Skechers USA Inc (SKX) 2023 Q2 法說會逐字稿

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

您好，歡迎參加 Skechers 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

我現在想把會議交給 Skechers。謝謝。你可以開始了。

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

大家好。我叫 Shannon Brooker，來自 FP&A 團隊。感謝您今天參加我們的 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.

我現在將閱讀安全港聲明。本文包含的某些陳述，包括但不限於涉及公司的信念、計劃、目標、估計或期望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。

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 impact of inflation, foreign currency fluctuations, Russia's war with Ukraine and supply chain delays and disruptions. In general and specifically, as they apply to the retail industry and the company.

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

There can be no assurance of 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所明示或暗示的未來實際結果、業績或成就將會發生。我們鼓勵前瞻性陳述的使用者查看該公司向美國證券交易委員會提交的文件，包括 10-K 表中的最新年度報告、10-Q 表中的季度報告、8-K 表中的當前報告以及所有根據聯邦證券法的要求向 SEC 提交的其他報告，描述可能影響公司業務、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?

說到這裡，我想將電話轉給 Skechers 的首席運營官 David Weinberg；和首席財務官約翰·范德莫爾。大衛？

Thank you for joining us today on our second quarter 2023 conference call. Our results exceeded expectations with a new sales record of $2.013 billion and gross margin of 52.7%. These results are due to a 29% gain in our direct-to-consumer segment, double-digit growth internationally and our focus on innovation throughout the business.

感謝您今天參加我們的 2023 年第二季度電話會議。我們的業績超出預期，銷售額創下 20.13 億美元的新紀錄，毛利率達到 52.7%。這些業績歸功於我們的直接面向消費者細分市場增長了 29%、國際上兩位數的增長以及我們對整個業務創新的關注。

As the third largest athletic footwear brand in the world, we continue to be the go-to source for footwear for the entire family. By creating fresh techs on proven sellers, expanding our comfort technologies and offering new looks and collaborations, we continue to serve our engaged and loyal consumer base, while expanding our reach to new demographics.

作為世界第三大運動鞋品牌，我們仍然是整個家庭鞋類的首選來源。通過在成熟的賣家身上創造新的技術，擴展我們的舒適技術並提供新的外觀和合作，我們繼續為我們忠誠的消費者群提供服務，同時擴大我們對新人群的影響力。

Through every collection, we consistently deliver on our design tenets of comfort, style, innovation and quality at a reasonable price. I would like to take a moment to congratulate our global team and acknowledge their dedication and expertise, which enabled Skechers to join the Fortune 500, and honor that belongs not only to every employee, but every partner and consumer.

在每一個系列中，我們始終如一地以合理的價格傳達舒適、時尚、創新和品質的設計宗旨。我想花一點時間祝賀我們的全球團隊，並感謝他們的奉獻和專業知識，使 Skechers 能夠躋身財富 500 強，這一榮譽不僅屬於每一位員工，也屬於每一位合作夥伴和消費者。

In addition to our successful and in-demand Skechers Hands Free Slip-ins, Skechers Arch Fit and Skechers UNO collections and further building on our walking and performance offerings, we successfully launched several collaborations during the quarter, most notably with the legendary Rock fan, the Rolling Stones.

除了我們成功且廣受歡迎的 Skechers Hands Free Slip-ins、Skechers Arch Fit 和 Skechers UNO 系列以及進一步發展我們的步行和性能產品外，我們在本季度還成功推出了多項合作，其中最引人注目的是與傳奇搖滾迷的合作，滾石樂隊。

The men's and women's collection featuring their iconic logo, first hit stores in North America and at the bands official store on Carnaby Street in London before rolling out across Europe and other markets. Just last week, we also launched a limited-edition collaboration with Skechers ambassador, Ashley Park, for a capsule of fashion-forward footwear. This came on the heels of the release of our hit summer movie Joy Ride. We have plans to launch more exciting collaborations over the remainder of 2023.

該男裝和女裝系列採用其標誌性徽標，首先在北美商店和倫敦卡納比街的樂隊官方商店上市，然後在歐洲和其他市場推出。就在上週，我們還與 Skechers 大使 Ashley Park 推出了限量版合作款，推出時尚前衛鞋履膠囊。緊接著我們的暑期熱門電影《歡樂之旅》上映。我們計劃在 2023 年剩餘時間內推出更多令人興奮的合作。

We have a diverse team of notable and relatable talent appearing in Skechers marketing campaigns, including Martha Stewart with our namesake collection, singer Doja Cat and entertainer Snoop Dogg, among others. We have also signed regional ambassadors that resonate locally, including European football, Frank Leboeuf and Jamie Redknapp. And Bollywood actress, Kriti Sanon, for India. We also have an elite team of golfers, runners and pickleball pros, training and competing a Skechers Performance footwear.

我們擁有一支由著名且相關的人才組成的多元化團隊，他們出現在 Skechers 的營銷活動中，其中包括擁有我們同名系列的 Martha Stewart、歌手 Doja Cat 和藝人 Snoop Dogg 等。我們還簽下了在當地引起共鳴的區域大使，包括歐洲足球界的弗蘭克·勒博夫和傑米·雷德克納普。還有來自印度的寶萊塢女演員克麗蒂·薩農 (Kriti Sanon)。我們還擁有一支由高爾夫球手、跑步者和匹克球專業人士組成的精英團隊，穿著 Skechers Performance 鞋進行訓練和比賽。

Our marketing efforts connect with consumers wherever they are to build brand awareness to educate shoppers on our features and technologies and most importantly, to drive demand for our innovative products.

我們的營銷工作與世界各地的消費者保持聯繫，以建立品牌知名度，向消費者介紹我們的功能和技術，最重要的是，推動對我們創新產品的需求。

Throughout the company, we view our accomplishments and activations as an opportunity to elevate the Skechers brand to offer more people the comfort technology products they want and need, and to make their Skechers shopping experience seamless. As always, the goal is to grow and operate an even more efficient, sustainable and impactful manner.

在整個公司，我們將我們的成就和活動視為提升 Skechers 品牌的機會，為更多的人提供他們想要和需要的舒適技術產品，並為他們提供無縫的 Skechers 購物體驗。一如既往，我們的目標是以更高效、可持續和有影響力的方式發展和運營。

Before I discuss the business segments, I would like to note that in the quarter, we completed the acquisition of our long-term Scandinavia distributor. They helped Skechers successfully build our brand in the Nordic region with stores and e-commerce platforms, and a network of wholesale customers across Finland, Sweden, Denmark and Norway. We welcome the Sports Connection team and look forward to further broadening our reach and growing this important market.

在討論業務部門之前，我想指出的是，在本季度，我們完成了對長期斯堪的納維亞經銷商的收購。他們幫助斯凱奇在北歐地區成功打造了我們的品牌，包括商店和電子商務平台，以及遍布芬蘭、瑞典、丹麥和挪威的批發客戶網絡。我們歡迎 Sports Connection 團隊，並期待進一步擴大我們的影響力並發展這個重要的市場。

Looking at our second quarter results. Skechers achieved record sales of $2.013 billion, an increase of nearly 8% year-over-year and 9% on a currency basis. These results were driven by a 29% increase in our global direct-to-consumer segment, which represented 47% of our total sales in the quarter.

看看我們第二季度的業績。 Skechers 銷售額達到創紀錄的 20.13 億美元，同比增長近 8%，按貨幣計算增長 9%。這些業績是由我們的全球直接面向消費者細分市場增長 29% 推動的，該細分市場占我們本季度總銷售額的 47%。

Regionally, we grew 20% in APAC and 16% in EMEA, including 19% in China, 29% in Germany, 13% in the U.K., 35% in Spain and 27% in India. Sales in the Americas were slightly down. As expected, challenges in domestic wholesale were nearly offset by continued direct-to-consumer strength and wholesale improvements outside the United States.

從地區來看，我們在亞太地區增長了 20%，在歐洲、中東和非洲增長了 16%，其中中國增長了 19%，德國增長了 29%，英國增長了 13%，西班牙增長了 35%，印度增長了 27%。美洲的銷售額略有下降。正如預期的那樣，國內批發的挑戰幾乎被持續的直接面向消費者的實力和美國以外批發的改善所抵消。

The domestic wholesale decrease was due to inventory-related issues impacting many of our partners. In addition, it is worth noting that we faced a difficult comparison to a particularly strong quarter last year, where we grew 30%. We saw strength in our international wholesale business, increasing 10% as we grew in almost every market.

國內批發量下降是由於庫存相關問題影響了我們的許多合作夥伴。此外，值得注意的是，與去年特別強勁的季度（增長了 30%）相比，我們面臨著困難。我們看到了國際批發業務的實力，隨著我們在幾乎每個市場的增長，增長了 10%。

Regionally, APAC grew 14% and EMEA grew 7%, including robust growth in China, Germany, India and Spain. The Americas wholesale business decreased 19%, primarily due to the previously noted domestic challenges, but grew 10%, excluding the United States. Overall, wholesale average selling price per unit increased 8% from the pricing adjustments made last year and unit volume decreased 13%.

從地區來看，亞太地區增長了 14%，歐洲、中東和非洲地區增長了 7%，其中中國、德國、印度和西班牙增長強勁。美洲批發業務下降 ​​19%，主要是由於之前提到的國內挑戰，但增長了 10%（不包括美國）。總體而言，每單位批發平均售價較去年的價格調整上漲了 8%，而單位數量則下降了 13%。

And turning to direct-to-consumer. The strong demand for our comfort technology footwear improved in-store product availability and effective demand creation led to 29% growth, evenly balanced between domestic and international markets. This includes growth of 28% in the Americas, 25% in APAC and 47% in EMEA. In total, direct-to-consumer unit volume increased 24% and average selling price increased 4%.

並轉向直接面向消費者。對我們的舒適技術鞋類的強勁需求提高了店內產品的可用性和有效的需求創造，導致了 29% 的增長，國內和國際市場均衡。其中美洲增長 28%，亞太地區增長 25%，歐洲、中東和非洲增長 47%。總體而言，直接面向消費者的銷量增長了 24%，平均售價增長了 4%。

In the second quarter, we opened 50 company owned Skechers stores and closed 39. Store openings included 28 in China, 8 of which transferred from franchise to company owned; 8 big box stores in the United States and 3 each in Chile and Vietnam. Additionally, we added 56 Skechers stores in 4 Nordic countries and 2 stores in Germany from the acquisition of our Scandinavian distributor.

第二季度，我們新開了 50 家 Skechers 公司直營店，關閉了 39 家。新開店包括 28 家在中國，其中 8 家從特許經營轉為公司直營；美國有 8 家大型賣場，智利和越南各有 3 家。此外，通過收購斯堪的納維亞經銷商，我們在 4 個北歐國家增加了 56 家 Skechers 商店，在德國增加了 2 家商店。

We ended the quarter with 4,705 Skechers stores worldwide, of which 3,161 were third-party stores, which included the 228 we opened in the second quarter, of which 157 were in China, 9 in India and 8 in the Philippines.

截至本季度末，我們在全球擁有 4,705 家 Skechers 商店，其中 3,161 家是第三方商店，其中包括我們在第二季度開設的 228 家，其中 157 家在中國，9 家在印度，8 家在菲律賓。

In the third quarter to date, we have opened 2 company-owned stores in the United States and 1 each in Colombia and Chile. We expect to open between 90 and 100 company-owned stores worldwide over the balance of the year.

迄今為止，第三季度，我們在美國開設了 2 家公司自營店，在哥倫比亞和智利各開設了 1 家。我們預計今年剩餘時間內將在全球開設 90 至 100 家公司自營商店。

We continue to increase awareness and emphasize the many features of our comfort technology products, driving purchase intent and ensuring Skechers remains top of mind through targeted marketing initiatives, be it with our engaged ambassadors and athletes, in memorable campaigns on networks and streaming platforms, in publications, on social media and through personalized digital content.

我們不斷提高人們的認識並強調我們舒適技術產品的許多功能，提高購買意向，並通過有針對性的營銷活動（無論是與我們的大使和運動員合作，在網絡和流媒體平台上進行令人難忘的活動，還是在出版物、社交媒體和個性化數字內容。

Efficiently meeting consumer demand is essential to our growth. We have made significant investments in our distribution centers, are flowing fresh inventory through our retail stores and are improving our delivery times and inventory levels, particularly at our North American distribution center. We have already begun shipping out of our new distribution center in Canada and expect to begin shipping out of our new facilities in India and Chile before the end of the year.

有效滿足消費者需求對於我們的發展至關重要。我們對配送中心進行了大量投資，通過我們的零售店流動新鮮庫存，並改善我們的交貨時間和庫存水平，特別是在我們的北美配送中心。我們已經開始從加拿大的新配送中心發貨，並預計在今年年底前開始從印度和智利的新設施發貨。

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，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 delivered another quarter of strong financial and operating performance, reflecting the execution of our long-term growth strategy. We saw continued broad-based strength across geographies and sustained momentum in our direct-to-consumer segment, driving record quarterly sales over $2 billion.

謝謝大衛，大家下午好。 Skechers 又一個季度實現了強勁的財務和運營業績，反映出我們長期增長戰略的執行。我們看到各個地區的持續廣泛實力和直接面向消費者細分市場的持續增長勢頭，推動季度銷售額超過 20 億美元，創歷史新高。

This represents an 8% increase year-over-year, which, despite anticipated headwinds in our domestic wholesale business exceeded both our top and bottom line expectations. We believe that these results highlight the strength of our brand and the appeal of our diverse assortment of stylish, comfortable, high quality and reasonably priced product that continues to resonate with our consumers globally.

這意味著同比增長 8%，儘管我們的國內批發業務預計會遇到阻力，但這一增長仍超出了我們的收入和利潤預期。我們相信，這些結果凸顯了我們品牌的實力以及我們時尚、舒適、高品質和價格合理的多樣化產品的吸引力，這些產品將繼續與全球消費者產生共鳴。

Before turning to our second quarter results, let me touch on the previously announced acquisition of our Scandinavia distributor. This transaction closed at the end of May, but had no material impact on the quarter, given the timing of the close, our comparable sales to the distributor in the prior year and the impacts of purchase price accounting. We do expect the transaction to be slightly accretive to earnings this year, and we look forward to working more closely with the Scandinavia team to continue growing the Skechers brand in the Nordic region.

在討論第二季度業績之前，讓我先談談之前宣布的對斯堪的納維亞經銷商的收購。該交易於 5 月底結束，但考慮到結束時間、上一年我們與經銷商的可比銷售額以及購買價格會計的影響，對本季度沒有重大影響。我們確實預計此次交易將略微增加今年的收益，並且我們期待與斯堪的納維亞團隊更密切地合作，繼續在北歐地區發展 Skechers 品牌。

Now let's review our second quarter financial results. Wholesale sales decreased 6% year-over-year to $1.07 billion, due to a 25% decline domestically, partially offset by a 10% increase internationally. As indicated in our guidance last quarter, we expected the inventory congestion at our domestic wholesale partners to impact us most significantly in the second quarter.

現在讓我們回顧一下我們第二季度的財務業績。批發銷售額同比下降 6%，至 10.7 億美元，原因是國內下降 25%，但被國際增長 10% 部分抵消。正如我們上季度的指引所示，我們預計國內批發合作夥伴的庫存擁堵將在第二季度對我們造成最嚴重的影響。

That expectation materialized, though domestic wholesale sales were actually better than expected due in part to a shift in the timing of orders benefiting the second quarter. International wholesale sales growth was driven by continued strength across APAC and EMEA with double-digit growth in many markets.

這一預期成為現實，儘管國內批發銷售實際上好於預期，部分原因是第二季度受益的訂單時間發生了變化。國際批發銷售的增長是由亞太地區和歐洲、中東和非洲地區的持續強勁推動的，許多市場都實現了兩位數的增長。

Direct-to-consumer sales grew 29% year-over-year to $939.5 million, representing nearly 47% of total sales for the quarter. Our performance was driven by an increase of 29% domestically, 30% internationally and double-digit growth across channels in nearly every market. These results further demonstrate the robust demand for our comfort technology products, complemented by the improved inventory availability in our stores and resident marketing campaigns that stimulated consumer demand.

直接面向消費者的銷售額同比增長 29%，達到 9.395 億美元，佔本季度總銷售額的近 47%。我們的業績得益於國內增長 29%、國際增長 30% 以及幾乎每個市場的跨渠道兩位數增長。這些結果進一步證明了對我們的舒適技術產品的強勁需求，再加上我們商店庫存可用性的改善以及刺激消費者需求的常駐營銷活動。

Now turning to our regional sales. In the Americas, sales for the second quarter decreased 1% year-over-year to $1.03 billion, which we believe is a remarkable achievement given the challenges we face in the domestic wholesale marketplace. Excluding U.S. wholesale, Americas grew 24% year-over-year, primarily driven by the strength in our direct-to-consumer business.

現在轉向我們的區域銷售。在美洲，第二季度銷售額同比下降 1% 至 10.3 億美元，考慮到我們在國內批發市場面臨的挑戰，我們認為這是一項了不起的成就。不包括美國批發業務，美洲地區同比增長 24%，這主要是受到我們直接面向消費者業務實力的推動。

In EMEA, we continue to see robust demand for our product with particular strength in our direct-to-consumer business. Sales in the region grew 16% year-over-year to $433.4 million, driven by double-digit growth in most countries.

在歐洲、中東和非洲地區，我們的產品需求持續強勁，尤其是我們的直接面向消費者業務。在大多數國家實現兩位數增長的推動下，該地區銷售額同比增長 16%，達到 4.334 億美元。

In APAC, sales increased 20% year-over-year to $552.2 million led by double-digit growth in most countries across both our wholesale and direct-to-consumer segments. In China, we continue to see evidence of recovery and sales there increased 19%, driven by double-digit growth across channels, with particular strength in our retail stores, both owned and franchised.

在亞太地區，銷售額同比增長 20% 至 5.522 億美元，其中大多數國家/地區的批發和直接面向消費者領域均實現兩位數增長。在中國，我們繼續看到復甦的跡象，在跨渠道兩位數增長的推動下，銷售額增長了 19%，尤其是我們的自有和特許經營零售店。

We are encouraged by the improved trends we are seeing in China and are cautiously optimistic about the near-term recovery. Longer term, we remain excited about the growth opportunities for our brand in the market.

我們對中國看到的改善趨勢感到鼓舞，並對近期復蘇持謹慎樂觀態度。從長遠來看，我們仍然對我們品牌在市場上的增長機會感到興奮。

Second quarter gross margins reached a record 52.7%, up 460 basis points compared to the prior year. The improvement was driven by a favorable mix of higher direct-to-consumer volume as well as the annualization of pricing adjustments made last year in our Wholesale segment.

第二季度毛利率達到創紀錄的52.7%，比去年同期增長460個基點。這一改善是由於直接面向消費者的銷量增加以及去年批發部門進行的年度定價調整的有利組合推動的。

Operating expenses increased 210 basis points, as a percentage of sales year-over-year from 39.8% to 41.9%, as we leaned into demand creation investments and absorb volume-related costs across the globe.

由於我們傾向於創造需求的投資並吸收全球範圍內與銷量相關的成本，運營費用增加了 210 個基點，佔銷售額的百分比從 39.8% 同比增長至 41.9%。

Selling expenses increased 40 basis points as a percentage of sales year-over-year to 9.3%, primarily due to higher marketing expenditures, a significant portion of which were focused on driving consumer awareness for our new Skechers Hands Free Slip-ins technology.

銷售費用佔銷售額的百分比同比增長 40 個基點，達到 9.3%，這主要是由於營銷支出增加，其中很大一部分用於提高消費者對我們全新 Skechers Hands Free Slip-ins 技術的認識。

General and administrative expenses increased 170 basis points as a percentage of sales year-over-year to 32.6%. The increased expenses were primarily due to higher labor, rent and distribution costs to support our volume-driven growth within our direct-to-consumer segment and international markets.

一般及管理費用佔銷售額的百分比同比增長 170 個基點至 32.6%。費用增加主要是由於勞動力、租金和分銷成本增加，以支持我們在直接面向消費者的細分市場和國際市場上以數量驅動的增長。

Earnings from operations were $217.7 million, a 41.2% increase compared to the prior year, and our operating margin for the quarter was 10.8% compared to 8.3% in the prior year. Our effective tax rate for the second quarter was 17.7% compared to 21.3% in the prior year, reflecting the beneficial recognition of several discrete items in the quarter.

運營利潤為 2.177 億美元，比上年增長 41.2%，本季度運營利潤率為 10.8%，比上年同期為 8.3%。我們第二季度的有效稅率為 17.7%，而上年同期為 21.3%，反映出本季度幾個離散項目的有利確認。

Earnings per share were $0.98 per diluted share on 156.6 million diluted shares outstanding, a 69% increase.

稀釋後每股收益為 0.98 美元，稀釋後流通股為 1.566 億股，增長 69%。

And now turning to our balance sheet. We ended the quarter with $1.07 billion in cash, cash equivalents and investments, an increase of $127.3 million or 13.5% June 30, 2022. Inventory was $1.49 billion, a decrease of 5% or $77.9 million compared to the prior year.

現在轉向我們的資產負債表。截至本季度末，我們的現金、現金等價物和投資為 10.7 億美元，截至 2022 年 6 月 30 日增加了 1.273 億美元，即 13.5%。庫存為 14.9 億美元，比上一年減少了 5%，即 7790 萬美元。

However, inventories declined over $300 million or 18% versus December 31, 2022, and are healthy and well positioned, both to meet consumer demand and continue the introduction of innovative products in the critical back-to-school and holiday selling periods.

然而，與 2022 年 12 月 31 日相比，庫存下降了超過 3 億美元，即 18%，而且庫存狀況良好且處於有利位置，既可以滿足消費者需求，又可以在返校和假期銷售的關鍵時期繼續推出創新產品。

Accounts receivable at quarter end were $940.2 million, an increase of $23.4 million compared to the prior year, reflecting higher wholesale sales in the back half of the quarter.

季末應收賬款為 9.402 億美元，比上年增加 2340 萬美元，反映出本季度後半段批發銷售額的增加。

Capital expenditures for the quarter were $76.2 million, of which $29 million was related to the expansion of our distribution infrastructure globally, $20.6 million related to investments in our retail stores and direct-to-consumer technologies, and $11.4 million related to the construction of our new corporate offices.

本季度的資本支出為 7620 萬美元，其中 2900 萬美元與我們在全球分銷基礎設施的擴張有關，2060 萬美元與我們的零售店和直接面向消費者技術的投資有關，1140 萬美元與我們的零售店和直接面向消費者的技術的建設有關。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.

我們的資本投資主要用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以及擴大我們的全球品牌影響力。

During the second quarter, we also repurchased approximately 579,000 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.

在第二季度，我們還以約 3000 萬美元的成本回購了約 579,000 股 A 類普通股。我們將繼續按照我們既定的理念部署我們的資本。

And now turning to guidance. While we continue to see robust consumer demand and strong branded momentum globally, several uncertainties remain, including ongoing headwinds with some wholesale partners in several markets, ambiguity around the pace and shape of the recovery in China and disconcerting macroeconomic trends. Accordingly, our outlook attempts to balance these factors, and we remain cautious about our expectations for the remainder of the year.

現在轉向指導。儘管我們繼續看到全球強勁的消費者需求和強勁的品牌勢頭，但仍存在一些不確定性，包括多個市場的一些批發合作夥伴持續面臨的阻力、中國復甦步伐和形狀的模糊性以及令人不安的宏觀經濟趨勢。因此，我們的展望試圖平衡這些因素，並且我們對今年剩餘時間的預期保持謹慎。

For the fiscal year, we expect sales to be in the range of $7.95 billion to $8.1 billion, and net earnings per diluted share to be in the range of $3.25 to $3.40. For the third quarter, we expect sales in the range of $1.95 billion to $2 billion and net earnings per diluted share in the range of $0.70 to $0.75.

我們預計本財年銷售額將在 79.5 億美元至 81 億美元之間，稀釋後每股淨利潤將在 3.25 美元至 3.40 美元之間。我們預計第三季度銷售額將在 19.5 億美元至 20 億美元之間，攤薄後每股淨利潤將在 0.70 美元至 0.75 美元之間。

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

我們今年的有效稅率預計仍然在19%至20%之間。我們預計今年的總資本支出將在 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，包括開設更多商店、擴大我們的全渠道能力以及在印度、中國和智利等主要市場增加增量分銷能力。

We remain confident in growing our sales to $10 billion by 2026, as we continue to execute on our long-term strategy of growing our direct-to-consumer business, both in-store and online, and expanding our brand presence globally, all of which is made possible by our differentiated product portfolio and attractive value proposition that continues to delight consumers around the globe.

我們仍然有信心到 2026 年將銷售額增至 100 億美元，因為我們將繼續執行長期戰略，發展店內和線上直接面向消費者的業務，並在全球範圍內擴大我們的品牌影響力。我們差異化的產品組合和有吸引力的價值主張使之成為可能，持續取悅全球消費者。

We thank all of you for your time today, and we look forward to updating you on our third quarter financial results, which we expect to release on Thursday, October 26.

感謝大家今天抽出寶貴的時間，我們期待向您通報我們第三季度財務業績的最新情況，預計將於 10 月 26 日星期四發布。

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

現在，我將把電話轉交給大衛，讓其致閉幕詞。

Thank you, John. We are proud to join the Fortune 500, motivated by our record results and excited to build our global momentum. The quarter was exceptional, most especially within our direct-to-consumer business, our strong 52.7% gross margin, the robust demand for our comfort technology products and the buzz surrounding the brand.

謝謝你，約翰。我們很自豪能加入財富 500 強，我們創紀錄的業績激勵著我們，並為我們的全球發展動力而感到興奮。本季度表現非常出色，尤其是在我們的直接面向消費者業務、52.7% 的強勁毛利率、對舒適技術產品的強勁需求以及圍繞該品牌的熱議方面。

From Skechers Hands Free Slip-ins footwear to our recent Rolling Stones collaboration, to the marketing launches with Ashley Park and Skechers Uno. Skechers defines comfort, no matter the footwear need. We are the go-to source for all casual lifestyle activities, for elite athletes on the pickleball court or golf course for those that work in an office or in the occupational footwear industry. And for the record number of people once again flying this summer, Skechers is truly for all walks of life.

從 Skechers Hands Free Slip-ins 鞋類到我們最近與滾石樂隊的合作，再到與 Ashley Park 和 Skechers Uno 的營銷發布。無論鞋子需要什麼，斯凱奇都定義了舒適度。我們是所有休閒生活方式活動、匹克球場或高爾夫球場上的精英運動員、辦公室或職業鞋業工作人員的首選來源。今年夏天乘坐飛機的人數再次創下歷史新高，Skechers 真正適合各行各業。

As always, we are focused on improving efficiencies, scaling our efforts, growing our business with new opportunities and delivering comfort, style, innovation and quality across our entire product line.

一如既往，我們致力於提高效率、加大力度、利用新機遇發展業務，並在整個產品線中提供舒適、時尚、創新和品質。

We are thankful to the entire Skechers organization for another successful quarter, and I'm looking forward to working together toward our planned goal of $10 billion in annual sales by 2026.

我們感謝整個 Skechers 組織又一個成功的季度，我期待著共同努力實現我們計劃的目標，即到 2026 年年銷售額達到 100 億美元。

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

現在，我想將電話轉給接線員詢問問題。

(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 UBS 的 Jay Sole。

Great. So I want to ask about direct-to-consumer sales in the quarter, which were up 29%. Maybe tell us a little bit about how much e-commerce grew and maybe the stores? And maybe just help us understand like the differential between the Americas, where it was up 28% and obviously, wholesale or so like -- how can the trends be so different? What was is -- how do you explain that?

偉大的。我想問一下本季度直接面向消費者的銷售額，增長了 29%。也許可以告訴我們一些關於電子商務增長了多少以及商店的增長情況？也許只是幫助我們理解美洲之間的差異，美洲上漲了 28%，而且顯然是批發的等等——趨勢怎麼會如此不同？過去是什麼——你如何解釋？

Well, thanks, Jay. I mean that is in part a key question we have as well. What I can tell you about the direct-to-consumer performance is that it was significantly anchored both internationally and domestically in the stores. We saw better traffic, better conversion, better units. I mean it really is, I think, a product-driven demand. We're seeing consumers are coming into the store. They're looking for our Comfort technology products.

嗯，謝謝，傑伊。我的意思是，這在一定程度上也是我們面臨的一個關鍵問題。我可以告訴你的是，關於直接面向消費者的表現，它在國際和國內商店中都得到了顯著的錨定。我們看到了更好的流量、更好的轉化、更好的單位。我認為這確實是產品驅動的需求。我們看到消費者正在走進商店。他們正在尋找我們的舒適技術產品。

E-com grew in both markets, just being to realize e-commerce is at a different stage of development in each of those markets domestically. Obviously, it's grown significantly. It was up double digits, but stores were really the anchor there. Internationally, it was up more, but again, that's starting from a slightly smaller base.

電子商務在這兩個市場都有增長，只是意識到電子商務在國內每個市場都處於不同的發展階段。顯然，它的增長顯著。它增長了兩位數，但商店確實是那裡的支柱。從國際來看，漲幅更大，但同樣，這是從稍小的基數開始的。

Ultimately, I think the benefit the stores have is that as we said in our comments, they have the right inventory. They have the product that is the most new that features our comfort technology product attributes. And that's what's driving consumers into the store, particularly when activated with a lot of the demand creation spend, we mentioned.

最終，我認為商店的好處是，正如我們在評論中所說，他們擁有合適的庫存。他們擁有具有我們舒適技術產品屬性的最新產品。我們提到，這就是推動消費者進入商店的原因，特別是當他們被大量的需求創造支出激活時。

And -- I don't think that's the case everywhere else. And I think that's probably the advantage. Net-net, for us, we're thrilled that consumers are able to find the product they want and need. We're thrilled to be able to give it to them in whatever channel distribution they prefer. But clearly, we're seeing robust consumer take for the new product portfolio.

而且——我認為其他地方的情況並非如此。我認為這可能就是優勢。 Net-net，對於我們來說，我們很高興消費者能夠找到他們想要和需要的產品。我們很高興能夠通過他們喜歡的任何渠道分發給他們。但顯然，我們看到消費者對新產品組合的強烈接受。

Jay, I'd like to just point out, if I can, the timing differential of how these things happen. When we point to things like we had a very tough comp to last year as far as domestic wholesale is concerned, we had the same issue last year. We had received a lot of goods from our factories. We had shipped a lot of goods, although it took a longer while to get it into the stores.

傑伊，如果可以的話，我只想指出這些事情發生的時間差異。當我們指出諸如國內批發方面與去年相比非常艱難之類的事情時，我們去年也遇到了同樣的問題。我們從工廠收到了很多貨物。我們已經運送了很多貨物，儘管需要更長的時間才能將其運入商店。

So what you're seeing basically, if you were to look at our factories, they would show that their volume to us was down over the last quarter as compared to last year because of all the backup after pandemic and getting multiple months at a time, and we de-inventory since the end of the year. I think the same is true for some of our customers.

所以你基本上看到的是，如果你看看我們的工廠，他們會發現上個季度給我們的銷量比去年有所下降，因為大流行後的所有備份以及一次獲得多個月的備份，我們從年底開始就去庫存了。我認為我們的一些客戶也是如此。

That's true in Europe and the U.S. and for our distributors. They've taken a lot of inventory. They were tougher comps for those that we booked as -- when we sold it to them, not when they sold out. And now that our stores are full, and you see a lot of our customers deep inventory, while they're showing increased sales.

對於歐洲和美國以及我們的經銷商來說都是如此。他們拿走了很多庫存。對於那些我們預訂的人來說​​，他們的補償更嚴格——當我們把它賣給他們時，而不是當他們賣完時。現在我們的商店已經滿了，你會看到我們的很多客戶都有大量庫存，而他們的銷售額卻在增加。

So if you take a differential in timing, those that took the stuff early, we ended up with a big bang last year because we shipped it out, and didn't have to worry about getting it to store or getting it to consumer.

因此，如果你考慮一下時間上的差異，那些提前拿走東西的人，我們去年會帶來一場大爆炸，因為我們把它運出去，而不必擔心將它送到商店或送到消費者手中。

Ourselves now, we are, like John said, the most efficient. We turn it over every week, we deliver to our stores throughout the week, some 2, 3, 4 times. They're fresh, they're new. And we're getting it and I think some of our customers, distributors are also in the same boat. And as they clean out their inventories, they'll start to pick up the receipts, which is what we'll get to a more normal by the end of the year, I hope we're in the -- in the first quarter of next year.

正如約翰所說，我們現在是最有效率的。我們每週都會將其交付給我們的商店，大約是 2、3、4 次。它們是新鮮的，它們是新的。我們正在了解這一點，我認為我們的一些客戶、分銷商也有同樣的遭遇。當他們清理庫存時，他們將開始領取收據，這就是我們將在今年年底前變得更加正常的情況，我希望我們能夠在 - 在第一季度明年。

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 was curious to know, John, if you can maybe talk a little bit about what you're seeing in domestic wholesale. I think 90 days ago, you talked about an inflection. Is that what you're seeing in your channel in the U.S. wholesale marketplace?

約翰，我很想知道您是否可以談談您在國內批發中看到的情況。我想 90 天前，你談到了一種變化。這就是您在美國批發市場的渠道中看到的情況嗎？

Well, I'd first point out that as we said last quarter, we expected to be the toughest quarter for us from a domestic wholesale perspective. It's actually less challenging than we had thought. We mentioned there were some orders that got pulled up, which we believe reflects the active sell-through that David mentioned on some of our core product that's out in the marketplace.

好吧，我首先要指出，正如我們上季度所說，從國內批發的角度來看，我們預計這將是最艱難的季度。它實際上沒有我們想像的那麼具有挑戰性。我們提到有一些訂單被取消，我們認為這反映了大衛提到的我們在市場上的一些核心產品的活躍銷售。

So in a way, what we've seen is a little bit of a shift into Q2 to benefit that was -- although 25% is not what we aspire to. It is certainly less challenging than what we would have expected. It does rebalance the back end of the year a little bit.

因此，在某種程度上，我們看到的是第二季度的一些轉變，以從中受益——儘管 25% 並不是我們所渴望的。這當然沒有我們預期的那麼具有挑戰性。它確實在今年年底重新平衡了一點。

Look, we're optimistic that the continued consumer demand and active sell-through we're seeing, you're clearly seeing it in DTC. You're seeing it in certain accounts on the domestic wholesale front, will lead to an increased reorder pace. I would still say we believe Q2 was the most challenging and will have been the most challenging retrospect.

看，我們對持續的消費者需求和活躍的銷售保持樂觀，您可以在 DTC 中清楚地看到這一點。您可以在國內批發方面的某些帳戶中看到這一點，這將導致重新訂購速度加快。我仍然想說，我們相信第二季度是最具挑戰性的，並且將是最具挑戰性的回顧。

I would only caveat to say that timing is something we're seeing more movement on lately. So that could create a pocket here or there. But definitely, overall, pleased with how we came out of Q2. And we're cautiously optimistic that things are starting to turn for the back half of the year. Although again, timing being what it is, we may see some shifts around, although nothing like that is currently anticipated in our guidance.

我只想提醒大家，最近我們在時機方面看到了更多的進展。這樣就可以在這里或那裡創造一個口袋。但總體而言，我們對第二季度的表現絕對感到滿意。我們對今年下半年情況開始出現轉變持謹慎樂觀態度。儘管如此，就目前情況而言，我們可能會看到一些變化，儘管我們的指導意見中目前沒有預期到類似的情況。

Very helpful. And maybe can you talk about the gross margin continues to be very impressive. I think, John, remind me, but I think that freight was at least a 300 basis point headwind to last year's gross margin. Did you start to see a little bit of freight become a benefit? And do you anticipate to recapture all of that freight over the next 4 quarters? Any color on that would be very helpful.

很有幫助。也許您可以談談毛利率仍然非常可觀。約翰，提醒我一下，但我認為運費比去年的毛利率至少低了 300 個基點。您是否開始看到一點點運費變成了一種好處？您預計在接下來的 4 個季度內收回所有貨運嗎？任何顏色都會非常有幫助。

Well, I'd first reiterate the big benefit to gross margin was -- we were nearly 50% direct-to-consumer this quarter. So there was a rather significant mix benefit that you saw, I think, flow through into earnings, which is terrific. But also the previously discussed changes to the domestic wholesale pricing, in particular, but also some international wholesale pricing that finally got annualized into the system.

嗯，我首先重申毛利率的巨大好處是——本季度我們直接面向消費者的比例接近 50%。因此，我認為，您看到了相當顯著的混合效益，這會轉化為收益，這是非常棒的。還有之前討論的國內批發定價的變化，特別是一些國際批發定價最終被年化到系統中。

I'd say we are starting to see clearly in available rates, shipping come down. It didn't materialize fully this quarter. I do think there was some pickup there. A bit of an offset though, because as we sell more of our comfort technology products, you do see a slightly increased cost per unit. Now we're able to charge more for that. We're able to deliver more value to the consumer. So it offsets. So there's a little bit of a masking effect in there.

我想說，我們開始清楚地看到可用價格，運費下降。本季度這一目標並未完全實現。我確實認為那裡有一些回升。不過，這有點抵消，因為隨著我們銷售更多舒適技術產品，您確實會看到單位成本略有增加。現在我們可以為此收取更多費用。我們能夠為消費者提供更多價值。所以它抵消了。所以那裡有一點掩蔽效應。

But what I would say is, we continue to expect year-over-year improvement in the margin for the balance of the year. We'd like nothing better than that to be more about the shipping and the pricing than the mix because we'd love to see the domestic wholesale in particular, catch back up to where we think it should be on a run rate basis.

但我想說的是，我們繼續預計今年剩餘時間的利潤率將同比改善。我們最希望的是在運輸和定價方面比組合更重要，因為我們特別希望看到國內批發，趕上我們認為應該在運行率基礎上的水平。

But we continue to foresee improvement in gross margins quarter-over-quarter year-over-year, so that Q3 will be better than last year, Q4 will be better than last year as well.

但我們仍然預計毛利率環比同比有所改善，因此第三季度將好於去年，第四季度也將好於去年。

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 strong results. So just bigger picture, would you help us think about the long-term pathway for margins? Seems like you'll get back to 2019 EBIT margin this year. But beyond that, where do you see the biggest opportunities to expand margins within the business?

祝賀取得的強勁成果。那麼，從更大的角度來看，您能幫助我們思考利潤率的長期途徑嗎？看來今年你將恢復到 2019 年的息稅前利潤率。但除此之外，您認為擴大業務利潤的最大機會在哪裡？

First of all, thanks, Gaby. It's the continued growth trajectory of our international and our direct-to-consumer businesses, as we've said for a long time, that really is the longer-term algorithm for growing both the gross margin and the operating margin.

首先，謝謝，蓋比。正如我們長期以來所說，我們的國際業務和直接面向消費者的業務的持續增長軌跡確實是毛利率和營業利潤增長的長期算法。

I mean obviously, there are opportunities within operating expenses to create a little bit of a tailwind leverage, but that's always going to be continents for us against what it takes to invest for the brand to grow to $10 billion and the numbers beyond that.

我的意思是，顯然，運營支出中有機會創造一點順風槓桿，但對於我們來說，與品牌增長到 100 億美元及更多數字所需的投資相比，這始終是大陸。

So I'd say, again, the first emphasis is continued growth in those 2 key avenues for us with some potential upside opportunity to leverage operating expenses longer term.

因此，我再次強調，首要重點是這兩個關鍵途徑的持續增長，為我們提供一些潛在的上行機會，以長期利用運營費用。

Got it. That's helpful. And just a quick follow-up. In your press release, you mentioned that you're developing new categories that are going to be introduced later this year. Just wondering, if you could elaborate on that?

知道了。這很有幫助。只是快速跟進。在您的新聞稿中，您提到您正在開發新類別，並將於今年晚些時候推出。只是想知道，您能否詳細說明一下？

Probably not. We try to be careful not to get too far ahead or give too much notice where we're planning something -- certainly something big to get everybody an idea of where to look and where to find it. I think we're all secure and some launches you'll see them, I believe, shortly, and we'll know them as they happen.

可能不是。我們盡量小心，不要走得太遠，也不要過多關注我們正在計劃的事情——當然是一些大事情，讓每個人都知道在哪裡尋找和找到它。我認為我們都是安全的，我相信很快就會看到一些發布，並且我們會在它們發生時知道它們。

But we're not in a position yet and nor will be ready to go forward and announce them and get everybody ready from a competitive point of view.

但我們還沒有做好準備，也不會準備好宣布這些計劃，並讓每個人從競爭的角度做好準備。

Understood.

明白了。

Thanks, Gaby.

謝謝，蓋比。

Next question comes from John Kernan with Cowen and Company.

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

Congrats on the great quarter. You beat the high end of the sales guidance by about $100 million, which is great. It's obviously a function of how much momentum you have in the business. The flow-through was quite high, the operating profit line, too. Can you just talk to what surprised you the most, John, financially in the quarter? Obviously, there was some sales upside. It seems like gross margin also was an area of upside to your expectations. And just have a follow-up for the full year guide as well.

祝賀這個偉大的季度。您比銷售指導的上限高出約 1 億美元，這非常棒。顯然，這取決於您在業務中擁有多少動力。流量相當高，營業利潤線也很高。約翰，您能談談本季度財務方面最令您驚訝的事情嗎？顯然，銷售有一些上升空間。毛利率似乎也超出了您的預期。並且還有全年指南的後續行動。

Well, I don't know that I would characterize this as a surprise per se. But let me contextualize it within the prior guidance.

嗯，我不知道我會將這本身描述為驚喜。但讓我將其放在之前的指導中。

The continued extraordinary strength we're seeing in the direct-to-consumer business. Certainly, outdistance our prior year guidance. It's hard to put into guidance a growth rate nearly 30%.

我們在直接面向消費者的業務中看到了持續的非凡實力。當然，這超出了我們去年的指導。很難將接近 30% 的增長率納入指導。

So now that being said, we had seen strong trends. We feel like we have the product for it. So we were optimistic that it would continue, and it did, which was great, but I -- I don't know that wisdom would have been putting that fully into the guidance. So that definitely outdistanced our guidance.

話雖這麼說，我們已經看到了強勁的趨勢。我們覺得我們有適合它的產品。因此，我們樂觀地認為它會繼續下去，而且確實如此，這很好，但我 - 我不知道智慧是否會將其完全納入指導中。所以這絕對超出了我們的指導。

I would say China came back, did really well this quarter, even in kind of a mixed quarter from a consumer behavior perspective, but growing nearly 20% was a great result for us in China. And then the domestic wholesale. I know it's -- again, we don't want to log ourselves for a 25% decline, but that is better than we thought.

我想說，中國回來了，本季度表現非常好，即使從消費者行為的角度來看，這是一個好壞參半的季度，但增長近 20% 對我們在中國來說是一個很好的結果。然後國內批發。我知道，我們不想讓自己的業績下降 25%，但這比我們想像的要好。

We saw, again, sell-through driven activity and other activity in some accounts that are a little bit healthier than others from an inventory perspective leads to some accelerated take on the product. And that was great because our hope is that that really starts to indicate a change with the balance of our customers that being in stock and full in sizes with the new product is the best way to go forward, which is what we're doing in our own retail. So those were all positive surprises.

我們再次看到，一些賬戶中的銷售驅動活動和其他活動從庫存角度來看比其他賬戶更健康，從而加速了產品的購買。這很棒，因為我們希望這真正開始表明我們客戶的平衡發生了變化，即庫存充足且尺寸齊全的新產品是前進的最佳方式，這就是我們正在做的事情我們自己的零售。所以這些都是積極的驚喜。

Of course, you never get just good news. So there were some a little bit of challenges here there that we dealt with that we're not going to talk about because they weren't material. But overall, I'd say the net effect of it was definitely results that exceeded our expectations.

當然，你永遠不會只得到好消息。因此，我們處理了一些挑戰，但我們不會談論這些挑戰，因為它們並不重要。但總的來說，我想說它的淨效果絕對是超出我們預期的結果。

That's very helpful. And then I guess with the $3.25 to $3.40 EPS guidance, maybe talk to some of the puts and takes within gross margin? And also the balance between demand creation and marketing expenses to keep the top line moving at this pace?

這非常有幫助。然後我想，根據 3.25 美元至 3.40 美元的 EPS 指導，也許可以討論毛利率範圍內的一些看跌期權和看跌期權？以及需求創造和營銷費用之間的平衡，以保持營收以這樣的速度增長？

Yes. I would say from the balance of the year, I think the one thing to note is we're getting to a point where we're going to start comping against some stronger results last year. Last year, kind of the curvature, if you will, of gross margin was that the first half of the year was better. It was bad. The back half of the year got better. So some of that -- the comparability simply won't be as favorable because last year wasn't as detrimented.

是的。我想說，從今年的剩餘時間來看，我認為值得注意的一件事是，我們即將開始與去年的一些更強勁的業績進行比較。去年，如果你願意的話，毛利率的某種曲率是上半年更好。這不怎麼樣。下半年情況有所好轉。所以其中一些——可比性根本不會那麼有利，因為去年並沒有那麼受到損害。

Clearly, we still have, we think, benefits coming from a cost perspective. We've now fully annualized pricing though, so that will offset. The net effect of it is, again, we feel like we're in a good resting spot going forward with kind of that improvement in each quarter relative to the prior year.

顯然，我們認為，從成本角度來看，我們仍然有好處。不過，我們現在已經完全按年定價，因此這將被抵消。其最終效果再次是，我們感覺我們處於一個良好的休息狀態，每個季度相對於上一年都有一定程度的改善。

The one thing to keep an eye on is mix, we did obviously tilt favorably towards mix. We could see growth in our wholesale business, which would again be potentially detrimental to gross margin, but more gross profit dollars, and we'll take that because that leads to more earnings for our shareholders. And that's obviously our ultimate objective.

需要關注的一件事是混合，我們顯然確實傾向於混合。我們可能會看到批發業務的增長，這可能會再次損害毛利率，但會增加毛利潤，我們會接受這一點，因為這會為我們的股東帶來更多收益。這顯然是我們的最終目標。

So there's always -- we're still not fully clear of COVID, there's a lot of noise. But I would just say that the comparability going forward becomes more normal. And that will just make the delta a little bit smaller as a result of being compared against a prior year that started to get better.

因此，我們仍然沒有完全清除新冠病毒，存在很多噪音。但我只想說，未來的可比性會變得更加正常。與開始好轉的前一年相比，這只會使增量變得更小一些。

The one thing I would note, though, is we are optimistic about back-to-school. We're optimistic about the holiday period. We are currently in a position where if you recall last year, we had a lot of on-hand inventory, and we had to deal with that. And obviously, we're much trimmer today than we were at the end of the year. We're down nearly $300 million of inventory versus just December, which gives you a sense of how much we focused on that issue and resolved it.

不過，我要指出的一件事是，我們對重返校園持樂觀態度。我們對假期期間持樂觀態度。如果你還記得去年的話，我們目前的處境是，我們手頭有大量庫存，我們必須處理這個問題。顯然，我們今天比年底時要精簡得多。與去年 12 月份相比，我們的庫存減少了近 3 億美元，這讓您了解我們對這個問題的關注程度並予以解決。

But we also had last year, not a lot of depth in stores, and that's been resolved, so that our stores -- are generally in stock with the right products. So we do think that that is a little bit of a continuing tailwind, particularly in the third quarter and into the early part of the fourth.

但去年我們的商店深度不夠，這個問題已經得到解決，因此我們的商店通常都有合適的產品庫存。因此，我們確實認為這是一個持續的順風，特別是在第三季度和第四季度初期。

Next question comes from Tom Nikic with Wedbush Securities.

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

I wanted to follow-up on domestic wholesale. How do inventory levels look for your brand at the U.S. wholesale channel? And have you gotten any sense that some of the overhangs of inventory for some of the other brands out there have started to alleviate?

我想跟進國內批發。您的品牌在美國批發渠道的庫存水平如何？您是否感覺到其他一些品牌的庫存過剩已經開始緩解？

Yes, I would say when we look into inventories at kind of our top 10, top 20 wholesale customers in domestic markets, inventory look pretty good. In fact, I would argue probably a little bit leaner than we want them to be. And so we think that tees up well for strong sell-through driven reorders.

是的，我想說，當我們調查國內市場前 10 名、前 20 名批發客戶的庫存時，庫存看起來相當不錯。事實上，我認為他們可能比我們希望的要精簡一些。因此，我們認為這對於強勁的銷售驅動的再訂購來說是有利的。

Now again, they're dealing with inventory issues that extended beyond the Skechers brand and that, we believe, has been one of the bigger challenges. Although I would just note, it's not every customer. We have wholesale customers out there who are doing fantastic. And that's what led to some of the some of the improvement in results relative to our second quarter.

現在，他們再次處理超出 Skechers 品牌範圍的庫存問題，我們認為，這是更大的挑戰之一。儘管我只是想指出，但這並不是每個客戶。我們的批發客戶做得非常出色。這就是導致我們第二季度業績有所改善的原因。

So look, I don't know how long it will take them to deal with the totality of whatever congestion they're experiencing. What we do know is that our product is in demand and selling well. There certainly doesn't appear to be any significant backup to our inventories in those key accounts. And so we think that -- and pricing is good. The factors tee up well for an acceleration of reorders once they're clear of whatever challenges they're experiencing.

所以看，我不知道他們需要多長時間才能處理他們所經歷的所有擁堵。我們所知道的是，我們的產品需求旺盛且暢銷。這些關鍵客戶的庫存顯然沒有任何重要的備份。所以我們認為——而且定價很好。一旦他們擺脫了正在經歷的任何挑戰，這些因素就會很好地加速重新訂購。

Got it. If I could just follow-up. I think on the last couple of calls, John, you said your hope would be, or you would drive towards getting back to flat in U.S. wholesale for the end of the year. Is it safe to assume that it will take a little bit longer to get to that point? And we should assume that 2H U.S. wholesale is still down, but to a lesser extent than the first half?

知道了。如果我能跟進就好了。約翰，我想在最後幾次電話中，您說過您的希望是，或者您會努力推動美國批發市場在年底恢復持平。可以肯定的是，需要更長的時間才能達到這一點嗎？我們應該假設 2H 美國批發仍然下降，但幅度小於上半年？

Well, I don't want to prejudge the range of possibilities. I would say, as we look forward and certainly when we considered our guidance, that's what we're currently expecting. Although again, as I just mentioned, we think the situation is prime for the healthy consumer demand we're seeing out there in the market, stimulating some early reorder activity. But, insofar as our guidance is concerned, that's the position we've taken.

好吧，我不想預先判斷可能性的範圍。我想說，當我們展望未來時，當然，當我們考慮我們的指導時，這就是我們目前所期望的。儘管如此，正如我剛才提到的，我們認為目前的情況對於我們在市場上看到的健康的消費者需求來說是最好的，刺激了一些早期的再訂購活動。但是，就我們的指導而言，這就是我們所採取的立場。

Understood. Best of luck in the second half of the year.

明白了。祝下半年好運。

Thanks, Tom.

謝謝，湯姆。

The next question comes from Abbie Zvejnieks with Piper Sandler.

下一個問題來自 Abbie Zvejnieks 和 Piper Sandler。

I was just wondering if you're seeing any of the same dynamics in terms of inventory congestion in any of the international markets, particularly Europe? And then second, are you -- what are you seeing in terms of promotions?

我只是想知道您是否在任何國際市場（尤其是歐洲）的庫存擁堵方面看到了相同的動態？其次，您對促銷有何看法？

Well, internationally, it's probably not the order of magnitude is here in the States, but the same things exist. And while we're doing better in EMEA, we still have customers there that are cleaning through inventory. But the sell-through rates as in the states and maybe even more so than the states continue to be at the top end and the brand performs very well.

嗯，在國際上，這可能不是美國的數量級，但同樣的事情也存在。雖然我們在歐洲、中東和非洲地區做得更好，但我們仍然有客戶在清理庫存。但各州的銷售率，甚至可能比各州的銷售率繼續處於高端，而且該品牌表現非常好。

So we're starting to see a bigger influx of orders and certainly looking better as we get to the end of the year and into Q1. As you go around the world, it varies from place to place-to-place or geography-to-geography. I would say that Europe is slightly better shape than the U.S. as far as those sell-throughs are concerned.

因此，我們開始看到更多的訂單湧入，並且隨著年底和第一季度的到來，情況肯定會更好。當您環遊世界時，不同地點或不同地理位置的情況會有所不同。我想說，就銷售量而言，歐洲的情況比美國稍好一些。

South America, Central America, if you go from Mexico down is a mixed bag. Like Chile is a strong market for us, does much better direct-to-consumer. Their wholesale business are having a little trouble cleaning out yet. In Peru and Colombia, it's picking up for us as it is in Central America. Same holds true in Canada. We have significantly better direct-to-consumer and still have a number of wholesale customers cleaning out.

南美洲、中美洲，如果你從墨西哥往下走，那就是魚龍混雜。就像智利對我們來說是一個強大的市場一樣，在直接面向消費者方面做得更好。他們的批發業務在清理方面還遇到了一些麻煩。在秘魯和哥倫比亞，我們的情況正在好轉，就像在中美洲一樣。在加拿大也是如此。我們的直接面向消費者的方式明顯更好，並且仍然有許多批發客戶在清理。

As far as China is concerned, they're getting back in line. They started earlier. They had a big pickup, which was very good for them in Q2. They're looking good as far as inventory is concerned, they are a bigger piece direct-to-consumer than wholesale. So that bodes well as we go forward.

就中國而言，他們正在回歸正軌。他們開始得更早。他們的表現非常出色，這對他們在第二季度來說非常有利。就庫存而言，它們看起來不錯，它們是直接面向消費者的產品，而不是批發產品。所以這是我們前進的好兆頭。

And so far as promotions, I would actually say it's still pretty stable. If you recall, last year, we started to introduce promotions kind of in the current quarter, maybe a little bit before, sporadically, but they look stable. And again, from our perspective, the in-store work, in particular, continues to motivate consumers to come into the store and shop. And so it's doing exactly what we wanted to do.

就促銷而言，我實際上會說它仍然相當穩定。如果您還記得，去年，我們開始在當前季度推出促銷活動，也許稍早一點，零星地進行，但它們看起來很穩定。再次，從我們的角度來看，尤其是店內工作繼續激勵消費者走進商店和購物。所以它正在做我們想做的事情。

Since 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.

由於目前沒有其他問題，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。