Skechers USA Inc (SKX) 2023 Q1 法說會逐字稿

Greetings, and welcome to Skechers First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 Skechers 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

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轉交給 Skechers。謝謝。你可以開始了。

Hello, everyone. My name is Ashley Keith from the FP&A team. Thank you for joining us on Skechers conference call today.

大家好。我叫 Ashley Keith，來自 FP&A 團隊。感謝您今天加入我們的 Skechers 電話會議。

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. Such forward-looking statements involve known and unknown risks, including, but not limited to, global, national and local economic, business and market conditions, including the impacts of inflation foreign currency fluctuations, 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.

我現在將閱讀安全港聲明。此處包含的某些陳述，包括但不限於針對公司的信念、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。此類前瞻性陳述涉及已知和未知的風險，包括但不限於全球、國家和地方經濟、商業和市場狀況，包括通貨膨脹外匯波動、俄羅斯與烏克蘭的戰爭以及供應鏈延誤和中斷的影響一般和具體適用於零售業和公司。

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.

無法保證我們任何前瞻性陳述中明示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 10-K 表格的最新年度報告、10-Q 表格的季度報告、8-K 表格的當前報告以及所有根據聯邦證券法的要求向美國證券交易委員會提交的其他報告，用於描述可能影響公司業務、財務狀況、現金流量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，我想把電話轉給 Skechers 的首席運營官 David Weinberg；和首席財務官 John Vandemore。大衛？

Thank you for joining us today on our first quarter 2023 conference call. For the first time in our history, we achieved quarterly sales of $2 billion and a first quarter record earnings of $1.02. These results were attributable to the strength of our brand and the demand for our comfort technology products, supported by impactful marketing and distribution capabilities.

感謝您今天加入我們的 2023 年第一季度電話會議。我們歷史上第一次實現了 20 億美元的季度銷售額和 1.02 美元的創紀錄的第一季度收益。這些結果歸因於我們的品牌實力和對我們舒適技術產品的需求，並得到有影響力的營銷和分銷能力的支持。

With a product-first approach to our business, we are focused on staying true to our design principles, style, comfort, innovation and quality, all at a reasonable price to ensure consumers worldwide have the footwear they need to enjoy their lives comfortably, whether in the office, gym, school or home, whether walking, running, golfing or playing pickle ball we have something for everyone.

憑藉產品至上的業務方針，我們專注於堅持我們的設計原則、風格、舒適度、創新和質量，所有這些都以合理的價格確保全球消費者擁有舒適享受生活所需的鞋類，無論是在辦公室、健身房、學校或家裡，無論是散步、跑步、打高爾夫球還是玩泡菜球，我們都能為每個人提供適合的東西。

We ensure Skechers remains top of mind through memorable advertising. This quarter, we launched marketing campaigns that included a Super Bowl ad with Snoop Dogg, Martha Stewart, Tony Romo and Howie Long.

我們通過令人難忘的廣告確保 Skechers 始終是人們心目中的首選。本季度，我們開展了營銷活動，其中包括史努比狗狗、瑪莎斯圖爾特、托尼羅莫和豪伊朗的超級碗廣告。

National television commercials for Skechers Slip-ins with Amanda Kloots and Brook Burke among others, and targeted digital and out-of-home advertising for Skechers Uno with Ashley Park.

與 Amanda Kloots 和 Brook Burke 等人合作的 Skechers Slip-ins 全國電視廣告，以及與 Ashley Park 合作的 Skechers Uno 有針對性的數字和戶外廣告。

We also further improved operations at our distribution facilities, ensuring a more efficient and continuous flow of inventory through our direct-to-consumer channels as well as timely shipments to our wholesale partners.

我們還進一步改善了配送設施的運營，確保通過我們的直接面向消費者的渠道更高效、更持續地流動庫存，並及時向我們的批發合作夥伴發貨。

Our success combines the talents of many individuals across our business, including those in our corporate offices, sales teams and distribution centers, retail associates interfacing with consumers around the world and so many others. This quarter's record sales wouldn't have been possible without the nonstop support determination and flexibility of the global Skechers organization and our partners at every step along the way.

我們的成功匯集了我們業務中許多人的才能，包括我們公司辦公室、銷售團隊和配送中心的人才、與世界各地消費者打交道的零售員工以及許多其他人。如果沒有全球 Skechers 組織和我們的合作夥伴在整個過程中的每一步的不間斷支持決心和靈活性，本季度的創紀錄銷售是不可能的。

For the first quarter, Skechers achieved sales of $2 billion, a 10% increase year-over-year or 13% on a constant currency basis. This incredible achievement was led by an increase of 24.5% in direct-to-consumer as well as 3.5% growth in wholesale. International sales increased 21%, representing 63% of our total sales for the quarter. Domestic sales decreased 5% due to declines in our domestic wholesale business of 18% related to inventory congestion issues impacting many of our partners.

第一季度，Skechers 實現銷售額 20 億美元，同比增長 10%，按固定匯率計算增長 13%。這一令人難以置信的成就得益於直接面向消費者的增長 24.5% 以及批發增長 3.5%。國際銷售額增長了 21%，佔本季度總銷售額的 63%。國內銷售額下降 5%，原因是我們的國內批發業務下降了 18%，這與影響我們許多合作夥伴的庫存擁擠問題有關。

However, we also faced a very difficult comparison to a particularly strong quarter last year, due to the alleviation of the West Coast port congestion. This is evident when compared to the first quarter of 2021, against which this quarter's domestic wholesale sales increase was an impressive 17%. By region, EMEA and APAC each grew 21%, the latter of which included 3% growth in China as consumers started shopping, eating out and traveling again after a long period of COVID restrictions.

然而，由於西海岸港口擁堵的緩解，我們也面臨著與去年特別強勁的季度相比非常困難的情況。與 2021 年第一季度相比，這一點顯而易見，本季度國內批發銷售額增長了 17%，令人印象深刻。按地區劃分，歐洲、中東和非洲地區和亞太地區各增長 21%，其中中國增長 3%，因為消費者在經歷了長時間的 COVID 限制後開始購物、外出就餐和再次旅行。

Sales in the Americas were flat as domestic wholesale declines masked robust growth in most other markets. Wholesale remains a critical element of our growth strategy, representing 65% of our total sales for the quarter. The 3.5% year-over-year sales increase was driven by 20% growth in our international wholesale business, where nearly every market achieved double-digit growth.

由於國內批發量下降掩蓋了大多數其他市場的強勁增長，美洲的銷售額持平。批發仍然是我們增長戰略的關鍵要素，佔本季度總銷售額的 65%。 3.5% 的同比銷售額增長是由我們國際批發業務 20% 的增長推動的，幾乎每個市場都實現了兩位數的增長。

Overall, wholesale average selling price per unit increased 5% and unit volume decreased 2%. EMEA wholesale grew 20%, driven by double-digit increases in most markets, including Spain, Italy and Germany and APAC wholesale increased 24% led by strong double-digit growth in India and single-digit growth in China.

總體而言，單位批發平均售價上漲 5%，單位銷量下降 2%。歐洲、中東和非洲地區批發增長 20%，受大多數市場（包括西班牙、意大利和德國）兩位數增長的推動，而亞太地區批發增長 24%，主要受印度強勁的兩位數增長和中國個位數增長的帶動。

Sales to our distributors also improved in the region, driven by growth in Australia, New Zealand, Indonesia and Taiwan. The Americas wholesale business decreased 13%. However, excluding the United States, sales grew 10%. Our marketing efforts and increased traffic and conversion, along with our improved ability to replenish inventory in our company-owned stores resulted in a 24.5% sales increase in our direct-to-consumer segment. The increase was the result of 29% growth in the Americas, 18% in APAC and 30% in EMEA. In total, direct-to-consumer unit volume increased 27% and average selling price decreased 2%.

在澳大利亞、新西蘭、印度尼西亞和台灣的增長推動下，我們在該地區對經銷商的銷售額也有所改善。美洲批發業務下降 13%。然而，不包括美國在內，銷售額增長了 10%。我們的營銷努力和增加的流量和轉化率，以及我們在公司自有商店中補充庫存的能力的提高，使我們直接面向消費者的部門的銷售額增長了 24.5%。這一增長是美洲增長 29%、亞太地區增長 18% 和歐洲、中東和非洲增長 30% 的結果。總體而言，直接面向消費者的單位銷量增長了 27%，平均售價下降了 2%。

Domestic direct-to-consumer sales increased 25% due to double-digit growth in both our brick-and-mortar and e-commerce channels. International direct-to-consumer sales grew 24% due to double-digit increases in nearly every market and even triple digit in some. In China, direct-to-consumer grew due to the return of consumers to a brick-and-mortar shopping experience, the highest gains came from Hong Kong, South Korea, Chile, Thailand and Canada.

由於我們的實體店和電子商務渠道都實現了兩位數的增長，國內直接面向消費者的銷售額增長了 25%。國際直接面向消費者的銷售額增長了 24%，這是由於幾乎每個市場都實現了兩位數的增長，在某些市場甚至達到了三位數的增長。在中國，由於消費者回歸實體店購物體驗，直接面向消費者的業務增長，增幅最大的是香港、韓國、智利、泰國和加拿大。

In the first quarter, we opened 56 company-owned Skechers stores and closed 25. Store openings included 18 in China, 13 in the United States, 6 each in Thailand and Vietnam and 3 each in Germany and Israel. We ended the quarter with 4,549 Skechers stores worldwide, of which 3,074 were third-party stores, including 108 opened in the first quarter, 71 of which were in China, 15 in India and our first store in Tajikistan. In the second quarter to date, we have opened 1 company-owned store in the United States we expect to open between 125 to 140 stores worldwide over the balance of the year.

第一季度，我們開設了 56 家斯凱奇自有門店，關閉了 25 家。新開門店包括中國 18 家，美國 13 家，泰國和越南各 6 家，德國和以色列各 3 家。本季度末，我們在全球擁有 4,549 家 Skechers 門店，其中 3,074 家為第三方門店，其中 108 家在第一季度開業，其中 71 家在中國，15 家在印度，我們的第一家門店在塔吉克斯坦。迄今為止，在第二季度，我們在美國開設了 1 家公司直營店，我們預計今年餘下時間將在全球開設 125 至 140 家店。

We remain focused on growing our direct-to-consumer segment to efficiently drive sales and connect with our loyal consumers. During the first quarter, we launched our Skechers Plus loyalty program in Canada, the United Kingdom, Germany and Spain, and expect to roll out this program to more countries. We are also in the process of updating our existing e-commerce platform in Chile which is already one of our most productive international sites with plans to launch additional e-commerce sites internationally.

我們仍然專注於發展我們的直接面向消費者的細分市場，以有效地推動銷售並與我們忠實的消費者建立聯繫。第一季度，我們在加拿大、英國、德國和西班牙推出了 Skechers Plus 忠誠度計劃，並希望將該計劃推廣到更多國家。我們還在更新我們在智利的現有電子商務平台，該平台已經是我們最高效的國際網站之一，併計劃在國際上推出更多電子商務網站。

During the first quarter, we launched our limited edition collaborations, which included the popular James Goldcrown collection and our first with Diane von Furstenberg. We also introduced our first collaboration with Martha Stewart, which launched on International Women's Day in the United States and Canada.

在第一季度，我們推出了限量版合作系列，其中包括廣受歡迎的 James Goldcrown 系列以及我們與黛安·馮芙絲汀寶 (Diane von Furstenberg) 的首個系列。我們還介紹了我們與瑪莎斯圖爾特的首次合作，該合作於國際婦女節在美國和加拿大推出。

These limited releases position the brand to a more upscale audience, drive traffic to our e-commerce channel and create buzz in the media. These collaborations are also part of our brands demand creation efforts by ensuring Skechers stays top of mind with important influencers and designers.

這些限量版將品牌定位於更高端的受眾，為我們的電子商務渠道帶來流量，並在媒體上引起轟動。這些合作也是我們品牌需求創造工作的一部分，通過確保 Skechers 在重要的影響者和設計師心中保持領先地位。

We believe leveraging a roster of notable and relatable talent, both globally and in regional markets is impactful and effective. We have a diverse team that includes Emily in Paris star Ashley Park; the legendary Snoop Dog; and the recently announced movie and A-Team actor, Mr. T, which launched last week and exemplifies the breadth of our product offering. We also connect on the field, thanks to Dodger pitcher, Clayton Kershaw; and on the course with elite golfers and Skechers ambassadors, Brooke Henderson and Matt Fitzpatrick, who won the RBC Heritage earlier this month, while wearing Skechers GO GOLF.

我們相信，在全球和區域市場上利用一批知名且相關的人才是有影響力和有效的。我們擁有一支多元化的團隊，其中包括巴黎明星阿什利公園的艾米麗；傳說中的史努比狗；以及最近公佈的電影和 A-Team 演員 Mr. T，該影片於上週上映，體現了我們產品供應的廣度。多虧了道奇隊的投手克萊頓·克肖，我們在球場上也有聯繫；在球場上與精英高爾夫球手和 Skechers 大使布魯克·亨德森 (Brooke Henderson) 和馬特·菲茨帕特里克 (Matt Fitzpatrick) 在本月早些時候穿著 Skechers GO GOLF 贏得了 RBC Heritage 比賽。

With pickleball pros, Tyson McGuffin and Catherine Parenteau on our roster playing in our Skechers Viper Court pickleball shoes and as the official footwear sponsor of the Professional Pickleball Association Tour and U.S. Open, we are connecting to the fastest-growing sport in America. The enthusiasm for this sport is spreading to other markets, including Canada, the U.K. and Singapore, among others.

匹克球職業選手 Tyson McGuffin 和 Catherine Parenteau 在我們的名冊上穿著我們的 Skechers Viper Court 匹克球鞋打球，並且作為專業匹克球協會巡迴賽和美國公開賽的官方鞋類贊助商，我們正在與美國發展最快的運動聯繫起來。對這項運動的熱情正在蔓延到其他市場，包括加拿大、英國和新加坡等。

Our aim is to have consumers see, hear and think about Skechers when they are shopping in stores, browsing websites from the comfort of their home, watching their favorite TV shows listening to their favorite music station or traveling the world.

我們的目標是讓消費者在實體店購物、在家中舒適地瀏覽網站、收看喜愛的電視節目、聆聽喜愛的音樂電台或環遊世界時，都能看到、聽到和想到 Skechers。

You'll find Ashley Park wearing Uno on billboards on the streets of Paris and Skechers Slip-ins on a road show traveling the country of Spain. Skechers commercials are translated into dozens of languages, Influencers are posting about our products, reaching millions of their followers globally. We continue to pursue opportunities to connect with consumers build brand awareness and drive consumer demand for our innovative products. We have worked diligently to improve shipping within our own logistics facilities, particularly at our LEED-certified Gold North American distribution center where inventory and shipping costs have both declined over the previous 2 quarters.

您會發現 Ashley Park 在巴黎街頭的廣告牌上穿著 Uno，在西班牙全國巡迴演出中發現 Skechers Slip-ins。 Skechers 廣告被翻譯成數十種語言，有影響力的人發布有關我們產品的信息，覆蓋全球數百萬粉絲。我們繼續尋找機會與消費者建立聯繫，建立品牌知名度並推動消費者對我們創新產品的需求。我們一直在努力改善我們自己物流設施內的運輸，特別是在我們獲得 LEED 認證的北美金牌配送中心，該中心的庫存和運輸成本在前兩個季度均有所下降。

By the end of 2023, we expect to begin shipping out of our new distribution centers in Canada, India, Chile and Panama, and we also expect to open another phase of our planned LEED-certified Gold corporate offices.

到 2023 年底，我們預計將開始從我們在加拿大、印度、智利和巴拿馬的新配送中心發貨，我們還預計將開設我們計劃中的獲得 LEED 認證的金牌公司辦公室的另一期。

Just last week, we released our first impact report, our stewardship is focused on minimizing our environmental footprint in the communities where we operate. As an organization, Skechers is thinking about our product, our people and our planet because we believe it is a critical element of acting responsibly to serve all our stakeholders, including the families who love Skechers.

就在上週，我們發布了第一份影響報告，我們的管理工作重點是盡量減少我們運營所在社區的環境足跡。作為一個組織，Skechers 正在考慮我們的產品、我們的員工和我們的星球，因為我們相信這是負責任地為所有利益相關者服務的關鍵要素，包括熱愛 Skechers 的家庭。

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

現在我想把電話轉給約翰，了解我們財務業績的更多細節。

Thank you, David, and good afternoon, everyone. Skechers delivered another quarter of record financial performance, exceeding both our top and bottom line expectations as we continue to successfully execute our long-term growth strategy. Sales surpassed $2 billion, growing 10% year-over-year and quarterly earnings per share exceeded $1 for the first time for this period. These results were driven by continued broad-based strength globally, particularly in our direct-to-consumer segment as well as a return to growth in China.

謝謝你，大衛，大家下午好。隨著我們繼續成功執行我們的長期增長戰略，Skechers 又創造了一個季度創紀錄的財務業績，超出了我們的最高和最低預期。銷售額超過 20 億美元，同比增長 10%，季度每股收益首次超過 1 美元。這些業績是由全球範圍內持續的廣泛實力推動的，特別是在我們的直接面向消費者的細分市場以及中國恢復增長的推動下。

We also made significant progress in moderating our inventory levels, which decreased 17% versus last quarter. These results demonstrate that even amid a dynamic retail landscape and market challenges, consumers around the globe are seeking out the Skechers brand, and compelling assortment of stylish, comfortable, high-quality and exceptionally priced product.

我們在降低庫存水平方面也取得了重大進展，與上一季度相比下降了 17%。這些結果表明，即使在充滿活力的零售環境和市場挑戰中，全球消費者仍在尋找 Skechers 品牌以及引人注目的時尚、舒適、高品質和價格優惠的產品系列。

Before turning to our first quarter results, I would like to highlight the announcement we made this morning regarding the planned acquisition of our Scandinavian distributor. Let me formally welcome the Sports Connection team to Skechers. We are looking forward to working closer together and excited about the prospects of further growing the Skechers brand in the Nordic region. This transaction is expected to close within the coming quarters and to be slightly accretive to earnings.

在談到我們的第一季度業績之前，我想強調一下我們今天上午就計劃收購我們的斯堪的納維亞經銷商發布的公告。讓我正式歡迎 Sports Connection 團隊加入 Skechers。我們期待更緊密的合作，並對 Skechers 品牌在北歐地區進一步發展的前景感到興奮。該交易預計將在未來幾個季度內完成，並將略微增加收益。

Now let's review our first quarter financial results. Wholesale sales increased 3% year-over-year to $1.29 billion, led by 20% growth internationally. Our fourth quarter momentum of last year carried on through the first quarter with double-digit growth in nearly every market as well as an encouraging return to growth in China. Domestic wholesale sales were as expected, a headwind in the quarter declining by 18%. We continue to see good sell-through of the Skechers brand at our wholesale partners. However, the ongoing challenges of broader inventory congestion is meaningfully impacting orders.

現在讓我們回顧一下我們的第一季度財務業績。在國際增長 20% 的帶動下，批發銷售額同比增長 3% 至 12.9 億美元。我們去年第四季度的勢頭一直延續到第一季度，幾乎每個市場都實現了兩位數的增長，中國也實現了令人鼓舞的增長回歸。國內批發銷售額符合預期，本季度逆風下降了 18%。我們繼續看到 Skechers 品牌在我們的批發合作夥伴處的良好銷售。然而，更廣泛的庫存擁堵帶來的持續挑戰正在對訂單產生重大影響。

That being said, it's important to keep in mind that last year's comparable quarter delivered a robust 43% growth year-over-year as port congestion alleviated in the pace of shipments to our customers recover. In fact, as compared to the first quarter of 2021, this quarter's domestic wholesale sales actually grew by a more than respectable 17%.

話雖這麼說，但重要的是要記住，隨著港口擁堵的緩解，我們客戶的出貨速度有所恢復，去年的可比季度實現了 43% 的強勁同比增長。事實上，與 2021 年第一季度相比，本季度的國內批發銷售額實際上增長了 17% 以上。

Direct-to-consumer sales increased 24% year-over-year to $707.4 million, driven by 25% growth domestically and 24% growth internationally.

在國內增長 25% 和國際增長 24% 的推動下，直接面向消費者的銷售額同比增長 24% 至 7.074 億美元。

Growth was both broad and robust as nearly every market posted double-digit gains, which we believe are indicative of the strong underlying consumer demand for our comfort technology products, improved inventory availability and compelling marketing activations.

增長既廣泛又強勁，幾乎每個市場都實現了兩位數的增長，我們認為這表明消費者對我們的舒適技術產品的潛在需求強勁、庫存可用性提高以及引人注目的營銷活動。

Deepening our direct relationship with our consumers remains a focal point of our strategy, and we continue to hone our capabilities to raise brand awareness more effectively and to enable a frictionless omnichannel experience for our consumers.

深化我們與消費者的直接關係仍然是我們戰略的重點，我們將繼續磨練我們的能力，以更有效地提高品牌知名度，並為我們的消費者提供順暢的全渠道體驗。

Now turning to our regional sales. In the Americas, sales for the first quarter were essentially flat year-over-year at $945.9 million, where the headwinds in the domestic wholesale market masked continued strong consumer trends and double-digit growth across most markets, particularly in Chile and Mexico. Excluding domestic wholesale, the Americas grew 23% year-over-year.

現在轉向我們的區域銷售。在美洲，第一季度的銷售額基本與去年同期持平，為 9.459 億美元，國內批發市場的逆風掩蓋了持續強勁的消費趨勢和大多數市場的兩位數增長，尤其是在智利和墨西哥。不包括國內批發，美洲同比增長 23%。

In EMEA, the momentum from last quarter continued through this quarter as sales increased 21% year-over-year to $534.5 million, driven by double-digit growth across both segments in most countries, led by Spain, Italy and Germany. In APAC, sales increased 21% year-over-year to $521.5 million, also driven by double-digit growth in both segments in most countries, led by India and Korea and triple-digit growth in several markets, including Thailand and the Philippines. Notably, we also experienced significantly better-than-expected results in China where sales grew by 3%, driven by strength in our physical retail stores as consumers enjoyed a return to in-person shopping.

在歐洲、中東和非洲地區，上一季度的勢頭一直延續到本季度，銷售額同比增長 21% 至 5.345 億美元，這主要受西班牙、意大利和德國等大多數國家這兩個細分市場兩位數增長的推動。在亞太地區，銷售額同比增長 21% 至 5.215 億美元，這也是受大多數國家的這兩個細分市場均實現兩位數增長（以印度和韓國為首）以及泰國和菲律賓等多個市場實現三位數增長的推動。值得注意的是，我們在中國的業績也明顯好於預期，銷售額增長了 3%，這得益於我們實體零售店的強勁增長，因為消費者回歸了實體店購物。

While the Chinese market has been volatile over the last few years, we are cautiously optimistic about the near-term recovery that appears to be materializing and remain confident in our long-term growth opportunity in the market.

雖然中國市場在過去幾年一直動盪不安，但我們對似乎正在實現的近期復蘇持謹慎樂觀態度，並對我們在市場上的長期增長機會保持信心。

First quarter gross margins were 48.9%, a significant improvement of 360 basis points compared to the prior year as pricing adjustments made last year in our wholesale segment annualized and we experienced a favorable channel mix of higher direct-to-consumer unit volumes.

第一季度的毛利率為 48.9%，與去年同期相比顯著提高了 360 個基點，這是因為我們的批發部門去年進行了年化定價調整，並且我們經歷了直接面向消費者的單位銷量增加的有利渠道組合。

Operating expenses increased 210 basis points as a percentage of sales year-over-year from 35.6% to 37.7%. Selling expenses increased 50 basis points as a percentage of sales year-over-year to 6.4%, primarily due to higher brand marketing globally and demand creation expenses in digital.

營業費用佔銷售額的百分比同比增長 210 個基點，從 35.6% 增至 37.7%。銷售費用佔銷售額的百分比同比增長 50 個基點至 6.4%，這主要是由於全球品牌營銷和數字需求創造費用增加所致。

General and administrative expenses increased 160 basis points as a percentage of sales year-over-year to 31.3% due to volume-related impacts of higher sales and the expansion of our retail footprint.

由於銷售額增加和零售足跡擴張的銷量相關影響，一般和行政費用佔銷售額的百分比同比增長 160 個基點至 31.3%。

Continuing congestion-related inefficiencies totaled approximately $20 million of incremental costs globally. We have made tremendous progress on improving efficiency at our domestic distribution center since the second half of last year, and we continue to expect incremental logistics costs to decline in magnitude.

與擁堵相關的持續低效率在全球範圍內增加了大約 2000 萬美元的成本。自去年下半年以來，我們在提高國內配送中心效率方面取得了巨大進展，我們繼續預計增量物流成本將大幅下降。

Earnings from operations were $223.6 million, a 27.1% increase compared to the prior year, and our operating margin for the quarter was 11.2% compared to 9.7% in the prior year. Earnings per share were $1.02 per diluted share on 156.8 million diluted shares outstanding, a 32.5% increase. This included a positive $0.06 impact from foreign currency fluctuations year-over-year.

運營收益為 2.236 億美元，比去年同期增長 27.1%，本季度營業利潤率為 11.2%，去年同期為 9.7%。稀釋後每股收益為 1.02 美元，稀釋後流通股為 1.568 億股，增長 32.5%。這包括外匯匯率同比波動帶來的 0.06 美元的積極影響。

Our effective tax rate for the first quarter was 18.5% compared to 20% in the prior year.

我們第一季度的有效稅率為 18.5%，而去年同期為 20%。

And now turning to our balance sheet. We ended the quarter with $930.3 million in cash, cash equivalents and investments, an increase of $110.4 million from March 31, 2022. This increase was largely attributable to operating cash flow as working capital needs moderated.

現在轉向我們的資產負債表。本季度末，我們擁有 9.303 億美元的現金、現金等價物和投資，比 2022 年 3 月 31 日增加了 1.104 億美元。這一增長主要歸因於營運資金需求放緩導致的運營現金流。

Inventory was $1.5 billion, an increase of only 4% and or $52.7 million compared to the prior year and a decrease of 17% versus the prior quarter. Notably, domestic inventory declined nearly 24% from the fourth quarter.

存貨為 15 億美元，與上年同期相比僅增長 4% 或 5270 萬美元，與上一季度相比下降 17%。值得注意的是，國內庫存比第四季度下降了近 24%。

Accounts receivable at quarter end were $1.05 billion, an increase of $42.1 million, reflecting higher wholesale sales globally.

季度末的應收賬款為 10.5 億美元，增加了 4210 萬美元，反映出全球批發銷售額的增加。

Capital expenditures for the quarter were $71.2 million, of which $31 million was related to the expansion of our distribution infrastructure globally, $19.9 million related to investments in our retail stores and direct-to-consumer technologies and $9 million primarily related to the construction of our new corporate offices.

本季度的資本支出為 7,120 萬美元，其中 3,100 萬美元與我們全球分銷基礎設施的擴展有關，1,990 萬美元與我們的零售店和直接面向消費者的技術投資有關，900 萬美元主要與我們的建設有關新的公司辦公室。

Our capital investments are focused on supporting our strategic priorities, growing our direct-to-consumer business and expanding our brand presence globally.

我們的資本投資專注於支持我們的戰略重點，發展我們的直接面向消費者的業務，並擴大我們在全球的品牌影響力。

During the first quarter, we also repurchased approximately 676,000 shares of our Class A common stock at a cost of approximately $30 million. We continue to deploy our capital consistent with our stated philosophy.

第一季度，我們還以約 3000 萬美元的成本回購了約 676,000 股 A 類普通股。我們繼續按照我們既定的理念部署我們的資本。

Now turning to guidance. This was an exceptional first quarter, one that exceeded our expectations and demonstrated that the strong brand momentum and robust consumer demand trends for our comfort technology products is continuing.

現在轉向指導。這是一個非凡的第一季度，超出了我們的預期，並表明我們的舒適技術產品的強大品牌勢頭和強勁的消費者需求趨勢仍在繼續。

The core assumptions originally embedded in our annual guidance for 2023 remain applicable, and we are still faced with numerous uncertainties about this year, particularly around macroeconomic factors, a dynamic wholesale landscape, and the shape of the market recovery in China. For the fiscal year, we now expect sales to be in the range of $7.9 billion to $8.1 billion, and net earnings per diluted share in the range of $3 to $3.20. For the second quarter, we expect sales in the range of $1.85 billion to $1.9 billion and net earnings per diluted share in the range of $0.40 to $0.50.

最初包含在我們 2023 年年度指引中的核心假設仍然適用，我們今年仍面臨許多不確定性，特別是圍繞宏觀經濟因素、充滿活力的批發格局以及中國市場復甦的形態。對於本財年，我們現在預計銷售額在 79 億美元至 81 億美元之間，攤薄後每股淨收益在 3 美元至 3.20 美元之間。對於第二季度，我們預計銷售額在 18.5 億美元至 19 億美元之間，攤薄後每股淨收益在 0.40 美元至 0.50 美元之間。

Our effective tax rate for the year is expected to be between 19% and 20%. We expect total capital expenditures to be between $300 million to $350 million as we continue to invest in our strategic priorities, including additional stores, expanded omnichannel capabilities and incremental distribution capacity in key markets like India, China and Chile.

我們今年的有效稅率預計在 19% 到 20% 之間。我們預計總資本支出將在 3 億至 3.5 億美元之間，因為我們將繼續投資於我們的戰略重點，包括在印度、中國和智利等主要市場增加門店、擴大全渠道能力和增加分銷能力。

Moving ahead, we remain focused on executing our strategy and delivering innovative, stylish, high quality and comfortable products at a reasonable price.

展望未來，我們將繼續專注於執行我們的戰略，並以合理的價格提供創新、時尚、高品質和舒適的產品。

We thank you for your time today, and we look forward to updating you on our second quarter financial results, which we expect to release on Thursday, July 27.

感謝您今天抽出寶貴時間，我們期待著向您更新我們預計於 7 月 27 日星期四發布的第二季度財務業績。

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作結束語。

Thank you, John. As we begin our fourth decade in business with plans to reach $10 billion in annual sales by 2026, we couldn't be more positive about our position in the market, thanks to the strength of our brand, the relevance of our footwear collections, the robust demand for our comfort technology products, the effectiveness of our marketing efforts and our commitment and ability to execute our strategies efficiently and effectively, achieving quarterly sales of $2 billion with growth of 10% against a strong comparison to last year. Despite challenges in one of our core businesses, domestic wholesale, is a significant achievement and one the entire organization should be proud of attaining.

謝謝你，約翰。隨著我們開始第四個十年的業務計劃到 2026 年達到 100 億美元的年銷售額，我們對我們在市場上的地位非常樂觀，這要歸功於我們品牌的實力、我們鞋類系列的相關性、對我們的舒適技術產品的強勁需求、我們營銷工作的有效性以及我們高效執行戰略的承諾和能力，實現了 20 億美元的季度銷售額，與去年相比增長了 10%。儘管我們的一項核心業務面臨挑戰，但國內批發是一項重大成就，整個組織都應該為取得這一成就感到自豪。

As always, we never stop innovating, creating and seeking new opportunities, including the acquisition of our long-standing Scandinavian distributor, engaging with Doja Cat, who Time Magazine just named one of the most influential music artists for our marketing and collaboration campaign and building efficiencies to better meet the needs of consumers.

一如既往，我們從未停止創新、創造和尋求新的機會，包括收購我們的長期斯堪的納維亞經銷商，與 Doja Cat 合作，時代雜誌剛剛將他評為最有影響力的音樂藝術家之一，用於我們的營銷和合作活動，並建立效率，更好地滿足消費者的需求。

We thank our talented employees and incredible partners for their ongoing commitment and look forward to more successes together in the future.

我們感謝我們才華橫溢的員工和令人難以置信的合作夥伴的持續承諾，並期待在未來共同取得更多成功。

Now I would 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)

（操作員說明）

Our first question comes from Jay Sole with UBS.

我們的第一個問題來自瑞銀的 Jay Sole。

Great. So obviously, a big quarter for Q1. EPS well ahead of consensus. I want to ask about the second quarter guidance. Maybe if you could talk about sales. If you maybe can break down what you're expecting in the wholesale channel versus the D2C channel. If we can start there, that would be helpful.

偉大的。很明顯，第一季度是一個重要的季度。 EPS 遠超市場預期。我想問一下第二季度的指導。也許如果你能談談銷售。如果您可以分解您對批發渠道與 D2C 渠道的期望。如果我們可以從那裡開始，那將會很有幫助。

Well, thanks, Jay. It was really an exceptional quarter on a lot of fronts. Our second quarter guidance really incorporates all the challenges we've been talking about, namely on the domestic wholesale side. There was a little bit of Q2 that ended up shipping a little bit earlier, which impacted Q1. It's not an extraordinary amount, but it is an amount that came out of Q2 into Q1 still held the order, which is most important. Absent that, we're actually incredibly encouraged by what we're seeing in the shape of Q2. But the domestic wholesale is the headwind we're facing.

好吧，謝謝，傑伊。在很多方面，這確實是一個特殊的季度。我們的第二季度指南確實包含了我們一直在談論的所有挑戰，即在國內批發方面。第二季度有一點提前發貨，這影響了第一季度。這不是一個特別的數量，但它是從第二季度進入第一季度的數量仍然保持著訂單，這是最重要的。如果沒有，我們實際上對我們所看到的第二季度的情況感到非常鼓舞。但國內批發是我們面臨的逆風。

We're also watching the macroeconomic environment and what that means from a direct-to-consumer side of things. But obviously, since you're seeing these quarterly results, the direct-to-consumer side, the consumer demand for the product remains incredibly robust. And that, to us, is the most encouraging signal because it means consumers are out there. They want the brand, they want the products that we're offering. And so long term, we know that's going to be the key to success.

我們也在關注宏觀經濟環境，以及從直接面向消費者的角度來看這意味著什麼。但顯然，由於您看到了這些季度結果，即直接面向消費者的一面，消費者對該產品的需求仍然非常強勁。對我們來說，這是最令人鼓舞的信號，因為這意味著消費者就在那裡。他們想要品牌，他們想要我們提供的產品。從長遠來看，我們知道這將是成功的關鍵。

But in the second quarter, in particular, the headwind is going to be what it was in the first quarter shaping up to be a little bit more a steer partly because of that timing shift and partly just because of how the bookings came together. And so while we're hopeful that we'll start to see a turn in that soon, the reality is what we can bank on at the moment foreshadows that headwind continuing.

但特別是在第二季度，不利因素將與第一季度一樣變得更加轉向，部分原因是時間的變化，部分原因是預訂的組合方式。因此，儘管我們希望我們很快就會開始看到轉機，但現實是我們目前可以依靠的預示著逆風仍在繼續。

And remember, when we had talked about the year, we very much typified this as a first half, second half story. If you look at this in aggregate over the first half, it's really shaping up to be very similar to what we said, for the most part, on the domestic wholesale side of things and then better than we expected on the direct-to-consumer and in particular, in China. And so if you aggregate the first half quarters together, I think you'd see it's a very encouraging sign overall. But that's the headwind we'll continue to face in Q2.

請記住，當我們談到這一年時，我們非常典型地將其定義為上半場和下半場故事。如果你整體看一下上半年的情況，它真的與我們所說的非常相似，在很大程度上，在國內批發方面，然後比我們在直接面向消費者方面的預期要好尤其是在中國。因此，如果將前半個季度匯總在一起，我認為您會發現這是一個非常令人鼓舞的整體跡象。但這是我們將在第二季度繼續面臨的不利因素。

I understand -- maybe if I can ask one more, and then I'll pass it on. But just, John, to follow up on what you just said. Obviously, there's macro uncertainty out there. The shape of the China recovery, you mentioned is on certain wholesale channel dynamics are what they are. But are you seeing that impact the business now? It sounds like you still are really positive about what you're seeing in the D2C channel. So it's more like you're baking in conservatism, but not necessarily seeing it at the moment. And I guess just to follow up on that as well. China, what -- how did the quarter trend in terms of -- obviously, you're lapping some store closures as we went through March. How are you seeing China play out in Q2 right now?

我明白了——也許我可以再問一個，然後我會把它傳遞下去。但是，約翰，請跟進你剛才所說的內容。顯然，那裡存在宏觀不確定性。中國復甦的形態，你提到的是某些批發渠道的動態。但是您現在看到這對業務有影響了嗎？聽起來您對在 D2C 渠道中看到的內容仍然非常樂觀。所以這更像是你在保守主義中烘烤，但現在不一定看到它。我想也只是跟進一下。中國，這個季度的趨勢如何 - 顯然，在我們經歷了三月份的時候，你正在關閉一些商店。您如何看待中國在第二季度的表現？

So on the direct-to-consumer, I mean, it's hard not to be encouraged by 25% growth overall, almost precisely well balanced between our international estate and our domestic estate 25% and 24% growth. So I mean there's really nothing to take out of the direct-to-consumer side of things other than fantastic encouragement, again, really around the brand. enter on the product. Our Arch Fit product continues to do really well. Our Slip-in products continue to do well. All of our comfort technology features are doing really well. And I mean, I think it's hard not to conclude that our marketing is resonating in a way that is driving traffic. I mean the metrics in direct-to-consumer were great across the board. So it's really hard not to be incredibly encouraged by that.

因此，在直接面向消費者方面，我的意思是，整體增長 25% 很難不受到鼓舞，幾乎恰好在我們的國際房地產和國內房地產 25% 和 24% 的增長之間取得了很好的平衡。所以我的意思是，除了極好的鼓勵之外，真的沒有什麼可以從直接面向消費者的方面拿走的，再次，真正圍繞品牌。輸入產品。我們的 Arch Fit 產品繼續表現出色。我們的 Slip-in 產品繼續表現良好。我們所有的舒適技術功能都非常出色。我的意思是，我認為很難不得出結論，我們的營銷正在以一種推動流量的方式產生共鳴。我的意思是，直接面向消費者的指標在各方面都很好。因此，很難不為此感到難以置信的鼓舞。

Now obviously, we're always going to take a little bit of a cautious view as we look forward because we don't know what the future holds. But I would say thus far in April, that trend is -- that positive trend is still continuing, which is good.

現在顯然，我們在展望未來時總是會採取一些謹慎的觀點，因為我們不知道未來會怎樣。但我要說的是，到 4 月份為止，這種趨勢是——積極的趨勢仍在繼續，這很好。

China shaped up, I think, a lot like you've heard elsewhere. I mean there's a little bit of a headwind mentality in the early part. I think as they still dealt with the ongoing effects of COVID, things got stronger, probably -- what's most encouraging to us is the fact that both you saw a return to consumers in stores and out shopping, which is an intentional effort to get out and to shop and that's, as we noted, our retail stores in China did incredibly well. But also that some total, even with a little bit of a headwind in the first half of the quarter, China grew, and that's fantastic.

我認為，中國的發展很像您在其他地方聽到的那樣。我的意思是在早期有一點逆風心態。我認為，由於他們仍在處理 COVID 的持續影響，情況可能會變得更強大——對我們來說最令人鼓舞的是，你看到消費者在商店和外出購物的回歸，這是一種有意走出去的努力和購物，正如我們所指出的，我們在中國的零售店做得非常好。但總的來說，即使在本季度的前半段有一點逆風，中國也在增長，這太棒了。

So again, we're optimistic, cautiously optimistic as you, I think, expect us to be but optimistic about what we're seeing. It looks like some of our conservatism early on may not have been fully warranted because this quarter certainly was better than we expected. But we want to watch things a little bit further. Net-net, though, really isn't anything that we see in that market that isn't encouraging at this point.

因此，我們再次保持樂觀，謹慎樂觀，因為我認為您希望我們對我們所看到的情況持樂觀態度。看起來我們早期的一些保守主義可能沒有充分的理由，因為這個季度肯定比我們預期的要好。但我們想進一步觀察。不過，Net-net 在這一點上確實不是我們在該市場上看到的任何不令人鼓舞的東西。

Next question comes from Gaby Carbone with Deutsche Bank.

下一個問題來自德意志銀行的 Gaby Carbone。

Congrats on the nice quarter. I was wondering if you can help us think about the trajectory of gross margin for the remainder of the year, considering the strong expansion experienced in 1Q? And what are some of the biggest tailwinds you're facing, if you could remind us?

恭喜這個漂亮的季度。考慮到第一季度的強勁擴張，我想知道您是否可以幫助我們考慮今年剩餘時間的毛利率軌跡？如果您能提醒我們，您面臨的最大順風是什麼？

Well, I mean, we had said earlier, and I would stick to this as the best guidance to give you is we expect gross margins to continue to do better every quarter. We had long expected this quarter to be the biggest pickup because a year ago, it's when we really began to suffer from increased logistics costs, in particular, the freight rates, but others as well.

好吧，我的意思是，我們之前說過，我會堅持這一點，因為給你的最佳指導是我們預計毛利率每個季度都會繼續表現更好。我們早就預計本季度將是最大的回升，因為一年前，那是我們真正開始遭受物流成本增加的影響，尤其是運費，但其他方面也是如此。

We expect to continue to see improvements, maybe not at this magnitude or maybe a more modest magnitude because a big part of that is the pricing we implemented last year took place and we're not annualizing as much of that. But we are continuing to expect better each quarter of gross margins throughout the year. Some of that is mix. Some of that is the benefit of pricing.

我們預計會繼續看到改進，可能不會達到這個幅度，也可能不會達到更適度的幅度，因為其中很大一部分是我們去年實施的定價，而我們並沒有對其中的大部分進行年度化。但我們繼續預計全年每個季度的毛利率都會有所提高。其中一些是混合的。其中一些是定價的好處。

In the back half of the year, we expect a little bit more of that to be the pickup from some of those lower logistics costs. But just again, to caution, we have to burn out the inventory that landed at higher rates. But we are seeing current rates, and we expect contract rates to be certainly beneficial as compared to last year, and that should begin to materialize in the back half of the year.

在今年下半年，我們預計其中一些較低的物流成本會有所增加。但再次提醒，我們必須耗盡以更高利率著陸的庫存。但我們看到的是當前利率，我們預計合同利率與去年相比肯定有利，而且應該在今年下半年開始實現。

Got it. And then just one quick last question. On the incremental logistics costs, did you quantify what the impact that was in 1Q? And then of the $90 million you experienced last year, how should we be thinking about like recouping that in the back half of this year?

知道了。然後只是一個快速的最後一個問題。關於增量物流成本，您是否量化了第一季度的影響？然後在你去年經歷的 9000 萬美元中，我們應該如何考慮在今年下半年收回這筆錢？

Yes. So we -- the number this quarter was about $20 million -- it was actually meaningfully less on the domestic side. But as we had mentioned last quarter, we had started to see some issues creep up in Europe, they're not as significant. The total in the quarter was about $20 million. Now you actually bring up a really good point and something I think is worth noting.

是的。所以我們 - 本季度的數字約為 2000 萬美元 - 實際上在國內方面要少得多。但正如我們上個季度提到的那樣，我們已經開始看到歐洲出現了一些問題，它們並不那麼重要。該季度的總額約為 2000 萬美元。現在你實際上提出了一個非常好的觀點和我認為值得注意的事情。

We spent a lot last year to deal with what can only be described as an abnormal amount of incoming orders. But I think what you're seeing now is the benefit of that. Our stores, they have the product they need, they're well stocked and that's why they were generating, we believe that 25% uptick on volume. So it was in retrospect, although painful, money very well spent to clean up our position and to take the inventory into our own supply chain so that we could deal with it versus relying on others or seeing things back up.

去年我們花了很多錢來處理只能說是異常數量的來單。但我認為你現在看到的是這樣做的好處。我們的商店，他們有他們需要的產品，他們庫存充足，這就是他們產生的原因，我們相信銷量會增加 25%。因此，回想起來，儘管很痛苦，但錢花在清理我們的頭寸並將庫存納入我們自己的供應鏈中，這樣我們就可以處理它，而不是依賴他人或看到事情備份。

I would also just point out in that we saw a significant downtick in inventory levels. So our inventory, we believe, is probably at the right level now maybe a little bit more room to gain efficiency but much improved from where we were both at the end of the year and quite frankly, compared to last year, especially with our intention is to grow.

我還要指出的是，我們看到庫存水平顯著下降。因此，我們相信，我們的庫存現在可能處於正確的水平，可能有更多的空間來提高效率，但比我們年底時的水平有了很大改善，坦率地說，與去年相比，尤其是我們的意圖是成長。

So net-net, arguably a tough dollar to spend, but the right dollar to spend to get us to the point where we are now and as a result, see the benefits of the uptick, particularly on the direct-to-consumer side of things because we think that was a meaningful contributor to the growth we saw this quarter.

所以 net-net，可以說是一個很難花的美元，但是正確的美元可以讓我們達到現在的地步，因此，看到上漲的好處，特別是在直接面向消費者的方面事情，因為我們認為這對我們本季度看到的增長做出了有意義的貢獻。

The next question comes from Laurent Vasilescu with BNP Paribas.

下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

I wanted to piggyback off of Jay's question with regards to domestic wholesale. You mentioned this is a tale of 2 halves. How do we think about the second quarter? I think you noted, John, that 1Q over 1Q (inaudible) '21 was up 17%. Could we assume that 2Q is still positive on a 2-year stack basis? And how do. We think about it for the full year?

我想順便回答 Jay 關於國內批發的問題。你提到這是一個分為兩半的故事。我們如何看待第二季度？我想你注意到了，約翰，1Q 比 21 年的 1Q（聽不清）增長了 17%。我們可以假設 2Q 在 2 年堆棧的基礎上仍然是積極的嗎？以及怎麼做。我們想一整年？

Laurent, I should have known you were going to ask a 2-, 3- or 5-year stack question there. The first thing I'd say is, I mean, I want to be clear. Our domestic wholesale product lineup, what we're seeing in reaction from customers is incredibly encouraging. What we're seeing is that continuing congestion of inventory downstream impacting orders because we -- like we said, we continue to see good sell-through. We know the product is resonant. It drove -- that same product drove a 25% increase in our direct-to-consumer sale.

Laurent，我早該知道你會問一個 2 年、3 年或 5 年的堆棧問題。我要說的第一件事是，我的意思是，我想說清楚。我們的國內批發產品陣容，我們從客戶那裡看到的反應非常令人鼓舞。我們看到的是，下游庫存持續擁堵影響訂單，因為我們——就像我們說的那樣，我們繼續看到良好的銷售。我們知道產品是諧振的。它推動了——同樣的產品推動了我們直接面向消費者的銷售增長了 25%。

We don't think there's any health issues with regard to the inventory we have. I think there's just continuing to be a downstream congestion impact. Also, as I noted, we saw a little bit of shift of orders out of Q2 into Q1, and then the natural build of the book had been for the year that Q2 is always going to be the most challenging.

我們認為我們的庫存沒有任何健康問題。我認為只會繼續對下游擁堵產生影響。此外，正如我所指出的，我們看到訂單從第二季度轉移到第一季度，然後這本書的自然構建是因為第二季度總是最具挑戰性的一年。

So I don't -- in all honestly, think anything material has changed. If it has in the second quarter, it's probably a little bit more challenging than we had expected. But again, we picked some of that up in Q1. And we think that as we get past that congestion, the opportunity for the product that's resonating so strongly in our direct to consumers is going to ultimately benefit the wholesale customer base as well.

所以我不 - 老實說，認為任何實質性的事情都發生了變化。如果它在第二季度出現，它可能比我們預期的更具挑戰性。但同樣，我們在第一季度選擇了其中的一些。而且我們認為，隨著我們克服這種擁堵，我們直接向消費者產生如此強烈共鳴的產品機會最終也將使批發客戶群受益。

In terms of your 2-year stack question, I don't want to get into specifics on growth by channel, but we do expect that probably Q2 is going to be the worst of it, and then we'll move beyond that. And we're starting to see some good indicators on 3 and 4, Q3 and 4 on that side that are -- or at least green shoots that we're seeing things come back in a little bit.

關於你的 2 年堆棧問題，我不想通過渠道詳細說明增長，但我們確實預計第二季度可能是最糟糕的，然後我們會超越它。我們開始在 3 和 4、Q3 和 4 上看到一些好的指標——或者至少是我們看到事情稍微恢復的綠芽。

Okay. Very helpful. And then I think people were a little bit surprised by the guide of $0.40 to $0.50 per for 2Q. Can you just maybe -- I know you don't usually talk about the minority interest line, but it did double year-over-year. Should we assume that doubles for the full year for -- or is there any anomalies that we should think about for 2Q? And then I've got a follow-up question on Scandinavia, if I may.

好的。很有幫助。然後我認為人們對第二季度 0.40 美元至 0.50 美元的指導價感到有點驚訝。你能不能——我知道你通常不會談論少數民族利益線，但它確實比去年同期翻了一番。我們是否應該假設全年翻倍 - 或者我們應該考慮第二季度的任何異常情況？如果可以的話，我還有一個關於斯堪的納維亞半島的後續問題。

Yes. So the minority interest line, as we've long talked about, is a fairly direct reflection of activities on our joint venture businesses, particularly and most significantly in the Asia region, including China. So that line will go in concert with that business. I'm not going to give specific guidance on it. I will say that you have to recognize, though, that is all the way down past the operating margin line. So occasionally, there can be tax ramifications or other issues that influence it.

是的。因此，正如我們長期以來所討論的那樣，少數股東利益線相當直接地反映了我們合資企業的活動，尤其是在包括中國在內的亞洲地區。所以這條線將與該業務一致。我不會就此給出具體的指導。不過，我要說的是，你必須認識到，這已經超過了營業利潤線。因此，偶爾可能會有稅收影響或其他影響它的問題。

But I would consider that a proxy for our businesses in Asia, in particular. And then also Mexico, which is a fast-growing significant contributor to us as well. So it will perform in line with those countries and you'll have a view, I'm sure, on where they're going and that so I would educate your thinking about the minority interest line.

但我認為這尤其代表了我們在亞洲的業務。然後是墨西哥，它也是我們快速增長的重要貢獻者。因此，它的表現將與這些國家保持一致，我敢肯定，你會對他們的發展方向有一個看法，所以我會教育你對少數民族利益線的看法。

Very helpful. Just lastly, when you took over Mexico in 2019, I think you said on the 1Q '19 call, the magnitude of the rev conversion and the EPS accretion I think you alluded that Scandinavia is EPS accretive. But can you just maybe kind of give us some guardrails just the revenue shift as we model distributor revenues and how much EPS accretion comes from Scandinavia?

很有幫助。最後，當你在 2019 年接管墨西哥時，我想你在 19 年第一季度的電話會議上說過，轉速轉換的幅度和 EPS 的增長我認為你暗示斯堪的納維亞半島是 EPS 增長的。但是，當我們為分銷商收入建模時，您能否給我們一些關於收入變化的護欄以及來自斯堪的納維亞半島的 EPS 增長？

I'll ask you to put a pin in that for now only because we just announced the deal, and we do need to look at how it gets accounted for from a purchase accounting perspective. Once we get through some of that, hopefully, on the next call, we'll provide a little bit more guidance.

我會請你暫時確定這一點，因為我們剛剛宣布了這筆交易，我們確實需要從採購會計的角度來看它是如何入賬的。一旦我們解決了其中的一些問題，希望在下一次電話會議上，我們將提供更多指導。

But I would say, overall, it's important -- it's a great business. The brand shows very well in that market. We've got a good footprint that we think we can expand. We're acquiring a great team in the Sports Connection team there. And we're incredibly excited about what that means for us, both in the Nordic region, as well as beyond in Europe because we think we can find ways to continue to work together.

但我會說，總的來說，這很重要——這是一項偉大的事業。該品牌在該市場上表現出色。我們有一個很好的足跡，我們認為我們可以擴大。我們正在那裡的 Sports Connection 團隊中收購一支優秀的團隊。我們對這對我們在北歐地區以及歐洲以外地區的意義感到無比興奮，因為我們認為我們可以找到繼續合作的方法。

But we'll give more specifics on accretion and kind of the revenue contribution at a later date. Although you did make a note that I think it's important to consider. This is a customer of ours on the distributor side of things. So not all of the revenue is going to be additive because we have to take out what we were earning from a distributor perspective and put in kind of the growth that we were in running the business. So the revenue side of it is not all additive. And we'll give more color on that as we get closer to or past the closing.

但我們稍後會提供更多關於增長和收入貢獻的細節。儘管您確實做了筆記，但我認為考慮這一點很重要。這是我們在分銷商方面的客戶。所以並不是所有的收入都會增加，因為我們必須從分銷商的角度拿出我們所賺取的收入，並投入我們在經營業務方面的增長。所以它的收入方面並不都是累加的。當我們接近或結束時，我們會在上面添加更多顏色。

Next question comes from John Kernan with Cowen & Company.

下一個問題來自 Cowen & Company 的 John Kernan。

Yes. Excellent. Congrats on the upside, guys. John, maybe just if we can just talk about the first quarter for a second. You had pretty big upside. Significant upside to your outlook. I was just curious what on the top line surprised you the most? And then what on the margin profile of the business surprised you the most in Q1?

是的。出色的。恭喜你，伙計們。約翰，也許我們可以談談第一季度。你有很大的優勢。對你的前景有重大的好處。我只是好奇最讓你吃驚的是什麼？那麼在第一季度最讓您感到驚訝的業務利潤率是什麼？

Well, I mean, I don't know that it surprised because we saw the indicators that the business is performing well, and I think we spoke to that throughout the quarter. I mean, in all honesty, I think the magnitude of the strength that we saw, particularly on the direct-to-consumer side, was exceptional. There's really no other way to describe it. And that's -- that's a good response we see to both our execution in the retail side of things, which our team deserves a ton of credit for but also just the product, the resonance of the product.

好吧，我的意思是，我不知道這是否令人驚訝，因為我們看到了業務表現良好的指標，而且我認為我們在整個季度都談到了這一點。我的意思是，老實說，我認為我們所看到的力量，特別是在直接面向消費者方面，是非同尋常的。真的沒有其他方式可以描述它。那就是 - 這是我們對我們在零售方面的執行所看到的一個很好的回應，我們的團隊值得稱讚，但也只是產品，產品的共鳴。

The margin had long been planned to accrete that's because of the pricing adjustments that we had put in place and then we got an extra kicker on that, to be honest with you, because of the mix, the mix on direct-to-consumer was higher because that business outperformed.

利潤率長期以來一直計劃增加，這是因為我們已經進行了定價調整，然後我們得到了額外的刺激，老實說，由於混合，直接面向消費者的混合是更高，因為該業務表現出色。

And then on the encouraging side of things, although the numbers weren't what we're accustomed to from a growth perspective, in China, just seeing that market begin to change and turn in the right direction was incredibly encouraging. And we're still taking a bit of a conservative posture relative to China because I think there's more to be learned about how that business is -- that market is going to recover. It's been very encouraging. And so we think that there's certainly the opportunity to continue to outperform expectations if things continue to go in that direction.

然後在令人鼓舞的方面，雖然從增長的角度來看這些數字不是我們習慣的，但在中國，看到市場開始發生變化並朝著正確的方向轉變是非常令人鼓舞的。相對於中國，我們仍然採取了一些保守的態度，因為我認為關於該業務的情況還有更多需要了解的——市場將會復蘇。這是非常令人鼓舞的。因此，我們認為，如果事情繼續朝著這個方向發展，肯定有機會繼續超越預期。

And I think the intentionality of the consumer to get out and shop there was probably the best part of it because it means people are out, they want to shop, they want to get engaged with brands. And so that to us gives the best indicator of how the market is feeling generally.

而且我認為消費者出去購物的意願可能是其中最好的部分，因為這意味著人們出去了，他們想購物，他們想與品牌互動。因此，對我們來說，這是市場總體感受的最佳指標。

Got it. Maybe on that theme of China. Obviously, returning to growth. You faced a little bit of FX headwind as well. How should we think about China as we go through the rest of the year? The $1.25 billion or so you generated in '21, what do you think the time line or getting back there. Is it reasonable to assume you can get back there this year? And how should we think about growth in the remaining 9 months?

知道了。也許是關於中國的主題。顯然，恢復增長。您也面臨一點外匯逆風。在今年剩下的時間裡，我們應該如何看待中國？你在 21 年產生的 12.5 億美元左右，你認為時間表是什麼或回到那裡。假設您今年可以回到那裡是否合理？我們應該如何考慮剩餘 9 個月的增長？

Well, I'll tell you, so I mean, again, I'm going to acknowledge we're going to continue to be a little bit conservative on this until we see more of the year unfold. I would say getting into the year, we thought that stepping back into a '21 level was probably going to be a bit of a challenge because we saw very much a first half, second half dynamic.

好吧，我會告訴你，所以我的意思是，我再次承認，在我們看到今年更多的時間展開之前，我們將繼續在這方面有點保守。我想說進入這一年，我們認為回到 21 年的水平可能會有點挑戰，因為我們看到了上半場和下半場的動態。

Now with the first half coming in a bit stronger I would say our interim goal is just that, is try to get near at '21. Of course, we'd like to exceed it. But just getting close would be a significant accomplishment given where we started off in Q4.

現在隨著上半場的加強，我想說我們的中期目標就是努力接近 21 歲。當然，我們想超越它。但考慮到我們在第四季度開始的地方，僅僅接近將是一項重大成就。

So we're optimistic that we can push to that level, but I think we need a little bit more seasoning of the market recovery before we can fully commit to that. But again, I would echo the prior commentary David made here. What we're seeing in China is very encouraging, and we're excited by that because what it means for the brand and then also what it means for our ability to move past this year and continue to grow.

因此，我們對能夠達到這一水平感到樂觀，但我認為在我們完全致力於實現這一目標之前，我們需要對市場復甦進行更多的調整。但我再次重申 David 在此發表的先前評論。我們在中國看到的情況非常令人鼓舞，我們對此感到興奮，因為這對品牌意味著什麼，對我們度過今年並繼續增長的能力也意味著什麼。

The only other note I'd make is just keep in mind China still has those core characteristics of some outsized selling windows.

我唯一要注意的是，請記住，中國仍然具有一些超大銷售窗口的核心特徵。

You have the [6.18] event in June, and then you have 11.11 in the fourth quarter. And so those do kind of somewhat awkwardly weight the results in that market typically. And we do expect that to be the case this year as well.

您在 6 月有 [6.18] 事件，然後在第四季度有 11.11。因此，那些通常會有點笨拙地衡量該市場的結果。我們確實希望今年也是如此。

All right. Last one for me. Just on direct-to-consumer. Obviously, you're seeing some green shoots there. How do we think about that in terms of the mix on the margin profile for the business that's embedded in the guidance? And it sounds like you expected the largest freight recovery to happen in Q1. How do we think about the recovery of freight rates as we get through the rest of the year on gross margin?

好的。最後一個給我。只是直接面向消費者。顯然，你在那裡看到了一些新芽。我們如何根據指南中嵌入的業務的利潤率組合來考慮這一點？聽起來您預計第一季度將出現最大的貨運復甦。我們如何看待毛利率在今年剩餘時間裡的運費回升？

Yes. Again, we're seeing the rates favorable now. And again, as we look forward, we expect our contract rates for the next year to embed that favorability. The problem is that it just takes a while for that to work its way into the system. So really, we haven't seen a significant impact to gross margins from those benefits yet. That's still to come, and that's something we're going to -- we'll benefit on in the back half of the year.

是的。同樣，我們現在看到優惠利率。同樣，在我們展望未來時，我們預計明年的合同費率將包含這種優惠。問題是它只需要一段時間才能進入系統。所以真的，我們還沒有看到這些好處對毛利率產生重大影響。那還沒有到來，這就是我們要做的事情——我們將在今年下半年受益。

In terms of the gross margin pickup. I would say, it wasn't the most significant contributor to the gross margin improvement on the quarter but it was a meaningful pickup because of the mix of the business. And again, I would just echo it was outstanding performance on the direct-to-consumer side that really ticked up its contribution relative to where we would have thought.

在毛利率回升方面。我想說，這並不是本季度毛利率提高的最重要因素，但由於業務組合，這是一個有意義的回升。再說一次，我只是回應說，正是在直接面向消費者方面的出色表現，才真正提高了它相對於我們想像的貢獻。

So I don't want to get down into the specifics of breaking apart the basis point differential, but that was definitely a meaningful contributor to the gross margin pop. Again, the biggest though being the benefit of the pricing that we had taken earlier materializing on an annualized basis on the wholesale side of the business.

因此，我不想深入探討打破基點差異的具體細節，但這絕對是毛利率暴漲的一個有意義的貢獻者。同樣，最大的好處是我們早些時候在業務批發方面按年化定價的好處。

Next question comes from Jim Duffy with Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

Really terrific quarter. I want to dig in some on the Americas market that plus 25 to minus 18 spread between D2C and wholesale performance is just gaping typically, your D2C as a good barometer of sell-through at wholesale. Guys, I understand compares in the first quarter with the timing of the release of the shipping log jam last year, John, I think you mentioned continued congestion of inventory downstream. Can you be more specific about what that means? Is that inventory issues from other brands? And then what's the -- what are the sightlines to resolution of that? When would you expect to see more life in that domestic wholesale channel?

真的很棒的季度。我想在美洲市場上挖掘一些 D2C 和批發業績之間的 25 到負 18 的差距通常只是差距，你的 D2C 作為批發銷售的一個很好的晴雨表。伙計們，我知道將第一季度與去年發布航運日誌堵塞的時間進行比較，約翰，我想你提到了下游庫存的持續擁堵。你能更具體地說明這意味著什麼嗎？是其他品牌的庫存問題嗎？然後是什麼 - 解決這個問題的視線是什麼？您希望什麼時候在國內批發渠道看到更多的生活？

Both those questions relate to timing. -- and timing can be very difficult. And I'll take you back just a little bit -- when the pandemic first started and all the timing started to change about when we'd recognize revenue and when it was delivered, had to do with our distributors and holding inventory. .

這兩個問題都與時間有關。 - 時機可能非常困難。我會帶你回來一點——當大流行開始時，所有的時間都開始改變，關於我們何時確認收入和何時交付，這與我們的分銷商和持有庫存有關。 .

I think what you're seeing now in the first part of your question, that the discrepancy between direct-to-consumer and wholesale is the fact that we recognize our direct-to-consumer sales as they get to the consumer.

我認為你現在在問題的第一部分看到的是，直接面向消費者和批發之間的差異是我們認識到直接面向消費者的銷售是在他們到達消費者手中的事實。

And that shows that the product is resonating, as John has said, and the inventory is moving quite well. And the margins indicate we're selling it across the board at good margins to hold everything.

正如約翰所說，這表明該產品引起了共鳴，並且庫存流動良好。利潤率表明我們正在以良好的利潤率全面出售它以容納一切。

When you conversely go to the wholesale channel, we shipped them a lot at the end of last year and all throughout the year, as everything opened up in our distribution. And unfortunately, for some reason, we do hear around town rather than discuss any of them individually and then none of them that we intimately know very well. They have inventory issues and the inventory issues are probably across the board. They are the overall numbers, and I don't know that you'll see, and they're trying to clean them up, which means taking in less inventory, trying to sell through what you have not necessarily remerchandising the group as it sits.

當你反過來去批發渠道時，我們在去年年底和全年都發貨了很多，因為我們的分銷渠道開放了。不幸的是，出於某種原因，我們確實在城里四處聽到，而不是單獨討論他們中的任何一個，然後我們對他們都不是很了解。他們有庫存問題，庫存問題可能是全面的。它們是總體數字，我不知道你會看到，他們正試圖清理它們，這意味著減少庫存，試圖通過你沒有必要重新銷售的產品來銷售它.

So what you see is those things that they can sell, they've sold, and they can't replace them no matter how well they're doing until they get to an overall inventory scheme, which we understand, we've been through it. So we've been through that piece. We know we have new merchandise. We know our merchandise newer stuff is selling well in the wholesale channel. There just has to be room and timing.

所以你看到的是那些他們可以賣的東西，他們已經賣了，不管他們做得多好，他們都無法取代它們，直到他們得到一個整體的庫存計劃，我們理解，我們已經完成了它。所以我們已經完成了那部分。我們知道我們有新商品。我們知道我們的商品較新的東西在批發渠道賣得很好。只需要有空間和時間。

So when you talk about when, that's always a very interesting indicator because it depends how well they clean out the overall and it doesn't only have to do with us. We know that our direct-to-consumer, I believe, will continue along its current path while that process is happening through the wholesale channels. So you will see -- continue to see that discrepancy as we go through the second quarter.

因此，當您談論何時時，這始終是一個非常有趣的指標，因為這取決於他們清理整體的情況，而不僅僅是與我們有關。我們知道，我相信，我們的直接面向消費者的方式將繼續沿著目前的路徑發展，而這一過程是通過批發渠道進行的。所以你會看到 - 在我們經歷第二季度時繼續看到這種差異。

It's a matter of how quickly and the consumer has held up, they can get to an open to buy at a time where they can fill in what selling for them, fill in sizes, fill in those brands that are doing well, that are doing well in the channel and new product. So it's different for everyone. I'm sure you follow a lot of the retailers and some of them are in significantly better shaped than others.

這是一個問題，消費者能多快地堅持購買，他們可以在他們可以填寫為他們銷售的商品，填寫尺碼，填寫那些表現良好的品牌時進行購買以及在渠道和新產品。所以每個人都不一樣。我敢肯定，您關注過很多零售商，其中一些零售商的狀況明顯好於其他零售商。

So it will depend on how it flows through the marketplace. Usually, the pendulum swings and can swing fairly quickly. We do see indications that it will be in Q3, certainly as we get to the back half of the year, as John indicated, which, to me, because I'm the optimistic one in this group also means there's always a possibility that it moves into the back end of Q2 when you get through June, and you see what happens on the wholesale end. And what it means.

因此，這將取決於它如何在市場中流動。通常，鐘擺擺動並且擺動得相當快。我們確實看到有跡象表明它將在第三季度出現，當然是在我們進入今年下半年時，正如 John 所指出的那樣，對我來說，因為我是這個群體中的樂觀者，這也意味著它總是有可能當你進入 6 月時進入第二季度的後端，你會看到批發端會發生什麼。這意味著什麼。

So our inventory channels are clean. Our warehouses are fairly clean. They're as clean as they've been in a while. So we continue to deliver on time, which sort of cuts the time to market for us from order to delivery. So we stand ready to do it and move up the timing as best as we can. But of course, that's a market-backed phenomenon. So we're looking forward to Q3 and onward with the potential of moving some of that forward if the channel is clean up for us.

所以我們的庫存渠道是乾淨的。我們的倉庫相當乾淨。它們和很久以前一樣乾淨。所以我們繼續按時交貨，這在某種程度上縮短了我們從訂單到交貨的上市時間。因此，我們隨時準備這樣做，並儘可能提前。但當然，這是一種市場支持的現象。因此，如果渠道為我們清理乾淨，我們期待著第三季度及以後的發展。

One more, if I may, just on the $10 billion objective. The midpoint of the guide this year, $8 billion, you've got a $2 billion gap in directional terms, how would you see that incremental revenue splitting between North America and international markets? And if you can kind of call out any international markets, you expect disproportionate contributors that would be helpful.

如果可以的話，還有一個關於 100 億美元的目標。今年指南的中點為 80 億美元，在方向方面有 20 億美元的差距，您如何看待北美和國際市場之間的增量收入分配？而且，如果您可以召集任何國際市場，那麼您期望不成比例的貢獻者會有所幫助。

We said from all to be disproportionate, which would then put them back in proportion to a bigger movement. .

我們說所有人都不成比例，這將使他們恢復成比例，以適應更大的運動。 .

Well played.

打的好。

I mean, not to be glib, Jim. I mean part of it is -- I mean, direct-to-consumer in North America just grew 25%. So I'd say sometimes even our well-crafted plans don't come out exactly how we want them. But in this instance, it's all better than that. .

我的意思是，不要油嘴滑舌，吉姆。我的意思是其中一部分是 - 我的意思是，北美的直接面向消費者增長了 25%。所以我想說，有時即使我們精心設計的計劃也不會完全按照我們想要的方式出現。但在這種情況下，一切都比這更好。 .

I mean, we've long said the growth engine here is going to be international and direct-to-consumer. How it actually mixes out, I don't know. I think there's a lot of markets that can contribute, but not all have to contribute in order to get there. That's kind of why we feel so confident about that goal.

我的意思是，我們早就說過這裡的增長引擎將是國際化的和直接面向消費者的。它實際上是如何混合的，我不知道。我認為有很多市場可以做出貢獻，但並非所有市場都必須做出貢獻才能實現目標。這就是為什麼我們對這個目標如此有信心。

And if I had to ballpark it, I'd say it's probably 1/3, 2/3 mix toward international being the contributor. But again, when you have a direct-to-consumer business performing as well as we have domestically, that's -- that may not be a good guess because it may continue to outperform our expectations.

如果我不得不粗略估計，我會說它可能是 1/3、2/3 的混合體是國際貢獻者。但同樣，當你有一個直接面向消費者的業務表現和我們在國內的表現一樣好時，那可能不是一個好的猜測，因為它可能會繼續超出我們的預期。

Net-net, though, we feel really good about the number. We continue to have our eyes on growing many markets at once. In terms of the most notable, it's the same ones we would mention all the time. But -- but even from that, I would step back and just note, as we said on the call, I mean we saw a quarter where nearly every market we operate in, but a few, and I mean a few grew double digits, and they did so growing both segments of their business, wholesale and direct-to-consumer were present.

不過，我們對這個數字感覺非常好。我們繼續關注同時發展多個市場。就最值得注意的而言，它與我們一直提到的相同。但是 - 但即便如此，我會退後一步，只是注意到，正如我們在電話會議上所說的那樣，我的意思是我們看到一個季度我們經營的幾乎每個市場，但有幾個，我的意思是有幾個增長了兩位數，他們確實這樣做了，他們的業務，批發和直接面向消費者的兩個部分都出現了。

So it's kind of a guess, but we like what we see and we like the position we're in relative to that goal given that broad-based strength.

所以這是一種猜測，但我們喜歡我們所看到的，我們喜歡我們在廣泛的基礎上相對於該目標所處的位置。

Very good. Yes, that gap seems more and more manageable.

非常好。是的，這種差距似乎越來越可控。

Next question comes from Rick Patel with Raymond James.

下一個問題來自 Rick Patel 和 Raymond James。

Congrats on the strong performance. I have a question on the updated revenue guidance. So as we think about the midpoints of guidance, it looks like the first quarter came in about $175 million better. And for the year, you raised by about $125 million. Does that delta reflect the wholesale shift that you highlighted earlier? Or is there an element of caution that's now factored into guidance?

祝賀您的強勁表現。我對更新後的收入指南有疑問。因此，當我們考慮指導的中點時，第一季度的收入似乎增加了約 1.75 億美元。這一年，你們籌集了大約 1.25 億美元。該增量是否反映了您之前強調的大規模轉變？或者現在指南中是否包含謹慎因素？

Thanks, Rick. I mean it's a combination of those factors in all honesty. Some of it is a timing shift, some of it is a little bit weaker on the wholesale Q2 side of things than we had anticipated, and some of that is just us being a little bit conservative. I will note though, as a group, you all ran to the top side of a range. So as we adjust our range, now we're a little bit more in line. But I think that's just us trying to make sure we weight the mechanics that we see unfolding in the marketplace and also try to make sure we understand where we think foreign exchange is going to hit us and capture some of that as well.

謝謝，瑞克。我的意思是，老實說，這是這些因素的結合。有些是時間上的轉變，有些是第二季度批發方面比我們預期的要弱一些，有些只是我們有點保守。不過我會注意到，作為一個團隊，你們都跑到了範圍的頂端。因此，當我們調整我們的範圍時，現在我們更加一致了。但我認為這只是我們試圖確保我們在市場上看到的機制的權重，並試圖確保我們了解我們認為外匯將打擊我們的地方並捕捉其中的一些。

And how are you planning inventory for the fall season. I'm curious if you see it tracking in line with revenue growth or if it becomes more leaner, -- and how does that tie into the inventory that's earmarked for the wholesale channel versus D2C? The question I'm getting at is like if restocking on the wholesale side happens quicker than expected, how would you be able to manage that?

您如何計劃秋季的庫存。我很好奇你是否看到它與收入增長保持一致，或者它是否變得更精簡——這與指定用於批發渠道的庫存與 D2C 庫存有何關係？我要問的問題是，如果批發方面的補貨比預期的要快，您將如何應對？

How much management you can do with that. Like I said, we moved up our time to delivery quicker. But as we plan our inventories, I don't know that they changed significantly going forward. I mean you're picking up the direct-to-consumer piece here in the United States, and we're building inventory for everyone around the world. And as John said, our inventory is decreased significantly more in the U.S. than it had elsewhere because it was higher here than it was elsewhere.

你可以用它做多少管理。就像我說的，我們加快了交貨速度。但在我們計劃庫存時，我不知道它們在未來會發生重大變化。我的意思是你正在美國這裡挑選直接面向消費者的產品，我們正在為世界各地的每個人建立庫存。正如約翰所說，我們在美國的庫存比其他地方減少得更多，因為這裡的庫存比其他地方高。

We have the capacity to move inventory everywhere around the world. As we have things in production, as delivery times move and change, we have the capacity to move things quicker, to use the same materials to make shoes for a different group. So to say direct-to-consumer is one, wholesale to the other. We could do some things that have later deliveries that we're making in our factories and use that material to fill our wholesale business here on a quicker basis. if necessary, within reason as we go down the road.

我們有能力將庫存轉移到世界各地。由於我們在生產中有東西，隨著交貨時間的移動和變化，我們有能力更快地移動東西，使用相同的材料為不同的群體製作鞋子。所以說直接面向消費者是一個，批發給另一個。我們可以做一些我們在工廠生產的延遲交貨的東西，並使用這些材料更快地填補我們在這裡的批發業務。如有必要，在我們繼續前進的合理範圍內。

So we're not building an inventory of significant proportions in order to take this year-end business. This is something that develops from the market back. As we start to get the orders John was talking about, as we see what develops, as we deal with our customers, certainly here in the United States and get their flows going, we may take the time to move up those things to see that they get a faster turn and hold them for a little while longer, as long as they're all spoken for as we go through to alleviate that time. But there's only so much you could bring it back. That's why you can only do so much into Q2. When you see the issues as they are, they can change somewhat by moving summer of July, maybe even a little -- beginning of August back into June deliveries, but we'd have to know that shortly.

因此，我們不會為了開展今年年底的業務而建立大量庫存。這是從市場發展回來的東西。當我們開始收到約翰所說的訂單時，當我們看到事情的發展時，當我們與我們的客戶打交道時，當然是在美國這裡，並讓他們的流程繼續進行，我們可能會花時間提升這些東西，看看他們得到更快的轉彎並保持他們一會兒，只要他們在我們經歷以減輕那個時間時都被說出來。但只有這麼多你可以把它帶回來。這就是為什麼你只能在第二季度做這麼多。當你按原樣看待問題時，它們可能會有所改變，將 7 月的夏季移到 8 月初，甚至可能是一點點——回到 6 月交付，但我們必須盡快知道。

So -- some things will change. They'll change at a slower pace, but all that stuff we're making for Q3 now that is coming into orders for us from our wholesale and around the world, we will mix and match to get the best bang for the buck around the world and deliver everything we can on time. So it could take the end of the second quarter into the third quarter to start getting that and see the change.

所以 - 有些事情會改變。他們會以較慢的速度變化，但我們現在為第三季度製作的所有東西都是從我們的批發商和世界各地為我們訂購的，我們將混合搭配以獲得最好的性價比世界並按時交付我們所能提供的一切。所以可能需要第二季度末到第三季度才能開始了解並看到變化。

Although into any customers out there listening, we would strongly encourage you to book your orders now.

儘管有任何客戶在那裡傾聽，但我們強烈建議您現在就預訂訂單。

Next question comes from Tom Nikic with Wedbush Securities.

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

I just want to make sure I kind of understand how we're thinking about the U.S. wholesale just because that's kind of the 1 piece of the pie that isn't -- isn't performing well right now with everything else doing very, very well. Should we assume and embed in our models that -- the year-over-year decline in U.S. wholesale in Q2 is worse than the 18% decline that you reported for Q1?

我只是想確保我有點理解我們是如何考慮美國批發的，因為這是一塊餡餅，但現在表現不佳，而其他一切都做得非常非常好出色地。我們是否應該假設並在我們的模型中嵌入——第二季度美國批發的同比下降比你報告的第一季度 18% 的下降更糟糕？

Yes. I mean I don't -- we don't give kind of segment or channel specific guidance, but I would say and reiterate what I mentioned earlier. I mean we think Q2 is the worst of it. Some of that is just by virtue of some of the orders moving up into Q1, which I would note, and David I think noted, that is in and of itself an optimistic signal, right? If people are moving up orders when they've been holding back. That's a good sign. But yes, I think the way the timing is shaking out right now, it looks like the second quarter will probably face the most serious headwinds, and then it will alleviate after that.

是的。我的意思是我不——我們不提供特定細分市場或渠道的指導，但我會說並重申我之前提到的內容。我的意思是我們認為第二季度是最糟糕的。其中一些只是由於一些訂單進入第一季度，我會注意到這一點，我認為大衛指出，這本身就是一個樂觀的信號，對吧？如果人們在阻止訂單時提高訂單。這是一個好兆頭。但是，是的，我認為現在的時機正在改變，看起來第二季度可能會面臨最嚴重的逆風，然後會有所緩解。

That's really kind of -- as we talked about, it's just a timing thing. If you look at it on a first half, second half basis, it's actually not drastically different than what we had originally forecast. It's just a bit of when it ships more than anything else. But to answer your question bluntly, yes, we expect the second quarter to be the worst of it for the year.

這真的有點——正如我們所說的，這只是一個時間問題。如果你在上半年、下半年的基礎上看它，它實際上與我們最初的預測並沒有太大的不同。這只是一點點，它的出貨量比其他任何東西都多。但坦率地回答你的問題，是的，我們預計第二季度將是今年最糟糕的季度。

Okay. Got it. And I believe like 3 months ago, you said that we should think that you can get back to growth in the second half in U.S. wholesale? Is that still the case?

好的。知道了。我相信就像 3 個月前，你說我們應該認為你可以在下半年恢復美國批發的增長？現在還是這樣嗎？

That's still the objective. We're pushing to get there. Some of that's going to be dependent upon the timing that David mentioned. That's going to be important. But our objective is to get back to growth in the second half. That's going to be something we're focused on intently. I mean obviously, we have some really strong product. Otherwise, our direct-to-consumer side of things wouldn't be growing at the rate it is. We think getting that into the hands of some of our wholesale partners would be both very productive for them as well as good for us. But again, the part of it we can control is when they have the capacity to take those very good selling goods with really attractive retail margins. And so that's the unknown for us, but we're definitely going to be endeavoring for that.

這仍然是目標。我們正在努力實現目標。其中一些將取決於 David 提到的時間。這將很重要。但我們的目標是在下半年恢復增長。這將是我們專注的事情。我的意思是很明顯，我們有一些非常強大的產品。否則，我們直接面向消費者的事情就不會以現在的速度增長。我們認為，將其交到我們的一些批發合作夥伴手中，對他們和我們都有好處。但同樣，我們可以控制的部分是，當他們有能力以非常有吸引力的零售利潤率購買那些非常暢銷的商品時。所以這對我們來說是未知數，但我們肯定會為此而努力。

Interesting. Are you getting any sort of signals from the wholesale partners that like, hey, we've kind of -- we're starting to work through the inventory where things are getting better here. Our inventory of Skechers is leaner than we would like? Are you getting any kind of signals from your wholesale partners along those lines?

有趣的。您是否從批發合作夥伴那裡得到任何信號，比如，嘿，我們有點——我們開始處理庫存，這裡的情況正在好轉。我們的 Skechers 庫存比我們想要的要少？您是否從您的批發合作夥伴那裡得到任何信號？

Well, I would reiterate what we said in our prepared remarks, which is the sell-through remains good. The pricing attained remains good. It's really not about as far as we can tell, a demand perspective at all. And again, pointing back to our direct-to-consumer, it would be a very awkward situation where demand was only impacting certain retailers and not our own business. So -- we know that there.

好吧，我會重申我們在準備好的評論中所說的話，即銷售量仍然不錯。獲得的定價仍然不錯。據我們所知，這真的不是關於需求的觀點。再一次，回到我們直接面向消費者的情況，如果需求只影響某些零售商而不影響我們自己的業務，那將是一個非常尷尬的情況。所以 - 我們知道那裡。

Now I think if you were to look at it across the wholesale spectrum, you'd really have to go case by case to get a good and accurate read. What we continue to hear though is the near-term congestion is the issue. And every retailer out there is attempting to work through it as quickly as they can, and they're excited for the product we have. They just don't have the ability to ingest it at this point. And so that's what we'll continue to work on.

現在我認為，如果你要在整個範圍內查看它，你真的必須逐案進行才能獲得良好而準確的閱讀。不過，我們繼續聽到的是近期擁堵是問題所在。每個零售商都在努力盡快解決這個問題，他們對我們擁有的產品感到興奮。他們只是此時沒有能力攝取它。這就是我們將繼續努力的方向。

I would also note, though, we really haven't seen an uptick at all in any sort of cancellation requests or anything that would give you a sense that they want out of the order. So we know they want the product. It's just a question of when they can ingest it and when it can ship.

不過，我還要指出，我們確實沒有看到任何類型的取消請求或任何會讓您感覺他們想要取消訂單的請求有所增加。所以我們知道他們想要產品。這只是他們何時可以攝取它以及何時可以運送的問題。

Next question comes from Alex Straton with Morgan Stanley.

下一個問題來自摩根士丹利的 Alex Straton。

A quick one for you, just zooming out on domestic wholesale. I think historically, that was consistently like just over $1 billion business, and now it's significantly higher than that. Can you just walk us through kind of the drivers of that change and how you think about the sustainability or even growing more off of it into the future?

給你一個快速的，只是縮小國內批發。我認為從歷史上看，這一直是超過 10 億美元的業務，而現在遠高於此。您能否向我們介紹一下這種變化的驅動因素，以及您如何看待可持續性，甚至在未來發展更多？

The growth always comes from our building our product and our technologies and getting it out there and demand for our consumers and advertising to our consumers. I just find in the marketplace, in general, we're in higher demand. Our demographics are growing. And we offer what we feel is a great service. We deliver on time. We deliver complete, we deliver what we say we're delivering. We're constantly developing new -- constantly developing new categories, and that all shows everywhere in our wholesale business. I think that's just true.

增長總是來自我們構建我們的產品和我們的技術並將其推向市場以及對我們的消費者的需求和向我們的消費者做廣告。我只是在市場上發現，總的來說，我們的需求更高。我們的人口正在增長。我們提供我們認為很棒的服務。我們準時交貨。我們提供完整的服務，我們提供我們所說的我們正在提供的服務。我們不斷開發新的——不斷開發新的類別，這在我們的批發業務中無處不在。我認為這是真的。

And also, it also pertains obviously, to what's new in the marketplace and the macroeconomic picture for some of our competitors and for our customers. So I think we still have a good profile. And I think we are in demand and our consumer is looking for us. And -- we are in a very clean inventory position. So we're not looking to liquidate anything or create issues in the marketplace for our product offering.

而且，它顯然也與市場上的新事物以及我們的一些競爭對手和我們的客戶的宏觀經濟圖景有關。所以我認為我們仍然有很好的形象。而且我認為我們有需求，我們的消費者正在尋找我們。而且 - 我們的庫存狀況非常乾淨。因此，我們不打算為我們的產品清算任何東西或在市場上製造問題。

Conversely, we are competing against a lot of liquidated product in our own channels and in closeout channels that puts a lot of inventory and a lot of pricing out on to try to liquidate inventories, and that's what a lot of our competitors are doing all the time.

相反，我們在自己的渠道和清算渠道中與大量清算產品競爭，這些渠道會投放大量庫存和大量定價以試圖清算庫存，這就是我們的許多競爭對手一直在做的事情時間。

So we think we're creating a demand -- there will be a demand for our consumers. There's not a closeout product there as we convert from this handful of inventory that's got to clear out before they can start taking more stuff in. We continue to sell and we continue to sell in good margins in our own stores.

所以我們認為我們正在創造一種需求——對我們的消費者會有需求。那裡沒有清倉產品，因為我們從這少數庫存中轉換出來，在他們開始接收更多東西之前必須清理掉這些庫存。我們繼續銷售，我們繼續在我們自己的商店中以良好的利潤率銷售。

So we think we're keeping the brand in a very solid position that will be warranted and to be taken into our wholesale partners and will be well received by the customers when they create the space and the shelf space in an environment where you can sell full price product and new stuff rather than trying to promote everything to clean everything out.

因此，我們認為我們將品牌保持在一個非常穩固的位置，這將得到保證並被我們的批發合作夥伴採用，並且當他們在可以銷售的環境中創造空間和貨架空間時，將受到客戶的歡迎全價產品和新東西，而不是試圖推廣一切以清理一切。

That's helpful. Maybe one more quick one. Just any comments on where the broader promotional environment sits would be super helpful. I think you guys had previously said it would remain competitive through the first half. I'm just wondering if your thinking is still the same there?

這很有幫助。也許再快一點。任何關於更廣泛的促銷環境所處位置的評論都會非常有幫助。我想你們之前說過，整個上半場比賽都會保持競爭力。我只是想知道你的想法是否仍然是一樣的？

It's been pretty stable from our perspective. So we haven't really sizably changed up or down our promotions. They have been productive. I think you can't discount its impact on the growth that we saw. I think as we noted, ASPs were down, reflecting the promotions, but the volumes were up significantly. So that's definitely a strategy that continues to resonate at the consumer level. And it really -- there's nothing substantially different we did this quarter than we had been doing quite frankly, at the end of the fourth quarter, but it continues to be very effective. I was talking about the wholesale.

從我們的角度來看，它一直非常穩定。所以我們並沒有真正大幅改變我們的促銷活動。他們很有成效。我認為你不能低估它對我們看到的增長的影響。我認為正如我們所指出的那樣，平均售價下降，反映了促銷活動，但銷量大幅上升。因此，這絕對是一種在消費者層面繼續引起共鳴的策略。它真的 - 我們本季度所做的與我們在第四季度末坦率地說所做的沒有什麼本質上的不同，但它仍然非常有效。我說的是批發。

There are no further questions at this time. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

目前沒有其他問題。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。