On Holding AG (ONON) 2023 Q4 法說會逐字稿

(Operator Instructions) Good afternoon, good morning, and thank you for joining ON's 2023 Fourth Quarter and Full Year Earnings Conference Call and Webcast.

（操作員說明）下午好，早上好，感謝您參加 ON 2023 年第四季和全年收益電話會議和網路廣播。

With me today on the call are CFO Martin Hoffmann and Co-CEO, Marc Maurer. Before we begin, I'll briefly remind everyone that today's call will contain forward-looking statements within the meaning of the federal securities laws.

今天與我一起參加電話會議的有財務長 Martin Hoffmann 和聯合執行長 Marc Maurer。在開始之前，我將簡要提醒大家，今天的電話會議將包含聯邦證券法含義內的前瞻性陳述。

These forward-looking statements reflect our current expectations and beliefs-only and are subject to certain risks and uncertainties that could cause actual results to differ materially.

這些前瞻性陳述僅反映我們目前的預期和信念，並受到某些風險和不確定性的影響，可能導致實際結果出現重大差異。

Please refer to our 20-F filed with the SEC earlier this morning for a detailed discussion of such risks and uncertainties. We will further reference certain non-IFRS financial measures such as adjusted EBITDA and adjusted EBITDA margin. These measures are not intended to be considered in isolation or as a substitute for the financial information presented in accordance with IFRS.

請參閱我們今天早上早些時候向 SEC 提交的 20-F，以了解有關此類風險和不確定性的詳細討論。我們將進一步參考某些非國際財務報告準則的財務指標，例如調整後的 EBITDA 和調整後的 EBITDA 利潤率。這些措施不應被孤立地考慮或取代根據國際財務報告準則提交的財務資訊。

Please refer to today's release for a reconciliation to the most comparable IFRS measures. We will begin with David, followed by Martin, leading you through today's prepared remarks, after which, we are looking forward to opening the call for a Q&A session.

請參閱今天發布的版本，以了解最具可比性的 IFRS 指標的調節表。我們將首先由 David 開始，然後由 Martin 帶領大家完成今天準備好的發言，之後，我們期待著開始問答環節。

With that, I'm very happy to turn over the call to David.

至此，我很高興將電話轉給大衛。

Thank you, Jerrit, and welcome, everyone, to our fourth quarter and full year 2023 results call. I'm talking to you from online in Zurich, while my partners, Marc and Martin, are tuning in live from the New York Stock Exchange.

謝謝傑里特，歡迎大家參加我們的 2023 年第四季和全年業績電話會議。我正在蘇黎世透過網路與您交談，而我的合夥人馬克和馬丁正在紐約證券交易所進行直播。

I'm excited to tell you that 2023 has been another exceptional year for our brand, also very significant revenue growth of 47% to CHF 1.79 billion in 2023. This turns into even 55% growth on a constant currency basis and exceeds the expectations that we had for the year.

我很高興地告訴您，2023 年對我們品牌來說又是非凡的一年，2023 年收入也實現了47% 的大幅增長，達到17.9 億瑞士法郎。 ，超出了預期我們已經度過了這一年。

It means that On is capturing market share faster than competitors. I would also like to point out the gross profit margin of 59.6% on our journey to becoming the most premium global sports brand.

這意味著 On 比競爭對手更快佔領市場份額。我還想指出，在我們成為全球最優質運動品牌的過程中，毛利率達到了 59.6%。

Today, I would like us to speak about why On is a performance sports brand that appeals to a forbid audience. As you know, the journey of an is deeply rooted in our commitment to innovation, taking first to athletes and runners.

今天，我想和大家談談為什麼 On 是一個能夠吸引禁忌受眾的高性能運動品牌。如您所知，我們的旅程深深植根於我們對創新的承諾，首先關注運動員和跑步者。

In 2023, we witnessed our running products sold to new heights, further solidifying the dominant position in our portfolio. Let me share an example of this success with the Cloud Monster.

2023年，我們見證了跑步產品銷售再創新高，進一步鞏固了我們在產品組合中的主導地位。讓我與 Cloud Monster 分享一個成功的例子。

Launched just 2 years ago, this running shoe Hess in 2023, but we don't pause here. Just 2 weeks ago, we unveiled the Cloudmonster 2. And in early April, we will launch the innovation packed Cloudmonster Hyper.

這款跑鞋 Hess 於 2023 年推出，距今僅兩年，但我們不會在此暫停。就在兩週前，我們推出了 Cloudmonster 2。

This move not only amplifies the momentum in running, but also introduces a range of options for our channel partners. Smart tiering is in our playbook. I would like to highlight that the success of the Cloudmonster franchise is part of a broader narrative where 7 of our franchises now contribute over 5% each to our growing top line.

此舉不僅放大了跑步的動力，也為我們的通路夥伴引入了一系列選擇。智能分層在我們的劇本中。我想強調的是，Cloudmonster 特許經營權的成功是更廣泛敘述的一部分，我們的 7 個特許經營權現在為我們不斷增長的收入貢獻了超過 5%。

Besides the Cloudmonster, this also includes franchises like the Cloudswift and the Cloudrunner in running. The Cloudnova has a running sneaker and the Roche franchise in Tennis. We are expanding the strength and diversity of our innovation-driven portfolio like never before.

除了 Cloudmonster 之外，還包括 Cloudswift 和 Cloudrunner 等跑步系列。 Cloudnova 是一款跑步鞋，也是羅氏在網球領域的特許經營權。我們正在以前所未有的方式擴大創新驅動型產品組合的實力和多樣性。

The strength of our running innovation is showcased by Hellen Obiri, scoring major marathon wins for On in our most advanced shoe technology. Making history in 2023, Hellen became the first woman in 34 years to clinch victory at both the Boston and New York City Marathon in the same year.

Hellen Obiri 展現了我們跑步創新的實力，她使用我們最先進的鞋子技術為 On 贏得了重大馬拉鬆比賽的勝利。海倫在 2023 年創造了歷史，成為 34 年來第一位在同一年在波士頓和紐約馬拉鬆比賽中奪冠的女性。

And let's not forget her stunning performance at the New York City half marathon, but she didn't just win. She charted the course record. This isn't just a win for Hellen, it's a testament to the On brand's growing influence. This is also clearly visible in the fast-growing share of On shoes on major running routes across the world.

我們不要忘記她在紐約市半程馬拉鬆上的驚人表現，但她不僅僅是獲勝。她繪製了課程記錄。這不僅是 Hellen 的勝利，也是 On 品牌影響力日益增長的證明。從 On 鞋在全球主要跑步路線上快速增長的份額也可以清楚地看出這一點。

I'm especially proud of the stellar growth as it is the result of the passion and relentless execution drive of our team. We're beyond thankful for their enormous contributions and the infectious optimism they bring. They truly inspire me. I talked about the success of On in running.

我對如此出色的成長感到特別自豪，因為這是我們團隊的熱情和不懈執行力的結果。我們非常感謝他們的巨大貢獻和他們帶來的富有感染力的樂觀精神。他們確實激勵了我。我談到了On在跑步方面的成功。

Now, let's zoom out to see the bigger picture. As we reflect on the first post-pandemic year, let's look at the remarkable journey of On in the evolving sports and fashion landscape. We all know that the pandemic has been a catalyst for change, redefining lifestyles and fashion loans.

現在，讓我們縮小視野，看看更大的圖像。當我們回顧疫情後的第一年時，讓我們回顧一下 On 在不斷變化的體育和時尚領域的非凡歷程。我們都知道，疫情是變革的催化劑，重新定義了生活方式和時尚貸款。

We have been liberated to work more from home, introduce sports and movement to every day and wear sportswear as the new uniform. Going way back, this revolutionary mines me of Coco Chanel freeing women from corsets and introducing comfort and pants to the female wardrobe. Yes, pants. As many of you will know, this happened in the early 20th century.

我們已經解放出來，可以更多地在家工作，每天都引入運動和運動，並穿著運動服作為新制服。追溯到很久以前，這項革命性的舉措讓我想起了可可·香奈兒 (Coco Chanel) 將女性從緊身胸衣中解放出來，為女性衣櫥引入了舒適感和褲子。是的，褲子。你們很多人都知道，這發生在 20 世紀初。

Since then, tech fibers and new manufacturing methods in footwear and apparel has allowed sports brands to retire the military uniform and the classic dress as prime archetypes and inspiration for fashion.

從那時起，科技纖維和鞋類和服裝的新製造方法使得運動品牌不再將領裝和經典服裝作為時尚的主要原型和靈感。

Out with the coat formal jackets, letter shoes and dress in with sneakers, tight track pants, booties and technical jackets. It's the next revolution. The last pivotal year has made it clear that sports is the new uniform, the new normal that will continue to transcend culture and fashion.

外出時搭配正裝夾克、字母鞋，穿著時搭配運動鞋、緊身運動褲、短靴和技術夾克。這是下一次革命。去年的關鍵一年已經明確表明，體育是新制服，是將繼續超越文化和時尚的新常態。

Sports is not just an activity. It's a statement, a lifestyle, a new luxury for a generation, valuing movement in exploration over possession and status. It follows this logic why fashion brand LOEB has partnered up with us to introduce technical sports footwear and apparel to their collection.

體育不僅僅是一項活動。這是一種宣言，一種生活方式，是一代人的新奢華，重視探索運動而不是佔有和地位。正是遵循這個邏輯，時尚品牌 LOEB 與我們合作，在他們的系列中引入技術運動鞋和服裝。

The joint edition of the cloud pair sneaker has been a spectacular success flying off the shelves. Our partnership with LOEB rooted in creativity and innovation continues to thrive across apparel and footwear and to elevate on as the most premium sports brand.

Cloud Pair 運動鞋的聯名版取得了巨大的成功。我們與 LOEB 的合作關係植根於創造力和創新，在服裝和鞋類領域繼續蓬勃發展，並提升為最優質的運動品牌。

It is also no coincidence that Global Fashion brands pivot to sign global sports stars as ambassadors to play in the live sport arenas of the Super Bowl and Olympics. When we invited Roger, Roger Federer, to become a co-entrepreneur at all a few years ago, it was done to build on the growing cultural relevance of sports and its most exceptional talents.

全球時尚品牌紛紛聘請全球運動明星為大使，在超級盃和奧運的現場運動賽場上比賽，這並非巧合。幾年前，當我們邀請羅傑費德勒（Roger Federer）成為聯合企業家時，我們這樣做是為了建立在體育及其最傑出人才日益增長的文化相關性的基礎上。

I'm very happy that young tennis great Iga Swiatek and Ben Shelton have since decided to join On. They are not only admired for their game, but also for their personality. There are wins in the spectator sport tennis is fully outfitted in non-gear also elevate on the peril to a new level of broad recognition.

我很高興年輕的網球巨星伊加·斯瓦泰克（Iga Swiatek）和本·謝爾頓（Ben Shelton）決定加入On。他們不僅因為他們的比賽而受到欽佩，還因為他們的個性。網球運動在非裝備裝備下的觀眾運動中取得了勝利，也將危險性提升到了廣泛認可的新水平。

As ON is expanding its reach to partnership with many of the world's best athletes will always route us in performance and sports. Because one thing is clear, On is not a luxury fashion brand, but a premium sports brand.

隨著 ON 不斷擴大與世界上許多最優秀運動員的合作夥伴關係，我們將始終在表現和運動方面為我們指明道路。因為有一點很明確，On 不是奢侈時尚品牌，而是高端運動品牌。

Yet it happens that On has been emerging as a new brand in sports right at the moment where sports is not the main of weakened activities anymore. Instead, important movement is literally getting woven into the fabric of everyday life. This ties into On's mission to ignite the human spirit through movement to not just stream the future some days, but on most days.

然而，在體育不再是弱化活動的主要領域的當下，On 已經成為體育領域的新品牌。相反，重要的運動實際上已融入日常生活的結構中。這與 On 的使命息息相關，即透過運動點燃人類精神，不僅在某些日子，而且在大多數日子裡傳遞未來。

These are the days that our focus on performance, sustainability and design perfectly aligns with the contemporary consumers' expectations. It's no surprise that On is gaining strong brand momentum with teams according to a recent brands study.

如今，我們對性能、永續性和設計的關注與當代消費者的期望完美契合。根據最近的一項品牌研究，On 在團隊中獲得強大的品牌動力也就不足為奇了。

To connect to new consumers even more intimately will see us expanding On's global presence by opening an additional 100 brand stores worldwide in the coming years. Believe me, this move isn't just about featuring our cutting-edge footwear, it's also a commitment to showcase on apparel and address our community from hair to toe.

為了更密切地與新消費者建立聯繫，我們將在未來幾年內在全球增開 100 家品牌店，從而擴大 On 的全球影響力。相信我，此舉不僅僅是展示我們最先進的鞋類，也是展示服裝並從頭到腳向我們的社區提供服務的承諾。

In 2023, our apparel line made significant progress. In our Flagship Stores in New York, Paris and Shanghai, roughly 1 in 6 items sold is already fitting the body not the feet. Now, let's look ahead to 2024. This will be an exciting year for the On community and to Olympics in Paris.

2023年，我們的服裝系列取得了重大進展。在我們位於紐約、巴黎和上海的旗艦店中，大約六分之一的售出商品已經適合身體而不是腳。現在，讓我們展望 2024 年。

We are poised to demonstrate On's Atlantic DNA, expect groundbreaking On product innovation to show up at the Olympics. Up to a dose net leads of the On athletics Club will compete together with stars like Hellen Obiri and Tennis world #1 Iga Swiatek.

我們準備展示 On 的大西洋 DNA，並期待 On 產品創新的突破性成果出現在奧運會上。 On 田徑俱樂部的淨領先優勢將與海倫·奧比里 (Hellen Obiri) 和網球世界排名第一的伊加·斯瓦泰克 (Iga Swiatek) 等明星同台競技。

Arestin New York Times wrote in a recent feature headline about the On athletics Club, the most impressive road championship team is in the country. It's a brand. From my opening, there are 2 key points to hold on to.

《紐約時報》最近在一篇關於 On 田徑俱樂部的專題標題中寫道，該俱樂部是全國最令人印象深刻的公路錦標賽球隊。這是一個品牌。從我的開場白來看，有兩個要點需要把握。

Firstly, On remains committed to being a performance sports brand at its core, dedicated to innovation and serving the needs of athletes. Secondly, in today's world, sports here is becoming the new uniform in footwear and apparel.

首先，On仍然致力於成為一個以高性能運動品牌為核心的品牌，致力於創新並滿足運動員的需求。其次，在當今世界，運動正在成為鞋類和服裝的新制服。

As a leading premium sports brand, On is ideally placed to be a driving force in the significant cultural transformation. Let's continue to dream big to push boundaries and to innovate in this transformation to sports culture as the premium sports brand On.

作為領先的高端運動品牌，On 完全有能力成為重大文化轉型的驅動力。讓我們繼續懷抱遠大夢想，以優質運動品牌 On 的身份，在向體育文化的轉型中突破界限並進行創新。

And with this, I'm passing the baton from Zurich to New York and to our Co-CEO and CFO, Martin Hoffmann. Martin, please.

至此，我將接力棒從蘇黎世移交給紐約，交給我們的聯合執行長兼財務長馬丁霍夫曼 (Martin Hoffmann)。馬丁，請。

Thank you very much, David, and hello to everyone on the call. We are very excited to be hosting today's call from the New York Stock Exchange. Being here brings back great memories from our listing event in September 2021.

非常感謝你，大衛，並向通話中的每個人問好。我們非常高興能夠主持紐約證券交易所今天的電話會議。來到這裡讓我回想起我們 2021 年 9 月的上市活動的美好回憶。

It fills us with an immense sense of pride to see what our team has achieved in the first 2 years since going public. We observed very strong growth, incredible increase in brand awareness and significant gains in market share, nearly everywhere around the globe.

看到我們的團隊在上市後的前兩年所取得的成就，我們感到無比自豪。我們觀察到，幾乎在全球各地，成長非常強勁，品牌知名度令人難以置信地提高，市場份額也顯著增加。

Seeing with our own eyes, the fast-growing share of Flanners in on product along the bond in Shanghai a few weeks ago when running through Central Park these past days, but also the increasing diversity and more younger fans wearing our product is extremely rewarding.

我們親眼所見，幾週前在上海沿線跑過中央公園時，Flanners 在產品上的份額快速增長，而且越來越多的多樣性和更多年輕粉絲穿著我們的產品，這是非常值得的。

On our journey towards building the most premium global sportswear brand, 2023 was another exceptional year. David highlighted some of the big achievements we were able to celebrate. All of this is reflected in our very strong financial results.

在我們打造最優質的全球運動服飾品牌的征途中，2023 年又是不平凡的一年。大衛強調了我們能夠慶祝的一些重大成就。所有這些都反映在我們非常強勁的財務表現中。

We significantly exceeded our expectations voiced at the beginning of the year and reached CHF 1.79 billion in net sales, a 46.6% increase compared to 2022. It's worth reminding that this includes considerable translation impacts from the strength of the Swiss franc throughout 2023. On a constant currency basis, we are thrilled to say that ON grew by over 55%.

我們大大超越了年初提出的預期，淨銷售額達到 17.9 億瑞士法郎，與 2022 年相比增長 46.6%。 值得提醒的是，這包括整個 2023 年瑞士法郎強勢帶來的相當大的轉化影響。固定匯率計算，我們很高興地說ON 成長了55% 以上。

As the most premium sportswear brand, our focus is on combining strong top and bottom-line growth. In 2023, we achieved this outstanding net sales growth while bringing efficiency and profitability to new heights.

作為最優質的運動服飾品牌，我們的重點是將強勁的營收和利潤成長結合起來。 2023 年，我們實現了出色的淨銷售額成長，同時將效率和獲利能力推向新的高度。

We significantly increased our gross profit margin from 56% to 59.6% and our adjusted EBITDA margin from 13.5% to 15.5%. At the same time, we have grown our D2C share from 36.4% to 37.5%, significantly optimized our inventory position and achieved a positive cash flow of CHF 163 million, the highest in the history of the brand.

我們的毛利率從 56% 大幅提高到 59.6%，調整後的 EBITDA 利潤率從 13.5% 提高到 15.5%。同時，我們將D2C份額從36.4%增長至37.5%，顯著優化了庫存狀況，並實現了1.63億瑞士法郎的正現金流，為品牌歷史最高水準。

Thanks to our partnership with the best and most meaningful retail partners. Net sales from the wholesale channel exceeded CHF 1 billion. We also generated more than 1 billion sales in the Americas region and more than CHF 1 billion gross profit.

感謝我們與最好、最有意義的零售合作夥伴的合作。批發通路的淨銷售額超過10億瑞士法郎。我們也在美洲地區創造了超過 10 億美元的銷售額和超過 10 億瑞士法郎的毛利。

Over 230 million visitors came to our website, a growth of 63% year-over-year. These successes belong to our team, including retail, we have grown from 1,700 to over 2,400 people, now representing 94 nationalities in over 20 offices around the world.

我們網站的訪問量超過 2.3 億，年增 63%。這些成功屬於我們的團隊，包括零售在內，我們的員工已從 1,700 人發展到 2,400 多人，目前在全球 20 多個辦事處代表 94 個國家。

Our culture is at the center of our success, and our focus remains on building a high-performing team tendered around our mission. We are deeply grateful for all your great work and your passion.

我們的文化是我們成功的核心，我們的重點仍然是圍繞我們的使命建立一支高績效團隊。我們對您所做的出色工作和熱情深表感謝。

The strength of the brand and the momentum we have seen continued into the fourth quarter. Throughout the quarter, we observed very strong consumer demand across all channels. We had a very successful holiday season while maintaining a high share of full price sales.

我們所看到的品牌實力和勢頭持續到第四季度。整個季度，我們觀察到所有通路的消費者需求都非常強勁。我們度過了一個非常成功的假期，同時保持了較高的全價銷售份額。

Record high traffic to our website and stores around the world are a true testament to the strength of the On brand and increased global awareness. As a result, we achieved the highest D2C share in the history of On, supporting our highest gross profit margin since the IPO and an adjusted EBITDA margin ahead of our own expectations.

我們的網站和世界各地商店的創紀錄高流量真實證明了 On 品牌的實力和全球知名度的提高。結果，我們實現了 On 歷史上最高的 D2C 份額，支撐了我們自 IPO 以來最高的毛利率，調整後的 EBITDA 利潤率超出了我們自己的預期。

We definitely finished the year with great momentum. As most of you are aware, the constraints in our Atlanta warehouse back in Q3 2022 and the resulting shift of volumes to Q4 '22 made for a very tough comparison quarter for our Americas business in particular.

我們確實以強勁的勢頭結束了這一年。正如你們大多數人所知，我們亞特蘭大倉庫在 2022 年第三季度的限制以及由此導致的銷量轉移到 22 年第四季度，對我們的美洲業務來說尤其是一個非常艱難的比較季度。

With this in mind, we are thrilled to have achieved 31% net sales growth on a constant currency basis in the fourth quarter. On a reported basis, reflecting the considerable FX translation impacts, we reached global consolidated net sales of CHF 447.1 million and a 21.9% growth year-over-year.

考慮到這一點，我們很高興第四季度實現了以固定匯率計算 31% 的淨銷售額成長。根據報告，我們的全球綜合淨銷售額達到 4.471 億瑞士法郎，年增 21.9%，反映出龐大的外匯換算影響。

Compared to the exceptionally strong holiday season in '22, our D2C channel grew by 38.2% to CHF 206.6 million. Currency neutral, the growth was 49%. Sales from D2C accounted for 46.2% of net sales in Q4 '23 versus 40.7% in Q4 '22.

與 22 年異常強勁的假期季節相比，我們的 D2C 通路成長了 38.2%，達到 2.066 億瑞士法郎。貨幣中性，成長率為 49%。 D2C 的銷售額佔 23 年第 4 季淨銷售額的 46.2%，而 22 年第 4 季為 40.7%。

The significantly higher D2C share serves as a further validation of our D2C focused multichannel strategy and the exceptional momentum of our own channels. For the full year 2023, the resulting growth in our D2C channel was over 60% on a constant currency basis.

D2C 份額的顯著提高進一步驗證了我們以 D2C 為重點的多通路策略以及我們自有通路的卓越動能。 2023 年全年，以固定匯率計算，我們的 D2C 通路成長超過 60%。

We are excited to see the contribution of our own retail stores to this great achievement. During '23, we opened 15 new retail stores, 10 of which are located in China. In Q4 alone, we opened 6 new stores in London, Miami, Paris, Beijing, Chengdu and Guangzhou. And we also expanded our New York Lafayette store.

我們很高興看到我們自己的零售店對這項偉大成就的貢獻。 23 年期間，我們開設了 15 家新零售店，其中 10 家位於中國。光是第四季度，我們就在倫敦、邁阿密、巴黎、北京、成都和廣州開設了 6 家新店。我們也擴大了紐約拉斐特商店。

We're eagerly looking forward to the openings in the upcoming weeks and months. Personally, I'm very excited for our first store in my home country, Germany, a new 300 square meter store in the center of Berlin is planned to open later this month, but equally for our recently opened store in Portland, the home of our brand in North America.

我們熱切期待未來幾週和幾個月的空缺。就我個人而言，我對我們在祖國德國的第一家商店感到非常興奮，一家新的300 平方米商店計劃於本月晚些時候在柏林市中心開業，但同樣對我們最近在波特蘭開設的商店也感到非常興奮，波特蘭是我們的品牌在北美。

As anticipated, reflecting some of the comparison period dynamics, wholesale grew more modestly in the quarter, achieving 10.7% reported or 19% constant currency growth. Our wholesale partners observed strong sellout numbers at full price, both in the brick-and-mortar locations as well as their online presence.

如預期的那樣，反映了比較期的一些動態，本季批發成長較為溫和，實現了 10.7% 的報告成長率或 19% 的恆定匯率成長率。我們的批發合作夥伴觀察到，無論是在實體店還是在網路上，全價的銷售量都非常強勁。

Most of this volume had been shipped towards the end of Q3 in anticipation of the strong Q4. This is reflected in our combined wholesale growth for the second half of the year of 26.8%, equivalent to 36% on a constant currency basis.

由於預計第四季將表現強勁，大部分銷售已在第三季末出貨。這反映在我們下半年 26.8% 的綜合批發成長上，相當於以固定匯率計算的 36%。

In EMEA, as previously discussed, we are executing our strategy to fully emphasize the most premium and highest quality growth, reflecting in the closure of around 200 doors in Central Europe that we deem nonstrategic. These stores have officially stopped receiving products as of Q1 '24, but had already reduced their orders in Q4 '23 to some extent.

正如前面所討論的，在歐洲、中東和非洲地區，我們正在執行我們的策略，充分強調最高品質和最高品質的成長，這反映在中歐關閉了大約 200 個我們認為非策略性的門。這些商店已於 24 年第一季正式停止接收產品，但在 23 年第四季已在一定程度上減少了訂單。

We will continue to manage our different channels very consciously. While we will be adding a lower number of incremental wholesale doors in the future than we have over the past years, we see significant potential for deeper penetration and strategic accounts, same-store growth and ongoing market share gains.

我們將繼續非常有意識地管理我們的不同管道。雖然我們未來增加的批發門數量將少於過去幾年，但我們看到了更深層滲透和策略客戶、同店成長和持續市場份額成長的巨大潛力。

We are very pleased to see how this opportunity materializes with the launch of some of our spring/summer, '24 starts. The Cloud field initially launched in a limited collaboration with Luiva is now more broadly available and has seen an incredible launch.

我們很高興看到這個機會如何隨著我們的 '24 春季/夏季系列的推出而實現。最初與 Luiva 有限合作推出的雲端領域現在已得到更廣泛的應用，並取得了令人難以置信的推出。

This completely new all-day silhouette is clearly complementary to our existing portfolio. And based on the feedback and demand from our partners, we are confident that our team has created another blockbuster in the making.

這款全新的全日輪廓顯然是我們現有產品組合的補充。根據合作夥伴的回饋和需求，我們相信我們的團隊已經創造了另一個重磅炸彈。

Let me move to our regional performance. As I just mentioned, our focus in EMEA on a more selective wholesale distribution is paying off. We saw an increasing high-quality demand in our D2C channel, more than making up for the door closures on the wholesale side.

讓我談談我們的地區表現。正如我剛才提到的，我們在歐洲、中東和非洲地區專注於更具選擇性的批發分銷，正在取得回報。我們看到 D2C 通路的高品質需求不斷增長，這足以彌補批發方面的關閉。

In aggregate, net sales in EMEA grew by 22.9% to CHF 112.5 million for the fourth quarter. On a constant currency basis, growth in EMEA was 26% versus the prior year period. The Americas grew by 18.5% in Q4 to CHF 300.6 million. This marks the strongest quarter for the region in the history of On and reflects the strong demand for our products.

總體而言，第四季度歐洲、中東和非洲地區的淨銷售額成長了 22.9%，達到 1.125 億瑞士法郎。以固定匯率計算，歐洲、中東和非洲地區較上年同期成長 26%。美洲地區第四季成長 18.5%，達到 3.006 億瑞士法郎。這標誌著 On 歷史上該地區最強勁的季度，反映了對我們產品的強勁需求。

As in EMEA, we have seen a disproportionate growth of the D2C channel. While the reported growth includes nearly 11 percentage points of FX translation impacts as well as the constraints by the comparison period dynamics, our constant currency growth is at 29% for the quarter.

與歐洲、中東和非洲地區一樣，我們看到 D2C 管道的不成比例的成長。雖然報告的成長包括近 11 個百分點的外匯換算影響以及比較期動態的限制，但我們本季的恆定貨幣成長率為 29%。

We continue to be very encouraged by the underlying dynamics and the strength of the brand in the region. APAC reached net sales of CHF 34 million in Q4, corresponding to a growth rate of 57.7%. APAC was again the most impacted by FX translation.

我們繼續對該地區的潛在動力和品牌實力感到非常鼓舞。第四季亞太地區淨銷售額達 3,400 萬瑞士法郎，成長率為 57.7%。亞太地區再次成為受外匯換算影響最大的地區。

On a constant currency basis, growth in the region has been over 75%. We are extremely excited about the very strong momentum in China and Japan, and in particular, our ability to gain share and awareness with the dedicated running community.

以固定匯率計算，該地區的成長率超過 75%。我們對中國和日本的強勁勢頭感到非常興奮，特別是我們能夠在專注的跑步社群中獲得份額和知名度。

In the Shanghai Marathon held at the end of November, On ranked as the sixth overall brand in terms of presence on runners' feet serving as a demonstration of the brand's performance credibility in China.

在11月底舉行的上海馬拉鬆比賽中，On品牌在跑者腳上的存在感綜合排名第六，充分體現了該品牌在中國的表現可信度。

Turning to the performance by product. Apparel had been in the focus for our marketing campaigns in the fourth quarter. We are very pleased to see this has led to a fourth quarter growth rate of 60.1% to reach CHF 18.4 million.

轉向產品的性能。服裝一直是我們第四季行銷活動的重點。我們很高興看到這導致第四季成長率達到 60.1%，達到 1,840 萬瑞士法郎。

In our D2C channels, apparel grew 110%. In APAC, the apparel share exceeded 10% in the fourth quarter. The strong demand provides a tailwind to 2024. We're exciting new products, updated sizings, and more focus across all channels are expected to drive further success.

在我們的 D2C 通路中，服裝成長了 110%。在亞太地區，第四季服裝份額超過 10%。強勁的需求為 2024 年帶來了推動力。

We are thrilled to be launching our tenants apparel later this week. We know that our most loyal fans have been waiting for this ever since Iga and Ben, first set foot on the court in our gear last year.

我們很高興本週晚些時候推出我們的租戶服裝。我們知道，自從伊加和本去年首次穿著我們的裝備踏上球場以來，我們最忠實的球迷就一直在等待這一刻。

Net sales from shoes grew by 20.4% in Q4, reaching CHF 25.7 million. David mentioned the unparalleled success of the Cloudmonster. It's no surprise that Cloudmonster was also one of the significant growth contributors during the holiday season.

第四季鞋類淨銷售額成長 20.4%，達到 2,570 萬瑞士法郎。大衛提到了雲怪無與倫比的成功。毫不奇怪，Cloudmonster 也是假日季成長的重要貢獻者之一。

More broadly, we are thrilled to see our strategic priorities playing out as intended, with a large part of growth being driven by our performance running ranges. In performance all day, the Cloudnova has established itself as a holiday season favorite, continuing to resonate very strongly with a younger D2C customer, in particular.

更廣泛地說，我們很高興看到我們的策略重點按預期發揮作用，其中很大一部分成長是由我們的效能運作範圍所推動的。從全天的表現來看，Cloudnova 已成為假期季節的最愛，特別是在年輕的 D2C 客戶中繼續產生強烈的共鳴。

Throughout the holiday season, we maintained a high share of full price sales. On's gross profit margin in Q4 reached a very strong 60.4% over our midterm ambition of 60% plus and an increase of 190 basis points year-over-year. The increase versus the prior year was further driven by the higher D2C share, overall favorable freight rates, and limited use of air freight.

在整個假期期間，我們保持了較高的全價銷售份額。安安第四季的毛利率達到非常強勁的 60.4%，超過我們中期目標的 60% 以上，年增 190 個基點。與前一年相比，這一增長是由較高的 D2C 份額、整體有利的運價以及有限的空運使用進一步推動的。

SG&A expenses, excluding share-based compensation in Q4 were 48.9% of net sales, up from 45.1% in the same period last year. The increase was primarily driven by planned continued investment into brand building, which we have slightly scaled back in half year 2022 to absorb some of the higher freight costs.

第四季的 SG&A 費用（不含股權激勵）佔淨銷售額的 48.9%，高於去年同期的 45.1%。這一成長主要是由計劃中的品牌建設持續投資所推動的，我們在 2022 年半年略微縮減了投資規模，以吸收部分較高的貨運成本。

In addition, G&A saw an increase as a percentage of net sales, largely due to the somewhat different sales phasing in 2023 versus 2022. The resulting adjusted EBITDA margin of 16.1% for the fourth quarter is well ahead of our latest expectations.

此外，G&A 佔淨銷售額的百分比有所增加，這主要是由於 2023 年與 2022 年的銷售階段有所不同。

For the full year '23, this brings our adjusted EBITDA margin to 15.5%, an increase of 200 basis points year-over-year and significantly above our 15% target. This achievement further exemplifies our commitment to not only drive significant growth, but also consistently increase our profitability and take steps towards our stated 18% plus midterm target.

23 年全年，我們的調整後 EBITDA 利潤率達到 15.5%，年增 200 個基點，遠高於我們 15% 的目標。這項成就進一步體現了我們不僅致力於推動顯著成長，而且持續提高獲利能力並採取措施實現我們既定的 18% 以上中期目標的承諾。

Ultimately, it shows the power of our premium brand positioning. As a result of the temporary downward movement of the U.S. dollar Swiss franc FX rate in late December, resulting in a 0.84 year-end Swiss franc per U.S. dollar closing rate. The revaluation of our U.S. dollar balance sheet items led to the recording of unrealized FX losses in Q4, weighing on our reported net income and turning it to a loss for the 3-month period.

最終，它展示了我們優質品牌定位的力量。由於12月下旬美元兌瑞郎匯率暫時下行，導致年末瑞郎兌美元收盤價為0.84。我們的美元資產負債表項目的重估導致第四季度出現未實現的外匯損失，這對我們報告的淨利潤造成壓力，並將其轉變為三個月期間的虧損。

However, based on current spot rates, we expect a partial reversal of these Q4 losses and a corresponding gain in the course of 2024.

然而，根據目前的即期匯率，我們預期第四季的損失將部分扭轉，並在 2024 年出現相應的收益。

For the full year, we are very pleased to have reached a record net income of CHF 79.6 million, up from CHF 57.7 million in the prior year, even with the significant unrealized FX charges to our reported profits.

我們很高興全年淨利潤達到創紀錄的 7,960 萬瑞士法郎，高於上一年的 5,770 萬瑞士法郎，儘管我們報告的利潤中存在大量未實現外匯費用。

A strong focus in 2023 was on improving and strengthening our balance sheet, most importantly, inventory and liquidity. To recall, due to the expected recovery of the global supply chain, we started into the year with an elevated inventory position.

2023 年的重點是改善和加強我們的資產負債表，最重要的是庫存和流動性。回想一下，由於全球供應鏈的預期復甦，我們年初的庫存狀況有所上升。

Our focus throughout the year had been to maintain the inventory level while growing ourselves. Our teams have done a tremendous job to finish 2023 with roughly the same number of items in our inventory as we had at the end of 2022.

我們全年的重點是在發展自身的同時維持庫存水準。我們的團隊做了巨大的工作，到 2023 年結束時，我們的庫存商品數量與 2022 年底大致相同。

In the same time frame, our business has grown by 55%. This puts us in a great position heading into '24, while still providing further opportunities to optimize and to drive additional operating cash flow over the coming quarters and years.

同期，我們的業務成長了 55%。這使我們在進入 24 世紀時處於有利地位，同時仍提供進一步的機會來優化和推動未來幾季和幾年的額外營運現金流。

We significantly reduced the level of capital expenditures from '22 to '23, both on an absolute basis as well as a percentage of net sales. While we have major investments into our office infrastructure in 2022, we invested 2.6% of sales in 2023, mainly in our retail expansion technology and some smaller offices.

我們將資本支出水準從 22 年大幅降低至 23 年，無論是絕對值還是佔淨銷售額的百分比。雖然我們在 2022 年對辦公室基礎設施進行了大量投資，但到 2023 年，我們投資了銷售額的 2.6%，主要投資於我們的零售擴張技術和一些較小的辦公室。

On an ongoing basis, we continue to expect CapEx in the range of 3.5% to 4.5% of sales. This includes higher expenses in connection with our planned acceleration of retail store rollouts.

我們繼續預期資本支出將佔銷售額的 3.5% 至 4.5%。這包括與我們計劃加速零售店推出相關的更高費用。

As a result of our strong profitability and the improved net working capital position, we achieved an operating cash flow of CHF 232 million and a net cash flow of EUR 163 million in 2023. This is by far the strongest cash flow in the history of the company.

由於我們強勁的獲利能力和淨營運資本狀況的改善，我們在 2023 年實現了 2.32 億瑞士法郎的營運現金流和 1.63 億歐元的淨現金流。

At the end of the year, our cash balance stood at CHF 495 million, significantly up from EUR 371 million at the end of '22. Together with our CHF 700 million credit line, we are very well financed to invest into our future growth and to trim big.

截至年底，我們的現金餘額為 4.95 億瑞士法郎，顯著高於 2022 年底的 3.71 億歐元。加上我們 7 億瑞士法郎的信貸額度，我們擁有充足的資金來投資未來的成長並進行大規模削減。

With that, let me turn to our outlook for the year. In 2024, our fans can expect an incredible pipeline of new exciting and highly innovative products, combined with big brand moments and some surprises that are not yet ready to be shared. And all of this delivered by an even stronger, more effective, more efficient and more consumer-focused execution engine.

接下來，讓我來談談我們對今年的展望。 2024 年，我們的粉絲可以期待一系列令人難以置信的令人興奮和高度創新的新產品，以及大品牌時刻和一些尚未準備好分享的驚喜。所有這一切都是由一個更強大、更有效、更有效率和更以消費者為中心的執行引擎提供的。

Our mission is very clear. We want to be the most premium global sportswear brand. Over the past 2 years, we have learned a lot, insights that give us confidence about the return on our planned investments.

我們的使命非常明確。我們希望成為最優質的全球運動服飾品牌。在過去的兩年裡，我們學到了很多東西，這些見解讓我們對計畫投資的回報充滿信心。

For example, if convert brand awareness into cells and ultimately into our D2C business, learnings about the right formats and layout of our owned retail stores and a much deeper understanding of the unit economics and investment levels or how we scale apparel and optimize product life cycles.

例如，如果將品牌知名度轉化為單元並最終轉化為我們的D2C 業務，則需要了解我們自有零售店的正確格式和佈局，並對單位經濟效益和投資水平或我們如何擴展服裝和優化產品生命週期有更深入的了解。

Overall, we have a lot more insights, conviction and execution capability than we ever had before. And we are very clear on our priorities for 2024. Number one is capitalizing on the immense global momentum of our brand. While we will continue to grow at unprecedented rates at this scale, we know that the On brand continues to have huge upside in terms of brand awareness and to drive and grow cultural relevance within our core communities and beyond.

總的來說，我們比以前擁有更多的洞察力、信念和執行能力。我們非常明確 2024 年的優先事項。雖然我們將繼續以前所未有的速度成長，但我們知道 On 品牌在品牌知名度方面繼續具有巨大的優勢，並在我們的核心社群內外推動和增強文化相關性。

David elaborated on the incredible opportunity our brand has to fully capture the merging of sports culture and fashion. 2024 will be a year to scale existing and new audiences globally with large brand moments. And our core remains the running community.

大衛詳細闡述了我們的品牌充分把握運動文化與時尚融合的絕佳機會。 2024 年將是透過大型品牌時刻擴大全球現有和新受眾群體的一年。我們的核心仍然是跑步社群。

We believe that the road to the Paris Olympics offer a great opportunity to connect and build credibility as an innovation-driven premium performance brand around the globe. As mentioned, we certainly have a few surprises up our sleeves.

我們相信，巴黎奧運之路提供了一個絕佳的機會，可以作為一個創新驅動的優質品牌在全球範圍內建立聯繫並建立信譽。如前所述，我們當然有一些驚喜。

Priority #2 is apparel. During the last 1.5 years, we made huge steps in creating exciting apparel product pipeline, and at the same time, a dedicated powerful apparel organization with ONON.

第二要務是服裝。在過去的 1.5 年裡，我們在創造令人興奮的服裝產品線方面邁出了巨大的一步，同時與 ONON 一起建立了一個專門的、強大的服裝組織。

Recent demand from our partners for our updated styles has been higher than our already ambitious expectations, so much so that we had to increase production to fill the growing demand. We're extremely excited to kick off our apparel antennas and training, which will allow us to speak to new audiences and apparel first categories.

最近，我們的合作夥伴對我們更新款式的需求高於我們本已雄心勃勃的預期，以至於我們不得不增加產量來滿足不斷增長的需求。我們非常高興能夠啟動我們的服裝天線和培訓，這將使我們能夠與新的受眾和服裝第一類別進行交流。

At the same time, we will offer our running community exciting innovations at the intersection of performance, design and sustainability.

同時，我們將為跑步社群提供性能、設計和永續性方面令人興奮的創新。

Priority #3 and closely linked to our apparel addition is On retail. In '23, we have validated and fine-tuned our store concept from New York to London to Tokyo, our fans are lining up in front of our stores, showing the draw of our brand and our premium in-store experience.

與我們的服裝添加密切相關的第三個優先事項是零售。 23年，我們從紐約到倫敦再到東京驗證和微調了我們的商店概念，我們的粉絲在我們的商店前排隊，展示了我們品牌的吸引力和我們優質的店內體驗。

2024 will be the year to expand globally with more stores in key cities in Europe, North America and in China, but also first stores in Latin America, Australia and possibly in the Middle East.

2024 年將是全球擴張的一年，將在歐洲、北美和中國的主要城市開設更多門市，同時也將在拉丁美洲、澳洲甚至中東開設第一家門市。

Our most premium channel not only supports our how quality grows, but manifests our premium positioning and overall price stability. Bring onboard a large number of new frontline ambassadors to bring our stores to life in an authentic way that represents our culture and our values is one of the elements I'm most looking forward for this year.

我們最優質的通路不僅支持我們的品質成長，而且體現了我們的優質定位和整體價格穩定性。引進大量新的一線大使，以真實的方式讓我們的商店煥發活力，代表我們的文化和價值觀，這是我今年最期待的元素之一。

Priority #4 is to elevate the power of our multichannel strategy. The ever-growing awareness and strong demand for the brand will mean that our D2C will continue to capture a disproportionate share of our growth this year. This is further validated by the strong start into the year of our e-com and own retail stores, outpacing our wholesale growth.

優先事項#4 是提升我們多通路策略的力量。對品牌不斷增長的認知度和強勁需求意味著我們的 D2C 將繼續在我們今年的成長中佔據不成比例的份額。我們的電子商務和自有零售店今年的強勁開局進一步證實了這一點，超過了我們的批發成長。

Our significantly optimized inventory position will allow us to control the supply into the right channels and the right partners even more consciously. In 2023, we increased our footprint in key global retail partners like JD, DICK's or Footlocker.

我們顯著優化的庫存狀況將使我們能夠更有意識地將供應控製到正確的管道和正確的合作夥伴。 2023 年，我們增加了在京東、DICK's 或 Footlocker 等全球主要零售合作夥伴中的足跡。

We are very pleased with how this has driven high quality and strong wholesale growth last year. At the same time, considering the great collaborations and very positive feedback and preorders, we see significant opportunities for the ON brand to increase shelf space and same-store growth within many of our wholesale partners.

我們對去年這推動高品質和強勁的批發成長感到非常高興。同時，考慮到良好的合作以​​及非常積極的反饋和預購，我們看到 ON 品牌在增加我們許多批發合作夥伴的貨架空間和同店增長方面有很大的機會。

In core markets like the U.S. and Germany, we have the right partners, and we expect to see less incremental door expansion in '24. At the same time, we have significant opportunities to increase our wholesale presence in some of our less established markets, which will drive additional tour expansion.

在美國和德國等核心市場，我們擁有合適的合作夥伴，我們預計 24 年的增量門擴張將會減少。同時，我們有很大的機會在一些不太成熟的市場增加我們的批發業務，這將推動旅遊業務的進一步擴張。

Behind all of these priorities, is the common threat to take the next step towards our vision while always being thoughtful about focusing on world-class execution and the long-term success of ON.

所有這些優先事項的背後是共同的威脅，即朝著我們的願景邁出下一步，同時始終深思熟慮地關注世界一流的執行力和 ON 的長期成功。

Before we come to numbers, let me quickly remind everyone of our guidance philosophy. In providing guidance, it's always our goal to ensure that we share a common understanding of how we see our business and how we measure our success and progress.

在我們討論數字之前，讓我先快速提醒大家我們的指導理念。在提供指導時，我們的目標始終是確保我們對如何看待我們的業務以及如何衡量我們的成功和進步達成共識。

As you know, we always focus on the long term and the achievement of our full year aspirations and will, therefore, continue to refrain from providing quarterly guidance. When I provide guidance for Q1 '24 in a bit, this can be considered an exception to this rule, given we are already heading towards the end of the quarter.

如您所知，我們始終專注於長期目標和實現全年目標，因此將繼續避免提供季度指導。當我稍後為 24 年第一季提供指導時，考慮到我們已經接近本季度末，這可以被視為該規則的例外。

Considering the large impact from FX translation, we have seen in '23 and expect to remain over the course of '24, we will begin to refer to a constant currency growth rate in our stated net sales expectations. This will ensure we stay focused on the things that we can control and have full accountability over elements of our business that we deem to be the primary measures of success by removing some of the noise of translational swings.

考慮到外匯換算的巨大影響，我們在 23 年已經看到並預計在 24 年期間仍然如此，我們將開始在我們的淨銷售額預期中參考恆定的貨幣成長率。這將確保我們始終專注於我們可以控制的事情，並對我們認為是成功的主要衡量標準的業務要素承擔全部責任，消除一些轉換波動的噪音。

Now, at the Investor Day back in October, we shared our aspiration to grow at a 26% CAGR throughout fiscal year 2026. Our aspiration for 2024 is even higher than that, and we expect to achieve a constant currency growth rate of at least 30%.

現在，在 10 月的投資者日上，我們分享了在 2026 財年實現 26% 複合年增長率的願望。

Considering the Swiss franc strength, this translates to reported Swiss franc net sales of at least CHF 2.25 billion at current sports rates. Within this, the FX translation will be more pronounced in the first half of the year.

考慮到瑞士法郎的強勢，這意味著以當前體育匯率計算，報告的瑞士法郎淨銷售額至少為 22.5 億瑞士法郎。其中，上半年的外匯波動將會更加明顯。

For Q1, we are seeing strong demand, but we are also compounding against a strong wholesale performance in Q1 '23, driven by the initial expansion into some of the larger key accounts.

對於第一季度，我們看到了強勁的需求，但在最初擴展到一些較大的關鍵客戶的推動下，我們也看到了 23 年第一季強勁的批發業績。

As a result, for Q1 specifically, we expect a significantly increased B2C share and to achieve constant currency net sales growth of 26%, translating into reported Swiss franc net sales of CHF 495 million.

因此，特別是在第一季度，我們預計 B2C 份額將顯著增加，並實現以固定匯率計算的淨銷售額增長 26%，換算成報告的瑞士法郎淨銷售額為 4.95 億瑞士法郎。

In 2023, we have already demonstrated that our brand is set up to achieve premium margins. We currently anticipate a gross profit margin of around 60%, in line with our midterm target. This serves as a basis to continue on our path towards the adjusted EBITDA margin target of 18% plus by 2026.

2023 年，我們已經證明我們的品牌是為了實現更高的利潤率而建立的。我們目前預計毛利率約為 60%，符合我們的中期目標。這是我們繼續實現 2026 年調整後 EBITDA 利潤率目標 18% 以上的基礎。

For 2024, we will continue to invest to drive long-term durable growth, while we expect to further increase our adjusted EBITDA margin with 16% to 16.5%. Beyond this, we will maintain our focus in 2024 on further optimizing our inventory and net working capital position and with that, expect a continued strong positive cash flow.

2024年，我們將繼續投資以推動長期持久成長，同時我們預期調整後的EBITDA利潤率將進一步提高至16%至16.5%。除此之外，我們將在 2024 年繼續專注於進一步優化我們的庫存和淨營運資本狀況，並預計將持續強勁的正現金流。

To conclude, we ended the year with a lot of tailwind and opportunities in all parts of the business. The demand for the On brand remains very strong. Exciting product launches and big brand moments are in the making.

總而言之，我們在這一年結束時在業務的各個方面都帶來了許多順風車和機會。對 On 品牌的需求仍然非常強勁。令人興奮的產品發布和大品牌時刻正在醞釀中。

We have more capabilities to execute on our strategic plan than ever before from retail to apparel from e-comm to operations. And we have a great team in place, ready to dream on. We look forward to another great year. A big thank you to all of you for being a part of our journey. We really appreciate it.

從零售到服裝，從電子商務到運營，我們比以往任何時候都有更多的能力來執行我們的策略計劃。我們擁有一支優秀的團隊，隨時準備實現夢想。我們期待著又一個美好的一年。非常感謝大家參與我們的旅程。我們真的很感激。

And with that, David, Marc and I would like to open up the session to your questions. Operator, we are ready to begin the Q&A session.

接下來，大衛、馬克和我想在會議開始時回答大家的問題。接線員，我們準備開始問答環節。

(Operator Instructions) Your first question comes from the line of Aubrey Tianello from BNP Paribas.

（操作員說明）您的第一個問題來自法國巴黎銀行的 Aubrey Tianello。

I appreciate some of the color you already gave, Martin, on why we should expect an acceleration later. And I know you don't typically guide by channel by quarter. But given the realignment in wholesale that's going on in EMEA and the year-over-year compares that you referred to, it would be great to get a little more color on what the expectation is for wholesale in 1Q. And should we maybe anticipate something similar to the fourth quarter?

馬丁，我很欣賞你已經給出的一些關於為什麼我們應該期待稍後加速的顏色。我知道您通常不會按季度按管道進行指導。但考慮到歐洲、中東和非洲地區正在發生的批發調整以及您提到的同比比較，如果能夠對第一季度批發的預期有更多了解，那就太好了。我們是否應該預期第四季會出現類似的情況？

It is in a bigger context. And the bigger context is, for us, we're very closely focused on sellout, and we're seeing that demand is much, much higher than supplying to the channel, which is great, which is where we want to be as a premium brand.

這是在一個更大的背景下進行的。對我們來說，更大的背景是，我們非常關注銷售情況，我們看到需求遠高於通路的供應量，這很好，這就是我們希望成為溢價的地方品牌。

And when you look at Q3 and Q4 last year, then you basically saw that Q3 and constant currency had roughly 55% growth and Q4 roughly 20% growth. So, on average, this gives roughly 35% selling growth into wholesale. And I think this is a meaningful number to look at.

當你看去年第三季和第四季時，你基本上會看到第三季和固定匯率的成長約為 55%，第四季成長約為 20%。因此，平均而言，批發銷售成長約 35%。我認為這是一個值得關注的有意義的數字。

Now, when we look at EMEA, so, we are seeing the door closure impact. And in Q1, this is specifically high. So, we roughly have a 9% overall impact on the EMEA number in Q1 and 13% roughly for wholesale. So, the door closures being pronounced in this quarter, and then it will level out more around 5% of the wholesale number.

現在，當我們觀察歐洲、中東和非洲地區時，我們看到了關門的影響。在第一季度，這一數字特別高。因此，我們對第一季 EMEA 數據的整體影響約為 9%，對批發數據的影響約為 13%。因此，本季將宣布關門，然後批發數量將穩定在 5% 左右。

And if I could just ask a quick follow-up. I think the midterm target for owned store openings is about 20 to 25 per year. Is that what we should expect to see in 2024? Or does it sort of ramp towards that rate later?

如果我能快速跟進一下就好了。我認為自營店開張的中期目標是每年大約20到25家。這是我們 2024 年應該看到的情況嗎？還是稍後會朝這個速度傾斜？

Yes. So, including China, and we're looking at roughly 17 to 19 retail locations that we're opening in 2024. But as we're stating every single time, it's very important that we have some flexibility. This is not just about the absolute number, it's about getting the right location and the right size to reach the right consumer, but if you consider roughly 20 stores in 2024, then this is not a bad number.

是的。因此，包括中國在內，我們正在考慮在 2024 年開設大約 17 到 19 個零售店。這不僅關乎絕對數量，還關乎獲得正確的位置和正確的規模來吸引正確的消費者，但如果你考慮到 2024 年大約有 20 家商店，那麼這並不是一個糟糕的數字。

Your next question comes from the line of Alex Straton from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Alex Straton。

This is Chad Britnell on for Alex Straton. First for me, on the full year guide. Can you just talk a little bit more about some of the assumptions you've made on the D2C and wholesale side as it relates to building to your full year number for 2024?

我是亞歷克斯·斯特拉頓 (Alex Straton) 的查德·布里特內爾 (Chad Britnell)。首先對我來說，是全年指南。您能否多談談您在 D2C 和批發方面所做的一些假設，因為這與建立 2024 年全年數字有關？

Yes, I'm very happy to take this. So, we laid out our plan in the Investor Day, and we said we believe in the multichannel strategy. So, this is e-com, retail and our wholesale partners. And we want to grow in a meaningful way in all the different channels.

是的，我很高興接受這個。因此，我們在投資者日制定了我們的計劃，並表示我們相信多通路策略。這就是電子商務、零售和我們的批發合作夥伴。我們希望在所有不同的管道中以有意義的方式實現成長。

At the same time, we always said that we expect an increase of our D2C share, and we have proven that again last year and especially in the fourth quarter and also our communication of what we are seeing in the first quarter shows the strength that we have in our direct channel, be it retail, be it e-comm.

同時，我們總是說我們預計 D2C 份額會增加，去年我們再次證明了這一點，特別是在第四季度，我們對第一季所看到的情況的溝通也表明了我們的實力我們的直接通路，無論是零售或電子商務。

We will continue building our capabilities there. We will significantly invest in our tech capabilities. We just spoke about the retail expansion. And we see that high-quality demand coming into the channel.

我們將繼續在那裡建立我們的能力。我們將大力投資我們的技術能力。我們剛剛談到了零售擴張。我們看到高品質的需求進入了管道。

So, we have a strong confidence that we will continue seeing an increase in our D2C share, and to the point that Marc just mentioned, that channel will be basically not impacted by the comparisons that we have in wholesale, where we have the impact from the expansion into new doors, but we maintain a high sell-out number and basically a high demand in the channel.

因此，我們有強烈的信心，我們將繼續看到D2C 份額的增長，並且就Marc 剛才提到的這一點而言，該渠道基本上不會受到我們在批發方面的比較的影響，我們在批發方面受到的影響擴張到新的門，但我們保持高售罄數量，並且渠道中的需求基本上很高。

So, it will be unfocused and it will drive sales beyond the guidance that we give for the whole business. And, yes, it remains our closest and most premium touch point with the customer.

因此，它將失去重點，並將推動銷售超出我們為整個業務提供的指導。是的，它仍然是我們與客戶最密切、最優質的接觸點。

And then just a quick follow-up for me. So, on order book strength in the first half of 2024, your commentary last quarter was a bit more upbeat than peers, and it seemed like you were seeing some strong demand signals when you reported 3Q.

然後對我進行快速跟進。因此，就 2024 年上半年的訂單實力而言，您對上季度的評論比同行更為樂觀，並且在報告第三季度時，您似乎看到了一些強勁的需求信號。

So, just wondering if you're seeing any softening there or potentially adopting a more cautious outlook that's a bit more in line with what we've seen from some of your peers?

那麼，只是想知道您是否看到了任何軟化或可能採取更謹慎的觀點，這與我們從您的一些同行那裡看到的更加一致？

No, I think we have seen really strong demand in the holiday season. We knew already quite a lot at the time when we communicated it last time. It was a very promotional environment.

不，我認為我們在假期期間看到了非常強勁的需求。上次溝通的時候我們已經了解很多了。這是一個非常促銷的環境。

We stayed full price with a high share. This is also reflected in our strong margin. And so, we are very happy. And what we really see is, and we mentioned that in the call, our retail partners and our D2C channels have seen a very strong growth. And it's also not a surprise that there is probably some competition that we see in the online channel when it comes to some of our key accounts that are driving significant holiday business as well.

我們住的是全價，佔有率很高。這也反映在我們強勁的利潤率上。所以，我們非常高興。我們真正看到的是，我們在電話會議中提到，我們的零售合作夥伴和我們的 D2C 通路出現了非常強勁的成長。毫不奇怪，我們在線上管道中看到一些也推動重要假日業務的關鍵客戶的競爭。

So, that's something to factor in. But, again, for us, it's about reaching the right customer with the right product. And so, if we look at the overall demand that we have seen in the holiday season, this was clearly very, very strong and above the outlook that we have given where we see the growth for the business in the future.

所以，這是需要考慮的因素。因此，如果我們看看假期季節的整體需求，這顯然非常非常強勁，高於我們對未來業務成長的預期。

(Operator Instructions) Your next question comes from the line of Jonathan Komp from Baird.

（操作員說明）您的下一個問題來自 Baird 的 Jonathan Komp。

I want to follow up on the full year guidance. If I could ask maybe a broader question, just the fact that the current currency growth of 30% is above the long-term CAGR you outlined.

我想跟進全年指導。如果我可以問一個更廣泛的問題，那就是當前 30% 的貨幣成長率高於您概述的長期複合年增長率。

Could you maybe just touch on the factors that give you confidence of projecting above your long-term targets, especially since there is some acceleration in the current currency growth after the first quarter? And could you just touch on the Olympics, what you're hoping to accomplish? And what sort of the moment could represent for the brand?

您能否簡單談談使您有信心超越長期目標的因素，特別是因為第一季後當前貨幣成長有所加速？您能談談奧運會，您希望實現什麼目標嗎？對該品牌來說，什麼樣的時刻可以代表？

Thank you, Jonathan. That's a long one question. We're super excited to talk about the Olympics too. So ,what gives us confidence? One is we're extremely closely watching sell-out in our key channels. So, wholesale partner, but also retail and our own e-com on what we're seeing in terms of demand going in makes us very, very positive.

謝謝你，喬納森。這是一個很長的問題。我們也非常高興談論奧運。那麼，什麼給我們信心呢？一是我們非常密切地關注關鍵通路的銷售情況。因此，批發合作夥伴，還有零售和我們自己的電子商務，我們所看到的需求變化讓我們非常非常積極。

And, again, I mean, I think we already spoke about it. So, really where we want to be in terms of being able to limit product supply to exactly the right channels, keeping the brand premium and catering to that demand.

我的意思是，我想我們已經討論過這個問題了。因此，我們真正想要達到的目標是能夠將產品供應限制在正確的管道，保持品牌溢價並滿足這一需求。

Then the second element that makes us very positive is that how it's reflected in the product. So, apparel is growing when we look at future and preorders that we have on the books. So, for example, preorders for following to '24 in a parallel are more than doubling. And the sellout that we see, how sizing and the new sizing is being adopted by the market, all makes us feel very positive about how the category is growing.

然後讓我們非常積極的第二個因素是它如何反映在產品中。因此，當我們展望未來和預訂單時，服裝正在增長。例如，《24 世紀 24 日》的平行預購量增加了一倍以上。我們看到的銷售情況、市場如何採用尺寸和新尺碼，所有這些都讓我們對該類別的成長感到非常積極。

And then we also see that our bread and butter, which is really the core running market, we continue to gain share in wrong specialty, but also in the TRT channel like Dicks. And I think one element there is maybe you followed the launch of the Cloudmonster 2 and the Cloudmonster 2 very clearly segmented more into the channels that cater to the Runner. And it's doing extremely well, and it's not really cannibalizing the Cloudmonster 1 a lot.

然後我們還看到，我們的麵包和黃油，這確實是核心跑步市場，我們繼續在錯誤的專業領域獲得份額，但也在像迪克斯這樣的 TRT 管道中獲得份額。我認為其中一個因素可能是您關注了 Cloudmonster 2 的推出，並且 Cloudmonster 2 非常明確地細分為更多迎合跑步者的管道。它的表現非常好，並且並沒有真正蠶食 Cloudmonster 1 太多。

So, both products together have grown.

因此，這兩種產品一起增長了。

And then also we will launch the Cloudmonster Hyper and that one is then the even most elevated product and so like that, you can basically see how the product segmentation is working out, and we can reach more consumers with more segmented products.

然後我們也會推出Cloudmonster Hyper，這是當時最高等級的產品，這樣，你基本上可以看到產品細分是如何運作的，我們可以透過更細分的產品接觸更多的消費者。

And then, probably lastly, the preorders that we have on footwear into the year '24, which are partially forecast that we do together with accounts but partially a hard preorder is above guidance. And this gives us confidence for '24 but also beyond, we are ahead of the LRP growth projections on a constant currency basis.

然後，可能是最後一點，我們在 24 年的鞋類預訂量，部分預測是我們與客戶一起進行的，但部分硬預訂量高於指導值。這給了我們對 24 年以及以後的信心，我們領先於以固定匯率計算的 LRP 成長預測。

And then, very quickly on the Olympics. So super excited going from New York to Paris in a few months. I think we will really showcase product innovation, so bringing ON as an innovative premium brand to the market.

然後，很快就進入了奧運。幾個月後從紐約飛往巴黎真是太興奮了。我認為我們將真正展示產品創新，從而將 ON 作為創新的優質品牌推向市場。

So, we'll be there with ON hub with a specific location where you'll be able to witness some of our latest product innovation. Part of it you could already see in the Barcelona American where today the Abraham won a new course record and Swiss record in the cloud boom strike.

因此，我們將在 ON 中心設立一個特定地點，在那裡您將能夠見證我們的一些最新產品創新。您已經可以在巴塞隆納美國賽中看到其中的一部分，今天亞伯拉罕贏得了新的球場紀錄和雲端繁榮罷工的瑞士紀錄。

And you'll see even more elevated product from what he was wearing in Barcelona. And you'll also be able to see our latest apparel collection and how it connects to the Swiss athletes, but all the athletes the On athletes that will be there.

你會看到他在巴塞隆納的穿著更加高級。您還可以看到我們最新的服裝系列以及它如何與瑞士運動員以及所有將出席的 On 運動員聯繫起來。

And then finally, we are 99% sure that we'll have our Shortly store open by then. So, you will be able to see On in one of the most prominent streets in the world, and we can bring the brand in front of even more consumers around Paris Olympics.

最後，我們 99% 確信屆時我們的商店很快就會開業。因此，您將能夠在世界上最著名的街道之一看到 On，並且我們可以在巴黎奧運會期間將這個品牌帶到更多消費者面前。

Long answer, but it was a long question, so thanks for bearing with me.

答案很長，但問題很長，所以感謝您耐心等待。

Your next question comes from the line of Jay Sole from UBS.

您的下一個問題來自瑞銀集團 (UBS) 的傑伊·索爾 (Jay Sole)。

I have one question but 2 parts. First, on the gross margin guide for approximately 60% this year, can you just talk about some of the drivers to get from the 59.6% level of '23 to the 60% for '24?

我有一個問題，但分為兩個部分。首先，關於今年約 60% 的毛利率指導，您能否談談從 23 年的 59.6% 水平上升到 24 年的 60% 水平的一些驅動因素？

And then just a follow-up on the Olympics question. How do you see marketing as a percent of sales developing this year in fiscal '24, given it is Olympic year and probably a lot of marketing spend around that event?

然後是奧運問題的後續。鑑於今年是奧運年，並且圍繞該賽事可能會花費大量行銷支出，您如何看待行銷在今年 24 財年銷售額中所佔的百分比？

So, happy to take the margin question. So, we always said that we are running our business at the 60% margin. Our premium brands. We have premium pricing, and we have the power. We maintain that high share of full price sales.

所以，很高興回答保證金問題。因此，我們總是說我們的業務利潤率為 60%。我們的優質品牌。我們有溢價，我們有實力。我們保持全價銷售的高份額。

And 2023 was the first year where we were able to show almost the full potential of the gross margin. There were still some headwinds, especially in the beginning of the year. You'll remember from basically the additional costs that we have from the inventory. But for '24, the key driver will be a higher D2C share. So, this is the key underlying factor.

2023 年是我們能夠展現幾乎全部毛利率潛力的第一年。仍然存在一些阻力，尤其是在今年年初。您基本上會記得我們從庫存中獲得的額外成本。但對於 24 年來說，主要驅動因素將是更高的 D2C 份額。所以，這是關鍵的根本因素。

We are not planning significant price increases in '24. We will be increasing prices on some of the updated models. So, you have seen this on the Cloudmonster, but the Cloudmonster 2 is at a $10 higher price point than the Cloudmonster 1. But besides that, there will not be a meaningful pricing round this year. That's something that we are looking then into 2025.

我們不打算在 24 年大幅漲價。我們將提高一些更新型號的價格。所以，你已經在 Cloudmonster 上看到了這一點，但 Cloudmonster 2 的價格比 Cloudmonster 1 高 10 美元。這是我們 2025 年正在研究的事情。

And on marketing spend, I think just considering the Olympics for us would probably be the wrong thing to do. I think what we're trying to do is increase brand awareness and consideration in a meaningful way over time in the key markets. And I think Martin has elaborated on it in the prepared remarks, we feel there's a lot of opportunity to continue to increase brand awareness, especially in already sizable markets like the U.S.

在行銷支出方面，我認為僅僅考慮奧運對我們來說可能是錯誤的做法。我認為我們正在努力做的是隨著時間的推移以有意義的方式提高主要市場的品牌知名度和考慮度。我認為馬丁在準備好的發言中對此進行了詳細闡述，我們認為有很多機會繼續提高品牌知名度，特別是在美國等已經相當大的市場。

So, we will use the Olympics to basically tell the Olympic stories through our eyes and the eyes of the athletes, which is very much around kind of competing together versus competing against each other.

因此，我們將利用奧運會基本上透過我們的眼睛和運動員的眼睛來講述奧林匹克故事，這在很大程度上是圍繞著一起競爭而不是相互競爭。

And, as I already said, we feel it's a great window to bring product innovation to the market. And so, it's more like a story that we can use to tell. But in terms of absolute spending, this will continue to be around 12% and really with a focus on increasing brand awareness across the globe, where we feel we have opportunity is to bring almost a little bit less messages in a more concentrated way to the market.

而且，正如我已經說過的，我們認為這是將產品創新推向市場的一個很好的窗口。因此，它更像是一個我們可以用來講述的故事。但就絕對支出而言，這將繼續保持在 12% 左右，並且重點是提高全球的品牌知名度，我們認為我們有機會以更集中的方式向消費者傳達更少的信息。

So, how do we focus our marketing spend on the biggest cities and where the money has the biggest impact? And how do we get with stories that we almost tell over and over again? And so it really lands with the consumer versus our spreading ourselves B2C and that's an area that we're looking at.

那麼，我們該如何將行銷支出集中在最大的城市以及資金影響最大的地方呢？我們如何處理幾乎一遍又一遍講述的故事？因此，它確實涉及消費者，而不是我們傳播 B2C，這是我們正在關注的領域。

Your next question comes from the line of Abbie Zvejnieks from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Abbie Zvejnieks。

Can you just talk about, as you launch new products and category like train with the Cloudpulse, more in lifestyle of Cloudtilt. Is there any way that you're segmenting the product differently or any wholesale accounts where you think you can significantly expand into those new categories?

您能否談談，當您使用 Cloudpulse 推出火車等新產品和類別時，更多的是 Cloudtilt 的生活方式。您是否可以透過任何方式對產品進行不同的細分，或者您認為可以顯著擴展到這些新類別的任何批發帳戶？

And then just kind of as a follow-up, you mentioned wholesale accounts, you feel well penetrated in terms of actual doors in North America and Germany, but there's more opportunity outside of that. Can you just give us a little more color on what you mean or examples of that?

然後，作為後續行動，您提到了批發帳戶，您感覺在北美和德國的實際門方面滲透得很好，但除此之外還有更多機會。您能否為我們提供更多關於您的意思或範例的資訊？

I'd be very happy to comment on how we're expanding our product in apparel and in training, and Marc can probably then shed some light on the different wholesale accounts. I mean one thing is very clear, the apparel category is clearly working and Martin mentioned it, our growth in D2C last year has been 110%.

我很樂意評論我們如何在服裝和培訓領域擴展我們的產品，然後馬克可能會透露一些關於不同批發帳戶的資訊。我的意思是，有一件事非常明確，服裝類別顯然正在發揮作用，馬丁提到過，我們去年的 D2C 成長了 110%。

So, that works really well. And so, also, if you're looking at now the apparel growth in fall/winter '24 preorders versus fall/winter '23, we see a 126% growth, and that's across the different collections in apparel. And it also includes different price points.

所以，這確實很有效。因此，如果您現在查看 24 年秋冬服裝預購量與 23 年秋冬服裝的預訂量增長情況，我們會看到 126% 的增長，而且這是針對不同服裝系列的增長。它還包括不同的價位。

So, clearly, apparel is working. Now, of course, the Cloudpulse is our footwear piece in the training vertical but it's also very important to note that, of course, in training, a lot more apparel pieces are sold than footwear. So, we have really high hopes to penetrate training.

因此，很明顯，服裝正在發揮作用。當然，現在 Cloudpulse 是我們在訓練垂直領域的鞋類產品，但同樣重要的是要注意，當然，在訓練中，服裝的銷量比鞋類多得多。所以，我們對滲透訓練抱持著很大的希望。

And we already see that because if you go to a premium Team in the U.S. and across the road, you see how consumers adopt to a large extent, also and on running shoes and on running apparel, and we truly build on that. So, that's how apparel and especially as the training vertical is working.

我們已經看到了這一點，因為如果你去美國和馬路對面的高級團隊，你會看到消費者在很大程度上如何採用跑鞋和跑步服裝，而我們真正以此為基礎。這就是服裝，尤其是垂直培訓領域的運作方式。

Very quickly on wholesale. So, last year, you saw roughly 8% for last year 2023, 8% net increase. So, this includes the new doors, but also the ones that we closed in the wholesale channel and you can calculate with a similar number for 2024. So, roughly 8% net over.

批發速度很快。因此，去年，您看到 2023 年的成長率約為 8%，即淨成長 8%。因此，這包括新門，也包括我們在批發管道中關閉的門，您可以使用 2024 年的類似數字進行計算。

Your next question comes from the line of Jim Duffy from Stifel.

您的下一個問題來自 Stifel 的 Jim Duffy。

I wanted to ask about the inventory. Very good progress to tighten inventories exiting the year. Can you speak to the inventory composition by region and how you're projecting inventory into early 2024, into the Q1 and midyear expectations?

我想問一下庫存狀況。今年在收緊庫存方面取得了非常好的進展。您能否談談按地區劃分的庫存組成，以及您如何預測 2024 年初、第一季和年中的庫存預期？

Thanks, Jim, so a big focus for us in 2023 to really manage that inventory down and great work by the team. We are now in a position where we have a good inventory level, but there is still room to optimize.

謝謝吉姆，我們 2023 年的一大重點是真正管理庫存，以及團隊的出色工作。我們現在的庫存水準良好，但仍有優化的空間。

So, if you look at the number at the moment, that's about 6 months of reach. We always said that we see that we should be rather at 4 months of reach. So there's first optimization going on. But very important is it's still the right inventory. So it has been the right inventory last year. It is still the right inventory, but there's no risk sitting in our inventory. And we will continue our path on increasing our sales stronger than our inventory position.

所以，如果你看目前的數字，大約需要 6 個月的時間。我們總是說，我們認為我們應該在 4 個月內達到目標。因此，首先進行優化。但非常重要的是，它仍然是正確的庫存。所以去年的庫存是正確的。它仍然是正確的庫存，但我們的庫存沒有風險。我們將繼續我們的銷售成長之路，以強於我們的庫存狀況。

The picture is the same in all the different regions. So, inventory situation is healthy in the different regions. We are in a position to fulfill the demands but we are also now in a stronger position to hold back if we think that this is in the favor of our long-term durable growth.

所有不同地區的情況都是一樣的。因此，不同地區的庫存狀況良好。我們有能力滿足這些要求，但如果我們認為這有利於我們的長期持久成長，我們現在也更有能力阻止。

And so, really an important step into the right direction. I said it a year ago that for us a working capital of around 30% of net sales is something where we have been in the past and where we want to be, and this is where we are now and how we can optimize from that.

因此，這確實是朝著正確方向邁出的重要一步。我一年前說過，對我們來說，營運資本佔淨銷售額的 30% 左右是我們過去的情況，也是我們想要的情況，這就是我們現在的情況以及我們如何從中進行優化。

Your next question comes from Liv Townsend from JPMorgan.

您的下一個問題來自摩根大通的 Liv Townsend。

Just on the stores as you've continued to open more. Is it possible to talk now about like-for-like trends in stores or maybe sales densities or just anything that would help us understand a bit more about the store performance and profitability?

就在商店裡，因為您繼續開設更多商店。現在是否可以討論商店的同類趨勢，或者銷售密度，或者任何可以幫助我們更多地了解商店績效和盈利能力的內容？

Yes. Thank you. I assume you're talking about our own retail stores. So, the way to think about this is basically almost like kind of different stores that cater to different consumers.

是的。謝謝。我猜你說的是我們自己的零售店。因此，思考這個問題的方式基本上就像是迎合不同消費者的不同商店。

So, one is, how do we reach in high-traffic locations, a very broad consumer base. So, you can think about Region Street Sharetea would definitely be one and some of the Lafayette store in New York, for example. So, how are we bringing large enough footprint to a very, very high traffic.

因此，一是我們如何在人流量大的地方接觸到非常廣泛的消費者群體。所以，你可以認為Region Street Sharetea肯定是紐約老佛爺百貨公司之一。那麼，我們如何為非常非常高的流量帶來足夠大的足跡。

And then I think we're also trying to cater a more local consumer base. So, if you take the Williamsburg, storerooms and in Paris, are a little bit smaller by size, but that cater very much often to a wrong community. So, we do a lot of community runs, a lot of store activations and so on.

然後我認為我們也在努力迎合更多的本地消費者群體。因此，如果你以威廉斯堡為例，倉庫的面積和巴黎的倉庫相比要小一些，但這往往迎合了錯誤的社區。因此，我們進行了大量的社區運作、大量的商店活化等等。

And for us, it's very important that our stores are able to bring the different verticals, product franchises and communities to life and that we're able to cater to those. And now when you look at the high traffic locations like Regent Street, we are extremely happy how they are performing and they're driving significant revenue.

對我們來說，非常重要的是我們的商店能夠將不同的垂直產業、產品特許經營權和社區帶入生活，並且我們能夠滿足這些需求。現在，當您看到像攝政街這樣的高流量地點時，我們對它們的表現非常滿意，並且它們正在帶來可觀的收入。

So, I can invite you all to go to London, I think we've shared some insights in the past, but those locations work really, really well. And what we learned is that we need more space to sell product. I think we're trying to find out what's the right split between bringing amazing experiences to the consumer and just being commercial.

所以，我可以邀請大家去倫敦，我想我們過去分享過一些見解，但這些地點的效果真的非常好。我們了解到，我們需要更多的空間來銷售產品。我認為我們正在努力找出為消費者帶來令人驚嘆的體驗和僅僅商業化之間的正確區別。

And I think this is where we're learning a lot, and we've made improvements in, for example, New York store, in the Long Store, and it's really showing this is especially showing in the apparel share. So, the apparel share continues to increase as we're giving more space for apparel and that we're giving more space for original merchandising.

我認為這是我們學到很多東西的地方，我們已經做出了改進，例如，紐約商店、長商店，這確實表明了這一點，尤其是在服裝份額中。因此，隨著我們為服裝提供更多空間以及為原創商品提供更多空間，服裝份額繼續增加。

And then, I think the second thing that we're learning is that many of our stores are too small. So, we started relatively small and almost like we're guiding and trying to kind of overachieve a little bit the initial ideas that we had. And so, I think we learned a lot to that.

然後，我認為我們學到的第二件事是我們的許多商店都太小了。因此，我們一開始規模相對較小，幾乎就像我們在指導並試圖超額實現我們最初的想法一樣。因此，我認為我們從中學到了很多。

And it allows us now to upscale the store footprint and bring bigger stores to the market. And that's the biggest focus in China. So, it's not only about adding new stores, it's also very much about taking existing locations and bringing more square footage square meters to the consumer.

現在它使我們能夠擴大商店規模，並將更大的商店推向市場。這是中國最大的焦點。因此，這不僅涉及增加新商店，還涉及利用現有地點並為消費者帶來更多面積。

And so, when you look at the future, don't only look at the amount of stores, also look at square meters that we can bring to the consumer and in the end, the profitability that we can drive out of it.

因此，當你展望未來時，不要只關注商店的數量，還要關注我們可以為消費者帶來的平方米麵積，以及最終我們可以從中獲得的獲利能力。

If I could just ask a very quick second question, just on the guidance on adjusted EBITDA. What kind of FX impact are you expecting to see at the adjusted EBITDA level given the mismatch in FX on OpEx, would we be right to assume that there's a slightly larger FX pressure on the guidance for adjusted EBITDA versus the sales?

我可以快速問第二個問題，關於調整後 EBITDA 的指導。鑑於外匯與營運支出的不匹配，您期望在調整後的 EBITDA 水平上看到什麼樣的外匯影響，我們是否可以正確地假設調整後 EBITDA 的指導與銷售額相比存在稍大的外匯壓力？

So, the impact of FX on our EBITDA margin is very small. So, you can take this out. We are much more balanced when it comes to our full P&L on the currencies.

因此，外匯對我們的 EBITDA 利潤率的影響非常小。所以，你可以把這個拿出來。當涉及到我們的全部貨幣損益時，我們更加平衡。

The strongest impact sits on the top line that's why we called it out. But the 16% to 16.5%. That's our goal for the year, both basically reported and constant. Of course, the absolute number is impacted by the currency as well.

最強烈的影響位於頂線，這就是我們提出這一點的原因。但16%到16.5%。這是我們今年的目標，基本上是報告的並且是恆定的。當然，絕對數量也受到貨幣的影響。

Your next question comes from the line of Ashley Owens from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Ashley Owens。

So just could you elaborate on any notable areas of strength in the product assortment quarter-to-date? Any new product launches do you believe are currently or will be pivotal in driving share gains this year?

那麼您能否詳細說明本季迄今產品種類中任何顯著的優勢領域？您認為目前或將會有哪些新產品發布對於推動今年的份額成長至關重要？

And then just how have you seen repeat purchase rates trend as you kind of continue to expand both that product assortment and D2C share would be helpful.

然後，隨著您繼續擴大產品種類和 D2C 份額，您如何看待重複購買率的趨勢將會有所幫助。

Let me probably comment on exciting new products and also product strength. I mean we already talked about the Cloudtilt and how the launch has shaped up in an incredible way. So, we feel that can be a new blockbuster franchise in performance all day.

讓我大概評論一下令人興奮的新產品和產品實力。我的意思是，我們已經討論過 Cloudtilt 以及這次發布是如何以令人難以置信的方式進行的。因此，我們認為這可能會成為全天表現出色的新系列。

We also talked about the Cloudmonster franchise and how it's now expanding with the Cloudmonster Hyper. But we're really strongly focusing this year on performance and running. So, the Cloudrun 2 is still launching this spring.

我們還討論了 Cloudmonster 特許經營權以及它現在如何透過 Cloudmonster Hyper 擴展。但今年我們確實非常關注性能和跑步。因此，Cloudrun 2 仍在今年春季推出。

Then we already mentioned the Cloudboom strike. Marc mentioned it, that's going to launch in July, another technology leap in our super shoe range, striking fast, as the name says, and our Pinnacle Marathon racing shoe has now approved in the Barcelona marathon last weekend.

然後我們已經提到了 Cloudboom 罷工。 Marc 提到，這款鞋將於7 月推出，這是我們超級鞋系列的另一個技術飛躍，正如其名稱所示，速度極快，我們的Pinnacle Marathon 競賽鞋現已在上週末的巴塞羅那馬拉鬆比賽中獲得批准。

And then we continue into August with the Cloud Flyer V and the Cloudsurfer Next. The Cloudsurfer Next is truly exciting because it's for a young audience, attractive entry point at $150 in our Cloudsurfer franchise and featuring our new Cloudtech phase.

然後我們將繼續推出 Cloud Flyer V 和 Cloudsurfer Next 到 8 月。 Cloudsurfer Next 確實令人興奮，因為它面向年輕受眾，在我們的 Cloudsurfer 特許經營中以​​ 150 美元的價格提供有吸引力的入門點，並具有我們新的 Cloudtech 階段。

So, really focusing on performance and running. And as you remember also from the intro, it's a 7 franchises that now contribute more than 5% to average.

所以，真正專注於表現和跑步。正如您從介紹中還記得的那樣，現在有 7 家特許經營公司的平均貢獻率超過 5%。

And then just on the repeat purchase. So, obviously, in e-comm is very similar to our wholesale development. So, On is growing based on more sales with existing customers and On is growing because of a strong gain of new customers.

然後就重複購買。因此，顯然，電子商務與我們的批發發展非常相似。因此，On 的成長是基於現有客戶的更多銷售，而 On 的成長則是因為新客戶的強勁成長。

And what we are very encouraged about is that, with our expansion of the product assortment and especially bringing more silhouettes that speak to a younger customer. That's something that we very clearly see in our new customer acquisition.

令我們感到非常鼓舞的是，隨著我們產品種類的擴大，特別是推出了更多適合年輕顧客的款式。這是我們在新客戶獲取中非常清楚地看到的。

So, just looking at what is the share of customers that is below 30 years old. In 2021, that share was around 24%. Now in '23, the share was already at 29%. So, 29% of the customers that we acquired newly in our D2C channel last year were 34 years and younger.

那麼，只要看看 30 歲以下的客戶所佔的比例是多少。 2021 年，這一比例約為 24%。現在到了 23 年，這一比例已經達到 29%。因此，去年我們在 D2C 通路中新獲得的客戶中有 29% 年齡在 34 歲及以下。

So, definitely in the right direction, and that's then also reflected in the success in the respective key accounts like Footlocker and JD.

所以，方向絕對是正確的，這也反映在 Footlocker 和 JD 等關鍵客戶的成功上。

We have time for one more question, and that question comes from the line of John Kernan from TD Cowen.

我們還有時間再問一個問題，這個問題來自 TD Cowen 的 John Kernan。

Martin, just got asked a few different ways, but how should we think about the magnitude of the FX result? It obviously created a big EPS headwind in fiscal '23.

馬丁，剛剛被問到了一些不同的問題，但我們應該如何考慮外匯結果的大小？這顯然對 23 財年的每股盈餘造成了巨大的阻力。

I'm just curious, I think you said that there's going to be some reversal in fiscal '24. But just as we model both adjusted EBITDA and EPS, I think it would be helpful if we had a little bit more color on the magnitude of the line item here.

我只是好奇，我想你說過 24 財年會出現一些逆轉。但正如我們對調整後的 EBITDA 和 EPS 進行建模一樣，我認為如果我們在這裡對訂單項目的大小提供更多的顏色，將會很有幫助。

So, I can elaborate a little bit more on this. So, it's very important to understand how we translate our foreign exchange balances into Swiss franc.

因此，我可以對此進行更詳細的闡述。因此，了解我們如何將外匯餘額轉換為瑞士法郎非常重要。

So, on the P&L, that's based on an average rate, so it's moving average rate, whereas the balance sheet has always translated based on the quarter-end FX rate. So, if we look into 2023, the Swiss franc has gained in value against almost every currency in the world.

因此，在損益表上，這是基於平均匯率，因此它是移動平均匯率，而資產負債表始終根據季末外匯匯率進行換算。因此，如果我們展望 2023 年，瑞士法郎相對於世界上幾乎所有貨幣都會升值。

So for us, U.S. dollar, euro, British pound, currencies from China and Japan, those are the ones that are important to our business. So, if you take the dollar Swiss franc ratio, for example, then the dollar dropped from $0.96 to $0.91 in the course of 2023 and is sitting at around $0.88 today.

所以對我們來說，美元、歐元、英鎊、中國和日本的貨幣，這些對我們的業務很重要。因此，如果以美元瑞郎比率為例，那麼美元在 2023 年期間會從 0.96 美元跌至 0.91 美元，目前約為 0.88 美元。

So, this has already driven a headwind in the P&L last year, and this is what we called out will continue to drive an impact in 2024. Now, if you look at the rates, then it really dropped again towards the end of December down to $0.84. And that was the rate that we had to use to convert our balance sheet, and this has driven a meaningful FX impact.

因此，這已經在去年對損益表產生了不利影響，而這就是我們所說的將在 2024 年繼續產生影響。 。這就是我們必須用來轉換資產負債表的匯率，這對外匯產生了重大影響。

It's unrealized but has driven that. It's also visible in our cash balance. It's also visible in our inventory balance. I called out that our inventory items stayed flat. But if you look at the reported number, it actually came down 10%, which is the FX impact.

它尚未實現，但已經推動了這一點。它也可以在我們的現金餘額中看到。這在我們的庫存餘額中也可見。我指出我們的庫存物品保持不變。但如果你看一下報告的數字，它實際上下降了 10%，這是匯率的影響。

Now, today, as I just mentioned, we are at $0.88. So, there has already been a recovery from the $0.84 of the end of the year. So, that's why we expect if the rate stays that we have some of the unrealized gains coming back and resulting in FX profit.

現在，正如我剛才提到的，我們的價格為 0.88 美元。因此，已經較年底的 0.84 美元有所回升。因此，這就是為什麼我們預計，如果利率保持不變，我們將獲得一些未實現的收益並帶來外匯利潤。

But it's only on that line versus the revenue and the gross profit. Those are impacted from the continued downward trend that we see is on the U.S. dollar and other currencies over time. So, not super simple, but I try to shed some more light on that.

但這只是相對於收入和毛利而言的。這些都受到我們看到的美元和其他貨幣隨著時間的推移持續下跌趨勢的影響。所以，這並不是非常簡單，但我嘗試對此進行更多闡述。

And then maybe just one follow-up on the SG&A. Just based on the high end of guidance of the adjusted EBITDA margin guidance, it seems like you are expecting some SG&A leverage even with the shift of D2C.

然後也許只是 SG&A 的一項後續行動。僅根據調整後的 EBITDA 利潤率指引的高端指引，即使 D2C 發生轉變，您似乎也預計會出現一些 SG&A 槓桿。

So, maybe talked about the levers within the SG&A, the cost of the store expansion? And how should we think about the ability for more SG&A leverage going forward?

那麼，也許談論了 SG&A 中的槓桿、商店擴張的成本？我們應該如何考慮未來獲得更多 SG&A 槓桿的能力？

Yes. So, we continue to execute on our path to higher profitability levels. Our midterm aspiration is 18% plus. So, we invest in automation in the warehouses. So, we expect in '24 basically not an improvement yet, but we will lay the foundation to then see significant improvements in 2024.

是的。因此，我們將繼續走上更高獲利水準的道路。我們的中期願望是 18% 以上。因此，我們投資於倉庫的自動化。因此，我們預計 24 年基本上還沒有改善，但我們將為 2024 年看到顯著改善奠定基礎。

At the same time, we have economies of scale in many other parts of the business. So, when it comes to administration, when it comes to the profitability of certain markets like China, for example, more of our stores become more profitable, and that's helping the overall number.

同時，我們在許多其他業務領域也具有規模經濟。因此，在管理方面，例如在中國等某些市場的盈利能力方面，我們更多的商店變得更加盈利，這對整體數量有所幫助。

At the same time, we continue to invest in retail store rollout. We continue to invest in building apparel in China, in other upcoming markets in our tech capabilities and sustainability. And that's why we feel that the 16% to 16.5% is exactly the right balance of investing in growth, but at the same time, further increasing profitability.

同時，我們繼續投資零售店的開設。我們繼續投資在中國和其他即將到來的市場生產服裝，以提高我們的技術能力和永續性。這就是為什麼我們認為 16% 至 16.5% 正是投資成長的正確平衡，但同時又進一步提高了獲利能力。

So, we will manage that in the way we have done in the past. We are committed towards that number, but we will reinvest any additional gains that we have in order to fuel growth for the future.

因此，我們將按照過去的方式進行管理。我們致力於實現這個數字，但我們將把我們擁有的任何額外收益進行再投資，以推動未來的成長。

Ladies and gentlemen, that does conclude today's Q&A session. And with that, that does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們先生們，今天的問答環節到此結束。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。