Skechers USA Inc (SKX) 2022 Q3 法說會逐字稿

Greetings. Welcome to Skechers Third Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎來到斯凱奇 2022 年第三季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn this conference over to Skechers. Thank you. You may begin.

我現在想把這個會議交給斯凱奇。謝謝你。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 contain 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或未來結果或事件的信念、計劃、目標、估計或預期的陳述，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.

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, including the impact of inflation, Russia's war with Ukraine and supply chain delays and disruption in general and specifically as they apply to the retail industry and the company.

其他前瞻性陳述涉及已知和未知的風險，包括但不限於全球、國家和地方經濟、商業和市場狀況，包括通貨膨脹的影響、俄羅斯與烏克蘭的戰爭以及供應鏈延遲和中斷，特別是一般因為它們適用於零售行業和公司。

There can be no assurance that the actual future results, performance or achievements expressed or implied by 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，以及根據聯邦證券法的要求向 SEC 提交的所有其他報告，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 third quarter 2022 conference call. Before we discuss our business in detail, I would like to thank Footwear News for naming Skechers as Company of the Year for the third time in our 30-year history. This honor wouldn't have been possible without the collective energy, dedication and creativity of the entire Skechers organization, both here in Southern California as well as in every Skechers showroom, office, logistics center and retail store around the world. The Skechers team worked extremely hard this year alongside our loyal partners globally, be it our accounts, distributors, factories and vendors. From the bottom of our hearts, thank you for your enthusiasm and collaboration as we work through the challenges of the last couple of years.

感謝您今天加入我們的 2022 年第三季度電話會議。在我們詳細討論我們的業務之前，我要感謝鞋類新聞在我們 30 年的歷史中第三次將 Skechers 評為年度公司。如果沒有整個 Skechers 組織的集體能量、奉獻精神和創造力，無論是在南加州，還是在世界各地的每個 Skechers 陳列室、辦公室、物流中心和零售店，都無法獲得這一榮譽。今年，Skechers 團隊與我們在全球的忠實合作夥伴一起非常努力地工作，無論是我們的客戶、分銷商、工廠還是供應商。我們衷心感謝您在我們應對過去幾年的挑戰時的熱情和合作。

We are optimistic that the COVID-related restrictions are easing with only a few markets around the world still facing temporary closures and restrictions, and that freight costs are beginning to decline. However, macroeconomic headwinds, including foreign currency exchange rates, and congestion within our distribution centers due to the strong demand for our product, and supply chain disruptions over the past year impacted our reported results in the third quarter, and we expect will remain a factor into the new year.

我們樂觀地認為，與 COVID 相關的限制正在放鬆，全球只有少數市場仍面臨臨時關閉和限制，而且運費開始下降。然而，宏觀經濟逆風，包括外匯匯率，以及由於對我們產品的強勁需求導致我們配送中心的擁堵，以及過去一年的供應鏈中斷影響了我們在第三季度報告的業績，我們預計仍將是一個因素進入新的一年。

While we focused on working through these challenges, we remained a go-to source for consumers and our partners around the world resulting in a new quarterly sales record of $1.88 billion for the third quarter. We are proud of this achievement, which was driven by double-digit increases in EMEA and the Americas and high single-digit growth in APAC, bringing our international business to 60% of our total sales. As we see improvements from supply chain, logistic costs, distribution center congestion, particularly in North America, foreign currency exchange rates and closures in China, we believe we will achieve continued revenue growth. Our ongoing success of record annual sales in 2021 and this year's 3 consecutive quarterly sales records is rooted in our talented team.

雖然我們專注於應對這些挑戰，但我們仍然是全球消費者和我們合作夥伴的首選來源，因此第三季度創下了 18.8 億美元的新季度銷售額記錄。我們為這一成就感到自豪，這得益於歐洲、中東和非洲和美洲的兩位數增長以及亞太地區的高個位數增長，使我們的國際業務佔總銷售額的 60%。隨著我們看到供應鏈、物流成本、配送中心擁堵（尤其是在北美）、外匯匯率和中國關閉等方面的改善，我們相信我們將實現持續的收入增長。我們在 2021 年不斷取得創紀錄的年銷售額以及今年連續 3 個季度的銷售額紀錄，都源於我們才華橫溢的團隊。

Our core design principles, comfort, innovation, style and quality at a reasonable price by which every pair is measured. Our focused marketing efforts, our deep distribution network, and our determination to deliver our product as quickly as possible to our consumers. Years ago, we recognized the need for comfortable footwear and as the third largest athletic footwear company in the world, we are widely known for our comfort technology products. As consumers have truly come to view Casual as the new normal, we are in a unique position with our extensive offering.

我們的核心設計原則、舒適性、創新性、風格和質量以合理的價格衡量每一雙。我們專注的營銷工作、深厚的分銷網絡以及我們盡快將產品交付給消費者的決心。多年前，我們認識到對舒適鞋類的需求，作為世界第三大運動鞋公司，我們以舒適技術產品而聞名。隨著消費者真正開始將休閒視為新常態，我們憑藉廣泛的產品處於獨特的地位。

Always looking for new ways to meet our customers' needs, we extended our Skechers Arch Fit technology into a wider offering of styles, introduced Skechers hands-free slip-ins, the ultimate and ready-to-go footwear for men, women and children and expanded our fashion collection within our Skechers Street offering and collaborations. Innovation is the core of our Performance division, and it's never looked stronger, including the gripping outsoles and comfort upper of our Viper Court Pickleball collection, and the awards given to the MaxRoad 5 by both Men's Health and SELF magazines.

我們一直在尋找滿足客戶需求的新方法，將我們的 Skechers Arch Fit 技術擴展到更廣泛的款式中，推出了 Skechers 免提滑入式鞋，這是一款適合男士、女士和兒童的終極鞋履並在我們的 Skechers Street 產品和合作中擴展了我們的時裝系列。創新是我們性能部門的核心，它看起來從未如此強大，包括我們的 Viper Court Pickleball 系列的抓地力外底和舒適鞋面，以及男性健康和 SELF 雜誌授予 MaxRoad 5 的獎項。

Also, this month, the Razor 4 an update to the technical running shoe that Meb wore in his Boston Marathon win was released with Hyper Burst Pro, the latest evolution of our signature ultra-lightweight resilient cushioning foam. We are always focused on meeting the demands of our wholesale partners globally and our consumers who shop at our approximately 4,450 Skechers retail stores worldwide and through our expanding e-commerce footprint, all to ensure Skechers, The Comfort Technology Company is the leading choice and is available when and where consumers want.

此外，本月，Meb 在波士頓馬拉鬆比賽中所穿技術跑鞋的更新版 Razor 4 與 Hyper Burst Pro 一起發布，這是我們標誌性的超輕量彈性緩沖泡沫的最新發展。我們始終專注於滿足全球批發合作夥伴和在全球約 4,450 家 Skechers 零售店購物的消費者的需求，並通過我們不斷擴大的電子商務足跡，確保 Skechers, The Comfort Technology Company 成為領先的選擇，在消費者想要的時間和地點可用。

Total sales growth of 21% or 27% on a constant currency basis was the result of increases in our international and domestic businesses of 25% and 15%, respectively. By region, EMEA saw improvements of 48% and the Americas grew 16%. We are also particularly pleased with our APAC sales growth of 9% or 17% on a constant currency basis, which includes China decreasing by 19% or a not so strong double-digit 13% in constant currency. Despite China's Zero COVID policy, we remain confident in the long-term success for Skechers in this country.

按固定匯率計算，總銷售額增長 21% 或 27% 是由於我們的國際和國內業務分別增長 25% 和 15%。按地區劃分，EMEA 地區增長了 48%，美洲地區增長了 16%。我們也對我們的亞太地區銷售額增長 9% 或 17%（按固定匯率計算）感到特別滿意，其中包括中國下降 19% 或不那麼強勁的兩位數 13%（按固定匯率計算）。儘管中國實行零疫情政策，但我們仍然對 Skechers 在中國的長期成功充滿信心。

In the quarter, our wholesale business increased 26% due to double-digit growth both in domestic and international. The international growth was led by a 59% increase in EMEA, an 18% increase in the Americas and an 8% increase in APAC. Overall, wholesale sales were driven by increases in unit volume of 25% and an average selling price per unit of 1%.

本季度，由於國內和國際的兩位數增長，我們的批發業務增長了 26%。歐洲、中東和非洲地區增長 59%，美洲增長 18%，亞太地區增長 8%，引領國際增長。總體而言，批發銷售受到單位數量增長 25% 和每單位平均售價 1% 的推動。

The Americas wholesale sales growth was due primarily to a 15% increase within our U.S. wholesale business where we saw improvements across genders and multiple categories, most notably our sport, Casual and work lines as well as the unit price. Canada and Mexico, our 2 largest American markets outside the United States, also achieved double-digit growth, and every Latin American country also saw sales improvements, except Chile, which is experiencing significant economic volatility.

美洲批發銷售增長主要是由於我們的美國批發業務增長了 15%，我們看到了跨性別和多個類別的改進，最顯著的是我們的運動、休閒和工作線以及單價。加拿大和墨西哥是我們在美國以外的兩個最大的美國市場，也實現了兩位數的增長，除智利外，每個拉美國家的銷售額都出現了增長，智利正經歷著巨大的經濟波動。

Growth in EMEA wholesale was primarily driven by double-digit improvements across all European countries as well as growth within our distributors, primarily driven by the Middle East, Turkey and Scandinavia, partially offset by the continued cessation of shipments to Russia.

歐洲、中東和非洲地區批發業務的增長主要得益於所有歐洲國家的兩位數增長以及我們分銷商的增長，主要受中東、土耳其和斯堪的納維亞半島的推動，但部分被持續停止向俄羅斯發貨所抵消。

APAC wholesale sales increased primarily due to strength within our distributors as well as India and Singapore, and the addition of the Philippines, which transitioned from a distributor in 2021. The increases were partially offset by decreases in China and Japan due to COVID-related lockdown measures.

亞太地區批發銷售額的增長主要是由於我們的分銷商以及印度和新加坡的實力，以及菲律賓的加入，菲律賓於 2021 年從分銷商轉型。增長被中國和日本因 COVID 相關封鎖而減少的部分抵消措施。

Turning to our Direct-to-Consumer business, which is a key focus area for the company, as we look to create more opportunities to showcase the broad range of Skechers products and connect directly with consumers. Sales increased 12% in the quarter due to growth of 14% in the Americas, 10% in APAC and 6% in EMEA. Domestic Direct-to-Consumer sales increased 15%, primarily due to strong double-digit growth in our digital commerce channel.

轉向我們的直接面向消費者的業務，這是公司的一個重點關注領域，因為我們希望創造更多機會來展示廣泛的 Skechers 產品並直接與消費者建立聯繫。由於美洲增長 14%、亞太地區增長 10% 和 EMEA 增長 6%，本季度銷售額增長 12%。國內直接面向消費者的銷售額增長了 15%，主要是由於我們的數字商務渠道實現了兩位數的強勁增長。

International Direct-to-Consumer sales grew in nearly every country, partially offset by declines in China, which was impacted by the temporary closures of just over 10% of our company-owned stores and Chile due to economic volatility. In total, Direct-to-Consumer unit volume increased 11% and average selling price was essentially flat.

幾乎每個國家的國際直接面向消費者的銷售額都有所增長，但部分被中國的下降所抵消，中國的下降受到我們公司擁有的略高於 10% 的商店和智利因經濟波動而暫時關閉的影響。總體而言，直接面向消費者的單位數量增加了 11%，平均售價基本持平。

In the third quarter, we opened 76 company-owned Skechers stores including 46 in China, 8 big box stores in the United States, a flagship store in Madrid and our first store in Rotterdam. We also expanded and relocated 2 stores in key Lima malls, Jockey Plaza, and Plaza Norte. We closed 34 locations in the quarter, including 21 in China and 2 concept stores in the United States. We ended the quarter with 4,458 Skechers stores worldwide of which 3,054 were third-party stores, including 177 that opened in the third quarter, 129 of which were in China, 12 in India and 5 in South Korea.

第三季度，我們開設了 76 家公司直營店，其中中國 46 家，美國 8 家大賣場，馬德里旗艦店和鹿特丹第一家店。我們還在利馬主要購物中心、賽馬廣場和北廣場擴建並搬遷了 2 家商店。我們在本季度關閉了 34 家門店，包括中國的 21 家和美國的 2 家概念店。截至本季度末，我們在全球擁有 4,458 家斯凱奇門店，其中 3,054 家為第三方門店，其中 177 家在第三季度開業，其中 129 家在中國，12 家在印度，5 家在韓國。

In the fourth quarter to date, we've opened 14 company-owned stores, including 1 big box store in the United States and 5 stores in China. For the remainder of the year, we plan to open an additional 35 to 45 company-owned locations.

第四季度至今，我們已經開設了 14 家公司直營店，其中包括 1 家在美國的大賣場和 5 家在中國的門店。在今年餘下的時間裡，我們計劃再開設 35 至 45 家公司自有地點。

In the third quarter, we launched new e-commerce sites in Poland and Switzerland. And this month, we launched our site in Japan. We also plan to launch several more e-commerce sites in the coming year.

第三季度，我們在波蘭和瑞士推出了新的電子商務網站。本月，我們在日本推出了我們的網站。我們還計劃在來年推出更多的電子商務網站。

We are pleased with our record sales achievement in the third quarter, driven by the continued strong demand for our comfort technology products. With double-digit growth across our wholesale and Direct-to-Consumer businesses, sales increased in nearly every market, except those that faced either COVID-related lockdown measures or significant economic volatility. This is a testament to our product and marketing, resonating globally as well as our determination to both deliver our footwear to consumers as quickly as possible and the efforts we have made to improve our infrastructure, including our network of distribution centers, some of which are being impacted by the supply chain challenges.

由於對我們舒適技術產品的持續強勁需求，我們對第三季度創紀錄的銷售業績感到滿意。隨著我們的批發和直接面向消費者業務的兩位數增長，幾乎每個市場的銷售額都有所增長，但面臨與 COVID 相關的鎖定措施或重大經濟波動的市場除外。這證明了我們的產品和營銷，在全球引起共鳴，以及我們盡快將鞋類交付給消費者的決心，以及我們為改善基礎設施所做的努力，包括我們的配送中心網絡，其中一些是受到供應鏈挑戰的影響。

The expansion of our LEED certified Gold 2.6 million square foot North American distribution center is in the final process of integration with our existing system. This is expected to improve processing volumes and efficiencies over the course of 2023. With international representing 60% of our total sales, we remain focused on our infrastructure abroad. We plan to begin shipments out of 2 new distribution centers in the first half of 2023. This includes a new 427,000 square foot distribution center in Vancouver, which will result in improved shipping times in Canada as well as some reduced pressure on our Rancho Belago facility.

我們 LEED 認證的金牌 260 萬平方英尺北美配送中心的擴建正處於與我們現有系統集成的最終過程中。預計這將在 2023 年提高處理量和效率。由於國際業務占我們總銷售額的 60%，我們仍將重點放在國外的基礎設施上。我們計劃在 2023 年上半年開始從 2 個新的配送中心發貨。這包括在溫哥華新建一個 427,000 平方英尺的配送中心，這將縮短加拿大的運輸時間，並減輕我們 Rancho Belago 工廠的壓力.

As we celebrate our tenth year of business in India, we began the first phase of our 1.1 million square foot IGBC Platinum pre-certified distribution center outside Mumbai, which is planned to be operational by mid-2023. This quarter, we also began Phase 2 of our China distribution center which is expected to be complete in 2024.

在我們慶祝在印度開展業務的第十個年頭之際，我們開始了孟買郊外 110 萬平方英尺的 IGBC 白金預認證配送中心的第一階段，該配送中心計劃於 2023 年年中投入運營。本季度，我們還開始了中國配送中心的第二階段，預計將於 2024 年完工。

Last month, we held our first in-person global product conference since COVID at the newly finished initial phase of our corporate headquarters in Southern California, and this month, our key retail partners joined us for 2023 buy meetings. The expanded building on Pacific Coast Highway is now home to our many showrooms serving to highlight our extensive comfort technology footwear.

上個月，我們在南加州公司總部新完成的初始階段舉行了自 COVID 以來的第一次面對面的全球產品會議，本月，我們的主要零售合作夥伴加入了我們的 2023 年購買會議。太平洋海岸公路上擴建後的建築現在是我們許多陳列室的所在地，這些陳列室旨在突出我們廣泛的舒適技術鞋類。

To support and drive awareness to our diverse product offering, we have an equally diverse team of ambassadors appearing in our marketing campaigns. From pop superstar Ava Max to lifestyle guru, Martha Stewart, retired athlete Sugar Ray Leonard and Tony Romo to elite major championship golfers, Brooke Henderson and Matt Fitzpatrick and local celebrities who launched in the third quarter, including Myleene Klass in the U.K. and Vanessa Mai and Michael Ballack in Germany.

為了支持和提高人們對我們多樣化產品的認識，我們有一支同樣多元化的大使團隊出現在我們的營銷活動中。從流行巨星 Ava Max 到生活方式大師 Martha Stewart、退役運動員 Sugar Ray Leonard 和 Tony Romo，再到精英大滿貫高爾夫球手 Brooke Henderson 和 Matt Fitzpatrick 以及在第三季度推出的當地名人，包括英國的 Myleene Klass 和 Vanessa Mai和德國的邁克爾·巴拉克。

Skechers marketing campaigns appeared on billboards in Panama and Chile, buses in Greece, across buildings on high streets in Spain and Portugal, elevated kiosks in China and malls in Canada, Hungary and Colombia as well as Skechers shoes on the seat of influencers and key opinion leaders, on the catwalk in Berlin, and on covers and within the pages of fashion magazines worldwide, where consumers shop, be it on their phones or in malls or where they visit, be it in stadiums or tourist centers or where they commute buses, trams and subways, Skechers is everywhere, driving demand.

Skechers 營銷活動出現在巴拿馬和智利的廣告牌、希臘的公共汽車、西班牙和葡萄牙的大街上的建築物、中國的高架售貨亭和加拿大、匈牙利和哥倫比亞的購物中心，以及 Skechers 鞋在影響者和關鍵意見的座位上領導者，在柏林的 T 台上，在全球時尚雜誌的封面和頁面上，消費者購物的地方，無論是在他們的手機上還是在購物中心，或者他們訪問的地方，無論是在體育場、旅遊中心還是他們通勤的公共汽車，有軌電車和地鐵，Skechers無處不在，帶動需求。

There's no doubt that macroeconomic issues remain, but we believe our unique position as a brand that delivers on comfort, style, innovation and quality at a reasonable price will continue to resonate with consumers in the U.S. and around the world.

毫無疑問，宏觀經濟問題依然存在，但我們相信我們作為一個以合理價格提供舒適、時尚、創新和質量的品牌的獨特地位將繼續引起美國和世界各地消費者的共鳴。

And now I would like to turn the call over to John for more details on our financial results.

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 again achieved a new quarterly sales record of $1.88 billion, growing 21% on an as-reported basis and 27% on a constant currency basis. We saw double-digit growth in both our wholesale and Direct-to-Consumer segments. In fact, we saw double-digit growth in nearly every country, demonstrating the broad-based consumer demand for our comfort technology products and the strength of the Skechers brand around the world.

謝謝大衛，大家下午好。 Skechers 再次創下 18.8 億美元的季度銷售額新紀錄，按報告基準增長 21%，按固定匯率計算增長 27%。我們的批發業務和直接面向消費者的業務均實現了兩位數的增長。事實上，我們在幾乎每個國家都看到了兩位數的增長，這表明消費者對我們的舒適技術產品的廣泛需求以及斯凱奇品牌在全球的實力。

We remain focused on executing our long-term growth strategy and delivering a diverse assortment of innovative, comfortable products for consumers across the globe, even as we navigate historic headwinds from supply chain disruptions, ongoing COVID-related restrictions, inflationary pressures and growing uncertainty around the macroeconomic environment and its impact on consumers.

我們仍然專注於執行我們的長期增長戰略，並為全球消費者提供各種創新、舒適的產品，即使我們克服了供應鏈中斷、持續的 COVID 相關限制、通脹壓力和日益增長的不確定性帶來的歷史性逆風宏觀經濟環境及其對消費者的影響。

I want to first provide an update on COVID-related supply chain dynamics and their impact on our results in the quarter. One year ago, we began experiencing container shortages, factory closures and severe port congestion. Those conditions led to elongated order time line and tremendous concern about product availability, which prompted more substantial backlog volume. Then about midyear, we experienced significant improvement in transit times and port throughput. This resulted in capacity challenges in distribution networks across the industry due to a meaningfully increased arrival rate for goods.

我想首先提供有關與 COVID 相關的供應鏈動態及其對我們本季度業績的影響的最新信息。一年前，我們開始經歷集裝箱短缺、工廠關閉和嚴重的港口擁堵。這些條件導致訂單時間延長和對產品可用性的極大擔憂，這導致了更多的積壓量。然後大約在年中，我們經歷了運輸時間和港口吞吐量的顯著改善。由於貨物到達率顯著提高，這導致整個行業的分銷網絡面臨容量挑戰。

Consequently, we experienced and continue to experience processing constraints at our distribution centers, leading to cost inefficiencies as we work to mitigate the impact of these disruptions on our customers. In the third quarter, -- this gave rise to approximately $50 million of incremental logistics costs globally, which weighed heavily on our results.

因此，我們在配送中心經歷並繼續經歷處理限制，導致成本效率低下，因為我們努力減輕這些中斷對客戶的影響。在第三季度，這導致全球增加了大約 5000 萬美元的物流成本，這嚴重影響了我們的業績。

In addition, more significant than expected COVID-related challenges in the Asia Pacific region, particularly in China, and adverse foreign currency fluctuations further weighed on expected results, which were below our earnings guidance. While we are disappointed with the lack of earnings flow-through from our better-than-expected sales in the quarter, we are confident that supporting our customers was the right decision for our brand. Further, we believe the corrective actions we have taken and are taking to accelerate additional capacity and adjust future orders will ultimately resolve the situation and restore efficiencies.

此外，亞太地區（尤其是中國）面臨比預期更嚴重的新冠肺炎相關挑戰，以及不利的外匯波動進一步拖累了預期結果，低於我們的盈利指引。雖然我們對本季度好於預期的銷售缺乏收益流動感到失望，但我們相信支持我們的客戶是我們品牌的正確決定。此外，我們相信我們為加快增加產能和調整未來訂單而採取和正在採取的糾正措施將最終解決問題並恢復效率。

Now let's review our third quarter financial results. Wholesale sales increased 26% year-over-year to $1.19 billion, led by 33% growth internationally and 15% growth domestically. Broad strength extended across regions with notable growth in EMEA and the Americas as well as in APAC, excluding China. Collectively, we saw a double-digit increase in units sold, and higher average selling prices per unit, reflecting strong demand for our distinctive product portfolio at compelling price points.

現在讓我們回顧一下我們第三季度的財務業績。批發銷售額同比增長 26% 至 11.9 億美元，其中國際增長 33% 和國內增長 15%。在歐洲、中東和非洲、美洲以及亞太地區（不包括中國）顯著增長的地區具有廣泛的實力。總體而言，我們看到售出的單位數量實現了兩位數的增長，單位產品的平均售價也有所提高，這反映了對我們具有吸引力的價格點的獨特產品組合的強勁需求。

Direct-to-Consumer sales increased 12% year-over-year to $686.8 million, with 15% growth domestically and 9% growth internationally, driven by double-digit increases in units sold and strength in both our retail stores and digital platforms. As one of our key long-term growth strategies, the investments we are making in our Direct-to-Consumer segment are yielding strong results, as we continue to expand our international online presence and enhance our omnichannel capabilities.

直接面向消費者的銷售額同比增長 12% 至 6.868 億美元，其中國內增長 15%，國際增長 9%，這主要得益於銷量的兩位數增長以及我們零售店和數字平台的實力。作為我們關鍵的長期增長戰略之一，隨著我們繼續擴大我們的國際在線業務並增強我們的全渠道能力，我們在直接面向消費者領域的投資正在產生強勁的成果。

This further enables us to build direct relationships with our loyal consumers, showcase the breadth and depth of our product portfolio, attract new consumers and above all else, deliver great products. We are excited about the growth opportunities ahead and meeting the needs of our consumers whenever and however they choose.

這進一步使我們能夠與忠實的消費者建立直接關係，展示我們產品組合的廣度和深度，吸引新的消費者，最重要的是，提供優質的產品。我們對未來的增長機會感到興奮，並隨時隨地滿足消費者的需求。

Now turning to our regional sales. In the Americas, sales for the third quarter increased 16% year-over-year to $948 million, supported by growth across all channels. As we work to alleviate the congestion in our domestic distribution network, we expect sustained consumer demand for our products and brand resonance will continue to drive growth across the region in the fourth quarter.

現在轉向我們的區域銷售。在美洲，第三季度銷售額同比增長 16% 至 9.48 億美元，這得益於所有渠道的增長。隨著我們努力緩解國內分銷網絡的擁堵，我們預計消費者對我們產品的持續需求和品牌共鳴將繼續推動第四季度整個地區的增長。

In EMEA, sales increased 48% year-over-year to $469.8 million, primarily driven by strength in our wholesale segment, which benefited from improvements in product availability compared to last year's European port congestion.

在歐洲、中東和非洲，銷售額同比增長 48% 至 4.698 億美元，這主要得益於我們批發業務的實力，與去年歐洲港口擁堵相比，該業務得益於產品可用性的改善。

In APAC, sales increased 9% year-over-year to $460.6 million, driven by strength in distributor markets as well as India, Singapore and Malaysia, partially offset by a decline in China. Excluding China, sales grew 60%. In China, sales declined 19% as over 10% of our stores were temporarily closed at one point. We expect ongoing COVID-related lockdowns and restrictions to continue to impact our operations into 2023. This, however, does not diminish our view of the Chinese market long term, where the Skechers brand is uniquely positioned with our distinctive products and attractive value proposition.

在亞太地區，銷售額同比增長 9% 至 4.606 億美元，這得益於分銷商市場以及印度、新加坡和馬來西亞的強勁增長，部分被中國市場的下滑所抵消。不包括中國，銷售額增長了 60%。在中國，銷售額下降了 19%，原因是我們超過 10% 的門店一度暫時關閉。我們預計，持續到 2023 年，與 COVID 相關的封鎖和限制將繼續影響我們的運營。然而，這並不會削弱我們對中國市場的長期看法，因為 Skechers 品牌以其獨特的產品和有吸引力的價值主張而在中國市場具有獨特的定位。

Third quarter gross margins decreased 280 basis points year-over-year, 47.1%, predominantly due to elevated freight costs as well as an unfavorable mix impact from higher distributor sales, partially offset by improved pricing. Operating expenses increased $123.3 million or 20%, but decreased approximately 30 basis points as a percentage of sales year-over-year.

第三季度毛利率同比下降 280 個基點，下降 47.1%，主要是由於運費上漲以及分銷商銷售增加帶來的不利組合影響，部分被定價改善所抵消。運營費用增加了 1.233 億美元或 20%，但佔銷售額的百分比同比下降了約 30 個基點。

Selling expenses increased $23 million or 18%, but improved 20 basis points as a percentage of sales. The dollar increase was primarily due to higher demand creation expenses in digital and brand marketing globally.

銷售費用增加了 2300 萬美元或 18%，但佔銷售額的百分比提高了 20 個基點。美元增長主要是由於全球數字和品牌營銷的需求創造費用增加。

General and administrative expenses increased $100.2 million or 20%, but decreased 20 basis points as a percentage of sales year-over-year. We incurred approximately $50 million of incremental logistics costs globally to minimize disruptions in delivering product to our customers and also saw increased volume driven distribution expenses.

一般和管理費用增加了 1.002 億美元或 20%，但佔銷售額的百分比同比下降了 20 個基點。我們在全球範圍內增加了大約 5000 萬美元的物流成本，以最大限度地減少向客戶交付產品的中斷，並且還看到由數量驅動的分銷費用增加。

Earnings from operations decreased 11% compared to 2021, and our operating margin for the quarter was 6.9% as compared with 9.4% in the prior year. Earnings per share were $0.55 per diluted share on 156.2 million diluted shares outstanding, a 17% decrease year-over-year. This includes a negative $0.09 impact from foreign currency fluctuations year-over-year.

與 2021 年相比，運營收益下降了 11%，我們本季度的營業利潤率為 6.9%，而去年同期為 9.4%。每股收益為 0.55 美元，攤薄後流通股為 1.562 億股，同比下降 17%。這包括外匯波動同比產生的 0.09 美元的負面影響。

Our effective tax rate for the third quarter was 17.9% compared to 15.6% in the prior year.

我們第三季度的有效稅率為 17.9%，而去年同期為 15.6%。

And now turning to our balance sheet. We ended the quarter with $681.5 million in cash, cash equivalents and investments. This is a decrease of $500.2 million or 42% from September 30, 2021, as we continue to invest in working capital to drive sales and ensure we have product available in the right place and at the right time to meet consumer demand. Inventory was $1.78 billion, an increase of 45% or $549 million compared to the prior year period, reflecting the supply chain conditions I previously mentioned. We are optimistic that inventories will gradually return to normalized levels as supply chain volatility diminishes.

現在轉向我們的資產負債表。我們在本季度結束時擁有 6.815 億美元的現金、現金等價物和投資。這比 2021 年 9 月 30 日減少了 5.002 億美元或 42%，因為我們繼續投資營運資金以推動銷售，並確保我們在正確的地點和正確的時間提供產品以滿足消費者的需求。庫存為 17.8 億美元，比去年同期增長 45% 或 5.49 億美元，反映了我之前提到的供應鏈狀況。我們樂觀地認為，隨著供應鏈波動性減弱，庫存將逐漸恢復正常水平。

Accounts receivable at quarter end were $933.9 million, an increase of $175.2 million from September 30, 2021, resulting from higher wholesale sales. Capital expenditures for the quarter were $100.1 million, of which $42.1 million related to the expansion of our distribution infrastructure globally, $30.8 million related to investments in our retail stores and Direct-to-Consumer technologies, and $17.7 million related primarily to our new product design center.

季度末應收賬款為 9.339 億美元，比 2021 年 9 月 30 日增加 1.752 億美元，原因是批發銷售額增加。本季度的資本支出為 1.001 億美元，其中 4210 萬美元與我們全球分銷基礎設施的擴張有關，3080 萬美元與我們的零售店和直接面向消費者的技術的投資有關，1770 萬美元主要與我們的新產品設計有關中央。

During the third quarter, we also repurchased 639,000 shares of our Class A common stock at a cost of $25 million. We will continue to deploy our capital consistent with our 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.

在第三季度，我們還以 2500 萬美元的成本回購了 639,000 股 A 類普通股。我們將繼續按照我們的理念來部署我們的資本，以保持強大的資產負債表和對我們的業務進行投資，同時以股票回購的形式機會性地為股東提供直接回報。

Now turning to guidance. For the fourth quarter, we expect sales in the range of $1.725 billion to $1.775 billion and net earnings per diluted share in the range of $0.30 to $0.40. We anticipate sequential gross margin improvements in the fourth quarter and that our effective tax rate for the year will be between 19% and 20%. This guidance also includes the continuing impact of inefficiency in our distribution network associated with supply chain congestion as well as ongoing COVID-related operating limitations particularly in the Asia Pacific region.

現在轉向指導。對於第四季度，我們預計銷售額在 17.25 億美元至 17.75 億美元之間，每股攤薄淨收益在 0.30 美元至 0.40 美元之間。我們預計第四季度毛利率將連續提高，我們今年的有效稅率將在 19% 至 20% 之間。該指南還包括與供應鏈擁堵相關的分銷網絡效率低下的持續影響，以及與新冠病毒相關的持續運營限制，尤其是在亞太地區。

For the fiscal year 2022, we expect total capital expenditures to be between $300 million and $325 million as we continue to invest in our strategic priorities.

在 2022 財年，隨著我們繼續投資於我們的戰略重點，我們預計總資本支出將在 3 億美元至 3.25 億美元之間。

In the face of innumerable challenges, we are encouraged by the strong consumer demand for our comfort technology products, which delivered double-digit growth in nearly every country and across all distribution channels. This is a testament to our brand, our people and our products. Our long-term growth strategy remains intact and we believe will demonstrate the resilience of our business model through these challenging times. We are steadfast in our focus on delivering innovative, stylish, comfortable products at attractive price points to consumers around the world.

面對無數挑戰，消費者對我們舒適技術產品的強勁需求令我們深受鼓舞，這些產品幾乎在每個國家和所有分銷渠道都實現了兩位數的增長。這證明了我們的品牌、我們的員工和我們的產品。我們的長期增長戰略保持不變，我們相信將在這些充滿挑戰的時期展示我們的商業模式的彈性。我們堅定不移地專注於以極具吸引力的價格向全球消費者提供創新、時尚、舒適的產品。

With that, I will now turn the call over to David for closing remarks.

有了這個，我現在將把電話轉給大衛做結束語。

Thank you, John. Three quarters of record growth during a period of continued macroeconomic challenges is a clear indication of the ongoing relevance of Skechers, the desire for quality and comfort by consumers and the determination of our entire organization to meet the needs and demands of our customers. While we look ahead to our goal of $10 billion in annual sales by 2026, we remain focused on the here and now, delivering fresh product as quickly as possible, creating awareness of the innovations and features in each collection, and increasing the opportunities to shop our brand, be it at our expanded network of Direct-to-Consumer locations including a retail base of approximately 4,450 locations or through visible spaces within third-party stores.

謝謝你，約翰。在持續的宏觀經濟挑戰期間，四分之三的創紀錄增長清楚地表明了斯凱奇的持續相關性、消費者對質量和舒適度的渴望，以及我們整個組織滿足客戶需求的決心。雖然我們展望到 2026 年年銷售額達到 100 億美元的目標，但我們仍然專注於當下，盡快提供新鮮產品，提高對每個系列的創新和功能的認識，並增加購物機會我們的品牌，無論是在我們擴大的直接面向消費者的地點網絡中，包括大約 4,450 個地點的零售基地，還是通過第三方商店內的可見空間。

We are honored to receive our third Company of the Year award for Footwear News in our 30th year of business. The excitement of our first year has grown over 3 decades and resonates throughout our talented and dedicated team. We're looking forward to continuing our growth momentum as a more experienced organization and a brand known around the world for its unique portfolio of comfort collections. We recognize the volatility and dynamic situation we are presently in, but we believe in the strength of our brands and the long-term position of Skechers.

在我們成立 30 週年之際，我們很榮幸獲得第三個鞋類新聞年度公司獎。我們第一年的興奮已經超過 3 年，並在我們才華橫溢和敬業的團隊中引起共鳴。作為一個更有經驗的組織和一個以其獨特的舒適系列產品組合而聞名於世的品牌，我們期待繼續保持增長勢頭。我們認識到我們目前所處的波動和動態情況，但我們相信我們品牌的實力和斯凱奇的長期地位。

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 Jay Sole with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Jay Sole。

My question is about gross margin. John, you called out some of the drivers. I think you mentioned freight and logistics, foreign exchange, mix, ASPs, but can you give us an idea of sort of like the magnitude of each of those. And really, what I'm trying to get at is how much of those was really onetime in nature that you expect to get back in a year or 2? And also within SG&A, you mentioned logistics costs were also in SG&A. I think you called out $50 million. Do you consider that like a sort of a onetime expense as well? And how should we think about that going forward?

我的問題是關於毛利率的。約翰，你召集了一些司機。我想你提到了貨運和物流、外匯、混合、ASP，但你能給我們一個大致的想法嗎？真的，我想知道的是，其中有多少是你希望在一兩年內恢復的真正一次性的？在 SG&A 中，您提到物流成本也在 SG&A 中。我想你調出了 5000 萬美元。您是否也認為這也是一種一次性費用？我們應該如何看待未來的發展？

Jay, on gross margin, I mean, really far and away, the cost driver has been really for the full year, freight and logistics, it's by far the most significant driver. We were able to offset some of that with pricing. As we've mentioned before, we're still catching up a bit on price increases in our wholesale segment, and that was a very strong segment for us this quarter. So that catch-up is still underway. We do expect it to fully materialize over the course of Q4 and Q1. But we still didn't have enough pricing to offset the freight and logistics in the fourth quarter.

傑伊，關於毛利率，我的意思是，成本驅動因素一直是全年，貨運和物流，這是迄今為止最重要的驅動因素。我們能夠通過定價來抵消其中的一部分。正如我們之前提到的，我們仍在追趕批發部門的價格上漲，這對我們本季度來說是一個非常強勁的部門。因此，追趕仍在進行中。我們確實希望它在第四季度和第一季度完全實現。但我們仍然沒有足夠的定價來抵消第四季度的貨運和物流。

And then there was some mix. Our distributor business was very, very strong in the quarter, which is a great thing to see from those markets. But as you know, the distributor business has a dilutive gross margin, a very good operating margin, but a dilutive gross margin. So we did suffer a bit from mix effects there.

然後有一些混合。我們的經銷商業務在本季度非常非常強勁，從這些市場可以看出這是一件好事。但如你所知，分銷業務的毛利率是稀釋性的，營業利潤率非常好，但毛利率是稀釋性的。所以我們確實受到了一些混合效果的影響。

In regards to the incremental $50 million we quantified, I think most of that long term is going to go away as efficiency works its way back into the system. But as we mentioned and we have mentioned for a while now, we're experiencing severe congestion from supply chain issues, and that's giving rise to the need to spend in order to make sure we're preserving as best we can our customer delivery windows and working our way through that inventory. So it will linger as long as those issues linger, though, we do expect they will begin to become less prominent as we move through Q4 in the early part of 2023.

關於我們量化的 5000 萬美元增量，我認為隨著效率重新回到系統中，大部分長期將消失。但正如我們提到的，我們已經提到了一段時間，我們正經歷供應鏈問題造成的嚴重擁塞，這導致需要花費以確保我們盡可能地保留我們的客戶交付窗口並通過該庫存進行工作。因此，只要這些問題持續存在，它就會持續存在，但我們確實預計，隨著我們在 2023 年初進入第四季度，它們將開始變得不那麼突出。

The only caution I'd give is, this is clearly a ramification from COVID's effect on the supply chain, which, as we noted in our prepared comments, has been both extreme and extremely volatile. And so some of this is going to be subject to where the supply chain normalizes out and when that happens.

我要給出的唯一警告是，這顯然是 COVID 對供應鏈影響的後果，正如我們在準備好的評論中指出的那樣，供應鏈既極端又極不穩定。因此，其中一些將取決於供應鏈正常化的位置以及何時發生。

The one note I would give you, though, on the plus side, and I think David mentioned in his remarks, we are starting to see some favorable trends on freight rates, container rates. That it will work its way into the P&L over time, because we're still -- we still have the inventory that we imported under the higher rate structures. But in terms of green shoots in the supply chain, that's one of the more encouraging ones we've seen.

不過，我要給你的一個說明是好的一面，我認為大衛在他的講話中提到，我們開始看到運費和集裝箱運費方面的一些有利趨勢。隨著時間的推移，它將進入損益表，因為我們仍然 - 我們仍然擁有在更高利率結構下進口的庫存。但就供應鏈中的萌芽而言，這是我們看到的更令人鼓舞的萌芽之一。

Yes. In addition, part of that issue with the distribution centers is we were expanding them at a time where it was difficult to get parts, and we would have been complete a lot earlier and not have to run the duplicate costs, both in the U.S. and places like Panama. If we were to get equipment earlier and had a broader tail up to speed earlier. We continue to work on both of them. And as we move into 1 structure and get the learning curve under our belt and back into the facility is complete, we should level out significantly given the existing volume.

是的。此外，配送中心的部分問題是我們在難以獲得零件的時候擴建它們，而且我們本來可以更早完成，而不必承擔重複的成本，無論是在美國還是在美國。巴拿馬等地。如果我們要更早地獲得設備並且更早地加快速度。我們將繼續致力於這兩個方面。當我們進入 1 個結構並完成學習曲線並回到設施時，我們應該在現有量的情況下顯著平衡。

Obviously, if the volume continues as it can with us to grow at an outsized volume, we may have to play more catch-up in the future in some markets.

顯然，如果我們的銷量繼續以超大的銷量增長，那麼我們未來可能不得不在某些市場上進行更多的追趕。

Got it. Okay. And then if I can just follow up with one more. Just on the inventory. Can you give us a little bit of an idea of maybe where it's located? Is it in China? Is it in the U.S.? Is it in transit? And are you comfortable with the level in the sense that you think you'll be able to sell most of it at full price? And maybe when do you think the inventory growth rate will get back in line with the sales growth rate?

知道了。好的。然後，如果我可以再跟進一個。就在庫存上。你能給我們一點關於它的位置的想法嗎？是在中國嗎？是在美國嗎？是在運輸途中嗎？從某種意義上說，您認為您能夠以全價出售大部分產品，您對這個水平感到滿意嗎？也許您認為庫存增長率何時會與銷售增長率保持一致？

Yes. In terms of the growth we experienced this quarter, 2 notable observations. Almost none of it was in the Asia Pacific region, which is obviously as we mentioned, remains under some COVID duress. So it was predominantly in the U.S. and to a lesser degree, in Europe. We do feel very good about the inventory. As we noted, it's all arrived within the last couple of months. And so it is good inventory that we fully expect to be able to sell through at regular prices. We don't have any real concerns about that.

是的。就我們本季度的增長而言，有兩個值得注意的觀察結果。幾乎沒有一個是在亞太地區，正如我們所提到的，這顯然仍然受到一些 COVID 的脅迫。所以它主要是在美國，在較小程度上是在歐洲。我們確實對庫存感覺非常好。正如我們所指出的，這一切都是在過去幾個月內到達的。因此，我們完全期望能夠以正常價格出售的良好庫存。我們對此沒有任何真正的擔憂。

We have seen a material shift out of in-transit into on hand, but that's part of the issue we're talking about here is, you saw throughput improved dramatically and you saw transit times improve dramatically. And that just brought a lot of product onshore at a rate that's far more significant than we've historically observed. So that also was a contributing factor to the congestion we mentioned.

我們已經看到材料從運輸途中轉移到手頭，但這是我們在這裡討論的問題的一部分，您看到吞吐量顯著提高，您看到運輸時間顯著改善。這只是以比我們歷史上觀察到的更為重要的速度將大量產品帶到了岸上。所以這也是我們提到的擁堵的一個促成因素。

Yes, Jay, you should notice, I think, just want to point out from my own perspective, that what happened during the pandemic and the closedown is that we moved out our buying process by a few months from what would normally be somewhere in the neighborhood of 4, 4.5 months to like 6, 6.5 even out to 7 months trying to get everything in on time with the congestion at the ports and the issues we were having with our factories. That all came in at one time.

是的，傑伊，你應該注意到，我想，只是想從我自己的角度指出，在大流行和關閉期間發生的事情是，我們將購買流程從通常的某個地方推遲了幾個月。大約 4、4.5 個月到 6、6.5 甚至 7 個月，試圖在港口擁堵和我們工廠遇到的問題的情況下按時完成所有工作。這一切都同時出現。

So it's not -- under normal circumstances, we would have been at a more normal inventory rate and rate of growth. But as John said, they are relatively new. They all just got here. They're all predominantly spoken for, given the flows we've seen, as we slowed down buying on the tail end until we catch up to the process. So we've now taken our supply chain and moved it back a few months, and we have absorbed all the inventory, so we'll be shipping out of hand. And now that we've expanded our facility and have taken it in, it should be easier for us to process.

所以它不是 - 在正常情況下，我們會處於更正常的庫存率和增長率。但正如約翰所說，它們相對較新。他們都剛到這裡。考慮到我們所看到的流量，它們都主要被提及，因為我們在尾端放慢了購買速度，直到我們趕上這個過程。所以我們現在已經把我們的供應鏈轉移了幾個月，我們已經吸收了所有的庫存，所以我們將無法控制發貨。現在我們已經擴大了我們的設施並接受了它，我們應該更容易處理它。

And I will tell you, the one caveat with that, obviously, is how good does demand stay over the next few months. And the way we started in October, gives me personally a lot of confidence in the fact that we'll move it out on a very regular basis.

我會告訴你，一個需要注意的地方，很明顯，在接下來的幾個月裡，需求會保持多好。我們從 10 月開始的方式讓我個人對我們會定期將其移出這一事實充滿信心。

Our next question is from 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'd love to ask about FY '22 EPS guidance. If I look at the midpoint today versus the midpoint 90 days ago, looks like you lowered it by about $0.25. John, I'd love for you to kind of give us the bridge on that, like how much of it is incremental from that fact -- from the congestion charges and maybe even China, so we can understand the magnitude of the cut.

我很想問一下 FY '22 EPS 指導。如果我看一下今天的中點與 90 天前的中點，看起來你降低了大約 0.25 美元。約翰，我希望你能在這方面給我們一個橋樑，比如從這個事實中增加多少——從擁堵費，甚至可能是中國，所以我們可以了解削減的幅度。

Thanks, Laurent. I will shy away from giving you a penny by penny walk through, but let me give you the big factors in order of size and scale. First is going to be the freight and logistics. We planned for, we believe, an adequate amount of that. So that's working its way into the guide. Secondarily, China has not recovered at the pace we had originally expected. Unfortunately, that market continues to be challenged by COVID. We're looking for some early signs that things are starting to recover. But I believe as long as lockdowns and other restrictions on operations are in place, it's going to inhibit China from fully recovering.

謝謝，勞倫特。我會迴避一分錢一分地給你，但讓我按照大小和規模的順序給你一些重要的因素。首先是貨運和物流。我們相信，我們計劃了足夠的數量。所以這正在進入指南。其次，中國並沒有按照我們原先預期的速度復甦。不幸的是，該市場繼續受到 COVID 的挑戰。我們正在尋找一些早期跡象表明情況開始好轉。但我相信，只要封鎖和其他運營限制措施到位，就會阻礙中國全面復甦。

And then FX. FX is another headwind, but those are the 3 most significant factors we're dealing with.

然後是外匯。外匯是另一個不利因素，但這是我們正在處理的三個最重要的因素。

Okay. Understood. And then I know you're not prepared to talk about 2023, but I don't know if you can give us some color on just the wholesale order book for spring 2023, like how do we think about it domestic versus international? And then one thing that surprised me with the ASPs both on wholesale and DTC, were up around 1%. I don't know if there was -- it was due to increased markdowns. But how do we think about ASPs in the order book versus cost going forward for at least maybe spring 2023? And again, I know you're not guiding for 2023, but just some color there would be super helpful.

好的。明白了。然後我知道你不准備談論 2023 年，但我不知道你能否就 2023 年春季的批發訂單給我們一些顏色，比如我們如何看待國內與國際？然後讓我感到驚訝的是批發和 DTC 的 ASP 增長了 1% 左右。我不知道是否有 - 這是由於降價促銷的增加。但是，我們如何看待訂單簿中的 ASP 與至少可能在 2023 年春季的成本？再說一次，我知道你不是在指導 2023 年，但只是一些顏色會很有幫助。

Yes. I would say relative to 2023 so far, I'm encouraged by what we see. There's certainly some nervousness in the marketplace, which we've spoken about. I think it's also important to keep in mind domestically Q1 of this year, which will be our comp in Q1, domestically next year is a really high bar. I would say many of our conversations with our partners are very encouraging. As David noted, demand from our Direct-to-Consumer business remains very encouraging.

是的。到目前為止，我會說相對於 2023 年，我對我們所看到的感到鼓舞。市場上肯定存在一些緊張情緒，我們已經談到了這一點。我認為記住今年第一季度國內也很重要，這將是我們第一季度的比較，明年國內是一個非常高的標準。我想說，我們與合作夥伴的許多對話都非常令人鼓舞。正如大衛所指出的，我們直接面向消費者業務的需求仍然非常令人鼓舞。

So as I sit here today, I'm actually optimistic that '23, will, certainly, at the very least, be less bad than everybody is talking about. And we see some very encouraging signs across the landscape. There are also some big unknowns though. I think, again, the Asia Pacific region is going to be a big unknown for us given how COVID has continued to have an effect on that marketplace. But overall, I would consider our view to be cautiously optimistic and getting more optimistic as we continue to see demand at the consumer level fairly robust for Skechers.

因此，當我今天坐在這裡時，我實際上很樂觀地認為 23 年肯定至少不會比每個人都在談論的那麼糟糕。我們在整個景觀中看到了一些非常令人鼓舞的跡象。不過也有一些很大的未知數。我再次認為，鑑於 COVID 如何繼續對該市場產生影響，亞太地區對我們來說將是一個巨大的未知數。但總的來說，我認為我們的觀點是謹慎樂觀的，而且隨著我們繼續看到消費者層面對 Skechers 的需求相當強勁，我們的觀點會變得更加樂觀。

On ASPs, you need to be very careful there, because we do have a significant number of foreign exchange mixes in there. I don't have the number right in front of me, but hundreds of basis points better would have been the ASP increase or not for FX. So as you know, some of our key markets were also those most significantly impacted by negative foreign currency movements. And with nearly 60% of our sales from outside the United States, that FX impact is going to be felt throughout, our key metrics and ASPs were certainly one area.

在 ASP 上，你需要非常小心，因為我們確實有大量的外匯組合。我沒有擺在我面前的數字，但如果外彙的平均售價增加或不增加，數百個基點會更好。如您所知，我們的一些主要市場也是受外匯負波動影響最嚴重的市場。由於我們近 60% 的銷售額來自美國以外，這種外匯影響將貫穿始終，我們的關鍵指標和 ASP 無疑是一個領域。

Otherwise, on a constant currency basis, we actually felt pretty good about ASP performance. Although, again, we're still playing a little bit of catch-up on the wholesale side, which we expect to get behind after the fourth quarter.

否則，在不變的貨幣基礎上，我們實際上對 ASP 的表現感覺很好。儘管如此，我們仍然在批發方面進行了一些追趕，我們預計在第四季度之後會落後。

Our next question is from Alex Straton with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Alex Straton。

I wanted to focus on the top line first. So can you guys just talk to us about the sales deceleration you have embedded in the fourth quarter guidance. If we're calculating it right, it looks like it's going down to like a 9% 3-year CAGR underlying growth rate, and that compares to the first quarter through the third at like a low teens number. we're just having trouble reconciling that against what sounds like super strong demand. So is that just all that -- all FX? Or how should we think about that?

我想首先關注頂線。那麼你們能否與我們談談您在第四季度指導中嵌入的銷售減速。如果我們計算正確，它看起來會下降到 9% 的 3 年 CAGR 基本增長率，而與第一季度到第三季度相比，這就像一個十幾歲的低數字。我們只是很難將其與聽起來超強勁的需求相協調。那麼這就是全部——所有的FX？或者我們應該怎麼想？

The most significant factor is certainly FX. I think year-on-year, we're losing nearly $100 million of top line revenue on FX. Some of that we had previously anticipated. Some of that we have not. We are cautiously evaluating where every market stands relative to kind of the macroeconomic climate. Probably the few big swing factors in there for us are where does FX go from here? How does China evolve over the course of the quarter? And how much volatility is in that market because of COVID?

最重要的因素當然是外匯。我認為與去年同期相比，我們在外匯上損失了近 1 億美元的收入。其中一些是我們之前預料到的。其中一些我們沒有。我們正在謹慎評估每個市場相對於宏觀經濟環境的位置。對我們來說，可能存在的幾個重大波動因素是 FX 將何去何從？中國在本季度的發展情況如何？由於 COVID，該市場的波動性有多大？

One of the other markets that, obviously, for us has historically been very key, but has some of its own challenges. This past quarter was Chile, a very good market, a very robust market for us, normally, undergoing some political and macroeconomic headwinds. So that was a challenge. And then in all honesty, we're cautious about how the supply chain performs. And so we've probably baked in a little bit more than average conservatism there.

顯然，對我們而言，其他市場之一在歷史上一直非常關鍵，但也存在一些挑戰。上個季度是智利，一個非常好的市場，對我們來說是一個非常強勁的市場，通常情況下會遇到一些政治和宏觀經濟逆風。所以這是一個挑戰。然後老實說，我們對供應鏈的表現持謹慎態度。所以我們可能已經比一般的保守主義多了一點。

That being said, I'd say if you look back at this quarter, it's still so hard to replicate the growth that we put up in the face of all the exigencies we faced this quarter. And in all honestly, it could have been even better than that were it not for some of the challenges we felt on supply chain. So we feel really, really good about where demand is, and that's why we've said as long as demand stays where it is at, we feel incredibly optimistic about our 2026 objective of $10 billion and more.

話雖如此，我想說，如果您回顧本季度，仍然很難復制我們在本季度面臨的所有緊急情況下所實現的增長。老實說，如果不是因為我們在供應鏈上感受到的一些挑戰，情況可能會更好。因此，我們對需求在哪裡感覺非常非常好，這就是為什麼我們說只要需求保持在原位，我們對 2026 年 100 億美元甚至更多的目標感到非常樂觀。

Yes. I would also point out that the quarter will likely change in its dynamic somewhat. We always have a very big back half of Q4, which is anticipation of spring, which is a lot of spring product that delivers some in the U.S. and significantly more overseas as they transition. Given the extent that a lot of wholesale customers are backed up now in their own DCs, I do feel that they will take some more in the first quarter than the fourth quarter, because they won't be able to transition into their new season quite as quickly as in the past, just given their own inventory holdings. So should that dynamic change, it could also change some of the dynamics in the fourth quarter.

是的。我還要指出，本季度的動態可能會有所變化。在第四季度，我們總是有一個非常大的後半部分，這是對春天的預期，這是很多春季產品，它們在美國交付了一些，並且隨著它們的過渡而顯著增加了海外市場。鑑於現在很多批發客戶都在他們自己的 DC 中備份，我確實覺得他們在第一季度會比第四季度多一些，因為他們將無法完全過渡到他們的新季節和過去一樣快，只是給出了自己的庫存持有量。因此，如果這種動態發生變化，它也可能會改變第四季度的一些動態。

Our next question is from Gaby Carbone with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Gaby Carbone。

Just curious if you can maybe just dig in on the health of the U.S. consumer a little more. What you're seeing now maybe versus a few months ago? I mean you're obviously experiencing very good demand. And any changes to note in consumer spending behavior?

只是好奇你是否可以再深入了解一下美國消費者的健康狀況。您現在看到的可能與幾個月前相比？我的意思是你顯然正在經歷非常好的需求。消費者支出行為有什麼需要注意的變化嗎？

The only thing I'd note, honestly, Gaby, is what we've mentioned for really the last couple of months, which is that the data does not reveal to us at least a significant slowdown in consumers' willingness to spend on the Skechers brand. We felt like this quarter was potentially prone to some risks on the consumer side and none of that materialized. In fact, I would characterize our outperformance on the domestic -- consumer side, in particular, as really, really strong, particularly in e-commerce, but really across the board.

老實說，蓋比，我唯一要注意的是我們在過去幾個月中真正提到的，即數據並沒有向我們顯示，至少消費者購買 Skechers 的意願顯著放緩牌。我們覺得本季度可能會在消費者方面出現一些風險，但這些風險都沒有實現。事實上，我會將我們在國內——尤其是消費者方面的出色表現描述為非常非常強勁，尤其是在電子商務領域，但確實是全面的。

And then as David mentioned, early signals from Q4 also very positive. So I would say we're continuing to see strength across at least our brands and within the gender profiles of our brand, and really haven't detected any meaningful change, which is to say things continue to remain very encouraging.

然後正如大衛所說，第四季度的早期信號也非常積極。所以我想說，我們至少在我們的品牌和我們品牌的性別特徵中繼續看到實力，並且確實沒有發現任何有意義的變化，也就是說，事情仍然非常令人鼓舞。

And then just a quick follow-up. It sounds like you really aren't seeing any pressure from the increasing promotional environment. Is that a fair statement?

然後只是快速跟進。聽起來你真的沒有看到來自日益增長的促銷環境的任何壓力。這是一個公平的說法嗎？

Well, as David puts it. Absolutes never really work well in business because it's never absolutely the case one way or the other. We're certainly seeing more promotions in the environment. And we're not going to sit idly by while others promote and be off price significantly. But I wouldn't characterize it as a significant level of promotionality. So we are offering promotions in a targeted way. We'll deploy them when we feel it's appropriate.

好吧，正如大衛所說。絕對在商業中永遠不會真正運作良好，因為它從來都不是絕對的情況。我們肯定會在環境中看到更多的促銷活動。我們不會坐視其他人大幅促銷和降價。但我不會將其描述為顯著的促銷水平。因此，我們有針對性地提供促銷活動。我們會在認為合適時部署它們。

But what we have seen is that it's also been accompanying very strong demand at the consumer level. So it's been effective. And it isn't by any extent from our perspective, at least at this stage, extreme or beyond what I would consider to be average.

但我們所看到的是，它也伴隨著消費者層面的非常強勁的需求。所以它很有效。從我們的角度來看，至少在現階段，這絕不是極端或超出我認為的平均水平。

Our next question is from Jim Duffy with Stifel.

我們的下一個問題是來自 Stifel 的 Jim Duffy。

You mentioned you're working to alleviate supply chain congestion in North America. Despite those challenges, your wholesale revenue very strong. What's the state of channel inventories? Are they lower than you'd like them to be, just given those challenges? As you work through the throughput issues, is there more channel fill opportunity? Or is the congestion simply just adding logistics costs and channel inventories are in a good place and you're hoping to relieve some of those additional costs?

你提到你正在努力緩解北美的供應鏈擁塞。儘管存在這些挑戰，您的批發收入仍然非常強勁。渠道庫存狀況如何？考慮到這些挑戰，它們是否比您希望的要低？當您解決吞吐量問題時，是否有更多的渠道填充機會？還是擁堵只是增加了物流成本，渠道庫存處於有利位置，您希望減輕其中的一些額外成本？

Well, Jim, I will give you my perspective, and I'm sure David will share his. I think if you look at wholesale channel inventories right now, and this is -- it's never the same for every single partner, but they generally look pretty stable. If you look back relative to 2019, they're very close to those levels. So there's no extreme buildup or drawdown that we're seeing.

好吧，吉姆，我會給你我的觀點，我相信大衛會分享他的觀點。我認為，如果您現在查看批發渠道庫存，這是 - 每個合作夥伴都不相同，但它們通常看起來相當穩定。如果你回顧一下 2019 年，它們非常接近這些水平。因此，我們沒有看到極端的增持或縮減。

We are seeing supply chain challenges all the way through the system. So it's not simply in our own distribution. We're also seeing it downstream. And so we know that many of our partners are similarly dealing with some congestion issues. We'd like them to have more. And in fact, if you step back and look at Q3, Q3, without congestion, we would have certainly been able to deliver an even more significant domestic wholesale growth.

我們在整個系統中都看到了供應鏈挑戰。所以它不僅僅是在我們自己的發行版中。我們也在下游看到它。因此，我們知道我們的許多合作夥伴也在處理一些擁塞問題。我們希望他們擁有更多。事實上，如果你退後一步看看第三季度，第三季度，沒有擁堵，我們肯定能夠實現更顯著的國內批發增長。

But we also want them to be healthy, and we don't want inventory to start backing up. And to date, that's certainly not what we've seen. We continue to see good sell-throughs. We're doing everything we can to make sure we're shipping on time and in full, and that's what gave rise to some of the costs that we talked about. But we also need to be cognizant of the fact that our partners need to be able to ingest that inventory.

但我們也希望它們健康，我們不希望庫存開始備份。迄今為止，這肯定不是我們所看到的。我們繼續看到良好的銷售情況。我們正在盡一切努力確保按時足量發貨，這就是我們談到的一些成本的原因。但我們也需要認識到我們的合作夥伴需要能夠攝取該庫存這一事實。

Yes, I think that's true. We don't talk in terms of anybody with having too little inventory, certainly in our industry. I think to our benefit and what we feel good about is that when space is made available, whether it's by a promotional cadence or sales in general, as things open up, we are one of the first calls to deliver the next inventory, because our stuff does so well at wholesale and for their own retail.

是的，我認為這是真的。我們不會談論任何庫存太少的人，當然在我們的行業中。我認為對我們有利並且我們感覺良好的是，當空間可用時，無論是促銷節奏還是一般銷售，隨著事情的開放，我們是第一個提供下一個庫存的電話，因為我們的東西在批發和他們自己的零售方面做得很好。

So I think we're checking well, which gives us an opening -- to any openings for inventory and open to buys and open to ship, which is just as important nowadays. So I think keeping in high demand is a key for us. So we have the inventory. We've taken it in early just so we'll be available to all our customers. And as they sell down, we're certainly moving it very quickly to them. So we could actually pick up the pace should sales continue to be strong through the fourth quarter.

所以我認為我們檢查得很好，這給了我們一個機會——任何庫存開口、購買和發貨開口，這在今天同樣重要。所以我認為保持高需求對我們來說是關鍵。所以我們有庫存。我們很早就採取了它，以便我們所有的客戶都可以使用它。當他們賣出時，我們肯定會很快將其轉移給他們。因此，如果銷售在第四季度繼續保持強勁，我們實際上可以加快步伐。

Got it. And then, John, the incremental $50 million of expense you identified for the third quarter. If I understand you correctly, that's in addition to the higher trans-ocean rates on a year-to-year basis?

知道了。然後，約翰，您為第三季度確定的增加的 5000 萬美元費用。如果我理解正確，那是除了逐年較高的跨洋費率之外？

Yes. Unfortunately, yes, that's purely dealing with on-hand inventories once product has landed.

是的。不幸的是，是的，這純粹是處理產品到貨後的現有庫存。

Got it. Okay. And any thoughts on what that figure might be for the fourth quarter? I'm trying to put my arms around what is the potential recapture opportunities hopefully, someday soon we get back to a more normalized environment.

知道了。好的。對第四季度的這個數字有什麼想法嗎？我正試圖抓住潛在的重新獲得機會，希望有一天我們很快就會回到一個更加正常化的環境。

Well, I'll tell you, we are certainly making that our priority, but it's also important to make sure that we're delivering to customers, and we're honoring our commitments to get them the product that they need to sell through to survive. So we're trying to balance those two. I don't want to give specifics, but I would say we certainly expect a lesser impact in Q4 than we had in Q3, because so far, we view Q3 as kind of the epitome of the congestion issues, but it's still going to be a material impact.

好吧，我會告訴你，我們當然將其作為我們的首要任務，但確保我們向客戶交付產品也很重要，我們正在履行我們的承諾，為他們提供他們需要銷售的產品存活。所以我們試圖平衡這兩者。我不想透露細節，但我想說的是，我們當然預計第四季度的影響會小於第三季度的影響，因為到目前為止，我們將第三季度視為擁堵問題的縮影，但它仍然會是實質性影響。

And as I noted in response to Laurent's comment, it's certainly one of the factors that's causing our change in guidance, because we want to make sure we've adequately incorporated that into our expected results. But I assure you, we're going to do everything we can to minimize that while honoring our commitments to customers to get them the goods they need, particularly in this holiday season.

正如我在回應 Laurent 的評論時指出的那樣，這肯定是導致我們改變指導方針的因素之一，因為我們希望確保我們已將其充分納入我們的預期結果。但我向您保證，我們將盡一切努力將這種情況降至最低，同時履行我們對客戶的承諾，為他們提供所需的商品，尤其是在這個假日季節。

(Operator Instructions) Our next question is from Omar Saad with Evercore ISI.

（操作員說明）我們的下一個問題來自 Evercore ISI 的 Omar Saad。

Most of them have been answered. I was hoping though, you could dive in on the strong DTC trends, maybe separate out e-comm versus stores, what you're seeing there? Is that kind of uniform to -- across markets? And then I have one follow-up.

他們中的大多數都已得到答复。不過，我希望你能深入了解 DTC 的強勁趨勢，也許將電子商務與商店區分開來，你在那裡看到了什麼？這種制服是否適合跨市場？然後我有一個後續行動。

Yes. I would say not uniform across markets. We definitely saw outsized growth on the digital side of things. But again, as you've heard us say before, we think those are very tightly integrated at the consumer level. It's also not a fair comparison, because as David noted, this year, we are in the process of lighting up markets with an online Direct-to-Consumer offering that we've never had before. So in many markets, that's -- it's an unfair comparison.

是的。我會說各個市場不統一。我們確實看到了數字方面的巨大增長。但是，正如您之前聽到我們所說的那樣，我們認為這些在消費者層面非常緊密地集成在一起。這也不是一個公平的比較，因為正如大衛指出的那樣，今年，我們正在通過我們以前從未有過的在線直接面向消費者的產品來點亮市場。所以在許多市場中，這是一個不公平的比較。

What I would say is it's apparent to us that the Skechers brand remains in demand at the consumer level. We're seeing that in stores. We're seeing that really across store formats, which is something we haven't seen in a while, which is very encouraging. And we're seeing it in nearly every market. Again, the one drawback on the Direct-to-Consumer side of things would have been in China, which is just facing some difficult conditions as we noted.

我想說的是，對我們來說，斯凱奇品牌在消費者層面仍然很受歡迎。我們在商店裡看到了這一點。我們確實在各種商店形式中看到了這一點，這是我們有一段時間沒有看到的，這非常令人鼓舞。我們幾乎在每個市場都看到了它。同樣，直接面向消費者方面的一個缺點是在中國，正如我們所指出的那樣，中國正面臨一些困難的條件。

At one point, we had nearly 10% of our stores shuttered because of COVID. So that market is simply struggling to cope with the dynamics of COVID. But overall, we definitely were pleased with what we saw in-store, online, in the communion between those 2. And it continues in the early part of this period to show similar trends, which we're excited to see.

在某一時刻，我們有近 10% 的商店因 COVID 關閉。因此，該市場只是在努力應對 COVID 的動態。但總的來說，我們對我們在店內、在線以及這兩者之間的交流中看到的情況感到非常滿意。而且在這一時期的早期，它繼續顯示出類似的趨勢，我們很高興看到這種趨勢。

Got it. Could you actually elaborate on that comment you just made about putting in some products that you've never had before into the DTC channel, maybe a little bit more what you're talking about there?

知道了。您能否詳細說明一下您剛剛發表的關於將一些您以前從未有過的產品放入 DTC 渠道的評論，也許您所說的更多一點？

Well, I'm sorry, it's not product. It's actually lighting up sites that we haven't had before. So just if you look to last year in the same quarter, we did not have sites in Belgium, France, Italy, the Netherlands, Poland, Spain -- Spain we had one, but Switzerland. So again, we've been on this road map of launching our Direct-to-Consumer online offering. And so we're getting to a Direct-to-Consumer online relationship with many consumers in these markets that we've never had the ability to perform in before, and that's very encouraging.

好吧，對不起，這不是產品。它實際上照亮了我們以前沒有過的網站。因此，如果您查看去年同一季度的情況，我們在比利時、法國、意大利、荷蘭、波蘭、西班牙沒有網站——我們在西班牙有一個，但在瑞士。同樣，我們一直在推出我們的直接面向消費者的在線產品的路線圖。因此，我們正在與這些市場中的許多消費者建立直接面向消費者的在線關係，這是我們以前從未有過的能力，這非常令人鼓舞。

And then quickly, John, any product trends or category shifts to call out as we kind of return to come out of COVID and the lockdown kind of lifestyle. Are you seeing any shifts in your business, certain parts of the -- certain categories of footwear outperforming and underperforming?

然後很快，約翰，任何產品趨勢或類別都會發生變化，因為我們會從 COVID 和鎖定的生活方式中恢復過來。您是否看到您的業務發生任何變化，某些部分——某些類別的鞋類表現出色和表現不佳？

No shifts really, but I say that with an incredibly encouraging backdrop in that, we've seen comfort and Casual continue to resonate strongly. We think consumers are very much appreciating our focus on those 2 domains. In particular, it evidences itself in the uptake they have for our new technologies. When we put them into the marketplace where they've received very strong demand. I'd say the only notable change versus the last couple of years in the third quarter was really saw kids come back in a more meaningful way than we had seen in the previous couple of years, because COVID obviously played with school and school attendance.

確實沒有變化，但我說，在令人難以置信的鼓舞人心的背景下，我們已經看到舒適和休閒繼續產生強烈的共鳴。我們認為消費者非常欣賞我們對這兩個領域的關注。特別是，它證明了他們對我們新技術的吸收。當我們將它們投放市場時，它們收到了非常強勁的需求。我想說，與過去幾年相比，第三季度唯一顯著的變化是確實看到孩子們以比我們在前幾年看到的更有意義的方式回歸，因為 COVID 顯然與學校和學校出勤率有關。

We saw a much more traditional curvature of demand on the kids side that is associated with back-to-school. And that was refreshing. That was good to see, because it clearly is an indication to us that there's some normalcy returning to the retail cadence of things, which is, in our view, good.

我們在孩子方面看到了與返校相關的更為傳統的需求曲線。這令人耳目一新。這很高興看到，因為它清楚地向我們表明，事物的零售節奏正在回歸正常，在我們看來，這是好的。

Our next question is from Tom Nikic with Wedbush Securities.

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

I was hoping -- can you give us a little bit more color around Q4, like gross margin versus SG&A? I mean it kind of seems like to get to your guidance given where the revenues are going to be, it seems like either gross margin has to get a lot better or the year-over-year growth rate for OpEx needs to slow pretty dramatically. I know you said, I think, sequential improvement in gross margins. But like is there any more color you could give us there? Like gross margins up year-over-year, down year-over-year a little bit? Like I guess any help there would be helpful.

我希望——你能在第四季度給我們更多的色彩，比如毛利率與 SG&A 的對比嗎？我的意思是，考慮到收入將在哪裡，這似乎得到了你的指導，似乎要么毛利率必須提高很多，要么運營支出的同比增長率需要大幅放緩。我知道你說過，我認為，毛利率的連續提高。但是你可以給我們更多的顏色嗎？就像毛利率同比上升，同比下降一點？就像我想那裡的任何幫助都會有所幫助。

Sure. Although, I'll note, Tom, there's no reason we couldn't achieve both. But I would say in terms of the plan that we've given you, our goal for the entirety of this year has been to catch up on the gross margin side and our objective is certainly to do that this quarter. Now we may not make it 100% or we may get close, maybe a little bit better than that. But I would guide toward a gross margin that's very close to or on top of prior year. That's been the objective of the pricing that we installed previous in the year and how we've gone about pricing in our Direct-to-Consumer channel as well. And so that's probably the one improvement that is key to understanding our guidance.

當然。雖然，我會注意到，湯姆，我們沒有理由不能同時實現這兩個目標。但我想說的是，就我們給你的計劃而言，我們今年全年的目標是趕上毛利率方面，我們的目標當然是在本季度做到這一點。現在我們可能無法做到 100%，或者我們可能會接近，也許會比這更好一點。但我會引導毛利率非常接近或高於上一年。這就是我們今年之前安裝的定價目標，以及我們如何在直接面向消費者的渠道中進行定價。因此，這可能是理解我們的指導的關鍵之一。

We have, as we said, incorporated some excess costs from supply chain similar to this quarter to incorporate what we know about how the supply chain is expected to behave. We'll have to see how things evolve to determine whether or not that's too much or too little. But right now, we think we've been appropriately conservative in incorporating those costs into our expectations for Q4.

正如我們所說，我們已經從類似於本季度的供應鏈中納入了一些超額成本，以納入我們對供應鏈預期行為的了解。我們必須看看事情是如何演變的，以確定這是太多還是太少。但是現在，我們認為我們在將這些成本納入我們對第四季度的預期方面已經相當保守了。

Got it. Okay. And if I could just ask one more question on China. Obviously, that's been a tough market and it sounds like one of -- or maybe 2 of your really big competitors are still struggling there and you all talked about really challenging market conditions. I mean I guess just kind of like how do you sort of see the recovery in China progressing? Like -- I mean do we think like your China business is up next year? Or like -- just any help around China would be great.

知道了。好的。如果我能再問一個關於中國的問題。顯然，這是一個艱難的市場，聽起來你的一個或兩個真正的大競爭對手仍在苦苦掙扎，你們都談到了真正具有挑戰性的市場條件。我的意思是，我想有點像你如何看待中國的複蘇進程？比如——我的意思是我們認為你的中國業務明年會增長嗎？或者像 - 在中國的任何幫助都會很棒。

Well, let me say first about this year. I mean, I still think Skechers is performing better than almost any other Western brand in that market. The decline we spoke about in Q3, it's important to note that, that has a very heavy influence from FX. You almost take 600 basis points out of that just on FX alone. So if you look at it on a constant currency basis, the market, I think they held up really well. If you take a deeper slice of that, e-com was nearly flat, and that's one of the most significant channels for us there. So that was great.

好吧，讓我先說一下今年。我的意思是，我仍然認為斯凱奇在該市場上的表現比幾乎任何其他西方品牌都要好。我們在第三季度談到的下降，重要的是要注意，這對外匯有很大的影響。僅在 FX 上，您幾乎可以從中獲得 600 個基點。因此，如果您以恆定的貨幣基礎來看，市場，我認為它們表現得非常好。如果你更深入地了解這一點，電子商務幾乎持平，這對我們來說是最重要的渠道之一。所以那太好了。

Obviously, stores not being open inhibits their ability to sell and transact. Consumers not being able to be in malls and out shopping, severely inhibits our ability to convert there, and that was the drag in the quarter. We're cautiously optimistic that Q4 will be better, and Q1 will be better after that. It's certainly a longer recovery path than we had originally expected. But I see no reason why next year can't put us right back into the track we've been on in China, which is a fairly sizable growth path now. That's all subject to what happens with COVID and political environments being what they are.

顯然，不營業的商店會抑制他們的銷售和交易能力。消費者無法進出商場和購物，嚴重抑制了我們在那裡轉換的能力，這就是本季度的拖累。我們謹慎樂觀地認為第四季度會更好，之後第一季度會更好。這肯定是比我們最初預期的更長的恢復路徑。但我認為明年我們沒有理由不能讓我們回到我們在中國一直走的軌道，這是一條相當可觀的增長道路。這一切都取決於 COVID 和政治環境所發生的情況。

So you have to take that with a fairly heavy caveat. But in terms of the base business, demand for the brand, the product resonance, we feel really good about all those things we can control. And I think our team there is doing as good a job as anyone navigating that. And that's why, at least in terms of the Western brands, we feel like we continue to outperform. We certainly haven't seen some of the more drastic impacts that others spoke about very recently, and we're encouraged by that.

所以你必須帶著相當嚴重的警告來接受它。但就基礎業務、對品牌的需求、產品的共鳴而言，我們對所有這些我們可以控制的事情都感覺非常好。我認為我們在那裡的團隊做得和任何人一樣好。這就是為什麼，至少在西方品牌方面，我們覺得我們繼續表現出色。我們當然沒有看到其他人最近談到的一些更劇烈的影響，我們對此感到鼓舞。

Our next question is from John Kernan with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 John Kernan。

John, $1.8 billion in inventory on the balance sheet at the end of Q3, it's up about $800 million from where it was in 2009. I think 2019, I think sales were up about $500 million from the same quarter. When do we think inventory dollar trends come down more in line with sales trends? Is it the first half of next year? When does inventory peak on the balance sheet?

約翰，第三季度末資產負債表上的庫存為 18 億美元，比 2009 年增加了約 8 億美元。我認為 2019 年的銷售額比同季度增加了約 5 億美元。我們何時認為庫存美元趨勢下降更符合銷售趨勢？是明年上半年嗎？資產負債表上的庫存何時達到峰值？

Well, I mean, that's difficult to say. I think it's important to keep in mind that a portion of that inventory build is purely cost based, right? You can't incur the type of freight escalation and logistics escalation we've had over the last year without it impacting your on-hand balances, because it just flows through that way. I would say, if we think about it from a unit perspective, which is a more modest growth than what we saw on the dollar side of it, we do expect things to begin ticking down.

嗯，我的意思是，這很難說。我認為重要的是要記住，庫存構建的一部分純粹是基於成本的，對吧？您不可能在不影響您的現有餘額的情況下發生我們去年發生的貨運升級和物流升級類型，因為它只是通過這種方式流動。我想說，如果我們從單位的角度考慮，這是一個比我們在美元方面看到的更溫和的增長，我們確實預計事情會開始下降。

Now some of that is going to be contingent upon how the supply chain unfolds. Because, again, this is not a situation where inventory backed up, because of a lack of demand. That's definitely not the situation we're in. And so it really has to do with logistics and timing, all the things that we've had a very tough time predicting well over the last couple of years.

現在，其中一些將取決於供應鏈的展開方式。因為，由於需求不足，這不是庫存備份的情況。這絕對不是我們所處的情況。所以它確實與物流和時間有關，所有這些事情在過去幾年裡我們都很難預測。

So again, we prefer it to be lower than it is. We would prefer to have put less into working capital over the last year than we have. But by the same token, we want to make sure we have the product available to meet consumer needs. And I would expect it to get better or to be -- those 2 relationships come better in the line over the course of this year. But in terms of the exact timing, that's too contingent upon how the supply chain performs for me to give you an educated guess.

所以再一次，我們更喜歡它低於它。與過去一年相比，我們更願意投入更少的營運資金。但出於同樣的原因，我們希望確保我們的產品能夠滿足消費者的需求。而且我希望它會變得更好或變得更好——這兩種關係在今年的過程中會變得更好。但就確切時間而言，這太取決於供應鏈的表現，我無法給你一個有根據的猜測。

Sure. And certainly, the whole sector seems to be in a similar position. I guess you brought up the point that a lot of it, the increase is cost base, how does this affect gross margin as this comes off the balance sheet and onto the income statement into Q4 and the first half of next year?

當然。當然，整個行業似乎都處於類似的位置。我猜你提到了很多，增加的是成本基礎，這對毛利率有什麼影響，因為這會從資產負債表中消失並進入第四季度和明年上半年的損益表？

Well, I mean, it's already in the effects we've been seeing on the gross margin side of things. Again, the inventory turns over relatively quickly in the context of our overall sales performance. So we think it's incorporated into both the costing that is underpinning our guidance, but also the pricing actions we've already taken to offset that, that we expect to materialize in the quarter.

好吧，我的意思是，它已經在我們在毛利率方面看到的影響中。同樣，在我們整體銷售業績的背景下，庫存周轉相對較快。因此，我們認為它既納入了支撐我們指導的成本計算，也納入了我們已經採取的抵消成本的定價行動，我們預計這將在本季度實現。

So again, I think we're going to be dealing with this inventory costed at this level for at least another quarter-and-a-half, but our expectation is, both in terms of what we're seeing on freight and logistics rates coming down, as well as selling through the inventory that we have, that it will remedy itself over time.

再說一次，我認為我們將在這個水平上處理這種庫存成本至少再過一個季度半，但我們的預期是，無論是在我們所看到的貨運和物流費率方面下降，以及通過我們擁有的庫存進行銷售，它會隨著時間的推移自行修復。

The counterpoint I just mentioned against that, because we've often said this is, we're not looking for a windfall on gross margins. We're looking to make sure we protect our gross margins. So while we'll try to capture as much of that as we can, if promotionality comes back or there's changes on the pricing horizon, we'll have to be flexible about that going forward. Because it's important to keep in mind that we've got to be true to our goal of being a good price for the value we offer, and that's going to be important.

我剛才提到的反對意見，因為我們經常說這是，我們不是在尋找毛利率的意外之財。我們正在尋求確保我們保護我們的毛利率。因此，雖然我們將盡可能多地捕捉到這一點，但如果促銷活動再次出現或定價範圍發生變化，我們必須在未來保持靈活。因為重要的是要記住，我們必須忠實於我們的目標，即為我們提供的價值提供好價格，這很重要。

Our next question is from Sam Poser with Williams Trading.

我們的下一個問題來自 Williams Trading 的 Sam Poser。

I want to just go back to the G&A, please. And with $600 million in G&A in the quarter, $603 million, is that really -- I mean, is that sort of a top kind of number? I mean -- or is this a number that could go to -- it was up $100 million from last year. Is that a number that could be up -- we could be looking at $650 in Q4? Or is this something where like that $600 million, maybe a little bit higher is sort of how to think about it, sort of more in absolute terms?

我想回到 G&A，拜託。本季度的 G&A 為 6 億美元，即 6.03 億美元，這真的是 - 我的意思是，這是一個最高的數字嗎？我的意思是——或者這是一個可以達到的數字——它比去年增加了 1 億美元。這是一個可能上升的數字嗎——我們可能會在第四季度看到 650 美元？還是說，這 6 億美元，也許更高一點，是如何考慮的，從絕對意義上來說更多？

Yes. I think the first thing I'd note is within that $600 million you mentioned is the supply chain costs that we've mentioned, that $50 million we quantified. So we definitely don't view that as ordinary course G&A. The second is we don't really think about it in dollar terms, because that doesn't equate with how that G&A performs, particularly the volume oriented. What I would point out is, believe it or not, even with that $50 million of excess costs in there, G&A as a percentage of sales actually levered year-over-year.

是的。我想我首先要注意的是你提到的 6 億美元是我們提到的供應鏈成本，我們量化的 5000 萬美元。所以我們絕對不認為這是普通的課程 G&A。第二個是我們並沒有真正以美元來考慮它，因為這並不等同於 G&A 的表現，尤其是以數量為導向。我要指出的是，不管你信不信，即使有 5000 萬美元的超額成本，G&A 佔銷售額的百分比實際上是同比上升的。

And that's how we tend to think about it. There's a piece of G&A that is stable. It reflects just the natural operations of the business, the corporate environment, design, development, et cetera. But then there's also a piece that is very volume-influenced. And then in this quarter, as we mentioned, there was that $50 million that was in excess of what we would have normally expected. So I think if you kind of use those parameters, you'd understand that it should be in line with the sales performance, but also in this quarter, that relative measure that sales -- G&A as a percentage of sales was aggravated by that $50 million.

這就是我們傾向於思考的方式。有一塊 G&A 是穩定的。它只反映了企業的自然運作、企業環境、設計、開發等。但也有一個非常受音量影響的作品。然後在本季度，正如我們所提到的，有 5000 萬美元超出了我們通常的預期。所以我認為，如果你使用這些參數，你就會明白它應該與銷售業績保持一致，而且在本季度，銷售的相對衡量標準——G&A 佔銷售額的百分比因 50 美元而加劇百萬。

Got you. And then I've got 2 more. One, what is your optimum forward weeks of supply back of pre-COVID running around average like 15 right now, you're running around over 20. And so I don't -- I'm not really thinking about it on a year-over-year basis, I'm more thinking about it if it's settling down. And then that leads me to the last part of my question regarding timing of orders -- timing of your orders. And it spanning in December, will you be taking orders for like back to that 4 to 4.5 month window there or are you taking it further out and then allowing some of it to flow through from what's already here and what's still coming, I guess, based on when you took orders recently for spring?

得到你。然後我還有2個。一個，你現在最好的前 COVID 供應週數大約是 15 週左右，你跑了大約 20 週左右。所以我不 - 我沒有真正考慮過這一年- 與去年相比，如果它安定下來，我會更多地考慮它。然後這將我引向關於訂單時間的問題的最後一部分——您的訂單時間。它跨越 12 月，你會接受訂單，回到那個 4 到 4.5 個月的窗口，還是你把它拿得更遠，然後讓其中一些從已經在這裡的東西流出來，我猜，根據您最近收到春季訂單的時間？

Sam, I think those both run together. We're going to be more reactive as we -- and as reactive as we can be to what happens in the supply chain. If we could get back to 4 months with the confidence that it'll be here on time, so we can deliver on time, we will certainly push towards that direction as we get through the end of the year. Right now, there are some different issues as far as the supply chain is concerned, even though container costs are coming down, they're coming down because the demand for space has come down so dramatically that sailings have been canceled, moved around, and it does increase to what we feel a comfort factor would be for time in transit.

山姆，我認為這兩者是一起運行的。我們將變得更加被動——並且盡可能地對供應鏈中發生的事情做出反應。如果我們可以回到 4 個月，並且有信心它會準時到達，那麼我們就可以準時交付，我們肯定會在年底前朝著這個方向努力。目前，就供應鏈而言，存在一些不同的問題，即使集裝箱成本正在下降，但它們正在下降，因為對空間的需求已經急劇下降，以至於航行被取消，轉移，和它確實增加了我們對運輸時間的舒適度。

So to the extent we get more back to normal, we'll be going more hand to mouth, so that we can calculate the type of on-hand inventory and the turns that you were talking about before, if we can get a real solid handle on the transit times.

因此，在我們恢復正常的情況下，我們將更多地進行面對面交流，以便我們可以計算現有庫存的類型和您之前所說的周轉率，如果我們能得到一個真正的實體處理運輸時間。

Okay. And then with your backup, I mean, with the congestion at the DCs and getting the expansion to the U.S. DC and the other DCs up and going. I mean is this something we really should be thinking about that like these incremental costs are going to continue through the first quarter of next year. And that's when they should -- if they're going to ease up, that's when we should think about at the earliest they're really going to start easing just given the way everything is happening right now and the timing of getting everything you have in sort of internally up and running?

好的。然後是你的備份，我的意思是，隨著 DC 的擁堵，以及向美國 DC 和其他 DC 的擴張。我的意思是這是我們真正應該考慮的事情，就像這些增量成本將持續到明年第一季度一樣。那是他們應該——如果他們要放鬆，那是我們最早應該考慮的時候，考慮到現在一切都在發生的方式以及獲得你所擁有的一切的時機，他們真的會開始放鬆在某種內部啟動和運行？

Well, I'm more an optimist and a hopeful person than John. He's more a numbers guy. So I will tell you, my perspective is that they start to come down. The question is the rate they start to come down. The way I think about it is when things started to open up as far as the port was concerned, we started to receive inventory from the port at a rate more than double of our peak at any time since those places were open. Going through all that and having received all that inventory, and I hope inventory very close to a peak here. But even if it's not at a peak, which I believe it is, it's the flow through.

好吧，我比約翰更樂觀和充滿希望。他更像是一個數字人。所以我會告訴你，我的觀點是他們開始下降。問題是他們開始下降的速度。我的想法是，就港口而言，當事情開始開放時，自從這些地方開放以來，我們開始以超過峰值兩倍的速度從港口接收庫存。經歷了所有這些並收到了所有庫存，我希望庫存非常接近這裡的峰值。但即使它不是在一個高峰，我相信它是，它是流過的。

So in other words, we won't be receiving given our buying patterns, no matter what, unless a significant extreme change, and the supply chain comes in and we won't be receiving inventory at that rate. So that's one expense that goes away and looking for additional space and trying to move it out and just unload all those containers for somewhat efficiencies. And we've already got those under our belt. So if anything, we will not be looking for more space. We will not be expanding. We will get rid of the excess cost of the new part of the distribution center, which is not a storage facility for the most part, but it's an operational facility.

因此，換句話說，鑑於我們的購買模式，無論如何我們都不會收到貨，除非發生重大的極端變化，並且供應鏈進入並且我們不會以這種速度收到庫存。因此，這是一項費用，它會消失並尋找額外的空間並嘗試將其移出並卸載所有這些容器以提高效率。我們已經掌握了這些。因此，如果有的話，我們將不會尋找更多空間。我們不會擴大。我們將擺脫配送中心新部分的超額成本，該部分大部分不是存儲設施，而是運營設施。

So while we're training on it and getting up and going, we have duplicate costs. So hopefully, by the end of the year, early part of next year, a significant piece of those costs go away. So if you think about not paying overtime, not trying to work all of 7 days a week to receive all those shoes and ship the maximum amount we can. I do believe we're coming into a more efficient use of the distribution center. And that would include here the U.S. and parts of South America, where we're expanding, assuming we can get all the equipment in. There's still some final touches both in South America and here in the U.S. that are waiting for our builders and our installers to get final pieces to get it done, so we can move this along.

因此，當我們對此進行培訓並起床並繼續前進時，我們有重複的成本。因此，希望到今年年底，明年年初，這些成本的很大一部分會消失。因此，如果您考慮不支付加班費，而不是嘗試每週工作 7 天來收到所有這些鞋子並儘可能運送最多數量的鞋子。我確實相信我們正在更有效地利用配送中心。這將包括美國和南美洲的部分地區，我們正在那裡擴張，假設我們可以得到所有的設備。在南美洲和美國這裡還有一些最後的潤色正在等待我們的建築商和我們的安裝人員得到最後的部分來完成它，所以我們可以繼續前進。

Under normal circumstances, we would have done in the U.S. last December or January, a big piece of that was they were running late, because of the supply chain. Their own supply chain and their own personnel issues to bring stuff in to be installed. And then we stalled back because we had all that stuff to receive and try to get out the door and hire a significant amount of people, people weren't as available. So right now, we don't feel we need any more, certainly not a significant amount of people. We will be reducing overtime. We won't be receiving that much. So I think we're getting to a much more steady stream of product, and it should start to flow through the G&A as we move through this year and into next quarter.

在正常情況下，我們會在去年 12 月或 1 月在美國完成，其中很大一部分是他們遲到了，因為供應鏈。他們自己的供應鍊和他們自己的人事問題，把東西帶進來安裝。然後我們停滯不前，因為我們有所有的東西要接收，並試圖走出大門並僱用大量的人，但人手不足。所以現在，我們覺得我們不再需要了，當然也不需要很多人了。我們將減少加班。我們不會收到那麼多。因此，我認為我們正在獲得更加穩定的產品流，隨著我們今年和下個季度的發展，它應該開始通過 G&A 流動。

Our final question is from Rick Patel with Raymond James.

我們的最後一個問題來自 Rick Patel 和 Raymond James。

Can you talk about the underlying trends in Europe? It seems performance there was really strong in the third quarter on better product availability versus last year. But just given some of the macro headlines that we've been seeing across Europe and the U.K. in particular, I'm curious if you're seeing any changes in the way that wholesale accounts or consumers are behaving in Europe versus what you were seeing about 3 months ago?

您能談談歐洲的潛在趨勢嗎？與去年相比，由於產品可用性更好，第三季度的表現似乎非常強勁。但是，鑑於我們在歐洲和英國特別是看到的一些宏觀頭條新聞，我很好奇您是否看到批發賬戶或消費者在歐洲的行為方式與您所看到的相比有任何變化大約 3 個月前？

Obviously, it's up. We've had a great quarter. So that's what we saw, and nothing has changed in October. And nothing has changed anecdotically with our meetings with some of our larger accounts as to what their needs are and what -- how we're selling through and how they feel about their order backlog. So while we, as everybody else, read the headlines and see what's going on in some of them. For our particular case and the particular product offerings we have there and the stuff we're delivering, we continue through current time in October, as we did both for the last quarter.

很明顯，上來了。我們有一個很棒的季度。這就是我們所看到的，10 月份沒有任何變化。在我們與一些較大的客戶會面時，關於他們的需求是什麼以及我們如何銷售以及他們對訂單積壓的看法，並沒有發生任何有趣的變化。因此，當我們和其他人一樣，閱讀頭條新聞並了解其中一些發生了什麼時。對於我們的特定案例和我們在那裡提供的特定產品以及我們正在交付的東西，我們將繼續到 10 月的當前時間，就像我們在上個季度所做的那樣。

Yes. I would just add to that, Rick. I mean keep in mind as well that the numbers we spoke about in kind of our EMEA and Europe, region were also severely impacted by foreign currency. So they were significantly better even than as reported on a constant currency basis. So I think we continue to see good trends for our brand in Europe. There's obviously a lot of concern in that market over the macroeconomic environment. But so far, we have yet to see that meaningfully materialize in our business, either on the wholesale side or on the Direct-to-Consumer side when taken as a whole.

是的。我只想補充一點，里克。我的意思是還要記住，我們在 EMEA 和歐洲地區談到的數字也受到外彙的嚴重影響。因此，它們甚至比在固定貨幣基礎上報告的要好得多。所以我認為我們繼續看到我們品牌在歐洲的良好趨勢。顯然，該市場對宏觀經濟環境存在很多擔憂。但到目前為止，我們還沒有看到這在我們的業務中有意義地實現，無論是在批發方面還是在整體直接面向消費者方面。

And this does conclude our question-and-answer session, and this concludes our conference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

這確實結束了我們的問答環節，也結束了我們的會議。感謝您的參與。你可以在這個時候斷開你的線路，並度過美好的一天。