Skechers USA Inc (SKX) 2023 Q4 法說會逐字稿

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

您好，歡迎參加 Skechers 2023 年第四季財報電話會議。 （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 [Rob Johan] from the FP&A team. Thank you for joining us on Skechers conference call today. I will now read the safe harbor statement. Certain statements contained herein, including, without limitation, statements addressing the beliefs, plans, objectives, estimates or expectations of the company or future results or events may constitute forward-looking statements that involve risks and uncertainties.

大家好。我叫 [Rob Johan]，來自 FP&A 團隊。感謝您今天參加我們的 Skechers 電話會議。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。

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, challenging consumer retail markets in the United States, wars, acts of war and other conflicts around the world and supply chain delays and disruptions in general and specifically as they apply to the retail industry and the company. There can be no assurance that the actual future results, performance or achievements expressed or implied by any of our forward-looking statements will occur.

此類前瞻性聲明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、美國消費者零售市場的挑戰、戰爭的影響、世界各地的戰爭行為和其他衝突以及供應鏈的延誤和中斷，特別是適用於零售業和公司的情況。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。

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.

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 fourth quarter and full year 2023 conference call. We ended the year with a new annual sales record of $8 billion, an increase of $556 million compared to last year. This milestone was the result of 4 quarterly sales records, including $1.96 billion for the fourth quarter.

下午好，感謝您今天參加我們的 2023 年第四季和全年電話會議。我們以 80 億美元的新年度銷售額結束了這一年，比去年增加了 5.56 億美元。這一里程碑是 4 個季度銷售記錄的結果，其中第四季度 19.6 億美元。

We also achieved a new annual gross margin record of 51.9%. These impressive results were driven by the worldwide demand for our products, our innovative marketing efforts, growing base of loyal consumers, strong relationships cultivated throughout our partner network and the hard work of our dedicated team worldwide. As always, we remain focused on our core design principles: style, comfort, innovation and quality, while at a reasonable price.

我們也創下了51.9%的年度毛利率新紀錄。這些令人印象深刻的業績得益於全球對我們產品的需求、我們創新的營銷努力、不斷增長的忠實消費者基礎、我們在整個合作夥伴網絡中建立的牢固關係以及我們全球敬業團隊的辛勤工作。一如既往，我們仍然專注於我們的核心設計原則：風格、舒適、創新和質量，同時價格合理。

In 2023, we pushed our technologies to new heights with the introduction of 2 new categories: football and basketball. These new categories expand the breadth of our award-winning Performance division, which also includes running, walking, golf and pickleball. We partnered with Harry Kane, last year's top goal scorer in Europe, to launch Skechers Football. Harry, along with a roster of athletes, including recently announced Arsenal defender, Oleksandr Zinchenko, are generating excitement and elevating awareness of Skechers boots at key football specialty retailers, select Skechers stores and online in Europe. Today, I'm pleased to announce that Skechers Football is now available in the United States and will be coming to markets around the world.

2023 年，我們推出了 2 個新類別：足球和籃球，將我們的技術推向了新的高度。這些新類別擴大了我們屢獲殊榮的表演部門的廣度，其中還包括跑步、步行、高爾夫和泡菜球。我們與去年歐洲最佳射手 Harry Kane 合作推出了 Skechers Football。哈利和包括最近宣布的阿森納後衛 Oleksandr Zinchenko 在內的一系列運動員一起，在歐洲的主要足球專營零售商、精選 Skechers 商店和網上引起了人們的興奮並提高了 Skechers 靴子的知名度。今天，我很高興地宣布 Skechers Football 現已在美國上市，並將登陸世界各地的市場。

We also signed New York Knicks all-star Julius Randle and LA Clippers' Terance Mann for Skechers Basketball. The collection has been launched in the world's largest basketball markets, North America, China and the Philippines, and will expand to new markets in 2024. Athletes are a growing force in our marketing plans, but we remain committed to growing our successful lines like Skechers Hands Free Slip-ins, GOwalk and Uno and continue to focus on expanding our proven business.

我們還為斯凱奇籃球隊簽下了紐約尼克隊的全明星朱利葉斯·蘭德爾和洛杉磯快艇隊的特倫斯·曼。該系列已在全球最大的籃球市場北美、中國和菲律賓推出，並將於 2024 年擴展到新市場。運動員是我們行銷計劃中不斷增長的力量，但我們仍致力於發展像 Skechers 這樣的成功產品線Hands Free Slip-ins、GOwalk 和Uno 並繼續專注於擴展我們成熟的業務。

This past year, we introduced more standout collections to further expand our reach, including capsules with partners, Martha Stewart and Snoop Dogg. For 2024, we are working on more initiatives and collaborations, including a global agreement with John Deere that will unite 2 trusted brands for a new technical footwear offering. These key initiatives are supported by targeted and unique marketing campaigns to drive awareness and purchase intent. This includes athletes and brand ambassadors recognized globally as well as locally such as Cha Eun-woo, a K-pop star and actor, who we will be using extensively across the Asia Pacific region.

去年，我們推出了更多出色的系列，以進一步擴大我們的影響力，包括與合作夥伴 Martha Stewart 和 Snoop Dogg 合作的膠囊系列。 2024 年，我們正在致力於更多舉措和合作，包括與約翰迪爾達成的全球協議，該協議將聯合 2 個值得信賴的品牌推出新技術鞋類產品。這些關鍵措施得到有針對性和獨特的行銷活動的支持，以提高認知度和購買意願。其中包括全球和當地認可的運動員和品牌大使，例如韓國流行歌手兼演員車銀優，我們將在整個亞太地區廣泛使用她。

Our accomplishments in the year were numerous, including becoming a Fortune 500 company and surpassing 5,000 Skechers retail stores. Together with our team and partners, we are designing and efficiently delivering our comfort products to the world, meeting our consumers' footwear needs and enhancing the Skechers shopping experience in an impactful manner as we further grow our Direct-to-Consumer and Wholesale businesses.

這一年我們取得了許多成就，包括成為財富 500 強公司以及超過 5,000 家 Skechers 零售店。隨著我們進一步發展直接面向消費者和批發業務，我們與我們的團隊和合作夥伴一起設計並高效地向世界提供我們的舒適產品，滿足消費者的鞋類需求，並以有影響力的方式增強Skechers 的購物體驗。

Looking at our fourth quarter results. Sales increased 4.4% to $1.96 billion. International sales increased 7%, representing approximately 64% of our total sales in the fourth quarter, and domestic sales were flat. We continue to see strength in our Direct-to-Consumer segment, which increased 20% and for the first time exceeded 50% of our total sales.

看看我們第四季的業績。銷售額成長 4.4%，達到 19.6 億美元。國際銷售額成長 7%，約佔第四季總銷售額的 64%，國內銷售額持平。我們繼續看到直接面向消費者細分市場的強勁勢頭，該細分市場增長了 20%，首次超過了我們總銷售額的 50%。

Our Wholesale sales decreased 8% primarily due to some retailers conservatively managing inventory levels and taking goods closer to season. Domestic Wholesale decreased 10%, though retail sell-throughs at our major accounts were actually up single digits. International Wholesale declined 7% primarily due to EMEA, which faced inventory congestion at a handful of retailers. The decrease was partially offset by improvements in APAC, including double-digit improvements in China, which had a healthy return to growth over the key fourth quarter holidays.

我們的批發銷售額下降了 8%，主要是由於一些零售商保守地管理庫存水準並在接近季節時進貨。國內批發業務下降了 10%，但我們主要客戶的零售銷售額實際上成長了個位數。國際批發業務下降 ​​7%，主要是由於歐洲、中東和非洲地區少數零售商面臨庫存擁塞問題。這一下降被亞太地區的成長所部分抵消，其中包括中國的兩位數增長，該地區在關鍵的第四季度假期期間健康恢復了增長。

In all, 2023 was a challenging year for Wholesale, particularly in the United States. But our key indicators give us optimism that our Wholesale business will return to growth in the first half of 2024.

總而言之，2023 年對批發業來說是充滿挑戰的一年，尤其是在美國。但我們的關鍵指標讓我們樂觀地認為我們的批發業務將在 2024 年上半年恢復成長。

Turning to our Direct-to-Consumer segment, where sales grew 20%. International was up 27% due to strong performance across both physical and digital stores, and domestic increased 12% driven by strong sales during the key holiday selling period. In the fourth quarter, we reached a new milestone with our 5,000th Skechers store opening in Bogotá, Colombia.

轉向我們的直接面向消費者細分市場，銷售額成長了 20%。由於實體店和數位商店的強勁表現，國際市場成長了 27%，國內市場在關鍵假日銷售期間的強勁銷售推動下成長了 12%。第四季度，我們達到了一個新的里程碑，第 5,000 家 Skechers 商店在哥倫比亞波哥大開幕。

At year-end 2023, we had 5,168 Skechers-branded stores worldwide. We opened 67 company-owned Skechers stores in the quarter and closed 12, bringing us to 1,648 locations. We continue to expand our global reach with the addition of 27 stores in China; 9 stores in the United States; 4 locations in Colombia; 3 each in Italy, Mexico, Thailand and the United Kingdom; 2 each in Chile, Malaysia and Peru; and 1 in France, Spain and Vietnam.

截至 2023 年底，我們在全球擁有 5,168 家 Skechers 品牌商店。本季我們開設了 67 家公司自營 Skechers 商店，並關閉了 12 家，使我們的門市數量達到 1,648 家。我們持續擴大全球影響力，在中國新增了 27 家門市；美國9家店；哥倫比亞有 4 個地點；義大利、墨西哥、泰國和英國各 3 個；智利、馬來西亞和秘魯各 2 個；法國、西班牙和越南各 1 個。

Also in the period, 217 third-party stores opened, including 160 in China and 11 each in Australia and Indonesia, bringing our third-party store count to 3,520. In the first quarter to date, we've opened 4 company-owned stores in the United States and China; 2 each in Colombia, Thailand and South Korea; and 1 each in Chile, Costa Rica, India, Malaysia and Panama. We expect to open 140 to 160 company-owned stores worldwide in 2024.

同期，新開第三方商店 217 家，其中中國 160 家，澳洲和印尼各 11 家，使我們的第三方商店數量達到 3,520 家。到目前為止，第一季度，我們在美國和中國開設了 4 家公司自營店；哥倫比亞、泰國和韓國各 2 個；智利、哥斯大黎加、印度、馬來西亞和巴拿馬各 1 個。我們預計到 2024 年將在全球開設 140 至 160 家公司自營店。

Following last year's supply chain congestion, we remain focused on carefully managing our inventory levels, which resulted in a 16% year-over-year reduction. We also continue to invest in our logistics capabilities. We began shipping from our new 600,000 square foot facility in Mumbai as well as our newly opened distribution center in British Columbia, which we expect to become a primary source of shipments for Canada this year, reducing delivery times and cost. Further, we expect our new distribution center in Panama to be operational this quarter, which will meaningfully increase our South American capacity.

繼去年供應鏈擁堵之後，我們仍然專注於謹慎管理庫存水平，這導致庫存水準年減了 16%。我們也繼續投資於我們的物流能力。我們開始從孟買佔地 600,000 平方英尺的新設施以及不列顛哥倫比亞省新開設的配送中心發貨，我們預計該中心將成為今年加拿大的主要發貨來源，從而縮短交貨時間並降低成本。此外，我們預計巴拿馬的新配送中心將於本季投入運營，這將顯著增加我們南美的產能。

As always, we are committed to delivering the ultimate in comfort technology, enhancing the Skechers shopping experience and operating in an increasingly efficient manner. And now I would like to turn the call over to John for more details on our financial results.

一如既往，我們致力於提供極致的舒適技術、增強 Skechers 的購物體驗並以日益高效的方式運作。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. 2023 presented several challenges. There were significant macroeconomic headwinds, including inflation and rising interest rates as well as wholesale challenges, particularly in the United States, largely stemming from inventory congestion. Against this backdrop, Skechers delivered strong performance for the full year, achieving sales of $8 billion, gross margins of 51.9% and earnings per share of $3.49, each of which are records for our brand.

謝謝大衛，大家下午好。 2023 年帶來了多項挑戰。宏觀經濟面臨重大阻力，包括通貨膨脹和利率上升以及批發挑戰，特別是在美國，這主要源自於庫存擁塞。在此背景下，斯凱奇全年業績表現強勁，實現銷售額80億美元、毛利率51.9%、每股收益3.49美元，均創品牌歷史紀錄。

We also made meaningful progress toward our goal of double-digit operating margins reaching 9.8%. Collectively, these accomplishments demonstrate the strength of the Skechers brand around the world and our ability to deliver profitable growth. Our talented global team remain focused on expanding our brand presence, developing exceptional product for our consumers and executing against our growth strategy.

我們在實現兩位數營運利潤率（達到 9.8%）的目標方面也取得了有意義的進展。總的來說，這些成就展示了 Skechers 品牌在全球的實力以及我們實現盈利成長的能力。我們才華橫溢的全球團隊繼續專注於擴大我們的品牌影響力，為我們的消費者開發卓越的產品並執行我們的成長策略。

Turning to the quarter. Skechers delivered another fourth quarter sales record of $1.96 billion, growing 4.4%. Robust consumer demand for our distinctive comfort technology products and compelling value proposition drove continued strength in our global Direct-to-Consumer business, which grew 20% year-over-year to $998.3 million. For the first time in our history, this segment represented over 50% of total sales.

轉向季度。 Skechers 第四季銷售額再創新高，達到 19.6 億美元，成長 4.4%。消費者對我們獨特的舒適技術產品的強勁需求和引人注目的價值主張推動了我們全球直接面向消費者業務的持續增長，該業務同比增長 20% 至 9.983 億美元。該細分市場佔總銷售額的比例在我們歷史上首次超過 50%。

This remarkable performance was driven by an increase of 27% internationally and 12% domestically with both our physical and digital stores achieving double-digit growth. The momentum in our Direct-to-Consumer segment is indicative of strong consumer demand driven by the combination of our fresh and innovative product paired with effective brand marketing. We are excited about our omni-channel growth opportunities as we continue to deliver on our strategy to expand our direct-to-consumer presence worldwide.

這項出色的業績得益於國際成長 27% 和國內成長 12%，我們的實體店和數位商店均實現了兩位數的成長。我們的直接面向消費者細分市場的勢頭表明，我們的新鮮創新產品與有效的品牌行銷相結合，推動了強勁的消費者需求。隨著我們繼續實施擴大全球直接面向消費者業務的策略，我們對全通路成長機會感到興奮。

Wholesale sales decreased 8.3% year-over-year to $962.6 million. As expected, Domestic Wholesale sales declined 10% versus the prior year as customers continued managing inventory levels conservatively. International Wholesale sales declined 7.1%, primarily due to lower shipments in Europe, reflecting both the difficult comparison to last year as well as inventory congestion in certain markets. However, we continue to be encouraged by positive shipping and order trends we see in the first half of 2024, both domestically and internationally.

批發銷售額年減 8.3% 至 9.626 億美元。正如預期的那樣，由於客戶繼續保守地管理庫存水平，國內批發銷售額比上年下降了 10%。國際批發銷售額下降 7.1%，主要是由於歐洲出貨量下降，反映出與去年相比的困難以及某些市場的庫存擁塞。然而，我們繼續對 2024 年上半年國內和國際的積極運輸和訂單趨勢感到鼓舞。

Now turning to our regional sales. In the Americas, sales for the fourth quarter increased 3.2% year-over-year to $955.4 million, driven by continued strength of our Direct-to-Consumer business, particularly in our retail stores, which grew double digits across most markets. This was partially offset by the aforementioned Domestic Wholesale market dynamics.

現在轉向我們的區域銷售。在美洲，第四季的銷售額年增3.2%，達到9.554 億美元，這得益於我們的直接面向消費者業務的持續強勁，尤其是我們的零售店，大多數市場的零售店都實現了兩位數的成長。這被上述國內批發市場動態部分抵銷。

In EMEA, sales decreased 7.3% year-over-year to $383.6 million, due in part to lapping robust growth of 29% in the prior year. Direct-to-Consumer channels grew double digits year-over-year in nearly every country. Unfortunately, this was not enough to offset lower Wholesale sales, which were impacted by difficult comparisons as well as inventory congestion at certain customers.

在歐洲、中東和非洲地區，銷售額年減 7.3% 至 3.836 億美元，部分原因是去年實現了 29% 的強勁成長。幾乎每個國家的直接面向消費者管道都實現了兩位數的年增長。不幸的是，這不足以抵消批發銷售額的下降，批發銷售額受到難以比較以及某些客戶庫存擁塞的影響。

In Asia Pacific, sales increased 15% year-over-year to $622 million, led by double-digit growth in most markets. In China, sales grew 22% driven by double-digit growth across channels, including improved sales during the critical holiday period. We continue to be encouraged by the progress we see in China.

在亞太地區，銷售額年增 15%，達到 6.22 億美元，大部分市場均達到兩位數成長。在中國，受跨通路兩位數成長的推動，銷售額成長了 22%，其中包括關鍵假期期間銷售額的成長。我們繼續對中國所取得的進步感到鼓舞。

Similar to last quarter, India saw challenges due to higher inflation as well as shipment delays associated with our transition to the new Skechers distribution center outside of Mumbai. However, we expect the market to return to normal growth trends over the course of 2024.

與上季類似，印度面臨著通膨上升以及我們過渡到孟買以外的新斯凱奇配送中心而導致的出貨延誤帶來的挑戰。然而，我們預計市場將在 2024 年恢復正常成長趨勢。

Fourth quarter gross margins were 53.1%, up 470 basis points compared to the prior year. The improvement was driven by higher average selling prices from our product and channel mix in addition to improved freight costs. Operating expenses increased 270 basis points as a percentage of sales year-over-year to 46.5%. Selling expenses increased 90 basis points as a percentage of sales versus last year to 9.3%, primarily due to increased marketing globally, including investments focused on brand building and driving consumer awareness for our comfort technology products and newly launched categories.

第四季毛利率為53.1%，較上年同期成長470個基點。這項改善是由於我們的產品和通路組合的平均售價提高以及運費成本的改善所致。營運費用佔銷售額的比例年增 270 個基點，達到 46.5%。銷售費用佔銷售額的百分比較去年增加了90 個基點，達到9.3%，這主要是由於全球行銷的增加，包括專注於品牌建設和提高消費者對我們的舒適技術產品和新推出類別的認識的投資。

General and administrative expenses increased 170 basis points as a percentage of sales to 37.1% primarily due to deleverage in our Wholesale operations from lower sales, particularly in the United States. Overall, spending rose as a result of higher rent, depreciation and labor to support growth in our Direct-to-Consumer segment.

一般及管理費用佔銷售額的百分比增加了 170 個基點，達到 37.1%，這主要是由於我們的批發業務因銷售額下降而去槓桿化，尤其是在美國。總體而言，由於租金、折舊和勞動力的增加，支出增加，以支持我們直接面向消費者部門的成長。

Earnings from operations were $130.3 million, a 50% increase compared to the prior year, and our operating margin for the quarter was 6.6% compared to 4.6% last year. Our effective tax rate for the fourth quarter was 20.3% compared to 9.6% in the prior year when we were able to utilize foreign tax credits and benefited from certain discrete items. Earnings per share were $0.56 per diluted share, a 17% increase on 155.6 million diluted shares outstanding.

營運利潤為 1.303 億美元，比上年增長 50%，本季營運利潤率為 6.6%，而去年為 4.6%。我們第四季的有效稅率為 20.3%，而去年同期為 9.6%，當時我們能夠利用外國稅收抵免並從某些離散項目中受益。稀釋後每股收益為 0.56 美元，較 1.556 億股稀釋後流通股成長 17%。

And now turning to our balance sheet. We ended the quarter with $1.39 billion in cash, cash equivalents and investments, an increase of $598.1 million versus the prior year, primarily from improved working capital management and operating efficiency. Inventory was $1.53 billion, a decrease of 16% or $292.6 million compared to the prior year when we faced capacity challenges and processing constraints at our distribution centers. Notably, we lowered inventory levels domestically by 1/3 compared to the prior year, and we believe our current inventory levels are healthy and well positioned to support demand in early 2024.

現在轉向我們的資產負債表。本季末，我們的現金、現金等價物和投資為 13.9 億美元，比上年增加 5.981 億美元，主要得益於營運資金管理和營運效率的改善。庫存為 15.3 億美元，比前一年減少 16%，即 2.926 億美元，當時我們的配送中心面臨容量挑戰和處理限制。值得注意的是，與前一年相比，我們將國內庫存水準降低了 1/3，我們相信目前的庫存水準是健康的，足以支持 2024 年初的需求。

Accounts receivable at quarter end were $860.3 million, essentially flat compared to the prior year. Capital expenditures for the quarter were $85 million, of which $32.9 million related to investments in new store openings and direct-to-consumer technologies, $25.1 million related to the expansion of our distribution infrastructure and $10.8 million related to the construction of our new corporate offices. Our capital investments are focused on supporting our strategic priorities, which include growing our Direct-to-Consumer segment and expanding our brand presence globally.

季末應收帳款為 8.603 億美元，與去年同期基本持平。本季的資本支出為 8,500 萬美元，其中 3,290 萬美元與新店開業和直接面向消費者技術的投資有關，2,510 萬美元與擴大分銷基礎設施有關，1,080 萬美元與建設新公司辦公室有關。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細分市場以及擴大我們的全球品牌影響力。

During the fourth quarter, we repurchased approximately 1.1 million shares of our Class A common stock at a cost of approximately $60 million. We continue to deploy our capital consistent with our stated philosophy while maintaining a durable balance sheet and abundant liquidity.

第四季度，我們以約 6,000 萬美元的成本回購了約 110 萬股 A​​ 類普通股。我們繼續按照我們既定的理念部署資本，同時保持持久的資產負債表和充裕的流動性。

Now turning to guidance. As we enter 2024, we have the unique ability to serve consumers around the globe with our collection of comfort technology products, coupled with our compelling value proposition. Taken together, we are confident in the strength of our brand. However, we are also keenly aware of the uncertainties that remain in such a dynamic operating environment, most notably geopolitical and macroeconomic risks, and have factored these into our initial guidance for 2024.

現在轉向指導。進入 2024 年，我們擁有獨特的能力，透過我們的舒適技術產品系列以及令人信服的價值主張為全球消費者提供服務。總而言之，我們對品牌的實力充滿信心。然而，我們也敏銳地意識到在如此動態的營運環境中仍然存在不確定性，尤其是地緣政治和宏觀經濟風險，並將這些風險納入我們 2024 年的初步指引中。

For the full year 2024, we expect sales in the range of $8.6 billion to $8.8 billion and net earnings per share in the range of $3.65 to $3.85. For the first quarter, we expect sales in the range of $2.175 billion to $2.225 billion and net earnings per share in the range of $1.05 to $1.10.

我們預計 2024 年全年銷售額將在 86 億美元至 88 億美元之間，每股淨利潤將在 3.65 美元至 3.85 美元之間。我們預計第一季銷售額將在 21.75 億美元至 22.25 億美元之間，每股淨利潤將在 1.05 美元至 1.10 美元之間。

Our effective tax rate for the year is expected to be between 20% and 21%, and we expect total capital expenditures to be between $350 million and $400 million as we continue to invest in our strategic priorities, including opening additional stores, expanding our omni-channel capabilities and adding incremental distribution capacity in key markets, including constructing our second distribution center in China, a 2 million square foot facility, which will likely elevate our capital expenditures this year and next. We remain confident in our long-term growth strategy and are well positioned to drive profitable growth.

我們今年的有效稅率預計在20% 至21% 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、擴大我們的全方位業務，我們預計總資本支出將在3.5 億美元至4 億美元之間。- 通路能力並增加主要市場的增量分銷能力，包括在中國建造我們的第二個分銷中心，一個200萬平方英尺的設施，這可能會增加我們今年和明年的資本支出。我們對長期成長策略仍充滿信心，並有能力推動獲利成長。

We thank you all for your time today and look forward to updating you on our first quarter financial results, which we expect to release on Thursday, April 25. With that, I will now turn the call over to David for closing remarks.

感謝大家今天抽出寶貴的時間，並期待著向您通報我們第一季財務業績的最新情況，我們預計將於4 月25 日星期四發布該業績。接下來，我將把電話轉交給David 進行總結發言。

Thank you, John. In 2023, Skechers delivered record quarterly and annual sales, became a Fortune 500 company and surpassed 5,000 Skechers stores worldwide. We partnered with top-tier talents for collaborations and marketing campaigns that resonated with consumers. Importantly, we are committed to delivering comfort that performs with our footwear expansion to 2 of the largest sports worldwide, football and basketball, and extended our offering of Skechers Hands Free Slip-ins to a broader audience by integrating this technology into both new and proven styles. All were notable milestones and achievements. We thank our entire supply chain and the Skechers team for delivering another successful quarter.

謝謝你，約翰。 2023 年，Skechers 實現了創紀錄的季度和年度銷售額，成為《財富》500 強公司，全球 Skechers 門市數量超過 5,000 家。我們與頂尖人才合作，開展與消費者產生共鳴的合作和行銷活動。重要的是，我們致力於透過我們的鞋類產品擴展到足球和籃球這兩項全球最大的運動項目來提供舒適感，並透過將該技術整合到新的和經過驗證的技術中，將我們的Skechers Hands Free Slip-ins 產品擴展到更廣泛的受眾。風格。所有這些都是值得注意的里程碑和成就。我們感謝整個供應鏈和 Skechers 團隊為我們帶來了另一個成功的季度。

As we enter 2024, we remain confident in the strength of our brand worldwide and the ongoing consumer demand for our exceptional product. We expect some domestic and international partners will continue to conservatively replenish inventory and that macroeconomic concerns will remain. We are focused on working with our global partners to return to growth within Wholesale, enhance our Direct-to-Consumer business and further grow our international sales.

進入 2024 年，我們對我們品牌在全球的實力以及消費者對我們卓越產品的持續需求充滿信心。我們預期一些國內外合作夥伴將繼續保守補充庫存，宏觀經濟擔憂仍將存在。我們致力於與全球合作夥伴合作，恢復批發業務的成長，增強我們的直接面向消費者業務並進一步增加我們的國際銷售。

It is our belief that with our many product initiatives and our diverse roster of athletes and ambassadors, we have numerous opportunities to tell the Skechers story and grow our business worldwide. Now I would like to turn the call over to the operator for questions.

我們相信，憑藉我們眾多的產品計劃以及多元化的運動員和大使名單，我們有無數的機會講述 Skechers 的故事並在全球範圍內發展我們的業務。現在我想將電話轉給接線員詢問問題。

(Operator Instructions) Our first question is from Laurent Vasilescu with BNP Paribas.

（操作員說明）我們的第一個問題來自法國巴黎銀行的 Laurent Vasilescu。

I would like to ask about the U.S. Wholesale business. It was a little bit of a surprise to see it down 14%. John, can you maybe talk a little bit more about the growth that you're seeing for the first half of the year? And I think you've also commented a little bit about overseas growth. That would be very helpful.

我想問一下美國的批發業務。看到它下跌 14% 有點令人驚訝。約翰，您能多談談您今年上半年看到的成長嗎？我想您也對海外成長發表了一些評論。這將非常有幫助。

Yes. I mean just to be specific, Domestic Wholesale was down 10%, not 14%. Listen, the domestic wholesale marketplace has been rocky all year. As David made mention in his prepared remarks, we're seeing a lot of conservatism still within that customer base. Now what I think is interesting is, as David also mentioned, wholesale retail sales of sell-through at our top tier wholesale accounts was actually up slightly for the year. So what I think you can see in that is exactly what we've been talking about. This has been a year of destocking from a period of congestion last year driven by that post-pandemic surge.

是的。具體來說，國內批發下降了 10%，而不是 14%。聽著，國內批發市場這一整年都很不穩定。正如大衛在他準備好的演講中提到的那樣，我們看到該客戶群中仍然存在著許多保守主義。現在我認為有趣的是，正如大衛也提到的那樣，我們頂級批發帳戶的批發零售額今年實際上略有上升。所以我認為你可以從中看到的正是我們一直在談論的內容。去年疫情後激增導致庫存激增，今年是去庫存的一年。

As we look forward to 2024, we're actually really optimistic about what we're seeing, both in terms of shipments thus far now through the first month of the quarter and bookings for the first half, which is about as far out as we're booked at this point. So we're actually pretty optimistic about what we're seeing. I think it reflects cleansing of that inventory situation that clearly predominated for this year. And I think that, along with what is clearly extraordinary consumer demand for the product as evidenced in our Direct-to-Consumer numbers, will continue to power us through to '24. And what we very reasonably expect at this point will be a return to growth in the Domestic Wholesale channel.

當我們展望2024 年時，我們實際上對我們所看到的情況非常樂觀，無論是到目前為止到本季度第一個月的出貨量還是上半年的預訂量，這與我們預計的情況相差甚遠。此時已被預訂。所以我們實際上對我們所看到的情況非常樂觀。我認為這反映了今年明顯占主導地位的庫存狀況的清理。我認為，加上我們的直接面向消費者的數據所證明的消費者對該產品的明顯非凡需求，將繼續為我們提供動力直至 24 世紀。目前我們非常合理地預期國內批發通路將恢復成長。

Very helpful, John. And if I could follow up as a second question here, 2 parts. So China was up very nice, I think 22%, clearly outpacing some other international brands in the marketplace. What are you seeing in that marketplace right now for January? And how do you think about that for 2024? And here's my second part of my question, John, sorry, but how are you thinking about selling expenses? Is the new resting heart rate like 9% going forward with these new contracts?

非常有幫助，約翰。我是否可以在這裡跟進第二個問題，分成兩部分。所以中國的成長非常好，我認為是 22%，明顯超過了市場上的其他一些國際品牌。一月份您在該市場上看到了什麼？您如何看待 2024 年的情況？這是我的問題的第二部分，約翰，抱歉，您如何考慮銷售費用？這些新合約的新靜止心率是否會達到 9% 左右？

Yes. On China, I mean, we were incredibly pleased with what we saw. We talked about in the quarter with double 11, 12/12, with that holiday selling period, you really need to allow the whole period to mature before you have a good sense of what happened, and we're incredibly pleased with how that market performed overall. Now I would say it's still not back to where we think it will reset eventually. It's still a market in recovery, but in terms of Q4 performance, which you are right, was up 22%. And by the way, China was up 15% for the full year, which is really good, given where they started. We're optimistic about what we see.

是的。我的意思是，關於中國，我們對所看到的感到非常滿意。我們在雙11、12/12這個季度談到過，在假期銷售期間，你確實需要讓整個期間成熟，然後才能很好地了解發生了什麼，我們對這個市場的表現非常滿意整體表現。現在我想說它仍然沒有回到我們認為最終會重置的位置。它仍然是一個正在復甦的市場，但就第四季的表現而言，你是對的，成長了 22%。順便說一句，中國全年增長了 15%，考慮到他們的起點，這確實很好。我們對所看到的情況感到樂觀。

I don't want to talk a ton about what we've seen by market or channel to date. But I would say so far, we continue to be encouraged by what we've seen in China in the early January reads, definitely outpacing our early expectations, which is good. There's obviously CNY coming up in a period of time we need to see unfold. But so far, I would say China continues to do better than we originally expected and continues to show every marker of recovery that we could hope for.

我不想過多談論迄今為止我們透過市場或管道看到的情況。但我想說的是，到目前為止，我們繼續對 1 月初在中國看到的情況感到鼓舞，這絕對超出了我們早期的預期，這很好。顯然，人民幣即將到來，我們需要等待一段時間。但到目前為止，我想說中國的表現繼續好於我們最初的預期，並繼續顯示出我們所希望的復甦跡象。

In terms of selling, no, I don't think we're setting a new level here. As we mentioned, over the course of this year, we've very consciously been overinvesting in particular in brand building, especially around our new technologies, everything from Skechers Hands Free Slip-ins Technology to Arch Fit Technology. And then we did layer on some incremental work in support of these newer categories.

在銷售方面，不，我不認為我們在這裡設定了新的水平。正如我們所提到的，今年以來，我們非常有意識地進行了過度投資，特別是在品牌建設方面，尤其是圍繞我們的新技術，從 Skechers Hands Free Slip-ins 技術到 Arch Fit 技術。然後我們做了一些增量工作來支援這些新類別。

But you got to keep in mind, we're investing ahead of the curve there as you would want to do when you're opening a new category. So I don't think that represents a new resting point as much as it represents an investment we're making to make sure consumers understand and appreciate our comfort technologies and are aware of our new entrants into very, we think, lucrative performance categories like basketball and football. So where we reset ultimately is determined, but insofar as this year is concerned, I think we've pretty consistently told you we were overinvesting intentionally, and that's what you're seeing in the amount.

但你必須記住，我們正在那裡進行超前投資，就像你在開設新類別時想要做的那樣。因此，我不認為這代表了一個新的休息點，而是代表了我們正在進行的一項投資，以確保消費者理解和欣賞我們的舒適技術，並意識到我們的新進入者進入了我們認為非常有利可圖的性能類別，例如籃球和足球。因此，我們最終的重置位置已經確定，但就今年而言，我認為我們一直告訴您，我們故意過度投資，這就是您所看到的金額。

Laurent, I just wanted to point out as well, as far as Domestic Wholesale, there's just some nuances from quarter end into the new year. While the whole quarter, we -- October was the weakest part of the quarter, and I think it led people to believe that they try to take the goods as late as possible and worrying about the season. As we got through November, December, it grew for us and I believe for everybody, it turned out to be a very good holiday season, and December started to pick up shipments for us as well.

勞倫特，我也想指出，就國內批發而言，從季度末到新年只有一些細微差別。雖然整個季度，我們——十月是該季度最弱的部分，我認為這讓人們相信他們試圖盡可能晚地提貨並擔心這個季節。隨著我們度過 11 月和 12 月，我們的銷量有所增長，我相信對每個人來說，這都是一個非常好的假期季節，12 月也開始為我們帶來發貨量。

And if you look at the shipments we've had in January, that more than makes up at the difference. If you take the shift, we've had a significantly stronger January than we would have originally anticipated across the board by all means as well as Domestic Wholesale, even though weather was kind of difficult. So I think people are coming back and picking up and getting ready to move into the new season. So I think if you put the fourth quarter and January together, we really haven't missed that much and are really getting set for the spring season.

如果你看看我們一月份的出貨量，你會發現這足以彌補差異。如果你換個角度來看，我們一月份的表現比我們最初預期的要好得多，國內批發也是如此，儘管天氣有點困難。所以我認為人們正在回歸並準備好進入新賽季。所以我認為，如果你把第四季和一月份放在一起，我們真的沒有錯過那麼多，而且真的正在為春季做好準備。

Our next question is from Jay Sole with UBS.

我們的下一個問題來自瑞銀集團的 Jay Sole。

My question is just on the guidance, what's implied in the guidance for this year for EBIT margins? Can you just talk about how the guide for Q1 and then for fiscal '24 splits between gross margin and SG&A?

我的問題只是關於指導，今年的息稅前利潤率指導中暗示了什麼？您能談談第一季和 24 財年的指南如何在毛利率和銷售管理費用之間劃分嗎？

Pretty specific. Look, I think what I would say is we still foresee some favorability in gross margin in Q1. Now that's going to be incredibly mix dependent, right? If you think about the mix we had last year, that heavily tilted toward DTC and in this quarter in particular, where we went above 50% for the first time ever from a direct-to-consumer perspective. We got to be mix-conscious here because we do expect the Wholesale business to return to growth.

非常具體。看，我想我想說的是，我們仍然預計第一季的毛利率會有所改善。現在這將非常依賴混合，對吧？如果你想想我們去年的組合，你會發現它嚴重傾向於 DTC，特別是在本季度，從直接面向消費者的角度來看，我們首次超過 50%。我們必須保持混合意識，因為我們確實預期批發業務將恢復成長。

We still think there's some accretion left in the gross margin. You'll see that in Q1. That should flow pretty nicely down through. We're going to continue to invest in marketing. And just from a marketing perspective, Q1 does tend to have some events in it, most notably the Super Bowl that over-indexed a little bit relative to sales.

我們仍然認為毛利率還有一些成長。你會在第一季看到這一點。這應該可以很好地流下來。我們將繼續在行銷方面進行投資。僅從行銷角度來看，第一季確實傾向於舉辦一些活動，最引人注目的是超級碗，相對於銷售額的指數有點過高。

I would say, look, we continue to aim for that double-digit operating margin. I mean I think we actually, at the end of the day, came in much better than we thought we would this year, much closer. We're 200 bps away. We'll continue to chip away at that. As you know, we don't guide to that level, but it's certainly a guidepost for us, and we'll continue to work towards getting there. And we certainly continue to believe it's entirely reasonable objective for us to hold.

我想說，看，我們繼續以兩位數的營業利潤為目標。我的意思是，我認為我們實際上，歸根結底，今年的表現比我們想像的要好得多，更接近。我們相差 200 bps。我們將繼續努力解決這個問題。如您所知，我們並沒有達到這個水平，但這無疑是我們的一個路標，我們將繼續努力實現這一目標。我們當然仍然相信我們所堅持的目標是完全合理的。

Okay. That sounds great. And if I could just try one more. I know this is probably another specific one, but just any color you can give us on revenue growth by segment within the guidance for this year?

好的。聽起來不錯。如果我能再嘗試一次就好了。我知道這可能是另一個具體的問題，但是您可以在今年的指導中為我們提供按細分市場劃分的收入增長的任何顏色嗎？

Yes. I would expect -- and again, some of this is going to boil down to timing because as David mentioned, we are really seeing a lot of close-in order activity and pull-up activity. So this could flip. I would say at the moment, our current expectation is you're probably going to see a slight uptick on the Domestic Wholesale side. Wholesale overall should be a good healthy amount, probably a high single digits number.

是的。我預計——再說一次，其中一些因素將歸結為時機問題，因為正如大衛提到的，我們確實看到了大量的接近訂單活動和拉升活動。所以這可能會翻轉。我現在想說的是，我們目前的預期是國內批發方面可能會略有上升。整體批發量應該是一個健康的數量，可能是一個較高的個位數。

Direct-to-Consumer, we also continue to expect to do well. Maybe not as well as it's done this year because it's a pretty heady rate at 24% on the full year, but we still expect double-digit opportunities to reveal themselves, certainly to the first bit of the year. So we continue to see good trajectory, good recovery. I think if anything, where we sit today, we think there's probably a lot more opportunity than risk in that, but it's also early. So we're going to watch things unfold.

在直接面向消費者方面，我們也持續期望表現良好。也許不如今年，因為全年 24%​​ 的成長率相當令人興奮，但我們仍然預計兩位數的機會會出現，尤其是今年上半年。所以我們繼續看到良好的軌跡和良好的復甦。我認為，如果有什麼不同的話，我們今天所處的位置，我們認為其中的機會可能比風險多得多，但現在還為時過早。所以我們將觀察事態的發展。

Our next question is from Jim Duffy with Stifel.

我們的下一個問題來自吉姆·達菲和斯蒂菲爾。

This is Peter McGoldrick on for Jim. I wanted to ask about store openings. You had 200 net new owned doors in 2023 and you have plans for 160 next year. Could you talk about what you're seeing on new store productivity level, how you're building those stores out, how they compare to your existing footprint? And from a total retail base of 5,000-plus in the total Skechers retail network, how should we think of that progressing going forward in 2024 and future years?

我是彼得·麥戈德里克（Peter McGoldrick）替吉姆發言。我想問一下開店的事。到 2023 年，您將淨擁有 200 扇新擁有的門，並計劃明年增加 160 扇。您能否談談您對新商店生產力水平的看法，您如何建造這些商店，它們與您現有的足跡相比如何？從 Skechers 整個零售網路中超過 5,000 家的零售基地來看，我們應該如何看待 2024 年及未來幾年的進展？

Yes. Thanks, Peter. Yes, look, we're making an estimate on new stores, but the thing to keep in mind, what's most important to us on new stores is that we're opening the right type of stores globally. And so I would tell you, we tend to give a range and then we work within that range or above or below, depending upon the opportunities that present themselves. I think that's a number you can rely on with, again, a bias towards us probably adding more than that if opportunities reveal themselves. And keep in mind, that's a global number, that's a global company-owned number, so that includes some markets that have a bit more dynamicism than what we see in the United States, shorter leases, lower start-up costs. And so those tend to be a little bit more fluid as we go throughout the year.

是的。謝謝，彼得。是的，我們正在對新店進行估算，但要記住，對於新店而言，對我們來說最重要的是我們在全球開設正確類型的商店。所以我想告訴你，我們傾向於給出一個範圍，然後我們在該範圍內或高於或低於該範圍開展工作，這取決於出現的機會。我認為這是一個值得信賴的數字，如果機會出現的話，我們可能會增加更多。請記住，這是一個全球數字，這是一個全球公司擁有的數字，因此其中包括一些比我們在美國看到的更具活力的市場，更短的租賃時間，更低的啟動成本。因此，隨著我們全年的發展，這些往往會更加流動。

In terms of the total number of stores, I can't give you a final resting number, but I can tell you it's well north of where we're at. We mentioned achieving our 5,000th store, which if I remember correctly, was in Colombia, and we're already well past that at north of 5,160. So we're going to continue to expand that. We think that envelope worldwide is significantly above, if not double where we are today at some future point.

就商店總數而言，我無法給你一個最終的靜止數字，但我可以告訴你，它遠遠超出了我們目前所在的位置。我們提到我們的第 5,000 家商店，如果我沒記錯的話，是在哥倫比亞，我們已經遠遠超過了 5,160 家商店。所以我們將繼續擴大這個範圍。我們認為，在未來的某個時刻，全球範圍內的信封即使不是現在的兩倍，也將大大高於我們今天的信封。

New store openings have continued to do well. We have, certainly domestically, a fairly pronounced focus on what we would call big-box stores, so stores that can hold a broader assortment. They can hold accessories, apparel, and that's what we continue to open in the United States. I think that's what you should expect from us, absent an occasional opportunity in an outlet that we may not already be in that we think has an opportunity. I would tell you, again, I think the opportunity in the United States remains fairly robust for stores for a while. And obviously, most important to us is that those stores open the right way, that they have a path to profitability that has them contributing at the level we would normally expect.

新店開幕繼續表現良好。當然，在國內，我們相當明顯地關注所謂的大型商店，即可以容納更廣泛品種的商店。它們可以存放配件、服裝，這就是我們繼續在美國開設的。我認為這就是您應該對我們的期望，因為我們可能還沒有在我們認為有機會的管道中偶爾遇到機會。我想再次告訴你，我認為美國商店的機會在一段時間內仍然相當強勁。顯然，對我們來說最重要的是這些商店以正確的方式開業，他們有一條盈利之路，使他們的貢獻達到我們通常預期的水平。

I would also just add, though, I mean, it's not just about stores. We are definitely pushing our omni-channel solution globally. It was an incredibly successful channel for us this year, particularly in the markets that we opened last year in the fourth quarter. We saw spectacular growth in many of those markets that had our new platform. And I think that continues to offer us opportunities to satisfy consumer desire for our product across a lot of different avenues. And so that's still going to be a heavy emphasis for us, particularly internationally, but worldwide.

不過，我還要補充一點，我的意思是，這不僅僅是關於商店。我們肯定會在全球推廣我們的全通路解決方案。今年對我們來說這是一個非常成功的管道，特別是在我們去年第四季開設的市場。我們在許多擁有我們新平台的市場中看到了驚人的成長。我認為這繼續為我們提供機會，透過許多不同的途徑滿足消費者對我們產品的需求。因此，這仍然是我們的重點，特別是在國際上，但在全世界範圍內。

All right. And then there are some comments on inventory congestion in international markets weighing on deliveries in the fourth quarter. Can you tell us more about what's going on there and then quantify any impacts to the quarter? And how should we think about this embedded in the first quarter guidance as well?

好的。還有一些評論稱國際市場庫存擁堵影響了第四季度的交付。您能否告訴我們更多有關那裡發生的事情，然後量化對本季的影響？我們應該如何看待第一季指導中的這一點？

Yes. I would describe them as atemporal. So we don't think that they're durable. We don't expect they're going to last into '24. I would also say it was pretty specific to a handful of customers. What was notable is it also tended to occur in markets where we weren't naturally able to offset through direct-to-consumer what may have been a deficit in the market vis-à-vis the demand we had because unfortunately, not every market has today what I would call the right balance or the ultimate balance of direct-to-consumer and wholesale.

是的。我會把它們描述為非時間性的。所以我們認為它們不耐用。我們預計他們不會持續到 24 年。我還想說，它是針對少數客戶的。值得注意的是，這種情況也往往發生在我們自然無法透過直接面向消費者來抵消市場相對於我們的需求的赤字的市場，因為不幸的是，並非每個市場今天，我稱之為直接面向消費者和批發的正確平衡或最終平衡。

So if we see a pullback in wholesale in a market where we don't have a significant direct-to-consumer presence, we can't make that up. And as you've seen in the year, I mean, that's what we've been doing all year. We've been significantly outgrowing on the direct-to-consumer side because consumers want the product, and that's offset some of the challenges on the wholesale side of things. And in the quarter, in particular, because we had some situations where we couldn't recover it vis-à-vis our direct-to-consumer channel because it wasn't quite as mature as in other markets.

因此，如果我們在一個沒有大量直接面向消費者的市場中看到批發量的回落，我們就無法彌補。正如你今年所看到的，我的意思是，這就是我們一整年都在做的事情。我們在直接面向消費者方面的成長已經顯著超出，因為消費者想要產品，這抵消了批發方面的一些挑戰。特別是在本季度，因為我們遇到了一些無法恢復直接面向消費者管道的情況，因為它不像其他市場那麼成熟。

But I would also point out, and I'll just use an example, I mean, we had markets last year that grew 100%. So if you take their 2-year stack, they're still growing significantly this quarter, but if you're comping against a market that grew 100%, that's pretty hard, especially if it's a mature market. So I would keep in mind there were definitely some difficult comparisons, particularly in EMEA, that we were facing this quarter that are a bit anomalous and certainly don't, I think, in any way indicate a letdown expected for '24 or beyond.

但我也想指出，我只想舉個例子，我的意思是，去年我們的市場成長了 100%。因此，如果你看一下他們的 2 年堆疊，他們本季仍在顯著成長，但如果你與成長 100% 的市場進行比較，那就相當困難了，特別是如果它是一個成熟的市場。因此，我會記住，肯定存在一些困難的比較，特別是在歐洲、中東和非洲地區，我們本季度面臨的情況有點反常，而且我認為，當然不會以任何方式表明預計24 年或以後會出現令人失望的狀況。

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

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

This is Alex Douglas on for John. Congrats on a nice quarter. So if I remember correctly, you commented on the last call about consumers trading up within the portfolio as being a driver of higher ASPs. Was there any changes to that trend in Q4? And if that trend did persist, do you expect that to be a driver of gross margin in fiscal '24?

我是亞歷克斯·道格拉斯（Alex Douglas）替約翰發言。恭喜您度過了一個美好的季度。因此，如果我沒記錯的話，您在上次電話會議中評論說，消費者在投資組合中進行升級是平均售價上漲的推動因素。第四季這趨勢有什麼變化嗎？如果這種趨勢確實持續下去，您預計這會成為 24 財年毛利率的驅動因素嗎？

That trend did persist, which again is, we think, reflective of consumers choosing to buy our products with our comfort technologies embedded in them. So what we've seen is, within our own portfolio, consumers trading up. A lot of that was evident last year, though. So I don't know that, that's going to drive a significant amount of year-on-year gross margin accretion because we're pretty squarely lapping that now. But it is something we continue to see in our portfolio. And as we can deliver more technologies to consumers and, quite frankly, just bring more consumers into those technology solutions in our footwear, it certainly offers opportunities to continue to upsell them. But I don't know that it's going to be a pronounced effect this year simply because we're lapping that effect last year.

這種趨勢確實持續存在，我們認為，這再次反映出消費者選擇購買我們嵌入了舒適技術的產品。因此，我們看到的是，在我們自己的投資組合中，消費者的交易量不斷增加。不過，去年這一點就很明顯了。所以我不知道這是否會推動毛利率年比大幅成長，因為我們現在正在努力實現這一目標。但這是我們在我們的投資組合中繼續看到的東西。由於我們可以向消費者提供更多技術，並且坦白說，只需讓更多消費者了解我們鞋類中的這些技術解決方案，這無疑提供了繼續向他們追加銷售的機會。但我不知道今年它會產生明顯的影響，僅僅因為我們去年就經歷了這種影響。

Our next question is from Rick Patel with Raymond James.

我們的下一個問題來自里克·帕特爾和雷蒙德·詹姆斯。

This is Josh filling in for Rick. I was just curious if you'd be able to talk about the impact, if any, that you're seeing from any of the Red Sea issues. I know it's a very fluid situation, but I'm just curious if you could touch on how it might be affecting shipping times and freight costs as we think about the next few quarters in the upcoming year.

這是喬許（Josh）取代里克（Rick）。我只是好奇你是否能談談你從紅海問題中看到的影響（如果有的話）。我知道這是一個非常不穩定的情況，但我只是好奇您是否能談談在我們考慮來年接下來的幾個季度時它可能如何影響運輸時間和貨運成本。

Well, as far as Europe is concerned, we're no different than anybody else. I think the good news for us is we had a higher demand going in, and I'm showing up in the first -- we brought a lot of goods in early. And feel we're in a pretty good situation depending on how long it goes. There's no way around the additional time it takes to get there and the number of times the ships are out of port and picking up new.

嗯，就歐洲而言，我們與其他人沒有什麼不同。我認為對我們來說好消息是我們有更高的需求，而我是第一個出現的——我們很早就帶來了很多貨物。感覺我們的處境非常好，這取決於它能持續多久。到達目的地所需的額外時間以及船舶出港和接新船的次數是無法避免的。

We have some issues in the U.S. as well, obviously, because the West Coast is getting a little backed up because of the issues down in the Panama Canal and going through to the East Coast. But given it all, it doesn't seem to be as extensive as it could be. I don't know what the future holds. But right now, we seem to be in pretty good shape. We had taken our deliveries in early, knowing that we were going to ship very heavily in the end of December and through this whole month of January.

顯然，我們在美國也遇到了一些問題，因為巴拿馬運河和東海岸的問題使西海岸得到了一些支持。但考慮到這一切，它似乎並沒有想像的那麼廣泛。我不知道未來會怎樣。但現在看來，我們的狀況還不錯。我們很早就開始交貨，因為我們知道我們將在 12 月底和整個 1 月份大量發貨。

Like I said before, January has held up very well. It was beyond our expectations around the world. So right now, we sit in a good position inventory-wise and with receipt of goods, and we'll see what happens as we go back through the year. But right now, for the month of January and going into February, we sit in a very strong position and shipping very well in our major markets.

就像我之前說過的，一月表現得很好。這超出了我們在世界各地的預期。因此，現在我們在庫存和收貨方面處於有利位置，我們將看看回顧這一年會發生什麼。但目前，從 1 月到 2 月份，我們處於非常有利的地位，並且在主要市場上的運輸情況非常好。

Our next question is from Tom Nikic with Wedbush Securities.

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

This is Matt Quigley on for Tom. You touched a little bit on your prepared remarks about your initial entries into soccer and basketball this past year. Just how should we think about the growth opportunities for those categories for 2024 and beyond?

這是湯姆的馬特奎格利。你談了一些你準備好的關於去年你首次進入足球和籃球的言論。我們該如何思考 2024 年及以後這些類別的成長機會？

Well, there are obviously major growth opportunities for us around the world. I don't know if they're quite a '24 -- certainly not an early '24. This is all just cultivating and getting our players in order and getting our imaging correct around the world. But we do think as we go through the year, as we exit '24 and into '25, the opportunities for us on a worldwide basis both for the footwear and apparel and for signing players and moving into more sports will be significantly large.

顯然，我們在世界各地都有重大的成長機會。我不知道他們是否完全是 24 歲——當然不是早期的 24 歲。這一切只是為了培養我們的球員，讓我們的球員井然有序，讓我們在世界各地的形象正確。但我們確實認為，隨著這一年的過去，隨著我們退出 24 年並進入 25 年，我們在全球範圍內的鞋類和服裝、簽約球員和進入更多運動領域的機會將會非常大。

And we have a great start for it, there's great reception for the high price and technically advanced footwear we have, and we have a lot of interest from a lot of professional players in a lot of places around the world to try them, get them, use them. So we're trying to be careful and go slow because it is obviously a very high profile and significantly large marketplace, but we're very happy with where we are today, how it's starting and how it's being received and getting ready to take it out around the world in stages as we go throughout this year.

我們有一個良好的開端，我們擁有的高價位和技術先進的鞋類受到了熱烈歡迎，世界各地很多職業球員都對我們感興趣，想要嘗試它們、購買它們， 使用它們。因此，我們正在努力小心謹慎，放慢腳步，因為這顯然是一個非常引人注目且規模巨大的市場，但我們對今天的處境、它的啟動方式、接收方式以及準備接受的方式感到非常滿意今年我們將分階段在世界各地進行。

Our next question is from Abbie Zvejnieks with Piper Sandler.

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

You talked about that deficit in the wholesale market causing the strength in D2C this year. So just how do we think about lapping that D2C strength domestically as the wholesale channel restock at some point? And then I have a follow-up.

您談到批發市場的赤字導致了今年 D2C 的強勢。那麼，當批發通路在某個時候補貨時，我們如何考慮在國內利用 D2C 的優勢呢？然後我有一個後續行動。

Yes. Thanks, Abbie. I would just -- I'd be very specific. I don't think it caused the Wholesale challenges. I think it was the solution for many consumers who found that they couldn't get our latest product, our technology-infused product at their favorite traditional retailer. So it was kind of a plan B for many of those consumers that thankfully, we had the inventory and the product available for.

是的。謝謝，艾比。我只是——我會非常具體。我不認為這造成了批發挑戰。我認為這是許多消費者的解決方案，他們發現他們無法在他們最喜歡的傳統零售商處購買我們的最新產品，也就是我們融入科技的產品。因此，對於許多消費者來說，這是一種備用計劃，值得慶幸的是，我們有庫存和可用的產品。

Listen, I think as we look forward to the year, as we mentioned, we continue to expect the Direct-to-Consumer business to grow. It may not grow at heady a pace we saw this year, but it will still continue to grow nicely. It is, for us, one of our strategic imperatives. We see opportunities for stores, for digital to grow. And so again, I don't think it really will have a significant impact on the opportunity to continue to grow Direct-to-Consumer. It just may not be that we have as, again, a significant growth next year as we did this year. But again, I would just ask everybody to keep in mind that growing 24% year-on-year in your Direct-to-Consumer business is pretty fantastic.

聽著，我認為，正如我們所提到的，當我們展望這一年時，我們繼續期望直接面向消費者的業務能夠成長。它可能不會以我們今年看到的令人興奮的速度增長，但仍將繼續良好增長。對我們來說，這是我們的策略要務之一。我們看到了商店和數位化發展的機會。再說一次，我認為這不會對繼續發展直接面向消費者的機會產生重大影響。只是明年我們可能不會像今年那樣顯著成長。但我還是想請大家記住，直接面向消費者的業務年增 24% 是非常了不起的。

So again, we continue to expect growth there. We don't think there's any reason why Wholesale and DTC can't grow together. We've done that innumerable moments in our history, and we expect that to be the profile for this year.

因此，我們繼續預期該地區的成長。我們認為 Wholesale 和 DTC 沒有任何理由不能一起成長。我們在歷史上經歷了無數次這樣的時刻，我們希望這將成為今年的概況。

And I would add to that, I mean, it's on the back of incredible product, right? The reason why we're seeing the success at the consumer level we're seeing is incredible product with great technologies that really resonate. And so that's going to be what pulls those sales through both in wholesale and in the direct-to-consumer side.

我想補充一點，我的意思是，這是基於令人難以置信的產品，對吧？我們在消費者層面取得成功的原因是令人難以置信的產品和真正引起共鳴的偉大技術。因此，這將成為推動批發和直接面向消費者銷售的因素。

Got it. That's helpful. And then just quickly, the distributor sales were pressured this year. With those coming back, does that put any pressure on Wholesale gross margin? Or is it not material?

知道了。這很有幫助。但很快，今年經銷商的銷售就受到了壓力。隨著這些人的回歸，這會對批發毛利率造成壓力嗎？還是它不是物質的？

It can be material, it depends. We tend to see more quarterly fluctuations, but it is true that our distributor gross margins are lowest. Now keep in mind, we also bear almost none of the operating costs for that channel. So it's a very good operating margin. It's just a lower gross margin.

它可以是物質的，這取決於。我們往往會看到更多的季度波動，但我們的經銷商毛利率確實是最低的。現在請記住，我們幾乎不承擔該管道的任何營運成本。所以這是一個非常好的營業利益率。只是毛利率較低。

Look, we'd love nothing more than to see the distributor business get back to where it was last year. Again, you got to keep in mind last year was a little bit of an anomaly because they had been making up for the year before.

看，我們最希望看到分銷商業務恢復到去年的水平。再次強調，你必須記住去年有點反常，因為他們一直在彌補前一年的不足。

I would also just point out, one of the things to keep in mind as you look at that year-on-year distributor number is that we took one of our major distributors in the Nordic region in-house vis-à-vis an acquisition. So for 3 quarters, I think, or maybe a little bit more than that, we transitioned them to be a fully consolidated entity. So we also took consciously a chunk of our distributor sales and moved them in-house. So some of that decline is just vis-à-vis that transaction.

我還想指出，當您查看同比分銷商數量時，要記住的一件事是，我們將北歐地區的一家主要分銷商內部收購為收購。因此，我認為，在三個季度的時間裡，或者可能比這個多一點的時間裡，我們將它們轉變為一個完全整合的實體。因此，我們也有意識地將經銷商銷售的一部分轉移到內部。因此，部分下降只是與該交易有關。

Our next question is from Alex Straton with Morgan Stanley.

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

You sound a lot more optimistic than you all have in a number of quarters on the Wholesale order book. So maybe do you guys view this as the Domestic Wholesale weakness as being firmly behind you? And as a quick follow-up on that, say that market does inflect or the demand does inflect further. Do you feel you have enough inventory to fulfill that demand?

您聽起來比批發訂單簿上許多季度的所有人都樂觀得多。那麼，你們是否認為這是國內批發業的弱點，堅定地支持你們？作為對此的快速跟進，可以說市場確實發生了變化，或者需求確實發生了進一步的變化。您認為您有足夠的庫存來滿足該需求嗎？

I would say we're cautiously optimistic we're behind what we deviled the Domestic Wholesale business really for the last, I'd say, 5 quarters because this stretches back to when congestion first began. And what we're seeing in orders, what we're seeing in conversations would give us -- gives us that encouragement. Now we'll see because it's been a while, but we're optimistic about what we're seeing. And I think that's good.

我想說的是，我們對過去五個季度國內批發業務的困境持謹慎樂觀的態度，因為這可以追溯到擁堵首次開始時。我們在訂單中看到的、在對話中看到的會為我們帶來鼓勵。現在我們拭目以待，因為已經有一段時間了，但我們對所看到的情況感到樂觀。我認為這很好。

I think yes, we feel good about our inventory position. I mean if things go crazy, you're going to be in a catch-up mode. But I'd say, by and large, because of what David mentioned, we brought in some inventory early at the tail end of last year, and we're very efficient right now at the levels we're at, plus we've invested a lot in our distribution, so we have the infrastructure, which is getting increasingly more efficient every day to handle that. We would feel good about our ability to chase opportunity within limits, right? There's obviously a production time line you have to be cognizant of, but we would certainly feel pretty good about our opportunity to chase orders if they came in, particularly towards the back end of the booking window.

我想是的，我們對庫存狀況感覺良好。我的意思是，如果事情變得瘋狂，你就會陷入追趕模式。但我想說，總的來說，由於大衛提到的，我們在去年年底早些時候引入了一些庫存，而且我們現在的效率非常高，而且我們已經在我們的分銷方面投入了大量資金，因此我們擁有基礎設施，並且每天都在變得越來越有效率來處理這個問題。我們會對自己在有限範圍內追逐機會的能力感到滿意，對嗎？顯然，您必須了解生產時間線，但如果訂單進來，特別是在預訂窗口的後端，我們肯定會對追逐訂單的機會感到非常滿意。

That's helpful. Maybe one follow-up. How do you guys view like the inventory in total in the footwear market right now? Has that kind of been more so cleaned up, in your view?

這很有幫助。也許會有一個後續行動。你們如何看待目前鞋類市場的總庫存？在您看來，這種情況是否已經得到了更徹底的清理？

Well, we don't have perfect visibility into the totality of the inventory. I can say, and I think we've said this before, we feel really good about where the Skechers inventory is in our wholesale partners. We felt that way for a while. We felt there was opportunity for those retailers to get even more behind some of the new fresh, technology-infused product. And I would say that's still the case today.

嗯，我們對庫存總量沒有完全的了解。我可以說，而且我想我們之前已經說過了，我們對批發合作夥伴的斯凱奇庫存狀況感到非常滿意。我們有一段時間有這種感覺。我們認為這些零售商有機會更支持一些新的、充滿技術的產品。我想說今天情況仍然如此。

Thank you. There are no further questions at this time. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。目前沒有其他問題。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。