On Holding AG (ONON) 2024 Q1 法說會逐字稿

Good day. My name is Dennis, and I will be your conference operator. (Operator Instructions) I would like to welcome everyone to the -- On Holding AG First Quarter 2024 Results Conference Call. I would now like to turn the conference over to Jerrit Peter, Head of Investor Relations. Please go ahead.

再會。我叫丹尼斯，我將擔任您的會議操作員。 （操作員說明）我歡迎大家參加 -- On Holding AG 2024 年第一季業績電話會議。我現在想將會議交給投資者關係主管傑里特彼得 (Jerrit Peter)。請繼續。

Good afternoon, good morning, and thank you for joining on 2024 first quarter earnings conference call and webcast. With me today on the call are Executive Co-Chairman and Co-Founder Caspar Coppetti; CFO and Co-CEO, Martin Hoffman; and Co-CEO, Marc Maurer.

下午好，早上好，感謝您參加 2024 年第一季財報電話會議和網路廣播。今天與我一起參加電話會議的是執行聯合主席兼聯合創始人卡斯帕·科佩蒂 (Caspar Coppetti)；財務長兼聯合執行長馬丁霍夫曼；和聯合執行長馬克‧毛雷爾 (Marc Maurer)。

Before we begin, I would briefly remind everyone that today's call contains forward-looking statements within the meaning of the federal securities laws. 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. Please refer to our 20-F filed with the SEC on March 12 for a detailed discussion of such risks and uncertainties.

在開始之前，我想簡要提醒大家，今天的電話會議包含聯邦證券法含義內的前瞻性陳述。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。請參閱我們於 3 月 12 日向 SEC 提交的 20-F，以了解此類風險和不確定性的詳細討論。

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

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。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。我們將從 Casper 開始，然後由 Martin 主持今天準備好的發言，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 Caspar.

至此，我很高興將電話轉給卡斯帕。

Thank you for joining us today. Martin, Marc and I are in great spirits as we had a fantastic start to 2024, with net sales of CHF 508 million in the first quarter on for the first time, surpassed CHF 0.5 billion mark in a single quarter. We have continued to grow very substantially, just shy of 30% on a constant currency basis and made great progress in every region, channel and category. What makes us especially proud is that we are achieving this growth at an ever-increasing higher profitability. Our gross profit margin of close to 60% in the first quarter underscores the power of our strategy to be the most premium global sports brand.

感謝您今天加入我們。馬丁、馬克和我興致勃勃，因為我們在 2024 年有了一個出色的開局，第一季淨銷售額首次達到 5.08 億瑞士法郎，單季首次突破 5 億瑞士法郎大關。我們持續大幅成長，以固定匯率計算，成長率接近 30%，並且在每個地區、通路和類別上都取得了巨大進步。讓我們特別自豪的是，我們以不斷提高的獲利能力實現了這一成長。第一季我們接近 60% 的毛利率凸顯了我們成為全球最優質運動品牌的策略的力量。

Allow me to shine some light on the progress that On has made in our core strategic areas. At on, everything starts with running the Lightning and ran strategy, winning on the race course with next-level innovation and gaining market share with everyday runners, continues to deliver for the on brand. 3 weeks ago, [Helen] over won the Merson in Boston for the second time, the first woman in 2 decades to go back to back. She was running in On head to toe, including groundbreaking new footwear technology, which On will reveal in Paris this summer. We would like to congratulate Helen and also thank our innovation team for the incredible work in developing the fastest raced products. The rain element of this strategy means converting the credibility of our innovations and athlete successes to market share gains with everyday runners enjoying their local running routes.

請容許我介紹一下 On 在我們的核心策略領域所取得的進展。在 on 上，一切都從運行閃電和跑步策略開始，透過更高水準的創新在賽道上獲勝，並在日常跑步者中獲得市場份額，繼續為 on 品牌提供服務。三週前，[海倫]在波士頓第二次擊敗默森，成為二十年來第一位背靠背的女性。她從頭到腳穿著 On 跑步，其中包括突破性的全新鞋類技術，On 將於今年夏天在巴黎展示。我們要祝賀海倫，也感謝我們的創新團隊在開發最快的競賽產品方面所做的令人難以置信的工作。這項策略的雨水元素意味著將我們創新的可信度和運動員的成功轉化為日常跑步者享受當地跑步路線的市場份額收益。

In our new global run count, we are seeing very positive results across all regions with market shares of more than 10% in cities such as Tokyo and Berlin and across key cities in the U.S. from Boston down to Nashville and from San Francisco down to L.A. The market share gains are clearly driven by the success and fast adoption of our latest high-performance running franchises, Cloudmonster, [Cloud Server and Cotrone] -- we are also seeing a very positive effect of the local run clubs that we are organizing from our own stores, particularly in key cities like Tokyo, Berlin and Los Angeles, which brings me to an update on our own retail expansion, which is progressing well and delivering outstanding results.

在我們新的全球運行統計中，我們看到所有地區都取得了非常積極的成果，在東京和柏林等城市以及從波士頓到納許維爾、從舊金山到洛杉磯的美國主要城市中，市佔率均超過10 %。的影響我們自己的商店，特別是在東京、柏林和洛杉磯等主要城市，這讓我了解了我們自己的零售擴張的最新情況，該擴張進展順利並取得了出色的成果。

In Q1, we opened stores in Berlin and Portland, Oregon, which brings us to over 50 stores globally, 34 of which are owned and operated by on. Stores in Paris, [Janedis], Milan and Austin, Texas, will open in the coming months.

第一季度，我們在柏林和俄勒岡州波特蘭開設了門市，這使我們在全球擁有超過 50 家門市，其中 34 家由 on 擁有和經營。巴黎、[Janedis]、米蘭和德克薩斯州奧斯汀的商店將在未來幾個月內開業。

On the wholesale side of the business, we continue our disciplined strategy of being very intentional in choosing the right partners and adequate door footprint with a clear focus on performance and young consumers. On our road to becoming the #1 running brand, we continue to win market share in run specialty stores. [Wilde] sporting goods provides us with access to high school and college athletes, who on resonates with particularly strong. In Q1, we went live with [Zalando] in our EMEA markets, an important digital marketplace in the region to connect the -- On brand with additional younger consumers.

在批發業務方面，我們繼續執行嚴格的策略，即非常有意識地選擇合適的合作夥伴和足夠的門足跡，並明確關注性能和年輕消費者。在成為第一跑步品牌的道路上，我們不斷贏得跑步專賣店的市場份額。 [王爾德]運動用品為我們提供了接觸高中和大學運動員的機會，他們對他們的共鳴特別強烈。第一季度，我們在 EMEA 市場推出了 [Zalando]，這是該地區重要的數位市場，旨在將 On 品牌與更多年輕消費者聯繫起來。

Last not least, we have also made strong progress on our apparel initiatives through resizing our entire collection to fit more customers in a consistent way. We have significantly increased our addressable market. Just a week ago, we introduced FKA Twigs as a new creative partner and the face of our upcoming training collection that will be launched in August.

最後，我們還透過調整整個系列的尺寸以一致的方式適應更多客戶，在服裝計劃方面取得了巨大進展。我們顯著增加了我們的目標市場。就在一週前，我們推出了 FKA Twigs 作為新的創意合作夥伴，也是我們即將在 8 月推出的訓練系列的代言人。

Over the past weeks, we have also rolled out our first apparel collection in tennis, and fans can now wear the same look as seen on [Bengalon and Digoiatec]. Particularly, apparel showed extremely strong demand in our D2C e-com and our own retail channels with apparel contributing around 25 of purchases at, for example, our Paris Santamera store. You can tell that after such a strong start, we are very optimistic for the remainder of the year with many more highlights to come, not least being the Olympics and Paris.

在過去的幾周里，我們還推出了第一個網球服裝系列，球迷現在可以穿著與 [Bengalon 和 Digoiatec] 上看到的相同的服裝。特別是，服裝在我們的 D2C 電子商務和我們自己的零售管道中表現出極其強勁的需求，例如，服裝在我們的巴黎 Santamera 商店中貢獻了約 25 筆購買量。你可以看出，在如此強勁的開局之後，我們對今年剩餘時間非常樂觀，未來還會有更多亮點，尤其是奧運和巴黎奧運。

Before I hand over to Martin for the financials, I would like to point your attention to next week's Annual Shareholders Meeting. We are very excited that Laura mile stands for election as an addition to our Board of Directors. As President of Electronic Arts, entertainment and technology, we feel that [Laura] can bring a lot of expertise, creativity and technology insights to our Board. We look forward to receiving your support on our election and the remaining motions proposed by the Board. Over to you, Martin.

在我向馬丁報告財務狀況之前，我想請您注意下週的年度股東大會。我們非常高興勞拉·米爾 (Laura Mile) 當選為我們的董事會成員。身為電子藝術、娛樂和技術部門的總裁，我們認為 [Laura] 可以為我們的董事會帶來大量專業知識、創造力和技術見解。我們期待您對我們的選舉以及董事會提出的其餘動議的支持。交給你了，馬丁。

Thank you, Caspar, and hello, everyone. You summarized it very nicely. We continue to rapidly and successfully execute on our vision and goals that we communicated during our Investor Day last October. At the same time, the passion, innovation and entrepreneurial spirit in our team continues to create products, results and impact that drive excitement far beyond the pure execution of the plan. You already mentioned Helena very, but other members of our growing athlete team are bringing home more wins and metals almost on a weekly basis. From a new mile record at a panels to dates Abrahams impressive victory and Swiss record at the Barcelona Marathon, [Legate] and [Bencheldon's] respective tournament wins on play in Madrid and Houston. Another example was our global meeting, where we brought our teams together a few weeks ago to present our new products for spring 2025.

謝謝卡斯帕，大家好。你總結得非常好。我們繼續快速、成功地執行去年 10 月投資者日期間傳達的願景和目標。同時，我們團隊的熱情、創新和創業精神不斷創造產品、成果和影響力，帶來的興奮遠遠超出了計劃的純粹執行。您已經非常提到了海倫娜，但我們不斷成長的運動員團隊的其他成員幾乎每週都會帶來更多的勝利和金屬。從小組賽上新的英里記錄到亞伯拉罕令人印象深刻的勝利和巴塞隆納馬拉松賽上的瑞士紀錄，[Legate] 和 [Bencheldon] 分別​​在馬德里和休斯頓的比賽中獲勝。另一個例子是我們的全球會議，幾週前我們將我們的團隊聚集在一起，展示了我們 2025 年春季的新產品。

Our team created a runway show that would have easily turned heads at any major fashion event and ignited in an unimaginable level of energy for our future apparel business. This will certainly be felt by our wholesale partners when we shared it with them in the coming weeks. The energy in the different teams shows the power of bringing together a diverse set of people each with an individual mission behind the coming call to display the ultimate embodiment of teamwork. -- team, we are really grateful for all your great work.

我們的團隊打造了一場在任何重大時尚活動中都能輕鬆引人注目的時裝秀，並為我們未來的服裝業務點燃了難以想像的能量。當我們在未來幾週內與我們的批發合作夥伴分享這一點時，他們肯定會感受到這一點。不同團隊的能量展示了將不同的人聚集在一起的力量，每個人都有各自的使命，在即將到來的呼籲中展示團隊合作的最終體現。 ——團隊，我們非常感謝你們所做的出色工作。

With that, let me move on to providing a more in-depth review of our Q1 results. We had an exceptional Q1, which was ahead of our expectations. Caspar mentioned it, but it's worth repeating. For the first time in history, we exceeded CHF 500 million in net sales in a single quarter, a nice milestone. Net sales for the quarter reached CHF 508.2 million, growing 20.9% year-over-year. As expected and discussed on our call in March, this includes considerable FX translation impact from the conversion to our reported currency Swiss francs.

接下來，讓我繼續對我們第一季的業績進行更深入的回顧。我們的第一季表現非常出色，超出了我們的預期。卡斯帕提到過這一點，但值得重複一遍。我們史上首次單季淨銷售額突破 5 億瑞士法郎，這是一個很好的里程碑。該季度淨銷售額達到 5.082 億瑞士法郎，年增 20.9%。正如我們在 3 月的電話會議上所預期和討論的那樣，這包括轉換為我們報告的貨幣瑞士法郎所產生的相當大的外匯換算影響。

On a constant currency basis, on grew by 29.2% in the first quarter of 2024. This growth is supported by the strong consumer demand that we have seen across all our channels and geographies. The majority of growth has again come from the strength of our direct-to-consumer channel, resulting in a significant increase of our DTC mix by almost 500 basis points from 32.6% in Q1 '23 to 37.5% in Q1 '24. We net sales grew by 39% versus the prior year period, contributing CHF 190.5 million to our top line. Currency neutral, growth was even higher than that at 48.7%. We continue to successfully optimize and expand our digital ecosystem. Caspar already mentioned the expansion of our digital marketplace at Zalando.

以固定匯率計算，2024 年第一季成長了 29.2%。大部分成長再次來自我們直接面向消費者管道的實力，導致我們的 DTC 組合顯著增加了近 500 個基點，從 23 年第一季的 32.6% 增加到 24 年第一季的 37.5%。我們的淨銷售額比去年同期成長了 39%，為我們的營收貢獻了 1.905 億瑞士法郎。貨幣中立，成長率甚至更高，達 48.7%。我們繼續成功優化和擴展我們的數位生態系統。 Caspar 已經提到了 Zalando 數位市場的擴展。

In Q1, we also launched our first commercial app, which is now available across the globe and which will allow for the most intimate customer relationship across all of our digital outlets. The app serves as a key pillar in our digital strategy to further enhance the customer experience, more personalized offerings and to ultimately drive loyalty and deeper customer value. With that, we are also investing in our membership program. We have tripled the number of members in each of the past 2 years, but still have a huge potential to increase the share and value of our customers that connect more closely with on through this channel.

在第一季度，我們還推出了第一個商業應用程序，該應用程式現已在全球範圍內推出，它將在我們所有的數位商店中建立最親密的客戶關係。該應用程式是我們數位策略的關鍵支柱，可進一步增強客戶體驗、提供更個人化的產品，並最終提高忠誠度和更深層的客戶價值。同時，我們也投資於我們的會員計劃。在過去的兩年裡，我們的會員數量每年都增加兩倍，但仍然有巨大的潛力來增加透過這個管道與我們建立更緊密聯繫的客戶的份額和價值。

As our growing own retail network becomes a more important part of our D2C ecosystem, we have a strong focus on a seamless omnichannel experience across all customer touch points, consistently meeting the customer in whichever environment they prefer. -- also grew by 12.2% year-over-year, reaching CHF 317.7 million in the first quarter. On a constant currency basis, wholesale growth was 19.8%. As previously discussed on our last call, this slightly more modest Q1 growth rate in the wholesale channel was expected and very much intentional. In EMEA, the closure of a number of nonstrategic doors allows us to focus on the premium performance position of the brand.

隨著我們不斷發展的零售網路成為 D2C 生態系統中更重要的一部分，我們非常注重跨所有客戶接觸點的無縫全通路體驗，始終如一地在客戶喜歡的環境中滿足他們的需求。 ——年增 12.2%，第一季達到 3.177 億瑞士法郎。以固定匯率計算，批發成長率為 19.8%。正如我們之前在上次電話會議中所討論的，批發管道第一季的成長率略為溫和，這是預料之中的，也是有意為之的。在歐洲、中東和非洲地區，許多非策略性大門的關閉使我們能夠專注於品牌的優質業績地位。

And number two, in Q1 last year, our wholesale revenues were helped by the initial selling into large new key account partners, which are now driving strong controlled sell-out growth. The same overall dynamics discussed above are of course visible when considering our net sales performance by region. Starting in EMEA, which grew by 6.1% to reach CHF 126.2 million in Q1. On a constant currency basis, growth was 10.4%. While the store closures led to a temporary reduction of our wholesale sales in the DACH region, DTCD growth in the respective markets has accelerated, and we continue to see strong growth in all other EMEA markets.

第二，去年第一季度，我們的批發收入得益於最初向大型新大客戶合作夥伴的銷售，這些合作夥伴現在正在推動強勁的受控銷售成長。當考慮我們按地區劃分的淨銷售業績時，上述討論的整體動態當然是可見的。首先是歐洲、中東和非洲地區，第一季成長 6.1%，達到 1.262 億瑞士法郎。以固定匯率計算，成長率為 10.4%。雖然商店關閉導致我們在 DACH 地區的批發銷售暫時減少，但各個市場的 DTCD 成長加速，我們繼續看到所有其他 EMEA 市場的強勁成長。

The strength of our DTC business in EMEA continues to be exceptionally and strongly validates our strategic priorities in the region. This is evident from the very strong start we have had in our new retail store in Berlin, but also significant traction and growth in some of our still nascent markets such as France, Spain and Italy, largely driven by our D2C channel. Our Americas business also started off strongly in Q1 and demand for the brand remains high. In comparison to a prior year period that was elevated as a result of the initial sell-in into some of our key accounts.

我們在歐洲、中東和非洲 (EMEA) 的 DTC 業務的實力繼續保持卓越，有力地驗證了我們在該地區的戰略重點。這從我們在柏林的新零售店的強勁開局就可以看出，而且在法國、西班牙和義大利等一些仍處於萌芽階段的市場也有顯著的吸引力和成長，這主要是由我們的D2C 管道推動的。我們的美洲業務在第一季也強勁起步，對該品牌的需求仍然很高。與去年同期相比，由於我們一些主要客戶的初始銷售，這一數字有所上升。

Net sales in the region grew by 22% year-over-year to CHF 29.6 million. The underlying constant currency growth was 30.4%. The -- while we again had quite significant FX translation impacts in Q1. We expect the translation impact to be less pronounced during the remainder of 2024, if the current U.S. dollar Swiss franc spot rate persists. Caspar mentioned, the run account success in the U.S. in particular. We are very pleased to continue to observe the increased brand awareness in our core communities, converting to high-quality demand and exceptional sellout strengths in our strategic focus areas.

該地區的淨銷售額年增 22%，達到 2,960 萬瑞士法郎。基本不變貨幣成長率為 30.4%。雖然我們在第一季再次受到了相當重大的外匯換算影響。如果目前的美元瑞郎即期匯率持續下去，我們預期在 2024 年剩餘時間內，換算影響將不那麼明顯。卡斯帕提到，運行帳戶在美國尤其成功。我們很高興繼續觀察到我們核心社群的品牌知名度不斷提高，轉化為我們策略重點領域的高品質需求和卓越的銷售優勢。

While the vast majority of our Americas business is from the United States, we continue to gain momentum in Latin America. Our sales in Brazil, for example, doubled compared to Q1 2023. We -- we're also see incredible momentum in the Asia Pacific region, which for the first time in our history, made up for more than 10% of our overall business. Growth of 68.6% compared to the prior year period, led to net sales of CHF 52.4 million in Q1.

雖然我們美洲業務的絕大多數來自美國，但我們在拉丁美洲的發展勢頭仍在繼續。例如，與 2023 年第一季相比，我們在巴西的銷售額翻了一番。 。與去年同期相比成長 68.6%，第一季淨銷售額達到 5,240 萬瑞士法郎。

On a constant currency basis, growth was at an amazing 90.7% year-over-year. With the unprecedented demand levels across the region, it is difficult to call out a specific highlight. But if I had to pick one, it would be the acceleration we are seeing in Japan. If you be into Tokyo recently and visited our store, you would know what we are talking about. The store loan has more than doubled net sales year-over-year, a true testament to the brand heat in the region and the success of our own retail execution.

以固定匯率計算，年成長率高達 90.7%，令人驚嘆。由於該地區的需求水準空前，很難指出具體的亮點。但如果我必須選擇一個，那就是我們在日本看到的加速發展。如果您最近來東京並參觀過我們的商店，您就會知道我們在說什麼。商店貸款使淨銷售額比去年同期增加了一倍多，這真正證明了該地區的品牌熱度和我們自己的零售執行的成功。

Turning to our performance by product category. Net sales from shoes grew by 21% to CHF 484.7 million in the first quarter. As already alluded to, we are very happy with the fact that our performance running vertical has contributed the majority of the year-over-year growth. The launch of the Cloudmonster 2 has continued the incredible performance of this highly successful franchise. With the upcoming launches of the Cloudrunner 2 later this week and the cloud server next in late summer with a strong pipeline of innovation to come in our running lineup that will allow us to continue to win market share.

轉向我們按產品類別劃分的業績。第一季鞋類淨銷售額成長 21%，達到 4.847 億瑞士法郎。正如已經提到的，我們對垂直運行的業績貢獻了大部分同比增長這一事實感到非常高興。 Cloudmonster 2 的推出延續了這個非常成功的系列的令人難以置信的表現。隨著本週稍後即將推出的 Cloudrunner 2 以及夏末即將推出的雲端伺服器，我們的跑步產品線中將出現強大的創新管道，這將使我們能夠繼續贏得市場份額。

In our performance all day category, the cloud tilt has exceeded our expectations and demand is significantly higher than supply. Net rest growth in apparel was 16.7% year-over-year, resulting in CHF 19.7 million for the first quarter.

在我們的全天表現類別中，雲端傾斜超出了我們的預期，需求明顯高於供應。服裝的剩餘淨收入年增 16.7%，第一季實現收入 1,970 萬瑞士法郎。

The underlying demand was significantly stronger, exemplified by our DTC channels where apparel grew at a much faster rate than shoes, albeit off a much smaller base. Also, as announced, we have updated the sizing on the majority of our collection to more consistently meet and deliver the right fit for our global customers. In the interest of having consistent sizing offers in store, we decided to take back some items from some of our wholesale channel partners, resulting in a onetime correction to our reported net sales figure. With the high DTC demand and confidence in our new apparel product lineup, we expect growth rates to continue to accelerate significantly from here for the remainder of the year.

潛在需求明顯強勁，我們的 DTC 管道就是例證，其中服裝的成長速度比鞋類快得多，儘管基數要小得多。此外，正如所宣布的，我們還更新了大部分系列的尺碼，以便更一致地滿足全球客戶的需求並提供合適的尺寸。為了在店內提供一致的尺寸報價，我們決定從一些批發通路合作夥伴那裡收回一些商品，從而對我們報告的淨銷售額數據進行一次性修正。由於 DTC 的高需求以及對我們新服裝產品系列的信心，我們預計今年剩餘時間內成長率將繼續大幅加速。

While driving strong sales growth, we are also able to significantly increase our gross profit margin. The higher net sales mix from the strong margin DTC business compared to the prior year as well as the progress we made to manage our inventory more tightly allowed us to reach a very strong gross profit margin of 59.7%, up from 58.3% in Q1 '23.

在推動銷售強勁成長的同時，我們也能夠大幅提高毛利率。與前一年相比，利潤率較高的DTC 業務帶來的淨銷售額組合更高，以及我們在更嚴格的庫存管理方面取得的進展，使我們的毛利率達到了59.7%，高於第一季的58.3%。

Looking down the P&L. SG&A expenses, excluding share-based compensation, were 48.8% of net sales in Q1 this year, increasing slightly from 47% in the prior year period. The increase is primarily the result of higher marketing expenses as a percent of net sales. While we had the relatively low investment level in brand building in Q1 '23, we increased our investments in upper funnel brand-building campaigns and partnerships in the most recent quarters. We feel the strategic focus is very important to support the next growth phase and the long-term health and success of the on brand. And you can expect to see even larger activations as we approach the Olympics and other big brand moments this summer.

看看損益表。 SG&A 費用（不含股權激勵）佔今年第一季淨銷售額的 48.8%，略高於去年同期的 47%。這一增長主要是由於行銷費用佔淨銷售額的百分比上升。雖然我們在 23 年第一季的品牌建立投資水準相對較低，但我們在最近幾季增加了對上漏斗品牌建立活動和合作夥伴關係的投資。我們認為策略重點對於支持 on 品牌的下一個成長階段以及長期健康和成功非常重要。隨著今年夏天奧運會和其他重要品牌時刻的臨近，您可以期待看到更大規模的活動。

Resulting adjusted EBITDA margin for Q1 was 15.2%, up from 14.5% in the first quarter of 2023. This number came in ahead of our expectations and puts us in a very good position heading into the remaining 9 months of the year. As anticipated and communicated at our full year results in mid-March, the reversal of the U.S. dollar Swiss franc FX rate from its low point at the end of December means our U.S. dollar balance sheet assets were revalued at a significantly higher rate at the end of March. The result is a sizable unrealized FX gain in Q1 and supports a very strong and record quarterly net income of CHF 91.4 million, which brings me to our balance sheet.

第一季調整後 EBITDA 利潤率為 15.2%，高於 2023 年第一季的 14.5%。正如我們在 3 月中旬的全年業績中所預期和傳達的那樣，美元瑞郎匯率從 12 月底的低點逆轉意味著我們的美元資產負債表資產在年底以明顯更高的匯率重估三月的。結果是第一季出現了相當大的未實現外匯收益，並支持了非常強勁且創紀錄的 9,140 萬瑞士法郎的季度淨利潤，這讓我看到了我們的資產負債表。

Capital expenditures were CHF 9.2 million in Q1 '24 or 1.8% of net sales, even slightly down in absolute terms from the CHF 9.7 million in the prior year period. As previously mentioned, this will begin to increase again in the coming quarters as a result of higher expenses in connection with our continued retail store rollout. On the inventory side, we continue to actively manage our inventory and decouple our inventory growth from our top line expansion, which drives efficiency in our working capital. Our inventory position has remained broadly stable versus the year-end and stood at CHF 65.3 million at the end of Q1.

2024 年第一季的資本支出為 920 萬瑞士法郎，佔淨銷售額的 1.8%，甚至比去年同期的 970 萬瑞士法郎的絕對值略有下降。如前所述，由於我們持續開設零售店而導致費用增加，這一數字將在未來幾季再次開始增加。在庫存方面，我們繼續積極管理庫存，並將庫存成長與營收擴張脫鉤，從而提高營運資本效率。我們的庫存狀況與年底相比基本保持穩定，第一季末為 6530 萬瑞士法郎。

Finally, as a result of our strong operating cash flow of CHF 81 million, we have further increased our cash position from CHF 494.6 million at the end of 2023 to CHF 84.6 million at the end of Q1 '24. With that, I would like to look ahead towards the remainder of the year. We are all extremely excited for the Summer Olympics that are less than 2 months away, taking place close to on home to road to Paris and the games themselves offer a great opportunity for us to build our credibility in and beyond the running world.

最後，由於我們擁有 8,100 萬瑞士法郎的強勁營運現金流，我們的現金部位進一步從 2023 年底的 4.946 億瑞士法郎增加到 2024 年第一季末的 8,460 萬瑞士法郎。藉此，我想展望今年剩餘的時間。我們都對距離巴黎還有不到兩個月的夏季奧運會感到非常興奮，奧運會本身為我們提供了一個絕佳的機會，可以在跑步界內外建立我們的信譽。

As mentioned, we are planning to open a second store in Paris this time on [Shams LLC]. During the Olympics, our 2 stores will serve as hubs for the running community to connect and move. Many of our athletes have already qualified or been nominated by the respective countries. We expect over 2 dozen on athletes to hit the starting lines across track, triathlon, tennis and of course, the marathon. And we are ready to support them with our fastest, most innovative and most sustainable performance products yet.

如前所述，我們計劃這次在巴黎 [Shams LLC] 開設第二家商店。奧運期間，我們的兩家商店將作為跑步社群聯繫和移動的樞紐。我們的許多運動員已經獲得了各自國家的資格或提名。我們預計將有超過 2 名運動員在田徑、鐵人三項、網球，當然還有馬拉鬆比賽中衝上起跑線。我們已準備好以迄今為止最快、最具創新性和最可持續的性能產品來支持他們。

Until we get there, we will tell the inspiring stories of our athletes on third journeys towards what is for many, the biggest moment in their careers. For [Dominic Global], a review from South Sudan, it is the heartwarming story of a multiyear fight towards the ultimate goal to present Switzerland in Paris this summer and the legal battle to make it possible, which is still going on.

在我們到達那裡之前，我們將講述我們的運動員在第三次旅程中鼓舞人心的故事，這對許多人來說是他們職業生涯中最重要的時刻。對於來自南蘇丹的評論[Dominic Global]來說，這是一個感人的故事，講述了為實現今年夏天在巴黎展示瑞士的最終目標而進行的多年鬥爭以及為實現這一目標而進行的法律鬥爭，目前仍在進行中。

Outside of running, we will also continue to focus on further building On's brand awareness to allow us to reach new highs. To do this, we know we must scale existing and new audiences globally with large brand moments, which includes collaborating and partnering with meaningful individuals in the broader sports and fashion space. One example is our recently announced collaboration with FKA Twigs that Caspar mentioned. And in a few weeks, we will announce a first big global partnership with an individual that will further build our credibility and awareness with our target communities. With everything else, we have planned for the next few months. We are fairly certain the world will be talking about On more than ever before. Regarding our business and financial outlook, we are optimistic and excited about our momentum and pipeline and what is in front of us for the rest of the year.

除了跑步之外，我們還將繼續專注於進一步打造On的品牌知名度，讓我們達到新的高度。為此，我們知道我們必須透過大型品牌時刻擴大全球現有和新受眾的規模，其中包括與更廣泛的體育和時尚領域有意義的個人合作。一個例子是我們最近宣布與 Caspar 提到的 FKA Twigs 合作。幾週後，我們將宣布與個人建立第一個大型全球合作夥伴關係，這將進一步建立我們在目標社群中的信譽和知名度。對於其他一切，我們已經計劃好接下來的幾個月。我們相當肯定，世界將比以往任何時候都更常談論 On。關於我們的業務和財務前景，我們對我們的勢頭和管道以及今年剩餘時間的前景感到樂觀和興奮。

At the same time, we remain prudent in the way we plan for the future, always taking into account the dynamic macroeconomic and consumer environment. The continued high demand for the own brand across the globe and the strong order book for the second half of the year, however, give us a lot of confidence to reiterate our full year constant currency net sales growth rate expectation of at least 30%. Considering the FX movements over the past weeks since our full year reporting, this implies an increase to our reported net sales expectation from CHF 2.25 billion to at least CHF 2.29 billion at current spot rates.

同時，我們對未來的規劃保持審慎，並始終考慮動態的宏觀經濟和消費環境。然而，全球對自有品牌的持續高需求以及下半年強勁的訂單量，讓我們有足夠的信心重申全年按固定匯率計算的淨銷售額增長率至少為 30%。考慮到我們發布全年報告以來過去幾週的匯率走勢，這意味著我們報告的淨銷售預期從 22.5 億瑞士法郎增加到至少 22.9 億瑞士法郎（按當前即期匯率計算）。

As you have also seen in today's release, we are retaining our gross profit margin guidance for 2024 at around 60% and continue to expect an adjusted EBITDA margin for the full year in the range of 16% to 16.5%. -- which remain, we are ready to bring our own fire to Paris and beyond. It will be an exciting summer. We wish all of you a great time and look forward to welcome you back in mid-August for our half year 1 results.

正如您在今天的新聞稿中所看到的，我們將 2024 年毛利率指引維持在 60% 左右，並繼續預計全年調整後 EBITDA 利潤率在 16% 至 16.5% 之間。 ——剩下的，我們準備將我們自己的火焰帶到巴黎及其他地方。這將是一個令人興奮的夏天。我們祝大家度過愉快的時光，並期待在八月中旬歡迎您回來查看我們第一年半的結果。

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

至此，卡斯帕、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 is from the line of Jay Sole with UBS.

（操作員說明）您的第一個問題來自 UBS 的 Jay Sole。

Great. So a lot of great information in the prepared remarks. Could you talk a little bit more about Asia growth. Martin, you mentioned Japan, a lot of momentum in Japan. But what about China and some of the other regions in Asia. Can you just talk about how the brand is building momentum in those other regions?

偉大的。因此，準備好的發言中包含了大量重要資訊。能多談談亞洲的成長嗎？馬丁，你提到了日本，日本的勢頭很大。但中國和亞洲其他一些地區又如何呢？您能談談該品牌如何在其他地區建立勢頭嗎？

Yes. Welcome also from my side. Thank you for the question, Jay. So I think we're very proud that for the first time, we surpassed the 10%. We also stated that we want to bring basically China alone to over 10% over the next years. And we feel we're well on track. So China is going according to plan. We actually just launched a new live streaming studio. It's taking more and more share from our D2C sales as well. So we're really going with the market there and continue to elevate the brand within the digital environment will be at roughly 30 own doors a little bit more by the end of the year. So we're also continuing that expansion well demand is great.

是的。我這邊也歡迎。謝謝你的提問，傑伊。所以我認為我們非常自豪，我們第一次超過了 10%。我們也表示，我們希望在未來幾年內將中國的佔比基本上提高到 10% 以上。我們覺得我們已經步入正軌。所以中國正在按計劃進行。實際上我們剛剛推出了一個新的直播工作室。它也從我們的 D2C 銷售中佔據了越來越多的份額。因此，我們確實會順應那裡的市場，並繼續在數位環境中提升品牌，到今年年底，我們將擁有約 30 家自營店。因此，我們也繼續認為，擴建油井的需求很大。

We're talking with one of the key small partners as well on bringing larger flagship stores. So the first one in China to life, which will be an important milestone for us. We're very happy with what we're seeing in China. Japan is extraordinary. It's well ahead of our expectations, and we see a lot of tourism going into Japan as well, and there is a benefit from the currency and that we're seeing, but not only our own store is doing really well also our wholesale doors and DTC is ahead of the plan. And then also Australia, we're very happy with vested. So Asia Pacific is really a super, super positive picture for us.

我們正在與主要的小合作夥伴之一討論建立更大的旗艦店的問題。這是中國第一個的誕生，這對我們來說將是一個重要的里程碑。我們對在中國所看到的一切感到非常滿意。日本是非凡的。這遠遠超出了我們的預期，我們也看到很多遊客進入日本，我們看到貨幣帶來了好處，但不僅我們自己的商店做得很好，我們的批發門和DTC 提前了計劃。然後還有澳大利亞，我們對既得利益感到非常滿意。所以亞太地區對我們來說確實是一幅超級非常正面的圖景。

Terrific. And if I can ask one more. You mentioned the [Cloud Tilt] has exceeded expectations. Can you just talk about how the product assortment and the sales within the price assortment continues to diversify beyond the cloud and Cloud into other styles. Can you maybe give us an update on where that stands right now.

了不起。如果我可以再問一個。您提到[Cloud Tilt]超出了預期。您能否談談產品種類和價格種類中的銷售如何繼續多樣化，超越雲和雲進入其他風格。能為我們介紹一下目前情況的最新情況嗎？

Yes, happy to jump in here. Look, diversification has been a big game for us for a long time, and we're actually very happy that we are able to diversify our software across categories. But then within category, we're not dependent on a few stats. -- almost to the opposite where we're now actually focusing more on building franchises. I think if you want to be a little bit self-critical, we probably have too many product brands and consumers cannot remember all of them. So that's why we have you for example, in running push-on franchise to run the franchise and the server franchise.

是的，很高興跳到這裡。看，長期以來，多元化一直是我們的一場大遊戲，實際上我們很高興能夠跨類別實現軟體多元化。但在類別內，我們並不依賴一些統計數據。 ——幾乎相反，我們現在實際上更專注於建立特許經營權。我想如果你想稍微自我批評一下的話，我們可能有太多的產品品牌，消費者不可能記得所有的品牌。這就是為什麼我們讓你來運行推送特許經營權來運行特許經營權和伺服器特許經營權。

On the Life side, you mentioned the tilt definitely being blown away by the response. We had an early indication of how good it could be with our live collaboration that focus on that. But if we had more product, we would be definitely able to sell you more of the tilt. With that, on the life as we now have a really balanced portfolio and obviously, Cloudnova and also [Roger] franchise orders stand out to be mentioned...

在生活方面，你提到這種傾斜肯定會被反應所吹散。我們很早就意識到，透過我們專注於這一點的現場合作會有多好。但如果我們有更多的產品，我們肯定能夠向您出售更多傾斜的產品。有了這個，就生活而言，我們現在擁有一個真正平衡的投資組合，顯然，Cloudnova 和 [Roger] 特許經營訂單脫穎而出...

In the interest of taking as many questions as we can today, please limit yourselves to one question.

為了今天能夠回答盡可能多的問題，請限制自己只回答一個問題。

Your next question is from the line of Tom Nikic with Wedbush.

你的下一個問題來自 Tom Nikic 和 Wedbush。

Thanks, everyone. I want to ask about some of the new channels of distribution, Dick's, Foot Locker, JD Sports, et cetera. I know you mentioned Dick's briefly in the prepared remarks, but just how is the brand performing in those new channels with distribution? And can you just give us an update on the door counts for those retailers?

感謝大家。我想詢問一些新的分銷管道，Dick's、Foot Locker、JD Sports 等等。我知道您在準備好的演講中簡要地提到了迪克，但該品牌在這些新的分銷管道中的表現如何？您能否向我們介紹這些零售商的進店數量的最新情況？

Yes. So, I want to basically take discussion to one level higher. So, to give everyone a bit an overview of like how our business is changing. I think what we're seeing is that with those key accounts coming on board that they're playing a more and more important role in our overall sales. And what we're very happy with is that we are able to sell the product that we want to sell in those stores. So, if you look, for example, at DSG, the one product is resonating really, really well. And this is in the end, what's also reflected on the runners count and we already mentioned.

是的。所以，我基本上想將討論提升到更高的層次。因此，讓大家大致了解我們的業務正在如何改變。我認為我們看到的是，隨著這些重要客戶的加入，他們在我們的整體銷售中發揮越來越重要的作用。我們非常高興的是我們能夠在這些商店中銷售我們想要銷售的產品。因此，如果您看看 DSG，您會發現這款產品非常非常好地引起共鳴。最後，這也反映在跑步者人數上，我們已經提到過。

So, we're catering and we're learning to cater more to these bigger doors, where we're performing very well. At the same time, we want to continue to be great partners with the field accounts and with on specialty. And so, we're investing a lot also in warehousing capabilities on being able to fulfill reorders, which is very, very important for those businesses so that we can really have the product in the channel when the consumer wants it. And so, we're right in the process, basically, especially in the U.S., in seeing a little bit of that shift.

所以，我們正在迎合，我們正在學習更多地迎合這些更大的門，我們在這方面表現得非常好。同時，我們希望繼續成為現場客戶和專業領域的優秀合作夥伴。因此，我們也在倉儲能力上投入了大量資金，以便能夠完成再訂購，這對於這些企業來說非常非常重要，這樣我們才能在消費者需要時真正在通路中提供產品。因此，基本上，我們正​​處於這個過程中，特別是在美國，看到了這種轉變的一點點。

Overall, the number is very, very positive. So demand is extremely strong, and that's what you see reflected in the overall number. Now very quickly a number of stores, CSG, we're currently at 220 doors. And by the end of the year, we'll be at 285. We will add those additional 65 doors as part of fall winter 24 with the selling of the new collection.

總體而言，這個數字非常非常正面。因此，需求非常強勁，這就是您在總數中看到的反映。現在，CSG 的門市數量很快就增加了，目前我們的門市數量已達到 220 家。到今年年底，我們的數量將達到 285 扇。

Your next question is from the line of Cristina Fernandez with Telsey Advisory Group.

您的下一個問題來自 Telsey Advisory Group 的 Cristina Fernandez。

I wanted to see if you can talk about how the order books have been trending in the past couple of months since we last book, particularly in the back half. Last call, I think I recall you mentioned that given where the order book trended, there could be upside to the outlook for the year. Is that still the case? Any color there would be helpful.

我想看看你是否可以談談自我們上一本書以來的過去幾個月訂單簿的趨勢如何，特別是在後半部分。上次電話會議，我想我記得您提到過，考慮到訂單簿的趨勢，今年的前景可能會有上行空間。現在還是這樣嗎？任何顏色都會有幫助。

Thanks, Cristina. Let me maybe go a level higher here, but come back to your specific number. So, as we had mentioned in the prepared remarks, we really had a great start into the year and especially our D2C channels have seen really strong growth globally. And at the same time, we were fully in a position to fulfill that demand from a warehouse inventory perspective. If you look at our Q1 results, they also strongly confirm the pillars of growth that we outlined at the Investor Day last year. So, from winning and running to the performance of our own retail stores to apparel. And now over the next months, we expect really big trend moments, and we are super excited about this.

謝謝，克里斯蒂娜。也許讓我更進一步，但回到你的具體數字。因此，正如我們在準備好的發言中提到的那樣，我們今年確實有了一個良好的開端，尤其是我們的 D2C 管道在全球範圍內實現了強勁的成長。同時，從倉庫庫存的角度來看，我們完全有能力滿足這項需求。如果你看一下我們第一季的業績，它們也強烈證實了我們在去年投資者日概述的成長支柱。所以，從獲勝和跑步到我們自己的零售店到服裝的表現。現在，在接下來的幾個月裡，我們期待真正的大趨勢時刻，我們對此感到非常興奮。

So, if we look ahead into the next -- for the rest of the year, then really that big bang in summer is our focus. So really, the month of June, July, August around the Olympics. This is where we will focus on also when it comes to our marketing budget. So, it's less about Q2, Q3. It's really during summer, our goal is to elevate the brand to a new level. If we look at how we started into the second quarter, then that start was good, so that the demand for the brand remains high, Mark was just sharing that. So, across all our different channels. and especially some key styles that also Caspar mentioned earlier, they have a very strong demand, partially even higher than expected. And so, if we now factor in also the transition that we are doing on the warehouse side, this puts us partially also in a challenging position to have the right products at the right customer at the right time. And this is clearly a focus for us in the weeks to come.

因此，如果我們展望今年剩下的時間，那麼夏季的大爆炸才是我們的重點。確實，奧運前後的六月、七月、八月。當涉及到我們的行銷預算時，這也是我們將重點關注的地方。所以，關於第二季、第三季的情況較少。確實在夏季，我們的目標是將品牌提升到一個新的水平。如果我們看看第二季的開始情況，那麼這個開始是好的，因此對該品牌的需求仍然很高，馬克只是分享這一點。因此，在我們所有不同的管道中。尤其是卡斯帕之前提到的一些關鍵款式，它們的需求非常強勁，部分甚至高於預期。因此，如果我們現在也考慮到我們在倉庫方面正在進行的轉型，那麼這也使我們在一定程度上處於一個具有挑戰性的境地，即在正確的時間向正確的客戶提供正確的產品。這顯然是我們未來幾週的重點。

But if we look at our order book for the second half of the year, and that growth is beyond the growth that we have in our guidance. We expect the strong demand to continue to grow and be there. And this is fully behind the guidance that we have given and confirms the strong outlook that is there.

但如果我們看看下半年的訂單簿，就會發現這種成長超出了我們指引中的成長。我們預計強勁的需求將持續成長並持續存在。這完全支持我們給予的指導，並證實了強勁的前景。

Our next question is from the line of Ari Tianello with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Ari Tianello。

I wanted to touch on the Americas region and the strength you saw there in 1Q. Is there any more color you can provide on how Americas performed in terms of the channels? And then is there any change to what you're seeing or just how you're thinking about the Americas compared to a quarter for the rest of the year?

我想談談美洲地區以及您在第一季看到的實力。您能否提供更多有關美洲在通路方面表現的資訊？那麼，與今年剩餘時間的四分之一相比，您所看到的情況或您對美洲的看法是否有任何變化？

So, I think important for is what Marc said in the beginning. -- we are seeing basically a change in how our business in the U.S. is built. And what is the share of key account, what is the share of field accounts? What is the -- the contribution of key accounts also in the online business. And as shared, the demand for the brand across all the different channels remained super high. And this is, I think, the important piece that demand is there. And now we are fully focused on executing in this new environment and to make sure that we bring the right product to the right customer through the right channel with the goal of growing our D2C channel stronger than our wholesale channel, as we outlined this in the Investor Day. But really, we are very confident on what we are seeing in the U.S. and some of the big brand moments that we have planned over the next months, they will further elevate our brand awareness in the U.S., especially...

所以，我認為馬克一開始所說的話很重要。 ——我們看到我們在美國的業務建設方式發生了根本性的變化。關鍵客戶的份額是多少，現場客戶的份額是多少？關鍵客戶對線上業務的貢獻是什麼？正如所分享的那樣，所有不同管道對該品牌的需求仍然非常高。我認為，這就是需求的重要部分。現在，我們完全專注於在這個新環境中執行，並確保我們透過正確的管道向正確的客戶提供正確的產品，目標是使我們的 D2C 管道比批發管道更強大，正如我們在投資者日。但實際上，我們對在美國看到的情況以及我們在未來幾個月計劃的一些大品牌時刻非常有信心，它們將進一步提升我們在美國的品牌知名度，特別是...

Your next question is from the line of Alex Stratton with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Alex Stratton。

This is Taberna on for Alex Dr. Can you first talk about what the cadence of sales was within the quarter? And then any color on trends you saw in April?

這是 Alex 博士的 Taberna 節目。那麼你在四月看到的趨勢有什麼顏色嗎？

Yes, I think we -- so we already elaborated on now in the last 2 commentary on how we're looking at the next couple of months. I really want to reiterate how important summaries for us. I think we're going to -- we're focusing on bringing new partnerships to life focusing on the Olympics a lot. And so we're not -- we're really not running our business on a month-by-month basis. We're running it very long term, and this summer is a very important part of that where we aim to take the brand to a different level. And I think the answer to Q1 is stand the same. I think reporting quarters and months. But basically, we're very happy with how the month has unfolded. It was a good January. It was a great February. It was a great March. So -- and this has resulted in the overall result. It was not skewed towards a certain month or there's no trend or whatever that you could read into those numbers.

是的，我認為我們——所以我們已經在最後兩篇評論中詳細闡述了我們對未來幾個月的看法。我真的想重申總結對我們來說是多麼重要。我認為我們將專注於將新的夥伴關係帶入生活，並專注於奧運。所以我們不是——我們真的不是按月經營我們的業務。我們的營運是長期的，今年夏天是其中非常重要的一部分，我們的目標是將品牌提升到一個不同的水平。我認為第一個問題的答案是一樣的。我認為報告季度和月份。但基本上，我們對這個月的進展感到非常滿意。這是一個美好的一月。那是一個美好的二月。這是一個偉大的三月。所以——這就產生了整體結果。它沒有偏向某個月份，也沒有趨勢或任何您可以從這些數字中解讀的內容。

Your next question is from the line of John Kernan with TD Callon. Cong

您的下一個問題來自 TD Callon 的 John Kernan。叢

Congrats on all the momentum. Just wanted to talk to the gross margin outlook and your gross margin is up about 800 basis points from Q1 2022. How should we think about the gross margin outlook for the remainder of the year? And how is the flow of COGS as we get through into the back half of the year?

祝賀所有的動力。只是想談談毛利率前景，你們的毛利率比 2022 年第一季增加了約 800 個基點。下半年的銷貨成本流向如何？

Yes. Thanks for the question, John. So we were always saying that our business has been operating on our target margin for quite a while already. But that in the past, we had many times, external effects that basically didn't allow us to report that full margin. And I think Q1 is now a further confirmation of that message. And the upside from last year is clearly driven by the strong DTC performance and the higher mix of from the D2C channels that we have in there. At the same time, we mentioned it on the call, we managed our inventory very successfully over the last 12 to 14 months. So we have less impact from debt side, which also had an impact on our Q1 numbers last year. And so our guidance for the full year is to be around 60%. Our long-term goal is to be 60% plus. And I think we show it quarter-over-quarter that we are operating the business on that level. We have a very high share of full price sales. All our channels are contributing massively to the strong margin also our new retail channel. And so this is a validation for the premium position that the brand has.

是的。謝謝你的提問，約翰。因此，我們總是說我們的業務已經按照目標利潤率運作了一段時間了。但在過去，我們多次遇到外部影響，基本上不允許我們報告全額利潤。我認為第一季現在進一步證實了這一訊息。去年的上漲顯然是由強勁的 DTC 表現和我們擁有的 D2C 管道的更高組合推動的。同時，我們在電話中提到，在過去 12 到 14 個月裡，我們非常成功地管理了我們的庫存。因此，我們受到債務方面的影響較小，這也對我們去年第一季的數據產生了影響。因此，我們對全年的指導是 60% 左右。我們的長期目標是達到 60% 以上。我認為我們每個季度都表明我們正在按照這個水平運營業務。我們在全價銷售中佔有非常高的份額。我們所有的通路都為我們的新零售通路的強勁利潤做出了巨大貢獻。因此，這是對該品牌高端地位的驗證。

Our next question is from the line of Michael Binetti with Evercore.

我們的下一個問題來自 Evercore 的 Michael Binetti。

Congrats on a great quarter. Thanks for all the detail on the strategy and the build-out and the long-term outlook. I wanted to ask you, I guess, just one small question on the P&L. Is there any way you can help us size the onetime pullback of apparel you mentioned in the management comments and the accounting for that, was that the contra revenue in the quarter? I'm just curious how to think about that. And then could you speak to some of the things that we saw intra-quarter? There was some more volatility than we're used to in some of the near-term metrics around the distribution center and some questions on that, how the new distribution center is operating? Are there still duplicative costs running in parallel as you continue to ramp that facility? And is there anything you called the normal cost to expedite deliveries early in the year or maybe even if you've seen some instances where you left demand on net in the quarter?

恭喜您度過了一個出色的季度。感謝您提供有關策略、擴建和長期前景的所有詳細資訊。我想，我想問你的只是一個關於損益表的小問題。您有什麼方法可以幫助我們衡量您在管理層評論中提到的服裝的一次性回調以及對此的會計處理，這是本季度的對銷收入嗎？我只是好奇如何思考這個問題。然後您能談談我們在季度內看到的一些事情嗎？配送中心的一些近期指標比我們習慣的波動更大，還有一些問題，新配送中心的運作情況如何？當您繼續擴大設施時，是否仍有重複成本？您是否有任何所謂的正常成本來加快年初的交付，或者即使您已經看到了本季淨需求的一些情況？

Thanks for your questions, Michael. Let me take the first one on apparel. As you all know, Apparel is a huge opportunity for Alan, and we've made great progress. One thing that was holding us back a little bit that our sizing wasn't fully consistent with what other brands were doing in the market. So what we've done now in the first half of the year, and we'll see a little more of that in the second half of the year. We readjusted the sizing and the fit so that it's more consistent and we're able to capture more body types and allow more consumers to come into the on-brand also from the apparel side. And that's been very well received. And with that, we've helped our retail partners to some degree, to exchange not so well fitting product with Grade 5 product. It's already paying off. We're seeing tremendous success, as you've heard in the remarks on our own channels with e-com or our own retail stores where apparel has seen a very large lift seeing lower return rates, and we're seeing some stores delivering 25% of per share. We're very happy about the progress we're making there.

謝謝你的提問，麥可。第一個是關於服裝的。眾所周知，服裝對艾倫來說是一個巨大的機會，我們已經取得了巨大的進步。有一件事讓我們有點阻礙，那就是我們的尺寸與市場上其他品牌的尺寸不完全一致。我們在上半年所做的事情，在下半年我們將會看到更多。我們重新調整了尺寸和版型，使其更加一致，並且能夠捕捉更多體型，並讓更多消費者從服裝方面進入品牌。這很受歡迎。這樣，我們在某種程度上幫助了我們的零售合作夥伴，用 5 級產品交換不太合身的產品。它已經得到了回報。我們看到了巨大的成功，正如您在我們自己的電子商務管道或我們自己的零售店的評論中所聽到的那樣，其中服裝取得了很大的提升，退貨率較低，我們看到一些商店提供了25每股的%。我們對在那裡取得的進展感到非常高興。

Thank you, Caspar. And I think we shared the number in the last quarter, but our prebooks for apparel for the second half of the year are up more than 100%. So, this also gives us a lot of confidence into the future product that's coming and how our retail partners are responding to on the warehouse side, I think the big change we're really going through is the automation of the Atlanta warehouse, which is an ongoing project. So, we're very happy that we were able to move into the new warehouse.

謝謝你，卡斯帕。我認為我們在上個季度分享了這個數字，但我們下半年的服裝預訂量增加了 100% 以上。因此，這也讓我們對即將推出的未來產品以及我們的零售合作夥伴在倉庫方面的反應充滿信心，我認為我們真正經歷的重大變化是亞特蘭大倉庫的自動化，一個正在進行的項目。所以，我們很高興能夠搬進新倉庫。

So, the double count of the facility is slowly ramping down. At the same time, we're now running a huge business out of one warehouse and automating the same warehouse. So, this poses a huge challenge to the team, which they're mastering very well. Otherwise, we wouldn't have been able to exceed or to show you the numbers that we're showing for Q1. And luckily, we have a great partner at the U.S. West Coast as well, and so we're balancing some of the order book with LAX. And so I think this is an ongoing process that's happening.

因此，該設施的重複計數正在慢慢減少。同時，我們現在正在一個倉庫中運作一項龐大的業務，並實現同一個倉庫的自動化。因此，這對團隊來說是一個巨大的挑戰，而他們已經很好地掌握了這一點。否則，我們將無法超過或向您展示我們在第一季顯示的數字。幸運的是，我們在美國西海岸也有一個很好的合作夥伴，因此我們正在與洛杉磯國際機場平衡一些訂單。所以我認為這是一個持續發生的過程。

On the gross margin, Martin said I, we're quite happy. There's not a lot of extraordinary impact there. What might happen is that the product demand that you're seeing that is very, very strong that we're trying to fulfill in the future might lead to a little bit of air freight, but nothing hugely that we're expecting there. And I think outside of the U.S., the warehouses are running very stable and happy where we are.

馬丁說，就毛利率而言，我們相當滿意。那裡沒有太多非凡的影響。可能發生的情況是，您所看到的我們未來試圖滿足的非常非常強勁的產品需求可能會導致一點點空運，但不會是我們所期望的那樣巨大。我認為在美國以外，我們所在的倉庫運作得非常穩定和愉快。

Our next question is from the line of Ashley Owens with KeyBanc Capital Markets.

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

So with new products and overall heavier release cadence in 1Q, you touched on some of the bigger wholesale partners. But can you just talk about any progress you're seeing within Rent Specialty? And then to focus back on Tilt for a second, I think there's 3 colorways in men and green women's. Just any plans to capitalize on the better-than-expected performance there.

因此，隨著第一季的新產品和整體發布節奏加快，您接觸到了一些較大的批發合作夥伴。但您能談談您在 Rent Specialty 中看到的任何進展嗎？然後再回到 Tilt 上來，我認為男款和女款有 3 種配色。只是任何利用那裡好於預期的表現的計劃。

The second... Yes. So I mean, luckily, you have more colorways available and together with the Love collaboration. And so if you want to upgrade your current cloud tilting to 1, and we highly appreciate it. And we will extend Antolini if you look at how we launched product in the past. We always launched with a set of colors and then went deeper into the color options as the product gained momentum to also manage our STUs. So also definitely more color options that we're trying to bring. And then on round specialty and on the field accounts, I think, again, also going back to some of the comments.

第二個……是的。所以我的意思是，幸運的是，你有更多的配色可供選擇，還有 Love 合作。因此，如果您想將當前的雲端傾斜升級到 1，我們非常感激。如果您看看我們過去如何推出產品，我們將擴展安托里尼。我們總是推出一組顏色，然後隨著產品獲得管理我們的 STU 的動力而深入研究顏色選項。因此，我們肯定會嘗試提供更多顏色選擇。然後，關於圓形專業和現場帳戶，我想，再次回到一些評論。

When you look at those accounts, reorders and fill-ins are very, very important, which is a bit different to how key accounts are operating. And we are right now in the process of really expanding and the capabilities to be able to fulfill those advance orders very, very quickly. And so that is definitely a challenge in Q1. And the reason why we need to do that is because demand is there. So, we see that the cloud monster specifically is resonating really well. So, the counter franchise grew over 30% with both products combined in on specialty. And we're seeing that we, as a brand, are continuing to gain share within unspecialty overall. Kasper already mentioned that. We see that other brands are investing a lot into the channel, which is great. I feel the channel is important to us, and we want to continue to elevate it. And we continue to deliver amazing innovation as its own Helen Sweden, and we're confident this will continue to allow us to perform well in the channel.

當你查看這些帳戶時，會發現重新排序和填寫非常非常重要，這與關鍵帳​​戶的運作方式有點不同。我們現在正處於真正擴張的過程中，我們的能力能夠非常非常快地履行這些提前訂單。因此，這絕對是第一季的挑戰。我們之所以需要這樣做，是因為需求是存在的。所以，我們看到雲怪特別引起了很好的共鳴。因此，櫃檯特許經營權增長了 30% 以上，這兩種產品在專業上相結合。我們看到，作為一個品牌，我們在非專業領域的整體份額正在繼續擴大。卡斯帕已經提到這一點。我們看到其他品牌正在對該管道進行大量投資，這很棒。我覺得這個管道對我們很重要，我們希望繼續提升它。我們作為自己的海倫瑞典繼續提供驚人的創新，我們相信這將繼續讓我們在管道中表現出色。

next question is from the line of Jonathan Komp with Baird.

下一個問題來自喬納森·康普（Jonathan Komp）和貝爾德（Baird）的線路。

Just 2 questions, Martin, if I could just ask any more color on how you're planning really as you finish Q2 and then into the second half, given you are assuming some revenue acceleration from the first quarter, and you called out a dynamic environment. So just any more color on your planning there. And then maybe Caspar more broadly. This is the first time you're engaging nonsports brand ambassadors. So just could you give more color on the strategy there? Any thoughts on how you see that developing over time? And then your existing partnerships with Roger and others, any changes in the nature of those relationships or how you view some of the longer-standing brand ambassador relationships?

馬丁，只有兩個問題，考慮到您假設第一季的收入有所加速，並且您提出了動態，那麼我是否可以再問一下您在完成第二季度和下半年時的實際計劃？所以，你的計畫中需要更多的色彩。然後也許卡斯帕更廣泛。這是您第一次聘請非運動品牌大使。那麼您能否為該策略提供更多色彩？您對隨著時間的推移如何看待這種發展有什麼想法嗎？然後，您與羅傑和其他人的現有合作關係，這些關係的性質有何變化，或者您如何看待一些長期存在的品牌大使關係？

Thanks, John. So -- as mentioned, our focus is on the months around the Olympics. This is also where we allocate the strongest part of the marketing budget. So clearly, also when it comes to the performance of our e-com business, this is where we will fuel that performance the strongest. And so rather holding a little bit back before to really optimize the moment that we expect to have out of the great things that we are about to speak about. And at the same time, as I mentioned, the order book in our -- with our wholesale partners is very strong, and we have great product launches still to come for the second half of the year and also for the rest of this quarter. And so, this will be delivered as normal. And so, this is driving the acceleration. We mentioned some of the impacts that hindered us to show a stronger growth rate in the first quarter or the stronger base that was there from last year. And so, this gives us the confidence that at least 30% guidance is basically the right one seeing where the demand is at the moment.

謝謝，約翰。因此，正如前面提到的，我們的重點是奧運前後的幾個月。這也是我們分配行銷預算中最大部分的地方。很明顯，當談到我們的電子商務業務的表現時，這也是我們將推動其表現最強勁的地方。因此，在我們即將談論的偉大事物中，最好先保留一點，以真正優化我們期望擁有的時刻。同時，正如我所提到的，我們與批發合作夥伴的訂單非常強勁，我們在今年下半年和本季剩餘時間內仍將推出精彩的產品。因此，這將照常交付。因此，這正在推動加速。我們提到了一些阻礙我們在第一季表現出更強勁的成長率或比去年更強勁的基礎的影響。因此，這讓我們相信至少 30% 的指導基本上是正確的，考慮到目前的需求情況。

(inaudible) John, happy to comment on the celebrity endorsement question. We really feel that the rules of engagement have changed between brands and celebrities. As we've shown with the Roche partnership that we set up as a multi-decade partnership -- the consumers are really asking why. It's not just marketing, what's the deeper collaboration. So that's -- that's how we're looking for in partners. Now we don't feel that our playing field should just be sports. There's other influences in culture and FK tweaks as both as an artist. She's a performer. She's a singer, she's a denser. She's currently fit person. We feel it is a great match for the brand, and we will use her to gain further ground into the training space. And those kind of partnerships is definitely something that you might see more of from on in the future.

（聽不清楚）約翰，很高興評論名人代言問題。我們確實感覺到品牌和名人之間的互動規則已經改變了。正如我們與羅氏合作夥伴關係所展示的那樣，我們建立了長達數十年的合作關係——消費者確實在問為什麼。這不僅是行銷，還有更深層的合作。這就是我們尋找合作夥伴的方式。現在我們不認為我們的比賽場地應該只是體育運動。作為藝術家，文化和 FK 調整還有其他影響。她是一名表演者。她是一名歌手，她是一個更密集的人。她目前是個健康的人。我們認為這與該品牌非常匹配，我們將利用她在培訓領域取得進一步的進展。未來您可能會看到更多此類合作夥伴關係。

Then to answer your third question in one question, and thank you for asking the question. Very important for us and I think also for this call. So the partnership between Roger and Don is extremely long term, and we are very, very happy in how it's shaping up. And the Roger franchise has grown over 45% this quarter. So we're seeing that the partnership is working from a product perspective. Water spent a lot of time here and he's very, very committed to it. Then at the same time, the partnership is very important for how we shape Tennis and how we can use tennis to influence the all-day appearance of the brand as well. And you're all experiencing the successes of [Ege and BeNe] wouldn't be possible without [Roger] and tomorrow. We'll basically release the next set of athletes together with Roger. And you'll see that many of those athletes are still in the very, very early stages of their career. So this shows again that we're really in this for the long run.

然後回答你的第三個問題，謝謝你提出這個問題。對我們來說非常重要，我想對於這次電話會議也很重要。因此，羅傑和唐之間的合作關係是非常長期的，我們對它的發展感到非常非常高興。 Roger 特許經營權本季成長超過 45%。因此，我們看到這種合作關係是從產品的角度進行的。沃特在這裡度過了很多時間，他對此非常非常投入。同時，這種合作關係對於我們如何塑造網球以及我們如何利用網球來影響品牌的全天外觀非常重要。你們都正在經歷 [Ege 和 BeNe] 的成功，沒有 [Roger] 和明天，這是不可能的。我們基本上會和羅傑一起發布下一組運動員。你會發現其中許多運動員仍處於職業生涯的非常非常早期的階段。因此，這再次表明，從長遠來看，我們確實在做這件事。

So we're very happy that Roger committed for the long run. You all know that we cannot comment on short-term share sales speculation for anyone, but we're super, super happy with where we are, and Roger is super committed to...

所以我們很高興羅傑致力於長期發展。你們都知道，我們不能對任何人的短期股票銷售猜測發表評論，但我們對我們的現狀非常非常滿意，羅傑非常致力於...

Your next question is from the line of Anna Andreeva with Needham.

你的下一個問題來自安娜·安德烈耶娃（Anna Andreeva）和李約瑟（Needham）的對話。

Congrats on a nice quarter, and thanks for all the color so far. We just had a quick follow-up on wholesale. I came in a little bit above expectations despite the door closures during the quarter. What was the sales impact from the door closures? Did that come in in line with plan? And just curious, are you seeing sales transfer elsewhere from that? And just remind us how should we think about this impact to the second quarter?

恭喜您度過了一個美好的季度，並感謝迄今為止的所有色彩。我們剛剛對批發進行了快速跟進。儘管本季大門關閉，但我的表現還是略高於預期。關門對銷售有何影響？這符合計畫嗎？只是好奇，您是否看到銷售轉移到其他地方？請提醒我們如何看待這對第二季的影響？

Yes. So, the impact overall over the full year of the door closures in EMEA is roughly 10% as also stated in the last earnings call. It's a bit heavier in Q1 and Q3 as those are kind of the larger selling months and portfolio accounts. So, it's ever in Q1. So, it was a bit higher than 10% of the wholesale volumes, and this is important the 10% is always the wholesale volume in EMEA and not the overall one. So, it's a bit heavier in Q1 will be a bit heavier in Q3 and then kind of slightly below 10% in Q2 and then way more down in Q4. So, this in Q4, totally in line with expectations. And what we're clearly seeing is we are able to continue to build on as a performance brand in the channel that are serving a performance consumer.

是的。因此，正如上次財報電話會議中所述，歐洲、中東和非洲地區關閉全年的整體影響約為 10%。第一季和第三季的銷售量要重一些，因為這些月份和投資組合帳戶的銷售量較大。所以，它一直在第一季。因此，它略高於批發量的 10%，這一點很重要，10% 始終是 EMEA 的批發量，而不是整體批發量。因此，第一季的比重會重一些，第三季的比重也會重一些，然後在第二季略低於 10%，然後在第四季下降更多。所以，第四季的情況完全符合預期。我們清楚地看到，我們能夠繼續在服務高性能消費者的管道中發展為高性能品牌。

We're also able to bring in even younger consumers into the brand. So, we started a partnership with Sports Direct in Europe to cater to that younger athlete, and that's working very, very well. So, for example, we were the #1 running brand when we launched a brand at the London Oxford Street store of Sports Direct, and we're continuing to see on amongst the top 2 or top 3 brands in the doors where we're in. And then we also launched with Zalando. So in Europe, we also already spoke about that in the prepared remarks. And we're seeing very clearly that our own channel is profiting from some of the sales that are not available anymore in some of the comforters...

我們也能夠吸引更年輕的消費者加入該品牌。因此，我們與歐洲的 Sports Direct 建立了合作夥伴關係，以迎合年輕運動員的需求，效果非常非常好。例如，當我們在 Sports Direct 的倫敦牛津街店推出一個品牌時，我們是排名第一的跑步品牌，並且我們繼續在我們所在的門市中看到排名前 2 或排名前 3 的品牌。推出了Zalando。因此，在歐洲，我們也已經在準備好的發言中談到了這一點。我們非常清楚地看到，我們自己的管道正在從一些被子不再提供的銷售中獲利...

Your next question is from the line of Janine Stichter with BTIG.

您的下一個問題來自 BTIG 的 Janine Stichter。

I want to ask about the store format. I think you opened a larger store for that earlier this year in Portland. I just want to know what in the learnings were on that and if there's anything there that you're seeing that will incorporate your future openings?

我想問一下商店的格式。我想你今年早些時候在波特蘭為此開設了一家更大的商店。我只是想知道這方面的學習內容以及您所看到的內容是否會包含您未來的職缺？

Thank you, -- and we're super excited about the Portland [mStore] launch, which was a relocation from a smaller store that we had into a 315 square meter front of house store. So, this is not the largest format that we have. So, for example, London is bigger, but then also our Paris store will be bigger. Milano will open this year with roughly 500 square meters. So, what it means is, basically, we're looking at 3 different store types. We've got flagship stores, so you can look at Milano there. New York [Flatiron] will open. You have Chandeliers those are the largest formats, then we got kind of medium-sized format. So, for example, [perisizramab] would be one Austin is one that's opening. Miami is one.

謝謝，-- 我們對波特蘭 [mStore] 的推出感到非常興奮，這是我們從一家較小的商店搬遷到 315 平方米的店面商店。所以，這不是我們擁有的最大格式。例如，倫敦更大，但我們的巴黎商店也會更大。 Milano將於今年開業，面積約500平方公尺。所以，這基本上意味著我們正在研究 3 種不同的商店類型。我們有旗艦店，所以你可以在那裡看看 Milano。紐約[熨斗]將開幕。枝形吊燈是最大的規格，然後我們有中等尺寸的規格。例如，[perisizramab] 將是奧斯汀正在開業的一個。邁阿密就是其中之一。

And then you have the smaller formats, which are mainly relevant in China. What we're seeing is that larger formats work well for on. They work well when they're in high street locations because we can also attract tourists. And so that's, for example, one reason why Japan is working very, very well as well. And then we're also seeing that in order to bring apparel to life, we need larger stores. So the collection is growing, and we need to be able to bring the zoning to life that we have in the stores according to the sports activity. So this is a change that's happening. This is a change that we're already seeing in Portland, and that's working very well. So we're very happy with the store opening and how own retail is trending...

然後是較小的格式，主要與中國相關。我們看到的是，較大的格式非常適合 on。當它們位於大街位置時效果很好，因為我們也可以吸引遊客。例如，這就是日本運作得非常非常好的原因之一。然後我們也發現，為了讓服裝變得栩栩如生，我們需要更大的商店。因此，產品系列正在不斷增長，我們需要能夠根據體育活動將商店中的分區帶入生活。所以這是正在發生的變化。這是我們在波特蘭已經看到的變化，而且效果非常好。因此，我們對商店的開業以及自營零售的趨勢感到非常滿意...

Your next question is from the line of Joseph Civello with Truist Securities.

您的下一個問題來自 Truist Securities 的 Joseph Civello。

Just wanted to follow up on the earlier questions on the Americas business trends in 2Q. Is there any more color you can give on the D2C side specifically? And are you seeing any impacts to your D2C business as your wholesale segmentation kind of continues to evolve...

只是想跟進之前有關第二季美洲業務趨勢的問題。 D2C方面還有什麼具體的可以提供的顏色嗎？隨著您的批發細分類型的不斷發展，您是否看到對您的 D2C 業務產生任何影響？

Yes. Just reiterating what we said. Important is that the demand for the brand remains high in the geography because this allows us to use our channels in the right way and to make sure that they serve the customer in the best possible way, while at the same time, we are driving also the highest margin for out of this combined with a durable growth. And so that stays high. I mentioned we are holding back on some of the digital spendings in the beginning of the quarter to really make use of the summer then, but demand is strong. And it's absolutely the right decision that we took over the last 2 years to expand into those key accounts they significantly elevated the brand in the region. They allow us to reach the right customers. They are selling the right products. And in the end, there is a mutual benefit for both channels. So, our retail, our e-com is supporting the wholesale channel and the other way around. So, we really believe in the strength of this multichannel business model that we are having...

是的。只是重申我們說的話。重要的是，該地區對品牌的需求仍然很高，因為這使我們能夠以正確的方式使用我們的管道，並確保他們以盡可能最好的方式為客戶服務，同時，我們也在推動其中最高的利潤率與持久的成長相結合。所以這個數字仍然很高。我提到過，我們在本季初抑制了一些數位支出，以便真正利用夏季，但需求強勁。我們在過去兩年中所做的擴張到那些重要客戶的決定絕對是正確的，他們顯著提升了該地區的品牌。它們使我們能夠接觸到合適的客戶。他們正在銷售正確的產品。最終，這兩個管道都是互惠互利的。因此，我們的零售、電子商務正在支援批發管道，反之亦然。因此，我們確實相信我們所擁有的這種多通路業務模式的優勢...

Your next question is from the line of Dylan Carden with William Blair.

你的下一個問題來自迪倫·卡登和威廉·布萊爾。

I'm just curious if there's any thought of the need to hedge currency. And if you could remind us what fluctuations in the U.S. dollar to Swiss franc, how that flows through to gross margin, in particular, given that I think your cost of goods is primarily denominated in dollars. And then -- sorry, just in the interest of sort of setting expectations appropriately, -- any way to quantify or speak to the big bang, you just kind of called out as a big thing, but the lift that you're expecting in around the Olympics as it's embedded in guidance?

我只是好奇是否有任何想法需要對沖貨幣。如果您能提醒我們美元兌瑞士法郎的波動情況，特別是考慮到您的商品成本主要以美元計價，這種波動如何影響毛利率。然後——抱歉，只是為了適當地設定期望——任何量化或談論大爆炸的方式，你只是稱之為一件大事，但你所期望的提升圍繞奧運會作為指導方針？

The big bang is only a big bang if we don't talk about it before. So, we keep this secret. The hedging is something that we'll be looking into. So, I think we still have room to optimize the way we are handling our different currency flows and also optimize the impact and transparency on the impact there on our financial results. But this is why we are now including constant currency also in our official filings, which makes it easier to understand. We think that the impact is most relevant on our net sales growth because this is where we see the strongest impact from just the high share of U.S. dollar business that we are having. It's already much more naturally hedged when it comes to gross profit and EBITDA. So, for example, on gross profit, the FX impact in the quarter was only 0.1%. So very marginal and a similar picture on EBITDA. But of course, when it comes to the balance sheet impact, this is where we can optimize our hedging policy in the future.

如果我們之前不討論的話，大爆炸就只是大爆炸。所以，我們保守這個秘密。對沖是我們將要研究的問題。因此，我認為我們仍有空間優化我們處理不同貨幣流動的方式，並優化對我們財務表現的影響和透明度。但這就是為什麼我們現在也在我們的官方文件中包含不變貨幣，這使得它更容易理解。我們認為，這種影響與我們的淨銷售額成長最為相關，因為我們所擁有的美元業務的高份額所產生的影響最為強烈。當涉及到毛利和 EBITDA 時，它已經更自然地對沖了。例如，就毛利而言，本季外匯影響僅 0.1%。 EBITDA 的情況非常邊緣且相似。但當然，當談到對資產負債表的影響時，這是我們未來可以優化對沖政策的地方。

Your next question is from the line of Adrian with Barclays.

你的下一個問題來自巴克萊銀行的阿德里安。

Congratulations on a great start to the quarter. My question is on inventory. It's extremely clean and lean, and that's great. We love to see that. But really, my question is how reliable and stable is sort of the global supply chain? And how confident are you in taste capacity for the back half of the year and potentially any impact of the big bang? And then kind of my follow-on to that really is, can you just talk about generally the evolution and the diversification of your supply chain as you expand into other categories like apparel...

恭喜本季取得良好開局。我的問題是關於庫存的。它非常乾淨和精簡，這很棒。我們很高興看到這一點。但實際上，我的問題是全球供應鏈的可靠性和穩定性如何？您對今年下半年的品味能力以及大爆炸的潛在影響有多大信心？然後我的後續內容實際上是，當您擴展到服裝等其他類別時，您是否可以大致談談供應鏈的演變和多元化...

Okay. Thank you. So, to take the big bank question first. I just received videos of leaving the product for the product and for the big bank leading the factories yesterday. So, I think the supply chain is definitely ready for it. But hey, I think what's -- we plan our supply chain for obviously, the marketing activations that we have throughout the year and for the guidance that we're giving you. And there's absolutely no disruption right now, except you're all aware of some detours that some ships need to take that adds 1 or 2 weeks into the supply chain. But other than that, it's very stable. We're happy with where we are from a factory output perspective. So, we're very confident that we'll have enough product and to satisfy the demand that is underpinning and the guidance that we're giving. What we're definitely trying to chase into is, and we spoke about that as think we see higher-than-expected demand into certain products and into certain colors. So we're trying to capture that and bring that into the market by Q3.

好的。謝謝。因此，首先考慮大銀行問題。昨天我剛收到了為產品和領導工廠的大銀行留下產品的影片。所以，我認為供應鏈肯定已經準備好了。但是，嘿，我認為，我們顯然是根據全年的營銷活動以及我們為您提供的指導來規劃我們的供應鏈的。現在絕對沒有中斷，除非你們都知道有些船舶需要繞道而行，這會增加供應鏈的 1 到 2 週時間。但除此之外，它非常穩定。從工廠產量的角度來看，我們對目前的狀況感到滿意。因此，我們非常有信心我們將擁有足夠的產品並滿足支撐的需求和我們提供的指導。我們肯定要努力追求的是，​​我們談到這一點是因為我們認為某些產品和某些顏色的需求高於預期。因此，我們正在努力抓住這一點，並在第三季將其推向市場。

So, there's always a little bit time lag for that to happen. And then we explained in the LRP that we want to bring apparel to over 10% of the business. And we're really trying to establish the supply chain or we have established a supply chain with factory partners that are able to bring the items that we want in the different categories to the market on time. And so, we're quite confident there. And we're also really looking forward to be able to talk more about innovation that [Helenobiri] was varying and when she was running Boston. So, we'll talk about more about that around the Olympics, and we feel this can have quite an important impact on how we look at creating products for the future...

因此，這一切的發生總是有一點時間延遲。然後我們在 LRP 中解釋說，我們希望將服裝業務引入超過 10% 的業務。我們確實在努力建立供應鏈，或者我們已經與工廠合作夥伴建立了供應鏈，能夠將我們想要的不同類別的產品按時推向市場。因此，我們對此非常有信心。我們也非常期待能夠多談 [Helenobiri] 所改變的創新以及她在管理波士頓時的創新。因此，我們將更多地圍繞奧運會進行討論，我們認為這會對我們如何看待未來創造產品產生相當重要的影響...

Today's final question will come from the line of Sam Poser with Williams Trading.

今天的最後一個問題將來自 Williams Trading 的 Sam Poser。

I guess I just have a couple of follow-ups. One, the whole -- can you give us what the wholesale growth by region was? Number two, can you also talk about sort of the Europe trend less the -- if the demand is so great, why is the impact of the store closures as great as it is, given that if the demand is sort of doesn't change when you close accounts, those sales should just move to other places. How do you think about that?

我想我只有幾個後續行動。第一，整體－你能告訴我們按地區劃分的批發增長是多少嗎？第二，您能否也談談歐洲的趨勢——如果需求如此之大，那麼為什麼商店關閉的影響如此之大，因為如果需求沒有改變的話當你關閉帳戶時，這些銷售應該轉移到其他地方。您對此有何看法？

Yes. So, we cannot break down the channels into the different regions. But very clearly, in Europe, we have the impact from the store closures. What we also see in Europe, and we spoke about this on the last call already, is the challenging environment that we see with some key account partners in Central Europe around the bankruptcy of the [Sika Group]. So, change like Spot Check and cashout that are heavily impacted there with a high level of uncertainty, certain store closures that are confirmed. So that clearly impacts us, it impacts the customer. And so therefore, basically, the network there to fulfill the demand is weaker in wholesale, and this is also why we see a very strong acceleration of our D2C business in that region. And at the same time, looking more into Western Europe and Southern Europe, so Italy, Spain, France, U.K. there we see really strong growth rates across both channels. So, we have a functional system of wholesale partners and our D2C outlets in order to capture that demand...

是的。所以，我們不能把渠道分解到不同的區域。但很明顯，在歐洲，我們受到了商店關閉的影響。我們在歐洲也看到，我們在上次電話會議中已經談到了這一點，那就是我們在中歐的一些大客戶合作夥伴中看到了圍繞[西卡集團]破產而面臨的充滿挑戰的環境。因此，諸如抽查和現金支付之類的變化受到了嚴重影響，具有高度的不確定性，某些商店的關閉已得到確認。因此，這顯然會影響我們，也會影響客戶。因此，基本上，那裡滿足批發需求的網路較弱，這也是我們看到該地區 D2C 業務強勁加速的原因。同時，更關注西歐和南歐，例如義大利、西班牙、法國、英國，我們看到這兩個管道的成長率都非常強勁。因此，我們擁有一個由批發合作夥伴和 D2C 網點組成的功能係統，以抓住這種需求...

Thank you all for joining the -- on Holding AG First Quarter 2024 Results Conference Call. Thank you for joining me. You may now disconnect. And we are clear on the speaker line. Thank you all so much.

感謝大家參加 Holding AG 2024 年第一季業績電話會議。謝謝你加入我。您現在可以斷開連線。我們對揚聲器線路很清楚。非常感謝大家。