Rocky Brands Inc (RCKY) 2025 Q3 法說會逐字稿

Good afternoon ladies and gentlemen and thank you for standing by. Welcome to the Rocky Brands third quarter 2025 earnings conference call. [Operator Instructions]

女士們、先生們，下午好，感謝各位的耐心等待。歡迎參加 Rocky Brands 2025 年第三季財報電話會議。[操作說明]

I will now turn the conference over to Cody McAllister of ICR.

現在我將把會議交給 ICR 的 Cody McAllister 主持。

Thank you and thanks to everyone joining us today.

謝謝大家，也謝謝今天所有到場的朋友們。

Before we begin, please note that today's, including the Q&A period, may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.

在開始之前，請注意，今天的會議（包括問答環節）可能包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。

Such statements are based on information and assumptions available at this time and are subject to changes, risks, and uncertainties, which may cause actual results to differ materially.

此類聲明是基於目前可獲得的資訊和假設，但可能會受到變化、風險和不確定性的影響，這些因素可能導致實際結果與預期結果有重大差異。

We assume no obligation to update such statements. For a complete discussion of the risks and uncertainties, please refer to today's press release and our reports filed with the Securities and Exchange Commission, including our 10-K for the year ended December 31, 2024.

我們不承擔更新此類聲明的義務。有關風險和不確定性的完整討論，請參閱今天的新聞稿以及我們向美國證券交易委員會提交的報告，包括截至 2024 年 12 月 31 日止年度的 10-K 報告。

And I'll now turn the conference over to Jason S. Brooks; Chief Executive Officer of Rocky Brands.

現在我將把會議交給洛基品牌執行長傑森·S·布魯克斯。

Thank you, Cody.

謝謝你，科迪。

With me on today's call is Tom Robertson, our chief operating and Chief Financial Officer. After our prepared remarks, we'll take your questions.

今天和我一起參加電話會議的還有我們的營運長兼財務長湯姆羅伯森。在我們發言完畢後，我們將回答大家的問題。

Overall, we are pleased with our third quarter results in light of what remains a difficult and dynamic operating environment. Sales for the quarter increased 7%. Gross margins were up 210 basis points. We delivered adjusted diluted EPS of USD1.03 a 34% increases versus our Q3 last year.

總體而言，考慮到當前仍然艱難多變的經營環境，我們對第三季的業績感到滿意。本季銷售額成長7%。毛利率上升了210個基點。我們實現了經調整後的稀釋每股收益 1.03 美元，比去年第三季成長了 34%。

Our teams have done a great job at navigating higher tariffs imposed by the US on most trade partners, especially countries that count for the majority of global footwear production.

我們的團隊在應對美國對大多數貿易夥伴（尤其是全球鞋類生產主要產區的國家）徵收的更高關稅方面做得非常出色。

We've moved quickly to diversify our sourcing base, including adding new Asian-based manufacturing partners outside of China and Vietnam, as well as leveraging our own facilities in the Dominican Republic and Puerto Rico.

我們迅速採取行動，使我們的採購基礎多元化，包括在中國和越南以外增加新的亞洲製造合作夥伴，以及利用我們在多明尼加共和國和波多黎各的自有設施。

These actions, along with price increases and strong demand for our brands, should help mitigate the impact of the higher tariffs as they start to hit our P&L more meaningfully in the fourth quarter and next year.

這些措施，加上價格上漲和對我們品牌的強勁需求，應該有助於減輕關稅上漲的影響，因為關稅上漲將在第四季和明年對我們的損益表產生更顯著的影響。

We are still ramping up production with our new partners, which has resulted in some delayed shipments. However, we are confident that we'll start 2026 with our supply chain in a position of full cap capture demand.

我們仍在與新合作夥伴一起提高產量，這導致部分貨物的發貨延遲。但是，我們有信心在 2026 年初，我們的供應鏈將能夠完全滿足市場需求。

Tom will share more about our sourcing structure later in the call, but at first, I'll review the drivers of our third quarter performance by brand.

Tom 將在稍後的電話會議中分享更多關於我們採購結構的信息，但首先，我將按品牌回顧我們第三季度業績的驅動因素。

Starting with Extra tough, the brain continued its exceptional momentum, delivering strong growth that significantly outpaced last year. US wholesale stood out in the quarter, increasing double-digits, while Extratough.com also posted double-digit growth compared with Q3 last year.

從「特強」開始，大腦繼續保持著卓越的成長勢頭，實現了強勁的成長，比去年成長速度顯著加快。本季美國批發業務表現突出，實現了兩位數成長，而 Extratough.com 與去年第三季相比也實現了兩位數成長。

From a product standpoint, our Legacy six-inch ankle duck boot, particularly the duck camo version, was once again the top performer and within the category, ADB Sports was the best performing collection.

從產品角度來看，我們的 Legacy 六英寸踝靴，特別是鴨子迷彩版本，再次成為表現最佳的產品；在該類別中，ADB Sports 是表現最好的系列。

Camo continues to be in high demand across our men's, women's, and kids' offerings, demonstrating strong consumer performance for these designs.

迷彩圖案在我們男裝、女裝和童裝系列中持續受到高度歡迎，這表明這些設計在消費者中表現出色。

We were encouraged that the strong sell-through was broad-based with notable gains coming from big box sporting goods stores, traditional coastal retailers, pure play e-commerce retailers, and online marketplace.

我們感到鼓舞的是，強勁的銷售勢頭是廣泛存在的，其中大型體育用品商店、傳統沿海零售商、純電子商務零售商和線上市場都取得了顯著的成長。

We are excited about the extra tough prospects for the fourth quarter, and with the launch of our cold weather collection, a Sesame Street collaboration for holiday at retail and online, plus several exciting extra tough.com exclusives.

我們對第四季格外嚴峻的情況感到興奮，我們將推出禦寒系列產品，與芝麻街合作推出假日零售和線上系列產品，以及幾款令人興奮的 extra tough.com 獨家產品。

Turning to muck. Coming off one of the strongest Q2 in years, the brand continued its positive trajectory in Q3, despite less favorable weather compared with a year ago period.

變成泥漿。繼多年來表現最強勁的第二季度之後，儘管天氣不如去年同期有利，該品牌在第三季度仍繼續保持積極的成長勢頭。

Improved inventory positions, particularly in bestselling chore styles, combined with initial deliveries of our successful bone collector collaboration in the hunting channel, fueled double-digit growth in our US wholesale business and meaningfully higher in our marketplace volumes.

庫存狀況的改善，尤其是在暢銷家務服款式方面，再加上我們在狩獵渠道成功推出的骨骼收藏家合作款的初步交付，推動了我們美國批發業務的兩位數增長，以及市場交易量的顯著提高。

Also adding much performance and brand awareness was a highly successful feature on Good Morning America's Deals and Steels event over Labor Day weekend. Our women's business continues to be strong performance, led by the Muxster two Chicken Print series, while men's also had notable success in several regions.

此外，在勞動節週末期間，《早安美國》的「交易與鋼鐵」活動中的專題報導也取得了巨大成功，大大提升了公司業績和品牌知名度。我們的女裝業務持續保持強勁勢頭，其中 Muxster two Chicken Print 系列表現尤為突出；同時，男裝業務在多個地區也取得了顯著成功。

In terms of the channels, new product expansion fueled growth in the hardware stores, while our farm and ranch segments saw solid growth with multiple key retailers. As we anticipated, Durango's sales were down year over year in Q3 as some key accounts pulled forward orders into Q2 ahead of the planned price increase we took to help offset higher tariffs.

從通路方面來看，新產品的擴張推動了五金商店的成長，而我們的農場和牧場部門則與多家主要零售商實現了穩健成長。正如我們預期的那樣，由於一些主要客戶將提前訂單提前到第二季度，Durango 第三季度的銷售額同比下降，因為我們計劃提價以抵消更高的關稅。

This was particularly offset by the consistent and steady growth Durango has experienced throughout this year in our farm and ranch accounts.

今年以來，Durango 在農場和牧場業務方面持續穩定成長，這在一定程度上抵消了上述不利影響。

Product highlights include Durango Shiloh series, which continues to gain traction with consumers thanks to the great styling, great quality, and attractive price point. Our Legacy revel series continue to sell through well retail, and our on trends women's fashion collection have proven extremely popular, leading into increased placement for these series.

產品亮點包括 Durango Shiloh 系列，該系列憑藉其出色的造型、優良的品質和誘人的價格，持續受到消費者的青睞。我們的 Legacy 復古系列在零售通路持續熱銷，而我們的潮流女裝系列也廣受歡迎，因此這些系列的銷量也得到了提升。

Georgia Boot delivered solid growth in the quarter, led by double-digit gains with major accounts and strong results in our field account business.

喬治亞靴業在本季實現了穩健成長，主要客戶實現了兩位數成長，現場客戶業務也取得了強勁的業績。

This strength was driven by our largest farm and ranch accounts and e-commerce only partners, supported by successful new product launches and legacy bestsellers.

這項優勢主要得益於我們最大的農場和牧場客戶以及純電商合作夥伴，並得益於成功的新產品發布和經典暢銷產品。

New product launches were led by our carbon flex wedge, a technology wedge with improved flexibility that books so successfully, we are launching a version in November featuring the Boa lace enclosure system.

新產品發布以我們的碳纖維彈性楔形墊為主打，這是一款具有更高靈活性的技術楔形墊，銷量非常成功，我們將在 11 月推出一款採用 Boa 繫帶系統的版本。

Feel business followed similar patterns with new products, driving increases across most regions. Compensation for mixed retail conditions in some areas. Rocky work, outdoor and Western in total was up versus last year, led by gains in the work and outdoor categories.

隨著新產品的推出，業務發展也呈現類似的趨勢，推動了大多數地區的成長。針對某些地區零售環境複雜的情況提供補償。岩石作業、戶外作業和西部作業的總產量較去年有所增長，其中作業和戶外作業類別的增長最為顯著。

Work was driven by new or expanding distribution across the country, including a new work program with a large farm and ranch retailer across the mountain and northwest region, led by several styles with the boa lacing enclosure system.

這項工作的動力來自全國範圍內新的或不斷擴大的分銷渠道，包括與山區和西北部地區的大型農場和牧場零售商開展的新工作計劃，該計劃以幾種採用蟒蛇繫帶封閉系統的款式為主導。

Rocky Work also continued to sell well in key national safety footwear distributors, plus multiple digital platforms.

Rocky Work 在全國主要安全鞋經銷商以及多個數位平台上的銷售量也持續走高。

In Outdoor, it was improved distribution nationwide with new and larger programs at key farm and ranch retailers and sporting good partners that fueled the year over year improvement. Within these channels, our new wildcat series of hunting out boots deliver great value at core price points, while premium bear claw outdoor boots reinforced Rocky's leadership and performance footwear.

戶外用品方面，全國範圍內的分銷管道得到改善，與主要農場和牧場零售商以及體育用品合作夥伴開展了新的、規模更大的項目，從而推動了逐年增長。在這些管道中，我們新推出的野貓系列狩獵靴以核心價格點提供了極高的價值，而高級熊爪戶外靴則鞏固了 Rocky 在高性能鞋類領域的領導地位。

While Rocky Western sales declined year over year, our heightened focus on work Western products, particularly our iron skull safety to Western poon, is driving gains with several regional and national brick and mortars and online.

儘管 Rocky Western 的銷售額逐年下降，但我們更專注於西部工作產品，特別是我們的鐵製頭骨安全裝置和西部馬鞍，這推動了我們在幾個區域性和全國性的實體店和網上商店的銷售增長。

Rocky commercial military and duty posted its second consecutive quarter of improved results. Commercial military sales were up versus last year and exceeded plan as our strategic inventory management enabled us to maintain higher fill rates throughout the quarter.

Rocky Commercial Military and Duty 連續第二季業績有所改善。由於我們採取了策略性的庫存管理措施，在整個季度中保持了較高的供貨率，因此商業軍售銷售額較去年有所增長，並超過了計劃。

Duty also outperformed expectations driven by strong gains with our largest US postal service customer and continued double-digit growth in our fire boot program.

受美國郵政服務最大客戶的強勁增長以及消防靴項目持續兩位數增長的推動，Duty 的業績也超出了預期。

In retail, our VI B2B business grew high single-digits versus Q3 last year. We continue making operational improvements to our custom fit website and launched our new partnership with Vole eyewear for prescription safety eyewear through our managed PPE program.

在零售方面，我們的 VI B2B 業務與去年第三季相比實現了接近兩位數的成長。我們持續改進定製網站的運營，並透過我們的個人防護裝備管理計劃，與 Vole 眼鏡公司建立了新的合作關係，提供處方安全眼鏡。

Customer spending remained consistent with good subsidy utilization, and new customer acquisition remains strong, more than offsetting impacts from supply chain and tariff uncertainty.

客戶支出維持穩定，補貼利用率良好，新客戶獲取依然強勁，足以抵銷供應鏈和關稅不確定性帶來的影響。

Looking ahead, our view in the remainder of the year is based on the momentum we are currently experiencing with our brands, especially extra tough, balanced with the operate level of cautious about the broader consumer environment and the anticipated impact on the fourth quarter gross margins from the higher tariffs.

展望未來，我們對今年剩餘時間的看法是基於我們目前旗下品牌所取得的良好勢頭，尤其是一些特別強勁的品牌，同時我們也對更廣泛的消費環境保持謹慎態度，並考慮到關稅上漲對第四季度毛利率的預期影響。

While there is still uncertainty with respect to the outcome of certain trade negotiations, we feel good about the changes we've made to our supply chain, in particular, the increased flexibility.

儘管某些貿易談判的結果仍存在不確定性，但我們對供應鏈所做的改變感到滿意，特別是提高了供應鏈的靈活性。

We have to shift sourcing and production if needed. And therefore, we are anticipating that the headwinds from higher tariffs implemented this year will abate midway through 2026.

必要時，我們需要調整採購和生產方式。因此，我們預計今年實施的較高關稅帶來的不利影響將在 2026 年年中減弱。

With that, I will turn the call over to Tom. Tom?

接下來，我會把電話交給湯姆。湯姆？

Thank you, Jason.

謝謝你，傑森。

We are pleased with the improvement in results we delivered year over year, especially given the changes in our sourcing structure we've undertaken recently to help mitigate the impact of higher tariffs combined with what continues to be a choppy consumer environment.

我們對業績逐年提升感到滿意，尤其是在我們最近對採購結構進行調整，以減輕高關稅和持續動盪的消費環境帶來的影響之後。

For the third quarter, reported net sales increased 7% to USD122.5 million. By segment, wholesale net sales increased 6.1% to USD89.1 million. Retail net sales increased 10.3% to USD29.5 million and contract manufacturing net sales increased 4.1% to USD3.9 million turning to gross profit.

第三季報告淨銷售額成長7%，達到1.225億美元。以業務板塊劃分，批發淨銷售額成長 6.1%，達到 8,910 萬美元。零售淨銷售額成長 10.3% 至 2,950 萬美元，合約製造淨銷售額成長 4.1% 至 390 萬美元，轉為毛利。

For the third quarter, gross profit was USD49.3 million or 40.2% of net sales compared to USD43.6 million or 38.1% of net sales in the same period last year.

第三季毛利為 4,930 萬美元，佔淨銷售額的 40.2%，而去年同期毛利為 4,360 萬美元，佔淨銷售額的 38.1%。

The 210 basis point improvement in gross margin was driven by higher wholesale and retail margins, which were fueled by brand mix and select price increases and higher percentage of retail sales carry higher gross margins than the wholesale and contract manufacturing segments.

毛利率提高 210 個基點，主要得益於批發和零售毛利率的提高，而批發和零售毛利率的提高又得益於品牌組合和部分商品價格的上漲，零售銷售額佔比越高，其毛利率也越高，而批發和代工製造業務的毛利率則相對較低。

These gains were partially offset by 160 basis points and pressure from higher tariffs as product brought into the US post li liberation Day in April has begun flowing for P&L.

這些收益被 160 個基點的部分抵消，由於 4 月解放日後進入美國的產品開始對損益表造成影響，關稅上漲帶來的壓力也隨之增加。

Reported gross margins by segment were as follows wholesale up 200 basis points to 39.5%. Retail up 320 basis points to 46.8%, and contract manufacturing margins were 6.9%.

依業務板塊劃分的報告毛利率如下：批發業務毛利率上升 200 個基點至 39.5%。零售利潤率上升 320 個基點至 46.8%，合約製造利潤率為 6.9%。

Operating expenses were USD37.6 million or 30.6% of net sales compared to USD33.6 million or 29.3% of net sales last year, excluding USD700,000 of acquisition-related amortization in both periods, adjusted operating expenses were USD36.8 million and USD32.9 million for the third quarter of 2025 and 2024 respectively.

營業費用為 3,760 萬美元，佔淨銷售額的 30.6%，而去年同期為 3,360 萬美元，佔淨銷售額的 29.3%。若不計入兩個期間的 70 萬美元收購相關攤銷，則 2025 年第三季及 2024 年第三季的調整後營業費用分別為 3,680 萬美元及 3,290 萬美元。

As a percentage of net sales, adjusted operating expenses were 30.1% in the third quarter of 2025 compared with 28.7% in the year ago period.

2025 年第三季度，調整後的營業費用佔淨銷售額的 30.1%，而上年同期為 28.7%。

The increase in operating expenses was driven primarily by higher outbound logistics costs and selling costs associated with the increase in our direct consumer business, as well as an increase in our marketing investments compared with the year ago period.

營運費用增加主要是因為出境物流成本和與直接消費者業務成長相關的銷售成本增加，以及與去年同期相比行銷投資增加所致。

Income from operations increased 15.5% to USD11.7 million or 9.6% of net sales compared to USD10.1 million or 8.8% of net sales last year.

營業收入成長15.5%，達1,170萬美元，佔淨銷售額的9.6%，去年同期為1,010萬美元，佔淨銷售額的8.8%。

On an adjusted basis, income from operations was USD12.4 million of net sales compared to USD10.8 million or 9.4% of net sales a year ago.

經調整後，營業收入為淨銷售額 1,240 萬美元，去年同期為 1,080 萬美元，佔淨銷售額的 9.4%。

In the third quarter of this year, interest expense was USD2.6 million compared with USD3.3 million last year. The decrease in the interest expense was driven by lower debt levels as well as lower interest rates.

今年第三季利息支出為 260 萬美元，去年同期為 330 萬美元。利息支出下降是由於債務水準降低以及利率下降所致。

On a GAAP basis, net income was USD7.2 million or USD0.96 per diluted share compared to net income of USD5.3 million or USD0.70 per diluted share in the third quarter of 2024.

以美國通用會計準則計算，淨收入為 720 萬美元，即每股攤薄收益 0.96 美元，而 2024 年第三季淨收入為 530 萬美元，即每股攤薄收益 0.70 美元。

Adjusted net income was USD7.8 million or USD1.03 per diluted share compared with USD5.8 million or USD0.77 per diluted share a year ago.

調整後的淨利潤為 780 萬美元，即每股攤薄收益 1.03 美元，而去年同期為 580 萬美元，即每股攤薄收益 0.77 美元。

Turning to our balance sheet at the end of the third quarter, cash and cash equivalents were USD3.3 million and our total debt, net amount amortised debt issuance costs, totaled USD139 million a decrease of 7.5% since September 30 of last year.

截至第三季末，我們的資產負債表顯示，現金及現金等價物為 330 萬美元，總債務（扣除攤銷債務發行成本淨額）總計 1.39 億美元，較去年 9 月 30 日減少了 7.5%。

Inventories at the end of the third quarter were USD193.6 million up USD21.8 million or 12.7% compared to USD171.8 million a year ago.

第三季末庫存為 1.936 億美元，比去年同期的 1.718 億美元增加了 2,180 萬美元，增幅為 12.7%。

Of the approximate USD22 million increase in inventories year over year, about USD17 million or nearly 80%, is attributable to higher tariffs, a small increase in pairs on hand, and the remainder in raw materials as we are now producing more footwear in-house.

庫存較上年同期增加約 2,200 萬美元，其中約 1,700 萬美元（近 80%）歸因於關稅上漲、庫存鞋款略有增加，其餘部分歸因於原材料，因為我們現在在公司內部生產更多的鞋類。

Of the approximate USD17 million from incremental tariffs on our balance sheet, roughly USD10 million will flow through our P&L in the fourth quarter, with the rest hitting in the first half of 2026.

在我們資產負債表上，新增關稅帶來的約 1,700 萬美元收入中，約有 1,000 萬美元將在第四季度計入我們的損益表，其餘部分將在 2026 年上半年計入。

As we've touched on, we have taken actions this year to mitigate the impact of higher tariffs that started to pressure margins in Q3 and will intensify for the next few quarters offset by price increases. We are also, we also made significant changes to our sourcing model.

正如我們之前提到的，今年我們採取了措施來減輕關稅上漲帶來的影響，關稅上漲從第三季度開始對利潤率造成壓力，並且在接下來的幾個季度裡，這種壓力將會加劇，但價格上漲可以抵消這種影響。此外，我們也對採購模式進行了重大調整。

These include shifting more production to our own facilities in the Dominican Republic and Puerto Rico and finding the geographic footprint of our third-party manufacturing to reduce our exposure in China.

這些措施包括將更多生產轉移到我們在多明尼加共和國和波多黎各的自有工廠，以及縮小第三方製造的地理範圍，以減少我們在中國的風險敞口。

For 2026, we project that we'll manufacture approximately 50% of our inventory needs in-house, up from approximately 30% in 2025. Approximately 20% will be produced in China. However, only half of that, or 10% of the total will be imported into the United States.

我們預計到 2026 年，我們將實現約 50% 的庫存需求由公司內部生產，高於 2025 年的約 30%。大約20%將在中國生產。然而，其中只有一半，即總量的 10%，會進口到美國。

The other 30% will be split between partners in Vietnam, Cambodia, Dominican Republic, and India. We anticipate our actions will allow us to return gross margins to the recent run rate. In the high 30%, low 40% range in the second half of next year as we've moved through the incremental tariffs currently on the balance sheet.

其餘 30% 將分配給越南、柬埔寨、多明尼加共和國和印度的合作夥伴。我們預計我們的措施將使毛利率恢復到近期的水平。明年下半年，隨著我們逐步取消資產負債表上目前列出的增量關稅，稅率將達到 30% 至 40% 之間。

With respect to our outlook, based on the third quarter performance and current view of the remainder of this year, we are reiterating our prior guidance for 2025.

關於我們的展望，根據第三季的業績和對今年剩餘時間的當前看法，我們重申我們先前對 2025 年的指引。

We still expect revenue to increase between 4% to 5% compared to 2024 levels, with full year gross margins down approximately 70 basis points to between 30% and 39%, consistent with our previous outlook.

我們仍然預期營收將比 2024 年的水準成長 4% 至 5%，全年毛利率將下降約 70 個基點至 30% 至 39%，與我們先前預期的一致。

SGA is still expected to be up in dollars from an increase in our marketing spend to support growth, especially during the holiday season, and higher logistics costs from the projected increase in retail sales with modest expense leverage versus last year on higher sales.

由於行銷支出增加以支持成長，尤其是在假日季，以及預計零售額成長導致物流成本上升（儘管與去年相比，銷售額成長帶來的費用槓桿作用不大），預計銷售、管理及行政費用仍將增加。

Finally, we still expect 2025 EPS to increase approximately 10% over last year's USD2.54.

最後，我們仍然預計 2025 年每股收益將比去年的 2.54 美元成長約 10%。

That concludes the prepared remarks, operator, we're now ready for questions.

操作員，準備好的發言到此結束，現在我們準備回答問題。

Thank you. [Operator Instructions]

謝謝。[操作說明]

Thank you. Our first question is from Janine Stichter with VTIG.

謝謝。我們的第一個問題來自 VTIG 的 Janine Stichter。

Hi, good afternoon. Just want to start out with the consumer. You can continue to mention the challenging environment, a dynamic environment.

您好，下午好。只想先從消費者著手。你可以繼續提及充滿挑戰的環境和瞬息萬變的環境。

I just wondering if you could let that offer your thoughts on how you're thinking about the consumer now or maybe versus three months ago and what that's, how that's edded into your forecast.

我只是想問您能否談談您現在對消費者的看法，或者與三個月前相比，您對消費者的看法有何不同，以及這些看法如何影響了您的預測。

Thank you.

謝謝。

Yeah, thanks, Jen, great question. This has been probably one of the most dynamic years in my career with trying to understand the consumer. It, we get reports back from many of our retail partners and our products are still selling well.

是啊，謝謝Jen，問得好。這可能是我職業生涯中最具活力的一年，我一直在努力了解消費者。我們從許多零售合作夥伴那裡得到的回饋表明，我們的產品仍然銷售良好。

But I think that there is still some cautious people being cautious about when and where, they're going to spend those dollars and what they're going to spend those dollars on.

但我認為，仍然有一些謹慎的人會謹慎考慮何時何地花錢以及把錢花在什麼地方。

So I think we are just trying to navigate it the best we can, try to provide the best inventory positions we can without being too crazy to support our retail partners and our own websites, but I think there's just, it's just a little unsettling out there and if we could have a consistent.

所以我覺得我們只是在盡力應對，努力提供最好的庫存，同時又不至於過度依賴我們的零售合作夥伴和我們自己的網站，但我覺得現在的情況有點令人不安，如果我們能保持穩定就好了。

Consumer report, I think it would be better, but it just it kind of goes up and down right now. So we're just being a little bit cautious.

我認為消費者報告會更好，但它目前的表現有點起伏。所以我們只是稍微謹慎一點。

Totally fair. All right, and then a couple more for me just you mentioned, some delayed sales due to supply chain.

完全公平。好的，還有幾筆訂單，就像你剛才提到的，由於供應鏈問題導致一些訂單延遲發貨。

Is there any way to quantify how much that was? And then as you think about tariffs and offsetting, it sounds like all of it from a gross margin rate perspective in the back half of next year, maybe just walk us through, what that embeds.

有什麼辦法可以量化這筆費用是多少嗎？然後，當您考慮關稅和抵消時，從明年下半年的毛利率角度來看，這一切似乎都與此有關，也許您可以給我們詳細解釋一下，這其中包含了什麼。

Is there any additional pricing that you feel like you need to take to get there, or is that all just diversification of sourcing?

您覺得為了達到目標還需要支付額外的費用嗎？還是說這只是採購管道多元化的結果？

Yeah, I'll take this one, Janine. I think, look, at the end of every quarter we always have a little bit of missing inventory and a little bit we left on the table as we're chasing certain styles.

好的，珍妮，我來做這個。我認為，你看，每個季度末我們總是會有一些庫存不足，還有一些因為追逐某些款式而錯失的機會。

This quarter with all the sourcing changes, particularly with moving products to India, Cambodia, and Vietnam, we saw, anywhere from a three week to 30 day delay getting those products. And so that number was a little bit larger than usual, probably a few million dollars being transparent.

本季由於採購方式的改變，特別是將產品轉移到印度、柬埔寨和越南，我們發現這些產品的到貨時間延遲了三週到 30 天不等。所以這個數字比平常略大一些，坦白說，可能大了幾百萬美元。

And then I think as we look to to next year, I think the second part of the question from a margin perspective, diversifying is certainly going to help, but I think the biggest driver in helping margins next year is going to be us bringing more and more product in-house, and so that'll that'll leverage our margins as we go into 2026.

展望明年，從利潤率的角度來看，多元化肯定會有所幫助，但我認為明年提高利潤率的最大驅動力將是我們把越來越多的產品納入公司內部生產，這樣才能在2026年提高我們的利潤率。

Very helpful. Thanks very much.

很有幫助。非常感謝。

Thank you. Our next question is from Jonathan Komp with Baird.

謝謝。下一個問題來自 Baird 公司的 Jonathan Komp。

Yeah, hi, good afternoon, could I just ask, when you look at the third quarter results how things played out, generally versus what you expected since I know you don't guide quarterly necessarily and.

是的，你好，下午好，請問一下，當你查看第三季業績時，實際情況與你的預期相比如何？因為我知道你不一定會按季發佈業績指引。

When you look at, the indicators you watch for your business, could you maybe remind us, what visibility you have on sell throughs, in the marketplace, either your or your partner's business and just.

當您查看您關注的業務指標時，能否提醒我們一下，您在市場上的銷售情況如何，無論是您自己的業務還是您合作夥伴的業務？

Yeah, what you've observed more recently in terms of some of the trends you've seen.

是的，就像你最近觀察到的一些趨勢一樣。

Yeah, I can start here and and Jason can certainly way and I mean we have visibility into some of our larger national accounts, and there's been nothing that's been real concerning from a sell through a retail perspective.

是的，我可以從這裡開始，Jason 當然也可以，我的意思是，我們對一些較大的全國性客戶的情況有所了解，從零售銷售的角度來看，沒有什麼真正令人擔憂的事情。

I think Jason was was touching on a little bit of just retailer behavior maybe earlier, but to that point our marketplace business continues to be very strong compared to last year, up strong double-digits. Our e-commerce business, which I kind of use as our closest pulse.

我認為傑森之前可能稍微談到了零售商的行為，但就這一點而言，與去年相比，我們的市場業務仍然非常強勁，實現了兩位數的強勁增長。我們的電子商務業務，我把它當作我們最直接的脈動來衡量。

It was a little sluggish in in the end of July and early August we're transitioning over to our new platform, but we saw that recover nicely at the end of August and then September was the strongest month for the quarter from an e-commerce perspective.

7 月底和 8 月初，由於我們正在過渡到新平台，業務發展略顯緩慢，但 8 月底業務已明顯復甦，9 月從電子商務的角度來看是本季表現最好的一個月。

So we're not seeing anything too troubling out there from a from a consumer standpoint.

所以從消費者的角度來看，我們並沒有看到任何太令人擔憂的事情。

Hi, John, I would just add, I think at the beginning of the question you asked about our expectations about how Q3 came in and I think we are pretty pleased with where we're at.

嗨，約翰，我只想補充一點，我認為在你提問的開頭，你問了我們對第三季業績的預期，我認為我們對目前的狀況相當滿意。

I obviously would have loved to hit that top-line number, but I think because of the transitions of the factories and what we have to do there, it made things a little bit more complicated for us, but I think we're really pleased with.

我當然很希望達到那個營收目標，但我認為由於工廠的轉型以及我們在那裡必須做的事情，這讓我們的事情變得更加複雜，但我認為我們對最終結果非常滿意。

What Q3 was and and you know we're we're looking forward to Q4 and and and think it can be a good quarter as well, but just want to be cautious about it like I said, it seems to be an ever ending story one week it's really positive in the consumer's mind and then the next week it seems to change.

第三季度的情況如何，我們也很期待第四季度，認為它也可能是一個不錯的季度，但就像我說的，我們還是要謹慎一些，這似乎是一個永無止境的故事，這週消費者情緒可能非常樂觀，但下週情況似乎就變了。

So, we're just trying to take it kind of one week at a time and and and navigate that.

所以，我們只能盡量走一步看一步，一週一週地來，慢慢應付。

Understood and maybe as a follow-up, are there any pockets of weakness that you're seeing that you're paying, close attention to across your business?

明白了。作為後續問題，您是否發現公司營運中存在一些薄弱環節，並正在密切關注這些環節？

And when we think about the fourth quarter, you're reiterating the guidance for the year, it implies a wider range for the fourth quarter by nature, so any color on, what might cause you to be closer to the high end or the low end if you think about the implied fourth quarter.

當我們考慮第四季度時，您重申了全年的業績指引，這自然意味著第四季度的業績範圍會更廣，所以，如果您考慮隱含的第四季度業績，任何可能導致您更接近上限或下限的因素是什麼？

Yeah, so from a branding standpoint, the only brand that is kind of funky right now is Durango, but as I said in the in the script, we had quite a few, key accounts pull some business ahead there before the price increase.

是的，從品牌角度來看，目前唯一有點另類的品牌是 Durango，但正如我在腳本中所說，在價格上漲之前，我們有不少重要客戶提前終止了與 Durango 的業務往來。

So our fill-in business wasn't quite as good in Q3. So I would say Western Durango is maybe the only brand that we're just, maybe watching a little bit closer, muck and extra. Like I said, they're doing really well.

所以，我們第三季的代發貨業務不太理想。所以我覺得 Western Durango 可能是我們唯一一個需要更密切關注的品牌，尤其是在泥濘和額外方面。正如我所說，他們做得非常好。

I was really pleased to see Rocky in a in a better place in Q3, and then also Georgia really had a nice quarter. So I think that's kind of where we're at. And then obviously Lehigh is still doing very well for us.

我很高興看到洛基在第三季的情況有所好轉，而且喬治亞州也有一個不錯的季度。所以我覺得我們目前的狀況大概就是這樣。很顯然，利哈伊大學對我們來說仍然表現出色。

Yeah, just to touch on the Durango piece a little bit, I think in the middle of the summer and dragging into a little bit of fall here, we've seen a little bit of softness in kind of our independent Hispanic retail accounts.

是的，關於杜蘭戈的情況，我想稍微談談，我認為在盛夏時節，一直到秋季，我們發現我們獨立的西班牙裔零售客戶數量有所減少。

And so we've been keeping an eye on that. That appears to have, recovered a little bit here in September, so we'll continue to monitor that and then to the sourcing comment and the missing inventory from a minute ago.

因此，我們一直在關注此事。9 月情況似乎有所好轉，我們將繼續關注，然後再談談剛才提到的採購問題和庫存短缺問題。

Durango was, detrimented the most here, as the vast majority of that product historically was made in China. And so that's where you've seen a lot of the sourcing changes, particularly to Cambodia and India. And so there was a couple of million dollars there that that just didn't get here, as we had originally hoped.

杜蘭戈受到的影響最大，因為該產品歷史上絕大多數都是在中國生產的。所以，你會發現很多採購環節都發生了變化，特別是轉向了柬埔寨和印度。因此，原本我們希望的幾百萬美元最終沒能到位。

Great, one follow-up then if I could, Tom, on the implied profit guidance in the fourth quarter, I know you still are expecting earnings growth around 10% for the year, after a good third quarter that implies.

好的，湯姆，如果可以的話，我還有一個後續問題，關於第四季度的隱含利潤預期，我知道在第三季度業績良好之後，你仍然預計全年盈利增長在 10% 左右。

A pretty steep decline in the fourth quarter and a pretty steep fall off and gross margins so I guess are you assuming that.

第四季業績大幅下滑，毛利率也大幅下降，所以我想你是這麼認為的吧。

Pricing doesn't doesn't offset the tariff impact as it looks like it has started to or just any further color on what what you're embedding there.

定價並不能抵消關稅的影響，看起來已經開始抵消了，或者只是進一步說明你在那裡嵌入了什麼。

Yeah, so the pricing certainly will be in effect and every month that's gone by since the price increase, we, we've realized more and more of that. And so we'll continue to recognize that.

是的，所以價格肯定會繼續上漲，而且自從上次漲價以來，每個月我們都越來越意識到這一點。因此，我們將繼續認識到這一點。

The reason the margins will be more depressed in the fourth quarter is one because of the USD10 million that I noted before.

第四季利潤率進一步下降的原因之一是我之前提到的 1000 萬美元。

But if you think about how the timing of all this played out when when the tariffs came out, they were initially really, higher, particularly out of China. And so his inventory was still flowing to us.

但如果你仔細想想這一切發生的時間點，你會發現關稅剛出台時，尤其是來自中國的關稅，最初確實很高。因此，他的庫存仍然源源不絕地運給我們。

We're paying kind of larger than than higher reciprocal tariffs than we're currently paying today, and we weren't able to make all those sourcing changes, that we've been able to execute on.

我們現在支付的互惠關稅比現在要高得多，而且我們無法進行我們已經能夠執行的所有採購變更。

Those will continue those sourcing changes are getting better every day. But that will, the results of those changes will lag into the P&L, and so Q4, in my opinion, Q4 of 25 will be the worst quarter from a tariff perspective and we'll only start improving from there, but certainly will be a headwind in Q1 and Q2 of 2026.

這些採購方面的改進將會持續下去，而且每天都在進步。但這些變化帶來的結果會落後於損益表，因此在我看來，2025 年第四季將是關稅方面最糟糕的一個季度，我們只能從那時開始好轉，但肯定會在 2026 年第一季和第二季構成不利因素。

Okay great and then last one for me just bigger picture as we look forward into 2026, any thoughts that you have just, knowing your business and your brands, whether or not you know stimulus could could be something you can take advantage of, or that might benefit, any thoughts there and then.

好的，太好了。最後一個問題，從更宏觀的角度來看，展望2026年，您有什麼想法？考慮到您的業務和品牌，您是否知道刺激政策可能會對您有所幫助，或對您有利？您有什麼想法嗎？

And then when you think of the momentum for extra tough, could you maybe just frame up what you're planning for that business and any any updated thoughts on what the potential might be as we look forward.

那麼，當您考慮加強發展時，您能否概述您對這項業務的計劃，以及您對未來發展潛力的任何最新想法？

John, can you elaborate more on the stimulus? I, I'm not sure what the question is.

約翰，你能詳細解釋一下刺激因素嗎？我，我不確定問題是什麼。

Yeah, I just, I wonder if early 2026 stimulus to the consumer from the tax, the tax bill is something you're looking forward to as a potential driver or not, for the consumer or for businesses on the tax side.

是的，我只是想知道，對於消費者而言，2026 年初的稅收刺激措施，也就是稅收法案，是否是你所期待的潛在推動因素，無論是對消費者還是對企業而言。

You know if that's something that that that you've considered for your business?

你知道你是否考慮過將此應用於你的業務嗎？

Gotcha. Yeah, I'm sorry.

明白了。是的，我很抱歉。

Yeah, I think any time the consumer is going to get any kind of stimulus, I think we all saw this during COVID, and then obviously this is a very different, tax bill and stuff, but I think anytime our consumer gets a little kick, they are willing to spend some more.

是的，我認為任何時候消費者獲得某種刺激，我們在新冠疫情期間都看到了這一點，當然，這次的情況非常不同，畢竟有稅收法案等等，但我認為任何時候消費者得到一點刺激，他們都願意多花錢。

So, I think we will be, prepared if it happens. We'll have the inventory and we'll be able to take advantage of it, but it's not something that is a huge focus of ours, but we'll be prepared if it does come for sure.

所以，我想如果這種情況發生，我們會做好準備。我們會備有庫存，並且能夠加以利用，但這不是我們工作的重點，但如果真的需要，我們肯定會做好準備。

Yeah, and then, as we looked at 2026, John, we can look at our order book and our bookings are up year over year, which is positive.

是的，約翰，當我們展望 2026 年時，我們可以看看我們的訂單簿，我們的預訂量同比增長，這是一個積極的信號。

It's up in dollars and in pairs, which shows you it's not just the price increase, and if you look at our spring 2026 product, it is, it looks exceptionally well, and, very, kudos to our product development team for everything they've done there.

美元和對數都增加了，這表明不僅僅是價格上漲，如果你看看我們 2026 年春季的產品，它的確非常好，非常感謝我們的產品開發團隊所做的一切。

As it relates to the extra tough comment. It feels like extra top is starting to accelerate a little bit, it's been running up, you know mid low mid double-digits throughout the year and it's accelerated a little bit in the third quarter here.

至於那條特別嚴厲的評論。感覺額外收入開始加速成長了，全年都在穩定上升，你知道，增幅在兩位數左右，而第三季增速有所加快。

We're very interested to see how this new cold weather line that we've really invested in, how that plays out inventory is starting to arrive every day now here at the warehouse, so we'll see how that plays out, in 2026 as well.

我們非常想看看我們投入巨資打造的這條新的禦寒產品線會有怎樣的表現，庫存現在每天都開始運抵倉庫，所以我們將看看它在 2026 年的表現如何。

And we're continuing to see that product come more inland, John. So obviously the coastlines, the fishing, the boating was really where that product was killing it, and we're starting to see that come a little bit more inland, rather not real fast, but we're definitely seeing it happen. So we're pretty excited about that.

約翰，我們看到這種產品正不斷向內陸地區輸送。顯然，海岸線、漁業、划船業才是這種產品真正大獲成功的地方，我們開始看到這種趨勢逐漸向內陸蔓延，雖然速度並不快，但我們確實看到了這種變化。所以我們對此感到非常興奮。

I would tell you that 2026 is going to be a fun ride with extra time.

我可以告訴你，2026年將會是一段充滿樂趣的旅程，因為我們有更多的時間。

That's great I appreciate taking all the questions here.

太好了，感謝大家回答我的所有問題。

Thank you,

謝謝你，

John. John.

約翰。約翰。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Jason Brooks for any closing comments.

謝謝。目前沒有其他問題了。我謹將發言權交還給傑森布魯克斯，請他作總結發言。

Great, thank you. I'd like to thank the entire Rocky team for all their efforts this year.

太好了，謝謝。我要感謝洛基團隊今年付出的所有努力。

It has been a real challenge, and particularly in our sourcing department, and that team has just done an amazing job to try to navigate what we've had to do.

這確實是一個挑戰，尤其是在我們的採購部門，團隊在應對我們必須做的事情方面做得非常出色。

So thank you, Rocky team, and thank you to our investors and thank you to the board. We look forward to finishing 2025 and kicking some butt in 2026.

所以，謝謝洛基團隊，謝謝我們的投資者，謝謝董事會。我們期待順利完成 2025 年的工作，並在 2026 年大展拳腳。

Thank you.

謝謝。

This concludes today's conference. We thank you again for your participation. You may disconnect your lines at this time.

今天的會議到此結束。再次感謝您的參與。您可以在此時斷開線路。