Skechers USA Inc (SKX) 2020 Q2 法說會逐字稿

Greeting, and welcome to Skechers Second Quarter 2020 Earnings Conference Call (Operator Instructions)

問候，歡迎來到 Skechers 2020 年第二季度收益電話會議（操作員說明）

As a reminder, this conference is being recorded. I'd now like to turn the call over to Skechers' management team to begin their presentation.

提醒一下，本次會議正在錄製中。我現在想將電話轉給 Skechers 的管理團隊開始他們的演示。

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 the pandemic. At this time, there is significant uncertainty about the duration and extent of the impact of the COVID-19 pandemic. A 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.

感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大流行的計劃。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。

Additional 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. 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 law for a description of all other significant risk factors that may affect the company's business, financial conditions, cash flows and results of operations.

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，一般而言，特別是適用於零售業和公司的情況。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的要求向 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 for our second quarter 2020 conference call. Once again, we are nearly alone in our normally visited corporate offices in Manhattan Beach. In early June, we added additional safety features and began allowing a limited number of personnel back, with staggered work schedule, while most of our talented team continue to successfully work from home. As always, our top priority is the health and well-being of our employees and partners around the world. The pandemic remains a deep concern, driving our everyday decisions. We continue to actively review inventory balances and production commitments across the globe, managing both to bring them in line with forecasted demand. With the closure of most markets, it should be clear that the pandemic significantly impacted our business during the second quarter. However, China led the path to recovery, first by stabilizing and then moving to growth by the end of the quarter. As a result of the pandemic, our second quarter sales decreased 42% to $729.5 million, which consisted of a 37.8% decrease in our international businesses and a 47.3% decrease in our domestic businesses.

感謝您今天加入我們的 2020 年第二季度電話會議。再一次，我們在曼哈頓海灘通常訪問的公司辦公室中幾乎是孤身一人。 6 月初，我們增加了額外的安全功能，並開始允許有限數量的人員返回，工作時間錯開，而我們大多數才華橫溢的團隊繼續成功地在家工作。一如既往，我們的首要任務是全球員工和合作夥伴的健康和福祉。大流行仍然是一個深切關注，推動著我們的日常決策。我們將繼續積極審查全球的庫存平衡和生產承諾，對兩者進行管理以使其符合預測的需求。隨著大多數市場的關閉，應該清楚的是，大流行在第二季度對我們的業務產生了重大影響。然而，中國引領了復甦之路，首先是企穩，然後在本季度末實現增長。由於大流行，我們第二季度的銷售額下降了 42% 至 7.295 億美元，其中國際業務下降了 37.8%，國內業務下降了 47.3%。

Despite the decreases, we believe the sales we achieved during the quarter are due to the strength of our product and the determination of our teams to drive sales where possible. The primary drivers, in the quarter, were Asia, led by China with 11.5% growth and our company-owned e-commerce business with sales growth of more than 400%. With nearly all stores opened in China during the second quarter, we gained insight into how to safely and efficiently reopen during the pandemic. Additionally, we experienced pent-up demand for our product, and saw our brand resonate with a wider and younger audience in our e-commerce channels in North America, Chile and Europe. While our international wholesale business decreased 29.9%, China offered a model of recovery, stabilization and then growth in the quarter. Every country's progress has been at a different pace, but we've began to see similar recoveries and stabilization trends in other markets, these include Australia, France, Germany, Indonesia, Spain, South Korea, Taiwan, among others.

儘管有所下降，但我們認為我們在本季度實現的銷售額是由於我們的產品實力和我們團隊在可能的情況下推動銷售的決心。本季度的主要驅動因素是亞洲，以中國為首，增長 11.5%，我們公司擁有的電子商務業務銷售額增長超過 400%。隨著第二季度幾乎所有門店都在中國開業，我們深入了解瞭如何在大流行期間安全有效地重新開業。此外，我們的產品需求被壓抑，我們的品牌在北美、智利和歐洲的電子商務渠道中與更廣泛和更年輕的受眾產生共鳴。雖然我們的國際批發業務下降了 29.9%，但中國在本季度提供了一個複蘇、穩定然後增長的模式。每個國家的進步速度都不同，但我們已經開始在其他市場看到類似的複蘇和穩定趨勢，其中包括澳大利亞、法國、德國、印度尼西亞、西班牙、韓國、台灣等。

Each market has reopened at different times and under distinctive guidelines, but we are seeing positive signs within each of these regions. At this time, more than 90% of the third-party Skechers stores around the world have reopened. Feedback from many of our global partners has been that Skechers remains a go-to footwear brand in the markets as consumers seek casual, comfort and value during this challenging time. Our domestic wholesale business decreased 57.2%, reflecting the majority of retail store closures during much of the quarter. Many of our partners have now reopened. The demand remains high, and we are shipping at an active rate. We believe, based on early indicators from our partners and consumer sentiment that Skechers will remain a key resource for these leading accounts. With nearly all company-owned Skechers store closed for most of the quarter, our direct-to-consumer business decreased 47.1%, which includes a 428.2% increase in our e-commerce business. Comparable same-store sales in our direct-to-consumer business decreased 45.6%, including a decrease of 35.9% in the United States and 66.9% internationally.

每個市場都在不同的時間和不同的指導方針下重新開放，但我們在每個地區都看到了積極的跡象。此時，全球90%以上的第三方斯凱奇門店已經重新開業。我們許多全球合作夥伴的反饋表明，隨著消費者在這個充滿挑戰的時期尋求休閒、舒適和價值，Skechers 仍然是市場上的首選鞋履品牌。我們的國內批發業務下降了 57.2%，反映出本季度大部分時間零售店關閉。我們的許多合作夥伴現已重新開放。需求仍然很高，我們正在以積極的速度發貨。我們相信，基於我們合作夥伴的早期指標和消費者情緒，Skechers 仍將是這些領先客戶的關鍵資源。在本季度的大部分時間裡，幾乎所有公司擁有的 Skechers 商店都關閉了，我們的直接面向消費者的業務下降了 47.1%，其中包括我們的電子商務業務增長了 428.2%。我們直接面向消費者業務的可比同店銷售額下降了 45.6%，其中美國下降了 35.9%，國際下降了 66.9%。

We saw our direct-to-consumer comps improved month-over-month, with total comp store sales down low double digits and domestic comps down single digits in June. As of today, more than 90% of our global company-owned stores have reopened under heightened safety protocols. Traffic and sales have been strongest within our big box and outlet locations as well as our nontourist stores. Our company-owned stores that remain closed are primarily in South America. As far as new store openings, we opened 7 stores in the quarter, 1 in Germany and 3 each in the United States and Japan, all locations that were under development prior to COVID-19. Further, 102 new third-party Skechers stores opened across 28 countries, bringing our total store count to 3,615 worldwide at quarter end. The key sales driver within our direct-to-consumer channel has been e-commerce, which grew by triple digits in each of our platforms in North America, South America and Europe. This week, we launched our new online shopping platform in the United States, which we believe will provide a better customer experience. We plan to roll out the same platform to multiple countries, later this year, with even more countries planned for 2021 and beyond.

我們看到我們的直接面向消費者的銷售額環比有所改善，6 月份的門店總銷售額下降了兩位數，國內銷售額下降了個位數。截至今天，我們全球 90% 以上的公司自有商店已在加強安全協議的情況下重新開業。在我們的大賣場和奧特萊斯以及我們的非旅遊商店中，客流量和銷售額一直是最強的。我們仍然關閉的公司擁有的商店主要在南美。就新店開張而言，我們在本季度開設了 7 家門店，其中 1 家在德國，3 家在美國和日本，所有地點在 COVID-19 之前都在開發中。此外，在 28 個國家/地區開設了 102 家新的第三方 Skechers 門店，使我們在季度末的全球門店總數達到 3,615 家。我們直接面向消費者的渠道中的主要銷售驅動力是電子商務，在我們在北美、南美和歐洲的每個平台上都實現了三位數的增長。本週，我們在美國推出了新的在線購物平台，我們相信這將提供更好的客戶體驗。我們計劃在今年晚些時候向多個國家/地區推出相同的平台，併計劃在 2021 年及以後推出更多國家/地區。

Additionally, South Korea has launched an e-commerce platform this month, and several of our distributors are developing Skechers e-commerce website. Also, after a successful pilot program during the second quarter, we will continue the rollout of our new retail POS system, providing a more efficient checkout experience in addition to BOPIS and [BOPAC] capabilities. We believe consumers are gravitating toward comfortable and casual footwear. At Skechers, we design and deliver comfort, innovation, style and quality at a reasonable price in every one of our collections. From our athletic lifestyle footwear and a variety of fits under our Skechers Sport and Skechers active lines, casual slip on styles for men and women, work footwear for men and women, including styles designed for first responders, walking and running footwear and, of course, our kids footwear, which meets the needs of growing children. Our natural product development cycles helped us navigate these unique times as we are more flexible, can easily pivot design and production and offer a flow of fresh product to meet the needs of the buy now wear now consumer. The progress we have made through the second quarter from a product and sales perspective couldn't have been achieved without our faster, flexible and focused business approach. This has included actively reviewing inventory balances and production commitments across the globe, bringing both in line based on our forecast for demand and managing our expenses, while still supporting the businesses that are performing well, including a shift towards digital advertising to support our online sales.

此外，韓國本月推出了電子商務平台，我們的幾家經銷商正在開發斯凱奇電子商務網站。此外，在第二季度成功開展試點計劃後，我們將繼續推出新的零售 POS 系統，在 BOPIS 和 [BOPAC] 功能之外提供更高效的結賬體驗。我們相信消費者正被舒適和休閒的鞋類所吸引。在 Skechers，我們以合理的價格設計並提供舒適、創新、風格和質量的每一個系列。從我們的運動生活方式鞋類到我們的 Skechers Sport 和 Skechers 活動系列下的各種合身款式，男女休閒套穿款式，男女工作鞋，包括專為急救人員設計的款式，步行和跑步鞋，當然還有，我們的兒童鞋類，可滿足成長中兒童的需求。我們的天然產品開發週期幫助我們度過了這些獨特的時代，因為我們更加靈活，可以輕鬆地調整設計和生產，並提供新鮮產品流，以滿足即買即穿消費者的需求。如果沒有我們更快、靈活和專注的業務方法，我們在第二季度從產品和銷售角度取得的進展是不可能實現的。這包括積極審查全球的庫存餘額和生產承諾，根據我們對需求的預測和管理我們的費用，同時仍然支持表現良好的業務，包括轉向數字廣告以支持我們的在線銷售.

Before I turn the call over to John, I'd like to say that we remain confident in our ability to continue to manage our business throughout the crisis. Several integral factors are proving beneficial during this time and are helping ensure both the stability and success of the Skechers brand. Our comfortable, casual product at a reasonable price, the diversity of our distribution channels and broad-based customer demographics, the solid relationships with our factories and wholesale partners and our exceptionally strong balance sheet and ample liquidity. Although the near-term remains uncertain as some markets are still closed, and the fluidity of the pandemic continues to be a substantial concern. We believe that the Skechers brand will continue to have a worldwide appeal. And now to John.

在我將電話轉給約翰之前，我想說的是，我們對在整個危機期間繼續管理業務的能力仍然充滿信心。在此期間，有幾個不可或缺的因素被證明是有益的，並有助於確保斯凱奇品牌的穩定性和成功。我們以合理的價格提供舒適、休閒的產品、我們分銷渠道的多樣性和廣泛的客戶群體、與我們的工廠和批發合作夥伴的穩固關係以及我們異常強勁的資產負債表和充足的流動性。儘管由於一些市場仍然關閉，短期內仍不確定，而且大流行的流動性仍然是一個重大問題。我們相信，斯凱奇品牌將繼續具有全球吸引力。現在給約翰。

Thank you, David. First, I hope you're all staying safe and healthy. Before I discuss our second quarter results, I would like to once again thank the Skechers global team who has worked diligently to help us manage through this pandemic. Despite the challenges of the second quarter, demand for our product remains strong, as evidenced by the explosive growth of our online business, a return to growth in China and the steady month-over-month improvement we saw in the quarter across most of our businesses. Today, the majority of our stores are now fully operational, and Skechers value proposition continues to resonate with consumers as our core casual athletic styles are decidedly on trend in a predominantly work-at-home environment. We also continue to make investments notably in our digital capabilities, which included an aggressive pivot towards digital advertising this quarter and the relaunch of our website completed just this week, which will be followed by a new mobile app and new loyalty program over the next few quarters. We are also modernizing our in-store point-of-sale systems to better integrate engagement with our customers, both online and in-store.

謝謝你，大衛。首先，我希望你們都保持安全和健康。在討論我們的第二季度業績之前，我要再次感謝 Skechers 全球團隊，他們一直在努力幫助我們度過這場大流行病。儘管第二季度面臨挑戰，但對我們產品的需求依然強勁，這從我們在線業務的爆炸性增長、中國恢復增長以及我們在本季度大部分時間看到的逐月穩步改善中得到了證明企業。如今，我們的大多數門店現已全面投入運營，Skechers 的價值主張繼續引起消費者的共鳴，因為我們的核心休閒運動風格在以在家工作為主的環境中明顯流行。我們還繼續對我們的數字能力進行顯著投資，其中包括本季度積極轉向數字廣告以及本周剛剛完成的我們網站的重新啟動，隨後將在接下來的幾年內推出新的移動應用程序和新的忠誠度計劃宿舍。我們還在對我們的店內銷售點系統進行現代化改造，以更好地整合與在線和店內客戶的互動。

Overall, we remain extremely confident in our ability to manage through this crisis and are optimistic about the long-term future of the Skechers brand. Now turning to our second quarter results. Similar to last quarter, I will not be detailing each and every impact of the pandemic, but it should be clear that the closure of our stores and the stores of our wholesale customers for much of the quarter negatively impacted our results nearly everywhere. Sales in the quarter totaled $729.5 million, a decrease of $529.1 million or 42% from the prior year quarter. On a constant currency basis, sales decreased $516.2 million or 41%. Domestic wholesale sales declined 57.2% or $174.6 million, as operations at many of our wholesale customers were closed, particularly in the first half of the second quarter.

總體而言，我們對度過這場危機的能力仍然充滿信心，並對斯凱奇品牌的長期未來持樂觀態度。現在轉向我們的第二季度業績。與上個季度類似，我不會詳細說明大流行的每一個影響，但應該清楚的是，在本季度的大部分時間裡，我們的商店和批發客戶的商店都關閉了，幾乎在所有地方都對我們的業績產生了負面影響。本季度銷售額總計 7.295 億美元，比去年同期減少 5.291 億美元或 42%。按固定匯率計算，銷售額減少了 5.162 億美元或 41%。國內批發銷售額下降 57.2% 或 1.746 億美元，因為我們的許多批發客戶的業務都關閉了，尤其是在第二季度的上半年。

International wholesale sales decreased 29.9% in the quarter. Our wholly owned subsidiaries were down 43.7%, and our distributor business decreased 58.1%. However, our joint ventures were down only 6.4% as China sales grew 11.5% for the quarter, led by e-commerce, which was especially strong over the 6 18 selling period. Direct-to-consumer sales decreased 47.1%, the result of a 35.4% decrease domestically and a 66.6% decrease internationally, reflecting the impact of temporary store closures globally partially offset by a 428.2% increase in our e-commerce business.

本季度國際批發銷售額下降 29.9%。我們的全資子公司下降了 43.7%，我們的經銷商業務下降了 58.1%。然而，我們的合資企業僅下降了 6.4%，因為本季度中國銷售額增長了 11.5%，其中電子商務領先，在 6 18 銷售期間尤為強勁。直接面向消費者的銷售額下降 47.1%，其中國內下降 35.4%，國際下降 66.6%，反映出全球臨時關閉商店的影響部分被我們電子商務業務增長 428.2% 所抵消。

Gross profit was $368.6 million, down $241.2 million compared to the prior year on lower sales volumes, while gross margin increased by approximately 210 basis points to 50.5%. The higher gross margins were attributable to a favorable mix of online and international sales. Total operating expenses decreased by $73 million or 14.5% to $432.1 million in the quarter, reflecting the swift actions we took during the quarter to reduce all nonessential discretionary spending. Selling expenses decreased by $53.3 million or 46.9% to $60.2 million, primarily due to lower advertising expenses globally partially offset by an increase in digital advertising spend. General and administrative expenses decreased by $19.7 million or 5% to $371.9 million, reflecting reductions in discretionary spending and compensation-related costs and despite the inclusion of an incremental $10.2 million in bad debt expense due to the expected impact of the pandemic on wholesale customers across the globe. Loss from operations was $61 million versus the prior year earnings from operations of $111.1 million. Net loss was $68.1 million or $0.44 per diluted share on 154.1 million diluted shares outstanding compared to net income of $75.2 million or $0.49 per diluted share on 153.9 million diluted shares outstanding in the prior year. Our effective income tax rate for the quarter decreased to 7.2% from 18.4% in the prior year. And resulted in a net tax benefit of $4.3 million.

由於銷量下降，毛利潤為 3.686 億美元，比上年減少 2.412 億美元，而毛利率增加了約 210 個基點至 50.5%。較高的毛利率歸因於在線和國際銷售的有利組合。本季度總運營費用減少 7,300 萬美元或 14.5% 至 4.321 億美元，反映了我們在本季度採取的迅速行動以減少所有非必要的可自由支配支出。銷售費用減少 5,330 萬美元或 46.9% 至 6,020 萬美元，主要是由於全球廣告費用下降部分被數字廣告支出的增加所抵消。一般和行政費用減少 1,970 萬美元或 5% 至 3.719 億美元，反映了可自由支配支出和薪酬相關成本的減少，儘管由於大流行對批發客戶的預期影響，壞賬費用增加了 1,020 萬美元全球。運營虧損為 6100 萬美元，而上一年的運營收益為 1.111 億美元。淨虧損為 6810 萬美元或攤薄後每股 0.44 美元，1.541 億股已發行攤薄股份，而上年淨收入為 7520 萬美元或攤薄後每股 0.49 美元，1.539 億股已發行流通股。我們本季度的有效所得稅率從去年的 18.4% 降至 7.2%。並帶來了 430 萬美元的淨稅收優惠。

And now turning to our balance sheet. At June 30, 2020, we had over $1.56 billion in cash, cash equivalents and investments, which was an increase of $524.5 million or 50.9% from December 31, 2019, reflecting the drawdown of our senior unsecured credit facility last quarter. Importantly, this represents an increase in net cash balances over last quarter of $189.3 million, reflecting our prudent inventory, working capital and operating expense management and including $75.9 million of capital expenditures. Trade accounts receivable at quarter end, were $478 million, a decrease of 25.9% or $167.3 million from December 31, 2019, and a decrease of 25.5% or $163.4 million from June 30, 2019. The decrease in accounts receivable was primarily due to successful collection activities during the quarter, coupled with lower global wholesale sales. Total inventory was $1.03 billion, a decrease of 3.9% or $42.1 million from December 31, 2019, but an increase of 20.1% or $172.1 million from June 30, 2019. The increase in year-over-year inventory levels is attributable to Asia, where sales have largely recovered from the most serious effects of the pandemic. We continue to aggressively manage product supply in light of anticipated demand, aiming to prudently balance our inventory to position us constructively for the back half of the year and 2021. Total debt, including both current and long-term portions was $763.3 million compared to $121.2 million at December 31, 2019. The increase primarily reflects the drawdown of our senior unsecured credit facility in the first quarter. Capital expenditures for the second quarter were $75.9 million, of which $20.5 million related to our new China corporate office space, $13.8 million related to several new store openings worldwide, $12.4 million was associated with our new distribution center in China and $10.9 million related to the expansion of our domestic distribution center. As we discussed on our last call, we prioritized our capital expenditures this quarter to focus only on business-critical and highly strategic projects, like the launch of our new digital platform and completion of our new distribution center in China. As mentioned previously, our new website launched this week and several supporting digital initiatives will follow.

現在轉向我們的資產負債表。截至 2020 年 6 月 30 日，我們擁有超過 15.6 億美元的現金、現金等價物和投資，比 2019 年 12 月 31 日增加了 5.245 億美元或 50.9%，反映了我們上個季度高級無抵押信貸額度的提取。重要的是，這表明淨現金餘額比上一季度增加了 1.893 億美元，反映了我們謹慎的庫存、營運資金和運營費用管理，包括 7590 萬美元的資本支出。季度末應收賬款為 4.78 億美元，較 2019 年 12 月 31 日減少 25.9% 或 1.673 億美元，較 2019 年 6 月 30 日減少 25.5% 或 1.634 億美元。應收賬款減少主要是由於成功本季度的收貨活動，加上全球批發銷售額下降。總庫存為 10.3 億美元，比 2019 年 12 月 31 日減少 3.9% 或 4210 萬美元，但比 2019 年 6 月 30 日增加 20.1% 或 1.721 億美元。同比庫存水平的增加歸因於亞洲，銷售額已從大流行最嚴重的影響中基本恢復。我們繼續根據預期需求積極管理產品供應，旨在謹慎平衡我們的庫存，為下半年和 2021 年建設性地定位。包括當前和長期部分在內的總債務為 7.633 億美元，而 121.2 美元百萬美元，截至 2019 年 12 月 31 日。這一增長主要反映了我們在第一季度提取的高級無抵押信貸額度。第二季度的資本支出為 7,590 萬美元，其中 2,050 萬美元與我們在中國的新公司辦公空間有關，1,380 萬美元與在全球開設幾家新店有關，1,240 萬美元與我們在中國的新配送中心有關，1,090 萬美元與擴大國內配送中心。正如我們在上次電話會議中所討論的那樣，我們將本季度的資本支出優先考慮僅關注業務關鍵型和高度戰略性項目，例如推出我們的新數字平台和完成我們在中國的新配送中心。如前所述，我們的新網站於本週推出，隨後將推出多項支持性數字舉措。

In China, our distribution center progress has been slowed by the impacts of the pandemic, which has particularly hampered the installation and testing of our automation. We now expect the distribution center to begin limited operations in the third quarter and to become fully operational over the first half of 2021. As our businesses continue to recover, we expect to restart investments that have been paused like the rollout of a new global point-of-sale system and significant additional capacity at our U.S. distribution center. However, given the ongoing dislocation in the retail environment, we expect to continue tightly regulating our new store opening plans. We now expect total capital expenditures, over the remainder of the year to be between $100 million and $150 million. We have also commenced the expansion of our U.S. distribution center, which is owned and financed through a joint venture that we consolidate for accounting purposes. We expect incremental capital expenditures related to that expansion to total between $90 million and $110 million this quarter -- this year, sorry, of which approximately $10 million has already been recorded.

在中國，我們的配送中心進度受到大流行的影響而放緩，這尤其阻礙了我們自動化的安裝和測試。我們現在預計配送中心將在第三季度開始有限運營，並在 2021 年上半年全面投入運營。隨著我們的業務繼續復甦，我們預計將重啟已暫停的投資，就像推出新的全球點一樣銷售系統和我們美國配送中心的大量額外產能。然而，鑑於零售環境的持續混亂，我們預計將繼續嚴格監管我們的新店開業計劃。我們現在預計今年剩餘時間的總資本支出將在 1 億美元至 1.5 億美元之間。我們還開始擴建我們的美國配送中心，該中心由我們為會計目的合併的一家合資企業擁有和融資。我們預計本季度與該擴張相關的增量資本支出總額將在 9000 萬美元至 1.1 億美元之間——抱歉，今年已經記錄了大約 1000 萬美元。

As David said, while the near term remains uncertain, we are confident that we have taken the necessary actions to ensure that Skechers will successfully navigate this crisis. We will not be providing revenue or earnings guidance at this time as the current environment remains too dynamic from which to plan results with a reasonable degree of certainty. However, given the strength of our brand, our compelling value proposition and our healthy balance sheet, we believe Skechers is well positioned to continue growing once the situation normalizes. And now I'll turn the call over to David for closing remarks.

正如大衛所說，雖然短期內仍不確定，但我們相信我們已經採取了必要的行動，以確保斯凱奇能夠成功度過這場危機。我們目前不會提供收入或收益指導，因為當前環境仍然過於動態，無法以合理的確定性計劃結果。然而，鑑於我們的品牌實力、引人注目的價值主張和健康的資產負債表，我們相信一旦情況恢復正常，斯凱奇就可以繼續增長。現在，我將把電話轉給 David 進行結束髮言。

Thank you, John. We are more than halfway through what has proven to be an unprecedented year. We have successfully embraced a new way of conducting business, both at our corporate offices with safer at-home work guidelines and in our retail stores with extensive safety measures put in place for our employees and customers. We experienced exceptionally strong demand for our brand in Europe, North America and South America with our e-commerce platforms growing more than 400%. Similarly, we saw demand in Asia, primarily within China, with 11.5% growth, including e-commerce growth of 43%. Many of our global partners have indicated that Skechers remains a go-to brand in their stores, and we ramped up shipments to these businesses. Nearly all the Skechers retail stores around the world are now open following safety protocols. In our company-owned stores, we are seeing improved month-over-month comp store sales.

謝謝你，約翰。我們已經完成了被證明是前所未有的一年的一半以上。我們已經成功地採用了一種新的開展業務的方式，無論是在我們的公司辦公室，都有更安全的在家工作指南，而且在我們的零售店，我們為員工和客戶採取了廣泛的安全措施。我們在歐洲、北美和南美經歷了對我們品牌的異常強勁的需求，我們的電子商務平台增長了 400% 以上。同樣，我們看到亞洲（主要是中國）的需求增長了 11.5%，其中電子商務增長了 43%。我們的許多全球合作夥伴表示，Skechers 仍然是他們商店的首選品牌，我們增加了對這些企業的出貨量。世界各地幾乎所有的斯凱奇零售店現在都按照安全協議開放。在我們公司擁有的商店中，我們看到綜合商店銷售額環比有所改善。

As a few countries remain closed, others are reopening and consumer shopping habits are changing. We believe that pandemic will not only continue to be a concern, but is also changing the retail and competitive landscape. We believe that Skechers is well positioned to accelerate out of the Global Health conference when it stabilizes and that we will remain a global footwear leader.

由於一些國家仍然關閉，其他國家正在重新開放，消費者的購物習慣正在改變。我們認為，大流行不僅將繼續成為一個問題，而且還將改變零售和競爭格局。我們相信，當全球健康會議趨於穩定時，Skechers 處於有利地位，能夠加速退出全球健康會議，並且我們將繼續保持全球鞋類領導者的地位。

We are optimistic with the reception of our vast product offering at a reasonable price and the loyalty of our consumers, the positive sentiment towards the safety measures we have taken in our Skechers retail stores and the flexibility and determination of our teams around the world.

我們對我們以合理的價格提供的大量產品和消費者的忠誠度、對我們在 Skechers 零售店採取的安全措施的積極情緒以及我們在世界各地的團隊的靈活性和決心感到樂觀。

Now I'd like to turn the call over to the operator for questions.

現在我想把電話轉給接線員提問。

(Operator Instructions) Our first question comes from the line of Laurent Vasilescu with Exane BNP Paribas.

（操作員說明）我們的第一個問題來自 Exane BNP Paribas 的 Laurent Vasilescu。

John, I was hoping to follow-up on a comment that was made on the February call that the e-commerce business was a low double-digit percentage of your complete DTC business. Is it fair to assume that if e-commerce grew 428%, and for this quarter alone, it represented 80% of your direct-to-consumer business? Maybe you can help us navigate with the math on that.

約翰，我希望跟進 2 月份電話會議上的評論，即電子商務業務在您的完整 DTC 業務中僅佔兩位數的低百分比。假設電子商務增長 428%，僅在本季度，它就代表了您直接面向消費者業務的 80%，是否公平？也許您可以幫助我們解決數學問題。

Laurent, it's clear that the online business represented a much more significant portion of our overall direct-to-consumer revenue. The number you just gave would be a bit higher. What's most fantastic about this quarter, though, is that clearly, the online business continued to perform well, but it also reflected the underlying demand for our product even during the pandemic and its effects on people. They're still seeking out Skechers' product and the comfort and value it delivers to them.

Laurent，很明顯，在線業務在我們直接面向消費者的整體收入中所佔的比例要大得多。你剛才給的數字會高一點。然而，本季度最令人驚奇的是，很明顯，在線業務繼續表現良好，但它也反映了即使在大流行期間對我們產品的潛在需求及其對人們的影響。他們仍在尋找 Skechers 的產品以及它為他們帶來的舒適度和價值。

Okay. Very helpful. And then your DTC gross margins were up over 400 bps. Maybe you can talk a little bit about high level, John, just the e-commerce gross margins are -- I mean, it would imply that they're potentially over 70%. And more importantly, as we think about world post pandemic, how e-commerce is going to become increasingly important. Can you talk a little bit about the bottom line margin profile for that part of the business?

好的。非常有幫助。然後你的 DTC 毛利率上升了 400 多個基點。也許你可以談談高水平，約翰，只是電子商務的毛利率——我的意思是，這意味著它們可能超過 70%。更重要的是，當我們思考大流行後的世界時，電子商務將變得越來越重要。你能談談這部分業務的底線利潤率概況嗎？

Well, I don't want to get into specifics about store-type margins, which online is one example of, I will say they are accretive to our overall direct-to-consumer presence. Keep in mind, we have a wide swath of footprints out there, right? We have everything from our online business and our concept stores to our outlet and our big box warehouse-style stores. So taken as a whole, when you look at e-commerce, it is accretive. And that is the large portion of why the direct-to-consumer margins were enhanced this period.

好吧，我不想詳細說明商店類型的利潤率，在線就是其中一個例子，我會說它們增加了我們直接面向消費者的整體存在。請記住，我們有一大片腳印，對吧？我們擁有從在線業務和概念店到奧特萊斯和大型倉庫式商店的一切。所以作為一個整體，當你看電子商務時，它是增值的。這就是這一時期直接面向消費者的利潤率提高的主要原因。

Okay. And if I can squeeze one more. Sorry for the softball question, but I have to ask about the Skechers bond. Remind me, but I think you received over $1 billion streaming on TikTok. Can you just talk about the business? Did that help the China number this quarter? And then how do we think about India, which could be the next leg of growth over the next few years?

好的。如果我能再擠一個。對不起壘球問題，但我不得不問一下斯凱奇的債券。提醒我，但我認為你在 TikTok 上收到了超過 10 億美元的流媒體。你能談談生意嗎？這對本季度的中國數據有幫助嗎？那麼我們如何看待印度，這可能是未來幾年的下一個增長點？

Yes. I mean, I think it's reflective of a couple of things. One is, obviously, we're becoming much more active online. Now obviously, neither David nor I is featured in that song, as you can probably tell. But it's a reflection, in our opinion, of the prominence of the brand, especially outside the United States, where the brand registers appreciably higher on consumer recognition patterns and the like. I've actually lost track of the views. There was another campaign on TikTok, our million mass challenge that generated a donation of over 1 million mass, I believe, at this point in time for individuals who provided their alternative to the Drip Report song.

是的。我的意思是，我認為這反映了幾件事。一是，顯然，我們在網上變得更加活躍。現在很明顯，大衛和我都沒有出現在這首歌中，正如你可能知道的那樣。但在我們看來，這反映了該品牌的突出地位，尤其是在美國以外，該品牌在消費者認知模式等方面的註冊率明顯更高。我實際上已經忘記了這些觀點。在 TikTok 上還有另一場活動，我們的百萬群眾挑戰賽產生了超過 100 萬群眾的捐款，我相信，在這個時間點上，為那些提供他們替代 Drip Report 歌曲的個人提供了捐贈。

Overall, I think what it speaks to is the prevalence of the brand, the health of the brand outside of the U.S., in particular, but also inside the United States and also our growing presence online. And our growing capabilities to drive those platforms online. However, also, it's clear this was a bit of an organic element, and that is always a component of some of the most successful online efforts that they have an organic appeal that pulls consumers in. In terms of being able to draw a direct correlation between the online activities there, that one, in particular, in our -- and our businesses overall, that's a little bit more difficult because in the midst of that, you had the pandemic and a lot of other activities. But obviously, it's healthy and important for the brand.

總體而言，我認為它說明了品牌的流行程度，特別是美國以外品牌的健康狀況，以及美國國內以及我們在網上日益增長的影響力。以及我們推動這些平台在線的不斷增長的能力。然而，很明顯，這是一個有機元素，這始終是一些最成功的在線努力的組成部分，它們具有吸引消費者的有機吸引力。就能夠得出直接相關性而言在那裡的在線活動之間，特別是在我們的 - 以及我們整體的業務中，這有點困難，因為在其中，你遇到了大流行和許多其他活動。但顯然，這對品牌來說是健康且重要的。

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

我們的下一個問題來自摩根士丹利的 Kimberly Greenberger。

I wanted to ask about -- I think I heard you correctly, but I wasn't sure I was typing fast enough. I think you -- did you say June domestic comps were down a single-digit percentage? I -- If you could just clarify what you said there? That would be really helpful. And if you have any sort of color here in July, just directionally, so we can understand the trajectory of the business? That would be extremely helpful. And then the markets you talked about, Australia, Germany, South Korea, Taiwan, France, among others. David, I think you talked about them as recovering markets. And I'm wondering, does that mean you're starting to see revenue turned positive in that -- in those markets as well? Or is it primarily at this point, concentrated in your direct-to-consumer business, which perhaps seems to be recovering faster maybe than the wholesale side?

我想問一下——我想我沒聽錯，但我不確定我的打字速度是否足夠快。我想你——你是說 6 月份的國內銷量下降了個位數的百分比嗎？我——如果你能澄清一下你在那兒說的話？那真的很有幫助。如果你在 7 月份有任何顏色，只是方向性的，所以我們可以了解業務的軌跡？那將非常有幫助。然後是你談到的市場，澳大利亞、德國、韓國、台灣、法國等等。大衛，我認為你談到它們是正在復甦的市場。我想知道，這是否意味著您開始看到收入在這些市場中轉為正數？還是目前主要集中在您的直接面向消費者的業務，這似乎比批發方面恢復得更快？

Okay. Well, we'll see if we type fast enough because that was a lot of questions in that for memory. But yes, we did say it was single digits in the U.S. July has held up not quite as well, but pretty close. International has gotten a little better, and we're into low double digits. What I remember as far as domestic is concerned, for various reasons, obviously, part of which could be that our wholesale customers are open now, and everybody is doing business. So we're getting into a level playing field. As far as those countries we mentioned, most of them are stabilizing, although as in the case of China, Germany is now positive and did perform positively for the quarter. And obviously, the 6 months and our other big piece there in the U.K. was down some but certainly made a significantly stronger move for the quarter and probably was positive for the month of June year-over-year, and they are starting to accelerate as well.

好的。好吧，我們會看看我們打字是否足夠快，因為那是很多記憶問題。但是，是的，我們確實說過在美國是個位數。7 月的情況不太好，但非常接近。國際形勢有所好轉，我們進入了兩位數的低位。我記得就國內而言，出於各種原因，很明顯，其中一部分可能是我們的批發客戶現在開放，每個人都在做生意。所以我們正在進入一個公平的競爭環境。就我們提到的那些國家而言，它們中的大多數正在企穩，儘管就中國而言，德國現在是積極的，並且在本季度確實表現良好。很明顯，6 個月和我們在英國的其他大件下降了一些，但肯定在本季度採取了明顯更強勁的舉措，並且可能對 6 月份同比有利，並且它們開始加速，因為好吧。

We are seeing significant acceleration into -- in our European business overall and do anticipate a few of those countries being positive for the quarter. The -- so Taiwan was positive for the quarter, at least on their own books. I remember, we booked them differently. They're a distributor. So just on their own throughput in their own countries was positive on a year-over-year basis. So we're seeing some green shoots and some very positive performance. We do get the impression that when we're open and have access to our consumers, we performed very, very well.

我們在整個歐洲業務中看到了顯著加速，並且確實預計其中一些國家對本季度是積極的。 - 所以台灣在本季度是積極的，至少在他們自己的賬面上是這樣。我記得，我們以不同的方式預訂它們。他們是分銷商。因此，僅就他們自己國家/地區的吞吐量而言，同比增長是積極的。因此，我們看到了一些萌芽和一些非常積極的表現。我們確實得到的印像是，當我們開放並可以接觸到我們的消費者時，我們的表現非常非常好。

Great. That's very encouraging, David. And if you could just sort of reflect at -- back on prior periods of time where there was a -- maybe a little bit of a buildup in inventory in the wholesale channel. How long does that generally take? How many quarters does that take to work through? And when do you think you would be getting kind of more normal order flow from your wholesale partners?

偉大的。這非常令人鼓舞，大衛。而且，如果您可以回顧一下之前的一段時間，那麼批發渠道中的庫存可能會有所增加。一般需要多長時間？這需要多少個季度才能完成？你認為你什麼時候會從批發合作夥伴那裡獲得更正常的訂單流？

Well, I wish I knew the answer to all of those. But I think it is until the last part of the more normal order flows, I think we're going to be looking for a new normal or define a new normal. And certainly, a lot of that will depend on the rate of opening of stores and the rate that pandemic flows through everything and may even depend on when a vaccine is ready and people can come back and create this new normal. We think our inventory, by the way, is in very, very good shape, and we came through this quite well, maneuvered quite well with our factories, with our customers. We went from -- from a personal point of view, we went from a position where I thought inventory would be much more excessive than it is and would be an issue to a point now where we are chasing a number of things and don't have significant enough inventory in a lot of places as we're growing.

好吧，我希望我知道所有這些的答案。但我認為直到更正常的訂單流的最後一部分，我認為我們將尋找新常態或定義新常態。當然，其中很大一部分將取決於商店的開張率和大流行在所有事物中蔓延的速度，甚至可能取決於疫苗何時準備好以及人們何時可以回來並創造這種新常態。順便說一句，我們認為我們的庫存狀況非常非常好，而且我們度過了這個難關，與我們的工廠和客戶一起運作得很好。我們從 - 從個人的角度來看，我們從一個我認為庫存會比現在多得多並且會成為一個問題的位置發展到現在我們正在追逐一些東西而不是隨著我們的發展，在很多地方都有足夠的庫存。

So China, one of them, as a matter of fact, because they're consolidating again. And so we are moving inventory around the world. It's what we do very well. We think we're in great shape for it, and will be very reactive to how retail itself opens up for us and our wholesale customers and our partners around the world to make those determinations. My hope would be by first quarter, hopefully, the end of first quarter will be in a normal position of ordering and inventory control and moving out to our normal growth patterns as the world comes back to norm.

所以事實上，中國是其中之一，因為他們正在再次整合。因此，我們正在全球範圍內轉移庫存。這是我們做得很好的。我們認為我們的狀態很好，並且將對零售本身如何為我們以及我們的批發客戶和我們在世界各地的合作夥伴做出這些決定的方式做出反應。我的希望是到第一季度，希望第一季度末將處於訂單和庫存控制的正常位置，並隨著世界恢復正常而轉向我們的正常增長模式。

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。

So I appreciate your comments on the direct-to-consumer gross margin. I think the thought was that mix would really impact the gross margin in a positive way, but it looks like your gross margin in domestic wholesale was up about 40 bps, and in international wholesale, it was up 130 bps. Can you just talk about some of the drivers of the gross margin improvement in those segments, given how promotional it has been globally across the retail space?

因此，我感謝您對直接面向消費者的毛利率的評論。我認為這種混合確實會以積極的方式影響毛利率，但看起來你的國內批發毛利率上升了大約 40 個基點，而在國際批發中，它上升了 130 個基點。考慮到零售領域在全球範圍內的促銷情況，您能否談談這些細分市場毛利率提高的一些驅動因素？

Yes. I think in the wholesale business, truth be told, we weren't feeling a need to be extraordinarily promotional. Certainly, we've seen some of that in retail, not a significant degree in our own, but some -- quite frankly, I think just the strength of the product, the on-trend nature of the product, the value orientation of the product help us sustain pricing. Now obviously, it wasn't a robust overall top line quarter, but that was because a lot of the wholesale customer base was closed. So I don't have a better explanation other than the strength of the product, the strength of the brand and the fact that we stuck to much of our pricing without filling a need. And certainly, having managed the inventories very aggressively, as we mentioned on the last call, I think that's a key element of being able to sustain both your inventory levels at a reasonable pitch as well as the pricing.

是的。我認為在批發業務中，說實話，我們並不覺得需要特別促銷。當然，我們已經在零售業中看到了其中一些，在我們自己的情況下並不顯著，但有些——坦率地說，我認為只是產品的實力、產品的趨勢性、價值導向產品幫助我們維持定價。現在顯然，這不是一個強勁的整體收入季度，但那是因為很多批發客戶群都關閉了。因此，除了產品的實力、品牌的實力以及我們在沒有滿足需求的情況下堅持大部分定價這一事實之外，我沒有更好的解釋。當然，正如我們在上次電話會議中提到的那樣，非常積極地管理庫存，我認為這是能夠以合理的價格維持庫存水平和定價的關鍵因素。

And John, maybe then, can you just talk about -- given from -- inventory being up 20% year-over-year and whatever third quarter sales are going to be, how do we think about the trajectory of gross margin from here? Can we expect a similar type of improvement across the different segments of the business? Or will it be -- will there be some aspect about third quarter that makes the gross margin -- the year-over-year change in gross margin different?

約翰，也許那時，你能談談 - 鑑於 - 庫存同比增長 20%，無論第三季度的銷售額如何，我們如何看待毛利率的軌跡？我們能否期望在業務的不同領域出現類似類型的改進？還是會 - 第三季度的某些方面會導致毛利率 - 毛利率的同比變化不同？

Well, I guess, stepping back and looking at the gross margin improvement we experienced, there was a significant amount of it that was mix related.

好吧，我想，退後一步，看看我們經歷的毛利率改善，其中有很大一部分是與混合相關的。

So to the extent the business reemerges the way we certainly hope it will, in particular, on the direct-to-consumer side. I would expect the mix benefit to fade, but that means the overall business is getting healthier, which is certainly our primary objective. Now that is significantly contingent on the performance of the direct-to-consumer channel, which is largely tracking the effects of the pandemic itself. So to the extent we see more closures and less retail opening, our operational capacity and the business stays concentrated online. Then there could be some favorability. But again, what we're seeing and what we're hoping for is that the rest of the business continues to reemerge, until we get back to a much more normalized mix. Then as a result, I would tell you, our expectation is we wouldn't see significant pressure down, but we also wouldn't see that mix benefit up.

因此，在某種程度上，業務以我們當然希望的方式重新出現，特別是在直接面向消費者方面。我預計混合收益會消退，但這意味著整體業務正在變得更加健康，這當然是我們的主要目標。現在，這在很大程度上取決於直接面向消費者的渠道的表現，該渠道主要跟踪大流行本身的影響。因此，就我們看到更多的關閉和更少的零售開放而言，我們的運營能力和業務仍然集中在網上。那麼可能會有一些好感。但同樣，我們所看到的以及我們所希望的是，其餘業務繼續重新出現，直到我們回到更加正常化的組合。那麼結果，我會告訴你，我們的預期是我們不會看到明顯的壓力下降，但我們也不會看到混合收益上升。

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 Gabby Carbone。

So you guys have done a good job managing expenses in this environment. I was wondering if you could maybe just provide some more color on how we should be thinking about SG&A dollar rate in the back half? Then if you could just speak to kind of what products have been delayed? You mentioned China, DC opening, and then what kind of has been accelerated, kind of given the shift to online?

所以你們在這種環境下管理開支做得很好。我想知道你是否可以提供更多關於我們應該如何考慮後半部分的 SG&A 美元匯率的顏色？那麼，如果你能談談哪些產品被推遲了？你提到中國，DC開放，然後什麼樣的加速，什麼樣的轉向在線？

Yes. The way I would urge everyone to think about the G&A is contingent on how the business is performing. The biggest driver will be if the retail business begins to reemerge, again, like I just said, as our expectation and certainly our hope. Because with that, it will carry the normal operating cost. Where we've been extraordinarily successful managing our discretionary spend has been, as we noted, in advertising, in labor, those have really been the most significant components of leverage for us. A lot of other smaller discretionary accounts, but those have been the biggest 2 contributors. To the extent that the retail environment improves, and we're able to open more stores and operate them more fully at a full complement with their workforce, then we won't see as much of an improvement, but we will have the corresponding top line growth. I wouldn't expect the significant modulation we made on advertising spend to continue at that level going forward, but we will watch it because we certainly want to make sure that it's aligned with the opportunity to make sales in the marketplace.

是的。我會敦促每個人考慮 G&A 的方式取決於業務的表現。最大的驅動力將是零售業務是否開始重新出現，就像我剛才所說的那樣，作為我們的期望，當然也是我們的希望。因為這樣，它將承擔正常的運營成本。正如我們所指出的，我們在管理可自由支配支出方面非常成功，在廣告和勞動力方面，這些確實是我們槓桿的最重要組成部分。許多其他較小的全權委託賬戶，但那些是最大的兩個貢獻者。如果零售環境有所改善，並且我們能夠開設更多商店並更充分地運營它們，並與他們的勞動力充分互補，那麼我們不會看到太大的改善，但我們會有相應的頂部線增長。我不認為我們對廣告支出所做的重大調整會繼續保持在這個水平，但我們會關注它，因為我們當然希望確保它與在市場上進行銷售的機會保持一致。

On the product side, we've seen -- I don't think anything, per se, was delayed that impacted our ability to sell. It's just really availabilities given the disruptions that occurred in the supply chain and our own aggressive management of inventory levels. We're still seeing fantastic resonance with a lot of our products, the fit categories, in particular. But again, the casual styles, I mean, Women's was extraordinarily strong, relatively speaking, in the quarter, and we continue to make headway there.

在產品方面，我們已經看到——我不認為有任何事情本身被延遲影響了我們的銷售能力。考慮到供應鏈中發生的中斷以及我們自己對庫存水平的積極管理，這只是真正的可用性。我們仍然看到我們的許多產品，特別是合身類別，產生了驚人的共鳴。但同樣，休閒風格，我的意思是，相對而言，女裝在本季度非常強勁，我們繼續在那裡取得進展。

Yes. It's important to note that we think our supply chain is coming back very strongly, and there won't be any serious issues with it as we get to the end of the year and into next year. The only issue we've had this year is most of our customers not knowing what it is they would need and wouldn't need. So it's very difficult to react on a 30-day basis. I think we had most of what they wanted, certainly a significant piece. And the rest we're catching up with and I think given all the circumstances, we've come out in as good a shape as we could have hoped as from what we saw when we went in.

是的。重要的是要注意，我們認為我們的供應鏈正在非常強勁地恢復，並且隨著我們到今年年底和明年，它不會出現任何嚴重的問題。今年我們遇到的唯一問題是我們的大多數客戶不知道他們需要什麼和不需要什麼。所以很難在 30 天的基礎上做出反應。我認為我們擁有他們想要的大部分東西，當然是重要的一部分。剩下的我們正在追趕，我認為考慮到所有情況，我們的狀態已經達到了我們所希望的那樣，就像我們進入時所看到的那樣。

Great. Just a quick follow-up. I was wondering if there's anything you can tell us around the new loyalty program that you're going to be launching that you mentioned on the prepared remarks?

偉大的。只是快速跟進。我想知道關於你將要推出的新忠誠度計劃，你是否可以告訴我們任何你在準備好的評論中提到的東西？

Well, we don't want to spoil it. But I think it's going to be a significant improvement to the program we offer today, which is also very healthy. Our online digital team has done a fantastic job of ramping up even during this pandemic to relaunch the site. Precisely when we launched the loyalty program is something we will manage, given the upcoming holidays and the continuing rollout of the digital complements that we mentioned. But when it gets here, we'll be very clear about it coming out. But let me be abundantly clear. We're very proud of the digital progress we've made that, that team has made. The new site looks wonderful, and we're even more dedicated to growing our omnichannel solution for consumers than we've ever been, given both the team's accomplishments and the success we had in online this quarter.

好吧，我們不想破壞它。但我認為這將是對我們今天提供的計劃的重大改進，這也是非常健康的。即使在這種大流行期間，我們的在線數字團隊也做得非常出色，以重新啟動該網站。鑑於即將到來的假期和我們提到的數字補充的持續推出，我們將在我們啟動忠誠度計劃時進行管理。但是當它到達這裡時，我們會非常清楚它的出現。但讓我非常清楚。我們為該團隊所取得的數字化進步感到非常自豪。新網站看起來很棒，鑑於團隊的成就和本季度我們在網上取得的成功，我們比以往任何時候都更加致力於為消費者發展全渠道解決方案。

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

我們的下一個問題來自富國銀行的 Tom Nikic。

I wanted to ask -- I think you made a comment in the prepared remarks about actively shipping in the U.S. wholesale channel. I mean, if you can give any sort of more color around that? Or anything related to backlog or how you're thinking about orders for the back half? That would be very helpful.

我想問一下——我想你在準備好的評論中發表了關於在美國批發渠道積極發貨的評論。我的意思是，如果你能給出更多的顏色呢？或者與積壓或您如何考慮後半部分的訂單有關的任何事情？那將非常有幫助。

Well, I think it's pretty much what it sounds like. We're shipping very actively now when we have a hydro demand. We have a lot of request for shipments and dates and to see what we can move around because there is a higher demand than was previously thought of. It's very difficult to take these things out and permeate them through the next quarter or to the end of the year, just not knowing the extent of the virus and the extent of what further closedowns or lockdowns or shifts are going to be. At this point in time, we are running our distribution center in the U.S., both for our own stores, online and our wholesale business pretty much 7 days a week. So there is demand. We are filling, we are moving, and we are working weekends as well in Belgium because Europe is growing that well also. Obviously, on the flip side, South America is just about closed, very little going on there. And in China, we're moving into our new distribution center, as John mentioned. So we have plenty of activity, and they are growing significantly as well.

嗯，我認為這幾乎就是它聽起來的樣子。當我們有水電需求時，我們現在非常積極地運輸。我們有很多關於發貨和日期的要求，並想看看我們可以移動什麼，因為需求比以前想像的要高。很難將這些東西拿出來並滲透到下一季度或年底，只是不知道病毒的嚴重程度以及進一步關閉或鎖定或轉變的程度。目前，我們正在美國運營我們的配送中心，包括我們自己的商店、在線商店和我們的批發業務，幾乎每週工作 7 天。所以有需求。我們正在加油，我們正在搬家，我們也在比利時周末工作，因為歐洲也發展得很好。顯然，另一方面，南美洲幾乎是封閉的，那裡幾乎沒有什麼進展。正如約翰所說，在中國，我們正在搬進新的配送中心。所以我們有很多活動，它們也在顯著增長。

I would just also add, I mean, consider the quarter, right? In the first month of the quarter, we weren't shipping a material amount. So the numbers you see portrayed in our wholesale results, domestic and international, reflect the build of that business. I think one of the things we were pointing to in that comment was that it's getting stronger. Backlog is building, shipping is getting stronger because really, in the first month, there wasn't very much activity. So part of the reason we're so encouraged by what we see is that it's building strength over the quarter. And obviously, that's creating a lot more activity, as David mentioned, that we're working hard to fulfill.

我還要補充一點，我的意思是，考慮一下這個季度，對吧？在本季度的第一個月，我們沒有運送大量物資。因此，您在我們的國內和國際批發結果中看到的數字反映了該業務的建立。我認為我們在該評論中指出的一件事是它變得越來越強大。積壓正在增加，運輸變得越來越強大，因為實際上，在第一個月，沒有太多的活動。因此，我們對所看到的情況感到如此鼓舞的部分原因是，它在本季度正在增強實力。顯然，正如大衛所說，這創造了更多的活動，我們正在努力實現。

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

我們的下一個問題來自 Sam Poser 和 Susquehanna 的台詞。

So I guess, first of all, just to follow-up on various questions that have been asked. Are you -- so how about quarter-to-date, is your wholesale business up? Are your wholesale shipments up quarter-to-date?

所以我想，首先，只是為了跟進已提出的各種問題。您是否 - 那麼，到目前為止，您的批發業務是否上漲？您的批發出貨量是季度至今的嗎？

For the third quarter?

第三季度？

We're not going to comment on the third quarter at this point, Sam.

Sam，我們現在不打算對第三季度發表評論。

Is there -- all right. All right. I'll move on. In the U.S., you have -- there's a number of large retail closures for businesses that you've done, how much exposure do you believe you have had to that -- we hear about a lot of people closing lots of stores or potentially liquidating, be it J.C. Penney or Stage Stores and so on. I mean, how much exposure do you have to some of those more challenged retailers? And how do you foresee overcoming up on the wholesale side of things?

有沒有——好的。好的。我會繼續前進。在美國，你已經 - 你已經完成了許多大型零售店關閉，你認為你有多少曝光 - 我們聽說很多人關閉了很多商店或可能清算，無論是 JC Penney 還是 Stage Stores 等等。我的意思是，您對一些更具挑戰性的零售商有多少曝光率？你如何預見在批發方面的克服？

I think we do it the same as usual. I think John pointed out that we took $10.5 million in additional bad debt expense. That's around the world for those certainly that have filed and to the best of our ability to figure out what the comeback will be to us. We were -- what we felt were conservative in those numbers to begin with. So we think we have it pretty much covered, although things can change depending on how the pandemic rises. As far as the rest of the -- most of the ones that have filed are now looking for product. Now we don't have as many liquidations as you might think and before the store is closed, they're still looking for products. So we do have orders from those stores you mentioned as well as the rest of the stores around the world that are under legal proceedings, and they continue to remain good. As far as where do you make it up from, I think that's been true for us since we've been in business. The landscape has constantly changed. One thing we think is constant is that our consumers tend to find us. So it will be a benefit to those wholesale partners of ours that are healthy and continue to go forward and our own direct-to-consumer. So we will find them. We will get them. And I think we, over a period of time, always get them back or have in the past anyway.

我想我們和往常一樣。我認為約翰指出我們額外花費了 1050 萬美元的壞賬費用。對於那些肯定已經提出申請的人來說，這在世界各地都是如此，而且我們盡我們最大的能力來弄清楚我們的捲土重來。我們是 - 我們一開始就認為這些數字是保守的。因此，我們認為我們已經涵蓋了它，儘管情況可能會根據大流行的上升方式而改變。至於其餘的——大多數已經提交的申請現在都在尋找產品。現在我們沒有您想像的那麼多清算，在商店關閉之前，他們仍在尋找產品。因此，我們確實收到了來自您提到的那些商店以及世界各地正在接受法律訴訟的其他商店的訂單，並且它們繼續保持良好狀態。至於你從哪裡彌補，我認為這對我們來說是真實的，因為我們一直在做生意。景觀一直在變化。我們認為不變的一件事是我們的消費者往往會找到我們。因此，這將有利於我們那些健康並繼續前進的批發合作夥伴以及我們自己的直接面向消費者的業務。所以我們會找到他們。我們會得到它們。而且我認為我們，在一段時間內，總是讓他們回來，或者無論如何都在過去。

And then just to go back, I'm going to beat horses here. June wholesale, was June wholesale up? Or was that still down as you -- to get to the number? Because probably March was -- I'm sorry, April was very, very quiet, extra.

然後只是回去，我要在這裡打馬。六月批發，六月批發漲了嗎？或者那仍然像你一樣 - 得到這個數字？因為可能三月是——對不起，四月非常非常安靜，特別。

Yes. And we're not going to give monthly results. That's not a rat hole. We want to go down. But I would tell you, similar to my prior comment, each and every month of the quarter got better and got stronger. And that, again, is, for us, the encouraging sign because it illustrates the -- that our wholesale customers are beginning to be able to operate their stores, they need product, and so they're placing orders, taking shipments. And all of that is incredibly encouraging signals for us as we look forward to the balance of the year.

是的。而且我們不會給出月度結果。那不是老鼠洞。我們想下去。但我會告訴你，類似於我之前的評論，本季度的每個月都變得更好，變得更強大。對我們來說，這又是一個令人鼓舞的跡象，因為它說明了——我們的批發客戶開始能夠經營他們的商店，他們需要產品，所以他們正在下訂單，接受發貨。所有這些對我們來說都是令人難以置信的令人鼓舞的信號，因為我們期待著今年的平衡。

And are you seeing, let's say, market share gains within your wholesale partners as you potentially replace either smaller brands that don't have scale, maybe struggling and retailers, private label businesses or private brand businesses?

比如說，您是否看到批發合作夥伴的市場份額增加，因為您可能會取代沒有規模的小品牌，可能是陷入困境的零售商、自有品牌企業或自有品牌企業？

That would be tough for us to figure out at this particular point in time. There's so many metrics that take into effect. And you are talking about is your wholesale business up for the month of June or July and comments that we get very difficult. You have to take that. It's such an in-depth analysis because they came in with so much inventory. We think their actual business with the Skechers brand is significantly better than what we would show as wholesale shipments as good as they have been. So you got to take the whole picture and get the normalization of the inventory at wholesale. Given the fact that everybody was closed for probably most of March, April and a good part of May that there was demand at all in June for inventory given their inventory position, is a very positive piece, and it really surprised me, if nobody else, about how busy we got at the end of June and into July with that overhang that existed. So you want to really look at their sell-through of the brand and their demand for the brand now outside from the fact of how much inventory they had when they closed down because they closed down at a time that they probably were building inventory in March and April and had significant amount.

在這個特定的時間點，我們很難弄清楚。有很多指標生效。你所說的是你的批發業務在 6 月或 7 月上升，並且評論說我們變得非常困難。你必須接受它。這是一個如此深入的分析，因為他們有這麼多庫存。我們認為他們與 Skechers 品牌的實際業務明顯優於我們所展示的批發出貨量。因此，您必須全面了解並在批發時使庫存正常化。鑑於每個人可能在 3 月、4 月的大部分時間和 5 月的大部分時間都處於關閉狀態，鑑於他們的庫存狀況，6 月份對庫存有需求，這是一個非常積極的因素，如果沒有其他人的話，這真的讓我感到驚訝，關於我們在 6 月底和 7 月因存在的懸垂而忙碌的情況。因此，您想真正了解他們對品牌的銷售情況以及他們現在對品牌的需求，而不是他們在關閉時有多少庫存這一事實，因為他們在三月份可能正在建立庫存的時候關閉和四月，數量可觀。

All right. One last thing, John. And you talked about the inventory and how you're moving goods around the inventory was high because of Asia, can you net out inventory ex-Asia for what inventory looks like for the rest of the world?

好的。最後一件事，約翰。您談到了庫存，以及由於亞洲的原因，您如何在庫存中轉移貨物，您能否將除亞洲以外的庫存計算在內，以了解世界其他地區的庫存情況嗎？

Well, I'll tell you, it was -- that the increases year-over-year were extraordinarily modest outside of Asia. I would also point out just for a refresh to everybody's memory, last year, at this time, Asia had an abnormally low inventory level at quarter end cut offs. So I think the increase in Asia is -- in part, that, that business has obviously gotten healthier, a lot faster than most, and we have encouraging expectations for their activity over the balance of the year. But there's also a piece of it where prior year was lower than would have been normal. So I think it's a bit of an outsized effect relative to Asia. Again, excluding that, you're looking at very modest increases anywhere else in the world.

好吧，我會告訴你，在亞洲以外，同比增長非常溫和。我還想提醒大家，去年這個時候，亞洲在季度末截止時庫存水平異常低。所以我認為亞洲的增長部分是因為該業務顯然變得更健康，比大多數業務要快得多，我們對他們在今年餘下時間的活動抱有令人鼓舞的期望。但也有一部分是前一年低於正常水平。所以我認為相對於亞洲來說，它的影響有點大。同樣，除此之外，您正在看到世界其他任何地方的非常溫和的增長。

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 與 B. Riley FBR 的對話。

I was wondering if maybe you could just talk about your own stores? And how you're thinking about your store strategy now going forward given the changing consumer habits? And do you think that you'll have fewer stores, I guess, as we look out over the next 3 to 5 years?

我想知道您是否可以只談論您自己的商店？鑑於不斷變化的消費者習慣，您如何看待您現在的商店戰略？我猜，隨著我們在未來 3 到 5 年的展望，您認為您的商店會減少嗎？

That's a very long projection window for us. I would certainly say, and we spoke about it in our comments, we're continuing to invest in creating the right omnichannel solution for our customers. That includes robust digital and mobile capabilities. That includes buy online, pick up in store, pick up curb side. I think that what you'll continue to see is us press forward with stores that we can operate profitably in that dynamic. There are certainly some stores that are not as healthy as they've been in the past. So I would probably argue that you're more likely to see a mix shift than an actual pullback. And we continue to still see abundant possibilities to provide stores in markets where we're not penetrated today. But I also think it's going to be something we manage dynamically because of the strength we're seeing and the overall shift we're seeing into online for consumers. But that's clearly -- that direct-to-consumer relationship, be it online or in-store is something that we prize, and it's been a significant source of strength for us this quarter and in the past, and you'll continue to see us invest time and energy and money behind that.

這對我們來說是一個非常長的投影窗口。我肯定會說，我們在評論中談到了這一點，我們將繼續投資為我們的客戶創建正確的全渠道解決方案。這包括強大的數字和移動功能。這包括在線購買、店內取貨、路邊取貨。我認為您將繼續看到的是我們繼續推進我們可以在這種動態中盈利的商店。肯定有一些商店不像過去那樣健康。所以我可能會爭辯說，你更有可能看到混合轉變而不是實際回調。而且我們仍然看到在我們今天尚未滲透的市場中開設商店的大量可能性。但我也認為這將是我們動態管理的事情，因為我們看到的力量和我們看到的消費者在線的整體轉變。但這很明顯——無論是在線還是店內，直接面向消費者的關係都是我們所珍視的，它是我們本季度和過去的重要力量來源，您將繼續看到我們在這背後投入時間、精力和金錢。

Great. That's helpful. And then I was wondering on the Work footwear in the quarter, I guess how did that hold up versus with just the regular consumer footwear? Was it a bigger driver? Or did it not do as well? I mean, if you could talk a little bit about the dynamics there?

偉大的。這很有幫助。然後我想知道本季度的工作鞋，我猜這與普通消費鞋相比如何？它是一個更大的驅動程序嗎？還是做得不好？我的意思是，如果你能談談那裡的動態嗎？

It did very well. It was part of some promotional activities and some advertising activities that we initiated in early part of the quarter. I'd say keeping in mind that a lot -- there's a lot of pressure on the business overall. But relatively speaking, the work business did well, but it also wasn't the only one. We had strength in a lot of other categories that complemented our overall results. And so again, we're incredibly encouraged by what we've seen from a product and product demand perspective.

它做得很好。這是我們在本季度初發起的一些促銷活動和一些廣告活動的一部分。我想說的是要記住很多——整體業務壓力很大。但相對而言，工作業務表現不錯，但也不是唯一的。我們在許多其他類別中都擁有優勢，可以補充我們的整體結果。因此，從產品和產品需求的角度來看，我們再次看到了令人難以置信的鼓舞。

Great. That's helpful. And then lastly, I guess, maybe just thinking about the back-to-school season. Obviously, it's going to be a very different season this year. How are you guys thinking about your business, particularly as a lot of schools throughout the country will not fully open for in-person or maybe not all teaching. Do you think that's going to impact your business at all? Or how are you planning for the kids business?

偉大的。這很有幫助。最後，我想，也許只是想著返校季。顯然，今年將是一個非常不同的賽季。你們如何看待你們的業務，特別是全國很多學校不會完全開放面對面教學，或者可能不是所有教學。您認為這會影響您的業務嗎？或者您打算如何開展兒童業務？

Well, we try to be very reactive for it. Now what we're planning is what we see in our retail stores and our wholesale customers and their ordering patterns. And I must admit this last quarters of opening, like John was saying, in May and June, we got sequentially stronger, and there was no school, and there was no back-to-school, certainly.

好吧，我們試圖對此非常被動。現在我們正在計劃的是我們在零售店和批發客戶中看到的以及他們的訂購模式。我必須承認，開學的最後幾個季度，就像約翰所說的那樣，在 5 月和 6 月，我們依次變得更強，當然沒有學校，也沒有返校。

So we're waiting to see what the new norm is, but we think we will perform well, regardless of which situation. So as long as we're not on lockdown, we find when consumers are out, whether they're working from home, or working from the office or a part-time here or studying from home that we -- our business does hold up with them, as is indicated by the amount of online business we did during this past quarter when more people were home.

因此，我們正在等待看看新規範是什麼，但我們認為無論在哪種情況下，我們都會表現良好。因此，只要我們沒有處於封鎖狀態，我們就會發現消費者何時外出，無論他們是在家工作，還是在辦公室工作，還是在這裡兼職或在家學習——我們的業務確實能維持下去與他們一起，正如我們在過去一個季度中更多人在家時所做的在線業務量所表明的那樣。

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

我們的下一個問題來自與 Evercore ISI 的 Omar Saad。

I wanted to ask my first question as a follow-up to your comments around July in the U.S., maybe a little bit softer than June. Can you tell based on geography, if it's tied to the kind of hotspot areas where we're seeing kind of second wave of the virus? Or is it maybe stimulus kind of wearing off before we get the second round of stimulus. Can you tell any of those factors? And I have a follow-up.

我想問我的第一個問題，作為對您在 7 月左右在美國發表的評論的跟進，可能比 6 月要溫和一些。你能根據地理位置判斷它是否與我們看到第二波病毒的那種熱點地區有關嗎？或者在我們獲得第二輪刺激之前，刺激可能會逐漸消失。你能說出這些因素嗎？我有一個後續行動。

Well, it's difficult to make a direct correlation. We think it's the former rather than the latter. It really is the hot spot where we see it and there's no time. That's why we have to be careful about what we see going forward because we do have a significant number of stores in Florida and Texas. As do some of our larger wholesale customers. So we're always on guard watching to see how it happens and how it moves around. We obviously had a slower business in New York until they came out and reopened retail at a later time. So all of that is part and parcel to the reactions we have to make as things go forward.

嗯，很難做出直接的相關性。我們認為是前者而不是後者。它確實是我們看到它的熱點，沒有時間。這就是為什麼我們必須小心我們所看到的未來，因為我們在佛羅里達州和德克薩斯州確實有大量商店。我們的一些較大的批發客戶也是如此。所以我們一直在警惕地觀察它是如何發生的以及它是如何移動的。我們在紐約的業務顯然較慢，直到他們出來並在稍後重新開放零售。因此，隨著事情的發展，所有這些都是我們必須做出的反應的一部分。

Got it. That's really helpful. And then you talked about launching the new website. Maybe you could expand upon that a little bit further and talk to us about what's going to be different for the consumer with the new platform that you have from consumer perspective and then over time, from a financial perspective? How do you expect that to affect the company?

知道了。這真的很有幫助。然後你談到了啟動新網站。也許您可以進一步擴展這一點，並與我們討論您擁有的新平台從消費者的角度，然後隨著時間的推移，從財務的角度來看，對消費者會有什麼不同？你認為這會對公司產生怎樣的影響？

Yes. I mean, the new -- I mean, honestly, the new site is a complete revamp. So there's better navigation. Better showing of the merchandise, improved back of house systems to support it, better integration with the new point of sale, which will enable buy online and buy online, pick up in-store and buy online, pick up at curb. It's really probably best to think of it in light of a wholesale revamp of the site and really brings the site up to the best-in-class standards. And then we will follow it with an improved mobile application, which is close to being launched as well. And then like we said, the new loyalty program. The totality of those really will provide what we think is a very high-class standard of consumer engagement across, obviously, many different avenues of reach to the customer. And then with the point-of-sale system going in, just an overall increase in our ability to transact with consumers efficiently, identify them, identify their buying patterns, make recommendations, everything you'd want to come out of it. To be honest with you, the expectations we had for the site have now been blown away by just the explosive growth we've seen in the site over the last quarter, but we have high expectations for its ability to help us improve a wide variety of metrics, not the least of which is our conversion, our loyalty program, depth and breadth, a wide variety of metrics that can only bode well for that business going forward.

是的。我的意思是，新的——我的意思是，老實說，新網站是一個徹底的改造。所以有更好的導航。更好地展示商品，改進的後台系統支持它，更好地與新的銷售點集成，這將實現在線購買和在線購買、店內提貨和在線購買、路邊提貨。考慮到網站的大規模改造並真正使網站達到一流的標準，這真的可能是最好的考慮。然後我們將推出一個改進的移動應用程序，該應用程序也即將推出。然後就像我們說的，新的忠誠度計劃。所有這些確實將提供我們認為非常高標準的消費者參與度，顯然，可以通過許多不同的途徑接觸到客戶。然後隨著銷售點系統的投入使用，我們與消費者進行有效交易、識別他們、確定他們的購買模式、提出建議以及您想要從中獲得的一切的能力全面提高。老實說，我們對該網站的期望現在已經被我們在上個季度在該網站上看到的爆炸性增長所震撼，但我們對其幫助我們改進各種方面的能力寄予厚望指標，其中最重要的是我們的轉換、我們的忠誠度計劃、深度和廣度，各種各樣的指標只能預示著該業務的發展。

(Operator Instructions) Our next question comes from the line of Jim Duffy with Stifel.

（操作員說明）我們的下一個問題來自 Jim Duffy 和 Stifel 的台詞。

Lot of evidence of the hard work in these results. Good Job. David, as you mentioned, inventory is up 20%, seems like a pretty favorable outcome given the circumstances. Clearly, you tempered some receipts, had some cooperation from suppliers. As we look across the balance of the year, can you talk a little bit about how you're planning inventories, absent some sort of a recurrent shock to store closures or what have you, should we expect inventory growth continues to moderate?

大量的證據證明了這些結果中的辛勤工作。好工作。大衛，正如你所提到的，庫存增加了 20%，考慮到這種情況，這似乎是一個非常有利的結果。很明顯，你對一些收據進行了回火，與供應商進行了一些合作。當我們回顧今年的餘額時，您能否談談您如何計劃庫存，如果沒有對商店關閉的某種週期性衝擊，或者您有什麼，我們是否應該預期庫存增長繼續放緩？

That would depend on the pandemic and how fast we're chasing and what we have to do with our supply chain. You should keep in mind when we talk about inventory and why we don't think they're up so significantly, there was a number of things in transit to us when this whole world stopped down in February, March, and we did take everything we could from the factories to bring it in here. And they were spoken for -- we weren't sure when we -- are customers would take them. So we had a buildup that we're now moving out around the world other than South America, and we're trying to move that product elsewhere. Europe has picked up. The U.S. has picked up. China has picked up and all that stuff that came in early that was on hold and nobody could use is now being shipped before we go into new production. So you have to keep in mind that we were at an artificially high point in April because everything we had ordered for those customers to shift March, April, early may, never got shipped.

這將取決於大流行以及我們追逐的速度以及我們必須如何處理我們的供應鏈。當我們談論庫存以及為什麼我們認為庫存沒有如此顯著上升時，您應該記住，當整個世界在 2 月、3 月停止時，有許多事情正在向我們運送，而我們確實採取了一切我們可以從工廠把它帶到這裡。並且他們被說出來 - 我們不確定我們什麼時候 - 客戶會接受他們。所以我們有一個積累，我們現在正在向南美以外的世界各地轉移，我們正試圖將該產品轉移到其他地方。歐洲有所回升。美國已經上當了。中國已經開始復蘇，所有那些早期被擱置且沒人可以使用的東西現在都在我們開始新的生產之前被運走。因此，您必須記住，我們在 4 月份處於人為的高點，因為我們為這些客戶在 3 月、4 月、5 月初訂購的所有東西都沒有發貨。

So if you think about that and the order of magnitude of what comes in, in those specific months and the fact that we ended up outside of China, I would -- a very insignificant growth in most places. It's pretty pretty good and you'd see that at least for July and August, where we couldn't have significant increases in our production if the shipping holds up that we would have decreases in inventory, overall, until our new production schedule that started in June starts to catch up. And we were historically on a 60, 90-day cycle. So we don't really get to full swing. And the factories were a little slow in starting up, remember, they had their own piece. So we probably won't be in full swing until August, September on for our knees.

因此，如果您考慮一下這一點以及在那些特定月份中出現的數量級以及我們最終在中國以外的事實，我會 - 在大多數地方，增長非常微不足道。這非常好，至少在 7 月和 8 月你會看到，如果運輸持續下去，我們的產量將無法大幅增加，總體而言，我們的庫存會減少，直到我們開始新的生產計劃六月開始迎頭趕上。從歷史上看，我們處於 60 天、90 天的周期。所以我們並沒有真正全面展開。工廠開工有點慢，記住，他們有自己的作品。所以我們可能要到八月、九月才能如火如荼地進行。

So like I said, I've gone personally from the point where I thought we might have too much inventory to the point that I now think we don't have enough. So that would be my basic comment on the growth and where it goes.

所以就像我說的，我個人已經從我認為我們可能有太多庫存的地步到我現在認為我們沒有足夠的地步。所以這將是我對增長及其去向的基本評論。

Good enough. That's a nice segue to my next question. John, as we were discussing throughout the quarter, you've taken kind of a defensive posture as it relates to inventory with demand turning on again, are you now shifting to more offensive? And you're looking to step up receipts from your manufacturing partners into the back half of the year?

夠好了。這是我下一個問題的一個很好的選擇。約翰，正如我們在整個季度所討論的那樣，你在庫存方面採取了一種防禦姿態，需求再次開啟，你現在是否轉向更具進攻性？您是否希望在下半年增加製造合作夥伴的收入？

I think David described it best. We're watching things carefully. We want to make sure we rightsize as best we can, receipts with demand. We're also cautious in an environment that remains extraordinarily fluid relative to the pandemic. What we know is, if the pandemic starts to reemerge in the same way it impacted us in Q2, we're going to have to be more conservative. To the extent things continue to remain as they have been and things begin to improve then obviously, we'll want to be much more aggressive. But again, I can't echo enough David's sentiment. We feel very, very good about the inventory balances we carry at the end of this quarter. All things considered, it really is a phenomenal effort by our team to manage that.

我認為大衛描述得最好。我們正在仔細觀察事情。我們希望確保我們盡可能地調整尺寸，滿足需求。在相對於大流行而言仍然非常不穩定的環境中，我們也保持謹慎。我們所知道的是，如果大流行開始以與第二季度對我們的影響相同的方式再次出現，我們將不得不更加保守。如果事情繼續保持原樣並且事情開始有所改善，那麼顯然，我們會想要更具侵略性。但同樣，我無法回應足夠多的大衛的情緒。我們對本季度末的庫存餘額感覺非常非常好。考慮到所有因素，我們的團隊為此付出了巨大的努力。

Great. And then last one for me. Just on the bad debt charge. John, was the objective to kitchen sink it in the second quarter with that $10.2 million figure? Or should we not necessarily think of it that way?

偉大的。然後給我最後一個。就在壞賬費用上。約翰，目標是在第二季度以 1020 萬美元的數字將其下沉嗎？還是我們不一定要那樣想？

Definitely, you should not think of it that way, in particular, for our friends at the SEC. But also, we're not trying to be overly aggressive. We did have -- and I'm sure every similar company out there had exposure to some bankruptcy activities, some distressed activities. So we try to take a very thoughtful, reasonable approach. There's an inherent unknown in this, as David alluded to previously. We believe we've been prudent without being overly aggressive or foolish, and so we'll watch how it emerges. Keep in mind, just because we take a reserve doesn't mean we don't pursue with vigor or recover as best we can. We'd much rather have the cash. But I think it's a prudent level given the activity and given the known entities out there that have announced intentions to either file or have already filed for bankruptcy court protection.

當然，你不應該這樣想，尤其是對於我們在美國證券交易委員會的朋友。而且，我們並不想過於激進。我們確實有——而且我敢肯定，那裡的每家類似公司都有一些破產活動，一些陷入困境的活動。因此，我們嘗試採取一種非常周到、合理的方法。正如大衛之前提到的那樣，這裡面有一個內在的未知數。我們相信我們一直很謹慎，沒有過於激進或愚蠢，因此我們將觀察它是如何出現的。請記住，僅僅因為我們有所保留並不意味著我們不會全力以赴或盡力恢復。我們寧願有現金。但我認為這是一個謹慎的水平，考慮到活動以及已經宣布打算申請或已經申請破產法院保護的已知實體。

And there still could be unknown entities. So that would be the difficult piece depending on how this all plays out going forward.

並且仍然可能存在未知實體。所以這將是一個困難的部分，這取決於這一切將如何發展。

I should add on to that, Jim, though, that I mean, we were incredibly pleased with our ability to process collections in the quarter. I mean it's one of the reasons why we built cash since last quarter, and that was just a diligent application of following up and making sure we could work with customers where we needed to, but still get those receipts in-house, and that was incredibly important to us, too. As we mentioned last call, we were very much focused on managing for cash over the quarter, and I think we did an excellent job out of that.

不過，我應該補充一點，Jim，我的意思是，我們對我們在本季度處理收藏品的能力感到非常滿意。我的意思是這是我們自上個季度以來積累現金的原因之一，這只是一個勤奮的跟進應用程序，確保我們可以在需要的地方與客戶合作，但仍能在內部獲得這些收據，那就是對我們來說也非常重要。正如我們在上次電話會議中提到的那樣，我們非常專注於本季度的現金管理，我認為我們在這方面做得非常出色。

We have time for one last question. Our last question comes from the line of Chris Svezia with Wedbush.

我們有時間回答最後一個問題。我們的最後一個問題來自 Chris Svezia 與 Wedbush 的對話。

Easy question to start. E-commerce, has that changed, slowed, moderated at all as your stores have opened up? And as you look at July? Or is it still trending, call it, north of 300%?

簡單的問題開始。電子商務，隨著您的商店開業，這種情況是否發生了變化、放緩、緩和？當你看七月的時候？或者它仍然是趨勢，稱之為 300% 以北？

Look, I think the important thing is it continues to significantly outgrow any expectation we would have had at the beginning of the year. It continues to meet consumers' demand, and that's only just beginning to benefit from the enhanced technology that we brought forward. There's been ebb and flows, almost week by week, to be honest with you, depending on the dynamics. There certainly has been a bit of a give back once the store is open, which I think was to be expected. But again, the demand remains extraordinarily high for the product. We've got the new site in. We think that will be a propellant, and so we're extremely pleased with what we saw in the quarter, what we're seeing now, and we have robust expectations for the future. And quite frankly, a large amount of excitement around it.

看，我認為重要的是它繼續大大超出我們在年初的任何預期。它繼續滿足消費者的需求，而這才剛剛開始受益於我們提出的增強技術。老實說，幾乎每週都有潮起潮落，這取決於動態。一旦商店開業，肯定會有一些回饋，我認為這是意料之中的。但同樣，對該產品的需求仍然非常高。我們已經建立了新網站。我們認為這將是一種推動力，因此我們對本季度所看到的以及現在所看到的非常滿意，並且我們對未來抱有強烈的期望。坦率地說，圍繞它的大量興奮。

Got it. I want to move to China for a moment, up 11% for the quarter. I would assume the exit rate was notably higher than that. And you're not going to give guidance, per se, but how do we conceptually think about China as we move forward? Does it return to, call it, historical growth rates, high teens 20% as you go into the third quarter? Or any reason why it wouldn't kind of hold those rates or accelerate into those rates?

知道了。我想暫時搬到中國，本季度增長 11%。我認為退出率明顯高於此。而且您本身不會提供指導，但我們在前進的過程中如何從概念上思考中國？當您進入第三季度時，它是否會恢復到（稱之為）歷史增長率，高達 20% 的青少年？或者為什麼它不會保持這些利率或加速到這些利率？

So what we saw from China in the quarter was something David referenced in his prepared remarks, it stabilized in the first month and then it began to climb back into a growth posture. Normally, June is a pretty heavy month in China to begin with because of the 6 18 selling holiday. So that was certainly reflected in the results.

因此，我們在本季度從中國看到的是大衛在他準備好的講話中提到的東西，它在第一個月穩定下來，然後開始回升到增長態勢。通常，由於 6 月 18 日的銷售假期，6 月在中國開始時是一個相當沉重的月份。所以這肯定反映在結果中。

Look, I think we're cautiously optimistic that China can continue to get back toward a path of similar growth to what you've seen in prior years. But I don't think we're going to see over the course of the full year, anything like what we've seen historically, in part because of the first half of the year has been challenging. But also, there continues to be significant unknowns in that marketplace. Toward the tail end of the quarter, they had a reemergence of the virus in Beijing that had an impact on the business. So I think we're cautiously optimistic that we'll continue to see growth out of the market, but I wouldn't expect it to be at the robust levels, we've experienced in the past. Although we're obviously eager to get back there because we certainly think the long-term prospects for that market continue to offer that type of growth trajectory for the Skechers brand.

聽著，我認為我們對中國能夠繼續重回與前幾年類似的增長道路持謹慎樂觀的態度。但我認為我們不會在全年看到任何像我們在歷史上看到的那樣的情況，部分原因是上半年一直充滿挑戰。但是，該市場仍然存在重大的未知數。在本季度末，他們在北京再次出現了對業務產生影響的病毒。所以我認為我們對我們將繼續看到市場增長持謹慎樂觀的態度，但我不認為它會達到我們過去經歷過的強勁水平。儘管我們顯然渴望回到那裡，因為我們當然認為該市場的長期前景繼續為 Skechers 品牌提供這種類型的增長軌跡。

Okay. And just quickly a follow-up on that. The margins, I guess, you've cleared through inventory. I guess the margins in China are healthy overall relative to the earlier in the month or early in the quarter, I guess, earlier in Q2.

好的。並很快跟進。利潤，我猜，你已經通過庫存清理了。我猜中國的利潤率總體上相對於本月初或本季度初，我猜是在第二季度早些時候。

They had a mix shift as well. Remember, they grew significantly faster online than through franchises. So -- and there was some discounting, some increased discounting activity, in particular, in the early part of the quarter. As many brands we're pulling -- trying to pull customers into the marketplace. Nothing that I would consider to be disconcerning. The overall margins in China continue to be very healthy and very accretive for us. So we -- certainly, there was some short-term discounting that needed to occur.

他們也有一個混合轉變。請記住，他們在網上的增長速度明顯快於通過特許經營權。所以 - 有一些折扣，一些增加的折扣活動，特別是在本季度的早期。我們正在拉動許多品牌——試圖將客戶拉入市場。沒有什麼我會認為是令人不安的。中國的整體利潤率繼續非常健康，對我們來說非常具有增長性。所以我們 - 當然，需要進行一些短期折扣。

And as David said, on the online, and particularly in the sales windows, that happened, but nothing that would give us pause for concern long term.

正如大衛所說，在網上，特別是在銷售窗口，這種情況發生了，但沒有什麼能讓我們長期關注。

Okay. Just Europe, last thing here. Just I'm curious, you mentioned, David, Germany has turned -- was positive, it continues to accelerate. I think France, you mentioned has inflected positive. I think U.K., you mentioned in June was positive, which I know of that market opened late. Just any other, I guess, color or commentary. I mean, it seems like things are solely swinged pretty quickly back into positive territory. Any color about any other markets? Or just any thought process more specifically about those? Whether wholesale versus retail? Just how do we think about the European market overall?

好的。只是歐洲，最後一件事。只是我很好奇，你提到，大衛，德國已經轉向 - 是積極的，它繼續加速。我認為你提到的法國已經產生了積極的影響。我認為你在 6 月份提到的英國是積極的，我知道那個市場開盤較晚。只是任何其他，我猜，顏色或評論。我的意思是，事情似乎很快就回到了積極的領域。任何其他市場的顏色？或者只是任何關於這些的更具體的思考過程？批發還是零售？我們如何看待整個歐洲市場？

Because that would have to be market by market. I think I would go back to my prepared remarks and tell you that Europe is accelerating quite nicely. I don't know that they'll be positive as a whole group for the quarter, but I anticipate nothing changes dramatically, and that's always the caveat we have here. Things could change in a heartbeat. They're one of the shining stars, they're growing throughout. U.K. is showing signs of growing -- continuing to increase as well, although they would probably have the most difficult marketplace there. They were late coming out, and have some situations in their own retail environment with filings, et cetera. So Europe, in general, is trending very, very well, but it's very difficult to say at this early stage. The U.S. is still trending well. We said South America is basically closed. China is up. Places around China and Southeast Asia, it's a mixed bag depending on where you want to go. Australia is doing very well. Indonesia is doing very well. Korea just got a step back towards another closedown again as in Korea with the political strike. So it really is market by market. Our Eastern European businesses are starting to recover now, ending our business in Northern Europe or Scandinavia, per se, has held up very well. So it really is geography specific, and I go back to my original point. I think the point we take from this is when we are open, and have access to our consumer. We see ourselves growing very well beyond our earlier expectations, and the consumer has a demand for the product. So every place we are open that retail is open for us, we are doing well.

因為那必須是一個市場一個市場。我想我會回到我準備好的講話中，告訴你歐洲正在加速發展。我不知道他們作為一個整體在本季度會是積極的，但我預計不會有任何顯著變化，這始終是我們在這裡的警告。事情可能會在一瞬間改變。他們是閃亮的明星之一，他們一直在成長。英國顯示出增長的跡象——也在繼續增長，儘管他們可能在那裡擁有最困難的市場。他們遲到了，並且在他們自己的零售環境中遇到了一些帶有文件的情況，等等。所以總的來說，歐洲的趨勢非常非常好，但在這個早期階段很難說。美國的趨勢仍然很好。我們說南美基本上是封閉的。中國起來了。在中國和東南亞各地，根據你想去的地方，情況好壞參半。澳大利亞做得很好。印度尼西亞做得很好。韓國剛剛通過政治罷工再次朝著再次關閉的方向退後一步。所以它真的是一個市場一個市場。我們的東歐業務現在開始復蘇，結束了我們在北歐或斯堪的納維亞半島的業務，本身就表現得很好。所以它確實是地理特定的，我回到我原來的觀點。我認為我們從中得出的觀點是當我們開放並可以接觸到我們的消費者時。我們看到自己的增長遠遠超出了我們之前的預期，消費者對產品有需求。因此，我們開放的每個零售店都對我們開放，我們都做得很好。

In my opinion as well.

在我看來也是如此。

Ladies and gentlemen, that's all the time we have for questions today. This does conclude today's teleconference. Thank you for your participation. You all may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，這就是我們今天的所有提問時間。今天的電話會議到此結束。感謝您的參與。大家可以在這個時候斷開線路，並度過美好的一天。

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