Skechers USA Inc (SKX) 2023 Q3 法說會逐字稿

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

您好，歡迎參加 Skechers 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

我現在想把這次會議交給 Skechers。謝謝。你可以開始了。

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

大家好。我叫 David Roche，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. 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 fluctuation; challenging consumer retail markets in the United States; wars, acts of war and other conflicts around the world; 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。本文所包含的某些陳述，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。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，包括通貨膨脹的影響；外幣波動；美國消費者零售市場面臨挑戰；世界各地的戰爭、戰爭行為和其他衝突；供應鏈的延誤和中斷，尤其是零售業和公司的供應鏈延誤和中斷。

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 condition, cash flows and results of operations.

無法保證我們任何前瞻性陳述所表達或暗示的實際未來結果、績效或成就將會發生。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?

說到這裡，我想將電話轉給 Skechers 的營運長 David Weinberg；和財務長約翰·范德莫爾。大衛？

Good afternoon, and thank you for joining us today for our third quarter 2023 conference call. Before we discuss our record quarterly results, I would like to express our concern for those impacted by the devastating crisis in the Middle East and the ongoing war in Ukraine. This is a very difficult and uncertain time for many of our colleagues, partners and customers with whom we remain in close contact, offering whatever comfort and assistance we can.

下午好，感謝您今天參加我們的 2023 年第三季電話會議。在我們討論創紀錄的季度業績之前，我想對那些受到中東毀滅性危機和烏克蘭持續戰爭影響的人們表示擔憂。對於我們保持密切聯繫、盡我們所能提供安慰和幫助的許多同事、合作夥伴和客戶來說，這是一個非常困難和不確定的時期。

Once again, our financial results exceeded expectations with a new quarterly sales record of $2.025 billion, a strong gross margin of 52.9% and earnings per share of $0.93. Along with our continued momentum in the quarter, we extended our product portfolio, which we believe will further strengthen our position in the global footwear market.

我們的財務表現再次超出預期，季度銷售額創下 20.25 億美元的新紀錄，毛利率高達 52.9%，每股收益為 0.93 美元。隨著本季的持續成長勢頭，我們擴展了產品組合，我們相信這將進一步鞏固我們在全球鞋類市場的地位。

We released 3 capsules from our new Snoop Dogg collaboration across North America, Europe and several other key markets, creating media attention and expanding our reach with fans of the legendary entertainer. Our collection with Snoop Dogg, along with our collaborations with Martha Stewart and the Rolling Stones, heightened awareness and consumer engagement for the Skechers brand.

我們在北美、歐洲和其他幾個主要市場發布了與史努比狗狗 (Snoop Dogg) 全新合作的 3 個膠囊系列，引起了媒體關注，並擴大了我們與這位傳奇藝人粉絲的影響力。我們與 Snoop Dogg 合作的系列，以及與 Martha Stewart 和滾石樂隊的合作，提高了 Skechers 品牌的知名度和消費者參與度。

We also launched an exciting expansion to our Skechers Performance division, Skechers Football, or soccer, as it's known in the United States, with boots built for speed and control. In support of this initiative, we signed Harry Kane, the leading striker for Bayern Munich and captain of the England national football team. Harry, along with a roster of athletes from the Premier League and Women's Super League, have been instrumental in testing and launching of this product. Harry's move to Bayern Munich created additional excitement and generated headlines as he made his inaugural Bundesliga appearance in Skechers boots with a goal and an assist. The SKX_01 and Skechers Razor are currently available in key football specialty retailers, select Skechers stores and online in Europe.

我們還對 Skechers Performance 部門進行了激動人心的擴展，即 Skechers Football（在美國稱為足球），推出專為速度和控製而設計的靴子。為了支持這項舉措，我們簽下了拜仁慕尼黑隊的主力前鋒兼英格蘭國家足球隊隊長哈利凱恩。哈里與來自英超聯賽和女子超級聯賽的運動員一起，在該產品的測試和推出過程中發揮了重要作用。哈里轉會拜仁慕尼黑引起了更多的關注，並成為頭條新聞，他穿著斯凱奇靴子首次亮相德甲，並取得進球和助攻。 SKX_01 和 Skechers Razor 目前在歐洲的主要足球專賣零售商、精選 Skechers 商店和網上有售。

Just this week, we announced the further expansion of our technical performance footwear with the addition of Skechers Basketball and the unveiling of the SKX Resagrip and the SKX Float. Similar to our approach with football, we have partnered with 2-time All-Star Julius Randle from the New York Knicks and local star Terance Mann from the Los Angeles Clippers, both of whom have been training and playing in Skechers Basketball footwear leading up to the 2023 NBA season. Skechers Basketball will be available shortly in North America, China and the Philippines, the world's largest basketball markets.

就在本週，我們宣布進一步擴展我們的技術性能鞋款，推出 Skechers籃球鞋，並推出 SKX Resagrip 和 SKX Float。與我們在足球方面的做法類似，我們與紐約尼克隊的兩屆全明星朱利葉斯·蘭德爾和洛杉磯快艇隊的本土球星特倫斯·曼恩合作，兩人都一直穿著斯凱奇籃球鞋進行訓練和比賽，直到2023 年 NBA 賽季。 Skechers 籃球鞋即將在全球最大的籃球市場北美、中國和菲律賓上市。

With the launch of Skechers Football and Basketball, we expanded our Skechers Performance division with 2 of the biggest sports in the world, building on our assortment of award-winning Running, Golf and Pickleball footwear. Taken together, the expansion of Skechers Performance footwear and our collaborations with Snoop Dogg, Martha Stewart, the Rolling Stones as well as others, illustrates our commitment to innovation and our determination to deliver comfort, style and quality in every pair.

隨著 Skechers 足球和籃球系列的推出，我們在屢獲殊榮的跑步鞋、高爾夫鞋和匹克球鞋系列的基礎上，將 Skechers Performance 部門擴展到了世界上兩項最大的運動項目。總而言之，Skechers Performance 鞋類的擴張以及我們與 Snoop Dogg、Martha Stewart、滾石樂隊等的合作，體現了我們對創新的承諾以及我們為每雙鞋提供舒適、時尚和品質的決心。

We continue to develop fresh takes on our successful and in-demand Skechers Hands-Free Slip-ins, Arch Fit, Max Cushioning, GOwalk and street collections, as well as many other styles. All of our key initiatives, whether they are related to performance or lifestyle, have targeted and unique marketing campaigns to drive awareness and purchase intent. This includes athletes and brand ambassadors who are admired in their respective countries, like newly signed former footballer, Fabio Cannavaro, in Italy; and actress and TV personality, [LilLi Co], in Japan.

我們繼續為我們成功且受歡迎的 Skechers Hands-Free Slip-ins、Arch Fit、Max Cushioning、GOwalk 和街頭系列以及許多其他款式開發新款式。我們所有的關鍵舉措，無論是與績效還是生活方式相關，都有針對性和獨特的行銷活動來提高認知度和購買意願。其中包括在各自國家受到尊敬的運動員和品牌大使，例如義大利新簽約的前足球員法比奧·卡納瓦羅 (Fabio Cannavaro)；以及日本女演員、電視名人 [LilLi Co]。

As we review our accomplishments in the third quarter, we want to note that our goals and objectives remain unchanged. We are committed to delivering the ultimate comfort technology products to the world, enhancing the Skechers shopping experience and operating in an increasingly efficient, sustainable and impactful manner.

當我們回顧第三季的成就時，我們想指出我們的目標保持不變。我們致力於為世界提供極致舒適的科技產品，提升 Skechers 的購物體驗，並以日益高效、可持續和有影響力的方式運作。

Looking at our third quarter results. We achieved record sales of $2.025 billion, an increase of 8% year-over-year. International sales increased 9%, representing approximately 61% of our total sales, and domestic sales increased 7%. Gains were driven by a 24% increase in our Direct-to-Consumer segment.

看看我們第三季的業績。我們實現了創紀錄的銷售額 20.25 億美元，年增 8%。國際銷售額成長 9%，約佔總銷售額的 61%，國內銷售額成長 7%。我們的直接面向消費者業務部門成長了 24%，推動了這一成長。

Our Wholesale sales decreased 1%, due primarily to lower distributor sales in the quarter, which led to international Wholesale being down 2%. Excluding distributor sales, international Wholesale was up 5%. Domestic wholesale was significantly better than expected at flat to prior year, driven by accelerated deliveries in the third quarter.

我們的批發銷售額下降 1%，主要是由於本季分銷商銷售額下降，導致國際批發銷售額下降 2%。不計經銷商銷售額，國際批發成長 5%。受第三季交付加速的推動，國內批發明顯優於預期，與去年同期持平。

We are encouraged by the positive signals we continue to see in the domestic Wholesale marketplace, including requests for early deliveries, solid sell-throughs, healthier inventory levels and, most importantly, booking trends for the first part of 2024. After a difficult year, we are optimistic about the prospects of a return to growth in Domestic Wholesale in 2024 on the back of our incredible product lineup.

我們對國內批發市場繼續看到的積極信號感到鼓舞，包括提前交貨的要求、穩定的銷售、更健康的庫存水平，以及最重要的是2024 年上半年的預訂趨勢。在經歷了艱難的一年之後，憑藉我們令人難以置信的產品陣容，我們對 2024 年國內批發業恢復成長的前景感到樂觀。

Turning to Direct-to-Consumer, where our 24% growth was the result of a 33% increase internationally, with strong performance in both online and brick-and-mortar locations and a 14% increase domestically, driven by our stores. This includes growth of 17% in the Americas, 24% in APAC and 61% in EMEA.

轉向直接面向消費者，我們 24% 的成長得益於國際成長 33%，線上和實體店均表現強勁，而國內成長 14%（由我們的商店推動）。其中美洲成長 17%，亞太地區成長 24%，歐洲、中東和非洲成長 61%。

At 42% of our total sales, our Direct-to-consumer segment is a key driver of our long-term growth strategy. As such, we are focused on improving efficiencies and creating a more seamless experience for consumers, driving demand and ensuring we have a fresh flow of inventory.

直接面向消費者的細分市場占我們總銷售額的 42%，是我們長期成長策略的關鍵驅動力。因此，我們專注於提高效率並為消費者創造更無縫的體驗，推動需求並確保我們擁有新鮮的庫存流。

In the third quarter, we opened 72 company-owned Skechers stores and closed 23. Store openings included 43 in China, 5 big box stores in the United States, 5 in Vietnam, 4 in South Korea, 3 in both Chile and India, 2 each in France, Israel and Hong Kong and 1 each in Canada, Colombia and Peru. In the period, 324 third-party stores opened, including 282 in China and 11 in India, bringing our third-party store count to 3,399 and our total worldwide count to 4,992 Skechers stores.

第三季度，我們開設了72 家公司自營Skechers 商店，關閉了23 家。新開店包括中國43 家、美國5 家大型商店、越南5 家、韓國4 家、智利和印度各3 家、2 家。法國、以色列和香港各 1 個，加拿大、哥倫比亞和秘魯各 1 個。期內，新開第三方商店 324 家，其中中國 282 家，印度 11 家，使我們的第三方商店數量達到 3,399 家，全球 Skechers 商店總數達到 4,992 家。

In the fourth quarter to date, we've opened 3 company-owned stores in the United States and 1 each in the U.K., Colombia and Chile. We expect to open 45 to 55 company-owned stores worldwide over the remainder of the year.

迄今為止，第四季度，我們在美國開設了 3 家公司自營店，在英國、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 45 至 55 家公司自營店。

Reflecting our diligent efforts to manage our inventory, levels declined 24% from year-end 2022 while simultaneously increasing our gross margins and maintaining growth. We have also begun shipping out of our new distribution centers in Canada and Chile, and we expect to be operational at our facilities in India and Panama before the end of the year.

與 2022 年底相比，庫存水準下降了 24%，同時提高了毛利率並保持了成長，這反映出我們在管理庫存方面所做的努力。我們也開始從加拿大和智利的新配送中心出貨，並預計在今年年底前在印度和巴拿馬的設施投入營運。

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

現在我想將電話轉給約翰，以了解有關我們財務業績的更多詳細資訊。

Thank you, David, and good afternoon, everyone. Skechers delivered another quarter of record sales, surpassing $2 billion and growing 8%, led by the continued strength of our Direct-to-Consumer segment, which grew double digits in all regions. This sustained momentum highlights the strength of the Skechers brand globally and the successful execution of our long-term growth strategy.

謝謝大衛，大家下午好。 Skechers 的季度銷售額再創歷史新高，超過 20 億美元，成長 8%，這得益於我們直接面向消費者細分市場的持續強勁，該細分市場在所有地區均實現了兩位數增長。這種持續的勢頭凸顯了 Skechers 品牌在全球的實力以及我們長期成長策略的成功執行。

Now let's review our third quarter financial results. Direct-to-Consumer sales grew 24% year-over-year to $850.4 million, driven by increases of 33% internationally and 14% domestically. We saw continued strong performance in our retail stores globally and meaningful outperformance on our international e-commerce platforms.

現在讓我們回顧一下我們第三季的財務表現。直接面向消費者的銷售額年增 24%，達到 8.504 億美元，其中國際銷售額成長 33%，國內銷售額成長 14%。我們看到我們的全球零售店持續強勁表現，並且我們的國際電子商務平台表現出色。

Consistent with what we are seeing across the industry, we experienced a slowdown in our domestic e-commerce channel as consumers shifted to our stores, which are once again at target inventory levels. The growth in Direct-to-Consumer reflects the continued demand for our innovative products as we deliver on our strategy to enhance our omnichannel capabilities.

與我們在整個行業中所看到的情況一致，隨著消費者轉向我們的商店，我們的國內電子商務管道出現了放緩，而這些商店再次達到了目標庫存水平。直接面向消費者的成長反映了對我們創新產品的持續需求，因為我們正在實施增強全通路能力的策略。

Wholesale sales decreased 1% year-over-year to $1.17 billion. Domestically, sales were flat versus the prior year, which was a significantly better result than we expected due to the accelerated timing of orders.

批發銷售額年減 1%，至 11.7 億美元。在國內，銷售額與上年持平，由於訂單時間加快，結果明顯優於我們的預期。

International wholesale sales declined 2%, predominantly due to a decline in sales to our distributor markets, which can be influenced heavily by the timing of orders, and which we're facing a particularly difficult comparison to the prior year. Excluding distributor sales, international wholesale sales were up 5%. Overall, we were encouraged by the performance of the Wholesale segment in the quarter, as well as the positive booking trends we have observed for the first half of 2024.

國際批發銷售額下降了 2%，主要是由於我們的經銷商市場的銷售額下降，這在很大程度上受到訂單時間的影響，與前一年相比，我們面臨著特別困難的情況。不計經銷商銷售額，國際批發銷售額成長了 5%。總體而言，本季批發業務的表現以及我們觀察到的 2024 年上半年積極的預訂趨勢令我們感到鼓舞。

Now turning to our regional sales. In the Americas, sales for the third quarter increased 7% year-over-year to $1.02 billion, driven by growth across markets. We continue to see the strength of our Direct-to-Consumer business drive growth in the region, particularly within our retail stores. In EMEA, sales grew 2% year-over-year to $480.4 million, driven by strong Direct-to-Consumer growth, nearly offset by lower sales to our distributors. Excluding distributor sales from the equation, EMEA grew double digits year-over-year, particularly reflecting the strong demand for our brand and innovative product assortment in our Direct-to-Consumer channels.

現在轉向我們的區域銷售。在美洲，受各市場成長的推動，第三季銷售額年增 7%，達到 10.2 億美元。我們繼續看到我們的直接面向消費者業務的實力推動了該地區的成長，特別是在我們的零售店內。在歐洲、中東和非洲地區，受直接面向消費者強勁成長的推動，銷售額年增 2% 至 4.804 億美元，但幾乎被分銷商銷售額下降所抵消。排除經銷商銷售額，歐洲、中東和非洲地區同比增長兩位數，特別反映了我們的直接面向消費者通路對我們的品牌和創新產品種類的強勁需求。

In Asia Pacific, sales increased 14% year-over-year, $527.1 million, on the back of robust growth across segments in most markets. In China, sales grew 18%, driven by double-digit growth in all channels. As this market continues to recover, we are encouraged by the sustained growth rates and positive retail trends we have seen, which have exceeded our expectations.

在亞太地區，由於大多數市場各細分市場的強勁成長，銷售額年增 14%，達到 5.271 億美元。在中國，受所有通路兩位數成長的推動，銷售額成長了 18%。隨著這個市場的持續復甦，我們看到的持續成長率和積極的零售趨勢令我們感到鼓舞，這超出了我們的預期。

Third quarter gross margins were 52.9%, up 590 basis points compared to the prior year. The improvement was driven by favorable pricing and channel mix as well as lower unit costs. Operating expenses increased 230 basis points as a percentage of sales year-over-year to 42.4%, reflecting increased investments in demand creation, retail store growth and expanded distribution capabilities.

第三季毛利率為52.9%，較上年同期成長590個基點。這項改善得益於有利的定價和通路組合以及較低的單位成本。營運費用佔銷售額的百分比年增 230 個基點，達到 42.4%，反映出對創造需求、零售店成長和擴大分銷能力的投資增加。

Selling expenses increased 80 basis points as a percentage of sales year-over-year to 8.8%, mainly due to higher brand marketing expenses globally, including investments focused on brand building and driving consumer awareness for our collection of comfort technologies and newly launched categories.

銷售費用佔銷售額的百分比年增80 個基點，達到8.8%，這主要是由於全球品牌行銷費用增加，包括專注於品牌建立和提高消費者對我們的舒適技術系列和新推出類別的認識的投資。

General and administrative expenses increased 150 basis points as a percentage of sales year-over-year to 33.6%. The increased expenses were primarily due to higher rent, depreciation and labor to support volume-driven growth within our Direct-to-Consumer segment and the expansion of our distribution infrastructure to advance our capabilities worldwide.

一般及管理費用佔銷售額的百分比年增 150 個基點至 33.6%。費用增加主要是由於租金、折舊和勞動力的增加，以支持我們的直接面向消費者部門的銷售驅動型成長，以及擴大我們的分銷基礎設施以提高我們在全球的能力。

Earnings from operations were $213.2 million, a 64% increase compared to the prior year, and our operating margin for the quarter was 10.5% compared to 6.9% in the prior year. Our effective tax rate for the third quarter was 19.5% compared to 17.9% in the prior year. Earnings per share were $0.93 per diluted share on 156.2 million diluted shares outstanding, a 69% increase. This brings our year-to-date earnings per share to $2.93, which, when excluding unusual items, exceeds all prior full year results, a remarkable accomplishment.

營運利潤為 2.132 億美元，比上年增長 64%，本季營運利潤率為 10.5%，比上年同期為 6.9%。我們第三季的有效稅率為 19.5%，而去年同期為 17.9%。稀釋後每股收益為 0.93 美元，稀釋後流通股數為 1.562 億股，成長 69%。這使得我們今年迄今為止的每股收益達到 2.93 美元，在排除不尋常項目的情況下，這一數字超過了之前所有的全年業績，這是一項了不起的成就。

And now turning to our balance sheet. We ended the quarter with $1.27 billion in cash, cash equivalents and investments, an increase of $591.5 million versus the prior year from improved working capital management and operating efficiency. Inventory was $1.38 billion, a decrease of 22% or $397.3 million compared to the prior year, when we experienced acute capacity challenges and processing constraints at our distribution centers.

現在轉向我們的資產負債表。本季結束時，我們的現金、現金等價物和投資為 12.7 億美元，由於營運資本管理和營運效率的改善，與前一年相比增加了 5.915 億美元。庫存為 13.8 億美元，比前一年減少 22%，即 3.973 億美元，當時我們的配送中心遇到了嚴重的容量挑戰和處理限制。

Notably, we lowered inventory levels in both the Americas and EMEA by 33% or over $400 million compared to the prior year. We believe that our current inventory levels are healthy and well positioned to support demand during the key holiday selling period and early 2024, accounts receivable at quarter end were $929.4 million, essentially flat compared to the prior year and in line with our Wholesale business.

值得注意的是，與前一年相比，我們將美洲和歐洲、中東和非洲的庫存水準降低了 33%，即超過 4 億美元。我們相信，我們目前的庫存水平健康，能夠很好地支持關鍵假期銷售期間和 2024 年初的需求，季度末應收賬款為 9.294 億美元，與上一年基本持平，與我們的批發業務相符。

Capital expenditures for the quarter were $91.3 million, of which $32.9 million was related to general corporate purposes, including construction of our new corporate offices in transportation, $25.6 million related to investments in our retail stores and Direct-to-Consumer technologies and $19.2 million related to the expansion of our distribution infrastructure globally. Our capital investments are focused on supporting our strategic priorities, which include growing our Direct-to-Consumer business and expanding our brand presence globally.

本季的資本支出為9,130​​ 萬美元，其中3,290 萬美元與一般公司用途相關，包括建造我們在運輸方面的新公司辦公室，2,560 萬美元與零售店和直接面向消費者技術的投資相關，1,920 萬美元與擴大我們的全球分銷基礎設施。我們的資本投資主要用於支持我們的策略重點，其中包括發展我們的直接面向消費者業務和擴大我們的全球品牌影響力。

During the third quarter, we repurchased approximately 805,000 shares of our Class A common stock at a cost of approximately $40 million. We continue to deploy our capital consistent with our stated philosophy while maintaining an enviable balance sheet to fund this liquidity.

第三季度，我們以約 4,000 萬美元的成本回購了約 805,000 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，同時保持令人羨慕的資產負債表來為這種流動性提供資金。

Now turning to guidance. We are confident in the strength of our brand globally and underlying consumer demand for our differentiated product portfolio and compelling value proposition. However, for the balance of the year, our outlook remains cautious due to continued uncertainty around the macroeconomic environment in general and the consumer spending environment in particular.

現在轉向指導。我們對我們品牌在全球的實力以及消費者對我們差異化產品組合和引人注目的價值主張的潛在需求充滿信心。然而，對於今年剩餘時間，由於整體宏觀經濟環境，特別是消費者支出環境持續存在不確定性，我們的前景仍保持謹慎。

For the full year, we expect sales in the range of $7.95 billion to $8.05 billion, and net earnings per share in the range of $3.33 to $3.43. This implies fourth quarter sales will be in the range of $1.91 billion to $2.01 billion, and net earnings per diluted share in the range of $0.40 to $0.50.

我們預計全年銷售額將在 79.5 億美元至 80.5 億美元之間，每股淨利潤將在 3.33 美元至 3.43 美元之間。這意味著第四季銷售額將在 19.1 億美元至 20.1 億美元之間，攤薄後每股淨利潤將在 0.40 美元至 0.50 美元之間。

Our effective tax rate for the year is still expected to be between 19% and 20%, and we expect total capital expenditures to be between $300 million and $325 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仍預計在19% 至20% 之間，隨著我們繼續投資於我們的戰略重點，包括開設更多門市、擴大我們的業務範圍，我們預計總資本支出將在3 億美元至3.25 億美元之間。全通路能力，並增加印度、中國和智利等關鍵市場的增量分銷能力。

We thank all of you for your time today, and we look forward to updating you on our fourth quarter and full year financial results, which we expect to release on Thursday, February 1. With that, I will now turn the call over to David for closing remarks.

感謝大家今天抽出寶貴時間，我們期待向您通報我們第四季度和全年財務業績的最新情況，我們預計將於 2 月 1 日星期四發布。接下來，我將把電話轉給 David作結束語。

Thank you, John. Skechers delivered record quarterly sales and expanded our footwear offering to 2 of the largest sports worldwide. We believe this positions us for continued growth, reflects our commitment to offering top quality comfort and performance technologies to our consumers and enhances the Skechers brand.

謝謝你，約翰。 Skechers 創造了創紀錄的季度銷售額，並將我們的鞋類產品擴展到全球兩大運動領域。我們相信，這使我們能夠持續成長，體現了我們致力於為消費者提供高品質舒適性和性能技術的承諾，並增強了 Skechers 品牌。

We recognize that the macroeconomic and political challenge in the United States and around the world were a factor in the third quarter, and we expect that these headwinds will continue to impact our business for the remainder of the year. We are well positioned to reach our goal of $10 billion by 2026, and we believe our diverse distribution and ability to deliver our product more efficiently will allow us to continue our positive momentum as our tenets of comfort, style, innovation and quality at an affordable price resonates with consumers.

我們認識到美國和世界各地的宏觀經濟和政治挑戰是第三季的一個因素，我們預計這些不利因素將繼續影響我們今年剩餘時間的業務。我們已做好充分準備，到2026 年實現100 億美元的目標，我們相信，我們的多元化分銷和更高效地交付產品的能力將使我們能夠繼續保持積極的勢頭，以實惠的價格實現舒適、時尚、創新和品質的宗旨。價格能引起消費者的共鳴。

Skechers is truly for all walks of life. We are the go-to brand for comfort, lifestyle and occupational footwear, and we deliver comfort that performs, be it on the golf course, trail, soccer pitch, pickleball court and now, basketball court. We are grateful to the entire Skechers team for delivering another successful quarter. We're excited to end the year with what we believe will be a new annual sales record, more notable achievements and driving growth in an efficient and profitable manner in the years to come.

Skechers 真正適合各行各業。我們是舒適、生活方式和職業鞋類的首選品牌，無論是在高爾夫球場、步道、足球場、匹克球場，還是現在的籃球場，我們都提供卓越的舒適感。我們感謝整個 Skechers 團隊再次取得成功的季度業績。我們很高興以我們相信的新的年度銷售記錄、更顯著的成就並在未來幾年以高效和盈利的方式推動增長來結束這一年。

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 the line of Jay Sole with UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Jay Sole 線路。

Great. David, John, I want to ask about the guidance for the fourth quarter. You mentioned, obviously, there's concern about macro in the consumer spending environment. But if I look at the first 3 quarters of the year, earnings are up 55%, which is obviously tremendous. And the midpoint of the guidance for 4Q for earnings says that earnings will be down 7%.

偉大的。大衛、約翰，我想問一下第四季的指導。您提到，顯然，人們對宏觀消費環境感到擔憂。但如果我看看今年前三個季度，獲利成長了 55%，這顯然是巨大的。第四季獲利指引的中位數表示，獲利將下降 7%。

So just help us understand like what magnitude are you seeing right now in the fourth quarter that tells you that you're seeing a slowdown? And give us maybe a little bit of help on margins, like what you expect for margins in 4Q, what that would be, if you don't mind?

因此，請幫助我們了解您現在在第四季度看到的程度有多大，這表明您正在看到經濟放緩？並為我們提供一些關於利潤率的幫助，例如您對第四季度利潤率的預期，如果您不介意的話，那會是多少？

Sure, Jay. For this entire year, I think we've all had concerns about the consumer spending environment. What we've continuously seen is that as we get intra-quarter, things shape up better than we have expected. But we haven't adjusted our full view of the year much because the general parameters, against which we plan, remain relatively consistent.

當然，傑伊。整整一年，我想我們都對消費者支出環境感到擔憂。我們不斷看到的是，當我們進入季度內時，情況的發展比我們預期的要好。但我們並沒有對今年的整體看法進行太多調整，因為我們計劃所依據的整體參數仍然相對一致。

This quarter, another good example of really high flow-through pull-forward and better-than-expected Direct-to-Consumer performance, particularly internationally, flow through, which is why we outperformed so significantly our expected range in Q3 EPS. Some of that is coming from Q4, so we're pulling a bit of that in.

本季度，另一個很好的例子，說明了真正高流量拉動和好於預期的直接面向消費者的表現，特別是在國際上，這就是為什麼我們的第三季度每股收益顯著超出了我們的預期範圍。其中一些來自第四季度，因此我們將其中一部分納入其中。

I would say the other wildcard in Q4 is going to be how some of the international markets perform, particularly China. And as you all know, China is incredibly sensitive to the events and performance surrounding Singles Day. That's been a very difficult-to-read market for us on the quarters. As you saw this last quarter, though, it continued to outperform our initial expectations.

我想說第四季的另一個通配符將是一些國際市場的表現，特別是中國。眾所周知，中國對光棍節相關的活動和表演非常敏感。這對我們來說是一個非常難以解讀的季度市場。不過，正如您在上個季度看到的那樣，它的表現繼續超出我們最初的預期。

So what we're doing in the guidance is attempting to ensure the stuff that we know came from Q4 into Q3 that rewarded us with EPS this quarter is carried forward. We are sensitive to how China will perform in Q4 as well as kind of the consumer spending environment globally. There are certainly indicators kind of going in both directions. But we felt it was probably more important to be prudent about our expectations around consumer spending, particularly in some of those international markets.

因此，我們在指南中所做的就是嘗試確保我們所知道的從第四季度到第三季度的、在本季度為我們帶來每股收益的內容得以結轉。我們對中國第四季的表現以及全球消費者支出環境非常敏感。當然有些指標是雙向發展的。但我們認為，對消費者支出的預期持謹慎態度可能更為重要，尤其是在某些國際市場。

I would also note, again, similarly to last quarter, when we recognized there were definitely some green shoots we were seeing in the domestic wholesale marketplace. We saw those again this quarter. It's why we were able to actually get our domestic wholesale business flat to prior year, which was substantially better than what we thought.

我還要再次指出，與上季類似，當時我們意識到國內批發市場肯定出現了一些萌芽。我們本季再次看到了這些。這就是為什麼我們的國內批發業務實際上與去年持平，這比我們想像的要好得多。

What we haven't yet seen is the trickle-down effect of people pulling orders forward, good sell-through, good margin, good pricing. And that's a condition that's carrying on into the fourth quarter. It's entirely possible that ends up leading to some pull forward in Q4. It might even be necessary from our point of view relative to some inventory levels and sell-through rates. But we haven't yet seen that happen. We haven't seen that trigger pulled. And until we do, it's tough for us to predict exactly the timing of when those orders are going to go out to domestic accounts.

我們還沒有看到的是人們提前下訂單、良好的銷售、良好的利潤和良好的定價所帶來的涓滴效應。這種情況一直持續到第四季。完全有可能最終導致第四季出現一些提前。從我們的角度來看，相對於某些庫存水準和售出率，這甚至可能是必要的。但我們還沒有看到這種情況發生。我們還沒看到扳機被扣下。在我們這樣做之前，我們很難準確預測這些訂單何時發送到國內帳戶。

So those are kind of the downward pressures on the guidance for Q4, specifically. Although, again, I would note, if you look at it on a full year basis, this has been a tremendous year and one we're quite proud of, and we think that carries through to the balance of the year, certainly as it relates to the full year results.

因此，這些都是對第四季指引的下行壓力。不過，我再次指出，如果你從全年的角度來看，這是偉大的一年，也是我們感到非常自豪的一年，我們認為這一點會延續到今年的剩餘時間，當然，因為它關係到全年業績。

And then again, I'd just point out what we made a comment of in our opening remarks, we are seeing some very encouraging signs for the bidding in next year, and that's an incredible positive as well.

再說一次，我只想指出我們在開場白中所做的評論，我們看到明年的申辦出現了一些非常令人鼓舞的跡象，這也是一個令人難以置信的積極跡象。

All right. Well, that's very helpful. Maybe if I can just transition, I want to ask about basketball. David, obviously, basketball has been something the company's had an ambition to grow into for a long time. And also, you've always been very careful to invest ahead of an opportunity once you really have confidence that, that opportunity is something you can take advantage of. What gives you confidence today that basketball is something that the company can really build a business in? What do you see that makes now the right time to really try to make a big push into basketball?

好的。嗯，這很有幫助。也許如果我可以過渡的話，我想問籃球方面的問題。大衛，顯然，籃球是公司長期以來雄心勃勃發展的領域。而且，一旦您真正相信您可以利用該機會，您就會在機會出現之前進行非常謹慎的投資。如今，是什麼讓您相信籃球是公司真正可以經營的領域？你認為現在是真正嘗試大力推進籃球運動的最佳時機嗎？

I think it's not only basketball. It's the technologies that we have and the technologies around the world. And I'll tell you what gives me the most confidence is the acceptance we've seen from the athletes we're talking to, to wear them, to promote them, to enjoy them. And it's not one of those things that we're buying our way in the sense that we're paying more than anybody else for an athlete for something that they're not comfortable with that we're going to push them to wear. These are very serious athletes that certainly make significantly more from what they play and how they get paid. And they're very receptive to the brand.

我認為這不僅僅是籃球。這是我們擁有的技術以及世界各地的技術。我會告訴你，最讓我有信心的是我們從與我們交談的運動員那裡看到的接受，穿著它們，推廣它們，享受它們。這不是我們以自己的方式購買的東西之一，因為我們為運動員支付了比其他任何人都高的價格，但我們卻強迫他們穿一些他們不舒服的東西。這些都是非常認真的運動員，他們肯定會從他們的比賽和獲得報酬的方式中獲得更多的收入。他們非常容易接受這個品牌。

So it starts -- we started with pickleball, we started with running. We have great running shoes, it's a more difficult market. There's not many people that you can get to speak to them. But we win awards all over the world as far as our running shoes are concerned.

所以它開始了——我們從泡菜球開始，我們從跑步開始。我們有很棒的跑鞋，但這是一個更困難的市場。沒有多少人可以與他們交談。但就我們的跑鞋而言，我們在世界各地贏得了獎項。

When we went to soccer, football, it was great. We have a player like Harry Kane, who was very receptive, who loves the brand, who wears the brand. He's familiar with it. He played with the shoes, the black shoes before he committed to come with us. He loves them. He -- we certainly helped him out, was very receptive to him.

當我們去踢足球時，那真是太棒了。我們有像哈利凱恩這樣的球員，他非常樂於接受，熱愛這個品牌，穿著這個品牌。他對此很熟悉。在他答應和我們一起去之前，他玩弄了鞋子，黑色的鞋子。他愛他們。他——我們當然幫助了他，非常樂於接受他。

I think people are finding out that the quality we make in our shoes is truly the quality that they can play in and enjoy. They have comments like they don't worry about their feet as much anymore. It's very comfortable to play with, even though they can play. And Harry has told us that this is the fastest start he's had maybe in his career as far as golf. He usually works his way up into it, and he's feeling very, very comfortable.

我認為人們正在發現我們製造的鞋子的品質確實是他們可以穿著和享受的品質。他們評論說他們不再那麼擔心自己的腳了。玩起來很舒服，儘管他們會玩。哈利告訴我們，就高爾夫而言，這可能是他職業生涯中最快的開始。他通常都是自己努力去做的，而且他感覺非常非常舒服。

When we went to the basketball players as well, for players -- Terance was very interested right away. He wears them. He was wearing them before there was a deal. He was on Instagram with them, talking about them, said he loved them. When we talked to Julius Randle, which is certainly on a higher level, he's very receptive. I hope you saw him on TV the other day giving away a pair of shoes and telling how comfortable they are, and he's made some very positive comments about the brand, about the people working for them, how comfortable he is and what he does with them, and we're speaking to others.

當我們也去找籃球運動員時，對於球員們——特倫斯立刻就非常感興趣。他穿著它們。在達成協議之前他就穿著它們。他在 Instagram 上和他們在一起，談論他們，說他愛他們。當我們與朱利葉斯·蘭德爾交談時，他的水平肯定更高，他非常樂於接受。我希望你有一天在電視上看到他贈送了一雙鞋子並講述它們有多舒服，他對這個品牌、為他們工作的人、他的舒適度以及他所做的事情做出了一些非常積極的評論他們，我們正在與其他人交談。

So I think it's the reception they've given us and their willingness to do it and the fact, I believe -- and I think you'll see is they're proud of the brand, gives us confidence that it is a product that sells well, that competes well, that will be part of the NBA and those that play on multiple levels and will perform as well as anything that's out there.

所以我認為這是他們給我們的接待以及他們願意這樣做的事實，我相信 - 我想你會看到他們為這個品牌感到自豪，讓我們相信這是一個產品賣得好，競爭好，將成為NBA 的一部分，並且能夠在多個層面上發揮作用，並且表現得與現有的任何產品一樣好。

So all of those players has given us complete confidence in the brand and backing the brand and taking the brand is certainly capable, and our people dealing with them are certainly capable of delivering something they could play with and promote and continue their careers with.

因此，所有這些參與者都讓我們對這個品牌充滿信心，支持這個品牌並接受這個品牌肯定是有能力的，我們與他們打交道的人也肯定有能力提供一些他們可以玩的東西，促進並繼續他們的職業生涯。

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

我們的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

I would love to ask about the gross margin trajectory for fourth quarter. How do you think about the fourth quarter gross margin? And then I think you mentioned, John, that there will be -- there was a pull forward into 3Q on U.S. Wholesale. How do you think about U.S. Wholesale for fourth quarter and then leading into next year?

我很想問一下第四季的毛利率軌跡。您如何看待第四季的毛利率？然後我想你提到，約翰，美國批發業將進入第三季。您如何看待第四季以及明年的美國批發？

Yes. So for gross margin, let me talk a little bit about this quarter. I mean this quarter, we saw kind of a benefit from 3 different factors at once, which is a little bit unanticipated. We definitely had some mix benefit. That's channel mix within the channels. There was some product mix as some of the newer technologies, David mentioned, materialized, particularly in the Direct-to-Consumer channel does carry a premium price. We also had some overt pricing that we had put in place internationally last year that benefited us.

是的。那麼對於毛利率，讓我談談本季的情況。我的意思是，本季度，我們同時看到了 3 個不同因素帶來的好處，這有點出乎意料。我們確實有一些混合效益。這就是通路內的通路組合。大衛提到，隨著一些新技術的實現，出現了一些產品組合，特別是在直接面向消費者的管道中，確實具有溢價。去年我們在國際上實施了一些公開定價，這使我們受益。

Some of that we're going to be giving back because, as a result of that, we did leave, I think, some opening price points that we'd like to get back into. And you'll see some of that not carry forward. And then you had some significant cost savings.

我們將回饋其中一些，因為我認為，因此，我們確實留下了一些我們希望回到的開盤價格點。你會看到其中一些沒有繼續下去。然後您就節省了一些顯著的成本。

I would expect, for the fourth quarter, we'll still get mix benefit, and we'll still get the cost savings kind of the international side of the pricing mechanic, again, we expect to give back. That should put us at a very healthy improvement year-over-year, but probably not quite as significant as we've seen in the last couple of years.

我預計，在第四季度，我們仍將獲得混合效益，並且我們仍將獲得定價機制國際方面的成本節約，我們再次期望給予回報。這應該會讓我們逐年取得非常健康的進步，但可能沒有過去幾年那麼顯著。

Insofar as the domestic Wholesale market is concerned, as I mentioned, this quarter, we were actually up, I think, 0.3%. So we said flat, but we were being a little bit guarded there. Because we haven't yet seen that trigger of accelerated deliveries coming out of many of the Wholesale accounts, some of whom are still cautiously watching the consumer spending market. Our view is that our full year perspective hasn't changed much. It's up a little, but it's not distinctly different.

就國內批發市場而言，正如我所提到的，本季我們實際上上漲了 0.3%。所以我們說平淡，但我們在那裡有點警戒。因為我們還沒有看到許多批發帳戶加速交貨的觸發因素，其中一些帳戶仍在謹慎關註消費者支出市場。我們的觀點是，我們對全年的看法沒有太大變化。雖然有上升，但並沒有明顯不同。

And if you remember coming into Q3, we said Q3 and Q4 would both be down. And that's what we expect for Q4 now on the domestic Wholesale side. I would just caveat that we could see that change pretty quickly. We saw that in Q3. It's why we were able to get to flat. So we're not convinced yet that we're going to be down in Q4, but that's what we're modeling because that's what the bookings tell us at the moment.

如果你還記得進入第三季度，我們說過第三季和第四季都會下降。這就是我們對第四季國內批發的預期。我只是想警告一下，我們可以很快看到這種變化。我們在第三季度看到了這一點。這就是我們能夠持平的原因。因此，我們還不確信我們會在第四季度出現下滑，但這就是我們正在建模的，因為這就是目前預訂告訴我們的。

Again, if the lean inventory, if the good sell-through continues to hold, that's certainly a distinct possibility. But for now, from a planning perspective, we don't want to put too much of that into what we expect for the forecast.

再說一次，如果精益庫存、良好的銷售量繼續保持，那肯定是一種明顯的可能性。但目前，從規劃的角度來看，我們不想在預測上投入太多。

Very helpful. And then, John, maybe just -- there's always questions around SG&A. Love to hear about the economics of sponsoring key athletes like Harry Kane. Can you just make for the audience, just maybe walk through high level, how it works? And maybe -- just maybe, David, if you could talk about the value proposition. Obviously, it's a crowded field in global football and basketball. What do you think your value proposition will be going forward in these 2 categories?

很有幫助。然後，約翰，也許只是 - SG&A 總是存在問題。喜歡了解贊助哈里凱恩等關鍵運動員的經濟效益。你能否為觀眾製作，也許只是透過高水平，它是如何運作的？也許——只是也許，大衛，如果你能談談價值主張的話。顯然，這是全球足球和籃球領域一個擁擠的領域。您認為您的價值主張在這兩個類別中將如何發展？

Yes. Insofar as our relationships with ambassadors, everyone is a little bit unique. I mean, clearly, it first has to be a relationship both parties are comfortable with. Just to David's comments earlier, I mean, we don't just go out and pay a big amount to get a big name. We're looking for folks who are going to collaborate with us, particularly when we're getting into a new category.

是的。就我們與大使的關係而言，每個人都有一點獨特。我的意思是，顯然，首先必須是雙方都感到滿意的關係。就大衛之前的評論而言，我的意思是，我們不只是出去花大錢來獲得大名氣。我們正在尋找願意與我們合作的人，特別是當我們進入一個新的類別時。

So every one of the ambassadors that we've engaged for football, soccer, and really across the portfolio, is somebody we know is going to work well with the brand and with the team to help build the brand overall. It's not just about getting the biggest name for the biggest dollar.

因此，我們為足球、足球以及整個產品組合聘請的每一位大使，我們都知道他們將與品牌和團隊良好合作，以幫助建立整體品牌。這不僅僅是為了獲得最大的金錢而獲得最大的名字。

Clearly, there are economics. Some are shared based on success of the output. Some are fixed based on appearance levels, et cetera. So I would say the recent ambassadorships that we brought on board are a variety.

顯然，有經濟學。有些是根據輸出的成功而共享的。有些是根據外觀等級等固定的。所以我想說，我們最近任命的大使是多種多樣的。

Most importantly, we feel like they very much augment both our credentials in the categories in which we're entering, but also they love the brand. They're engaged with the brand. The economics fit within our overall parameters on sales and marketing. So we fit it within there.

最重要的是，我們覺得他們大大增強了我們在我們所進入的類別中的資歷，而且他們也喜歡這個品牌。他們與該品牌密切相關。經濟性符合我們銷售和行銷的整體參數。所以我們把它放在那裡。

The one other thing I'd mention is, because we're just entering categories, we're trying to be very thoughtful with our partners but also with just the numbers. We want a good complement of athletes supporting the brand and the category and the products. But we're not looking to sign everybody everywhere. That's not going to be our strategy.

我要提到的另一件事是，因為我們剛剛進入類別，所以我們試圖對我們的合作夥伴進行深思熟慮，但也只是考慮數字。我們希望有大量運動員來支持我們的品牌、類別和產品。但我們並不打算簽下所有地方的所有人。這不會是我們的策略。

I think you'll see us nurture these entrants more than try to make them instantaneously successful because what we want to do is build a business, not just reward a given quarter. So the economics fit with that structure as well.

我想你會看到我們更多地培育這些進入者，而不是試圖讓他們立即成功，因為我們想要做的是建立一個業務，而不僅僅是獎勵一個特定的季度。因此，經濟學也符合這種結構。

Yes. And as far as the value proposition, I'm not sure if this is a complete value proposition. What we do is we offer a multitude of shoes for a multitude of people as it goes through. And as we move through, we're starting right now only with a higher price, very competitive topnotch basketball and football shoes.

是的。就價值主張而言，我不確定這是否是一個完整的價值主張。我們所做的就是在整個過程中為許多人提供多種鞋子。隨著我們的發展，我們現在開始的只是價格更高、極具競爭力的頂級籃球鞋和足球鞋。

Of course, as we go forward, we know there's a great marketplace for more moderate price for people that play, still having quality and comfort, then we'll give more quality and comfort and value at that particular point, not necessarily at the top end, which will then carry down to kids because we have a great kids business as well. So we think as we go out over time, we certainly will expand through all the demographics that we deal with, and we'll have something for everyone. But we're taking most pride now in delivering the best quality, top-notch, and it's not necessarily a price play.

當然，隨著我們的前進，我們知道對於那些玩遊戲的人來說，有一個很大的市場，價格更適中，但仍然具有質量和舒適度，那麼我們將在該特定點（不一定是頂級）提供更高的品質、舒適度和價值最後，這將延伸到孩子們，因為我們也有很棒的兒童業務。因此，我們認為，隨著時間的推移，我們肯定會擴大我們所涉及的所有人口統計數據，我們將為每個人提供一些東西。但我們現在最自豪的是提供最好的品質、一流的產品，而且這不一定是價格遊戲。

And by the way, just to add another point, everybody has been talking about Wholesale and how Wholesale fits and how it fits into our guidance for the coming year. If you think about it, the difficulty now and the differential in our business is that we have such a big piece of Direct-to-Consumer. So a big part of the quarter will obviously depend on the holiday period, which hasn't begun yet, so it's difficult to tell.

順便說一句，補充一點，每個人都在談論批發以及批發如何適合以及它如何適合我們來年的指導。如果你想一想，現在的困難和我們業務的差異在於我們擁有如此大的直接面向消費者的部分。因此，本季的很大一部分顯然取決於假期，假期尚未開始，所以很難說。

Singles Day, which also is difficult to tell because we're just starting the pre-order period. And October is a very difficult month in which to gauge all those items. Also, from a Wholesale perspective, when big pieces come to us is at the end of the quarter, which is too early to tell. When we move forward to Spring, as the sales for the holidays go through, there's a significant potential, especially on a worldwide basis, to deliver Spring in late November, early December.

雙十一，這也很難說，因為我們剛開始預購期。十月是衡量所有這些項目非常困難的月份。此外，從批發的角度來看，大件何時到達我們手中是在季度末，現在判斷還為時過早。當我們進入春季時，隨著假期銷售的結束，特別是在全球範圍內，有很大的潛力在 11 月底、12 月初交付春季。

All of that is coming towards us. And personally, I feel very positive about it. But it's really too early in the process, being October, which is a difficult month to make those reads, to make those. So we're trying to be as honest, transparent, that everybody knows this is where we sit right now. But the potential both for Spring coming early and our Direct-to-Consumers breaking out around the world certainly is a possibility and by no means maximized in our guidance, at least from my perspective.

所有這一切都正在向我們走來。就我個人而言，我對此感到非常積極。但現在這個過程還為時過早，因為十月是一個很難進行這些閱讀的月份。因此，我們努力做到誠實、透明，讓每個人都知道我們現在所處的位置。但春季提前到來以及我們的直接面向消費者在世界各地爆發的潛力當然是有可能的，但在我們的指導中絕不是最大化，至少從我的角度來看是如此。

Our next question is coming from the line of John Kernan with TD Cowen.

我們的下一個問題來自 John Kernan 和 TD Cowen 的對話。

This is Krista Zuber on behalf of John. Just 1 check on ASPs, just get a bit of a sense of how you foresee additional pricing actions as you head into 2024. I mean, certainly, you're lapping some more challenging compares, particularly in, I believe, domestic in Q4 versus last year. So if you could just shed some light on that, that would be great.

我是克里斯塔·祖伯，代表約翰。只需檢查一下ASP，就可以了解一下進入2024 年時您如何預見額外的定價行為。我的意思是，當然，您正在進行一些更具挑戰性的比較，特別是在我相信第四季度的國內與去年。因此，如果您能對此有所了解，那就太好了。

Yes. So I think as you look at ASPs, we wouldn't expect to be making a lot of movement on ASPs in kind of comparable products, so price increases, et cetera. What you're likely to see and what we've seen a little bit this year is, certainly, if you're looking at after FX, some FX-inflated ASP growth, but also the mix trade, which is customers coming in and consciously choosing the higher price point product because that's the product that has our Skechers Hands-Free Slip-in technology, has our Skechers Arch Fit technology.

是的。因此，我認為，當您查看 ASP 時，我們不會期望同類產品的 ASP 會發生很大變化，例如價格上漲等。當然，你可能會看到，我們今年也看到了一點，如果你關注的是外匯之後，一些因外匯而膨脹的平均售價增長，但也包括混合貿易，即客戶進來和有意識地選擇價格較高的產品，因為該產品具有我們的Skechers Hands-Free Slip-in 技術，具有我們的Skechers Arch Fit 技術。

So you are seeing customers trade up within the portfolio for some higher-priced product. That's the type of ASP activity we would expect. A little too early for us to talk specifically about 2024, but that's, I think, a good reflection of what we expect for the balance of the year.

因此，您會看到客戶在產品組合中升級購買一些價格較高的產品。這就是我們期望的 ASP 活動類型。現在具體談論 2024 年對我們來說還為時過早，但我認為這很好地反映了我們對今年剩餘時間的預期。

Great. And just 1 follow-up, if I may. Just on the inventory, kind of how do you see the balance sheet inventory levels finishing at the end of 2023?

偉大的。如果可以的話，只有 1 個後續行動。就庫存而言，您如何看待 2023 年底的資產負債表庫存水準？

Well, we've made -- I mean, we made a ton of headway on inventory, which, if you recall, 12 months ago, is exactly what we said we would do when we were swimming in inventory, and we had distribution challenges. So I mean, the fact that we can tell you today that we're down by 1/3 in both Europe and the Americas, I think, gives you every ounce of proof you need that we'll do what we say we're going to do.

嗯，我的意思是，我們在庫存方面取得了很大進展，如果你還記得的話，12 個月前，這正是我們在庫存充足時所說的要做的事情，而且我們面臨著分銷挑戰。所以我的意思是，我們今天可以告訴你們，我們在歐洲和美洲都下降了 1/3，我認為這一事實為你們提供了所需的一切證據，證明我們會按照我們所說的去做將要做。

We feel inventories are very well positioned right now for the holiday. They're very well positioned for early 2024. They do leave us a little bit of room to move things up if the opportunity permits as David talked about a second ago. But overall, I would tell you, we're very well positioned from an inventory perspective, and we feel very good about both the inventory we have, but also the orders we have in the early part of 2024.

我們認為目前假期庫存狀況非常好。他們為 2024 年初做好了充分的準備。正如 David 剛才所說，如果機會允許，他們確實給我們留下了一點推進的空間。但總的來說，我想告訴你，從庫存角度來看，我們處於非常有利的位置，我們對我們擁有的庫存以及 2024 年初的訂單都感覺非常好。

Yes. Historically, we tend to build inventory at the end of the fourth quarter because we need to build Spring early, and it has to be on the water before Chinese New Year's, which comes early in the next quarter. And we've now -- given where we stand, we're trying to get everything in earlier this year rather than later, and we'll take it in November and December at early January because we have positive feelings about the first quarter. And we'd rather have it early rather than late, not take any chances and be prepared should the demand pick up and move back into the fourth quarter of this year.

是的。從歷史上看，我們傾向於在第四季末建立庫存，因為我們需要提前建立Spring，並且它必須在農曆新年之前上線，農曆新年將在下個季度早些時候到來。現在，鑑於我們的立場，我們正努力在今年早些時候而不是晚些時候完成所有工作，我們將在 11 月和 12 月或 1 月初完成，因為我們對第一季有積極的感覺。我們寧願早點而不是晚點，不要冒險，並做好準備，以防需求回升並回到今年第四季。

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

我們的下一個問題來自德意志銀行的 Gaby Carbone。

So on the margin front, would you help us think about the path for expansion beyond this year, maybe where the biggest opportunities are? And then how should we be thinking about maybe gross margin, particularly, given the potential return of wholesale and the mix shift that could happen?

那麼在利潤方面，您能否幫助我們思考今年之後的擴張路徑，也許最大的機會在哪裡？然後，我們應該如何考慮毛利率，特別是考慮到批發的潛在回報和可能發生的組合轉變？

Yes. I think on gross margin, I think we just have to recognize for a moment what we've done on the year because it's a pretty astronomical increase year-over-year. Some of that is certainly some benefit of costs that are now fading out of the system, which we do expect to be a meaningful contributor to the improvement we're going to see in the fourth quarter.

是的。我認為就毛利率而言，我們只需要暫時認識到我們今年所做的事情，因為這是一個相當天文數字的同比增長。其中一些肯定是現在正在從系統中消失的成本帶來的一些好處，我們確實預計這將對我們將在第四季度看到的改善做出有意義的貢獻。

Part of it is also, though, that we're selling more profitable product, and we're restraining the promotion environment as best we can relative to the competitive environment we're in. I would say, as a longer horizon view, what do we expect to drive margin? It's kind of the same factors we've talked about before. It's increasing our mix of Direct-to-Consumer. It's increasing our mix of our international Wholesale business, both of which are accretive overall.

不過，部分原因是我們正在銷售利潤更高的產品，並且相對於我們所處的競爭環境，我們正在盡最大努力限制促銷環境。我想說，從更長遠的角度來看，什麼是我們期望提高利潤率嗎？這與我們之前討論過的因素相同。它正在增加我們直接面向消費者的組合。它增加了我們的國際批發業務組合，這兩項業務總體上都在成長。

I think a part of this year's story is also that, right, which is we've increased our overall contribution from both of those categories, in particular, the Direct-to-Consumer with its outsized growth this year. And that's been a meaningful contributor. We're not -- we're certainly not looking to give any of that back. And we continue to have abundant opportunities, we think, to open stores, open doors in our retail business.

我認為今年故事的一部分是，我們增加了這兩個類別的整體貢獻，特別是今年直接面向消費者的的大幅成長。這是一個有意義的貢獻者。我們不——我們當然不希望給予任何回報。我們認為，我們仍然有充足的機會開設商店，打開零售業務的大門。

So that -- those will continue to be the main factors that drive opportunity. There should be some lingering benefit, although not nearly the scale or size of what we've seen this year from cost into the early part of next year. That won't be, again, as significant as we saw this year, but there will be some trailing benefits there as well from lower freight. Those are going to be the primary contributors.

因此，這些將繼續成為推動機會的主要因素。應該會有一些揮之不去的好處，儘管其規模或規模遠不及我們今年從成本到明年初所看到的。這不會再像我們今年看到的那麼重要，但運費下降也會帶來一些後續好處。這些將成為主要貢獻者。

Got it. That's really helpful. And I just wanted to ask a follow-up. I was wondering if you could just dig into what you're seeing in the consumer backdrop within Europe. I understand the distributorship. But excluding that, maybe how did trends play out in that market kind of burst your expectation?

知道了。這真的很有幫助。我只是想問後續情況。我想知道您是否可以深入了解歐洲消費者背景中所看到的情況。我了解分銷權。但排除這一點，也許該市場的趨勢如何超出了你的預期？

Yes. It's kind of an interesting situation because it's becoming a little bit more similar to what we've seen in the domestic market, which is our Direct-to-Consumer business, both online and in-store in Europe and EMEA, was incredibly strong this quarter, significantly outperformed what we thought we should expect given the situation. Obviously, it outdistanced the growth in our Wholesale market, although even that was relatively strong.

是的。這是一個有趣的情況，因為它變得與我們在國內市場看到的情況更加相似，即我們在歐洲和歐洲、中東和非洲地區的在線和店內直接面向消費者的業務，都非常強勁。考慮到這種情況，第四季的表現明顯超出了我們的預期。顯然，它超過了我們批發市場的成長，儘管這一增長相對強勁。

When you take out the distributors, as we mentioned, EMEA Wholesale grew double digits. So that market continues to be very strong. I would say, relative to the fourth quarter, it's going to face some difficult comparisons. I mean we had some markets last year that were up in the fourth quarter above 40%, 50%. And that's a really hard comp to face in Q4, which is one of the drags on Q4.

正如我們所提到的，當你除去分銷商時，歐洲、中東和非洲批發業務成長了兩位數。因此該市場仍然非常強勁。我想說，相對於第四季度，它將面臨一些困難的比較。我的意思是，去年我們的一些市場在第四季度成長了 40%、50% 以上。在第四季度，這是一個非常困難的競爭，這也是第四季的拖累之一。

But overall, I would say, in general, the consumer environment remains incredibly encouraging in Europe. And I would also just add to that, the domestic store performance that we saw was also incredibly encouraging of the same variety. So at the consumer level, things look good. Where we continue to see concern is that, that Wholesale customer level who has to sell through to the consumer, that's if we're seeing any concerns in order patterns, any unusual behavior. That's where it remains today.

但總的來說，我想說，歐洲的消費環境仍然令人難以置信地鼓舞人心。我還想補充一點，我們看到的國內商店的表現也非常令人鼓舞。因此，在消費者層面，情況看起來不錯。我們繼續看到的擔憂是，必須向消費者銷售的批發客戶級別，即我們是否看到訂單模式中的任何問題，任何不尋常的行為。這就是今天的樣子。

Our next question is coming from Jim Duffy with Stifel.

我們的下一個問題來自吉姆·達菲和斯蒂菲爾。

I have a question on the inventory and then on the D2C business. Tremendous progress from you guys on the inventory, congratulations to the team for that. I'm curious if you can comment what you're seeing with respect to channel partner inventory. Any sense that that's becoming more normalized? Or are there still pockets of excess which are a challenge? I'm speaking for the industry, not Skechers-specific necessarily.

我有一個關於庫存的問題，還有關於D2C業務的問題。你們在庫存方面取得了巨大進展，祝賀團隊。我很好奇您是否可以評論一下您所看到的有關渠道合作夥伴庫存的情況。有沒有感覺這正在變得更正常化？或者是否仍然存在一些過剩的問題？我所說的是整個產業，不一定是斯凱奇特定的。

Well, I would say, we can speak to Skechers-specific because we can see that directly. In aggregate, I would tell you, if you compare back as far as 2019 or last year as a reference point, things looked pretty lean. I would say, within that, if you look down a layer, it depends on which account, which customer you're talking about. Some have grown their business. Some have gotten much more efficient, more turns, et cetera, and some have lagged. And so it's not in a similar environment for every account.

好吧，我想說，我們可以針對 Skechers 進行討論，因為我們可以直接看到這一點。總的來說，我想告訴你，如果你以 2019 年或去年為參考點進行比較，情況看起來相當精簡。我想說，在這之中，如果你向下看一層，這取決於你正在談論哪個帳戶、哪個客戶。有些人的業務有所成長。有些已經變得更有效率，更多的轉彎，等等，而有些則落後了。因此，並非每個帳戶都處於相似的環境中。

But in aggregate, I would, say things continue to look lean to us. And I would remark about that in context of also seeing, again, good sell-through, good margin, good price. And we know from our own stores that the product we have is more innovative. It's new, it's fresh, that a lot of other accounts out there can offer.

但總的來說，我想說，我們的情況仍然看起來很糟。我想說的是，再次看到良好的銷售量、良好的利潤率和良好的價格。我們從自己的商店中了解到，我們擁有的產品更具創新性。這是新的、新鮮的，許多其他帳戶都可以提供。

So we feel really good about the position, both on our own account, but also downstream. It's just not yet leading to the reorders that we would expect to see under normal circumstances. And I think the concern is simply what's going to happen with consumer spending in major markets. Can't really speak broadly to the industry, other than we have heard very similar stories and tales from other brands, so it seems like that's a pretty similar setup to what others are seeing.

因此，我們對這個位置感覺非常好，無論是對我們自己還是下游。只是還沒有導致我們期望在正常情況下看到的重新訂購。我認為令人擔憂的是主要市場的消費者支出將會發生什麼。不能真正廣泛地談論這個行業，除了我們從其他品牌那裡聽到非常相似的故事和故事之外，所以看起來這與其他人所看到的設置非常相似。

That makes sense. And then I wanted to ask on the D2C business. You do have some unique comparisons versus a year ago, and you had inventory congestions that was limiting inventory availability in the store, compromising store productivity. You've made some tremendous gains here lapping that in the D2C business. Do you see that strength continuing? Or is -- should we think about there being some degree of moderation, just given the uniqueness of the comparisons?

這就說得通了。然後想問一下D2C業務。與一年前相比，您確實有一些獨特的比較，並且庫存擁堵限制了商店的庫存可用性，從而影響了商店的生產力。你們已經在 D2C 業務中取得了巨大的成就。您認為這種力量還在持續嗎？或者，考慮到比較的獨特性，我們是否應該考慮某種程度的適度調整？

Well, I would say, we still expect there to be strength, and we've continued to see strength, so far, this quarter. What really happened last year at this time is the stores were suffering from a lack of inventory. Online had much more than ever. We pushed consumers online. And online made up a lot of the detriment we saw from stores not being full.

嗯，我想說，我們仍然預計會有實力，而且到目前為止，本季我們繼續看到實力。去年這個時候真正發生的事情是商店庫存不足。線上內容比以往任何時候都多。我們將消費者推向線上。在線彌補了我們看到的商店缺貨造成的很大損失。

This quarter, we kind of unwound that. Stores were well stocked. They were -- they had product available, they had our newer product. And we brought down the inventory available online to a more normalized level. That's why, in part, we think there was a little bit of a slowdown on e-commerce. It was more than offset, obviously, by what happened in the stores.

本季，我們有點放鬆了。商店庫存充足。他們—他們有可用的產品，他們有我們的新產品。我們將線上可用庫存降低到更標準化的水平。這就是我們認為電子商務略有放緩的部分原因。顯然，商店裡發生的事情足以抵消這一影響。

I would tell you, we're encouraged by what we've seen, thus far, even getting to a point where we're lapping -- having comparable levels of inventory in-store so far this quarter. We're still seeing strength. As we said last quarter, though, I mean, it's hard to plan at plus-20% levels when you think about normal retail behavior. So we're definitely being cautious about what we're planning for.

我想告訴你，我們對迄今為止所看到的情況感到鼓舞，甚至達到了我們正在努力的地步——本季迄今為止店內庫存水平相當。我們仍然看到了力量。不過，正如我們上季度所說，我的意思是，當您考慮正常的零售行為時，很難以+20% 的水平進行規劃。因此，我們對我們的計劃肯定持謹慎態度。

But overall, we saw really good strength at the consumer level, really good activity. And I think we're going to start to see our e-comm normalize a bit from the unfavorable comparison I had last year when it was bearing more of the burden of our Direct-to-Consumer performance.

但總的來說，我們在消費者層面看到了非常好的實力，非常好的活動。我認為我們將開始看到我們的電子商務從去年的不利比較中恢復正常，當時它承擔了我們直接面向消費者的績效的更多負擔。

So overall, we still feel really good about what we see, both domestically and internationally. Obviously, to David's point made earlier, we're going to get into the key selling period here shortly from holidays, and that will determine a lot. And so it's still too early to be able to call what we expect in holiday because that's all ahead of us.

總的來說，無論是國內還是國際，我們仍然對所看到的情況感到非常滿意。顯然，根據大衛之前提出的觀點，我們將在假期後不久進入關鍵銷售期，這將決定很多事情。因此，現在判斷我們對假期的期望還為時過早，因為這一切都在我們前面。

Maybe just 1 last question on the D2C, if I may. What are you seeing with respect to traffic trends? Is a lot of the strength being driven by increased volume, increased conversion? Or are you seeing good traffic as well?

如果可以的話，也許只是關於 D2C 的最後一個問題。您對流量趨勢有何看法？很多力量是由銷售量增加、轉換率增加所推動的嗎？或者您也看到了良好的交通嗎？

It depends on the channel. In some channels, you're seeing traffic continue to drive performance. I'd say, on average, it's a little bit less about traffic. Traffic has faded off in some areas, particularly regional traffic behavior. Where that's happened, though, we've made up for it from a UPT perspective and an AOV perspective. And so we're making up for it on conversion.

這取決於頻道。在某些管道中，您會看到流量繼續推動效果。我想說的是，平均而言，交通的影響較小。一些地區的交通量已經減弱，特別是區域性的交通行為。不過，對於發生這種情況的情況，我們從 UPT 角度和 AOV 角度進行了彌補。因此，我們正在透過轉換來彌補這一點。

Our next question is coming from the line of Alex Straton with Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞歷克斯·斯特拉頓（Alex Straton）。

Just a quick question on SG&A spend going forward and maybe in particular next year. I think it typically grows a couple of points below sales. I'm just trying to understand if that's the right go-forward level? Or just maybe what the puts and takes are around what could impact kind of your SG&A spending next year?

我想問一個關於未來（尤其是明年）SG&A 支出的簡單問題。我認為它的成長通常比銷售額低幾個百分點。我只是想了解這是否是正確的前進水平？或者只是可能影響您明年的 SG&A 支出？

Yes. I mean SG&A is always kind of a big basket of a lot of different things, Alex. The #1 factor is always volume, where the volume happens. I think in this year, what we saw is, volume was happening in areas where it wasn't allowing us to leverage as much as we would like. In the future, we would expect those to come more into line. That should enable us to manage the SG&A, again, particularly that volume portion, distribution, et cetera, more in line with sales growth.

是的。我的意思是，SG&A 總是包含很多不同東西的大籃子，Alex。第一個因素始終是成交量，成交量發生的地方。我認為今年我們看到的是，交易量發生在那些不允許我們充分利用槓桿的領域。未來，我們預計這些將更加一致。這應該使我們能夠再次管理SG&A，特別是銷售部分、分銷等，更符合銷售成長。

But we had some unusual trends this year that put us in the position of not being able to leverage the SG&A that we would normally be able to leverage and having to put more into volume elsewhere. It's something we're focused on. We know we want to keep it within kind of the parameters of top line growth.

但今年我們出現了一些不尋常的趨勢，使我們無法利用通常能夠利用的銷售管理及行政費用，而不得不在其他地方投入更多資金。這是我們關注的事情。我們知道我們希望將其保持在營收成長的參數範圍內。

I would also note, this quarter, although I'm not going to give a specific amount, we do have a lot of investments underway. We talked about these categories that have yet to really launch, but obviously, we've been spending time and money on. We have several distribution centers that are going online this year. And usually, there's both preopening, and sometimes, when you're transitioning from 1 center to another, there's some duplicative costs that you have to bear. Those are the case.

我還想指出，本季度，雖然我不會給出具體金額，但我們確實正在進行大量投資。我們討論了這些尚未真正推出的類別，但顯然，我們一直在花費時間和金錢。我們有幾個配送中心今年會上線。通常，都會有預開放，有時，當您從一個中心過渡到另一個中心時，您必須承擔一些重複的費用。情況就是這樣。

We're going to open a meaningful number of stores this quarter. Those are always a near-term drag from an operating margin perspective just because it takes a while for them to get up and get profitable. So there's also some factors within the G&A that is less reflective of the current state of the business than preparing for the future, which, I think, we've shown is something we can do well and ultimately get back to a point of leverage.

本季我們將開設大量商店。從營業利潤率的角度來看，這些始終是近期的拖累，因為它們需要一段時間才能站起來並實現盈利。因此，G&A 中還有一些因素，與其說是反映業務當前狀況，不如說是為未來做準備，我認為，我們已經證明了我們可以做得很好，並最終回到槓桿點。

And then I just also mentioned, just when you think about the S side, as we've made note this year, in particular, we are overinvesting on a sales and marketing perspective. We've got, I think, a window to really make sure consumers understand that the Skechers Hands-Free technology that we're offering in our shoes is unique to us. It's a unique solution. It's something consumers really seek out in their shopping behavior. It resonates with them.

然後我還提到，當你想到 S 方面時，正如我們今年特別指出的那樣，我們在銷售和行銷方面過度投資。我認為，我們有一個窗口可以真正確保消費者了解我們在鞋子中提供的 Skechers 免持技術對我們來說是獨一無二的。這是一個獨特的解決方案。這是消費者在購物行為中真正尋求的東西。這引起了他們的共鳴。

And so we want to make sure that gets well branded this year. So we are making some conscious investments in marketing that I think -- we think will pay off for years to come. And that's why we're a little bit above trend on the sales side as well.

因此，我們希望確保今年能獲得良好的品牌效應。因此，我們正在對行銷進行一些有意識的投資，我認為我們認為這將在未來幾年獲得回報。這就是為什麼我們在銷售方面也略高於趨勢。

Maybe just 1 quick follow-up. Is gross margin in the latest, is it still being impacted at all by those higher logistics costs? And I think like it was some impact to inventory costs as well that were burdening gross margin in, at least, the front half to some extent.

也許只是 1 次快速跟進。最新的毛利率是否仍受到物流成本上升的影響？我認為這對庫存成本也產生了一些影響，至少在某種程度上對上半年的毛利率造成了負擔。

Well, those weren't in gross margin. Those were in SG&A. I think you're speaking about the cost last year that we mentioned we incurred to do what we've done now, which is move past a lot of that inventory congestion. There is -- some of those costs are lingering longer than we would like, to be sure. They're not really, I think, a major driver of the overall performance. So we haven't noted them here. But we're not completely out of all of those costs, although, I would note, we're out of the most material components thereof.

嗯，這些不屬於毛利率。這些都屬於SG&A。我想你說的是去年我們提到的成本，我們現在所做的事情已經過去了很多庫存擁堵。當然，其中一些成本持續的時間比我們希望的要長。我認為它們並不是整體性能的主要驅動力。所以我們在這裡沒有註意到它們。但我們並沒有完全擺脫所有這些成本，儘管我要指出的是，我們已經擺脫了其中大部分物質成分。

From a gross margin perspective, what we really continue to see through the balance of this year is benefits from mix and pricing. And then as we got into Q2, a little bit, but definitely in Q3, favorable cost benefits from lapping that excessively high shipping that we had in the prior year. So we're getting to a point where what you're seeing is a cleaner margin, more of a merch margin than we've ever been able to show without any sort of abnormalities impacting results, which is why it's significantly higher than it was last year.

從毛利率的角度來看，我們在今年的餘額中真正繼續看到的是組合和定價的好處。然後，當我們進入第二季度時，有一點，但肯定是在第三季度，我們去年過高的運輸量帶來了有利的成本效益。因此，我們已經到了這樣一個地步，您所看到的是比我們以往能夠展示的更乾淨的利潤，更多的商品利潤，沒有任何影響結果的異常情況，這就是為什麼它明顯高於以前的原因去年。

Our next question is coming from Tom Nikic with Wedbush Securities.

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

John, when we think about the guidance for the year, so I think revenues -- I think you beat the high end by $25 million, and you lowered the high end of the full year guide by $50 million. I know that U.S. dollar has strengthened a lot, I would imagine that there's a headwind there. Can you contextualize for us how much FX changes -- essentially, since the last time you reported, have impacted your guidance?

約翰，當我們考慮今年的指導時，我認為收入比高端高出 2500 萬美元，並將全年指導的高端降低了 5000 萬美元。我知道美元已經大幅走強，我想那裡會遇到阻力。您能否為我們介紹一下自上次報告以來外匯變化對您的指導產生了多大的影響？

Yes. I mean that's a little bit of it. So if we think about a midpoint to midpoint, we change things by about $25 million, which is not a big amount in the grand scheme of things. I would tell you, that has everything to do with our conservatism around what we're actually going to see materialize in China during Singles Day, domestically on the wholesale front, and then the caution around trying to get a good handle on where holiday is going to be.

是的。我的意思是，這只是一點點。因此，如果我們考慮一個中點到中點，我們會改變大約 2500 萬美元，這在宏偉的計劃中並不是一個大數目。我想告訴你，這與我們對雙十一期間在中國實際看到的情況的保守態度有關，在國內批發方面，然後是試圖很好地掌握假期地點的謹慎態度將。

It really doesn't have a ton to do with FX. It really is more about those 3 factors, which I would also tell you, on the flip side, 3 months from now, we're talking about beating the guide. That's where it's going to come from, 1 or more of those 3 factors, because those are the ones that have been hardest for us to get clean line of sight into on a quarterly basis for this year because of all the factors that we've talked about.

它實際上與FX沒有太大關係。這實際上更多地與這三個因素有關，我也想告訴你，另一方面，從現在起 3 個月後，我們正在談論擊敗指南。這就是它的來源，這三個因素中的一個或多個，因為這些是我們今年最難按季度獲得清晰視野的因素，因為我們已經考慮到了所有因素。討論過。

Understood. And if I could follow up on the wholesale business. All year long, you've been talking about how the sell-through trends have been better than sell-in. Is that -- eventually, the sell-in has to normalize with the sell-through trends. Now that you're having visibility into Spring 2024 orders, are you seeing that recovery starting to happen? Like should we think about Wholesale orders being up again in Spring 2024?

明白了。如果我能跟進批發業務的話。整整一年，您一直在談論售出趨勢如何比售入趨勢更好。最終，銷量必須隨著銷售趨勢而正常化。現在您已經了解了 2024 年春季訂單，您是否看到復甦開始發生？我們是否應該考慮 2024 年春季批發訂單再次增加？

Not as quickly as we think it should, in all honesty, but that's a decoupling that we've seen for most of the year. We would like it to cure faster than it has. I think, ultimately, we take comfort of the fact that, certainly, those 2 have to match at some point. And what we've seen, thus far, is that mismatch. The sell-through has definitely been stronger than the sell-in. And as we've said, the prices are strong. The margin contribution of retailers is good. The inventories are lean. At some point, they've got to catch up.

老實說，這並沒有我們想像的那麼快，但這是我們今年大部分時間都看到的脫鉤。我們希望它能比現在更快治癒。我認為，最終我們會欣慰地發現，這兩者在某個時刻必須匹配。到目前為止，我們所看到的是這種不匹配。銷售量肯定比銷售量強。正如我們所說，價格堅挺。零售商的利潤貢獻良好。庫存清淡。在某個時刻，他們必須迎頭趕上。

I think, to flip the script a little bit, though, when I look at our performance domestically, including both our stores and the Wholesale, the customers coming to the brand, and those are growing. We mentioned the international growth was up. The domestic growth was up overall. I mean if you look at it within regions, the vast majority of our markets are up.

我認為，稍微翻轉一下腳本，當我看看我們在國內的表現時，包括我們的商店和批發，來到該品牌的客戶，而且這些客戶正在成長。我們提到國際成長有所上升。國內增速大體上行。我的意思是，如果你從各個地區的角度來看，我們的絕大多數市場都在上漲。

So the customer is getting to the brand. We like them to have more avenues to the brand than what they're taking advantage of right now. But because we can't control the sell-in into some of those Wholesale partners, we have to rely on the composite of our business, which includes our own Direct-to-Consumer.

因此，客戶正在了解該品牌。我們希望他們能夠擁有比現在更多的途徑來接觸品牌。但由於我們無法控制某些批發合作夥伴的銷售，因此我們必須依賴我們的業務組合，其中包括我們自己的直接面向消費者的業務。

I think you also have to take a look at the order of magnitude of how big inventory was for different parts of our businesses. If you take into account our statement on inventory, which predominantly is for our own use, if you look at our business, no one can say that our business hasn't grown year-over-year as far as sell-out is concerned.

我認為你也必須看看我們業務不同部分的庫存量的大小。如果你考慮到我們的庫存報表（主要供我們自己使用），如果你看看我們的業務，就銷售而言，沒有人可以說我們的業務沒有逐年成長。

We're finishing our third $2 billion quarter, we're at $6 billion-plus. We're growing very nicely. Yet we see inventory by $400 million at cost, which means if you were looking at our suppliers on the other side, we'd be telling them that we're selling great, don't worry, we're going to catch up soon. But in the meanwhile, we bought $400 million less than we sold. And obviously, that has to catch up.

我們即將結束第三個 20 億美元的季度，我們的營收已超過 60 億美元。我們成長得非常好。然而，我們看到庫存按成本計算為 4 億美元，這意味著如果您在另一邊查看我們的供應商，我們會告訴他們我們的銷售量很好，別擔心，我們很快就會趕上。但同時，我們買入的金額比賣出的金額少了 4 億美元。顯然，這必須迎頭趕上。

Our inventories are in line and lean. So as our Direct-to-Consumer grows, we will increase them. The same, I believe, in order of magnitude is true when you evaluate our distributors. They had inventory on a significant percentage as we did. They've been selling out well. Their inventories are online. They're coming in for a much stronger Q1. It seems so far and are growing. So in that perspective, that will increase as well for our purchasing.

我們的庫存整齊且精益。因此，隨著我們的直接面向消費者的成長，我們將增加它們。我相信，當您評估我們的經銷商時，在數量級上也是如此。他們的庫存比例和我們一樣很大。它們的銷量一直很好。他們的庫存在網路上。他們將迎來更強勁的第一季。到目前為止，它似乎還在增長。因此從這個角度來看，我們的採購量也會增加。

And while we don't have as much insight into our third parties, predominantly, in the U.S., we do see more people chasing product outside the U.S. in some marketplaces, certainly, in Europe at this particular point. But here, because it's not only Skechers product, and there's only so many hot products in the world and everybody had to clean out at a different level, and because they are nervous about their inventory and their businesses in general, I don't know that anybody feels about their business in general as well as we do, barring a couple that obviously are well-known.

雖然我們對我們的第三方（主要是在美國）沒有太多的了解，但我們確實看到越來越多的人在美國以外的一些市場（當然，在歐洲）追逐產品。但在這裡，因為這不僅僅是斯凱奇的產品，而且世界上只有這麼多的熱門產品，每個人都必須在不同的層面進行清理，而且因為他們對庫存和整體業務感到緊張，我不知道任何人對他們的生意的總體感覺都和我們一樣，除了一些顯然是眾所周知的人。

So they're holding back some, but they got to be closer. And we know ourselves, and they'll be clean, and we know our stuff will sell. So one would assume, sometime in the next year, we will get to a more normal flows all over the place. We'd like to believe it's first quarter, but it's coming in first or second quarter, I got to believe, because by the time we get to next back-to-school, that will be way too much time, and I don't know anybody that says inventory issues going through that part of the year, we'll have bigger issues than just inventory.

所以他們保留了一些，但他們必須更接近。我們了解自己，他們會很乾淨，我們知道我們的東西會暢銷。因此，人們會假設，在明年的某個時候，我們將在各地實現更正常的流動。我們願意相信這是第一季度，但我必須相信它會在第一季度或第二季度到來，因為到我們下次返校時，時間會太多了，我不認為我不知道有誰說今年這段時間會出現庫存問題，我們將面臨比庫存更大的問題。

Got it. And if I could sneak in just 1 more about the basketball launch.

知道了。我能否再偷偷介紹一下有關籃球發布會的資訊。

We can always talk about basketball.

我們總是可以談論籃球。

Do you view this as an opportunity to maybe get into some doors that you're not in today? Like, I mean, I guess, like Foot Locker is the obvious one that comes to mind, given their big basketball business.

你是否認為這是一個機會，可以進入一些你今天沒有進入的門？就像，我的意思是，我想，鑑於 Foot Locker 的籃球業務規模龐大，人們最容易想到的就是 Foot Locker。

Yes, I do think it's possible, but that's certainly not our control. We think we can find those consumers, and those consumers will come to us through our Direct-to-Consumer or other places, they buy it. Obviously, there's some of this product that doesn't sell everywhere, and it's fairly exclusive. And as we get going, we'll certainly expand our distribution.

是的，我確實認為這是可能的，但這肯定不是我們所能控制的。我們認為我們可以找到這些消費者，這些消費者將透過我們的直接面向消費者或其他地方來找我們，他們會購買。顯然，有些產品並非到處都有賣，而且相當獨特。隨著我們的發展，我們肯定會擴大我們的分銷範圍。

But we think, around the world, we have great opportunity to capture those consumers. And we do think, on a worldwide basis, we'll get into a lot more levels of distribution that we certainly haven't penetrated yet. But we're -- it's not a today thing. That's as we grow. We're not planning on powering it through to make the biggest impact we can make at the earliest time. We want to build it carefully through grassroots following and on the product, on the technology, on the comfort that people will wear and will continue to grow for us, and we'll grow into that as we move forward, both in soccer, football and basketball.

但我們認為，在世界各地，我們有很好的機會吸引這些消費者。我們確實認為，在全球範圍內，我們將進入更多級別的分銷，這是我們尚未滲透的。但我們——這不是今天的事。這就是我們成長的過程。我們並不打算儘早推動它產生最大的影響。我們希望透過草根追隨，在產品、技術、人們穿著的舒適度上精心打造它，並將繼續為我們成長，隨著我們前進，無論是在足球領域還是足球領域，我們都將成長為這一點和籃球。

Our final question is coming from the line of Abbie Zvejnieks with Piper Sandler.

我們的最後一個問題來自 Abbie Zvejnieks 和 Piper Sandler。

Just -- is there any specific color you can give on how Direct-to-Consumer has trended domestically quarter-to-date? And then just as a follow-up, can you -- I know you gave the Wholesale -- international Wholesale for EMEA, was up double digits in Europe. Excluding those distributors, can you give that same metric for APAC, if possible?

只是——對於本季迄今為止的國內直接面向消費者趨勢，您是否可以給出任何具體的顏色？然後，作為後續行動，我知道您提供了歐洲、中東和非洲地區的批發業務，國際批發業務在歐洲成長了兩位數。如果可能的話，除了這些經銷商之外，您能否為亞太地區提供相同的指標？

So I think, probably, as far as we're comfortable saying about Direct-to-Consumer so far this quarter, things have been good, continue to be strong. I would note kind of similar to David's comment, early October isn't a great readthrough to holiday often. But we've seen continued strength in the Direct-to-Consumer business. We are getting into a period where, compared to last year, it's a much more similar situation, where, as we noted, the disparity in inventory levels, particularly in-store in Q2 and Q3. So it's going to be a more normal comparison. There's not going to be as much of a lift this year.

因此，我認為，就本季到目前為止我們對直接面向消費者的看法而言，情況可能不錯，而且會繼續強勁。我會注意到類似大衛的評論，十月初並不是一個很好的假期通讀。但我們看到直接面向消費者業務的持續強勁。我們正進入一個時期，與去年相比，情況更加相似，正如我們所指出的，庫存水準存在差異，特別是第二季和第三季的店內庫存水準。所以這將會是一個更正常的比較。今年的漲幅不會那麼大。

But within that context, it's continued to go well. And we're encouraged by some of the turnaround we've seen on the domestic e-commerce side of things. We don't really give an APAC x distributor number because there really isn't as much of a distributor business in APAC. I would say, there wasn't also as much of a disparity between what we saw in APAC growth with or without distributors. Distributors are concentrated geographically. So the Asia distributors weren't seeing as much of a timing differential year-over-year.

但在這種背景下，它繼續進展順利。我們對國內電子商務方面的一些轉變感到鼓舞。我們並沒有真正給出亞太地區的 x 經銷商編號，因為亞太地區的經銷商業務確實不多。我想說的是，我們在亞太地區看到的有或沒有分銷商的成長情況之間也沒有那麼大的差異。經銷商在地理上比較集中。因此，亞洲經銷商並沒有看到與去年同期相比有太大的時間差異。

Just to put it into context, by the way, when we look at the distributor compared to last quarter, if I recollect correctly, last quarter -- or last year this quarter, distributors were up like 80%. So it's also a very unfavorable simple comparison to prior year that we're dealing with in that number. And that was a contributing factor as well.

順便說一句，當我們將分銷商與上個季度相比時，如果我沒記錯的話，上個季度或去年這個季度，分銷商增長了 80%。因此，與我們正在處理的前一年的數字相比，這也是一個非常不利的簡單比較。這也是一個促成因素。

Thank you. Ladies and gentlemen, we have reached the end of our question-and-answer session. And this does conclude today's conference. We thank you for your participation, and you may disconnect your lines at this time. Have a wonderful day.

謝謝。女士們先生們，我們的問答環節已經結束了。今天的會議到此結束。我們感謝您的參與，此時您可以斷開線路。祝你有美好的一天。