Skechers USA Inc (SKX) 2022 Q2 法說會逐字稿

Greetings, and welcome to Skechers Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Skechers' Investor Relations. Thank you, and you may begin.

您好，歡迎來到 Skechers 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。我現在想將會議轉交給您的東道主 Skechers 的投資者關係部。謝謝，你可以開始了。

Thank you, everyone, for joining us on Skechers conference call today. I will now read the safe harbor statement. 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 that involve risks and uncertainties. Specifically, the COVID-19 pandemic has had and is currently having a significant impact on the company's business, financial conditions, cash flow and results of operations. Such forward-looking statements with respect to the COVID-19 pandemic include, without limitation, the company's plans in response to this pandemic.

謝謝大家今天加入我們的 Skechers 電話會議。我現在將閱讀安全港聲明。此處包含的某些陳述，包括但不限於涉及公司的信念、計劃、目標、估計或預期或未來結果或事件的陳述，可能構成涉及風險和不確定性的前瞻性陳述。具體來說，COVID-19 大流行已經並且目前正在對公司的業務、財務狀況、現金流和經營業績產生重大影響。此類關於 COVID-19 大流行的前瞻性陳述包括但不限於公司應對這一大流行的計劃。

At this time, there is significant uncertainty about the duration and extent of the impact of the COVID-19 pandemic. The dynamic nature of these circumstances means that what is said on this call could change at any time. And as a result, actual results could differ materially from those contemplated by such forward-looking statements. Additional forward-looking statements involve known and unknown risks, including, but not limited to, global, national and local economic business and market conditions, including supply chain delays and disruptions in general and specifically as they apply to the retail industry and the company.

目前，COVID-19 大流行的影響持續時間和程度存在很大的不確定性。這些情況的動態性質意味著本次電話會議上所說的內容可能隨時發生變化。因此，實際結果可能與此類前瞻性陳述所設想的結果大不相同。其他前瞻性陳述涉及已知和未知風險，包括但不限於全球、國家和地方經濟業務和市場狀況，包括一般的供應鏈延遲和中斷，特別是適用於零售業和公司的情況。

There can be no assurance that the actual future results, performance or achievements expressed or implied by any of our forward-looking statements will occur. 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, financial conditions, cash flows and results of operations.

無法保證我們的任何前瞻性陳述所表達或暗示的實際未來結果、業績或成就將會發生。鼓勵前瞻性陳述的用戶查看公司向美國證券交易委員會提交的文件，包括最近的 10-K 表格年度報告、10-Q 表格季度報告、8-K 表格當前報告和所有根據聯邦證券法向 SEC 提交的其他報告，以描述可能影響公司業務、財務狀況、現金流和經營業績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. David?

有了這個，我想把這個電話轉給 Skechers 的首席運營官 David Weinberg；和首席財務官約翰范德莫爾。大衛？

Thank you for joining us today on our second quarter 2022 conference call. This year marks Skechers' 30th anniversary, and our accomplishments this quarter and year-to-date are a testament to the strength of the Skechers brand, the creative talents of our design team who continue to evolve our leading comfort technologies, the strong execution by our management to build efficiencies to better serve our customers and the commitment of our global workforce to drive growth in the face of ongoing COVID-related economic and political challenges.

感謝您今天加入我們的 2022 年第二季度電話會議。今年是斯凱奇成立 30 週年，我們本季度和年初至今的成就證明了斯凱奇品牌的實力，我們設計團隊的創意人才不斷發展我們領先的舒適技術，強大的執行力我們的管理層提高效率以更好地為我們的客戶服務，以及我們全球員工在面對持續的與 COVID 相關的經濟和政治挑戰時推動增長的承諾。

We would like to recognize the ongoing efforts of our global teams from retail associates on the front lines to our supply chain personnel working diligently to move our product around the world. We would also like to acknowledge our team in China who continue to weather COVID-related restrictions as they safely work through lockdowns and return to business as cities opened.

我們要表彰我們全球團隊的持續努力，從前線的零售員工到我們的供應鏈人員，他們努力工作以將我們的產品運送到世界各地。我們還要感謝我們在中國的團隊，他們繼續經受住與 COVID 相關的限制，因為他們安全地度過了封鎖期，並隨著城市的開放恢復了業務。

Skechers is a widely recognized and trusted brand as well as the third largest athletic footwear company in the world, with 4,355 Skechers stores and a network of leading retail partners. While we are a brand with a broad range of products and a fit for every agent need, we also know that not everyone has flipped on Skechers' comfort, innovation, style and quality.

斯凱奇是一個廣受認可和信賴的品牌，也是世界第三大運動鞋公司，擁有 4,355 家斯凱奇門店和領先的零售合作夥伴網絡。雖然我們是一個擁有廣泛產品範圍並滿足每個代理商需求的品牌，但我們也知道並不是每個人都喜歡 Skechers 的舒適性、創新性、風格和質量。

We also recognize that we are relatively new in many markets and have tremendous expansion and growth opportunities. In the second quarter, we focused on meeting the demands of our wholesale partners globally and expanding our Direct-to-Consumer business, including growing our digital commerce footprint, all to ensure our loyal consumers worldwide are able to wear Skechers comfort technology products.

我們還認識到，我們在許多市場相對較新，擁有巨大的擴張和增長機會。在第二季度，我們專注於滿足全球批發合作夥伴的需求並擴大我們的直接面向消費者的業務，包括擴大我們的數字商務足跡，所有這些都是為了確保我們全球忠實的消費者能夠穿上 Skechers 舒適技術產品。

We delivered hands-free, slip-in comfort footwear to men, women and children and continue to develop new styles with Skechers Arch Fit. We launched Skechers Viper Court, our performance footwear designed specifically for pickleball, the fastest-growing sport in America. Awareness for the Skechers Performance Division was also meaningfully elevated with major championship wins from 2 of our elite golfers, Brooke Henderson secured her second major career win at the Amundi Evian Championship in France this past weekend, while Matt Fitzpatrick earned his first major championship last month at the U.S. Open at Brookline.

我們為男士、女士和兒童提供免提、滑入式舒適鞋履，並繼續使用 Skechers Arch Fit 開發新款式。我們推出了 Skechers Viper Court，這是我們專為美國發展最快的運動——泡菜球而設計的高性能鞋。我們的 2 位精英高爾夫球手贏得了大滿貫賽冠軍，斯凱奇表演部門的意識也得到了顯著提升，布魯克·亨德森在上週末在法國舉行的 Amundi Evian 錦標賽上獲得了她職業生涯的第二個大滿貫冠軍，而馬特·菲茨帕特里克 (Matt Fitzpatrick) 上個月贏得了他的第一個大滿貫冠軍在布魯克萊恩舉行的美國公開賽上。

Skechers, The Comfort Technology Company, remains a leading choice for our customers and consumers worldwide. Our brand strength and the efforts to meet the broad-based demand for our innovative comfort product resulted in a new quarterly sales record of $1.87 billion, an especially remarkable achievement given the macroeconomic headwinds, supply chain issues and COVID-related restrictions, primarily in China.

Skechers, The Comfort Technology Company，仍然是我們全球客戶和消費者的首選。我們的品牌實力和為滿足對我們創新舒適產品的廣泛需求所做的努力創造了 18.7 億美元的新季度銷售額記錄，鑑於宏觀經濟逆風、供應鏈問題和與 COVID 相關的限制（主要在中國），這一成就尤其顯著.

Total sales growth of 12% or 16% on a constant currency basis was the result of increases in our domestic and international businesses of 15% and 10%, respectively. By region, the growth was driven by increases of 21% in the Americas and 8% in EMEA, which improved 17% on a constant currency basis. APAC sales were flat year-over-year, primarily due to lockdown measures in China, which began easing in June and were offset by strong growth in most other Asia Pacific markets.

按固定匯率計算，總銷售額增長 12% 或 16% 是由於我們的國內和國際業務分別增長 15% 和 10%。按地區劃分，美洲增長 21%，歐洲、中東和非洲增長 8%，按固定匯率計算增長 17%。亞太地區的銷售額同比持平，主要是由於中國的封鎖措施於 6 月開始放鬆，但被大多數其他亞太地區市場的強勁增長所抵消。

On a constant currency basis, APAC sales improved 5%. In the quarter, our wholesale business increased 18%, led by 35% growth in the Americas and 6% growth in EMEA, partially offset by a 3% decrease in APAC. Overall, wholesale sales were driven by an increase in unit volume and average selling price per unit. Our U.S. wholesale business increased 30% due to double-digit improvements across genders and categories, including apparel and accessory lines. This reflected strong consumer demand, along with improved availability of product.

按固定匯率計算，亞太地區的銷售額增長了 5%。本季度，我們的批發業務增長 18%，其中美洲增長 35%，歐洲、中東和非洲增長 6%，但被亞太地區 3% 的下降部分抵消。總體而言，批發銷售受到單位數量和單位平均售價增加的推動。由於性別和類別（包括服裝和配飾系列）的兩位數增長，我們的美國批發業務增長了 30%。這反映了強勁的消費者需求以及產品可用性的提高。

In addition to the growth in the United States, nearly every other market in the Americas achieved double-digit growth, including Mexico and Canada. Growth in EMEA wholesale was primarily driven by strong distributor sales, particularly in the Middle East and Africa as well as Scandinavia and Turkey. The EMEA improvements were partially offset by currency headwinds due to the weakening euro as well as the continued cessation of shipments to Russia.

除了美國的增長，美洲幾乎所有其他市場都實現了兩位數的增長，包括墨西哥和加拿大。 EMEA 批發業務的增長主要受到強勁的分銷商銷售推動，尤其是在中東和非洲以及斯堪的納維亞半島和土耳其。由於歐元疲軟以及繼續停止向俄羅斯發貨，歐洲、中東和非洲地區的改善部分被貨幣逆風所抵消。

APAC wholesale sales declined primarily due to the lockdown measures through much of the quarter in China. India, which faced temporary store closures and lockdown measures during the second quarter of 2021 returned to solid growth this year, driven by pent-up demand and the availability of product. South Korea, Malaysia and our distributor in Australia and New Zealand, also a strong improvement.

亞太地區批發銷售額下降主要是由於中國在本季度大部分時間採取的封鎖措施。在被壓抑的需求和產品供應的推動下，印度在 2021 年第二季度面臨臨時商店關閉和封鎖措施，今年恢復了穩健增長。韓國、馬來西亞以及我們在澳大利亞和新西蘭的經銷商，也有強勁的提升。

While China continues to navigate through the effects of COVID, we are confident in the long-term prospects for Skechers in this region. Turning to our Direct-to-Consumer business. Sales increased 4% in the quarter due to growth of 14% in EMEA, 4% in the Americas and 3% in APAC. Domestic DTC sales decreased slightly, primarily due to a difficult retail store comparison to last year, partially offset by growth in digital commerce.

儘管中國繼續克服新冠病毒的影響，但我們對斯凱奇在該地區的長期前景充滿信心。轉向我們的直接面向消費者的業務。由於歐洲、中東和非洲地區增長 14%，美洲增長 4%，亞太地區增長 3%，本季度銷售額增長 4%。國內 DTC 銷售額略有下降，主要是由於零售店與去年相比困難，部分被數字商務的增長所抵消。

China, which experienced lockdown measures for much of the quarter saw a decline in both stores and online. During the quarter, we saw sequential improvements. Today, the majority of our China stores have reopened, though traffic is not back to preclosure levels. Nearly all other countries showed improvements. In the second quarter, we opened 46 company-owned Skechers stores, including 15 big box stores in the United States, 7 stores in India and 9 in China. We closed 34 locations in the quarter, including 5 concept stores in the United States and 24 in China. We ended the quarter with 4,355 Skechers stores worldwide, of which 2,993 were third-party stores, including 123 that opened in the second quarter.

中國在本季度的大部分時間裡都經歷了封鎖措施，商店和網上商店都出現了下降。在本季度，我們看到了連續的改善。今天，我們在中國的大部分門店都已重新開業，但客流量並未恢復到關閉前的水平。幾乎所有其他國家都出現了改善。第二季度，我們開設了 46 家公司自有的斯凱奇門店，其中美國 15 家大賣場，印度 7 家，中國 9 家。我們在本季度關閉了 34 家門店，其中包括美國的 5 家概念店和中國的 24 家。截至本季度末，我們在全球擁有 4,355 家斯凱奇門店，其中 2,993 家是第三方門店，其中 123 家是在第二季度開業的。

In the third quarter to date, we've opened 4 company-owned stores, including 2 international stores and an additional 115 to 135 company-owned locations are planned by year-end. The rollout of our new e-commerce platform continued in the second quarter with the launch of new sites in Belgium, the Czech Republic, Hungary, Italy, Netherlands and Portugal. We expect to launch 2 additional sites in Europe, 2 in South America and 1 in Japan.

在第三季度至今，我們已經開設了 4 家公司直營店，其中包括 2 家國際店，併計劃在年底前再開設 115 至 135 家公司直營店。隨著在比利時、捷克共和國、匈牙利、意大利、荷蘭和葡萄牙推出新網站，我們的新電子商務平台在第二季度繼續推出。我們預計將在歐洲新增 2 個站點，在南美新增 2 個站點，在日本新增 1 個站點。

Further, we plan to roll out our robust domestic Skechers Plus Loyalty Program to international markets, beginning with Canada, the U.K., Germany and Spain. To achieve our goal of $10 billion in annual sales by 2026, we will continue to strategically open Skechers stores, expand our digital commerce reach, enhance our DTC omnichannel capabilities through investments in our global point-of-sale systems and grow and upgrade our logistics centers to more efficiently distribute our best footwear assortment.

此外，我們計劃從加拿大、英國、德國和西班牙開始向國際市場推出我們強大的國內 Skechers Plus 忠誠度計劃。為了實現到 2026 年實現 100 億美元年銷售額的目標，我們將繼續戰略性地開設 Skechers 門店，擴大我們的數字商務範圍，通過投資我們的全球銷售點系統來增強我們的 DTC 全渠道能力，並發展和升級我們的物流中心以更有效地分銷我們最好的鞋類產品。

Our belief in the long-term position of the Skechers brand and growth opportunities has never been stronger. As mentioned, moving our goods throughout our network of distribution centers has been a primary focus of our logistics team. The LEED certified Gold expansion of our 2.6 million square foot North American distribution center is almost complete, and we have begun testing the new operating system. We have seen an increased flow of goods from the port, which has put a strain on our processing and that of our accounts during the quarter.

我們對斯凱奇品牌的長期地位和增長機會的信念從未如此強烈。如前所述，在我們的配送中心網絡中運輸我們的貨物一直是我們物流團隊的主要關注點。我們 260 萬平方英尺的北美配送中心的 LEED 認證金級擴建幾乎完成，我們已經開始測試新的操作系統。我們看到港口的貨物流量增加，這給我們的處理和本季度的賬戶帶來了壓力。

COVID-related operating restrictions in China also led to inventory delays, particularly in Europe. Our ongoing efforts with our factories and logistics teams to expedite and process our shipments will allow us to work through COVID-related challenges in order to meet the broad-based demand for our products. Phase 2 of our China distribution center expansion is planned to begin this year with a goal of completion in 2024.

中國與 COVID 相關的運營限制也導致庫存延遲，尤其是在歐洲。我們與工廠和物流團隊不斷努力加快和處理我們的發貨，這將使我們能夠應對與 COVID 相關的挑戰，以滿足對我們產品的廣泛需求。我們中國配送中心擴建的第二階段計劃於今年開始，目標是在 2024 年完成。

We have also begun development on a new 1.1 million square foot IGBC Platinum pre-certified distribution center in India. The first phase of the facility outside Mumbai will be 660,000 square feet and is planned to be fully operational by mid-2023. We have also secured a location outside Vancouver, Canada for a new 427,000 square foot distribution center slated to open in early 2023, and we are currently moving into a new facility in Panama.

我們還開始在印度開發一個新的 110 萬平方英尺的 IGBC 白金預認證配送中心。該設施在孟買以外的第一階段將佔地 660,000 平方英尺，併計劃在 2023 年年中全面投入運營。我們還在加拿大溫哥華以外的地方獲得了一個新的 427,000 平方英尺的配送中心，該配送中心計劃於 2023 年初開業，我們目前正在搬入巴拿馬的新工廠。

We also expanded our current distribution facility in Colombia this year with plans to develop a new facility to be completed in 2024 that will grow our capacity from 85,000 square feet to approximately 500,000 square feet. Hand in hand with product development is marketing designed to drive awareness and create strong global demand.

今年，我們還擴大了目前在哥倫比亞的配送設施，併計劃開發一個新設施，該設施將於 2024 年完工，這將使我們的產能從 85,000 平方英尺增加到約 500,000 平方英尺。與產品開發齊頭並進的營銷旨在提高知名度並創造強大的全球需求。

In the quarter, we saw our elite athletes winning on the golf course, pickleball courts, baseball fields and road races on foot as well as in sports cars, branded with Skechers. Our team of athletes from All-Star Clayton Kershaw to major winners, Brooke Henderson and Matt Fitzpatrick; sports legends from Sugar Ray Leonard to Tony Romo; TV personalities, including Amanda Kloots, Brooke Burke and Martha Stewart; and music artists from Willie Nelson to Chesca appeared in multimedia marketing campaigns designed to promote our innovations, showcase our fashionable products and appeal to an ever-widening consumer base.

在本季度，我們看到我們的精英運動員在高爾夫球場、泡菜球場、棒球場和公路比賽中以步行以及使用 Skechers 品牌的跑車獲勝。我們的運動員團隊從全明星克萊頓克肖到主要獲獎者布魯克亨德森和馬特菲茨帕特里克；從 Sugar Ray Leonard 到 Tony Romo 的體育傳奇；電視名人，包括 Amanda Kloots、Brooke Burke 和 Martha Stewart；從 Willie Nelson 到 Chesca 的音樂藝術家和音樂藝術家出現在多媒體營銷活動中，旨在促進我們的創新、展示我們的時尚產品並吸引不斷擴大的消費者群。

These celebrities were joined by local talent from Jamie Redknapp in the U.K. to Kriti Sanon in India to Park Seo Joon in Southeast Asia as well as influencers relevant to the many countries in which we sell our footwear to also drive awareness in key markets. We believe we are in a unique position as a brand that delivers on comfort, style, innovation and quality at a reasonable price, all especially desirable given our current macro environment. And now I'd like to turn the call over to John for more details on our financial results.

從英國的 Jamie Redknapp 到印度的 Kriti Sanon 到東南亞的 Park Seo Joon 以及與我們銷售鞋類的許多國家相關的影響者，這些名人加入了這些名人的行列，以提高在主要市場的知名度。我們相信，作為一個以合理的價格提供舒適、時尚、創新和質量的品牌，我們處於獨特的地位，考慮到我們當前的宏觀環境，這一切都特別理想。現在，我想將電話轉給約翰，以了解有關我們財務業績的更多詳細信息。

Thank you, David, and good afternoon, everyone. Skechers achieved a new quarterly sales record of $1.87 billion, growing 12% on an as-reported basis and over 16% on a constant currency basis. Growth was geographically distributed and evident in both our wholesale and our Direct-to-Consumer segments despite significant COVID headwinds in several markets, most notably in China.

謝謝大衛，大家下午好。 Skechers 創下了 18.7 億美元的新季度銷售額記錄，按報告基礎增長 12%，按固定匯率計算增長超過 16%。儘管在多個市場（尤其是在中國）面臨重大的 COVID 逆風，但我們的批發和直接面向消費者部門的增長在地理上分佈且明顯。

In fact, excluding China, where operational activities were limited, sales grew 20%. These results reflect strong consumer demand for our distinctive value proposition and comfort technology products. Before delving further into our financial results, I want to first provide an update on supply chain dynamics. In the second quarter, we continued to experience challenges from shipment delays, particularly in Asia as a result of COVID-related countermeasures to domestic processing congestion in our distribution centers and those of our customers.

事實上，不包括經營活動有限的中國，銷售額增長了 20%。這些結果反映了消費者對我們獨特的價值主張和舒適技術產品的強烈需求。在進一步研究我們的財務業績之前，我想首先提供有關供應鏈動態的最新信息。在第二季度，我們繼續面臨發貨延遲的挑戰，尤其是在亞洲，這是由於我們對配送中心和客戶的國內處理擁堵採取了與 COVID 相關的對策。

Our supply chain and logistics teams are working diligently to ensure our products are delivered to our customers and stores and ultimately reach our consumers as quickly and efficiently as possible. However, we do expect supply chain disruptions to continue to constrain our ability to fully meet consumer demand and to drive distribution inefficiencies throughout the balance of the year.

我們的供應鍊和物流團隊正在努力工作，以確保我們的產品交付給我們的客戶和商店，並最終盡可能快速有效地到達我們的消費者手中。然而，我們確實預計供應鏈中斷將繼續限制我們充分滿足消費者需求的能力，並在今年餘下時間推動分銷效率低下。

Yet, we remain confident that our expanding operational capacity and disciplined execution will gradually moderate the impact of these dynamics. Now let's turn to the details of our second quarter financial results and operating segment performance. Wholesale sales increased 18% year-over-year to $1.14 billion, led by 30% growth domestically and 10% growth internationally despite ongoing COVID-related restrictions in China.

然而，我們仍然相信，我們不斷擴大的運營能力和嚴格的執行將逐漸緩和這些動態的影響。現在讓我們來看看我們第二季度財務業績和運營部門業績的細節。儘管中國持續受到與 COVID 相關的限制，批發銷售額同比增長 18% 至 11.4 億美元，其中國內增長 30%，國際增長 10%。

Momentum in the Americas continued throughout the second quarter with double-digit growth in nearly every country. Direct-to-Consumer sales increased 4% year-over-year to $727.5 million driven by a 10% growth internationally, partially offset by a 2% decline domestically, where we faced difficult comparisons to last year when markets reopened, and federal stimulus payments drove outsized consumer demand.

美洲的勢頭在整個第二季度持續，幾乎每個國家都實現了兩位數的增長。在國際增長 10% 的推動下，直接面向消費者的銷售額同比增長 4% 至 7.275 億美元，部分被國內下降 2% 所抵消，與去年市場重新開放和聯邦刺激支付時相比，我們面臨困難拉動了龐大的消費需求。

We remain enthusiastic about the growth opportunities in our Direct-to-Consumer business as we saw strength in nearly every country during the quarter. We also continued to invest in our online presence and omnichannel capabilities to drive deeper connections with our consumers. And now turning to our regional sales.

我們仍然對直接面向消費者業務的增長機會充滿熱情，因為我們在本季度幾乎每個國家都看到了實力。我們還繼續投資於我們的在線業務和全渠道能力，以推動與我們的消費者建立更深層次的聯繫。現在轉向我們的區域銷售。

In the Americas, sales for the second quarter increased 21% year-over-year to $1 billion, an impressive achievement amidst persistent supply chain challenges. Our results are indicative of our brand strength and the compelling value proposition of our distinctive product portfolio. In Europe, Middle East and Africa, or EMEA, sales increased 7.6% to $374.5 million. We experienced some inventory shipment delays during the quarter, which weighed on wholesale results. But we also saw robust consumer demand as shoppers returned from last year's lockdowns.

在美洲，第二季度的銷售額同比增長 21% 至 10 億美元，在持續的供應鏈挑戰中取得了令人矚目的成就。我們的結果表明了我們的品牌實力和我們獨特產品組合的引人注目的價值主張。在歐洲、中東和非洲或 EMEA，銷售額增長 7.6% 至 3.745 億美元。我們在本季度經歷了一些庫存發貨延遲，這對批發業績造成了壓力。但隨著購物者從去年的封鎖中回歸，我們也看到了強勁的消費者需求。

In Asia Pacific, or APAC, sales were flat. But outside of China, nearly every market saw growth with notable strength in India, South Korea and Malaysia. Excluding China, sales rose 44%. In China, sales declined 20%, which was better than we had originally anticipated. As restrictions eased, we saw sequential improvement, especially in June. While we remain optimistic about the long-term health of our brand in the APAC region, we continue to take a cautious view relative to expected financial performance over the balance of the year, especially as the pandemic continues to impact operations.

在亞太地區，銷售額持平。但在中國以外，幾乎每個市場在印度、韓國和馬來西亞都出現了顯著增長。不包括中國，銷售額增長了 44%。在中國，銷售額下降了 20%，好於我們最初的預期。隨著限制的放鬆，我們看到了連續改善，尤其是在 6 月份。儘管我們對我們品牌在亞太地區的長期健康狀況保持樂觀，但我們繼續對今年餘下時間的預期財務表現持謹慎態度，尤其是在大流行繼續影響運營的情況下。

Second quarter gross margins decreased 330 basis points year-over-year to 48.1% as a result of increased freight costs and an unfavorable mix impact from higher wholesale sales, partially offset by improved pricing. Operating expenses increased 50 basis points as a percentage of sales year-over-year from 39.3% to 39.8%. Selling expenses increased 40 basis points as a percentage of sales, primarily due to higher demand creation spending globally.

第二季度毛利率同比下降 330 個基點至 48.1%，原因是運費增加和批發銷售增加帶來的不利組合影響，部分被定價改善所抵消。營業費用佔銷售額的百分比同比增長 50 個基點，從 39.3% 增至 39.8%。銷售費用佔銷售額的百分比增加了 40 個基點，這主要是由於全球需求創造支出增加。

General and administrative expenses increased 10 basis points as a percentage of sales, largely due to volume-driven increases in labor expenses and higher rent as we continue to grow our retail footprint and increase our distribution capacity. Earnings from operations decreased 23% compared to 2021, and our operating margin for the quarter was 8.3% as compared with 12.1% in the prior year, primarily due to the gross margin pressures previously mentioned.

一般和管理費用佔銷售額的百分比增加了 10 個基點，這主要是由於隨著我們繼續擴大零售業務和增加分銷能力而導致勞動力費用和租金上漲的數量驅動增加。與 2021 年相比，運營收益下降了 23%，我們本季度的營業利潤率為 8.3%，而去年同期為 12.1%，主要是由於前面提到的毛利率壓力。

Earnings per share were $0.58 per diluted share on 156.7 million diluted shares outstanding, a 34% decrease year-over-year. This includes a negative $0.11 impact from foreign currency, absent which diluted earnings per share would have totaled $0.69. Our effective tax rate for the second quarter was 21.3% compared to 20.4% in the prior year.

每股收益為 0.58 美元，攤薄後流通股為 1.567 億股，同比下降 34%。這包括來自外幣的 0.11 美元的負面影響，如果沒有這種影響，每股攤薄收益將總計 0.69 美元。我們第二季度的有效稅率為 21.3%，而去年同期為 20.4%。

And now turning to our balance sheet. We ended the quarter with $946.4 million in cash, cash equivalents and investments. This is a decrease of $375.1 million or 28% from June 30, 2021, as we continue to invest in working capital to drive sales and ensure we have product to meet the needs of our customers. Inventory was $1.56 billion, an increase of 48% or $506.6 million compared to the prior year. But compared to December 31, inventories were up only slightly at 6.3%. This includes nearly $475 million of in-transit inventory, a year-over-year increase of 69%, reflecting longer lead times required to ensure we have product available to meet customer needs.

現在轉向我們的資產負債表。我們在本季度結束時擁有 9.464 億美元的現金、現金等價物和投資。這比 2021 年 6 月 30 日減少了 3.751 億美元或 28%，因為我們繼續投資營運資金以推動銷售並確保我們的產品能夠滿足客戶的需求。庫存為 15.6 億美元，同比增長 48% 或 5.066 億美元。但與 12 月 31 日相比，庫存僅小幅上升 6.3%。這包括近 4.75 億美元的在途庫存，同比增長 69%，這反映了確保我們提供滿足客戶需求的產品所需的交貨時間更長。

Accounts receivable at quarter end were $916.8 million, an increase of $138.6 million from June 30, 2021, resulting from higher wholesale sales. Capital expenditures for the second quarter were $74.1 million, of which $24.4 million related to investments in our retail stores and Direct-to-Consumer technologies, $22.7 million related to the expansion of our distribution infrastructure globally and $17.1 million in investments, primarily related to our new product design center.

季度末應收賬款為 9.168 億美元，比 2021 年 6 月 30 日增加 1.386 億美元，原因是批發銷售額增加。第二季度的資本支出為 7410 萬美元，其中 2440 萬美元與我們的零售店和直接面向消費者技術的投資有關，2270 萬美元與我們在全球的分銷基礎設施的擴張有關，1710 萬美元的投資主要與我們的新產品設計中心。

For the fiscal year 2022, we expect total capital expenditures to be between $250 million and $300 million. During the second quarter, we repurchased approximately 636,000 shares of our Class A common stock at a cost of $24.2 million. We will continue to deploy our capital consistent with our stated philosophy toward maintaining a strong balance sheet and making investments in our business, while opportunistically providing direct returns to shareholders in the form of share repurchases.

對於 2022 財年，我們預計總資本支出將在 2.5 億美元至 3 億美元之間。在第二季度，我們以 2420 萬美元的成本回購了大約 636,000 股 A 類普通股。我們將繼續按照我們既定的理念部署我們的資本，以保持強勁的資產負債表並投資於我們的業務，同時以股票回購的形式機會性地為股東提供直接回報。

Now I will turn to guidance. Much has changed since we announced our first quarter earnings results. While I don't think we need to belabor the myriad economic challenges that we face and have already been documented by others, we would like to emphasize that the environment has become much more uncertain. As a result, while we remain focused on our long-term growth strategy and are confident in the strength of our brand, we are increasingly cautious about the balance of the year.

現在我將轉向指導。自我們公佈第一季度收益結果以來，情況發生了很大變化。雖然我認為我們不需要詳述我們面臨的並且已經被其他人記錄的無數經濟挑戰，但我們想強調的是，環境變得更加不確定。因此，雖然我們仍然專注於我們的長期增長戰略並對我們的品牌實力充滿信心，但我們對今年的餘額越來越謹慎。

For fiscal 2022, we expect sales to be in the range of $7.2 billion to $7.4 billion and net earnings per diluted share to be in the range of $2.60 to $2.70. For the third quarter, we expect sales to be in the range of $1.8 billion to $1.85 billion and net earnings per diluted share in the range of $0.70 to $0.75. It is important to note that this guidance includes the impact of adverse foreign currency movements, both those we have already experienced and those we expect over the balance of the year as well as continued headwinds from COVID, particularly in the APAC region.

對於 2022 財年，我們預計銷售額將在 72 億美元至 74 億美元之間，每股攤薄淨收益將在 2.60 美元至 2.70 美元之間。對於第三季度，我們預計銷售額將在 18 億美元至 18.5 億美元之間，每股攤薄淨收益在 0.70 美元至 0.75 美元之間。需要注意的是，該指引包括不利的外匯波動的影響，包括我們已經經歷的和我們預計在今年餘下時間的不利影響，以及來自 COVID 的持續逆風，特別是在亞太地區。

We anticipate that gross margins will continue to close the gap to prior year over the third and fourth quarter and that our effective tax rate for the year will be between 19% and 20%. As we continue to navigate through ongoing pandemic-related disruptions in our global supply chain, headwinds in China and the macroeconomic volatility, we are committed to executing on our strategy to drive long-term growth and create value by investing in our Direct-to-Consumer capabilities, enhancing our global distribution infrastructure, deepening direct relationships with our consumers and above all else, delivering great product.

我們預計第三季度和第四季度的毛利率將繼續縮小與去年同期的差距，我們今年的有效稅率將在 19% 至 20% 之間。隨著我們繼續應對全球供應鏈中與流行病相關的持續中斷、中國的逆風和宏觀經濟波動，我們致力於執行我們的戰略，通過投資於我們的 Direct-to-消費者能力，增強我們的全球分銷基礎設施，加深與消費者的直接關係，最重要的是，提供出色的產品。

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

現在，我將把電話轉給 David 進行結束髮言。

30 years in business, and we're showing no signs of slowing down. In fact, we are celebrating with a new quarterly sales record, new product innovations that we successfully rolled out in the United States and with early deliveries in other markets, they appear to be equally embraced by consumers. Our team of brand ambassadors are as unique and different as our product offering and combined with a dedicated and loyal global employee base working hard to spread the Skechers message of comfort, style, innovation and quality, we look forward to continued success and growth.

從業 30 年，我們絲毫沒有放緩的跡象。事實上，我們正在慶祝新的季度銷售記錄、我們在美國成功推出的新產品創新以及在其他市場的早期交付，它們似乎同樣受到消費者的歡迎。我們的品牌大使團隊與我們的產品一樣獨特和與眾不同，再加上敬業和忠誠的全球員工群，他們努力傳播斯凱奇關於舒適、時尚、創新和質量的信息，我們期待繼續取得成功和成長。

While we are still faced with COVID-related challenges and now the impact of the war in Ukraine, which is being felt in many global markets, we believe in the mission, message and offering of Skechers and are seeing signs of this strengthening within our partners and consumers. To reach $10 billion in annual sales by 2026, we will work more efficiently to deliver the comfort and quality consumers expect from Skechers and to make it easier for them to shop through the expansion of our digital platforms, retail stores as well as our reach through global accounts.

雖然我們仍然面臨與 COVID 相關的挑戰，現在烏克蘭戰爭的影響在許多全球市場都感受到了，但我們相信 Skechers 的使命、信息和產品，並且在我們的合作夥伴中看到了這種加強的跡象和消費者。為了到 2026 年達到 100 億美元的年銷售額，我們將更有效地工作，以提供消費者對 Skechers 的期望的舒適和優質，並通過我們的數字平台、零售店的擴展以及我們通過全球賬戶。

We know this isn't the beginning, but we approach each day with the idea of the best is yet to come. And through the strength of our brand and this determination, we will drive sales growth in the back half of the year and the years to come.

我們知道這不是一個開始，但我們每天都帶著最好的想法來接近每一天。通過我們的品牌實力和這種決心，我們將推動下半年和未來幾年的銷售增長。

Now I would like to turn the call back to the operator for questions.

現在我想把電話轉回給接線員提問。

(Operator Instructions) And our first question comes from the line of Alex Straton with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Alex Straton。

Great. It's Alex Straton, Morgan Stanley. Great quarter, guys. I wanted to just quickly ask on how you guys think about a potential slowing down of the economy. A lot of us have been thinking about Skechers in terms of a potential trade down beneficiary given its value positioning. Could you talk about any benefit you saw in prior recessions or how you think about that potential advantage as you kind of build in this revenue deceleration into the back half? And also maybe just remind us what the average household income is of a Skechers customer or maybe kind of the distribution across your customer base?

偉大的。是摩根士丹利的亞歷克斯·斯特拉頓。偉大的季度，伙計們。我想快速詢問一下你們如何看待潛在的經濟放緩。鑑於 Skechers 的價值定位，我們中的很多人一直在考慮潛在的貿易下降受益者。您能否談談您在之前的經濟衰退中看到的任何好處，或者您如何看待這種潛在優勢，因為您將這種收入減速納入後半部分？也可能只是提醒我們 Skechers 客戶的平均家庭收入是多少，或者可能是在您的客戶群中的分佈？

Thanks, Alex. So I'll take a crack at that first and then turn it over to David for some historical context. I would say, as we look forward to the balance year as we noted and really every other company has noted, we are facing a much more uncertain future. We believe we've taken that into account in what we've given you as guidance.

謝謝，亞歷克斯。因此，我將首先對此進行破解，然後將其交給大衛以了解一些歷史背景。我想說，正如我們所指出的以及其他所有公司都指出的那樣，我們期待著平衡年，我們正面臨著一個更加不確定的未來。我們相信我們在為您提供的指導中已經考慮到了這一點。

But the fact of the matter is things are changing relatively dynamically. So far, we still see good trends in most of our retail locations, particularly globally. But we're cognizant that the environment is going to make it slightly more difficult for the average consumer. I would say one of the things we always mention is that we believe we're providing very good value in our product along with the comfort, style and quality that we're known for. And we think that is a favorable backdrop in an environment where the economy is under some form of duress.

但事實上，事情正在相對動態地變化。到目前為止，我們的大多數零售地點仍然看到良好的趨勢，尤其是在全球範圍內。但我們認識到，環境將使普通消費者的生活變得更加困難。我想說我們經常提到的一件事是，我們相信我們的產品提供了非常好的價值以及我們眾所周知的舒適、風格和質量。我們認為，在經濟受到某種形式的脅迫的環境下，這是一個有利的背景。

That being said, I mean, again, it's a unique environment out there. We're watching it carefully. We're definitely optimistic about the demand for the brand long term, though the next couple of quarters are probably going to give us some perspective that we don't have the benefit of.

話雖如此，我的意思是，再次，這是一個獨特的環境。我們正在仔細觀察。我們對品牌的長期需求絕對樂觀，儘管接下來的幾個季度可能會給我們一些我們沒有受益的觀點。

Yes. I'd just like to say, historically, as these movements in the economy happens, for me, it's more about product than it is just the price point. People don't tend to shop price if it's not something they want. I think what we offer, and what we offer today with our new entrees into slip-ins and comfort and making it more comfortable across a broad range of categories, certainly gives us plenty of opportunities even in a downturn for people looking for our products simply because they are priced right, although not on the lower end and bring all that quality and comfort with them and their fashion right. So I do think we do have the opportunity as in the past to take advantage of an adverse situation by offering the right product at the right price. It's a combination for us.

是的。我只想說，從歷史上看，隨著這些經濟運動的發生，對我來說，它更多的是關於產品，而不僅僅是價格點。如果價格不是他們想要的東西，人們不會傾向於購買價格。我認為我們所提供的，以及我們今天提供的新主菜，包括滑入式和舒適性，並使其在廣泛的類別中更加舒適，即使在經濟低迷時期，對於那些只想尋找我們產品的人來說，這無疑也為我們提供了很多機會因為它們的價格合理，雖然不在低端，但它們帶來了所有的質量和舒適感，而且它們的時尚是正確的。所以我確實認為我們確實有機會像過去一樣通過以合適的價格提供合適的產品來利用不利的情況。這對我們來說是一個組合。

Our next question comes from the line of Jay Sole with UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

I just want to follow up on China. I think I heard you mentioned that China was strong in June, but traffic isn't quite back yet to pre-pandemic levels. Maybe could you elaborate a little bit more on what you're seeing in China quarter-to-date and sort of what you're expecting from China from a growth rate perspective in Q3 and Q4?

我只想關注中國。我想我聽到你提到中國在 6 月份表現強勁，但交通量還沒有完全恢復到大流行前的水平。也許你能詳細說明一下你在中國看到的季度迄今為止的情況，以及你從第三季度和第四季度的增長率角度對中國的期望嗎？

Yes. Thanks, Jay. First of all, I would echo the sentiment we provided in the prepared remarks, which is our deepest thanks to the team in China, who's doing a wonderful job navigating a very difficult environment. What we saw in the quarter was a fairly high degree of correlation between our results and the openness of each of the markets in which we participate.

是的。謝謝，傑。首先，我要回應我們在準備好的發言中所表達的觀點，這是我們對中國團隊的最深切感謝，他們在非常困難的環境中做出了出色的工作。我們在本季度看到的是，我們的業績與我們參與的每個市場的開放性之間存在相當高的相關性。

The more open they are, the more successful our results revealed, and that got increasingly better to the point where June was actually better than we had anticipated and showed very good results, particularly coming out of the 618 holiday selling season. I would say, as you've seen restrictions reemerged, that has had an impact on business. For a while now, though, we've also mentioned that the real driver of growth in that economy, certainly subsequent to the first occurrences of COVID has been the digital side. And that was clearly the strongest among our 3 main channels in China, and that continues to be the case, which I think one would expect given the COVID lockdown environment they're facing. I would say we have tempered our expectations for the pace of recovery in China now that we have seen that there are more restrictions and limitations reemerging.

它們越開放，我們的結果就越成功，而且情況越來越好，以至於 6 月實際上比我們預期的要好，並且顯示出非常好的結果，尤其是在 618 假期銷售旺季之後。我想說，正如你所看到的限制重新出現，這對業務產生了影響。不過，一段時間以來，我們還提到，經濟增長的真正驅動力，當然是在首次出現 COVID 之後，一直是數字方面。這顯然是我們在中國的 3 個主要渠道中最強大的，而且情況仍然如此，鑑於他們面臨的 COVID 鎖定環境，我認為人們會預料到這一點。我想說，既然我們已經看到更多的限制和限制再次出現，我們已經緩和了對中國復甦步伐的期望。

Certainly this month, we've seen that, and we have an anticipation for some level of that over the remainder of the year. So we've baked a little bit of that into our expectations, whereas I think we had previously explained we were hopeful for a relatively V-shaped recovery. It looks like the recovery is going to take a little bit longer. Although, again, at the end of the day, the longer-term view from our perspective remains incredibly encouraging about the market, its response to our products, especially the newer product as well as the strides we're making digitally.

當然，本月，我們已經看到了這一點，並且我們預計在今年剩餘時間裡會出現某種程度的這種情況。因此，我們已經在我們的預期中加入了一點點，而我認為我們之前已經解釋過我們對相對 V 形復甦充滿希望。看起來恢復需要更長的時間。雖然，歸根結底，從我們的角度來看，從長期來看，市場、市場對我們產品的反應，尤其是新產品，以及我們在數字化方面取得的進步，仍然令人難以置信。

And then the last comment I'd make is, as David mentioned, a testimony to how we feel about that market is that we are beginning our second distribution center on the heels of just recently completing our first. We wouldn't make that type of investment if we didn't have abundant confidence in the brand's trajectory in that market.

然後我要說的最後一條評論是，正如大衛所說，證明我們對該市場的感受是，我們正在開始我們的第二個配送中心，緊隨其後剛剛完成我們的第一個配送中心。如果我們對該品牌在該市場的發展軌跡沒有足夠的信心，我們就不會進行這種投資。

Okay. Got it. If I can ask one more. The Domestic Wholesale growth was obviously very strong. Can you talk about how sell-in versus sell-through is trending? And have you seen any change in orders for the second half of the year?

好的。知道了。如果我可以再問一個。國內批發增長明顯非常強勁。你能談談賣出與賣出的趨勢嗎？下半年的訂單有變化嗎？

Yes. I would say sell-through remains strong. There was a period in kind of the early summer, which you would expect from a seasonality perspective where things dipped off a bit. That did also I would note tend to coincide with some of the more strident commentary about the recession and other environmental factors. We've seen things improve since then a bit. And going into the back-to-school season, we have thus far, although admittedly, it is early, seeing some encouraging signs that things are going to pick up a pace that is more similar to what we had seen earlier in the year.

是的。我會說銷售仍然強勁。有一個初夏的時期，從季節性的角度來看，你會預料到情況會有所下降。我也注意到，這與一些關於經濟衰退和其他環境因素的更為尖銳的評論相吻合。從那時起，我們已經看到情況有所改善。進入返校季，到目前為止，我們已經看到了一些令人鼓舞的跡象，表明事情將加快步伐，這與我們今年早些時候看到的情況更加相似。

Overall, we don't have the sense at all that there's a dramatic change underfoot. Consumption and demand remained good. Price points remain stable. Margins remain good, both in our own retail environment, but also in that of our wholesale partners. And then orders remain strong. The best thing that I can give you is orders remain strong, although, again, it's important to recognize that we're looking at longer booking windows than we've ever had because of the challenges on the supply chain side of things.

總的來說，我們根本沒有感覺到腳下發生了巨大的變化。消費和需求保持良好。價格點保持穩定。無論是在我們自己的零售環境中，還是在我們的批發合作夥伴的環境中，利潤率都保持良好。然後訂單依然強勁。我能給你的最好的事情是訂單保持強勁，但同樣重要的是要認識到，由於供應鏈方面的挑戰，我們正在尋找比以往更長的預訂窗口。

So we're also looking at windows of delivery further out than we would have traditionally used because of the supply chain challenges we're having.

因此，由於我們面臨的供應鏈挑戰，我們也在尋找比我們傳統上使用的更遠的交付窗口。

Yes. I should add that there's going to be a differential in [flows] the way we receive orders simply because as John said, we're taking over a longer period of time. We're trying to get back to our normal time frame. Our customers are reevaluating [their flows] and because of the pickup in the supply chain, we have more time to react to that. So as John says, our position remains strong. We're strong within the current time frame. I think it will change simply because we're going to [book] at a lower outdate than we have in the recent past.

是的。我應該補充一點，我們接收訂單的方式會有所不同，因為正如約翰所說，我們正在接管更長的時間。我們正在努力恢復正常的時間框架。我們的客戶正在重新評估 [他們的流量]，並且由於供應鏈的回升，我們有更多的時間對此做出反應。所以正如約翰所說，我們的立場依然穩固。在當前的時間範圍內，我們很強大。我認為它會發生變化，僅僅是因為我們將 [預訂] 的日期比我們最近的時間要短。

So you'll see changes that we'll have to explain to everybody as to what it means over a quarter-by-quarter rather than looking at 3 and 4 quarters because we don't anticipate [peak booking out] as far as we did last year over a significant amount of time.

因此，您會看到我們必須向每個人解釋每個季度的變化，而不是查看 3 和 4 季度的含義，因為我們預計 [預訂高峰期]去年做了很長一段時間。

Our next question comes from the line of Laurent Vasilescu with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

I wanted to follow up on couple of things here. I think, John, I think you mentioned there due to supply chain disruptions, there might have been some slippage of revenues into -- from 2Q to 3Q. Just curious to know if it was a certain number that we should consider as we think about the quarterly cadence?

我想在這裡跟進幾件事。我想，約翰，我想你提到了由於供應鏈中斷，從第二季度到第三季度的收入可能會有所下滑。只是想知道在考慮季度節奏時是否應該考慮某個數字？

And then remind me, John, but I think if I take the midpoint of EPS revised guidance, it's about $0.20 lower. Maybe can you just maybe frame it for us, how much of it is FX, how much of it may be incremental costs or other ancillary items that could have impacted the EPS guidance?

然後提醒我，約翰，但我認為如果我採用 EPS 修訂指導的中點，它會低約 0.20 美元。也許您可以為我們構建它，其中有多少是外匯，有多少可能是增量成本或其他可能影響 EPS 指導的輔助項目？

Happy to help, Laurent. On the timing differentials, the world is right with timing issues. They're all over the place. There's no amount I would quantify other than to say, obviously, with a supply chain as volatile as that, which we've observed over the last really 4 or 5 quarters now, there's always things that slip to and from. It could be anything from shipment -- outbound shipment delays to port congestion to congestion in RDC to congestion in our customers' DCs. All of those can have an impact.

樂於助人，勞倫特。在時間差異上，世界在時間問題上是正確的。他們到處都是。除了說，顯然，在供應鏈如此不穩定的情況下，我無法量化任何數量，我們在過去的 4 或 5 個季度中觀察到這種情況，總有一些事情來來去去。它可能是從裝運——出境裝運延遲到港口擁堵到 RDC 擁堵到我們客戶的 DC 擁堵的任何事情。所有這些都會產生影響。

But I think, unfortunately, it's also difficult to anticipate what the next quarter's impacts are going to be. So there's no guide we give you because we think the quarter is a fair reflection of what we were able to achieve given those constructs and those constructs are not going away anytime soon. So there was absolutely some slippage.

但我認為，不幸的是，也很難預測下一季度的影響。因此，我們沒有給您任何指導，因為我們認為本季度公平地反映了我們在考慮到這些結構的情況下能夠實現的目標，並且這些結構不會很快消失。所以絕對有一些滑點。

The amount, I think, will, on a net basis, depending on what happens next quarter, what won't change is that we will still continue to experience supply chain challenges. It's certainly unavoidable in the current environment. Again, kudos to our team here that's doing a tremendous job dealing with those.

我認為，淨額將取決於下個季度發生的情況，不會改變的是我們仍將繼續面臨供應鏈挑戰。在當前的環境下，這當然是不可避免的。再次感謝我們的團隊，他們在處理這些問題方面做得非常出色。

And as you can see in the numbers we just posted, an excellent job of getting that through to our customers and our consumers. On the EPS guide, one way I would think about it, and we made note of this for a reason is there was an extraordinary impact from FX this quarter. And that's not something we had anticipated.

正如您在我們剛剛發布的數字中所看到的那樣，將其傳達給我們的客戶和消費者是一項出色的工作。在每股收益指南中，我會考慮一種方式，我們注意到這一點的原因是本季度外匯產生了非凡的影響。這不是我們預料到的。

I would generally chalk up the change on the guide to about 2/3 FX, both that, which we've already experienced as well as that which we expect to continue given some stability in rates at these levels. And then probably 1/3 owing to a combination of supply chain challenges and COVID-related challenges in markets where COVID is having a pretty significant impact one way or another.

我通常會將指南上的變化記在 2/3 FX 左右，這既是我們已經經歷過的，也是我們期望在這些水平上保持一定穩定性的情況下繼續發生的變化。然後可能是 1/3，這是由於供應鏈挑戰和 COVID 相關挑戰在 COVID 以某種方式產生相當重大影響的市場中的組合。

Very helpful, John. And as a follow-up question, I think you said in your prepared remarks, the gross margin for 3Q, 4Q should close the gap. Love -- would love to have some guardrails around that, John. And then 4Q implies rev decel to Alex's question, are you anticipating that U.S. wholesale grows in the fourth quarter? Or is there a level of conservatism that you're just baking in here?

非常有幫助，約翰。作為後續問題，我認為您在準備好的發言中說過，3Q、4Q 的毛利率應該縮小差距。愛——約翰很想在這周圍設置一些護欄。然後 4Q 意味著對 Alex 的問題的減速，您是否預計美國的批發量會在第四季度增長？還是您只是在這裡烘烤了某種程度的保守主義？

So on the gross margin guidance, what we've said all along, and I was hoping to improve upon our indicator last quarter was that we expect the gap to prior year to continue to close at a rather ratable pace. Now how that ultimately sorts out is going to be influenced by a wide variety of factors, including mix and prevailing input costs, et cetera.

因此，關於毛利率指導，我們一直在說，我希望在上個季度改進我們的指標是，我們預計與去年的差距將繼續以相當可觀的速度縮小。現在，最終如何解決將受到多種因素的影響，包括混合和現行投入成本等。

But we expect the differential between this year's gross margin and prior year's gross margin to close and to probably close in ratable steps between Q3 and Q4. That's what we've been aiming for all year as we wait for some of our pricing adjustments to catch up to some of the cost issues that we previously noted. In terms of revenue guidance, we don't obviously provide specifics by segment or country. And the reason for that is we just don't know enough to tell you today exactly where challenges are going to materialize.

但我們預計今年毛利率與上一年毛利率之間的差異將縮小，並且可能在第三季度和第四季度之間逐步縮小。這就是我們全年的目標，因為我們等待我們的一些定價調整來趕上我們之前提到的一些成本問題。在收入指導方面，我們顯然沒有按細分市場或國家/地區提供具體信息。其原因是我們現在還沒有足夠的知識告訴你挑戰將在哪裡實現。

And the great exacerbator to that is the supply chain challenges we've been experiencing. They pop up in a market at a given time on their own, and that's very hard to anticipate it. So what we've done is we've attempted to handicap overall results based on a wide variety of factors and then layer that on top of our existing forecasts.

最大的惡化因素是我們一直在經歷的供應鏈挑戰。它們會在特定時間自行出現在市場上，這是很難預料的。因此，我們所做的是我們試圖根據各種因素限制整體結果，然後將其疊加在我們現有的預測之上。

And that gets us to a combined number. We did, like I said, make an adjustment for China. We've made some adjustments to reflect the environment as best we can ascertain. It's going to materialize. And all with the goal of trying to get us to a point where we're providing you better-than-not guidance. But ultimately, in this type of environment, we're going to have to wait and see how that unfolds, especially on a channel or a segment basis.

這讓我們得到了一個合併的數字。正如我所說，我們確實為中國做出了調整。我們已經做出了一些調整，以盡可能地反映環境。它會實現的。所有的目標都是試圖讓我們達到為您提供比沒有更好的指導的地步。但最終，在這種環境下，我們將不得不拭目以待，尤其是在渠道或細分市場上。

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

我們的下一個問題來自德意志銀行的 Gaby Carbone。

Congrats on a nice quarter. So I just wanted to dig into price increases a little bit more. I was wondering if you could talk about how consumers are responding to the price increases. And then when you expect those to be fully baked in the wholesale channel? And then you can maybe just touch on any changes you've seen in the overall promotional environment. And if that's impacted at all, how you're thinking about price increases.

祝賀一個不錯的季度。所以我只是想深入研究價格上漲。我想知道你能否談談消費者對價格上漲的反應。然後你什麼時候期望那些在批發渠道中完全出爐？然後，您也許可以觸及您在整體促銷環境中看到的任何變化。如果這完全受到影響，那麼您是如何考慮價格上漲的。

I would say the consumer response to price increases thus far has been stable. And prior to this point, certainly on the retail side of things, it had been very constructive from our perspective. Obviously, we're sensitive to any price increases. So we try to be very thoughtful about when we introduce those and under what circumstances.

我想說到目前為止，消費者對價格上漲的反應是穩定的。在此之前，當然是在零售方面，從我們的角度來看，這是非常有建設性的。顯然，我們對任何價格上漲都很敏感。因此，我們嘗試在何時以及在什麼情況下引入這些內容時非常周到。

The retail environment continued to remain relatively stable on a price perspective, which is good. We have, for a while, though, been communicating our expectation that some level of promotionality was likely to reemerge in the back half of the year. We don't consider it to be significant or drastic but some level of promotionality I think is to be expected given the kind of ideal circumstances we've been under for the previous 5 or 6 quarters.

從價格角度看，零售環境繼續保持相對穩定，這是好的。不過，一段時間以來，我們一直在傳達我們的預期，即某種程度的促銷活動可能會在今年下半年重新出現。我們認為這並不重要或激烈，但考慮到我們在過去 5 或 6 個季度所處於的理想情況，我認為某種程度的促銷是可以預期的。

And I would say that anticipation remains true today. On the wholesale price increases, the next 2 quarters will reflect the most material adjustments, again, on a mix neutral basis such that we expect by the end of the year, most of those will be baked in. Customer response to those, I think, is evident in the bookings that we've seen, which, again, we've mentioned remain very strong.

我想說的是，今天的預期仍然是真實的。在批發價格上漲方面，接下來的兩個季度將反映最大的實質性調整，同樣，在混合中性的基礎上，我們預計到今年年底，其中大部分將被納入。我認為客戶對這些的反應，在我們看到的預訂中很明顯，我們再次提到，預訂仍然非常強勁。

Obviously, we'll continue to watch realized sell-through ASPs to assess the durability of those. But at this juncture, everything remains relatively positive from a customer and consumer response perspective.

顯然，我們將繼續觀察已實現的銷售 ASP 以評估它們的持久性。但在這個時刻，從客戶和消費者反應的角度來看，一切仍然相對積極。

Got it. I just had a quick follow-up on gross margin. For the 2Q results, I wonder if you can help us quantify maybe the pressure from freight versus mix and pricing?

知道了。我剛剛對毛利率進行了快速跟進。對於第二季度的結果，我想知道您是否可以幫助我們量化運費與混合和定價的壓力？

Yes. I think -- so mix was a small impact. The big -- the single biggest driver, by far, almost by a 6:1 ratio is the cost side of things, as we've mentioned before. The pricing we had implemented previously or was in the process of being implemented, just hasn't yet caught up fully to the cost side. There was a slight detriment to mix, which I think if you recall, after Q1, we had mentioned mostly because last year's Q2 was very heavy on Direct-to-Consumer, almost 300 basis points above a normal level on Direct-to-Consumer.

是的。我認為 - 所以混合影響很小。正如我們之前提到的，到目前為止，最大的單一最大驅動因素幾乎是 6:1 的比例是成本方面。我們之前實施或正在實施的定價，還沒有完全趕上成本方面。混合有輕微的不利影響，我想如果你還記得的話，在第一季度之後，我們提到的主要是因為去年第二季度的直接面向消費者非常重，比直接面向消費者的正常水平高出近 300 個基點.

So just having a more robust wholesale result this quarter, which I think is evident in the growth rates there, mixed down the gross margin a bit. The overriding cause on the gross margin pressures has been cost though.

因此，本季度的批發業績更加強勁，我認為這在增長率中很明顯，這使毛利率略有下降。不過，毛利率壓力的首要原因是成本。

Our next question comes from the line of Tom Nikic with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Tom Nikic。

When you look at the domestic business, there's a really big spread between the wholesale channel and the DTC channel, both on a 1-year basis and when you look (inaudible) I mean how should we kind of think about that dynamic? And why are we kind of seeing a lagging performance in DTC, while simultaneously seeing such strong performance in wholesale?

當您查看國內業務時，批發渠道和 DTC 渠道之間的差距非常大，無論是在 1 年的基礎上還是在您查看時（聽不清）我的意思是我們應該如何看待這種動態？為什麼我們會看到 DTC 表現落後，而批發表現卻如此強勁？

Yes. I mean I think from a financial perspective, I think you got to keep in mind, there's been a lot of moving pieces within that question for a while. I mean first, on the Direct-to-Consumer side of things, you have to recognize last year was an extraordinary year from a DTC perspective. And so comping to that, certainly on the -- at the store level was significantly difficult not to cause a slight pullback.

是的。我的意思是我認為從財務角度來看，我認為你必須記住，一段時間以來，這個問題有很多動人的部分。我的意思是，首先，在直接面向消費者方面，你必須認識到，從 DTC 的角度來看，去年是不平凡的一年。因此，在商店層面，當然很難不引起輕微的回調。

I would note though, within that, our continued growth on the e-commerce side of things was tremendous. And then outside the United States, you didn't see that same dynamic, you didn't have that same [fact] pattern from the prior year. On the flip side, I think on the wholesale side, we're just seeing tremendous response to the product. We're seeing opportunities for the brand to continue to grow share.

不過，我要指出的是，我們在電子商務方面的持續增長是巨大的。然後在美國以外，你沒有看到同樣的動態，你沒有與前一年相同的[事實]模式。另一方面，我認為在批發方面，我們只是看到對該產品的巨大反響。我們看到了該品牌繼續擴大份額的機會。

I do -- depending upon your base year on a 2- or 3-year basis, there was certainly some opportunity to kind of grow presence at some of the wholesale partners we work with as well as some restocking that probably needed to occur coming out of 2020. Overall, again, I think we're seeing a fantastic response to the product, though, more than anything else, and that's what's going to continue to carry the day.

我願意 - 根據您的基準年（以 2 年或 3 年為基礎），我們合作的一些批發合作夥伴肯定有一些機會增加業務，以及可能需要進行的一些補貨2020 年。總體而言，我認為我們再次看到對該產品的出色反應，但最重要的是，這將繼續成為今天的主旋律。

I would note, as an aside, I think on the Direct-to-Consumer side of things, we did have some issues getting product into stores as quickly as we wanted to, some of the newer product in particular that had been prioritized and that no doubt created a small headwind on the DTC side that could have been probably evidenced by a slightly more favorable comp store sales performance in the retail side of the business.

順便說一句，我認為在直接面向消費者方面，我們確實在將產品盡快送入商店時遇到了一些問題，特別是一些新產品已被優先考慮，並且毫無疑問，在 DTC 方面造成了一個小阻力，這可能可以通過零售方面的比較有利的商店銷售業績來證明。

But again, overall, we're pleased with the Direct-to-Consumer performance. Certainly, if you pull back and you look at it on a worldwide basis, especially then if you take away China, which obviously had its challenge. If you take the international Direct-to-Consumer side of things and you strip out China, which was a headwind, you had growth of almost 35%. And that's a pretty fantastic rate. So we continue to remain very optimistic about the DTC side of the business and pleased with the performance there.

但總的來說，我們對直接面向消費者的表現感到滿意。當然，如果你退後一步，放眼全球，特別是如果你把中國拿走，這顯然是個挑戰。如果你從國際直接面向消費者的角度考慮，剔除中國，這是一個逆風，你的增長率接近 35%。這是一個非常棒的比率。因此，我們繼續對業務的 DTC 方面保持非常樂觀，並對那裡的表現感到滿意。

If I could quickly follow up on Laurent's question from earlier. I think you said the EPS revision about 2/3 was FX and 1/3 was COVID, and I think related to that. I mean we've heard from both Nike and Adi in the last couple of weeks that they're seeing a very hyper-promotional environment in China following the spring lockdowns. Is that what you're seeing as well? And is that contributing to revision because I mean it seems like the EPS revision is more margin related rather than sales related given that the sales outlook was (inaudible).

如果我能快速跟進 Laurent 早些時候提出的問題。我想你說 2/3 的 EPS 修訂是 FX，1/3 是 COVID，我認為與此有關。我的意思是，在過去的幾周里，我們從耐克和阿迪那裡聽說，在春季封鎖之後，他們看到中國的促銷環境非常好。這也是你看到的嗎？這是否有助於修正，因為我的意思是，鑑於銷售前景（聽不清），每股收益修正似乎更多地與利潤相關，而不是與銷售相關。

Yes. I actually probably would suggest that we didn't actually see any sort of significant margin impact in market in the quarter. It doesn't mean that we don't anticipate some challenges from an overall margin perspective. But I guess I wouldn't echo that. That being said, I mean, you got to keep in mind, in particular, in Q2, and in June, where we saw the most significant recovery, you're in the middle of the 618 holiday selling window and that is and of itself a promotional environment.

是的。我實際上可能會建議我們實際上並沒有看到本季度市場對利潤率產生任何重大影響。這並不意味著我們不會從整體利潤率的角度預測一些挑戰。但我想我不會附和那個。話雖如此，我的意思是，你必須記住，特別是在第二季度和 6 月，我們看到了最顯著的複蘇，你正處於 618 假期銷售窗口的中間，這本身就是一個促銷環境。

So I don't think we noted anything that was extraordinary in that window as compared to both prior year and what we would consider to be a more normative environment. So I don't think we've seen that yet.

因此，與上一年以及我們認為更規範的環境相比，我認為我們在那個窗口中沒有註意到任何非同尋常的事情。所以我認為我們還沒有看到這一點。

But obviously, to the extent -- that's a market factor that's going to be influenced by what others do. So we'll definitely be keeping an eye on that. But I guess my short answer is no, we haven't seen that.

但顯然，在某種程度上——這是一個市場因素，會受到其他人的行為的影響。所以我們肯定會密切關注這一點。但我想我的簡短回答是否定的，我們還沒有看到。

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

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

I wanted to ask maybe about ASP versus units. I think you said that both drove wholesale. So I was curious if it was pretty equal between the 2 of them? And then also, did you see similar trends in your DTC channel? And then also maybe if you could just talk about SG&A expectations for the back half and if anything's changed there versus your original thoughts.

我想問一下 ASP 與單位的關係。我想你說兩者都是批發的。所以我很好奇他們兩個之間是否相當？然後，您是否在您的 DTC 渠道中看到了類似的趨勢？然後也許你可以談談 SG&A 對後半部的期望，以及那裡有什麼改變與你原來的想法相比。

Thanks, Susan. Yes, on wholesale, we actually saw more units than price, which I think is reflective of what we had mentioned previously that some of the ASP adjustments we had made haven't yet fully caught up, but we did see increases in both. I would say though, it was more units than price there.

謝謝，蘇珊。是的，在批發方面，我們實際上看到的單位數量多於價格，我認為這反映了我們之前提到的一些 ASP 調整尚未完全趕上，但我們確實看到兩者都有所增長。不過我會說，那裡的單位比價格多。

On the Direct-to-Consumer side of things, again, reflective of the pricing actions we'd already taken, you essentially saw units close to flat and ASPs up. So it was more of an ASP-driven adjustment there. Now there's a lot of mixing in moving parts there, in particular, with China, but that's the net of it.

在直接面向消費者方面，再次反映我們已經採取的定價行動，您基本上看到單位接近持平且平均售價上漲。因此，這更像是 ASP 驅動的調整。現在，那裡的移動部件有很多混合，特別是與中國，但這就是它的網絡。

On the G&A side, no, nothing new to report. I think the only experience of note is that, again, we continue to experience some supply chain challenges. That does manifest itself in some inefficiencies. We do have expectations. I think reasonable ones that, that will continue as we work to resolve those inefficiencies that present themselves from the volatility on the supply side of things.

在 G&A 方面，不，沒有新的報告。我認為唯一值得注意的經歷是，我們再次面臨一些供應鏈挑戰。這確實體現在一些效率低下。我們確實有期望。我認為合理的做法是，隨著我們努力解決因事物供應方面的波動而出現的低效率問題，這種情況將繼續下去。

So we're continuing to work through those. Otherwise, though, no, I would say no real change in our longer-term objective of attempting to hold G&A and more broadly, OpEx in line with top line performance.

因此，我們將繼續努力解決這些問題。否則，雖然，不，我會說我們試圖保持 G&A 和更廣泛地說，運營支出與頂線業績保持一致的長期目標沒有真正的變化。

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

我們的下一個問題來自與 Evercore 的 Omar Saad。

A couple of quick ones here at the end -- towards the end. Skechers comfort positioning was a huge asset during COVID as consumers became super focused on comfort, comfort footwear, comfortable feet. We have been hearing lately that some of the dressier footwear and maybe less comfortable fashion footwear making a comeback. Are you seeing any shift away from the comfort -- consumer shifting away from comfort in this kind of rebound in fashion footwear, number one.

最後這裡有幾個快速的 - 接近尾聲。在 COVID 期間，Skechers 的舒適定位是一項巨大的資產，因為消費者變得非常關注舒適、舒適的鞋類和舒適的腳部。我們最近聽說一些更考究的鞋類和可能不太舒適的時尚鞋類捲土重來。您是否看到任何偏離舒適的轉變——消費者在這種時尚鞋類的反彈中遠離舒適，排名第一。

Then also, I'd love to hear any update on freight. I know you discussed it a little bit but could freight flip from a headwind to a tailwind in the fourth quarter as you begin to lap some of that big ocean air utilization.

然後，我很想听聽有關貨運的任何更新。我知道你討論了一點，但是當你開始利用一些大的海洋空氣利用時，第四季度的貨運可能會從逆風轉為順風。

I certainly hope so. That will be pretty good. I mean freight rates are starting to come down, but there's less demand. It will depend on what happens to demand and everything that goes through at the end. And we've taken it a lot more. That's only one piece of the freight that's going. It has to be freight around the country as well. And there's still a potential strike at the port here.

我當然希望如此。那會很不錯。我的意思是運費開始下降，但需求減少了。這將取決於需求會發生什麼以及最後經歷的一切。我們已經採取了更多。這只是正在運送的貨物中的一小部分。它也必須是全國各地的貨運。而且這裡的港口仍然存在潛在的罷工。

So we hope so. It's certainly starting to trend. We're way too early to find out that's going to be possible, and we're going to [absorb] that in the fourth quarter. Remember, all the inventory that's here in transit until freight rates come down, still carry the old rate.

所以我們希望如此。它肯定開始流行。我們還為時過早發現這是可能的，我們將在第四季度[吸收]它。請記住，在運費下降之前在此運輸的所有庫存仍然採用舊運費。

And as far as shifting away from comfort, we don't see that at all. I mean we've been building comfort for years. It's not only a pandemic item. I think people want comfort. They enjoy comfort. Kids like it. If you're style right and fashion forward, you remember, I don't believe we're known for just being comfort without being stylish, without being used for sport or wherever you purchase the shoes from, we carry a broad base.

至於遠離舒適，我們根本看不到這一點。我的意思是我們多年來一直在建立舒適感。它不僅是流行病項目。我認為人們需要舒適。他們享受舒適。孩子們喜歡它。如果您的風格正確且時尚前衛，請記住，我不相信我們以舒適而不時尚、不用於運動或從任何地方購買鞋子而聞名，我們擁有廣泛的基礎。

And I think it's fashion forward and you can buy it with comfort, not just to go out and buy something as comfortable that you're going to (inaudible) around the house that nobody wants to look at. So that's always been a positive for us. We think we're, for lack of a better term of like, we are hot as we've ever been now. We have so many multiple styles that are in demand that starting as we bring them out and the cadence is a lot quicker than we had anticipated through the releases.

而且我認為它是時尚前衛的，你可以舒適地購買它，而不僅僅是出去買一些你會在房子周圍（聽不清）沒有人想看的舒適的東西。所以這對我們來說一直是積極的。我們認為，由於缺乏更好的“喜歡”一詞，我們像以往一樣炙手可熱。我們有如此多的多種風格需求，從我們推出它們開始，節奏比我們在發佈時預期的要快得多。

So we're feeling very comfortable in the fact that the marketplace continues to enjoy these, use these for various reasons, not only stay at home, just to be comfortable wherever they are, whether it's running, walking or (inaudible) going to work. So we think there's still plenty of room. We haven't seen any deterioration. We haven't seen anybody moving away from it, and we haven't seen it in our own sell-throughs, and that's pretty much around the world.

因此，我們感到非常舒服，因為市場繼續享受這些，出於各種原因使用這些，不僅呆在家裡，而且無論他們在哪裡，無論是跑步、步行還是（聽不清）上班，都能感到舒適.所以我們認為還有很大的空間。我們沒有看到任何惡化。我們還沒有看到任何人遠離它，我們也沒有在我們自己的銷售中看到它，這幾乎遍布世界各地。

Got it. And great job on that pickleball opportunity.

知道了。在那個泡菜球的機會上做得很好。

Yes, I'm going to learn how to play it myself.

是的，我要自己學習如何演奏。

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

我們的下一個問題來自 Jim Duffy 和 Stifel。

I'm hoping you can make some comments on the state of your inventories. I appreciate more of the inventories in transit. But even adjusting for that, inventories still well elevated versus pre-COVID norms. I'm curious, is production back to normalized levels? And if so, are you -- if you're more confident in the availability of capacity, are there opportunities to bring inventories back towards what would have been pre-COVID norms?

我希望你能對你的庫存狀況發表一些意見。我更欣賞在途的庫存。但即使對此進行調整，庫存仍然比新冠疫情前的標準高得多。我很好奇，生產恢復到正常水平了嗎？如果是這樣，您是否——如果您對產能的可用性更有信心，是否有機會將庫存恢復到 COVID 之前的標準？

Yes, you can find what norms really are going forward. I think what you see here is the confluence of a number of items. And one is that we dealt with our factories. And as shipments slow down, there was still high demand. We brought it all in. We didn't want to slow down production at the early stage of things, simply because we weren't sure as to how long it would last and when the next lockdown would be.

是的，您可以找到真正正在向前發展的規範。我認為您在這裡看到的是許多項目的匯合。其中之一是我們與我們的工廠打交道。隨著出貨量放緩，需求仍然很高。我們全力以赴。我們不想在事情的早期放慢生產速度，僅僅是因為我們不確定它會持續多長時間以及下一次鎖定的時間。

And we use this inventory, and it can move it around the world. So as [people stay] places stay open, we can modify our inventory. Like I said, we're moving to a much closer purchasing option. So we'll be able to reevaluate as when we go out on the far end. So as this moves forward, given all what we see today and business holds up through the quarter, we'll certainly modify it and grow into it.

我們使用這個庫存，它可以在世界各地移動它。因此，當 [人們住] 地方保持開放時，我們可以修改我們的庫存。就像我說的，我們正在轉向更接近的購買選擇。因此，我們將能夠重新評估當我們在遠端外出時。因此，隨著這一趨勢的發展，鑑於我們今天所看到的一切以及整個季度的業務都保持不變，我們肯定會對其進行修改並發展壯大。

The good news is it's all new, it's all in demand. A little bit more of it would have been shipped had not been constrained in our own distribution centers in the United States, but it's still in demand, and we'll move it anywhere in the world we need it, rather than making more on the far end.

好消息是它都是新的，都需要。如果沒有我們在美國自己的配送中心的限制，它會多一點運送，但它仍然有需求，我們會將它運送到世界任何我們需要它的地方，而不是在美國製造更多遠端。

So usually, the evaluation of inventory (inaudible) and what the demand is at retail and at the consumer level. This is all relatively new and very much in demand in a lot of places in the world. So we're already beginning to move it around the world for where it's most needed, where there's been the biggest shortages. So we still feel very comfortable with what it is, what it [can mean] and how we can use it around the world over the next 6 months.

因此，通常評估庫存（聽不清）以及零售和消費者層面的需求。這一切都是相對較新的，並且在世界上很多地方都非常需要。因此，我們已經開始將它轉移到世界各地最需要它的地方，那裡是最短缺的地方。因此，我們仍然對它是什麼、它[可能意味著] 以及我們如何在未來 6 個月內在世界各地使用它感到非常滿意。

And then maybe a question just to try to benefit from your global perspective, without question uncertainty in every region. But as you follow the end market demand progression since your last report from May and June and across July, any reasons that really stand out as most resilient or strongest? And on the other hand, are there any regions where you see indications that end market demand might be fading faster than others?

然後可能是一個問題，只是為了嘗試從您的全球視角中受益，而不是在每個地區都存在不確定性。但是，當您跟踪自 5 月和 6 月以及整個 7 月的上一份報告以來的最終市場需求進展時，有什麼真正脫穎而出的原因是最具彈性或最強的？另一方面，您是否看到有跡象表明終端市場需求可能會比其他地區更快地消退？

Well, I don't (inaudible).

好吧，我沒有（聽不清）。

Yes. I mean actually, the note I would probably make on that, Jim, is kind of the opposite. What I was surprised by at least is just the breadth and depth of the strength everywhere. I mean that goes into categories, which we talked about in the prepared remarks. But if you look globally, the vast majority of our markets grew and we're talking growth of multiple digits -- double digits easily.

是的。我的意思是，吉姆，我可能會對此做的說明恰恰相反。至少讓我感到驚訝的只是無處不在的力量的廣度和深度。我的意思是分類，我們在準備好的評論中談到了這些。但如果你放眼全球，我們的絕大多數市場都在增長，而且我們說的是多位數的增長——很容易達到兩位數。

And so while there were a few markets that were challenged by COVID or whatever prevailing situation impacted them, what we saw generally was very broad and very significant growth across a ton of markets. We talked about the Americas being strong. We talked about EMEA, which would have been even stronger but for FX -- APAC, which, quite honestly, outside of the challenges China experienced, grew north of 40%.

因此，儘管有一些市場受到 COVID 的挑戰或任何影響它們的普遍情況，但我們普遍看到的是在大量市場中非常廣泛且非常顯著的增長。我們談到美洲很強大。我們談到了歐洲、中東和非洲，如果沒有外匯，它會更加強勁——亞太地區，老實說，在中國經歷的挑戰之外，增長了 40% 以上。

So you're seeing really good, continued growth in the brand globally. And then you couple that with the U.S., which is obviously notably doing very, very well. And I think you get a very good picture of the demand profile for the brand. And to David's comment earlier about how much in demand it is, how hot it is. That's kind of -- that's the note I'd give around the global performance.

因此，您會看到該品牌在全球範圍內的持續增長非常好。然後你把它與美國結合起來，美國顯然做得非常非常好。而且我認為您可以很好地了解該品牌的需求概況。對於大衛早些時候關於它的需求量，它有多熱的評論。有點——這就是我要圍繞全球表現給出的說明。

Our next question comes from the line of Sam Poser with Williams Trading.

我們的下一個問題來自 Sam Poser 與 Williams Trading 的對話。

A few. Of the speed to market, where are you by region like on -- like -- versus, let's say, where you were 6 months ago on transit times and stuff like that.

一些。在進入市場的速度方面，你在哪個地區——比如——與，比如說，你在 6 個月前的運輸時間和類似的東西上處於什麼位置。

I'm not even [sure] what that means. But...

我什至不確定這意味著什麼。但...

Well, I mean it's like...

嗯，我的意思是，就像...

No, I was going to say, we don't have a differential on the timing for any particular place in the world. We send them all over at basically the same time. The supply chain has certainly picked up. Transit times are not necessarily the issue right this minute. We don't see the port as crowded nor getting containers, and that certainly is getting better.

不，我要說的是，我們對世界上任何特定地方的時間都沒有差異。我們基本上在同一時間將它們全部發送過來。供應鏈肯定有所回升。運輸時間不一定是這一刻的問題。我們認為港口沒有擁擠，也沒有集裝箱，而且情況肯定正在好轉。

What changes is throughout the factory base. There are some of our factories that are right up to the minute that do a great job and are keeping it up there. And there are some kinds of products that are specialties or smaller factories that are having more difficulty. So it rotates around. But I think you could tell by our inventory position, even including our own transit and what we've done with sales that we're not having trouble [getting] goods right this minute. And we are certainly filling the pipeline, and we're getting -- we're trying to get closer to a more normalized time to production. So that's our work in process.

整個工廠基地發生了哪些變化。我們的一些工廠是最新的，它們做得很好，並且一直保持在那裡。還有一些產品是專業的或者小廠比較難的。所以它會旋轉。但我認為你可以通過我們的庫存狀況來判斷，甚至包括我們自己的運輸以及我們在銷售方面所做的事情，我們現在沒有遇到問題 [得到] 貨物。我們當然正在填補管道，我們正在 - 我們正在努力接近更標準化的生產時間。這就是我們正在進行的工作。

Got you. I've got a handful more. And I'll just go through them, and then you can answer all of them, I hope. Wholesale in the back half -- in the big picture of wholesale versus DTC, which do you expect to grow faster? Number two...

得到你。我還有一把。我將通過它們，然後您可以回答所有問題，我希望。後半部分的批發——從批發與 DTC 的大局來看，您認為哪個增長更快？第二...

That's going to depend on factors that like China. So as I said, we're not going to give channel or segment level guidance because the way we handicap our prognostications is by probability weighting a variety of outcomes. So we layer on adjustment at the aggregate level.

這將取決於像中國這樣的因素。因此，正如我所說，我們不會提供渠道或細分級別的指導，因為我們阻礙我們預測的方式是通過概率加權各種結果。因此，我們在總體層面進行調整。

Our expectation is that both will continue to grow. So we remain optimistic about the prospects for growth in both. I do think China is going to be a huge factor in that because it is a bit disproportionately skewed toward Direct-to-Consumer relative to the rest of the business. So that will have a big factor or play a big role one way or the other.

我們的期望是兩者都將繼續增長。因此，我們對兩者的增長前景保持樂觀。我確實認為中國將成為其中的一個重要因素，因為與其他業務相比，它有點不成比例地傾向於直接面向消費者。因此，這將有一個重要因素或以一種或另一種方式發揮重要作用。

Okay. One, are your expansion in distribution in the United States, are you seeing benefit from Nike vacating other folks? And if so, what degree. Two, what is Skechers Plus, how is that helping you, I mean -- and that's -- those are the 2 other ones. I mean how is Skechers Plus helping you where it's set up right now? And then what do you foresee going forward there?

好的。一，你在美國的分銷擴張，你看到耐克撤離其他人的好處嗎？如果是這樣，什麼程度。二，Skechers Plus 是什麼，它對你有什麼幫助，我的意思是 - 那是 - 那是另外兩個。我的意思是，Skechers Plus 如何幫助您現在設置的地方？然後你預計那裡會發生什麼？

Yes. Skechers Plus is the new loyalty program we rolled out beginning last year in the U.S. It continues to do a wonderful job of building a direct-to-consumer relationship for its members. Its members are definitely more productive. They generate more LTV for us than nonmembers. It's a great method to communicate with consumers directly.

是的。 Skechers Plus 是我們從去年開始在美國推出的新忠誠度計劃。它繼續出色地為其會員建立直接面向消費者的關係。它的成員肯定更有生產力。他們比非會員為我們創造了更多的 LTV。這是直接與消費者溝通的好方法。

I think in general, we're probably still in very early innings, scratching the surface of that. What it allows you to do obviously is use a much more cost-effective method to drive digital and retail sales growth because you're not paying the higher and higher customer acquisition costs you see in the marketplace today.

我認為總的來說，我們可能仍處於早期階段，只是觸及表面而已。它允許您做的顯然是使用更具成本效益的方法來推動數字和零售銷售增長，因為您無需支付您在當今市場上看到的越來越高的客戶獲取成本。

The next leg for Skechers Plus though is to get it rolled out globally. And that's something we're starting to work on now. Our expectation is over the next year or so, we'll be able to provide that same program on a global footprint equivalent to where we have our Direct-to-Consumer websites and digital assets. And we think that just continues to add more fuel to allowing us to grow our Direct-to-Consumer business, both online and in stores because that's -- the member is a productive contributor in both channels. That's going exceedingly well. It's still early, but we're looking forward to rolling out across the globe and quite frankly, becoming more and more efficient and effective with the tools it's given us.

不過，Skechers Plus 的下一站是讓它在全球範圍內推廣。這就是我們現在開始努力的事情。我們的期望是在接下來的一年左右，我們將能夠在全球範圍內提供相同的計劃，相當於我們擁有直接面向消費者的網站和數字資產的地方。我們認為，這只會繼續為我們發展直接面向消費者的業務（包括在線和實體店）增加更多動力，因為會員在這兩個渠道中都是富有成效的貢獻者。這非常順利。現在還為時過早，但我們期待著在全球範圍內推廣，坦率地說，使用它提供給我們的工具變得越來越高效和有效。

Then about Nike and your wholesale distribution in the U.S. where they pulled out.

然後關於耐克和你在美國的批發分銷，他們退出了。

I'm not sure we ever really know whose place we take. We're growing. We're very accepted. We think our product is better. Our price points are better. It fits our consumers better. We anticipate our business is growing. I think Nike is a contributing factor. But I'm not sure given our own Direct-to-Consumer growth and where we've grown around the world, even where that's not as large as the situation in the United States and continue to grow.

我不確定我們是否真的知道我們佔據了誰的位置。我們正在成長。我們非常接受。我們認為我們的產品更好。我們的價格點更好。它更適合我們的消費者。我們預計我們的業務正在增長。我認為耐克是一個促成因素。但我不確定我們自己的直接面向消費者的增長以及我們在世界各地的增長情況，即使這沒有美國的情況那麼大並且繼續增長。

So we do think it's the product. We think we're taking some market share. What particular piece is Nike's decision to pull back? I don't know. I don't particularly feel it's that big. I don't have anybody knocking on the door saying, Nike is leaving, what can you [tell] me? It's just part of the whole process of taking what we offer and how it fits in at retail and continue to grow within our own customer base.

所以我們確實認為這是產品。我們認為我們正在佔據一些市場份額。耐克決定撤退的具體細節是什麼？我不知道。我特別不覺得有那麼大。我沒有任何人敲門說，耐克要離開了，你能告訴我什麼？這只是獲取我們提供的產品以及它如何適應零售並在我們自己的客戶群中繼續增長的整個過程的一部分。

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

我們的下一個問題來自 John Kernan 和 Cowen 的觀點。

Awesome. And a quick question. Just on supply chain. It sounds like there's still a fair amount of shipment delays, you mentioned particularly in Asia. There's also congestion you pointed to in North America. And obviously, some of the supply chain costs we're factoring the 300 basis point plus decline in gross margin. So when do you think the supply chain starts to normalize? Obviously, crystal balls have been pretty difficult for the last 2 years. But is there anything you see that tells us supply chain might normalize in holiday or 2023?

驚人的。和一個快速的問題。就在供應鏈上。聽起來仍然有相當多的發貨延誤，你特別提到了亞洲。你提到的北美也有擁堵。顯然，我們考慮了 300 個基點加上毛利率下降的部分供應鏈成本。那麼您認為供應鏈何時開始正常化？顯然，水晶球在過去 2 年里相當困難。但是你有沒有看到任何東西告訴我們供應鏈可能會在假期或 2023 年正常化？

I think the beginning is easy. It started to move. How fast it moves along the road and to what point and how quickly it get to its destination is difficult. And not all of it is on China side. There are some issues with the ports here, not as much anymore. There are some issues with ground transportation here and truckers and moving things and there's something because everything opened up so quickly that there's saturation coming in a lot of distribution centers around and moving through more volumes than we had to in the past as a group.

我認為開始很容易。它開始移動。它沿著道路移動的速度有多快，到達目的地的速度有多快是很困難的。並非所有這些都在中國方面。這裡的端口存在一些問題，不再那麼嚴重了。這裡的地面交通、卡車司機和搬運物品存在一些問題，因為一切都開放得如此之快，以至於周圍的許多配送中心都出現飽和，並且通過的數量比我們過去作為一個群體所必須的要多。

That all should normalize. I would hope for us anyway, it would look within the next 2 quarters. For us, the question internally for (inaudible) is how quickly we can get our new distribution center portion opened in the United States that was supposed to open earlier but got caught up in its own supply chain issues, which will double our capacity to pick and pack and [do singles] that we would move through a lot quicker if everything remained the same and the port remained open, and there were no lockdown in Asia.

這一切都應該正常化。無論如何，我希望我們，它會在接下來的兩個季度內出現。對我們來說，（聽不清）內部的問題是，我們能多快在美國開設新的配送中心部分，該部分本應更早開放，但陷入了自己的供應鏈問題，這將使我們的揀貨能力翻倍如果一切都保持不變並且港口保持開放並且亞洲沒有封鎖，我們會更快地完成並打包和[做單打]。

We would think that, that would get closer to it. But like John says, everything is dynamic. You got to take each piece and evaluate each piece on its own and see where it goes. So we think around the world, it's certainly starting to get better. It's a day-to-day thing, which is why we kept the inventory and didn't leave it overseas (inaudible) just in case but it's all good and relevant and we're going to change the way we order and we're going to beef up our system so that we get ready as we move throughout the year. We get to a more normalized situation moving even a bit earlier than most anybody else.

我們會認為，那會更接近它。但正如約翰所說，一切都是動態的。你必須拿走每一件作品，自己評估每一件作品，看看它的去向。所以我們認為，在世界範圍內，情況肯定開始好轉。這是日常工作，這就是為什麼我們保留庫存並且沒有將其留在海外（聽不清）以防萬一，但這一切都很好且相關，我們將改變訂購方式，我們是將加強我們的系統，以便我們在全年移動時做好準備。我們比大多數其他人更早地進入了一個更加正常化的情況。

Got it. Maybe just a follow-up to that, David. You mentioned inventory. Q4 is when inventory dollar spiked pretty much across the sector and for Skechers and you started to have big percentage increases year-over-year. I think inventory was up 45% in the fourth quarter last year. It's up 48% now.

知道了。也許只是後續行動，大衛。你提到了庫存。第四季度是整個行業的庫存美元大幅飆升，對於 Skechers 來說，你開始出現同比大幅增長的百分比。我認為去年第四季度的庫存增加了 45%。現在上漲了48%。

How do we think -- as we try to model the balance sheet and free cash flow, how do we think about inventory dollars at year-end? Are we thinking flat? Will there still be growth as we go into next year? How do we think about the working capital picture into the back half?

我們怎麼想——當我們試圖對資產負債表和自由現金流建模時，我們如何看待年末的庫存美元？我們的想法是平的嗎？隨著我們進入明年，還會有增長嗎？我們如何看待後半部分的營運資金情況？

A lot of that will depend on supply chain and availability and getting back to normal. I think it's fair to say if we can get ourselves back to 4- or 5-months advanced orders or even better and turn it [then] quickly, you would see a more efficient and lower inventory at the end of the year. But you got to take all the pieces in all the places in the world into that. So it's a moving target right now, but we're certainly planning on keeping it in light and evaluating using it and not overproducing given what's available to us in Asia. So we're on it, we think the most hopeful path, if not the most likely, depending on what happens on a macroeconomic basis and geopolitically is that inventories will come in line, and we will process and be more efficient every month as we go through this year.

其中很大一部分將取決於供應鍊和可用性以及恢復正常。我認為公平地說，如果我們能夠讓自己恢復到 4 個月或 5 個月甚至更好的提前訂單，並迅速將其 [然後] 周轉，那麼您將在年底看到更高效和更低的庫存。但是你必須把世界上所有地方的所有部分都融入其中。所以它現在是一個不斷變化的目標，但鑑於我們在亞洲可用的東西，我們肯定會計劃保持它並評估使用它，而不是過度生產。因此，我們正在努力，我們認為最有希望的道路，如果不是最有可能的話，取決於宏觀經濟基礎和地緣政治上發生的情況，是庫存將保持一致，我們每個月都會處理並提高效率，因為我們度過這一年。

John, I would just also add to that. If you look at the growth relative to the end of the year, it was only 6%. So the year-over-year comparisons continue to be difficult up to this point. I think in the Q4, as you noted, that's when we saw the elevation last year. So with the supply chain being what it is, relative to the end of the year, you can see that the increase wasn't that much more significant. It was only 6%. So I just throw that out there as another data point as we mentioned because I think this is all about supply chain and not really about anything else.

約翰，我也想補充一下。如果你看一下相對於年底的增長，它只有 6%。因此，到目前為止，逐年比較仍然很困難。正如你所指出的，我認為在第四季度，那是我們去年看到海拔的時候。因此，在供應鏈如此的情況下，相對於今年年底，您可以看到增長並沒有那麼顯著。只有6%。所以我只是把它作為我們提到的另一個數據點扔掉，因為我認為這完全與供應鏈有關，而不是其他任何事情。

And we have reached the end of the question-and-answer session, which also concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

並且我們已經到了問答環節，今天的會議也結束了，大家可以在這個時候斷開線路。感謝您的參與。