們希望能夠靈活地應對它對消費者和商業結果的影響。

The other part of SGNA, which is all the rest of the controllable expenses, our job is to keep them as lean as possible and make sure that we're looking for as much productivity as possible to offset any inflation or investments we make there. So that's really the two-pronged focus that we've got as an organization that will guide our SG&A expense for this year and beyond.

SGNA 的另一部分，即所有其他可控費用，我們的工作是盡可能精簡它們，並確保我們尋求盡可能多的生產力來抵消任何通貨膨脹或我們在那裡進行的投資。因此，這實際上是我們作為一個組織所採取的雙管齊下的重點，它將指導我們今年及以後的銷售、一般和行政費用。

With regards to your question on store productivity, we feel great about the progress in the first quarter, obviously with the comp growth and as you said, the consistency. We saw of strong performance across regions, across stores, et cetera.

關於您關於商店生產力的問題，我們對第一季的進展感到非常滿意，顯然隨著同店業務的成長以及您所說的一致性。我們看到了各個地區、各個商店等的強勁表現。

I think a notable highlight on the year, we did, part of our SG&A growth in the quarter was a big investment in store labor in existing in-comp stores, and you heard us talk a lot about that last year. But really, we beefed up our focus on store labor, kind of pale part of Q1 last year and really into the back half of the year in terms of peak readiness.

我認為今年的一個顯著亮點是，我們本季銷售、一般及行政費用增長的部分原因是對現有同店店舖的店內勞動力進行了大量投資，去年您聽到我們多次談論這一點。但實際上，我們加強了對店面勞動力的關注，這在去年第一季中並不突出，而從高峰準備情況來看，這一關注實際上已經持續到下半年。

This year, we're ahead of that game and we're doing it earlier. And we are seeing that manifest in two things. One, the comp growth and higher sales productivity and sales per labor hour per store. So more labor hours but also more dollars of output out of each of those labor hours, which is great.

今年，我們領先一步，而且做得更早。我們從兩件事上看到了這一點。一是公司業績成長、銷售效率提高以及每家商店每工時銷售額增加。因此，勞動時間更長，而且每個勞動小時的產出也更多，這是非常好的。

And also manifesting in better peak readiness. Store teams are hired up sooner, trained sooner, completed all their product education and really ready to go. So as we enter peak, we expect that we'll really. really bear fruit as well. So I think that we feel great about the sort of productivity and are making some intentional investments that we think are bearing fruit in that regard.

並且也體現出更好的高峰準備。商店團隊可以更快地被聘用、更快地接受培訓、完成所有產品教育並真正做好上崗準備。因此，當我們進入巔峰時，我們期望我們也能真正結出碩果。因此，我認為我們對這種生產力感到非常滿意，並且正在進行一些有針對性的投資，我們認為這些投資在這方面正在取得成果。

Thank you. That's very helpful. Just a quick follow up. How can we think about the Wholesale shift impact into Q1 and how does that impact Q2? Thank you.

謝謝。這非常有幫助。只是快速跟進一下。我們如何看待批發轉變對第一季的影響以及這對第二季有何影響？謝謝。

We're not necessarily focused on the quarter to quarter there, Adrienne. I think our view is over the year, we expect to be more or less stable. So last year and so, a little bit of growth in the year on some earlier orders and a little bit of replenishment.

我們不一定關注季度變化，艾德麗安。我認為我們的觀點是，全年情況預計會大致穩定。因此，去年和今年早些時候的一些訂單都有所增長，並且補貨也有所增加。

And we're talking about, pretty small dollars obviously. We don't anticipate that translating to any significant change in the second quarter. And as I say, our focus is really what's the full -- what does the full year look like and are we delivering against that order book?

顯然，我們談論的是小額美元。我們預計這不會在第二季帶來任何重大變化。正如我所說，我們的重點實際上是全年情況如何，以及我們是否按照訂單交付？

Okay. Any comments on the order book?

好的。對訂單簿有什麼評論嗎？

Healthy. It's Carrie. Yeah, so I mean truly it's -- we're doing the job exactly as we wanted to, right? So following the reset last year, it's stabilized, it's growing. You look at inventory, it's much cleaner. The assortments are much more representative of a candidate who's full lifestyle brand, which we're happy to see.

健康。我是嘉莉。是的，我的意思是，我們確實在按照自己的意願做事，對吧？因此，繼去年重置之後，它已經穩定下來，並且正在成長。你看一下庫存，它乾淨多了。這些產品組合更能代表候選人的完整生活風格品牌，我們很高興看到這一點。

Their sell through rates have improved, lower. So that plus their not returning product. So we're very happy with that. The response to the fall order book has been -- or to the fall collection, that's what I'm trying to say, has been very strong and also beyond that.

他們的銷售率提高，也有所降低。所以他們不會退回產品。所以我們對此感到非常高興。我想說的是，秋季訂單的反響——或者說秋季系列的反響——非常強烈，甚至超出了預期。

So spring, we're bringing them in early. Again, we've been very strategic with working with our top, globally strategic accounts, not the volume of accounts that we used to work with because we're trying to bring them on this journey and that what we're doing is working. They're responding very well and we're happy with where -- what we're seeing so far.

所以春天到了，我們早早就把它們引進了。再次強調，我們在與頂級全球策略客戶合作時非常注重戰略性，而不是像以前那樣只與數量級的客戶合作，因為我們正試圖帶領他們踏上這一旅程，而且我們正在做的事情是有效的。他們的反應非常好，我們對目前看到的情況感到滿意。

Fantastic. Best of luck. Thank you.

極好的。祝你好運。謝謝。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Thank you and good morning, everyone. Can you frame the newness that you have in stores right now? I guess, how much of the floor set today would you consider to be new products that are driving year-round relevance versus what you might consider to be part of the core? And do you feel that merchandizing is where it needs to be today, or do you expect to continue leaning into having more newness to have more year-round relevance?

謝謝大家，早安。您能概括一下目前商店裡的新事物嗎？我想，您認為今天設定的底線中有多少是推動全年相關性的新產品，有多少是您可能認為的核心產品？您是否認為商品銷售已經達到瞭如今的水平，還是您希望繼續傾向於推出更多新品，以在全年保持更高的相關性？

Great question. Thanks. So how to quantify the exact number? What -- I'll share a little bit more of a philosophy on introducing newness and how we're trying to flow that, because it relates much more to your second question about where we're at with merchandizing.

好問題。謝謝。那麼如何量化確切的數字呢？什麼——我將分享更多關於引入新品的理念以及我們如何嘗試實現這一點，因為它與您的第二個問題關於我們在商品銷售方面所處的位置更相關。

So we -- there's been a very concentrated effort to flow it earlier, so to bring newness in, obviously, matching up with our marketing campaigns and investments. But we're not in a place where we're jumping all of the newness all at once and then hoping it works for the whole season.

因此，我們付出了很大的努力來儘早推出它，從而帶來新鮮感，顯然，這與我們的行銷活動和投資相匹配。但我們不會一下子就採用所有新事物，然後希望它能在整個賽季中發揮作用。

We're doing a very strategic flow to make sure that, like, there are offerings for depending on regions that people will grab and it builds throughout the season as we head to peak. So the newness is working. We're seeing that response.

我們正在製定一個非常有策略的流程，以確保根據不同地區提供人們願意購買的產品，並且隨著我們邁向高峰，整個季節都會不斷推出這些產品。所以，新事物正在發揮作用。我們看到了這種反應。

But I would say, from that, when you look at our full-year perspective and our fall winter, like we've just started to drop some of the fall winter collection newness. But again, as we look ahead, we're less focused on this is our spring collection, and then we're done with it. And then that -- then we're going to introduce our fall winter.

但我想說，從這一點來看，當你看我們的全年前景和秋冬時，你會發現我們才剛開始推出一些秋冬系列的新品。但是，再說一次，當我們展望未來時，我們不再那麼關注這是我們的春季系列，然後我們就完成了。然後——我們將介紹秋冬季。

That's just not the kind of brand we are. We're not a runway brand that is putting up something on the runway and then pulling it off when it when it's done that season. We're much more broad in terms of full-year relevance, making, responding to whether it's weather conditions, responding to the needs of different regions at any given time. So it's much more of a flow than, I would say, it has been in previous years.

這不是我們的品牌。我們不是在時裝秀上展示某樣東西，然後在當季結束後再把它拿下來的時裝品牌。我們在全年相關性方面做得更加廣泛，無論天氣狀況如何，我們都能隨時回應不同地區的需求。所以我想說，與前幾年相比，現在的流程更加順暢。

The second question. So on merchandizing, no, we're not done yet. And I don't know if I'll ever be able to say that we're done because there's constant improvements that we can be made. So as we talked about earlier, we hired a new head of merchandizing early and she joined early in January this year; and building a team, organizing that team around.

第二個問題。因此，就商品銷售而言，我們還沒有完成。我不知道我是否能夠說我們已經完成了，因為我們還可以不斷改進。正如我們之前談到的，我們很早就聘請了一位新的商品主管，她於今年 1 月初加入；並組建了一個團隊，並圍繞該團隊進行組織。

Just how do we optimize the -- not only the collection, but the way in which we work? How do we bring newness to the table? How do we make sure that we can introduce the right level of newness by right category?

我們究竟該如何優化——不僅是收藏，還有我們的工作方式？我們如何帶來新鮮感？我們如何確保能夠透過正確的類別推出適當程度的新品？

We have no interest in just building an assortment, building a SKU count, and waiting to see what the consumer responds to. We are very deliberate, much more disciplined, I think, than we've ever -- I've ever seen us be. So happy with the progress that we've made but believe that there's lots more to come in future seasons and future years.

我們對僅僅建立一個分類、建立一個 SKU 數量並等待觀察消費者的反應不感興趣。我認為，我們非常謹慎，比我所見過的任何時候都更加自律。我們對所取得的進步感到非常高興，但相信在未來的幾個季節和幾年裡還會有更多進步。

And I know you're not giving guidance, but can you unpack the factors that drove the increase in SG&A in Q1 as we think about stores marketing and the merchandizing areas? I guess, curious about the relative size of those buckets and as we think about the go-forward, should we expect the relative size of those buckets to be consistent with where you landed in Q1? Just some color on the shape of investment would be helpful.

我知道您沒有給予指導，但是當我們考慮商店行銷和商品銷售領域時，您能否解釋一下導致第一季銷售、一般和行政費用增加的因素？我想，我們對這些桶的相對大小感到好奇，當我們考慮未來時，我們是否應該期望這些桶的相對大小與您在第一季的情況一致？只要對投資形式進行一些說明就會有所幫助。

Yeah, I'm not really going to comment on the size of the bucket, but I think you can assume that the bulk of the SG&A growth was on those investment areas that we were able to stay really nice and lean and have productivity funding, any investments in inflation we're seeing in the other areas. So it is a very investment strategic, revenue driving, investment-focused SG&A growth. And that would be our expectation over the over the balance of the year.

是的，我實際上不會對資金桶的大小發表評論，但我認為你可以假設銷售、一般和行政費用增長的大部分來自那些我們能夠保持良好和精簡的投資領域，並且擁有生產力資金，以及我們在其他領域看到的任何通貨膨脹投資。因此，這是一項非常具有戰略意義的投資，具有收入驅動力，以投資為中心的銷售、一般及行政費用增長。這就是我們對今年餘下時間的預期。

So with regards to how much marketing or how much is store labor, what on that, specifically? But consistent with what I shared in response to Adrienne's question before, I think we are looking at that data in real time and learning and dialing up investments that are really working and dialing down investments that are not so that we make sure we are generating maximum short- and long-term return out of those investment dollars.

那麼關於行銷費用或商店勞動費用具體是多少呢？但與我之前回答 Adrienne 的問題時所說的一致，我認為我們正在即時查看這些數據，學習並增加真正有效的投資，減少無效的投資，以確保從這些投資中獲得最大的短期和長期回報。

Thank you.

謝謝。

Ike Boruchow, Wells Fargo.

艾克‧博魯喬 (Ike Boruchow)，富國銀行。

Questions on DTC maybe for Neil or Carrie, not sure. I just -- to double click, I think you said you were double-digit comp every month of the quarter and you made a comment about momentum is sustained. I think I'm just curious like I know there's no guidance, but have you seen any real slowdown in the DTC trend that you guys saw in the last quarter so far?

關於 DTC 的問題可能是針對 Neil 或 Carrie 的，不確定。我只是——雙擊，我想你說過你本季每個月的業績都是兩位數，而且你還評論說成長勢頭是持續的。我想我只是好奇，因為我知道沒有指導，但是您是否看到上個季度迄今為止看到的 DTC 趨勢有任何真正的放緩？

Like the first part of your question may have been cut off, but I think we got the gist of it as it relates to the DTC performance. So we'll take it from there and then you can ask a follow up.

就像您的問題的第一部分可能被截斷了一樣，但我認為我們已經掌握了與 DTC 性能相關的要點。因此，我們將從那裡開始，然後您可以詢問後續情況。

And so the general trend here is that channels, both stores and e-commerce across the world, performing very well. Positive -- you saw positive double-digit comps in both North America and APAC. And little single-digit negatives in in Europe. And I think I focused that European answer really specifically on what's happening in the UK.

因此，整體趨勢是，全球的商店和電子商務管道都表現良好。正面的－北美和亞太地區的銷售額均出現了兩位數的正成長。歐洲的負數很小。我認為我對歐洲問題的回答確實特別關注了英國正在發生的事情。

Continuation of trend that we've seen therefore now, I'm going to guess about 12 months, where traffic is down. And so we're doing the thing that we can control, which is drive conversion through all the things that you've heard Beth and Carrie talk about over the last couple of minutes. And so we're pleased with conversion in spite of a pretty stiff traffic headwinds.

因此，我們現在看到的趨勢將持續下去，我估計大約 12 個月後流量將會下降。因此，我們正在做我們能夠控制的事情，即透過貝絲和凱莉在過去幾分鐘裡談到的所有事情來推動轉變。因此，儘管交通阻力很大，我們對轉換結果還是很滿意。

The other, probably, spot of softness and, again, I'm just echoing what Carrie said earlier is, consumer in Japan, earlier in the quarter was maybe a little bit stronger. I think exit in Q4 was stronger but seems to have moderated a little bit here in the first couple months.

另一個可能是疲軟的方面，我再次重申 Carrie 之前所說的，那就是本季早些時候日本的消費者可能會表現得更強勁一些。我認為第四季度的退出勢頭更為強勁，但在頭幾個月似乎有所緩和。

Another area where, clearly, there's been some trade tension, and so, perhaps that's using some lower consumer confidence. But again, our focus in that market is over the long-term; on building the brand, on putting in great stores, on improving operations.

另一個領域顯然存在一些貿易緊張局勢，因此，這可能會導致消費者信心下降。但同樣，我們在該市場的關注點是長期的；致力於打造品牌、開設優質商店、改善營運。

And so some transitory headwinds are okay with us. And so that's the downside picture. You've heard all the upside stuff, channels, store ops, conversion, all in the strong positives here over what has now been many months.

因此，我們可以接受一些暫時的逆風。這就是不利的一面。您已經聽說了所有積極的方面，通路、商店營運、轉換，所有這些都是過去幾個月來的強勁積極因素。

I guess the crux of the question, Neil, is I know there's no guidance. I'm not looking for a specific number, but the things you're doing and the kind of momentum you're seeing, especially with some seasonal changes in the mix. Is this -- is it -- is the trend sustainable if you guys execute as you move into the much more meaningful to the profit quarters in the winter months? That's just what I'm -- I got a high level trying to understand.

尼爾，我想問題的關鍵是我知道沒有指導。我並不是在尋找一個具體的數字，而是在尋找你正在做的事情和你所看到的勢頭，特別是在一些季節性變化的情況下。如果你們在冬季進入對利潤更有意義的季度時執行這一趨勢，這種趨勢是否可持續？這正是我所想的──我盡力去理解。

Yeah. Absolutely. Ike, it's Carrie. There's no reason to believe that it would change, right? We have to keep controlling the things we can control, which is what product we're putting in, how are we engaging and attracting customers through our marketing investments, and then at the finish line of e-com and in-store conversion.

是的。絕對地。艾克，我是凱莉。沒有理由相信它會改變，對吧？我們必須繼續控制我們能夠控制的事情，也就是我們投入的產品，我們如何透過行銷投資來吸引客戶，然後是電子商務和店內轉換的終點線。

So I think the fact that we are seeing this continued momentum, this is not just a one month type of story, gives us a lot of confidence that that will continue. Barring the macro headwinds that, of course, we don't know all of them, but we're watching the ones that we already know about that Neil just mentioned.

因此，我認為我們看到這種持續的勢頭，這不僅僅是一個月的情況，這給了我們很大的信心，相信這種勢頭將會持續下去。當然，除了宏觀逆風之外，我們並不了解所有逆風，但我們正在關注尼爾剛才提到的我們已經知道的逆風。

So we've seen that continue into Q2. We're happy with the trends that we're going. And have no reason to believe it would change barring some outsized impact events that we don't know about.

我們看到這種情況持續到了第二季。我們對正在發生的趨勢感到滿意。並且沒有理由相信它會改變，除非發生一些我們不知道的超大撞擊事件。

I think it's also important to put in the context of where have we come from and where are we going. And so there has been a lot of work on -- and you've heard us describe this, Ike, around how are we performing in stores? How are we measuring it? What is the traffic look like and how does that compare to our labor?

我認為，思考我們從哪裡來、要到哪裡去也很重要。因此，我們做了很多工作——艾克，您聽過我們描述我們在商店中的表現如何嗎？我們如何衡量它？交通狀況如何？與我們的勞動相比如何？

Is the labor trained? Are we measuring the things that are happening inside the stores that, in a way, that is driving behavior? A whole bunch of retail 101 that has obviously borne fruit here over the last 12 or 15 months.

勞動力經過訓練了嗎？我們是否正在衡量商店內部發生的事情，從而在某種程度上推動行為？在過去 12 到 15 個月裡，大量的零售業 101 顯然已經取得了成果。

And so, you couple that with a little bit more focus on marketing and product that we love and that the consumers clearly love, things are working here. And so that's why we've got confidence around the sustainability of it, in spite of what is still a pretty choppy, tough, consumer market.

因此，只要我們更專注於我們喜歡的、消費者也喜歡的行銷和產品，事情就會順利進行。因此，儘管消費市場仍然相當不穩定且艱難，但我們對其永續性充滿信心。

So the things that we can control, I know that we -- it sounds a little cliche, are where we're focusing our energy. And that is clearly, resulting in the positive outcomes.

所以，我知道，我們能夠控制的事情——這聽起來有點陳腔濫調，是我們集中精力的地方。顯然，這會帶來正面的結果。

(inaudible) We are really happy to be in the position that we're in and like we rather be here at the beginning of the year, having seen acceleration of momentum going into the rest of the year. I would way rather be sitting here with this situation. We given lots of confidence as opposed to what could be very different situation and we're all very excited about.

（聽不清楚）我們真的很高興能處於現在的位置，就像我們在年初所處的位置一樣，我們看到了今年剩餘時間的發展勢頭的加速。我寧願坐在這裡面對這種情況。與可能截然不同的情況相比，我們表現出了很大的信心，我們都對此感到非常興奮。

Yeah. No. Totally makes sense, Dani. And then just one more follow up. Carrie, I think you mentioned to Adrienne's question, which you followed up on the order book, and used the word healthy. I guess, I'm just trying to ask a simplistic question.

是的。不。完全有道理，丹尼。然後再跟進一次。凱莉，我想你提到了艾德麗安的問題，你在訂單簿上進行了跟進，並使用了“健康”這個詞。我想，我只是想問一個簡單的問題。

If the Wholesale door calling is largely behind you and you've got an order book that's healthy, is there a reason why the Wholesale business couldn't be growing from here? I know you're not really planning it that way. That's not how you're talking about it, but I'm just trying to understand is there a reason why that couldn't occur given the two variables that I just threw out threw out there?

如果批發上門推銷業務已基本完成，而且訂單情況良好，那麼批發業務還有什麼理由不能從現在開始成長呢？我知道你其實不是這麼計劃的。這不是你所說的，但我只是想知道，考慮到我剛才拋出的兩個變量，為什麼這種情況不可能發生？

No reason at all. So we would love that. We're just not -- we're not making a commitment to that at that point because there are still -- when you look at the Wholesale market, depending on -- in North America is very different than what it is in EMEA.

毫無理由。所以我們很樂意這麼做。我們只是沒有——我們目前還沒有對此做出承諾，因為當你看批發市場時，北美的情況與歐洲、中東和非洲地區的情況有很大不同。

And so we don't want to get over our [skis], but we would say the order book response was strong. And over the year, we feel like that will produce exactly what we're expecting.

因此，我們不想放棄，但我們會說訂單反應很強烈。而一年下來，我們感覺這將會產生我們所期望的結果。

Are there pockets of upside? Absolutely. I would be crazy to say that there's -- we don't think that we can overachieve, but we're not predicting that. We think that's at a very important channel, and the response that we're getting from the partners that we are investing with is exactly the response we want.

是否存在上漲空間？絕對地。如果我說我們不認為我們能夠取得超額完成目標，那我就是瘋了，但我們也沒有預測這一點。我們認為這是一個非常重要的管道，我們從投資夥伴那裡得到的回應正是我們想要的。

Yeah. I'd like to echo what Carrie said. I believe that there will be a point in time where Wholesale does continue to grow. We have not built that into this year's plans because we don't want to be responsible on how we do that. But Wholesale, over the long-term, is a very important channel and I have lots of faith that it will be a strong one for us.

是的。我想重複 Carrie 所說的話。我相信批發業終有一天會繼續成長。我們沒有將其納入今年的計劃，因為我們不想對如何做到這一點負責。但從長遠來看，批發是一個非常重要的管道，我堅信它對我們來說將是一個強大的管道。

Makes sense. Thanks, guys.

有道理。謝謝大家。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Hi. This is Lucas Hudson on for Alex Perry. Thanks for taking my question. Can you guys speak to the drivers of the sequential improvement that you expect throughout the year? And how much is expectation for better macro versus your own initiatives?

你好。這是盧卡斯哈德森 (Lucas Hudson) 代替亞歷克斯佩里 (Alex Perry) 上場。感謝您回答我的問題。你們能否談談預計全年業績將持續改善的驅動因素？對於更好的宏觀經濟的期望與您自己的舉措相比有多大？

So, yeah (technical difficulty) talk about sequentially because we're not operating in a situation we've got a guidance out for the year. So just qualify that any comments here with that.

所以，是的（技術難度）按順序談論，因為我們不是在為今年制定指導的情況下運作的。因此，只需以此為依據來限定這裡的任何評論即可。

Our expectation is -- has been that focus on positive comp DTC performance and the drivers that deliver that, whether that is in store or digitally, are the key levers that we need to pull on in what is a relatively tough macro environment. And so our plans for this year were not a massive amount of growth in the industry and internal improvement that delivers continued performance.

我們的期望是——專注於積極的 DTC 業績以及實現這一目標的驅動因素（無論是在店內還是在數位領域），都是我們在相對艱難的宏觀環境中需要利用的關鍵槓桿。因此，我們今年的計劃並不是在行業上實現大規模成長，也不是在內部進行改進以持續保持業績。

And as I just said and as you heard the rest of us say today and over the last couple quarters, we have a lot of work to do internally and we like what we're seeing. We see that that's turning into positive comp results, but it's not -- the work is not over. And so month-to-month, we are -- week-to-week, we're focused on what's happening in stores and what's happening in the digital business to ensure that the top line continues to grow.

正如我剛才所說的，以及你們今天和過去幾個季度聽到我們其他人所說的那樣，我們內部還有很多工作要做，我們對所看到的感到滿意。我們看到這正在轉化為積極的業績，但事實並非如此——工作還沒有結束。因此，我們每個月、每週都會關注商店中發生的事情以及數位業務中發生的事情，以確保營業收入持續成長。

I'll add, Lucas, is that we're still a relatively small brand with a tremendous amount of runway. And so I think as we see challenging and volatile macro environments, we're not as intimidated by that because we know there is a lot we can do in our control to succeed even in those challenging environments.

盧卡斯，我要補充的是，我們仍然是一個相對較小的品牌，但擁有巨大的發展空間。因此，我認為，當我們看到充滿挑戰和動盪的宏觀環境時，我們不會因此而感到畏懼，因為我們知道，即使在這些充滿挑戰的環境中，我們也可以做很多事情來取得成功。

And obviously, you're seeing that with the results of the last two quarters. And so, certainly, macro will be what it will be, but I think we feel that we're very well positioned and have a lot of white space opportunity in front of us to continue to execute no matter what's going on in that macro context.

顯然，您可以從過去兩個季度的結果中看到這一點。因此，宏觀肯定會是這樣的，但我認為，無論宏觀環境如何變化，我們都處於非常有利的位置，並且面前有很多空白機會可以繼續執行。

Great. And then just a follow up. In regards to APAC, do you guys see APAC outside of Mainland outperforming Mainland as the remainder of the year continues?

偉大的。然後只是後續跟進。關於亞太地區，你們認為今年剩餘時間內除中國大陸以外的亞太地區的表現會優於中國大陸嗎？

I think -- I mean, it's a fairly specific question. I'd say that the business outside of APAC, instead of Mainland China, is essentially Japan, and a few stores in Greater China and Australia. And so it's a fairly small part of the business.

我認為——我的意思是，這是一個相當具體的問題。我想說的是，亞太地區以外的業務（而不是中國大陸）主要是日本，以及大中華區和澳洲的一些商店。所以這只是業務中相當小的一部分。

As a general point, you've heard our commentary on Japan, the -- I think in Hong Kong in particular, we had two stores there for now quite a while. There continues to be some pressure around the traffic. And so whether that's transitory or more permanent, we're monitoring along with others.

總的來說，您已經聽到了我們對日本的評論——我認為特別是在香港，我們在那裡已經有兩家商店很長一段時間了。交通方面仍存在一些壓力。因此，無論這是暫時的還是更永久的，我們都在與其他人一起監測。

And so while it's not maybe a material impact in the overall business, I suspect that Mainland China has more upside over the next -- over the rest of the fiscal than the rest of, or at least, Greater China.

因此，雖然這可能不會對整體業務產生實質影響，但我認為，中國大陸在未來一個財年剩餘時間內將比其他地區（至少是大中華區）擁有更大的上升空間。

That's helpful. Best of luck going forward.

這很有幫助。祝你未來好運。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah. Hi. Good morning. Neil. If I could follow up. Just on SG&A, typically it looks like Q1 is less than 20% of the full year spend that ultimately happens. I'm just wondering if we should be thinking that that'll be the case again this year that typically is?

是的。你好。早安.尼爾。如果我可以跟進的話。僅從銷售、一般及行政費用來看，通常第一季的支出不到全年最終支出的 20%。我只是想知道我們是否應該認為今年的情況也像往常一樣？

And then the bigger picture, any thoughts on the revenue scale you think you need here to get back to historical levels of higher EBIT margin here?

然後從更大的角度來看，您認為需要什麼樣的收入規模才能恢復到歷史較高的息稅前利潤率水平？

Thanks, [John]. I'll start, maybe, on the second point on revenue trends and then work back towards the SG&A question. And so flow through of profit on revenue growth is a critical area of focus for any retailer and we're no different than that.

謝謝，[約翰]。我可能會先從收入趨勢的第二點開始討論，然後再回到銷售、一般和行政費用 (SG&A) 問題。因此，利潤流向收入成長是任何零售商關注的關鍵領域，我們也不例外。

I think as you heard us, as we talked about a number of times, in this year, in particular, we are making some investments that we believe are going to deliver that revenue scale over the longer-term. And so that is all the things we talked about here, marketing investments, store level investments, and product creation talent.

我想正如您所聽到的，正如我們多次談到的，特別是今年，我們正在進行一些投資，我們相信這些投資將在長期內帶來這樣的收入規模。這就是我們在這裡討論的所有內容，行銷投資、商店級投資和產品創造人才。

The precise scale of how big do we need to get in order to start to see more meaningful margin expansion. I think we're going to have to leave for another time because that looks a little too much, like I think, longer-term guidance. But suffice to say, that we think there's a ton of opportunity to grow that. And with that scale, there will be significant margin expansion. It's just a matter of when does that happen, which I'm sure is of interest to you as well.

我們需要達到多大的規模才能開始看到更有意義的利潤擴張。我認為我們必須另找時間討論，因為我認為長期指導看起來有點太多了。但可以說，我們認為有大量的機會可以實現這一目標。隨著規模的擴大，利潤率將會大幅提高。這只是何時發生的問題，我相信您也會對此感興趣。

On the -- what's the -- is 20% of the year's SG&A in the books in Q1, I think I'm going to have to go back to the same general comment, which is we don't have the quarterly guidance out there. We don't have the annual guidance out there.

關於——什麼是——第一季帳面上的銷售、一般和行政費用佔全年銷售、一般和行政費用的 20%，我想我必須回到同樣的一般性評論，那就是我們沒有季度指導。我們沒有年度指導。

And so the timing of investments this year are tied to when we think they are most likely to deliver the most upside. We had, obviously, a major change in respect of Snow Goose capsule in the first quarter here, which delivered (technical difficulty) required some marketing investment at a higher level than we had a year ago. We think that that delivered also some positive outcomes on the top line.

因此，今年的投資時機與我們認為最有可能帶來最大收益的時間有關。顯然，我們在第一季對雪雁膠囊進行了重大調整，由於技術困難，我們需要比一年前更高的行銷投資。我們認為這也為營收帶來了一些正面成果。

The timing of when stores open and things like that, and how long are we in pre-lease periods. Those are factors as well. These are all things that we best view over the full year rather than in specific quarters and how much is it going to be this quarter versus next quarter. So [appreciate] that's maybe not as precise as you're looking for but that's just where we are at the moment.

商店開業的時間等等，以及預租期有多長。這些也是因素。這些都是我們最好從全年角度來觀察的事情，而不是從特定季度角度來觀察，以及本季與下個季度相比會有多少變化。所以[感謝]這可能不像你所尋找的那樣精確，但這就是我們目前的狀況。

Okay. That's helpful color. And then just one separately on China. I might have missed it, but did you close one store in the market there during the quarter? And then, I believe, last fall you started calling out Douyin as a positive driver for traffic just as you look forward to anniversarying the strength there. Any thoughts on the ability to continue to drive traffic growth through the channel there? Thank you.

好的。這是很有幫助的顏色。然後單獨談中國。我可能錯過了，但你們在本季度關閉了那裡的一家商店嗎？然後，我相信，去年秋天，您開始稱抖音是流量的積極推動力，就像您期待抖音的強勁增長一樣。您對於繼續透過該管道推動流量成長的能力有何看法？謝謝。

So yeah. Douyin and WeChat live streaming continue to be great for us expanding. So last year, really was our first test and making sure that we understood the nuance of the channel, how to optimize for that. So we've been learning constantly and tweaking and mostly expanding. So the products that we offer, the way we engage people with our hosts on that, will continue to be a great driver, so we're really excited about the future of that platform for sure.

是的。抖音和微信直播繼續對我們的擴張有很大的幫助。所以去年確實是我們的第一次測試，並確保我們了解頻道的細微差別，以及如何對其進行優化。因此，我們一直在不斷學習、調整並不斷擴展。因此，我們提供的產品以及我們與主機互動的方式將繼續成為強大的推動力，因此我們對該平台的未來感到非常興奮。

On the store closure point, we did, in fact, we had a lease expire in Dalian. We had another store open there in the last 12 months and so we felt like that was better spot. And so, yes, we did close.

關於關閉門市的問題，事實上，我們在大連的租約已經到期。過去 12 個月我們在那裡開了另一家店，所以我們覺得那是更好的地點。是的，我們確實關閉了。

Okay. Great. Thanks again.

好的。偉大的。再次感謝。

That concludes our question-and-answer session. I will now turn the call back over to Neil Bowden for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給尼爾鮑登 (Neil Bowden) 作結束語。

Thank you, operator. And thank you, everyone, for your interest today. Have a great rest of the summer and we look forward to updating you on our progress here in a few months.

謝謝您，接線生。謝謝大家今天的關注。祝您度過一個愉快的夏天，我們期待在幾個月後向您通報我們的進展。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。