Skechers USA Inc (SKX) 2019 Q4 法說會逐字稿

Greetings, and welcome to the SKECHERS Fourth Quarter 2019 Earnings Conference Call.

您好，歡迎參加斯凱奇 2019 年第四季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I'd now like to turn the call over to SKECHERS.

我現在想把電話轉給斯凱奇。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, everyone, for joining us on SKECHERS conference call today.

感謝大家今天加入我們的斯凱奇電話會議。

I will now read the safe harbor statement.

我現在將閱讀安全港聲明。

Certain statements contained herein, including, without limitation, statements addressing the beliefs, plans, objectives, estimates or expectations of the company or future results or events, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended.

本文所包含的某些陳述，包括但不限於涉及公司信念、計劃、目標、估計或期望或未來結果或事件的陳述，可能構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述：已修改。

Such forward-looking statements involve known and unknown risks, including, but not limited to, global, national and local economic, business and market conditions, in general and specifically, as they apply to the retail industry and the company.

此類前瞻性陳述涉及已知和未知的風險，包括但不限於全球、國家和地方經濟、商業和市場狀況，一般和具體，因為它們適用於零售行業和公司。

There can be no assurance that the actual future results performance or achievements expressed or implied by such forward-looking statements will occur.

無法保證此類前瞻性陳述所表達或暗示的實際未來表現或成就將會發生。

Users of forward-looking statements are encouraged to review the company's filings with the U.S. Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all other reports filed with the SEC as required by federal securities laws for a description of all other significant risk factors that may affect the company's business, results of operations and financial conditions.

我們鼓勵前瞻性陳述的使用者查看該公司向美國證券交易委員會提交的文件，包括 10-K 表中的最新年度報告、10-Q 表中的季度報告、8-K 表中的當前報告以及所有根據聯邦證券法的要求向SEC 提交的其他報告，描述可能影響公司業務、營運績效和財務狀況的所有其他重大風險因素。

With that, I would like to turn the call over to SKECHERS' Chief Operating Officer, David Weinberg; and Chief Financial Officer, John Vandemore.

說到這裡，我想將電話轉給斯凱奇營運長 David Weinberg；和財務長約翰·范德莫爾。

David?

大衛？

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

2019 was a milestone year for SKECHERS as we surpassed $5 billion in sales and set records in each quarter of the year.

2019 年對斯凱奇來說是具有里程碑意義的一年，我們的銷售額超過了 50 億美元，並在當年每季都創下了記錄。

We achieved sales of $5.22 billion, a year-over-year increase of 12.5% or $578 million.

我們實現銷售額 52.2 億美元，年增 12.5%，即 5.78 億美元。

Typically, the fourth quarter is our smallest quarter of the year, yet it was the second highest in our history with net sales of $1.33 billion, a 23.1% increase.

通常，第四季度是我們一年中最小的季度，但它是我們歷史上第二高的季度，淨銷售額為 13.3 億美元，成長 23.1%。

The growth in the quarter was a result of a 13% increase in our domestic business and a 31.2% increase in our international businesses.

本季的成長得益於我們的國內業務成長 13% 和國際業務成長 31.2%。

Every region contributed double-digit growth.

每個地區都貢獻了兩位數的成長。

This included, as anticipated, a return to double-digit growth in our domestic wholesale business as well as double-digit growth in our direct-to-consumer segment.

正如預期的那樣，這包括我們的國內批發業務恢復兩位數成長以及直接面向消費者業務領域的兩位數成長。

Importantly, strong increases in our international business resulted in it being 59.3% of our total sales in the quarter, and 57.9% for the year.

重要的是，我們的國際業務強勁成長，佔本季總銷售額的 59.3%，佔全年總銷售額的 57.9%。

We believe that our international businesses will continue to be our leading growth driver.

我們相信，我們的國際業務將繼續成為我們的主要成長動力。

Our direct-to-consumer business achieved strong sales growth with a quarterly increase of 19.4%, which included 9.9% comparable same-store sales worldwide.

我們的直接面向消費者業務實現了強勁的銷售成長，季度增長 19.4%，其中全球同店銷售額增長 9.9%。

At the year-end, we had 3,547 SKECHERS stores around the world, including 800 company-owned stores.

截至年底，我們在全球擁有 3,547 家斯凱奇專賣店，其中公司自營店 800 家。

Our efforts in 2019 not only resulted in sales improvement, but also more than 25 awards for product innovation and design.

我們2019年的努力不僅帶來了銷售量的提升，還獲得了超過25個產品創新和設計獎。

Most notably, for performance shoes featuring our Hyper Burst technology and Company of the Year and Kids Design Excellence awards from Footwear Plus magazine.

最引人注目的是，採用我們的 Hyper Burst 技術的高性能鞋款榮獲《Footwear Plus》雜誌頒發的年度最佳公司獎和兒童設計卓越獎。

Highlights in the fourth quarter include the addition of Arch Fit to our product offering, which also includes Relaxed, Wide, Classic and Stretch Fit; the signing of Dodgers' pitching ace Clayton Kershaw as the new men's ambassador; opening of SKECHERS flagship store on Rome's Via del Corso and at Disneytown in Shanghai, our first location on a Disney property; a course record win by SKECHERS' elite golfer, Colin Montgomery, at the Invesco Championship in California; being named #1 footwear and apparel brand on YouGov's top buzz brands for 2019; and the reduction of plastic in our packaging to 7%, all of which is a 100% recyclable.

第四季的亮點包括在我們的產品系列中加入了 Arch Fit，其中還包括 Relaxed、Wide、Classic 和 Stretch Fit；簽下道奇隊的王牌投手克萊頓·克肖（Clayton Kershaw）擔任新的男子大使；在羅馬科爾索大道和上海迪士尼小鎮開設斯凱​​奇旗艦店，這是我們在迪士尼房地產上的第一家店；斯凱奇的精英高爾夫球手科林蒙哥馬利 (Colin Montgomery) 在加州的景順錦標賽上創下了球場紀錄；被評為 2019 年 YouGov 熱門品牌排名第一的鞋類和服裝品牌；我們的包裝中的塑膠含量減少到 7%，所有這些都是 100% 可回收的。

At the core of our global success is our ability to develop a vast range of footwear for active lifestyles that delivers on style, innovation and, most importantly, comfort.

我們在全球取得成功的核心是我們有能力為積極的生活方式開發各種鞋類，提供時尚、創新，最重要的是，舒適。

We believe our unique and competitive product offering, along with our pervasive marketing sets us apart from other global brands.

我們相信，我們獨特且有競爭力的產品供應以及無處不在的營銷使我們有別於其他全球品牌。

Our continued momentum and success throughout 2019 are confirmation of the strength and demand for our products around the world.

2019 年我們持續的發展動能和成功證明了我們產品在全球的實力和需求。

With our strong backlog and growing direct-to-consumer business, we are extremely optimistic about 2020 and beyond.

憑藉我們強勁的積壓訂單和不斷增長的直接面向消費者業務，我們對 2020 年及以後的前景極為樂觀。

While we are deeply concerned by the health crisis in China and the well-being of those affected, including our employees, partners and vendors, we remain optimistic about the strength of SKECHERS in China and committed to our long-term growth strategy in the country.

雖然我們對中國的健康危機以及受影響者（包括我們的員工、合作夥伴和供應商）的福祉深感擔憂，但我們對斯凱奇在中國的實力保持樂觀，並致力於我們在中國的長期成長策略。

John will address how we have incorporated our current understanding of the situation into our guidance.

約翰將討論我們如何將目前對情況的理解納入我們的指導中。

Now turning to our domestic business in detail.

現在詳細談談我們的國內業務。

In the fourth quarter, our domestic sales increased 13%, driven by a 16.3% increase in our direct-to-consumer business with comparable same-store sales increasing 10.3% for the quarter.

第四季度，在直接面向消費者業務成長 16.3% 的推動下，我們的國內銷售額成長了 13%，而本季同店可比銷售額成長了 10.3%。

Our domestic wholesale growth of 10.4% was the result of a 12.9% increase in pairs shipped for the quarter, along with a modest increase in average price per pair of about 1%.

我們的國內批發成長 10.4%，是由於本季出貨量成長 12.9%，以及每雙平均價格小幅上漲約 1%。

With a broad distribution strategy and vast product offering, we are a valuable resource for both our domestic account base and consumers who are seeking comfort, style, innovation and quality in their footwear.

憑藉廣泛的分銷策略和豐富的產品供應，我們對於國內客戶群和尋求鞋類舒適、風格、創新和品質的消費者來說都是寶貴的資源。

At quarter end, we had 497 company-owned SKECHERS retail stores in the United States.

截至季末，我們在美國擁有 497 家公司自營的 SKECHERS 零售店。

In the fourth quarter, we opened 9 stores across 7 states.

第四季度，我們在 7 個州開設了 9 家商店。

We also remodeled 1 store and expanded 2 locations.

我們還改造了 1 家商店並擴大了 2 家門市。

To date, in the first quarter, 7 company-owned stores have opened in the United States, 3 have closed.

迄今為止，第一季度，美國已開設 7 家公司直營店，其中 3 家已關閉。

We are currently planning for another 75 to 85 new stores, predominantly in our warehouse format, to open before the end of the year.

目前，我們計劃在今年年底前開設另外 75 至 85 家新店，主要採用倉庫形式。

Our men's, women's and kids' domestic business improved in the fourth quarter.

我們的男裝、女裝和童裝國內業務在第四季度有所改善。

Specifically, the biggest increases came from our sport and work lines for men and women, our BOBS from SKECHERS collection, women's GOwalk and our men's casual and performance line as well as our kids business returning to growth in the quarter.

具體來說，增幅最大的是我們的男女運動和工作系列、SKECHERS 系列的 BOBS、女式 GOwalk 和男性休閒和功能係列，以及我們的兒童業務在本季恢復成長。

To keep SKECHERS top of mind over the holidays and into 2020, we supported our domestic business with several marketing campaigns from print, outdoor, digital and broadcast.

為了讓斯凱奇在假期和 2020 年始終成為人們關注的焦點，我們透過印刷、戶外、數位和廣播等多項行銷活動來支持我們的國內業務。

This included television commercials for our kids footwear as well as spots for our new Max Cushioning and Arch Fit collection.

其中包括我們兒童鞋類的電視廣告以及我們全新 Max Cushioning 和 Arch Fit 系列的廣告。

Based on our domestic direct-to-consumer January sales comping up low double digit and strong backlogs within our domestic wholesale channel, we believe our domestic business will continue to show positive growth in the first quarter.

基於我們一月份國內直接面向消費者的銷售額增長了低兩位數以及國內批發渠道內的大量積壓，我們相信我們的國內業務將在第一季繼續呈現正增長。

Now looking in detail at our international business, which represented 59.3% of our total sales in the quarter.

現在詳細了解我們的國際業務，該業務占我們本季總銷售額的 59.3%。

Sales increased 31.2% or 32.3% on a constant currency basis, and reflected growth in our subsidiary, joint venture and distributor businesses and across each region.

以固定匯率計算，銷售額成長 31.2% 或 32.3%，反映了我們的子公司、合資企業和分銷商業務以及各個地區的成長。

For the fourth quarter, the biggest drivers in terms of dollar increases were China, India, the United Kingdom, UAE and Mexico, which transitioned to a joint venture in 2019.

第四季度，美元上漲的最大推動力是中國、印度、英國、阿聯酋和墨西哥，這些國家於 2019 年轉型為合資企業。

The only subsidiary or joint venture markets that didn't grow were Chile and Hong Kong, both of which faced unusual political unrest during the quarter.

唯一沒有成長的子公司或合資市場是智利和香港，這兩個市場在本季都面臨著不尋常的政治動盪。

Specifically, the sales growth was the result of a 32.8% increase in our wholesale business and a 24.7% in our direct-to-consumer business with an 8.8% increase in comparable store sales.

具體來說，銷售額成長是由於我們的批發業務成長了 32.8%，直接面向消費者業務成長了 24.7%，而同店銷售額則成長了 8.8%。

At quarter end, there were 3,050 international retail stores, a net increase of 231 in the fourth quarter.

截至季末，國際零售店數量為3,050家，較第四季淨增加231家。

Of those stores, 2,747 are owned and operated by international distribution partners, joint ventures and a network of franchisees.

其中 2,747 家商店由國際分銷合作夥伴、合資企業和特許經營商網路擁有和經營。

In the quarter, 12 company-owned international stores opened: 3 in the U.K.; 2 each in Poland, Spain and Chile; and 1 each in Peru, India and Italy, which opened on the highly traffic Via del Corso in Rome; also a store was remodeled and another relocated.

本季度，公司開設了 12 家自營國際商店：3 家在英國；3 家在英國；3 家在英國。波蘭、西班牙和智利各 2 個；秘魯、印度和義大利各 1 條，在羅馬交通繁忙的 Via del Corso 大道上開通；還改造了一家商店，另一家搬遷了。

We plan to open another 40 to 50 wholly-owned company stores in international markets including 15 in India.

我們計劃在國際市場開設另外 40 至 50 家全資公司商店，其中 15 家在印度。

In the fourth quarter, 259 joint venture or third-party owned stores opened across 35 countries.

第四季度，在 35 個國家開設了 259 家合資或第三方自有商店。

New store openings included 143 in China, 25 in India, 8 in Indonesia, 7 in Malaysia, and 5 in both Mexico and Romania.

新店開幕數量包括：中國 143 家、印度 25 家、印尼 8 家、馬來西亞 7 家、墨西哥和羅馬尼亞 5 家。

40 stores closed in the quarter.

本季有 40 家商店關閉。

In 2020, we anticipate between 550 and 650 SKECHERS third-party stores to open.

2020 年，我們預計將開設 550 至 650 家斯凱奇第三方商店。

To support our global business expansion, we utilized television, outdoor, digital and print campaigns to drive consumers to stores where SKECHERS are available.

為了支持我們的全球業務擴張，我們利用電視、戶外、數位和平面廣告活動吸引消費者前往銷售斯凱奇的商店。

This included underground campaigns in the U.K. and France, perimeter boards at sporting events in Canada and Central, Eastern Europe, kiosks across Turkey, massive billboards in Spain and Chile, fashion weeks in the UAE and Greece, events that engaged consumers in India and Mexico, and windows in key avenues and malls across Europe and Asia.

其中包括英國和法國的地下活動、加拿大和中歐、東歐體育賽事的周界牌、土耳其各地的資訊亭、西班牙和智利的大型廣告看板、阿聯酋和希臘的時裝週、印度和墨西哥消費者參與的活動，以及歐洲和亞洲主要大街和購物中心的窗戶。

Our international business remains the primary growth driver for the SKECHERS brand.

我們的國際業務仍然是斯凱奇品牌的主要成長動力。

This was reflected in the exceptional performance of our distribution centers in Europe, Japan, India and Latin America, each of which efficiently handled double-digit increases in pairs shipped in 2019, while simultaneously preparing for the future growth of our business through our infrastructure project.

這反映在我們位於歐洲、日本、印度和拉丁美洲的配送中心的出色表現中，每個配送中心都有效地處理了2019 年發貨量兩位數的增長，同時透過我們的基礎設施項目為我們業務的未來成長做好準備。

Our backlogs are up across our international segment and we are seeing the benefit from the conversion of India to a subsidiary, and Mexico to a joint venture.

我們的國際部門的積壓訂單不斷增加，我們看到了將印度轉變為子公司、將墨西哥轉變為合資企業所帶來的好處。

Now I'll turn the call over to John to review our financials and discuss our outlook.

現在我將把電話轉給約翰，讓他審查我們的財務狀況並討論我們的前景。

Thank you, David.

謝謝你，大衛。

First, I would like to add my sentiments about the crisis in China.

首先，我想補充一下我對中國危機的看法。

Right now we are most concerned with the welfare of our employees, partners and vendors.

目前我們最關心的是員工、合作夥伴和供應商的福利。

These are people we work with closely day in and day out, and we want them to know that SKECHERS will be there for them during this critical time.

這些人是我們日復一日密切合作的人，我們希望他們知道斯凱奇將在這個關鍵時刻為他們提供幫助。

As David said, the SKECHERS brand is strong in China, and we firmly believe this situation, although challenging, will prove transitory.

正如大衛所說，斯凱奇品牌在中國很強大，我們堅信這種情況雖然具有挑戰性，但將是暫時的。

Our record fourth quarter sales totaled $1.33 billion, an increase of $249.9 million or 23.1% and reflects the strength of our brand, product portfolio and worldwide execution capabilities.

我們創紀錄的第四季銷售額總計 13.3 億美元，成長了 2.499 億美元，即 23.1%，反映了我們品牌、產品組合和全球執行能力的實力。

On a constant currency basis, sales increased $257 million or 23.8%.

以固定匯率計算，銷售額成長 2.57 億美元，即 23.8%。

As David mentioned earlier, we grew in all segments, in every region, and in nearly every country.

正如大衛之前提到的，我們在所有領域、每個地區、幾乎每個國家都取得了成長。

The growth continued despite enduring headwinds from foreign exchange rates and the impact of incremental domestic tariffs.

儘管受到外匯匯率和國內關稅增量影響的持續阻力，但成長仍在繼續。

International wholesale sales increased 32.8%, including a 36% increase from our wholly-owned subsidiaries, a 31.4% increase in our joint ventures and a 32.4% increase in our distributor business.

國際批發銷售額成長32.8%，其中全資子公司成長36%，合資企業成長31.4%，經銷商業務成長32.4%。

Direct-to-consumer sales increased 19.4%, the result of a 16.3% increase domestically and a 24.7% increase internationally.

直接面向消費者的銷售額成長了 19.4%，其中國內成長 16.3%，國際成長 24.7%。

Domestic direct-to-consumer sales growth was driven by a 10.3% increase in comparable store sales and the net addition of 27 new stores.

國內直接面向消費者的銷售成​​長是由可比商店銷售額成長 10.3% 以及淨增 27 家新店推動的。

International direct-to-consumer sales growth was driven by an 8.8% increase in comparable store sales and the net addition of 20 new stores.

國際直接面向消費者的銷售成​​長是由可比商店銷售額成長 8.8% 以及淨增 20 家新店推動的。

Domestic wholesale sales grew 10.4% or $28 million, with a double-digit increase in our men's division, and mid-single-digit increases in both women's and kids.

國內批發銷售額成長 10.4%，即 2,800 萬美元，其中男裝部門實現兩位數成長，女裝和童裝部門實現中個位數成長。

We continue to see encouraging signals for the SKECHERS business among our domestic wholesale customers into the first half of 2020.

進入 2020 年上半年，我們繼續在國內批發客戶中看到斯凱奇業務的令人鼓舞的信號。

Gross profit was $637.7 million, up $122.1 million compared to the prior year.

毛利為 6.377 億美元，比前一年增加 1.221 億美元。

Gross margin increased by 20 basis points to 47.9% primarily due to the strength in our direct-to-consumer businesses, joint ventures and distributors, partially offset by lower subsidiary and domestic wholesale gross margin, the latter due to increased domestic duties.

毛利率成長了20 個基點，達到47.9%，主要是由於我們的直接面向消費者業務、合資企業和分銷商的實力，但部分被子公司和國內批發毛利率的下降所抵消，後者是由於國內關稅增加所致。

Total operating expenses increased by $111.5 million or 25.5% to $548.3 million in the quarter.

本季總營運費用增加 1.115 億美元，成長 25.5%，達到 5.483 億美元。

As a percentage of sales, operating expenses increased by 80 basis points to 41.2% compared to 40.4% in the prior year, largely driven by increased advertising and marketing spending where we chose to strategically invest in the momentum of our global business in order to support both current and future growth.

營運費用佔銷售額的百分比成長了 80 個基點，達到 41.2%，而上一年為 40.4%，這主要是由於廣告和行銷支出增加，我們選擇對全球業務的勢頭進行策略性投資，以支持當前和未來的成長。

Selling expenses increased by $26.8 million to $88.7 million due to higher advertising expenses in both the domestic and international markets.

由於國內和國際市場的廣告費用增加，銷售費用增加了 2,680 萬美元，達到 8,870 萬美元。

The increase supported both our growth in the quarter as well as opportunities to build on brand and product awareness worldwide as reflected in our backlog and strong comparable store performance.

這一成長既支持了我們本季的成長，也支持了在全球範圍內建立品牌和產品知名度的機會，這反映在我們的積壓訂單和強勁的可比商店業績中。

General and administrative expenses increased by $84.7 million to $459.7 million, but remained essentially flat as a percentage of sales.

一般及管理費用增加 8,470 萬美元，達到 4.597 億美元，但佔銷售額的百分比基本持平。

The dollar increases reflect both higher-than-expected sales volumes, which increased variable costs like distribution and warehousing, and additional expenses to handle the accelerated arrival of List 4B products, which were exposed at the time to incremental tariffs.

美元上漲反映了高於預期的銷售量（這增加了分銷和倉儲等可變成本），以及處理 List 4B 產品加速到達的額外費用，這些產品當時面臨增量關稅。

The increase also included $28.2 million to support the growth of our joint venture businesses primarily in China and Mexico, and $32.7 million associated with our direct-to-consumer business and a net increase of 47 new company-owned stores, including 21 that opened in the quarter.

這一增長還包括2,820 萬美元用於支持我們主要在中國和墨西哥的合資業務的增長，3,270 萬美元與我們的直接面向消費者業務相關，以及淨增加47 家新的公司直營店，其中21家是在2017 年開業的。該季度。

We also incurred startup costs related to the new automation in our distribution center in Belgium, and operational planning for our new distribution center in China.

我們也產生了與比利時配送中心的新自動化以及中國新配送中心的營運規劃相關的啟動成本。

Earnings from operations increased 12.4% to $94 million versus the prior year, and our operating margin was 7.1% compared with 7.7% from the prior year.

營運利潤比上年增長 12.4%，達到 9,400 萬美元，營運利潤率為 7.1%，比上年為 7.7%。

Net income increased 25.7% to $59.5 million or $0.39 per diluted share on 154.6 million diluted shares outstanding compared to net income of $47.4 million or $0.31 per diluted share on 155 million diluted shares outstanding in the prior-year period.

淨利潤成長了25.7%，達到5,950 萬美元，即1.546 億股稀釋後流通股的每股稀釋收益為0.39 美元，而去年同期淨利潤為4,740 萬美元，即1.55 億股稀釋後流通股的每股稀釋收益為0.31 美元。

Our effective income tax rate for the quarter decreased to 14% from 15.5% in the prior year.

本季我們的有效所得稅率從前一年的 15.5% 降至 14%。

We expect our effective tax rate for 2020 to be between 16% and 18%.

我們預計 2020 年的有效稅率將在 16% 至 18% 之間。

And now turning to our balance sheet.

現在轉向我們的資產負債表。

At December 31, 2019, we had over $1 billion in cash, cash equivalents and investments, which was a decrease of $34.5 million or 3.2% from December 31, 2018.

截至2019年12月31日，我們擁有超過10億美元的現金、現金等價物和投資，較2018年12月31日減少3,450萬美元，即3.2%。

Recall that earlier this year, we invested over $180 million to purchase the minority interest of our former joint venture in India and to form a new joint venture in Mexico.

回想一下，今年早些時候，我們投資了超過 1.8 億美元購買了前印度合資企業的少數股權，並在墨西哥組建了一家新合資企業。

Our cash in investments represented approximately $6.72 per diluted share outstanding at December 31, 2019.

截至 2019 年 12 月 31 日，我們的投資現金相當於每股稀釋後流通股數約 6.72 美元。

Trade accounts receivable at quarter end were $699.2 million, an increase of $141.6 million from December 31, 2018, driven by higher sales, particularly in our international wholesale business.

季度末的貿易應收帳款為 6.992 億美元，較 2018 年 12 月 31 日增加 1.416 億美元，主要是由於銷售額增加，特別是國際批發業務的銷售額增加。

Total inventory was approximately $1.1 billion, an increase of 23.9% or $206.6 million from December 31, 2018.

庫存總額約 11 億美元，較 2018 年 12 月 31 日增加 23.9%，即 2.066 億美元。

The increase was primarily in our international markets, where we believe our inventory levels leave us well positioned to support our growth expectations.

這一成長主要發生在我們的國際市場，我們相信我們的庫存水準使我們能夠很好地支持我們的成長預期。

Total debt, including both current and long-term portions was $121.2 million compared to $97 million at December 31, 2018.

包括目前和長期部分在內的總債務為 1.212 億美元，而 2018 年 12 月 31 日的債務總額為 9,700 萬美元。

The increase primarily reflects borrowings associated with the construction of our first distribution center in China.

這一增長主要反映了與我們在中國建設第一個配送中心相關的借款。

During the quarter, we also replaced our existing $250 million asset-backed credit facility that was due to expire in June of 2020, with a new $500 million senior unsecured credit facility to provide additional liquidity support to the continued growth of our business.

在本季度，我們還以新的5 億美元高級無抵押信貸額度取代了現有的2.5 億美元資產支持信貸額度，該額度將於2020 年6 月到期，為我們業務的持續增長提供額外的流動性支持。

Working capital decreased $45.5 million (sic) [$40.5 million] to approximately $1.58 billion versus $1.62 billion at December 31, 2018, partially attributable to the inclusion of current operating lease liabilities totaling $191.1 million arising from the adoption of the new lease accounting standard for fiscal year 2019.

營運資本減少4,550 萬美元（原文如此）[4,050 萬美元]，從2018 年12 月31 日的16.2 億美元減少至約15.8 億美元，部分原因是由於採用了新的財務租賃會計準則而產生了總計1.911 億美元的當前經營租賃負債。2019 年。

Capital expenditures for the fourth quarter were $66 million, of which $11.8 million was related to the construction of our distribution center in China, $17.1 million related to direct-to-consumer stores and e-commerce investments worldwide and $9.8 million related to our distribution capabilities around the globe as well as general corporate investments.

第四季的資本支出為6,600萬美元，其中1,180萬美元與我們在中國的配送中心的建設有關，1,710萬美元與全球直接面向消費者的商店和電子商務投資有關，980萬美元與我們的配送能力有關全球範圍內以及一般企業投資。

For the full year 2019, our total capital expenditures were $240.7 million.

2019 年全年，我們的資本支出總額為 2.407 億美元。

We expect our capital expenditures for 2020 to be in the range of $325 million to $350 million, which includes completing the construction of our China distribution center; the expansion of our U.S. distribution facility; opening 115 to 125 new company-owned SKECHERS stores and 20 to 30 store remodels, expansion and relocation; the expansion of our corporate headquarters; and technology investments primarily in our direct-to-consumer business.

我們預計2020年的資本支出將在3.25億至3.5億美元之間，其中包括完成中國配送中心的建設；擴大我們的美國分銷設施；開設 115 至 125 家新的公司自有 SKECHERS 商店以及 20 至 30 家商店改造、擴建和搬遷；擴大我們的公司總部；主要針對我們的直接面向消費者業務的技術投資。

Now turning to guidance.

現在轉向指導。

First, let me reiterate that there is much we do not know about the current situation in China.

首先我要重申，目前中國的情況我們還有很多不了解的地方。

As a result, assessing the impact to our business is difficult.

因此，評估對我們業務的影響很困難。

What we know is that a meaningful number of SKECHERS stores in China, both company-owned and franchise, have been temporarily closed, and those that remain open are seeing significantly below average traffic and comparable store sales pattern.

我們所知道的是，大量斯凱奇在中國的直營店和特許經營店已暫時關閉，而那些仍在營業的店的客流量和可比店面銷售模式則明顯低於平均水平。

Incorporated into the following guidance is our best estimate of the influence of these factors on the first quarter of 2020.

以下指引中包含了我們對這些因素對 2020 年第一季影響的最佳估計。

But if the severity of the situation in China worsens and impacts our businesses outside of China and/or our global supply chain, this guidance may change.

但如果中國局勢嚴重惡化並影響我們在中國以外的業務和/或我們的全球供應鏈，則這項指導可能會改變。

We currently expect first quarter 2020 sales to be in the range of $1.4 billion to $1.425 billion, and net earnings per diluted share to be in the range of $0.70 to $0.75.

我們目前預計 2020 年第一季銷售額將在 14 億美元至 14.25 億美元之間，稀釋後每股淨利潤將在 0.70 美元至 0.75 美元之間。

This guidance incorporates the view based upon current trends, backlogs and other indicators that all 3 of our segments will continue to grow in the first quarter and the impact from the crisis in China aligns with our expectations.

該指引納入了基於當前趨勢、積壓訂單和其他指標的觀點，即我們的所有三個部門將在第一季繼續成長，並且中國危機的影響符合我們的預期。

And now I'll turn the call over to David for closing remarks.

現在我將把電話轉給大衛做總結發言。

Thank you, John.

謝謝你，約翰。

As mentioned, we believe our business, product, distribution, marketing and infrastructure is extremely strong.

如前所述，我們相信我們的業務、產品、分銷、行銷和基礎設施都非常強大。

In 2019, we surpassed the milestone of $5 billion in annual sales, grew our international business to 57.9% of our total sales at year-end and achieved double-digit growth in our domestic and international businesses in the fourth quarter.

2019年，我們突破了年銷售額50億美元的里程碑，國際業務佔年末總銷售額的57.9%，第四季度國內和國際業務實現了兩位數成長。

We now have more than 3,500 SKECHERS stores around the world and a strong e-commerce business that we believe will improve greatly with upgrades we are completing in the first half of 2020.

目前，我們在全球擁有超過 3,500 家斯凱奇專賣店，以及強大的電子商務業務，我們相信，隨著我們在 2020 年上半年完成的升級，電子商務業務將得到大幅改善。

We believe this momentum will continue in 2020 given our strong backlog and the strength of our direct-to-consumer channel, which had low double-digit comps for January.

鑑於我們大量的積壓訂單和直接面向消費者的管道的實力（該通路 1 月份的銷售額為兩位數），我們相信這一勢頭將在 2020 年持續下去。

We will continue to assess the potential impact of the health crisis on our business in Asia as well as elsewhere and provide support to our teams in China.

我們將繼續評估健康危機對我們在亞洲及其他地區業務的潛在影響，並為我們在中國的團隊提供支援。

And with that, I'd like to now turn the call over to the operator to begin the question-and-answer portion of the conference call.

現在，我想將電話轉給接線員，開始電話會議的問答部分。

(Operator Instructions) Our first question comes from the line of Jay Sole with UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Jay Sole 線路。

Great.

偉大的。

The 9.9% comp was one of the strongest numbers in what was a very strong top line in the quarter.

9.9% 的利潤率是本季非常強勁的營收中最強勁的數字之一。

Can you talk about e-commerce growth within the retail business?

您能談談零售業務中的電子商務成長嗎？

And David, you just mentioned some upgrades you're making.

大衛，你剛剛提到了你正在進行的一些升級。

Can you give us an idea of where you think that business can go from here?

您能否告訴我們您認為業務可以走向何方？

Well, I don't think there's a limit to where that business can grow.

嗯，我認為該業務的發展沒有限制。

It's still relatively small, although growing very, very significantly.

儘管成長非常非常顯著，但它仍然相對較小。

We don't even measure that anymore in single digits or double digits.

我們甚至不再用個位數或兩位數來衡量。

It's well into the double and for some months, even triple digits.

它已經進入兩位數，並且有幾個月甚至是三位數。

However, it's still only now -- it is about low double digits of our complete direct-to-consumer sales.

然而，這仍然只是現在——我們的直接面向消費者的銷售額大約只有兩位數。

So there's plenty of room to it to go.

所以它還有足夠的空間可以發揮。

We have invested a lot of money that we've -- over the past couple of years and are replatforming and getting things ready for a new major launch, including our Elite program.

在過去的幾年裡，我們投入了大量資金，正在重新建構平台，為新的重大發布做好準備，包括我們的精英計畫。

On top of that, we're going to use that as a prototype to take around the world.

最重要的是，我們將使用它作為原型來環遊世界。

We don't have direct-to-consumer online e-commerce in every subsidiary in the world, but we plan on this in the next year to be online and direct-to-consumer in every country in the world.

我們並沒有在世界各地的每個子公司都提供直接面向消費者的線上電子商務，但我們計劃明年在世界每個國家都提供線上和直接面向消費者的電子商務。

So when you put it all together, it can be very, very significant.

因此，當你把它們放在一起時，它可能非常非常重要。

But we shouldn't take away from the fact that even in this difficult time, our brick-and-mortar is comping up significantly as well, which shows what we have to offer as a destination and to -- direct to our consumer.

但我們不應該忽視這樣一個事實：即使在這個困難時期，我們的實體店也在顯著增長，這表明我們必須作為目的地並直接向消費者提供什麼。

And when we put them all together in the coming years, in our version of the omnichannel, we think it's going to be, with the great product we have, be even that much better.

當我們在未來幾年將它們放在一起時，在我們的全通路版本中，我們認為，憑藉我們擁有的出色產品，它會變得更好。

Got it.

知道了。

And then if I can just ask about the guidance.

然後我是否可以詢問指導。

Obviously, China is such a big topic and the coronavirus for every company.

顯然，中國對於每家公司來說都是一個很大的話題和冠狀病毒。

Can you maybe sort of split out what impact that you're incorporating from that situation into the sales guidance that you've given this afternoon?

您能否將這種情況的影響分解到您今天下午提供的銷售指導中？

Well, we don't want to get overly precise because what we're waiting is probability of a lot of different outcomes.

好吧，我們不想變得太精確，因為我們等待的是許多不同結果的機率。

But what I would reiterate from the guidance is we still expect every segment to grow.

但我從指導中重申的是，我們仍然期望每個細分市場都能成長。

We are planning China down for this quarter.

我們計劃本季下調中國市場。

We've taken a fairly severe look at February and parts of March.

我們對二月和三月的部分時間進行了相當嚴格的審查。

How that unfolds really is to be determined.

具體如何展開仍有待確定。

But it's really the strength of all of our other business segments that aren't being directly impacted by the situation right now which is powering that guidance.

但真正推動這項指導的是我們所有其他業務部門的實力，這些部門目前沒有受到當前局勢的直接影響。

So I'd tell you, I think we've taken an appropriately conservative view of how China will impact our first quarter results.

所以我想告訴你，我認為我們對中國將如何影響我們第一季的業績採取了適當保守的看法。

I think we'll learn more as the situation unfolds, but every other segment, every other piece of the business, our expectation is that we'll continue to contribute at roughly similar levels to what we've seen, which is very strong performance, as David highlighted.

我認為，隨著情況的發展，我們會了解更多信息，但對於所有其他細分市場、業務的每個其他部分，我們的期望是，我們將繼續以與我們所看到的大致相似的水平做出貢獻，這是非常強勁的業績，正如大衛所強調的。

Okay.

好的。

And then maybe one more from me, if I could.

如果可以的話，也許我還會再寫一篇。

You mentioned that India was one of the strongest growers in terms of dollars within the international business.

您提到印度是國際業務中美元成長最強勁的國家之一。

It seems like the India is still probably a pretty small piece of the overall business.

看來印度業務在整個業務中仍然只佔很小的一部分。

So can you give us an idea what percentage type of growth rates you're seeing in India?

那麼您能否告訴我們您在印度看到的成長率是多少？

And what the prospects are for us here in that end market?

我們在這個終端市場的前景如何？

Well, I'll start with the prospects because we think the prospects for SKECHERS in India are extraordinarily bright, especially over the long term.

好吧，我將從前景開始，因為我們認為斯凱奇在印度的前景非常光明，尤其是從長遠來看。

It's an incredible market, where we've seen incredible traction for the brand.

這是一個令人難以置信的市場，我們在那裡看到了該品牌令人難以置信的吸引力。

It continuously ranked in the market as one of the most recognized and loved brands by consumers.

連續多年被評為市場上最受消費者認可和喜愛的品牌之一。

I would tell you, this quarter, the rate was fantastic.

我會告訴你，這個季度的比率非常好。

It was over 50% growth.

增長超過 50%。

For the full year, the rate was also near that level.

全年來看，該比率也接近該水準。

It's starting to become a very meaningful contributor to the overall economics of our international subsidiary business.

它開始成為我們國際子公司整體經濟的一個非常有意義的貢獻者。

So it's a significant driver and we have very high expectations for the continued growth of the market, even in what are somewhat difficult times right now from a consumer discretionary spend environment.

因此，這是一個重要的驅動力，我們對市場的持續成長抱持著很高的期望，即使是在目前消費者可自由支配支出環境有些困難的時期。

And we've seen the brand thus far power through that, which is extraordinarily encouraging.

到目前為止，我們已經看到了該品牌的力量，這是非常令人鼓舞的。

Our next question comes from the line of Chris Svezia with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Chris Svezia。

Congratulations.

恭喜。

I guess first, one clarification on China.

我想首先要對中國做出澄清。

Are you anticipating it gets worse or stays the same?

您預計情況會變得更糟還是保持不變？

And any thoughts about supply chain.

以及有關供應鏈的任何想法。

I know what the inventories look like currently, but just where you stand right now as you think about first half product deliveries.

我知道目前的庫存情況，但是當您考慮上半年產品交付時，我知道您現在的情況。

So January for China was very good.

所以一月對中國來說非常好。

Right up until about the 23rd, when we saw the travel restrictions go into place.

直到 23 日左右，我們才看到旅行限制開始實施。

So performance through the early part of January was actually very encouraging.

因此，一月初的表現其實非常令人鼓舞。

While we are seeing depressed traffic and comp store trends at the moment in our physical stores and in our franchise stores, e-commerce continues to do well.

雖然我們目前的實體店和特許經營店的客流量和比較店趨勢低迷，但電子商務仍然表現良好。

What we've assumed as a result of this quarter is that February is very difficult, partly because of the travel restrictions, partly because of the unknowns of how consumer discretionary spend patterns are going to revitalize and when.

我們對本季結果的假設是，二月非常困難，部分原因是旅行限制，部分原因是消費者可自由支配支出模式將如何以及何時恢復活力的未知數。

We've taken a similar view of March, though not as severe, assuming at this moment that this situation begins to dissipate.

我們對三月也採取了類似的看法，儘管沒有那麼嚴重，假設此時這種情況開始消散。

But we've also attempted to incorporate enough leeway that will give us latitude in the guidance we have.

但我們也嘗試納入足夠的餘地，以便為我們提供指導的自由度。

And as far as the supply chain is concerned, it's obviously an issue but it's not a short-term issue for us in fulfilling what we have available outside of China.

就供應鏈而言，這顯然是一個問題，但對於我們在中國境外實現現有供應而言，這不是一個短期問題。

We took a lot of stuff early around the world for various reasons.

由於各種原因，我們很早就在世界各地帶走了很多東西。

We have capacity and raw materials in those factories that are working and have already gone to work outside of China.

我們在那些正在運作並且已經在中國境外運作的工廠裡有產能和原料。

Obviously, have somewhat of a decreased demand for the parts of our supply chain that have to supply China since sales will be down.

顯然，由於銷售量下降，對我們供應鏈中必須向中國供應的部分的需求有所減少。

So while we're watching it closely, and there's certainly a significant potential somewhere down the road, we don't think there can be a severe impact for Q1.

因此，雖然我們正在密切關注，而且未來肯定存在巨大潛力，但我們認為不會對第一季產生嚴重影響。

So we have time to monitor and see what happens as we go through the year.

因此，我們有時間監控並了解這一年會發生什麼。

Okay.

好的。

On -- switching gears, U.S. wholesale for a moment.

開啟－切換齒輪，美國批發片刻。

Just 10% growth Q4.

第四季僅成長 10%。

Q1, you got a much...

Q1，你有很多...

What you mean just?

你的意思只是？

Gosh, here we go.

天哪，我們開始了。

You hit double digits.

你達到了兩位數。

Congratulations, by the way.

順便說一句，恭喜你。

Anyway, just Q1, just you have an easier compare.

無論如何，只是Q1，只是你有一個更容易比較。

It seems like there's some momentum here.

這裡似乎有一股氣勢。

How do we think about Q1 U.S. wholesale?

我們如何看待第一季美國批發？

And if any color you want to give with some of the other segments, DTC comp or anything along those lines, pertains to the revenue guidance.

如果您想為其他一些細分市場、DTC 補償或類似的任何內容提供任何顏色，則與收入指導有關。

Well, I'm going to hold back from saying I told you so on domestic wholesale, although I will note that we are actually very happy with the resurgence we've seen in domestic wholesale.

好吧，我不想說我在國內批發方面告訴過你，儘管我會指出，我們實際上對國內批發的復甦感到非常高興。

It's gotten stronger every quarter.

每個季度它都變得更強。

The product is clearly resonating.

該產品顯然引起了共鳴。

I would tell you, at the moment, we view next quarter as likely to be around where we were this quarter.

我想告訴你，目前我們認為下個季度的情況可能與本季的情況差不多。

We see great backlog traffic.

我們看到積壓的流量很大。

We see good order flow, good shipping trends.

我們看到良好的訂單流和良好的運輸趨勢。

So we are very optimistic that we will see a similar performance or potentially even better relative to Q1.

因此，我們非常樂觀地認為，我們將看到與第一季類似的表現，甚至可能更好。

Again, the only asterisk I'd put on that is assessing the global impact of what's happening in China, to the extent that has a knock-on effect elsewhere in the world.

再說一次，我唯一要加上的星號是評估中國發生的事情對全球的影響，以及對世界其他地方產生的連鎖反應的程度。

But right now, we're seeing very good trends in first and even indications in the second quarter, although we're not as fully booked there yet.

但目前，我們在第一季甚至第二季都看到了非常好的趨勢，儘管我們還沒有訂滿。

And I would tell you that that general guide outside of international wholesale, which obviously is going to be impacted by China is somewhat of the rubric we're using this quarter because we're seeing similar trends.

我想告訴你，國際批發以外的一般指南顯然會受到中國的影響，這在某種程度上是我們本季使用的標題，因為我們看到了類似的趨勢。

David mentioned that January comparable store sales are up low double digits, which is fantastic.

大衛提到，一月份的可比商店銷售額增長了兩位數，這真是太棒了。

So we're looking for somewhat similar patterns of growth, plus or minus a bit in each of the segments.

因此，我們正在尋找某種類似的成長模式，在每個細分市場中都略有增加或減少。

And outside of China, the international wholesale business continues to do resoundingly well.

在中國以外，國際批發業務持續表現優異。

The backlogs there are phenomenal.

那裡的積壓是驚人的。

So again, what you're going to see in the quarter ahead, we believe, is strength across the portfolio, offsetting the challenge that exists in China, which, again, we're planning down for the quarter at the moment.

因此，我們相信，在未來一個季度，您將看到整個投資組合的實力，抵消中國存在的挑戰，而我們目前正在計劃減少本季的業務。

But it's really the strength of the brand everywhere else that's going to carry us through this quarter, which again I think it's just a testament to the resonance of the product right now.

但這確實是該品牌在其他地方的實力將帶領我們度過本季度，我再次認為這只是該產品目前引起共鳴的證明。

Okay.

好的。

Sounds good.

聽起來不錯。

And one final thing, something near and dear to your heart, John, but just on SG&A.

最後一件事，約翰，一件你心目中最親近的事情，但只是關於 SG&A。

I know you took an opportunity here to invest on the selling line in Q4.

我知道您在第四季度抓住了這個機會投資於銷售線。

Is it still the general thought that SG&A, or however we want to look at it, G&A, grows in line with revenues as we move forward?

人們普遍認為SG&A，或者無論我們如何看待它，G&A，隨著我們的前進，會隨著收入的增長而增長嗎？

Or is it still opportunistic based on investments you want to make?

或者它仍然是基於您想要進行的投資的機會主義？

Or how should we look at that?

或者說我們該如何看待這一點？

Well, I'm so glad you asked, Chris.

嗯，我很高興你問這個問題，克里斯。

Thank you.

謝謝。

So generally speaking, that remains our target.

所以總的來說，這仍然是我們的目標。

Let me take a moment to point out a few things this year that are going to be different.

讓我花點時間指出今年將會有所不同的一些事情。

As we mentioned, with the onset of the opening of our distribution center in China, there will be costs throughout the year, that we incur start-up costs.

正如我們所提到的，隨著我們在中國開設配送中心，全年都會產生成本，也就是我們產生的啟動成本。

This will most likely be concentrated over the first 3 quarters.

這很可能集中在前三個季度。

For the full year, we expect them to approximate about USD 15 million to USD 20 million.

我們預計全年收入約為 1500 萬美元至 2000 萬美元。

So that will have a natural deleveraging effect because they are onetime type costs.

因此，這將產生自然的去槓桿效應，因為它們是一次性成本。

I will just also point out we are finalizing the purchase accounting of our investment in Mexico.

我還要指出的是，我們正在完成墨西哥投資的採購核算。

There's likely to be, quite frankly, a full -- a few cents on the full year related to the purchase accounting.

坦白說，全年可能會有幾美分與採購會計相關。

It's really just accounting adjustments.

這其實只是會計調整。

But when we have that finalized, which should be at the end of the first quarter, we'll give you some guidance there.

但是，當我們最終確定這一點時（應該是在第一季末），我們將為您提供一些指導。

So I do want to point those 2 out because they are anomalies.

所以我確實想指出這兩個，因為它們是異常現象。

Outside of that, though, I would continue to point toward revenue growth as our upper bound.

但除此之外，我將繼續將收入成長作為我們的上限。

Probably, again, the global caveat there being China.

也許，全球再次警告的是中國。

We've -- again, we've incorporated some latitude throughout our P&L.

我們再次在損益表中納入了一些自由度。

It may be that we need to spend some money in China to reignite operations.

可能我們需要在中國花一些錢來重振業務。

It wouldn't surprise me if there's a quarter or 2 where we need to deleverage in China, specifically.

如果中國有一兩個季度需要去槓桿化，我不會感到驚訝。

But quite frankly, until we get better informed about how that is going to unfold, it would be difficult to really project with specificity when or how much that's going to be.

但坦白說，在我們更好地了解這將如何展開之前，很難真正具體地預測這將在何時或有多少。

So carving out those unique items, that's still the guidance I would point you to is, SG&A growing in line.

因此，制定這些獨特的項目，這仍然是我要向您指出的指導，SG&A 同步成長。

It's at the high end with revenue, obviously, with us targeting to do better.

顯然，它的收入處於高端，我們的目標是做得更好。

I would also emphasize that this quarter was definitely an opportunistic quarter.

我還要強調的是，這個季度絕對是一個機會主義的季度。

We've had great strength in the brand.

我們在品牌方面擁有強大的實力。

We saw an opportunity to put that into sales and marketing-related expenses.

我們看到了將其計入銷售和行銷相關費用的機會。

G&A itself was actually in line.

G&A 本身其實也符合這項要求。

So I would think of those largely as investments for the future of the brand.

因此，我認為這些很大程度上是對品牌未來的投資。

And Chris, I would add in there as well.

克里斯，我也會加進去。

That, as we mentioned, fourth quarter is usually our smallest of the year.

正如我們所提到的，第四季通常是一年中最小的季度。

This year, it wasn't, and it showed a reacceleration in many places around the world.

今年情況並非如此，而且在世界許多地方都出現了重新加速的趨勢。

That includes Europe.

其中包括歐洲。

And, usually, when we have an acceleration in the fourth quarter from a small quarter like that, it shows in significant growth in the following year.

通常，當我們在第四季度從這樣的小季度開始加速時，它會在接下來的一年中表現出顯著的成長。

So when we talk about opportunistic, we have to see what that growth pattern is because it can be significant.

因此，當我們談論機會主義時，我們必須看看這種成長模式是什麼，因為它可能很重要。

And I would tell you, along with having such a strong fourth quarter, our booking trends for all the subsidiaries in the first quarter were extremely good and significantly higher than last year, which leads us to an acceleration certainly coming into this year.

我想告訴你，除了第四季度的強勁表現之外，我們所有子公司在第一季的預訂趨勢都非常好，並且明顯高於去年，這使得我們今年肯定會加速。

And had China seen any significant growth, we would have even seen some outside growth in Q1 that we still think is available throughout the year.

如果中國出現任何顯著成長，我們甚至會在第一季看到一些外部成長，我們仍然認為全年都會出現這種成長。

So we'll be getting ready for that kind of growth as well.

因此，我們也將為這種成長做好準備。

Our next question comes from the line of John Kernan with Cowen and Company.

我們的下一個問題來自考恩公司的約翰‧克南 (John Kernan)。

It's Dave for John.

這是約翰的戴夫。

Congrats on a very strong fourth quarter and a good start to this year.

恭喜第四季度的強勁表現以及今年的良好開端。

John, you and David were both pretty enthusiastic about Europe when we met with you at FFANY.

約翰，當我們在 FFANY 見到您時，您和大衛都對歐洲充滿熱情。

Clearly, the fourth quarter numbers in international wholesale are extremely robust.

顯然，第四季的國際批發數據極為強勁。

I'm just wondering what your thoughts are on Europe for 2020?

我只是想知道您對 2020 年歐洲有何看法？

What regions you're most excited about?

您對哪些地區最感興趣？

And maybe if some of the strength you're seeing in Europe can help to really offset some of the onetime type challenges in China this year.

也許你在歐洲看到的一些實力可以幫助真正抵消今年中國曾經遇到的一些挑戰。

Yes, John, that -- I mean that pretty much describes it, to be honest with you.

是的，約翰，老實說，我的意思是這幾乎描述了它。

We were excited about what we saw in Europe, both in developing and developed markets.

我們對在歐洲的發展中市場和已開發市場所看到的情況感到興奮。

Europe as a region grew significantly.

歐洲作為一個地區增長顯著。

It actually grew above the average for international wholesale in the quarter.

實際上，該季度的成長高於國際批發的平均水準。

So we've seen really good continuing trends in that market.

因此，我們在該市場看到了非常好的持續趨勢。

As David mentioned, the backlogs are fantastic right now for both the first quarter and we're seeing very encouraging early indications on second quarter.

正如大衛所提到的，第一季的積壓情況非常好，我們在第二季看到了非常令人鼓舞的早期跡象。

I think the product is resonating, and it's across our stores.

我認為該產品引起了共鳴，並且遍布我們的商店。

It's across our wholesale accounts.

它存在於我們的批發帳戶中。

It is in our e-commerce channels, where we have them, in the international markets.

它存在於我們的電子商務管道中，也就是我們在國際市場上擁有的電子商務管道。

And it's going to be those markets and others, again, that pull the business through the headwind that's going to be our results in China in Q1, as we anticipate them at the moment.

正如我們目前所預期的那樣，這些市場和其他市場將再次推動我們的業務渡過難關，這將成為我們第一季在中國的業績。

So that market continues to be very robust for us from a growth standpoint and we couldn't be, quite frankly, more optimistic about the long-term potential of the brand there.

因此，從成長的角度來看，這個市場對我們來說仍然非常強勁，坦白說，我們對該品牌在那裡的長期潛力非常樂觀。

And quite frankly, in South America, in the other parts of Asia that aren't currently facing the challenge, we mentioned that it was every region, every segment and nearly every country, and that's right on.

坦白說，在南美洲、目前沒有面臨挑戰的亞洲其他地區，我們提到每個地區、每個部門、幾乎每個國家都面臨挑戰，這是正確的。

In fact, in many instances, or the only instances I can think of where we had a subsidiary or joint venture partner that didn't grow in a country, it was largely because of some sort of extraordinary political strife.

事實上，在很多情況下，或者我能想到的唯一情況是，我們的子公司或合資夥伴在某個國家沒有發展壯大，這很大程度上是因為某種非同尋常的政治衝突。

So the business and the product is resonating in a lot of different markets all at once, which again, I think, is a testament to the design and the marketing behind it.

因此，業務和產品同時在許多不同的市場中引起共鳴，我認為，這再次證明了背後的設計和行銷。

All right.

好的。

Got it.

知道了。

I wanted to shift gears, maybe just to the company-owned comps; obviously, impressive both in domestic and international.

我想改變方向，也許只是轉向公司旗下的公司；顯然，在國內和國際上都令人印象深刻。

Can you just talk to the drivers of this?

能和司機談談嗎？

Is there an ASP story to this?

有 ASP 的故事嗎？

Is it just traffic?

僅僅是交通嗎？

Are you converting more with some of the omnichannel initiatives you put in place?

您是否透過實施的一些全通路規劃實現了更多轉換？

And obviously the strength has continued into January, I think, you said comps are running up low doubles.

顯然，這種勢頭一直持續到一月份，我想，你說的比較是低雙。

I wonder if you could give us a little bit more color on the overall drivers of this comp.

我想知道你是否可以給我們更多關於這個組合的整體驅動程式的資訊。

Yes.

是的。

Well, what we said was up low double digits domestically.

嗯，我們說的是國內低兩位數的成長。

It's up as well around the world.

世界各地的情況也同樣如此。

The drivers for us are always about product.

我們的驅動力始終與產品有關。

And what we develop and the brand acceptance as we go around, certainly in a competitive environment.

以及我們開發的產品和周遭的品牌接受度，當然是在競爭激烈的環境中。

So I think what you see as you go through is, it's a little bit of everything.

所以我認為當你經歷的時候你會看到，一切都是一點點。

We have many categories, many of them resonate.

我們有很多類別，其中許多類別引起了共鳴。

We advertise them well.

我們很好地為他們做廣告。

We get traffic through the stores.

我們透過商店獲得流量。

It's not so much traffic because I don't know that traffic per se is different for us than anybody else in -- especially in those places we share.

流量並不大，因為我不知道流量本身對我們來說與其他人不同——尤其是在我們共享的地方。

But we do have better conversion.

但我們確實有更好的轉化。

We have customers that come in knowing what they're looking for, which leads to a better conversion and they're always there to purchase.

我們的客戶知道他們在尋找什麼，這會帶來更好的轉化，而且他們總是會在那裡購買。

So it is a little bit of everything, a little bit of pricing and ASP, but nothing significant.

所以一切都有點，定價和平均售價，但沒什麼重要的。

It is all about acceptance and conversion and the product we have to offer.

這一切都與接受和轉化以及我們必須提供的產品有關。

Our next question comes from the line of Gabby Carbone with Deutsche Bank.

我們的下一個問題來自德意志銀行的加比卡本 (Gabby Carbone)。

I wanted to ask about category performance.

我想問一下品類表現。

I was wondering if you can dig a little bit deeper and discuss what categories and styles are driving such strong growth.

我想知道您是否可以更深入地挖掘並討論哪些類別和風格正在推動如此強勁的成長。

And then I was wondering if you could speak to the kids business.

然後我想知道你是否可以談談兒童業務。

I mean what's kind of aiding that category's return back to growth?

我的意思是，什麼有助於該類別恢復成長？

Yes.

是的。

Again, I hate to sound like a broken record.

再說一次，我討厭聽起來像一張破唱片。

We saw a lot of very broad strength across the divisions as we refer to them.

當我們提到這些部門時，我們看到了許多非常廣泛的優勢。

I think most encouraging this quarter is, as we mentioned, all genders grew, women's grew, men's grew fantastically.

我認為本季最令人鼓舞的是，正如我們所提到的，所有性別都在成長，女性成長，男性成長驚人。

Kids returned to growth.

孩子們恢復了成長。

It's been battling some difficult comparisons from our lighted product as well as I would describe kind of a general malaise in kids across all brands.

它一直在與我們的發光產品進行一些困難的比較，我將描述所有品牌的孩子普遍感到的不適。

And seeing that come back to life this quarter was fantastic.

看到這個季度恢復生機真是太棒了。

I think it's probably the broad appeal of the general casual look and feel at the moment that is aiding a lot of different divisions.

我認為，目前休閒外觀和感覺的廣泛吸引力可能正在幫助許多不同的部門。

But obviously, bringing GO back in a big way has helped us.

但顯然，讓 GO 回歸對我們有很大幫助。

Our Street product has done very well.

我們的 Street 產品做得非常好。

Our Work product, which is definitely a completely different category than most, has grown exceedingly well.

我們的工作產品絕對是一個與大多數產品完全不同的類別，但成長得非常好。

David mentioned the awards we've won in our Performance category.

大衛提到了我們在表演類別中贏得的獎項。

That's helping the Performance category as well.

這也對性能類別有所幫助。

So to be honest with you, it's a lot of different divisions performing very well.

老實說，很多不同的部門都表現得很好。

I think it's -- again, like the casual atmosphere, but also the fact that we have comfort features that many don't.

我認為這是——同樣，就像休閒的氛圍一樣，但事實上我們擁有許多人沒有的舒適功能。

We prize comfort unlike anyone else and bringing products to market like Arch Fit in combination with our other products like Relaxed.

我們與其他公司不同，重視舒適度，並將 Arch Fit 等產品與 Relaxed 等其他產品結合推向市場。

And I mean it's the whole thing that customers are looking for right now.

我的意思是，這就是客戶現在正在尋找的全部東西。

I think this year, actually, this performance anyway follows what we've been saying all along.

我覺得今年的表現其實還是遵循了我們一直以來所說的話。

We no longer are in search of -- well we're in search of, but no longer need a hero shoe or a hero division or a hero territory to carry it, when you look at the amount of growth in the double digit in all the categories.

我們不再尋找——嗯，我們正在尋找，但不再需要英雄鞋、英雄師或英雄領地來承載它，當你看到總體兩位數的增長量時類別。

So that's a lot of product in all those geographies.

因此，所有這些地區都有大量產品。

It really is spread out, and it has to do with a broad offering and brand identity and brand awareness and brand acceptance.

它確實是分散的，並且與廣泛的產品、品牌標識、品牌知名度和品牌接受度有關。

Yes.

是的。

I left out the BOBS group too, and I think they would be offended if I did.

我也忽略了 BOBS 組，我想如果我這樣做的話他們會被冒犯。

They've done phenomenally well this year too, so I want to make sure I call out the BOBS team.

他們今年的表現也非常出色，所以我想特別強調一下 BOBS 團隊。

Got it.

知道了。

And then just a follow-up on gross margin.

然後是毛利率的後續行動。

You obviously did a nice job managing that this quarter.

顯然，本季度您在管理方面做得很好。

I believe in the past, you've said there could be some tariff pressure still in the first quarter.

我相信您過去曾說過第一季可能仍存在一些關稅壓力。

So just an update on how that situation is going.

所以只是介紹一下情況的最新進展。

Yes, we definitely saw the impacts or the beginning impacts of the tariffs this quarter.

是的，我們確實看到了本季關稅的影響或初步影響。

And let me just point out in our release this quarter, we have actually included the segment level gross margin breakdowns for you all, so that you can have them before the 10-Q.

讓我在本季度的發布中指出，我們實際上已經為大家提供了細分市場級別的毛利率細目，以便您可以在 10 季之前獲得它們。

In that you'll see the domestic wholesale margins certainly took a bit of a hit because of the tariffs.

你會發現，由於關稅，國內批發利潤肯定受到了一些打擊。

What we have said all along, though, is while we have mitigation and strategies to address the tariff increases, we didn't feel the need to recoup that all in the domestic wholesale segment.

不過，我們一直以來所說的是，雖然我們有緩解措施和應對關稅上漲的策略，但我們認為沒有必要在國內批發領域彌補這一切。

And so we took a little bit of a hit there, but you saw our margins accrete elsewhere to offset that, and that drove kind of the overall margin accretion for this quarter.

因此，我們在那裡受到了一點打擊，但你看到我們的利潤在其他地方增加以抵消這一點，這推動了本季整體利潤的增加。

I should also let you know that the pricing that we had talked about taking earlier was something that we deferred until the first part of 2020.

我還應該讓您知道，我們之前討論過的定價已推遲到 2020 年上半年。

So that wasn't even actually in the mix to help offset some of that cost.

因此，這實際上並沒有幫助抵消部分成本。

The only -- the pricing that we were able to see flow through was at our own retail that was more on brand strength.

我們能夠看到的唯一定價是在我們自己的零售店，這更多地取決於品牌實力。

So we expect there to be a continuing impact in the first quarter, at least.

因此，我們預計至少在第一季會產生持續影響。

The way the tariff reductions were put into place, everything that had arrived prior to the signing of the first phase agreement still bore the higher tariff costs.

從關稅削減的實施方式來看，第一階段協議簽署之前已經達成的一切仍然承擔著更高的關稅成本。

So we'll still need to work through some of that higher tariff inventory over the first quarter, maybe a little bit into the second quarter.

因此，我們仍然需要在第一季（也許是第二季）處理一些較高的關稅庫存。

So we expect a little bit of that pressure coming into Q1.

因此，我們預計第一季會出現一些壓力。

And in fact, I was just -- in concert with that, so I know somebody will ask.

事實上，我只是同意這一點，所以我知道有人會問。

We do expect there to be some gross margin pressures in the first quarter because of that fact as well as what we anticipate in China is probably being an impact on some ASPs for already delivered product.

我們確實預計第一季會出現一些毛利率壓力，因為這一事實以及我們預計中國的情況可能會對已交付產品的某些平均售價產生影響。

Our next question comes from the line of Omar Saad with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Omar Saad。

I wanted to ask my first question on pricing at AURs.

我想問關於 AUR 定價的第一個問題。

Do you have any sense of what your trends are at retail?

您了解零售業的趨勢嗎？

It feels like the brand has a lot of pricing power right now, whether it's kind of mixing the customer up from good, better, best or just like-for-like pricing.

感覺這個品牌現在擁有很大的定價能力，無論是把客戶從好、更好、最好還是只是同類定價中混合起來。

Maybe give us your thoughts on that?

也許請告訴我們您對此的想法？

And then I have 1 follow-up.

然後我有 1 次後續行動。

Yes, pricing was a growth driver in the quarter for us at retail.

是的，定價是我們零售業本季的成長動力。

Again, I would attribute that largely to the strength of the brand, it pulling through in the pricing line.

再說一遍，我將這很大程度上歸因於該品牌的實力，它在定價上取得了成功。

We didn't enact any price changes, any major price changes in the wholesale segment this quarter.

本季我們沒有對批發部門進行任何價格調整、任何重大價格調整。

If you recall, when we were contemplating our action path forward in response to the tariffs, we mentioned pricing.

如果您還記得，當我們考慮應對關稅的行動路徑時，我們提到了定價。

But we also consciously deferred that action until the early part of 2020.

但我們也有意識地將這項行動推遲到 2020 年初。

We didn't want to reset any pricing that was already -- for booked orders.

我們不想重置已預訂訂單的任何定價。

So you didn't see as much of that in the domestic wholesale.

所以你在國內批發中沒有看到那麼多。

You did see kind of a leveling off on the pricing.

您確實看到價格趨於平穩。

I think it was up about 1%.

我認為上漲了約1%。

So actually, in the domestic wholesale, we got volume and a little bit of price as well.

所以實際上，在國內批發中，我們得到了數量，也得到了一點價格。

But again, I think your inclination is correct.

但我再次認為你的傾向是正確的。

It is the strength of the brand and the quality of the product that we're bringing forward that is driving that price relationship.

正是我們所推出的品牌實力和產品品質推動了這種價格關係。

Got you.

明白你了。

Okay.

好的。

And then my 1 follow-up.

然後是我的 1 個後續行動。

Kind of thinking about the e-commerce -- your commentary around e-commerce and the digital initiatives and the investments you're making.

關於電子商務的一些思考——您對電子商務、數位計劃以及您正在進行的投資的評論。

If I think back a few years ago, you guys were still a little bit skeptical, not sure about how the profitability would work in that segment.

如果我回想幾年前，你們仍然有點懷疑，不確定該領域的獲利能力如何。

Maybe you could share with us how some of your views on that channel as a business model, how they've evolved?

也許您可以與我們分享您對該管道作為商業模式的一些看法，以及它們是如何演變的？

And -- given how much you're kind of gearing your investment towards that channel now.

而且——考慮到你現在對這個管道的投資有多少。

Well, as David mentioned, it's certainly a source of pretty significant investment, both in people and in technology.

嗯，正如大衛所提到的，無論是在人員還是在技術方面，這無疑是相當重要的投資來源。

This year, you will see the next evolution of that investment.

今年，您將看到該投資的下一步發展。

We will replatform our site in the U.S. and then we will take that out across the globe.

我們將重新調整我們在美國的網站平台，然後將其推廣到全球。

We're also likely to be relaunching, at least in a beta phase, our loyalty program, which obviously has some significant technology investment behind it.

我們也可能至少在測試階段重新啟動我們的忠誠度計劃，這顯然背後有一些重大的技術投資。

We're also going to completely revamp our POS system for our existing store base, so that it will have greater functionality and interoperability with our online account.

我們還將針對現有商店基地徹底改造 POS 系統，使其具有更強大的功能以及與我們線上帳戶的互通性。

So I very much agree with David's earlier statement.

所以我非常同意David之前的說法。

It's very early stage for us in the e-commerce business.

對於我們的電子商務業務來說，現在還處於早期階段。

The economics are still very attractive to us.

經濟對我們來說仍然很有吸引力。

They look very good to us relative to our overall retail performance.

相對於我們的整體零售業績，它們對我們來說看起來非常好。

Something obviously we watch carefully.

顯然我們仔細觀察了一些東西。

But we think the runway for both e-commerce as a stand-alone element of our offering, but also in concert with the stores, which is where, as David mentioned, the omnichannel solution for SKECHERS will come, we think that has great upside opportunity...

但我們認為電子商務的跑道既是我們產品的獨立元素，又與商店相協調，正如大衛提到的，斯凱奇的全通路解決方案將會出現，我們認為這有很大的優勢機會.. .

Around the world.

世界各地。

Yes.

是的。

Our next question comes from the line of Sam Poser with Susquehanna Financial Group.

我們的下一個問題來自薩斯奎哈納金融集團的 Sam Poser。

Can you -- you've talked in the past about how big your China sales were in the prior year.

您過去曾談到去年您在中國的銷售額有多大嗎？

So how big were the China sales last year?

那麼去年中國的銷售量有多大呢？

So I don't want to get overly precise, and I would just ask, keep in mind, China was also dealing with a pretty significant headwind from ForEx last year.

所以我不想說得過於精確，我只想問一下，請記住，中國去年也面臨來自外匯的相當大的阻力。

It was in -- we saw a reasonable increase from the prior year, so within that kind of mid-$800 million range.

我們看到比上一年有合理的成長，所以在 8 億美元的中間範圍內。

And that's -- I mean could we assume that Q1 is -- you're up again approximately $200 million, then, give or take?

那就是 - 我的意思是我們可以假設第一季是 - 你又增加了大約 2 億美元，那麼，給予還是接受？

And when you're, and when you're knocking it -- and when you're planning it down, you might be planning -- there might be $100 million or -- it's a -- can you give us some idea of what that dollar amount is, that is within there?

當你在，當你在敲定它時——當你在計劃它時，你可能在計劃——可能有 1 億美元，或者——這是——你能給我們一些關於什麼的想法嗎？那美元的金額是多少，裡面有什麼？

So we -- because you're going to get some of that back next year, it should spring.

所以我們——因為明年你會收回其中的一些，所以它應該會春天。

So we should -- can you give us some idea what the number is?

所以我們應該——你能告訴我們這個數字是多少嗎？

I mean other companies have been fairly specific about it.

我的意思是其他公司對此已經相當具體。

Within your number, I know it may change, but you've given us this revenue guidance.

我知道您的數字可能會發生變化，但您已經給了我們這個收入指引。

And you know what the number was that you took out of China.

你知道你從中國帶出的號碼是多少。

So it would be greatly helpful.

所以這會有很大的幫助。

Yes, but -- remember, you're dealing with a whole quarter, Sam, and your $200 million, $100 million, $150 million, they were actually up in January.

是的，但是 - 請記住，山姆，您正在處理整個季度，以及您的 2 億美元、1 億美元、1.5 億美元，它們實際上在一月份上漲了。

So the quarter can't be as catastrophic unless it goes really down significantly.

因此，除非確實大幅下滑，否則本季不會那麼災難性。

So we've taken a significant haircut by month.

因此，我們每個月都進行了大幅削減。

But we still keep...

但我們仍然保留...

Right, of course.

對，當然。

Right, of course.

對，當然。

Okay.

好的。

What percent of your production is now in China?

目前你們的生產量有多少是在中國生產的？

What percent of overall production is in China?

中國佔總產量的百分之多少？

It hasn't changed significantly from the last time.

與上次相比沒有太大變化。

It's about half, maybe a little less than half.

大約是一半，也許還不到一半。

But remember, a big piece in that production is China for China, which doesn't have as much pressure.

但請記住，生產中一個重要的部分是“中國為中國”，而中國沒有那麼大的壓力。

Because the sales are not there, so they don't need to make stuff.

因為沒有銷售，所以他們不需要生產東西。

And what percent of your, let's say, first half product is either on the water or sitting in warehouses right now as far as you can see?

就您所見，您的上半年產品中有多少百分比現在已經在海上或存放在倉庫中？

Well, there's a couple of things that are going on.

嗯，有幾件事正在發生。

So we have taken a significant piece.

所以我們已經採取了重要的措施。

I don't know that we'll talk about the first half because the first half also goes through June and we still have capacity there.

我不知道我們會談論上半年，因為上半年也經過六月，我們那裡仍然有產能。

And that obviously nothing from June is on the water to date, although they may have raw materials and things like that.

顯然，到目前為止，六月還沒有任何東西出現在水面上，儘管他們可能有原料和類似的東西。

As I said before, we are set pretty much for first quarter, with the production that's available, with what we took early, with what's on the water and even some things that we pushed our -- some of our factories to make before Chinese New Year that they didn't have a chance to ship, that will now be shipping as soon as they get in for the quarter.

正如我之前所說，我們已經為第一季做好了準備，包括可用的生產、我們早期採取的生產、水上生產的產品，甚至是我們推動的一些東西——我們的一些工廠在中國新年前夕生產的東西。他們沒有機會發貨的那一年，現在一旦進入該季度就會發貨。

I don't think there's a significant amount that's at risk for first quarter.

我認為第一季沒有大量資金面臨風險。

April is not a big month for us, so we're waiting to see what happens.

四月對我們來說並不是一個重要的月份，所以我們正在等著看會發生什麼。

We certainly would need more production as we get all the way out to June, but it's kind of early to go through that whole scenario again.

當我們一直到六月時，我們當然需要更多的生產，但現在再次經歷整個場景還為時過早。

And then there's talk about the factories, at least, last I heard, they were open -- that they may be opening next Monday.

然後有人談論工廠，至少，我上次聽說，它們是開放的——它們可能會在下週一開放。

But I mean what are you hearing about when these Chinese factories right now are potentially going to reopen?

但我的意思是，當這些中國工廠現在可能重新開業時，你聽到了什麼？

Yes.

是的。

We don't hear anything more than what's official for you.

除了您官方的消息外，我們不會聽到任何其他消息。

We have -- most of them are planning to go back to work Monday.

我們——他們中的大多數人計劃週一回去工作。

We're not sure what the retention piece is or how long it will take them to get started.

我們不確定保留件是什麼或他們需要多長時間才能開始。

There are some regions that will open the following week.

有些地區將於下週開放。

So it's a mix and match around the country.

所以這是全國各地的混合搭配。

So we do anticipate that it will take them time to get started.

因此，我們確實預計他們需要一些時間才能開始。

Like I said, I don't know what that means right this minute until we see the retention of workers and what's available as they come out.

就像我說的，我現在不知道這意味著什麼，直到我們看到員工的保留以及他們出來後可以得到什麼。

Okay.

好的。

And then lastly, just back to the gross margin, given the strength of your DTC business and both in-store and e-commerce despite the fact that it's fairly small.

最後，回到毛利率，考慮到您的 DTC 業務以及店內和電子商務業務的實力，儘管它相當小。

From a gross margin perspective, I mean that is additive, especially with the number of stores you're planning on opening this year.

從毛利率的角度來看，我的意思是這是附加的，特別是考慮到您今年計劃開設的商店數量。

I would think that that is from a mix of where you're getting your sales, the bigger that gets, the better that is for gross margin.

我認為這是從你獲得銷售額的地方綜合考慮的，銷售額越大，毛利率就越好。

Well, that's true.

嗯，確實如此。

But that's always as a percentage.

但這始終是百分比。

So we have so many moving pieces.

所以我們有很多動人的部分。

And when you concentrate on one, you tend to get lost in its number.

當你專注於一個時，你往往會迷失在它的數量中。

FX still has more impact depending on what it is and how this plays out in China and how the foreign exchanges around the world move against the dollar as much as a direct-to-consumer.

外匯仍然具有更大的影響力，這取決於它是什麼、它在中國的表現以及世界各地的外匯兌美元的走勢以及直接面向消費者的情況。

Europe has some.

歐洲有一些。

We have some pricing, so there are a number of pieces and a number of things you have to throw into the pot.

我們有一些定價，所以你必須把很多東西扔進鍋裡。

And on an average basis, China is higher than the United States.

從平均來看，中國高於美國。

So the fact that we're giving up some -- and the aggregate is there.

事實上，我們正​​在放棄一些東西——而且總量就在那裡。

Although depending on how expenses are, and we've tried to be very careful with that in the guidance, there could be impacts certainly of short term, but not necessarily that flow through to bottom line depending on currencies, et cetera.

儘管根據支出情況，我們在指南中對此非常謹慎，但短期內肯定會產生影響，但不一定會影響利潤，具體取決於貨幣等。

Our next question comes from the line of Kimberly Greenberger with Morgan Stanley.

我們的下一個問題來自金伯利格林伯格與摩根士丹利的對話。

Great.

偉大的。

I just wanted to clarify, if I could, starting with Sam's question.

如果可以的話，我只想從山姆的問題開始澄清。

Did you say that on the gross margin line, FX can, in some cases, fully offset the benefits of D2C on the gross margin?

您是否說在毛利率線上，FX在某些情況下可以完全抵銷D2C在毛利率上的好處？

So FX has been a downward pressure point on gross margin, B2C has been a good news story on gross margin, but oftentimes, one can offset the other?

因此，外匯一直是毛利率的下行壓力點，B2C 一直是毛利率的好消息，但很多時候，一個可以抵銷另一個嗎？

Yes.

是的。

I mean what you saw this quarter is there were kind of 2 simultaneous positive impacts.

我的意思是，您在本季看到的是同時產生了兩種正面影響。

One was just general mix, which lifted gross margin and that comes from more DTC.

其一是整體組合，這提高了毛利率，而這來自於更多的 DTC。

And then there was also improvement within DTC of the margin, but there was also an offsetting impact from FX.

DTC 的利潤率也有所改善，但外匯也產生了抵銷影響。

We continue to experience FX headwinds in the quarter, so they almost offset, not totally, and that's why you saw a little bit of accretion.

我們在本季繼續經歷外匯逆風，因此它們幾乎抵消了，但不是完全抵消，這就是為什麼你看到了一點成長。

Like, to David's point, we certainly have seen situations in the past year where that FX impact has been even more severe and has washed away some of the benefits that you get from improved mix overall.

就像大衛的觀點一樣，我們在過去一年中確實看到了外匯影響更加嚴重的情況，並消除了您從整體改善組合中獲得的一些好處。

Again, the long-term strategy, though, is to continue to advance in our direct-to-consumer and international businesses, both of which are accretive to our overall gross margin.

不過，長期策略是繼續推動我們的直接面向消費者和國際業務，這兩項業務都會增加我們的整體毛利率。

Great.

偉大的。

Okay.

好的。

That clarification is super helpful.

這個澄清非常有幫助。

And then just looking out to 2020, based on current exchange rates, do you have a view of what you think the FX impact on gross margin will be, if any?

然後展望 2020 年，根據當前匯率，您是否認為外匯對毛利率的影響（如果有）？

And then I just wanted to ask about China.

然後我只是想問中國的情況。

If -- I'm not sure what the mix between e-commerce and brick-and-mortar revenue is in China, but if you have an estimate as to what portion of lost store sales you think could be replaced by enhanced e-commerce sales, I'd certainly be interested in hearing that.

如果——我不確定中國的電子商務和實體收入之間的比例是多少，但如果您對商店銷售損失的哪一部分有估計，您認為可以透過增強的電子商務來彌補銷售，我當然有興趣聽到這個。

On the gross margin question, relative to FX, we know what we know based on where we sit today.

關於毛利率問題，相對於外匯，我們根據今天的情況知道我們所知道的。

It looks like, at the moment, there may be some modest pressure from gross -- on gross margin from FX in the first quarter.

目前看來，第一季外匯毛利率可能面臨一些溫和的壓力。

We think it will probably -- and this is already baked into the guidance, it probably dampens our growth by about 100 basis points in the quarter.

我們認為這可能會——而且這已經納入指導，它可能會抑制我們本季的成長約 100 個基點。

So there'll be some flow-through of that in the gross margin.

因此，毛利率中會有一些流動。

That being said, the nature of foreign exchange rates is they are fairly dynamic, so we'll have to wait till the end of the quarter to be certain on that.

話雖這麼說，外匯匯率的本質是它們相當動態，因此我們必須等到本季末才能確定這一點。

Relative to China, I'd just -- it'd be very hard for us to guess at this point how the situation unfolds.

相對於中國，我只是——目前我們很難猜測局勢將如何發展。

What I would tell you is about 1/3 of the revenue overall is e-commerce driven.

我想告訴您的是，大約 1/3 的總收入是由電子商務驅動的。

That changes by quarter, though.

不過，情況會隨著季度而改變。

There's obviously some rather significant selling events in June and then in the fourth quarter with Singles' Day and now 12.12.

顯然，6 月以及第四季的雙十一和現在的 12.12 發生了一些相當重要的銷售事件。

So what we're seeing right now is continued strength in e-commerce.

因此，我們現在看到的是電子商務的持續強勁。

But I don't know if that will endure.

但我不知道這種情況是否會持續下去。

What we've attempted to do is assume that we have a fairly steady performance in e-commerce.

我們試圖做的是假設我們在電子商務方面的表現相當穩定。

And then obviously, the significant challenge comes through the owned retail stores and our franchise business, but this is a fast-evolving situation.

顯然，重大挑戰來自自有零售店和我們的特許經營業務，但這是一個快速發展的情況。

So it's difficult to be fairly precise on that at this point.

因此，目前很難對此做出相當準確的判斷。

Our next question comes from the line of Susan Anderson with B. Riley FBR.

我們的下一個問題來自 Susan Anderson 和 B. Riley FBR 的對話。

Nice job on the quarter.

本季工作做得很好。

I guess a couple of follow-up questions.

我想有幾個後續問題。

When you look at the tariff situation, I think you said that the pricing didn't necessarily flow through this quarter.

當您查看關稅情況時，我認為您說過定價不一定會貫穿本季。

So should we expect the gross margin pressure to be a little bit less in first quarter?

那麼我們是否應該預期第一季的毛利率壓力會減輕呢？

And then also as we kind of go into the back half or when those tariffs get rolled back, will you continue to keep the pricing higher?

然後，當我們進入下半年或當這些關稅回滾時，你們會繼續保持較高的定價嗎？

Well, so I think the actual cost impact is going to be a little bit higher in the next quarter simply because we're going to continue to roll through that fully tariffed product.

嗯，所以我認為下個季度的實際成本影響會更高一點，因為我們將繼續推出完全關稅的產品。

We don't get the benefit yet of rolling through and absorbing the product that was exempt or reduced -- the reduced 4B or 4A rate.

我們還沒有從滾動和吸收被豁免或減少的產品（減少的 4B 或 4A 稅率）中獲益。

So we expect, at the moment, at least, that we'll continue to see pressure throughout the first quarter.

因此，我們預計，至少目前，我們將在整個第一季繼續面臨壓力。

The combination of reallocation of resources, our vendor pricing strategies and then the pricing we put in place should begin to offset that, but the timing of that is uncertain, and will have to play out over the first 2 quarters.

資源重新分配、我們的供應商定價策略以及我們制定的定價的結合應該會開始抵消這一影響，但其時間尚不確定，並且必須在前兩個季度發揮作用。

It's really that, plus the potential drag from FX and how we plan the situation in China at the moment that gives us some caution on the gross margin line.

確實如此，加上外匯的潛在拖累以及我們目前對中國局勢的規劃，讓我們對毛利率線持謹慎態度。

And that's something we're going to watch carefully, obviously, in the quarter.

顯然，這是我們本季要仔細觀察的事情。

Got it.

知道了。

Okay.

好的。

Great.

偉大的。

And then I guess, just a follow-up on the kids business, nice to see that return to growth.

然後我想，這只是兒童業務的後續行動，很高興看到它恢復成長。

I think you talked about maybe some better marketing but I guess also is there any -- are there new products that I guess is driving the growth?

我想你可能談到了一些更好的行銷，但我想還有一些——我認為有新產品正在推動成長嗎？

Or is it more cycling the easy compares?

還是騎自行車比較容易？

Or how should we think about that?

或者說我們該如何思考這個問題？

It's always new product.

它始終是新產品。

So we're never really stagnant with that.

所以我們從來沒有真正停滯不前。

I think what you see is what we've talked about over the last few quarters, when John has mentioned that we were up against tougher comps and it was some product in there that not necessarily comes along with our line features.

我想你所看到的是我們在過去幾季所討論的內容，當時約翰提到我們面臨更艱難的競爭，而且其中的一些產品不一定符合我們的產品線功能。

And now we're back to a more normal setting and -- in the environment in the U.S., and now we're starting to grow again within what's our core business group rather than looking for these outside one-time wonders.

現在我們回到了更正常的環境——在美國的環境中，現在我們開始在我們的核心業務集團內再次成長，而不是尋找這些外部的一次性奇蹟。

Great.

偉大的。

Okay.

好的。

And then lastly, the pressure in Hong Kong.

最後是香港的壓力。

I guess how should we think about that for this year?

我想今年我們該如何考慮這個問題？

Are you starting to see that ease at all?

你開始看到那種輕鬆了嗎？

Or should we expect continued pressure there as we go throughout this year?

或者我們應該預期今年全年都會面臨持續的壓力？

Well, a year is long time, so we don't know that.

嗯，一年很長，所以我們不知道。

But there's obviously continued pressure because of tourism and some of those walls being closed, but it's not a significantly large market for us.

但由於旅遊業和其中一些隔離牆的關閉，顯然存在持續的壓力，但這對我們來說並不是一個很大的市場。

And it's certainly not as impacted as China just yet.

而且它肯定還沒有像中國那樣受到影響。

So the effect on an overall basis, while probably significant for Hong Kong, it's not significant to the overall.

因此，整體而言，雖然對香港來說可能影響很大，但對整體影響並不顯著。

Our next question comes from the line of Jim Duffy with Stifel.

我們的下一個問題來自吉姆·達菲和史蒂菲爾的對話。

For a moment, I want to focus on green-pasture opportunities in China, just setting the coronavirus aside, if we can.

目前，我想重點關注中國的綠色機遇，如果可以的話，把冠狀病毒放在一邊。

Can you guys comment on the reception that you're seeing to the brand as you expand to Tier 3 plus cities?

你們能否評論一下，當你向三線以上城市擴張時，你所看到的品牌反應？

As you learn more, are there any differences in these cities that makes growth here more challenging?

隨著您了解更多，這些城市是否存在任何差異，導致這裡的成長更具挑戰性？

Well, I mean again, we mentioned, both David and I, that our long-term view on China hasn't changed.

嗯，我的意思是，我們大衛和我都提到過，我們對中國的長期看法沒有改變。

We view this as a temporary situation, and that is informed by both the success that we saw coming out of Q4.

我們認為這是暫時的情況，第四季的成功表明了這一點。

Q4 in China was a very solid growth quarter.

中國第四季是一個非常穩健的成長季度。

The business did well on Single's Day.

雙十一的生意做得很好。

It did well on 12.12.

12.12 表現不錯。

So we're still seeing the brand resonate and grow with consumers.

因此，我們仍然看到該品牌與消費者產生共鳴並不斷成長。

Part of our strategy over the next few years will certainly be incorporating more Tier 3, 4 and 5 cities into the mix.

我們未來幾年策略的一部分肯定是將更多的三、四、五線城市納入其中。

The reception we've seen so far has been extremely strong.

到目前為止，我們所看到的反應非常強烈。

I think this is probably, at worst, a temporary setback and we'll continue to grow the brand that way.

我認為這在最壞的情況下可能只是暫時的挫折，我們將繼續以這種方式發展品牌。

It's a little bit difficult to say today how the timing of some of those entries is going to play out.

今天很難說其中一些條目的時機將如何發揮。

I would also point out that obviously one of the more significant drivers in the country has been e-commerce, which isn't as bounded by the location of the consumer.

我還想指出，顯然該國更重要的驅動力之一是電子商務，它不受消費者所在地的限制。

That's obviously the big benefit of the solution, and that continues to be a very resonant platform for us with Chinese consumers, who are, if not the world's leading, most digitally savvy, I don't know who is, because they've really embraced both mobile commerce and online commerce.

這顯然是解決方案的一大好處，而且對我們來說，這仍然是一個與中國消費者產生強烈共鳴的平台，中國消費者即使不是世界領先的、最懂數位化的，我也不知道是誰，因為他們真的擁抱行動商務和線上商務。

That's great.

那太棒了。

That's a good segue to my next question.

這是我下一個問題的一個很好的延續。

I wanted to ask where you guys feel you are in terms of leveraging Tmall as it relates to growth in China and, specifically, growth in these new regions.

我想問你們覺得在利用天貓方面你們處於什麼位置，因為它與中國的成長，特別是這些新地區的成長有關。

And I'm curious, does the new distribution center simplify logistics to support e-commerce growth?

我很好奇，新的配送中心是否會簡化物流以支持電子商務的成長？

So Tmall is a fantastic partner for SKECHERS.

所以天貓是斯凱奇的絕佳夥伴。

It has been for a very long time.

已經有很長一段時間了。

If you look at our Tmall rankings by category, they are very strong, especially for an international brand.

如果你按類別查看我們的天貓排名，它們非常強大，尤其是對於國際品牌而言。

We value those highly, and we continue to work very closely with Tmall to advance the brand, both on the important selling days of the year like Singles' Day, but also around those, I mean every other day out of the year.

我們高度重視這些，我們將繼續與天貓密切合作，以提升品牌知名度，無論是在一年中重要的銷售日（例如雙十一），還是圍繞這些日子（我指的是一年中的每隔一天）。

In terms of the distribution center, I think that's probably more a benefit from a SKECHERS' perspective for both operational efficiency and, quite frankly, ensuring that long term, we have the availability and the reliance on systems that we know across the globe work very, very well for us.

就配送中心而言，我認為從斯凱奇的角度來看，這可能更有利於營運效率，而且坦白說，確保從長遠來看，我們擁有可用性並依賴我們知道在全球範圍內運作良好的系統。 ，對我們來說非常好。

It doesn't really change how we interface with key platforms because the interface today is largely through third parties.

它並沒有真正改變我們與關鍵平台的互動方式，因為今天的介面主要是透過第三方實現的。

So I think net-net, it's probably long term, a benefit to SKECHERS.

所以我認為，從長遠來看，網路對斯凱奇來說可能是一個好處。

I think if anything, because of the reliability factor, it will enhance our ability to interface with Tmall and others.

我認為，如果有的話，由於可靠性因素，它將增強我們與天貓和其他公司對接的能力。

But it's not really going to be a major change in that relationship from kind of a strategic standpoint.

但從策略角度來看，這並不是這種關係的重大變化。

We have time for 1 last question.

我們有時間回答最後一個問題。

Our last question comes from the line of Tom Nikic with Wells Fargo.

我們的最後一個問題來自富國銀行的湯姆·尼基奇（Tom Nikic）。

John, David, just wanted to ask, it seems like based on your guidance, you are really accelerating the pace of U.S. store openings this year.

John、David，我只是想問一下，根據你們的指導，你們今年確實在加快美國開店的步伐。

I think you said 75 to 85 stores in the U.S., which is a pretty significant increase from what you've done in recent years.

我想你說的是在美國有 75 到 85 家商店，這比你近年來所做的有相當大的增長。

I realize you're comping pretty strongly domestically, but I'm just kind of wondering what drove that decision to sort of step on the gas pedal as far as physical store openings go?

我知道你們在國內的競爭相當強勁，但我只是想知道是什麼促使我們決定加強開設實體店？

And if there's anything, I don't know, from an expense standpoint or deleverage standpoint we should think about in terms of the accelerated store openings?

我不知道，從費用的角度或去槓桿的角度來看，我們是否應該考慮加速開店？

I mean the first and foremost, we are cautious about how and where we open stores.

我的意思是，首先，我們對開店方式和地點持謹慎態度。

We don't keep unprofitable stores, by and large.

總的來說，我們不會保留不營利的商店。

So we're opening profitable stores.

因此，我們正在開設盈利的商店。

The stores we're opening right now are our big-box format.

我們現在開的商店都是我們的大賣場形式。

So they're a family solution that offers the whole range of the product.

因此，它們是一個提供全系列產品的家庭解決方案。

We are seeing very advantageous rates in some very attractive locations, where we believe there's an opportunity to grow the business.

我們在一些非常有吸引力的地點看到了非常有利的價格，我們相信那裡有發展業務的機會。

We're obviously cautious about cannibalizing any presence in market.

我們顯然對蠶食市場上的任何存在持謹慎態度。

But even with 800 stores, as a company, we feel there's a lot of opportunity across the globe to continue to grow out our store count.

但即使擁有 800 家門市，作為一家公司，我們認為全球仍有許多機會繼續增加我們的門市數量。

We also think, as David mentioned earlier, and I think it's important -- it's a compliment to the online capability, right, our ability to deliver an omnichannel solution needs a physical presence as well as an online presence and a mobile presence.

我們還認為，正如大衛之前提到的，我認為這很重要——這是對線上能力的補充，對吧，我們提供全通路解決方案的能力需要物理存在、線上存在和行動存在。

So it's really a complementary delivery system and presence for consumers, and whether it's online predominantly and in a supplement on the retail footprint or vice versa, so as part of the strategy, most importantly, to get closer to consumers.

因此，它實際上是一個補充性的交付系統和消費者的存在，無論它主要是在線還是零售足跡的補充，反之亦然，所以作為戰略的一部分，最重要的是，為了更接近消費者。

And again, I just probably would just state the obvious.

再說一次，我可能只是陳述顯而易見的事情。

Obviously, we don't feel like we're fully penetrated in the United States.

顯然，我們覺得我們在美國還沒有被完全滲透。

We feel like there's significant room to run.

我們覺得還有很大的運行空間。

And again, with the advantageous rates we're seeing, lease rates, these will be profitable locations.

再說一遍，憑藉我們所看到的有利利率和租賃利率，這些將是有利可圖的地點。

It's good to keep in mind also that we're not chasing what seems to be a deteriorating marketplace here in the United States.

值得一提的是，我們並不是追逐美國看似日益惡化的市場。

We're going to smaller cities.

我們要去較小的城市。

We're not conflicted with other of our own stores.

我們與我們自己的其他商店不發生衝突。

Some of them are the first ones in the city or the first ones in that neighborhood, and it will, like John says, go together with our online presence to be able to see them.

他們中的一些人是這座城市或該社區的第一批人，就像約翰所說，它將與我們的線上存在結合起來，以便能夠看到他們。

And because they're our larger motif stores, they're outside of malls and current economics work very well and are not required to -- you don't require the same sort of turnover as you do in some of the malls we've been in.

而且因為它們是我們較大的主題商店，它們位於購物中心之外，並且當前的經濟運作良好，並且不需要這樣做 - 您不需要像我們在某些​​購物中心那樣需要同樣的營業額去過。

So when you put the economics together with the isolation in some of these territories, it's worked very, very well for us.

因此，當你將經濟因素與其中一些地區的孤立性結合起來時，它對我們來說非常非常有效。

I'd like to hand the call back to management for closing remarks.

我想將電話轉交給管理階層以供結束語。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect your lines at this time, and have a wonderful day.

此時您可以斷開線路，度過美好的一天。