Skechers USA Inc (SKX) 2024 Q2 法說會逐字稿

Greetings, and welcome to Skechers' second-quarter 2024 earnings conference call.

您好，歡迎參加 Skechers 2024 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to Sketchers.

我現在想把會議交給 Sketchers。

Thank you.

謝謝。

You may begin.

你可以開始了。

Howdy, everyone.

大家好。

Thanks for joining Skechers' second-quarter 2024 earnings conference call.

感謝您參加 Skechers 2024 年第二季財報電話會議。

My name is Jarred Dahlerbruch.

我叫賈里德·達勒布魯赫。

I'm a Senior Product Manager on the Product Development team here at Skechers, and I've been with the companies since starting as an intern in 2017.

我是 Skechers 產品開發團隊的高級產品經理，自 2017 年作為實習生開始就一直在這些公司工作。

My favorite style is the Snoop One OG sneaker from our Snoop Dogg collab.

我最喜歡的款式是我們 Snoop Dogg 合作推出的 Snoop One OG 運動鞋。

Also joining us on the call or Skechers' Chief Operating Officer, David Weinberg, and Chief Financial Officer, John Vandemore.

Skechers 營運長 David Weinberg 和財務長 John Vandemore 也加入了我們的電話會議。

Before we begin, I would like to remind everyone of the company's Safe Harbor statement.

在開始之前，我想提醒大家注意公司的安全港聲明。

Certain statements made on today's call contains forward-looking statements based on current expectations, including without limitation, statements addressing the beliefs, plans, objectives, estimates, and expectations of the company and its future results and certain events.

在今天的電話會議中所做的某些陳述包含基於當前預期的前瞻性陳述，包括但不限於涉及公司信念、計劃、目標、估計和期望及其未來結果和某些事件的陳述。

These forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause actual results to differ materially from such statements.

這些前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，可能導致實際結果與此類陳述有重大差異。

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.

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。

Please refer to the company's reports filed with the SEC, including its annual report on Form 10-K and quarterly reports on Form 10-Q.

請參閱該公司向 SEC 提交的報告，包括 10-K 表年度報告和 10-Q 表格季度報告。

For more information on these risks and uncertainties that may affect the company's business, financial conditions, cash flows, and results of operations.

了解有關這些可能影響公司業務、財務狀況、現金流量和經營業績的風險和不確定性的更多資訊。

With that, I would like to turn the call over to Skechers' Chief Operating Officer, David Weinberg.

說到這裡，我想將電話轉給 Skechers 的營運長 David Weinberg。

Good afternoon, and thank you for joining us today on our second-quarter 2024 conference call.

下午好，感謝您今天參加我們的 2024 年第二季電話會議。

The second quarter marked another sales record for the period.

第二季再創同期銷售紀錄。

Sales were $2.16 billion, an increase of 7.2%, or $145 million compared to last year.

銷售額為 21.6 億美元，比去年增長 7.2%，即 1.45 億美元。

On a constant currency basis, sales were $2.19 billion, an increase of 8.7%.

以固定匯率計算，銷售額為 21.9 億美元，成長 8.7%。

Gross margins were 54.9%, a 220 basis point increase.

毛利率為 54.9%，成長 220 個基點。

We're also pleased to announce a new $1 billion share repurchase plan, which replaces and significantly enhances our existing program.

我們也很高興地宣布一項新的 10 億美元股票回購計劃，該計劃將取代並顯著增強我們現有的計劃。

The record second-quarter sales are particularly noteworthy, given supply chain disruptions impacting shipments to Europe; a difficult and price-driven 618 shopping event in China; and foreign currency headwinds.

鑑於供應鏈中斷影響了對歐洲的出貨，第二季創紀錄的銷售額尤其值得注意；中國一場艱難且價格驅動的618購物活動；和外匯逆風。

Strong global demand for our comfort and innovative products drove our record sales, resulting in growth across all regions and segments.

全球對我們的舒適和創新產品的強勁需求推動了我們創紀錄的銷售，從而導致所有地區和細分市場的成長。

The infusion of comfort technologies, such as Skechers Hands Free Slip-Ins within our diverse product offering, from the Snoop Dogg collection, and Skechers GO GOLF, to Skechers GO WALK, and Kids, resonated with consumers of all ages and interests.

我們多樣化的產品系列中融入了舒適技術，例如 Skechers Hands Free Slip-Ins，從 Snoop Dogg 系列、Skechers GO GOLF 到 Skechers GO WALK 和 Kids，引起了各個年齡層和興趣的消費者的共鳴。

We have recently expanded this comfort and convenience feature to additional product categories.

我們最近將這種舒適和便利的功能擴展到其他產品類別。

Skechers Hands Free Slip-Ins is just one of our many comfort innovations, which also includes Skechers Arch Fit, Skechers Skechers Air-Cooled Memory Foam, Hyper Burst, and many more, all of which are part of our being, The Comfort Technology Company.

Skechers Hands Free Slip-Ins 只是我們眾多舒適創新之一，其中還包括 Skechers Arch Fit、Skechers Skechers 風冷記憶海綿、Hyper Burst 等等，所有這些都是我們舒適科技公司的一部分。

We have successfully partnered with industry technology leaders like Goodyear to further enhance our product offering.

我們已成功與固特異等產業技術領導者合作，進一步增強我們的產品供應。

We also announced a new partnership with John Deere.

我們也宣布與約翰迪爾建立新的合作關係。

The footwear incorporates the iconic John Deere branding with Skechers Comfort Technologies, the perfect blend of innovation and rugged style.

這款鞋款將標誌性的約翰迪爾品牌與 Skechers Comfort Technologies 相結合，將創新與粗獷風格完美融合。

In our performance category, we collaborated with our elite athletes and product testers to elevate the fit and technologies across the division.

在我們的性能類別中，我們與菁英運動員和產品測試人員合作，以提升整個部門的貼合度和技術。

No matter where you train or compete, and regardless of your skill level, you can trust that you are equipped with comfort that performs.

無論您在哪裡訓練或比賽，也無論您的技術水平如何，您都可以相信自己擁有出色的舒適性。

Recently, athletes competed on global stages wearing Skechers Football Boots, including Golden Boot winner Harry Kane for England, and Oleksandr Zinchenko for Ukraine, both at the Euros; and Bobby Red for Jamaica and Copa America.

最近，運動員們穿著Skechers 足球鞋在全球舞台上比賽，包括英格蘭隊金靴獎得主哈里·凱恩(Harry Kane) 和烏克蘭隊的奧列克桑德·津琴科(Oleksandr Zinchenko)，他們都曾參加歐洲盃；和鮑比·雷德（Bobby Red）代表牙買加和美洲杯。

This weekend, we will continue to see athletes competing.

本週末，我們將繼續看到運動員們的比賽。

They include Skechers ambassador and Philadelphia 76-ers star, Joel Embiid; as well as Canadian golfer, Brooke Henderson; British golfer, Matt Fitzpatrick; and Spanish racewalker, Diego García.

其中包括 Skechers 大使、費城 76 人隊球星喬爾恩比德 (Joel Embiid)；以及加拿大高爾夫球手布魯克·亨德森；英國高爾夫球手馬特·菲茨帕特里克；和西班牙競走選手迭戈·加西亞。

American Beach volleyball duo, Andy Benesh and Miles Partain, will be playing in Skechers branded uniforms.

美國沙灘排球二人組安迪貝內什 (Andy Benesh) 和邁爾斯帕坦 (Miles Parttain) 將穿著 Skechers 品牌隊服參加比賽。

The Malaysian Olympic team will also be wearing Skechers footwear during the opening ceremony and for daily use during the games.

馬來西亞奧運代表隊也將在開幕式和比賽期間穿著 Skechers 鞋履。

With football rolling out globally this month, our roster of athletes continues to grow, including recently signed West Ham rising star, Mohammed Kudus; Bundesliga striker, Ragna Aka; and Chilean defender Emiliano Amor.

隨著本月足球比賽在全球範圍內展開，我們的運動員名單繼續擴大，其中包括最近簽約的西漢姆聯新星穆罕默德·庫杜斯 (Mohammed Kudus)；德甲前鋒拉格納·阿卡；以及智利後衛埃米利亞諾·阿莫爾。

And with basketball rolling out globally next month, we are announcing the signing of WNBA and Los Angeles Sparks Rising Star Forward, Rickea Jackson.

隨著籃球運動下個月在全球推廣，我們宣布簽約 WNBA 和洛杉磯火花隊新星前鋒 Rickea Jackson。

We see many more opportunities ahead as we bring Skechers basketball around the world.

當我們將 Skechers 籃球帶到世界各地時，我們看到了更多的機會。

As the Comfort Technology Company, we prioritize delivering the ultimate in innovation, comfort, and style, so that every pair looks and feels exceptional.

作為舒適科技公司，我們優先考慮提供極致的創新、舒適和時尚，讓每雙鞋的外觀和感覺都與眾不同。

Whether you're working in an office, restaurant, hospital, or playing golf, basketball, or pickleball, Skechers will be your unwavering companion and comfort.

無論您是在辦公室、餐廳、醫院工作，還是打高爾夫球、籃球或匹克球，Skechers 都將是您堅定不移的伴侶和舒適感。

We engage with diverse consumers through a comprehensive, multi-platform, 360-degree marketing approach.

我們透過全面、多平台、360 度的行銷方式與多元化的消費者互動。

In the second quarter, this included the first Skechers football commercial starring Harry Kane, Skechers Uno campaigns with actress Ashley Park and German singer Vanessa Mai, Skechers apparel campaigns for men and women, and Skechers Hands Free Slip-ins with global, as well as regional talent.

第二季度，這包括由Harry Kane 主演的第一部Skechers 足球廣告、與女演員Ashley Park 和德國歌手Vanessa Mai 合作的Skechers Uno 廣告、男女服裝廣告以及與全球及其他品牌合作的Skechers Hands Free Slip- ins 廣告。

This quarter, we introduced a new Skechers football campaign with our team of elite athletes, as well as spots featuring Harry, with guest star, Snoop Dogg; and retired English footballer, Jamie Redknapp.

本季度，我們推出了斯凱奇 (Skechers) 精英足球隊的全新足球廣告活動，以及由哈利 (Harry) 和史努比狗狗 (Snoop Dogg) 客串出演的廣告片；以及退休英國足球員傑米·雷德克納普。

As we did for football, we have created dedicated social channels for Skechers basketball in preparation for the global launch in August.

正如我們為足球所做的那樣，我們為 Skechers 籃球運動創建了專門的社交管道，為 8 月的全球發布做準備。

And we are in the process of creating fresh campaigns with Joel and Rickea, as well as new campaigns with New York Knicks' Julius Randle, and LA Clippers' Terance Mann.

我們正在與喬爾和里基一起製作新的廣告活動，以及與紐約尼克隊的朱利葉斯·蘭德爾和洛杉磯快艇隊的特倫斯·曼一起製作新的廣告活動。

As we continue to drive brand awareness and purchase intent and increase our product offering globally, we remain focused on building efficiencies within our business to scale for profitable growth.

隨著我們繼續提高品牌知名度和購買意向，並在全球範圍內增加我們的產品供應，我們仍然專注於提高業務效率，以擴大規模以實現盈利增長。

Looking at our second-quarter results, sales increased 7.2% to a new second-quarter record of $2.16 billion.

從我們第二季的業績來看，銷售額成長了 7.2%，達到 21.6 億美元的第二季新紀錄。

On a constant currency basis, sales increased 8.7% to $2.19 billion.

以固定匯率計算，銷售額成長 8.7%，達到 21.9 億美元。

Domestic sales increased 7.7%.

國內銷量成長7.7%。

International sales increased 6.9% and represented 60% of our total sales.

國際銷售額成長 6.9%，占我們總銷售額的 60%。

By region, Americas increased 7.2%, EMEA 14%, and APAC 2.2%.

按地區劃分，美洲成長 7.2%，歐洲、中東和非洲成長 14%，亞太地區成長 2.2%。

The quarterly growth came despite several macro headwinds.

儘管存在一些宏觀阻力，但季度成長還是實現了。

In the United States, traffic was down.

在美國，交通量下降。

And in China, economic challenges weaken consumer demand across multiple industries, especially over the 6-18 holiday period.

在中國，經濟挑戰削弱了多個行業的消費者需求，尤其是在「6-18」假期期間。

In India, we navigated ongoing import regulations, which led to constrained inventory.

在印度，我們遵守現行的進口法規，導致庫存緊張。

We believe India is an extremely important market, and we are actively addressing the regulatory hurdles by producing more product locally and leveraging our new 660,000 square foot distribution center in Mumbai.

我們相信印度是一個極其重要的市場，我們正在透過在當地生產更多產品並利用我們位於孟買的新的 660,000 平方英尺的配送中心來積極解決監管障礙。

In addition, despite extremely strong demand in Europe, sales were shifted to the second half of the year by increased transit time.

此外，儘管歐洲的需求極其強勁，但由於運輸時間增加，銷售轉移到了下半年。

This created a short-term imbalance between on-hand inventory, which was down about 40%, and in-transit inventory, which was up over 150%.

這造成了現有庫存（下降了約 40%）和在途庫存（增加了 150% 以上）之間的短期失衡。

Our wholesale sales increased 5.5%, driven by domestic growth of 14%, which was the result of double-digit increases in our men's and kids' footwear, as well as growth in women's and improvements in volume and ASPs.

在國內成長 14% 的推動下，我們的批發銷售額成長了 5.5%，這是男鞋和童鞋兩位數成長、女鞋成長以及銷量和平均售價提高的結果。

International wholesale was flat compared to last year, primarily due to the aforementioned challenges in China and India.

國際批發與去年持平，主要是因為中國和印度面臨上述挑戰。

Direct-to-consumer increased 9.2%, resulting in sales of more than a billion dollars for the quarter, a first for the company.

直接面向消費者的業務成長了 9.2%，該季度銷售額超過 10 億美元，這對該公司來說尚屬首次。

This growth was primarily due to an increase of 15% internationally, with improvements in most markets for both our brick and mortar and e-commerce stores.

這一成長主要歸功於國際業務成長 15%，以及我們的實體店和電子商務商店在大多數市場的改善。

Domestic direct-to-consumer sales improved 1.4% as we faced a particularly strong comp with growth of 29% in the second quarter of 2023 and the reported softer retail store traffic across the country.

國內直接面向消費者的銷售額增長了 1.4%，因為我們面臨著 2023 年第二季度 29% 的強勁增長，而且據報道全國零售商店客流量疲軟。

Direct-to-consumer continues to be a key segment of our business and an indicator of positive consumer appetite for our brand.

直接面向消費者仍然是我們業務的關鍵部分，也是消費者對我們品牌積極興趣的指標。

We ended the quarter with 5,267 Skechers branded stores worldwide, of which 1,702 are company-owned locations, including 576 in the United States.

截至本季末，我們在全球擁有 5,267 家 Skechers 品牌商店，其中 1,702 家為公司自營店，其中 576 家位於美國。

We opened 71 company-owned stores in the quarter, including 27 in China, 15 big-box locations in the United States, 6 in Vietnam, and 5 in Germany.

本季我們開設了 71 家公司自營店，其中 27 家在中國，15 家在美國，6 家在越南，5 家在德國。

We closed 40 stores in the quarter.

本季我們關閉了 40 家商店。

Also in the period, 104 third-party stores opened, including 56 in China, 8 in Indonesia, 7 in the Philippines, and 3 in India.

同期，新開第三方門市104家，其中中國56家、印尼8家、菲律賓7家、印度3家。

This brings our third party store count at quarter end to 3,565.

這使得我們季度末的第三方商店數量達到 3,565 家。

In the third quarter to date, we have opened 13 company owned stores, including 3 big box stores in the United States and 3 in Mexico.

到目前為止，第三季我們已經開設了 13 家公司自營商店，其中 3 家位於美國，3 家位於墨西哥。

We expect to open an additional 140 to 150 company-owned stores worldwide over the remainder of 2024.

我們預計在 2024 年剩餘時間內將在全球範圍內再開設 140 至 150 家公司自營商店。

Investments across our direct to consumer business, product offering, demand creation, and infrastructure remain priorities, including the expansion of our distribution center in Panama, which serves multiple countries in Latin America and is now operational, and our new company-owned DC in Colombia, which opened this month.

我們的直接面向消費者業務、產品供應、需求創造和基礎設施方面的投資仍然是優先事項，包括擴建我們在巴拿馬的配送中心，該中心為拉丁美洲的多個國家提供服務，現已投入運營，以及我們在哥倫比亞的新公司擁有的配送中心，本月開幕。

We continue to focus on making our products available where consumers want to shop, be it at our retail and e-commerce stores or at one of our many wholesale and franchise partner locations around the world.

我們繼續專注於在消費者想要購物的地方提供我們的產品，無論是在我們的零售店和電子商務商店，還是在我們世界各地的眾多批發和特許經營合作夥伴地點之一。

We're looking forward to the second half of 2024, as we continue to scale our business worldwide and reach our goal of $10 billion in annual sales in 2026.

我們期待 2024 年下半年，我們將繼續在全球擴展業務，並在 2026 年實現年銷售額 100 億美元的目標。

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.

謝謝大衛，大家下午好。

Skechers delivered record second quarter sales of $2.16 billion, growing 7.2% year over year, driven by continued strength in our international direct-to-consumer business and significant improvement in our domestic wholesale business.

在國際直接面向消費者業務的持續強勁以及國內批發業務的顯著改善的推動下，Skechers 第二季度銷售額達到創紀錄的 21.6 億美元，同比增長 7.2%。

While strong, these results were below expectations, due in part to severe foreign currency exchange headwinds in the quarter.

這些業績雖然強勁，但低於預期，部分原因是本季嚴重的外匯不利因素。

On a constant currency basis, sales were more in line with our expectations growing 8.7% to $2.19 billion.

以固定匯率計算，銷售額成長 8.7% 至 21.9 億美元，更符合我們的預期。

Earnings per share in the quarter of $0.91. $0.97 on a constant currency basis exceeded our expectations, reflecting continued strong gross margins.

本季每股收益為 0.91 美元。以固定匯率計算，0.97 美元超出了我們的預期，反映出持續強勁的毛利率。

Despite navigating these and other headwinds from the supply chain, regulatory obstacles in India and a lackluster 618 holiday in China, we are encouraged by the continued positive response to our comfort technologies from consumers.

儘管面臨來自供應鏈的這些和其他阻力、印度的監管障礙以及中國 618 假期的低迷，但消費者對我們的舒適技術的持續積極反應令我們感到鼓舞。

As we will discuss later, we have improved visibility into the second half of the year and are adjusting up our full year guidance as a result.

正如我們稍後將討論的，我們提高了下半年的可見度，並因此調整了全年指導。

Turning to direct to consumer, sales grew 9.2% year over year and exceeded $1 billion for the quarter, a first in our company's history.

在直接面向消費者方面，本季銷售額年增 9.2%，突破 10 億美元，這在我們公司歷史上尚屬首次。

Growth was driven by continued strength internationally, which rose 15%, including double-digit growth in both our physical retail and e-commerce channels, and followed impressive prior year growth of 30%.

成長是由國際市場的持續強勁推動的，國際市場成長了15%，其中我們的實體零售和電子商務通路均實現了兩位數的成長，而上一年的成長令人印象深刻，達到了30 %。

Domestic direct-to-consumer sales grew 1.4% as we faced a difficult comparison to last year's 29% increase.

國內直接面向消費者的銷售額成長了 1.4%，與去年 29% 的增幅相比，我們面臨困難。

Consistent with broader market trends, we observed lighter foot traffic in our brick-and-mortar locations in the quarter, but marked improvements in our e-commerce channel.

與更廣泛的市場趨勢一致，我們觀察到本季實體店的人流量減少，但我們的電子商務管道顯著改善。

Global demand for Skechers products remains strong, and consumers are purchasing across a broad range of price points, which speaks to the enduring appeal of our focus on delivering style, comfort, and quality at a reasonable price.

全球對 Skechers 產品的需求仍然強勁，消費者的購買價格範圍廣泛，證明了我們專注於以合理的價格提供時尚、舒適和品質的持久吸引力。

The Skechers brand continues to build momentum in the market and the expansion of our global direct-to-consumer footprint remains a key priority for driving long-term growth.

Skechers 品牌繼續在市場上累積動力，擴大我們的全球直接面向消費者的足跡仍然是推動長期成長的關鍵優先事項。

In wholesale, sales increased 5.5% year over year to $1.13 billion.

批發方面，銷售額年增 5.5%，達 11.3 億美元。

Domestic wholesale sales grew 14%, or $56 million versus the prior year, reflecting strong consumer demand for our product and robust order flow, a trend we see continuing in the second half of the year.

國內批發銷售額比上年增長 14%，即 5,600 萬美元，反映出消費者對我們產品的強勁需求和強勁的訂單流，我們認為這一趨勢將在今年下半年持續下去。

Our international wholesale sales were essentially flat, as pockets of strength in many markets were weighed down by softer results in select markets like India and China.

我們的國際批發銷售基本上持平，因為許多市場的部分實力受到印度和中國等特定市場疲軟業績的拖累。

In addition, supply chain disruptions from the Red Sea crisis negatively impacted our business in Europe, with deliveries shifting into the second half of 2024.

此外，紅海危機造成的供應鏈中斷對我們在歐洲的業務產生了負面影響，交付時間將推遲到 2024 年下半年。

Now turning to our regional sales.

現在轉向我們的區域銷售。

In the Americas, sales for the second quarter increased 7.2% year over year to $1.1 billion, driven by domestic wholesale, which accounted for over half the growth.

在美洲，第二季銷售額年增 7.2%，達到 11 億美元，其中國內批發收入佔成長的一半以上。

The Americas direct-to-consumer business grew across all markets, including double digit growth outside of the United States.

美洲所有市場的直接面向消費者業務均實現成長，其中美國以外地區實現了兩位數成長。

While the macro environment remains challenging with pressures on discretionary spending, Skechers commitment to delivering high-quality products at reasonable prices is resonating with consumers.

儘管宏觀環境仍然充滿挑戰，可自由支配支出面臨壓力，但斯凱奇以合理價格提供高品質產品的承諾引起了消費者的共鳴。

In EMEA, sales increased 14% year over year to $492.5 million, driven by strong performance in our direct-to-consumer business with double-digit growth across channels.

在歐洲、中東和非洲地區，銷售額年增 14%，達到 4.925 億美元，這得益於我們直接面向消費者業務的強勁表現以及跨渠道的兩位數增長。

Wholesale sales were softer than anticipated due to the aforementioned supply chain disruptions.

由於上述供應鏈中斷，批發銷售低於預期。

We anticipate improvements in these delays over the course of the year, but we are continuing to closely monitor the situation and will provide further updates as warranted.

我們預計這些延誤情況將在一年內得到改善，但我們將繼續密切關注事態發展，並將根據需要提供進一步的更新。

In Asia Pacific, sales increased 2.2% versus the prior year to $564.2 million.

在亞太地區，銷售額較前一年成長 2.2%，達到 5.642 億美元。

In China, sales grew 3.4% year over year, 7% on a constant currency basis.

在中國，銷售額年增 3.4%，以固定匯率計算成長 7%。

We believe that China's economic recovery will remain challenged in the near term, but we are confident in the long-term opportunity for Skechers, given the strong consumer perception and demand for our brand in the market.

我們認為，中國經濟復甦短期內仍將面臨挑戰，但鑑於市場上消費者對我們品牌的強烈認知和需求，我們對斯凱奇的長期機會充滿信心。

In India, sales were negatively impacted by the implementation of new regulatory standards and other unfavorable market conditions.

在印度，銷售受到新監管標準實施和其他不利市場條件的負面影響。

More recently, we have seen positive developments around the regulatory environment, and our efforts are focused on prudently navigating the near term, while continuing to prepare for the long-term opportunity we believe this market possesses.

最近，我們看到監管環境出現了積極的發展，我們的努力重點是謹慎應對短期，同時繼續為我們認為該市場擁有的長期機會做好準備。

Gross margin was 54.9%, up 220 basis points compared to the prior year.

毛利率為54.9%，較上年增加220個基點。

The improvement was primarily driven by lower freight costs and a favorable mix of direct to consumer volumes.

這一改善主要是由於貨運成本降低和直接面向消費者的銷售的有利組合推動的。

Operating expenses increased 340 basis points as a percentage of sales year over year to 45.3%.

營運費用佔銷售額的比例年增 340 個基點，達到 45.3%。

Selling expenses as a percentage of sales increased 160 basis points versus last year to 10.9%.

銷售費用佔銷售額的百分比比去年增加了 160 個基點，達到 10.9%。

As mentioned last quarter, this spending was largely focused on brand building investments and heightening awareness of our innovative comfort technologies in new categories.

正如上季度所提到的，這筆支出主要集中在品牌建立投資和提高我們在新類別中的創新舒適技術的意識。

General and administrative expenses increased 180 basis points as a percentage of sales to 34.4%, primarily due to higher rent, depreciation, and labor to support growth in our direct to consumer segment and compensation-related costs, partially offset by cost efficiencies realized in our distribution centers.

一般和管理費用佔銷售額的百分比增加了180 個基點，達到34.4%，主要是由於租金、折舊和勞動力的增加，以支持我們直接面向消費者細分市場的增長以及與薪酬相關的成本，但部分被我們實現的成本效率所抵銷。

Earnings from operations were $206.5 million, a decrease of 5.1% compared to the prior year.

營運利潤為 2.065 億美元，比上年下降 5.1%。

And operating margin for the quarter was 9.6% compared to 10.8% last year, primarily due to investments in brand building and global expansion.

本季營業利益率為 9.6%，而去年為 10.8%，這主要歸功於品牌建立和全球擴張的投資。

Our effective tax rate for the second quarter was 19.7% compared to 17.7% in the prior year.

我們第二季的有效稅率為 19.7%，而去年同期為 17.7%。

Earnings per share were $0.91 per diluted share, a 7.1% decrease compared to the prior year on 154.2 million weighted average diluted shares outstanding.

稀釋後每股盈餘為 0.91 美元，較上年下降 7.1%，加權平均稀釋後流通股數為 1.542 億股。

On a constant currency basis, earnings per share were essentially flat at $0.97 per diluted share.

以固定匯率計算，稀釋後每股盈餘基本上持平於 0.97 美元。

And now turning to our balance sheet items.

現在轉向我們的資產負債表項目。

Inventory was $1.51 billion, an increase of 1.9% or $28.5 million compared to the prior year.

庫存為 15.1 億美元，比上年增長 1.9%，即 2850 萬美元。

However, as David mentioned, supply chain delays created a short-term imbalance between on-hand inventory, down 18%; and in-transit inventory, which was up nearly 100%.

然而，正如 David 所提到的，供應鏈延誤造成了現有庫存之間的短期失衡，下降了 18%；在途庫存成長近100%。

Overall, the composition of our inventories are healthy, and we believe this imbalance will be remedied over the course of the next quarter.

總體而言，我們的庫存組成是健康的，我們相信這種不平衡將在下個季度得到糾正。

Accounts receivable at quarter end were $1.03 billion, an increase of $87 million compared to the prior year, reflecting higher wholesale sales.

季末應收帳款為 10.3 億美元，比上年增加 8,700 萬美元，反映出批發銷售額的增加。

We ended the quarter with $1.55 billion in cash, cash equivalents, and investments, and maintain liquidity of over $2.3 billion when including our undrawn revolving credit facility.

本季結束時，我們擁有 15.5 億美元的現金、現金等價物和投資，並保持超過 23 億美元的流動性（包括未提取的循環信貸額度）。

Capital expenditures for the quarter were [$112.5 million], of which $47.9 million related to investments in new store openings and direct-to-consumer technologies, $37.4 million related to the expansion of our distribution infrastructure, and $12.4 million related to the construction of our new corporate offices.

本季的資本支出為[1.125 億美元]，其中4790 萬美元與新店開業和直接面向消費者技術的投資有關，3740 萬美元與擴大我們的分銷基礎設施有關，1240 萬美元與建設我們的分銷基礎設施有關。

Our capital investments are focused on supporting our strategic priorities, which include growing our direct consumer segment and expanding our brand presence globally.

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消費者細分市場和擴大我們的全球品牌影響力。

During the second quarter, we repurchased approximately 879,000 shares of our Class A common stock at a cost of $60 million.

第二季度，我們以 6,000 萬美元的成本回購了約 879,000 股 A 類普通股。

And today, we are announcing a new $1 billion three-year share repurchase authorization, which replaces our existing program.

今天，我們宣布一項新的 10 億美元的三年期股票回購授權，取代我們現有的計劃。

We continue to deploy our capital consistent with our stated philosophy while maintaining a durable balance sheet and ample liquidity.

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足的流動性。

Now, turning to guidance.

現在，轉向指導。

For the full year 2024, we expect sales in the range of $8.875 billion to $8.975 billion, and earnings per diluted share in the range of $4.08 to $4.18, representing annual growth of 12% and 18% respectively at the midpoint.

對於 2024 年全年，我們預計銷售額將在 88.75 億美元至 89.75 億美元之間，稀釋後每股收益將在 4.08 美元至 4.18 美元之間，年增長率中點分別為 12% 和 18%。

For the third quarter, we expect sales in the range of $2.3 billion to $2.35 billion, and earnings for diluted share in the range of $1.10 to $1.15. Our effective tax rate for the year is expected to be between 19% and 20% and minority interest is expected to grow in line with total sales.

我們預計第三季銷售額將在 23 億美元至 23.5 億美元之間，稀釋後份額收益將在 1.10 美元至 1.15 美元之間。我們今年的有效稅率預計在 19% 至 20% 之間，少數股東權益預計將隨著總銷售額的成長而成長。

Capital expenditures are anticipated to be between $325 million and $375 million for the year.

今年的資本支出預計在 3.25 億美元至 3.75 億美元之間。

We remain committed to achieving $10 billion in sales by 2026 and delivering long-term, sustainable, and profitable growth.

我們仍然致力於在 2026 年實現 100 億美元的銷售額，並實現長期、可持續和盈利的成長。

We thank you all for your time today and look forward to updating you on our third-quarter financial results, which we expect to release on Thursday, October 24.

感謝大家今天抽出時間，並期待向您通報我們第三季財務業績的最新情況，我們預計將於 10 月 24 日星期四發布該業績。

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

現在，我將把電話轉交給大衛，讓其致閉幕詞。

Thank you, John.

謝謝你，約翰。

Despite the recent challenges, we achieved a new second-quarter sales record with growth in both our wholesale and direct-to-consumer business across the globe.

儘管面臨最近的挑戰，我們還是實現了新的第二季銷售記錄，全球批發和直接面向消費者的業務均實現成長。

This reflects the strong and broad-based acceptance of our products and our commitment to delivering the best and comfort innovation, style, and quality at a reasonable price.

這反映了我們的產品受到廣泛而強烈的認可，以及我們致力於以合理的價格提供最佳、舒適的創新、風格和品質的承諾。

As we navigate the challenges ahead, including the transit delays due to the Suez Canal closures, and the regulatory changes in India, we see numerous opportunities to expand our business and are extremely encouraged by the demand for our brand.

當我們應對未來的挑戰時，包括蘇伊士運河關閉導致的運輸延誤以及印度的監管變化，我們看到了無數擴展業務的機會，並對我們品牌的需求感到非常鼓舞。

We are excited about the ongoing launch of Skechers Football and the global launch of Skechers Basketball.

我們對斯凱奇足球的持續推出和斯凱奇籃球的全球推出感到非常興奮。

Recognizing that consumers want to shop for Skechers how, where, and when they want, we remain committed to growing our direct-to-consumer channel, while also focusing on increasing our important relationships with a third-party customers.

認識到消費者希望以他們想要的方式、地點和時間購買 Skechers，我們將繼續致力於發展我們的直接面向消費者的管道，同時也致力於加強我們與第三方客戶的重要關係。

Going into the third quarter, we are tracking stronger than last year and believe the second half we'll be above our initial expectations.

進入第三季度，我們的業績比去年更加強勁，並相信下半年我們的業績將超出我們最初的預期。

As always, we are grateful for the contributions of the entire Skechers organization and our valuable progress, as we deliver profitable growth this year and into the future.

一如既往，我們感謝整個 Skechers 組織的貢獻和我們寶貴的進步，因為我們今年和未來都實現了獲利成長。

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) Jay Sole, UBS.

（操作員說明）Jay Sole，UBS。

I want to ask about the guidance.

我想請教一下指導。

It sounds like FX and supply chain were a little bit headwinds in the quarter impacted sales and earnings, maybe relative to what you thought.

聽起來外匯和供應鏈在本季遇到了一些阻力，影響了銷售和收益，也許與您的想法有關。

But yet you're raising the sales guidance and the EPS guidance.

但您卻提高了銷售指引和每股收益指引。

Can you just explain and dive into a little bit the sources of the raise and the guidance?

您能解釋一下並深入探討一下加薪的來源和指導嗎？

What's causing you to raise the sales guidance, and specifically what's causing you to raise the EPS guidance given it sounds like these headwinds are still continuing?

是什麼促使您提高銷售指導，特別是考慮到這些不利因素聽起來仍在持續，是什麼導致您提高每股收益指引？

Well, hello, Jay.

嗯，你好，傑伊。

I would say the number one thing is the better visibility we have into the back half order book, particularly on the wholesale side of a business and drilling down a bit from there on the domestic wholesale side, where we see really strong order flow.

我想說的第一件事是我們對後半部分訂單簿有更好的可見性，特別是在企業的批發方面，並從那裡深入到國內批發方面，我們看到非常強勁的訂單流。

I'd couple that with the ramifications of what we've seen on the supply chain side, delaying deliveries to our distribution function in Europe still represent very good orders that are flowing into the back half of the year.

我想將這一點與我們在供應鏈方面看到的影響結合起來，延遲向我們在歐洲的分銷部門的交付仍然代表著流入今年下半年的非常好的訂單。

So that's augmenting the strength we've already had.

所以這增強了我們已經擁有的實力。

We continue to see very good DTC performance, internationally.

我們繼續看到國際 DTC 的良好表現。

Like a lot of others, we did see some traffic declines domestically, although our e-commerce platform performed nicely in the quarter.

與許多其他公司一樣，儘管我們的電子商務平台在本季度表現良好，但我們確實看到國內流量下降。

So, taking it all together, quite frankly, we simply have better visibility now.

因此，坦白說，把所有這些放在一起，我們現在有了更好的可見性。

We've got a very nice order book built for domestic and international wholesale.

我們為國內和國際批發建立了非常好的訂單簿。

We're mindful of the challenges that are out there, some of which may persist to one degree or another in the back half, but we believe we've adequately weighted that in the range of outcomes we could expect.

我們注意到存在的挑戰，其中一些挑戰可能會在後半程中以某種程度持續存在，但我們相信我們已經在我們可以預期的結果範圍內充分權衡了這些挑戰。

Got it.

知道了。

So, I mean, I guess just to follow up on that, John, you're saying that whether it's headwinds coming from FX or supply chain -- that's not really -- you're not really assuming those things alleviate in the back half.

所以，我的意思是，我想跟進這一點，約翰，你是說無論是來自外匯還是供應鏈的逆風 - 這不是真的 - 你並沒有真正假設這些事情會在後半段緩解。

I mean, you're kind of assuming that there's some macro issues that are out there that persist, but yet you still feel confident raising the guidance given the visibility of the order book and given the acceptance you're seeing from the consumer for the product assortment, broadly speaking.

我的意思是，你有點假設存在一些持續存在的宏觀問題，但鑑於訂單的可見性以及你從消費者那裡看到的接受度，你仍然有信心提高指導。

Well, we wouldn't raise the guidance unless we were confident in our ability to achieve it.

好吧，除非我們對實現這一目標的能力充滿信心，否則我們不會提高指導意見。

I do think some of the macroeconomic headwinds we've seen will persist to one degree or another.

我確實認為我們所看到的一些宏觀經濟逆風將在某種程度上持續存在。

And we have those adequately captured, we believe, in our budget.

我們相信，我們的預算中已經充分考慮到了這些內容。

I'd say the one outlier is foreign currency.

我想說的一個異常值是外幣。

It was particularly acute during the second quarter and has already turned around, but that did not save us in the quarter.

這種情況在第二季度尤其嚴重，並且已經出現好轉，但這並沒有拯救我們這個季度。

If you strip that out, as we mentioned, we would have been within our guidance range.

如果將其剔除，正如我們所提到的，我們將處於我們的指導範圍內。

That was kind of the straw that broke the camel's back on achieving our prior guidance, but the underlying consumer demand is still there.

這是壓垮我們先前指引的最後一根稻草，但潛在的消費者需求仍然存在。

And that's what's evidenced in the order book in the back half of the year and, again, the continuation of what we've seen on the strength of DTC internationally.

這就是今年下半年訂單所證明的，也是我們在國際上看到的 DTC 實力的延續。

Fantastic.

極好的。

Okay.

好的。

Thank you so much.

太感謝了。

Sure.

當然。

Laurent Vasilescu, BNP.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good afternoon.

午安.

Thank you very much for taking my question.

非常感謝您回答我的問題。

I wanted to ask about the comments around USGTC, around foot traffic, but then e-commerce being strong.

我想詢問有關 USGTC、有關人流量的評論，但電子商務很強勁。

There's a lot of concerns out there around just the overall environment over the summer in the footwear retail landscape.

人們對夏季鞋類零售業的整體環境有許多擔憂。

Maybe David, John, if you guys can comment about what you're thinking of seeing with the consumer.

也許大衛、約翰，如果你們能評論一下你們想與消費者看到的東西。

Is it weakening?

是在減弱嗎？

Or is it just kind of a blip and then we can kind of see reacceleration for the third quarter for back to school?

或者這只是一種曇花一現，然後我們可以看到第三季重返校園的加速？

Well, I'd admit it was a bit of an odd quarter.

嗯，我承認這是一個有點奇怪的季度。

We did see some of the traffic slow down in our brick-and-mortar stores.

我們確實看到實體店的一些客流量放緩。

That definitely had an effect.

這肯定產生了效果。

At the same time, though, our e-commerce platform did really well in the quarter.

但同時，我們的電子商務平台在本季表現非常好。

I think it's also important to recognize, we're getting back into a position vis-à-vis our wholesale customers, where they are better equipped with the right type of inventory.

我認為認識到這一點也很重要，我們正在重新面對我們的批發客戶，他們可以更好地配備正確類型的庫存。

So I think when you think about the broader US market, clearly there's abundant strength at the consumer.

因此，我認為，當你考慮到更廣泛的美國市場時，消費者顯然擁有充足的實力。

The last thing I'd note, which we mentioned in our comments is, we had an incredibly strong prior year, nearly 30% up on DTC.

我要指出的最後一件事（我們在評論中提到）是，我們去年的業績非常強勁，DTC 成長了近 30%。

And so, just maintaining that growth, if you look at it on some of your favorite two-year stack basis, it is still an incredible to your growth rate.

因此，只要保持這種成長，如果你以你最喜歡的兩年堆疊為基礎來看待它，你的成長率仍然是令人難以置信的。

So where we go from here, I think, is going to be largely determined by what we see in the back-to-school window and then holiday.

因此，我認為，我們接下來的走向將在很大程度上取決於我們在返校窗口和假期中看到的情況。

I would characterize our expectations as modest at this juncture.

我認為目前我們的期望是適度的。

We're not overweighting an expectation of domestic reacceleration.

我們並沒有過度重視國內經濟重新加速的預期。

But we also think there's plenty of consumer demand out there, as is evidenced by what we're seeing in e-comm and in the wholesale order book.

但我們也認為存在大量的消費者需求，正如我們在電子商務和批發訂單中所看到的那樣。

Okay, very helpful.

好的，非常有幫助。

And then can you talk about the shift?

那麼您能談談這次轉變嗎？

Is it fair to assume a $50 million shift between 2Q and 3Q?

假設第二季和第三季之間轉移 5000 萬美元是否公平？

Thank you very much.

非常感謝。

Well, it's a fair question.

嗯，這是一個公平的問題。

I will say it's a little bit challenging to answer only because, I mean, this has been an effect felt over the course of time.

我想說，回答這個問題有點困難，只是因為，我的意思是，這是隨著時間的推移而感受到的影響。

So it wasn't like one ship missed a window, right?

所以這不像一艘船錯過了一個窗口，對嗎？

It's tough for us to quantify, but I think you can assume, vis-à-vis guidance for Q3 in particular, and just the known aspect of what's been impacting supply chain, particularly that Asia to European route, is that a material amount of orders moved into the second half of the year, simply because they couldn't get the distribution in time to make the quarter.

我們很難量化，但我認為你可以假設，特別是相對於第三季度的指導，以及影響供應鏈的已知方面，特別是亞洲到歐洲的航線，是大量的訂單轉移到了下半年，僅僅是因為他們無法及時獲得本季的分銷。

And keep in mind, there's always a little bit of that as we straddle Q2 and Q3, depending upon when shipments go.

請記住，當我們跨越第二季和第三季時，總是會有一些這樣的情況，這取決於出貨時間。

What I would say is, absolutely concrete is the demand.

我想說的是，需求絕對具體。

The demand we're feeling for the product, as I said, it's evidenced in the order books globally.

正如我所說，我們對產品的需求在全球訂單中得到了證明。

And so we feel very good about finalizing out those orders.

因此，我們對最終完成這些訂單感到非常滿意。

And the normalization of the supply chain that we expect is going to occur over the next quarter or two.

我們預計供應鏈的正常化將在未來一兩個季度內實現。

Very helpful, John.

非常有幫助，約翰。

And I think last quarter, you had -- I think to my good friend's poser's question, you mentioned, gross margins could be -- I know you don't guide gross margins, but they can be up 100 to 150 bps.

我認為上個季度，我認為對於我好朋友提出的問題，你提到毛利率可能是——我知道你沒有指導毛利率，但毛利率可能會上升 100 到 150 個基點。

Is that still the right way to think about it?

這仍然是正確的思考方式嗎？

And if so, how do we think about three-key gross margins?

如果是這樣，我們如何看待三關鍵毛利率？

Well, I would say -- I mean, this quarter was a little bit more than we anticipated.

嗯，我想說 - 我的意思是，這個季度比我們預期的要多一些。

We picked up more of a benefit from freight and mix than we had anticipated.

我們從貨運和混合中獲得的好處比我們預期的要多。

As we had said previously, we expect the benefit to get smaller over the course of the year.

正如我們之前所說，我們預計這一年的收益會變小。

It did a little bit, but this was even a bit higher.

確實有一點點，但這甚至更高一點。

I would say, you know, we don't expect a lot more out of the balance of the year, but for mix-related.

我想說，你知道，我們預計今年的剩餘時間不會有更多，但與混合相關的。

Although, we are watching freight rates, we'll have to keep in mind that as we progress throughout the year.

儘管我們正在關注運費，但隨著全年的進展，我們必須牢記這一點。

There's been some rate impact, obviously, from the Red Sea crisis.

顯然，紅海危機對利率產生了一些影響。

We have to balance that with the contractual rates that we're achieving, and so we'll monitor that.

我們必須平衡這一點與我們正在實現的合約費率，因此我們將對其進行監控。

But when you put all that into the model, ultimately it would tell you that we don't expect as much lift over the back half of the year as we saw over the front half of the year though that is consistent with what we had previously mentioned.

但是，當您將所有這些放入模型中時，最終它會告訴您，我們預計下半年的提升不會像上半年那麼大，儘管這與我們先前的預測一致提及。

Very helpful.

很有幫助。

Best of luck.

祝你好運。

Thank you.

謝謝。

Jim Duffy, Stifel.

吉姆·達菲，斯蒂菲爾。

This is Peter McGoldrick on for Jim.

我是彼得·麥戈德里克（Peter McGoldrick）替吉姆發言。

Thanks for taking our question.

感謝您提出我們的問題。

First, I wanted to ask about the BIS regulations in India.

首先我想問一下印度BIS的規定。

You mentioned some local production and distribution.

您提到了一些本地生產和分銷。

What's the magnitude of the local supply capacity relative to demand?

當地供應能力相對於需求的大小是多少？

And how are you planning for the progression of the regulatory environment, sort of bridging the gap, the timing to bridge the gap between near-term impacts and the long-term opportunity in that market?

您如何規劃監管環境的進展，如何彌合差距，以及彌合該市場近期影響和長期機會之間差距的時機？

The first thing I'd say is there was a noticeable impact from the regulatory environment in India this quarter.

我首先要說的是，本季印度的監管環境產生了明顯的影響。

That had a significant effect on our, in particular, our Asia-Pac sales.

這對我們，特別是亞太地區的銷售產生了重大影響。

So we definitely felt that and the attendant uncertainty in the quarter.

因此，我們確實感受到了這一點以及本季隨之而來的不確定性。

The good news is, we continue to build local production.

好消息是，我們繼續建立本地生產。

I won't give a percentage, but suffice it to say it's one of our primary areas of focus from a supply chain perspective, and it's getting better and better.

我不會給出一個百分比，但足以說明，從供應鏈的角度來看，這是我們關注的主要領域之一，而且它正在變得越來越好。

It's simply, today, insufficient to accommodate our total demand.

今天，它根本不足以滿足我們的總需求。

We have seen some positive trends in the market with regards to certification processes, both of domestic and international manufacturing.

我們看到國內和國際製造業的認證流程市場出現了一些正面的趨勢。

I would expect over the course of the year, things continue to get better, but that's a market that's a little bit tough to call from a timing perspective on when things are going to change.

我預計在這一年中，情況會繼續好轉，但從時間角度來看，這個市場很難判斷事情何時會改變。

But overall, we continue to be optimistic, both about the back half of the year, but ultimately, that we will be able to, as a company, significantly develop what's needed locally, but then complement that with international manufacturing and maybe even someday look towards India as an export production market for us.

但總體而言，我們對今年下半年仍然保持樂觀，但最終，作為一家公司，我們將能夠顯著開發本地所需的產品，然後透過國際製造進行補充，甚至可能有一天會看到印度作為我們的出口生產市場。

So it had an impact, a big impact in Q2.

所以它產生了影響，在第二季產生了很大的影響。

We believe that will get significantly better over the back half of the year.

我們相信今年下半年情況會明顯改善。

And again, I can't stress enough, we have definitely seen some positive trends of late.

再次強調，我們最近確實看到了一些正面的趨勢。

And that has been encouraging as well.

這也令人鼓舞。

All right, thanks.

好的，謝謝。

Then I'd like to follow up on China.

然後我想跟進一下中國的情況。

Revenue increased 3% with, despite the challenges noted on the 618 period.

儘管 618 期間面臨挑戰，但收入仍成長了 3%。

Can you talk about the trends outside of the key holiday periods and any consumer insights that might influence plans for the rest of the year and your plans for 11-11?

您能否談談關鍵假期之外的趨勢以及可能影響今年剩餘時間計劃以及 11-11 計劃的消費者洞察？

And should we be looking for growth in the second half out of China?

我們是否應該在下半年尋求中國以外的成長？

We're definitely expecting growth in the second half.

我們肯定預計下半年會出現成長。

And I would argue that the first half of this quarter actually was pretty encouraging.

我認為本季前半段實際上非常令人鼓舞。

It's also important to note they faced a really significant foreign currency headwind in this quarter.

同樣重要的是要注意，他們在本季面臨著非常嚴重的外匯逆風。

With -- I think constant currency sales were double the growth rate of what we saw on a realized currency basis.

我認為固定貨幣銷售額的成長率是我們在已實現貨幣基礎上看到的成長率的兩倍。

618 was definitely not nearly as strong as we've come to expect over time.

隨著時間的推移，618 絕對沒有我們預期的那麼強大。

It's hard to read that through to the balance of the year because 618 is such a unique event, and it's very promotional.

很難讀到今年剩下的時間，因為 618 是一個如此獨特的活動，而且它的促銷力度很大。

As David mentioned, we saw a lot more price-driven activity on 618 this year.

正如 David 所提到的，今年我們在 618 上看到了更多由價格驅動的活動。

And so that simply compelled a lot less growth overall than we would have liked to have seen.

因此，這導致整體成長比我們希望看到的要少得多。

As we also said -- we continue to think China is on the road to recovery.

正如我們也說過的，我們仍然認為中國正在復甦的道路上。

We expect a better second half of the year than what we've seen thus far, but we are watching things carefully.

我們預計今年下半年的情況會比迄今為止的情況更好，但我們正在仔細觀察情況。

Double 11 will certainly be a big event in the context of how that market is recovering.

在市場復甦的背景下，雙11無疑將是一件大事。

Again, I think the most encouraging aspect of what we've seen there is continued brand resonance and I think outperformance relative to some other international brands, which I think speaks to the appeal of Skechers in the market, which we expect to continue to ride for the long term.

再說一次，我認為我們所看到的最令人鼓舞的方面是持續的品牌共鳴，並且我認為相對於其他一些國際品牌的表現優於其他一些國際品牌，我認為這說明了斯凱奇在市場上的吸引力，我們預計該市場將繼續增長從長遠來看。

Very helpful.

很有幫助。

Thank you.

謝謝。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Excellent, thanks.

太棒了，謝謝。

Good afternoon, John and David.

下午好，約翰和大衛。

Hope all is well out on Manhattan Beach.

希望曼哈頓海灘一切順利。

Maybe unpack the guidance increase for the back half of the year a little bit more.

也許會進一步解開今年下半年的指導成長。

Is there anything specifically from a channel or geographical perspective that you have clear line of sight that's going to accelerate from where we were in Q2?

從通路或地理角度來看，有什麼具體的事情可以讓您有清晰的視野，並且會比第二季的情況加速嗎？

It sounds like international DTC, you've got good reach on and globally and wholesale, but just a little more color there would be helpful.

這聽起來像是國際 DTC，您在全球和批發方面都有很好的影響力，但多一點顏色就會有所幫助。

I think that I think the best characterization we can give is continued strength from DTC.

我認為我們能給出的最好的描述是 DTC 的持續實力。

We're going to pick up the benefit of the timing issue from the Suez Canal crisis in Europe on the wholesale side as well.

我們也將在批發方面從歐洲蘇伊士運河危機中獲得時機問題的好處。

And then the domestic wholesale order book is very strong.

然後國內批發訂單非常強勁。

I'd say those are probably going to be the lead factors for the back half of the year growth.

我想說，這些可能將成為今年下半年成長的主導因素。

I think also just the absence of some of the headwinds that we saw this quarter, particularly around some of the regulatory strength issued in India, the foreign currency, I think that that probably makes up for most of the growth.

我認為，本季我們看到的一些不利因素的消失，特別是圍繞印度發行的一些外匯監管力度，我認為這可能彌補了大部分成長。

But I would also say we've contemplated some of the other issues.

但我還要說，我們已經考慮了其他一些問題。

We feel like we waited them appropriately.

我們覺得我們等待他們是適當的。

We don't expect it to be fairly smooth sailing from here.

我們不期望從這裡開始就一帆風順。

But I do think the unique combination of events this quarter made it a bit more challenging than anyone had anticipated going in.

但我確實認為，本季發生的獨特事件組合使其比任何人預期的更具挑戰性。

And that's part of the reason why our initial kind of non constant currency sales were below where we thought they would be.

這就是為什麼我們最初的非恆定貨幣銷售額低於我們預期的部分原因。

I think it's fair to point out at this point that the shifts from June and July and the shifts from December and January that we talk about every year are just more extreme in this particular case, simply because the biggest part of our shipments for the most part for domestic and domestic wholesale and European wholesale is the end of June and the beginning of July.

我認為現在可以公平地指出，我們每年談論的 6 月和 7 月的變化以及 12 月和 1 月的變化在這種特殊情況下更為極端，僅僅是因為我們的出貨量中最大的一部分是國內批發和歐洲批發部分是六月底和七月初。

And while Johnson is very difficult to see what went early, what went late, we're getting a better flow even though it takes a longer time to get there from Asia into Europe.

雖然約翰遜很難看出什麼是早到的，什麼是晚到的，但我們正在獲得更好的流動，儘管從亞洲到歐洲需要更長的時間。

So you can pick up June to July, as in December to January we commented this year.

因此，您可以選擇 6 月至 7 月，就像我們今年評論的 12 月至 1 月一樣。

Well, that doesn't guarantee the whole quarter.

嗯，這並不能保證整個季度。

It's a great place to start, and we see demand picking up in a number of those places.

這是一個很好的起點，我們看到其中許多地方的需求有所回升。

And also, on the US side, just to reiterate what John said, because I think it's very important, given a 29%, 30% increase in our direct-to-consumer business last year, to hold that while we have a 14% increase in domestic wholesale and have increasing demand and in a difficult time, just shows the strength of the consumer has shifted from just one to the other and picked up some new consumers; some go direct to consumers, some go to their favorite wholesale partners that we have.

另外，在美國方面，只是重申約翰所說的話，因為我認為鑑於去年我們的直接面向消費者業務增長了 29％、30％，在我們擁有 14％ 的情況下保持這一增長非常重要國內批發的增加，需求的增加，在困難時期，正好說明消費者的力量已經從一種轉向另一種，並吸收了一些新的消費者；有些直接面向消費者，有些則面向他們最喜歡的批發合作夥伴。

So the overall business continues and when you think about it, we pick up a wholesale sale and direct to wholesale in the US.

因此，整體業務仍在繼續，當你考慮一下時，我們會進行批發銷售並直接在美國進行批發。

So there are more unit growth with the 14% in wholesale, then it would have been indirect to consumer.

因此，批發的銷量成長了 14%，這對消費者來說是間接的。

So that shows more demand just going to a different place.

這顯示更多的需求只是流向不同的地方。

I think both things line up very well for us, which is a significant piece of the increase in the guidance into the third quarter.

我認為這兩件事對我們來說非常吻合，這是第三季指導增加的重要組成部分。

That's really helpful, thanks.

這真的很有幫助，謝謝。

Maybe a quick follow up on the supply chain costs and some of the timing issues.

也許可以快速跟進供應鏈成本和一些時間問題。

It looks like spot freight rates from an ocean perspective have skyrocketed the last couple months.

從海洋角度來看，現貨運費似乎在過去幾個月飆升。

No, you don't buy on do your contracts on spot, but how do we think about a different freight cost environment as we get into maybe Q4 and 2025?

不，您不會當場購買合同，但是當我們進入第四季度和 2025 年時，我們如何考慮不同的貨運成本環境？

Do you see this as a headwind?

您認為這是一種逆風嗎？

Well, John, I think you first point out a very important factor, which is we don't expect to be feeling the effects of some of the higher spot rates until Q3 and probably more acutely in Q4, simply because of the time it takes to turn the inventory.

好吧，約翰，我認為你首先指出了一個非常重要的因素，那就是我們預計直到第三季度才會感受到一些較高即期利率的影響，並且可能會在第四季度更加明顯，這僅僅是因為需要時間週轉庫存。

Also we're not, we're not buying, as you noted, everything at spot.

而且，正如您所指出的，我們不會現場購買所有東西。

You know, there certainly are opportunities and needs we have to go into the spot market.

你知道，我們絕對有機會和需求進入現貨市場。

So our weighted average container rate is well below where the spot sits.

因此，我們的加權平均貨櫃費率遠低於目前的水平。

There's some other factors at play that we think will help offset some of that, but at the end of the day, until we see a culmination of that increase, and quite frankly, an improvement overall in both the flow of goods, as David mentioned, but also in the rates which we expect is forthcoming, it's tough to call the final outcome other than, right now, we do believe we've incorporated that into our guidance.

我們認為還有其他一些因素在起作用，這些因素將有助於抵消其中的一些影響，但最終，直到我們看到這種增長達到頂峰，坦率地說，正如大衛提到的那樣，貨物流動的整體改善，而且就我們預期即將到來的利率而言，很難預測最終結果，但目前我們確實相信我們已將其納入我們的指導中。

It's one of the reasons why, in response to Laurent's question, we were cautious about gross margin improvement from here.

這就是為什麼在回答勞倫特的問題時，我們對毛利率的改善持謹慎態度的原因之一。

We believe it'll be relatively consistent improvement or consistent to last year.

我們相信這將是相對一致的改善或與去年一致。

And that's why, because some of that freight will come into play.

這就是原因，因為其中一些運費將會發揮作用。

Understood, thanks.

明白了，謝謝。

Then maybe, David, just one follow up on the customer acquisition.

那麼，大衛，也許只是對客戶獲取的後續行動。

Can you talk to the cohorts you are acquiring, some of the growth in the newer categories you've launched recently and how they're performing?

您能談談您正在收購的群體、您最近推出的新類別的一些成長情況以及它們的表現如何嗎？

Sorry, say that again?

抱歉，再說一次？

I missed it.

我錯過了。

Can you talk to customer acquisition and some of the cohorts acquiring with some of the newer product launches?

您能談談客戶獲取和透過一些新產品發布獲得的一些群體嗎？

It's hard to tell.

很難說。

Our biggest push right now, really, is not moving out to the consumer, and that's on our performance athletic.

事實上，我們現在最大的推動力不是向消費者轉移，而是我們的運動表現。

And we're just going to launch our first football slash soccer in Europe and are moving to a more commercial sign of basketball.

我們即將在歐洲推出我們的第一個足球斜線足球，並轉向更商業化的籃球標誌。

I think what's happening is that our features and our comfort are expanding the base of our existing customers, and we're acquiring from other brands just along our normal mix.

我認為正在發生的事情是，我們的功能和舒適度正在擴大我們現有客戶的基礎，我們正在按照我們的正常組合從其他品牌收購。

We're still looking forward to achieving significantly higher acquisition, as we get into more performance athletics, but we're just very beginning of that.

隨著我們進入更多的運動表現領域，我們仍然期待著實現更高的收購量，但我們才剛開始。

Understood.

明白了。

Thanks.

謝謝。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Perfect.

完美的。

Thanks a lot for taking the question.

非常感謝您提出問題。

I just wanted to focus on international wholesale.

我只是想專注於國際批發。

Obviously, it slowed a little bit quarter over quarter, but seems like from your commentary, some of that's just temporary from issues like the Suez Canal, but then you're also not as positive on China.

顯然，它逐季放緩了一點，但從你的評論來看，其中一些只是蘇伊士運河等問題造成的暫時現象，但你對中國也沒有那麼積極。

It sounds like as you were maybe three months ago on a near-term basis.

就近期而言，聽起來就像三個月前一樣。

So can you just talk a little bit about how we should think about the shape of the back half?

那麼您能簡單談談我們應該如何思考後半部的形狀嗎？

What type of growth you're expecting there?

您預計那裡會出現什麼類型的成長？

So yeah.

嗯是的。

I would say, I think Q2 was a bit distinct in some of the impacts we felt, particularly on the international wholesale side of things.

我想說，我認為第二季我們感受到的一些影響有點不同，特別是在國際批發方面。

We mentioned Europe, we mentioned India, and those were -- they had an outsized impact on our results versus our original expectations.

我們提到了歐洲，我們提到了印度，與我們最初的預期相比，它們對我們的結果產生了巨大的影響。

I would still characterize our view on China as a net positive.

我仍然認為我們對中國的看法是正面的。

Certainly, we expect growth in the year.

當然，我們預計今年會出現成長。

And as we've said about China over the last couple of years, we've been somewhat surprised at the rather consistent improvement on abated we had seen.

正如我們在過去幾年中談到中國時所言，我們對所看到的減排的持續改善感到有些驚訝。

We know it's a market in recovery.

我們知道這是一個正在復甦的市場。

We know there are some macro challenges.

我們知道存在一些宏觀挑戰。

So again, I don't know that this outcome this quarter is particularly unanticipated in the grand view.

再說一次，我不知道本季的這一結果從宏觀角度來看是否特別出乎意料。

But obviously, we didn't pick the timing right.

但顯然，我們沒有選擇正確的時機。

And that's why you saw that.

這就是你看到這一點的原因。

But I would also note, again, there's a big foreign currency adjustment on the Chinese sales.

但我還要再次指出，中國的銷售存在很大的外匯調整。

They would have been double the growth, which was more in line with where we had seen recent quarter over quarter kind of improvement.

他們的成長將是原來的兩倍，這更符合我們最近看到的逐季改善的情況。

So again, I would characterize China, certainly as a market we have continued optimism for.

因此，我再次將中國描述為一個我們持續樂觀的市場。

We do expect there will be bumps in the road.

我們確實預計道路上會遇到坎坷。

This was one of them, but it doesn't diminish in any way our appetite to continue to invest in the market and the opportunity we think that market presents.

這是其中之一，但它並沒有以任何方式削弱我們繼續投資市場的慾望以及我們認為市場帶來的機會。

Great, maybe one quick follow up just on selling expenses.

太好了，也許只是對銷售費用進行快速跟進。

I knew they grew quite a bit this quarter, I think about 25%.

我知道他們這個季度成長了不少，我認為成長了 25% 左右。

How should we think about that into the back half?

我們該如何考慮後半部？

I know you had a lot of demand creation expense in the quarter, should that start falling off or what are the puts and takes there?

我知道您在本季度有很多需求創造費用，是否應該開始下降，或者那裡的看跌期權和索取金額是多少？

We'll continue to invest over the balance of the year, but the level of increases we do not expect will be similar.

我們將在今年剩餘時間內繼續投資，但我們預計成長水準不會類似。

And that will continue to be the case in the next quarter and in the next quarter.

下一個季度和下一個季度的情況仍將如此。

And then coupled with some of the timing related issues we just talked about, it certainly was a more severe point of deleverage on the quarter that we had originally expected.

再加上我們剛才談到的一些與時間相關的問題，本季的去槓桿化肯定比我們最初預期的更嚴重。

We believe some of that will get made up of over the back half of the year now that we've seen some of those sales move around and more strength and visibility into that back half growth that we've talked about.

我們相信，其中一些將在今年下半年得到彌補，因為我們已經看到其中一些銷售的變化，以及我們所討論的下半年增長的更多實力和可見性。

Great.

偉大的。

Good luck, guys.

祝大家好運。

Thank you.

謝謝。

Rick Patel, Raymond James.

瑞克·帕特爾，雷蒙德·詹姆斯。

Good afternoon.

午安.

I was hoping you can dig further into your expectations for wholesale for the year.

我希望您能進一步深入了解今年批發的預期。

So I believe in the past you've alluded to global wholesale, being able to grow in the high single-digit range.

因此，我相信您過去曾提到全球批發業務能夠實現高個位數成長。

Do you still see this as a reasonable outcome, just given the strength you have on the domestic side?

考慮到你們在國內方面的實力，你們是否仍然認為這是一個合理的結果？

And then just as a follow up, how far out is your line of sight for the wholesale order book as you think about domestic versus international?

接下來，當您考慮國內與國際時，您對批發訂單簿的視線有多遠？

So I definitely think that expectation for the full year results for global wholesale is accurate and probably, in all honesty, based on what we see at the moment, probably more likely to be at the low end of the range.

因此，我絕對認為對全球批發全年業績的預期是準確的，老實說，根據我們目前所看到的情況，可能更有可能處於該範圍的低端。

But definitely continue to see good opportunity on the global wholesale side of things.

但肯定會繼續看到全球批發的良好機會。

From an order book perspective, we feel really good about what we see.

從訂單簿的角度來看，我們對所看到的情況感到非常滿意。

I think the only factors we need to keep our eye on is timing, as kind of be able to -- this quarter in Europe in particular.

我認為我們唯一需要關注的因素是時機，尤其是在歐洲這個季度。

But overall, I would say conditions are improving.

但總體而言，我想說情況正在改善。

As David mentioned, the flow of goods is becoming more reliable and more predictable, which always helps.

正如大衛所提到的，貨物流動變得更加可靠和可預測，這總是有幫助的。

So again, we would not have raised the guidance, we would not be speaking particularly about the strength we see if we hadn't the benefit of some very strong order book activity.

因此，如果我們沒有受益於一些非常強勁的訂單活動，我們就不會提高指導，也不會特別談論我們所看到的實力。

And that's certainly the case.

情況確實如此。

And can you also talk about sourcing?

還能談談採購嗎？

Maybe remind us how much exposure you have to China.

也許提醒我們您對中國有多少接觸。

And just given the headlines everyone's saying about potential tariffs, and whether they may or may not increase down the road, just how we should think about mitigation strategies that you may be working on right now to deal with that in the future?

鑑於每個人都在談論潛在關稅的頭條新聞，以及它們是否可能會在未來增加，我們應該如何考慮您現在可能正在製定的緩解策略以應對未來的問題？

Yeah.

是的。

There's not really been a fundamental change to our overall sourcing footprint, which we've commonly described as kind of being, depending on the time period, you know, somewhere in the 40%-ish range for China, 40% range in Vietnam, and then the balance kind of spread across a lot of other countries.

我們的整體採購足跡並沒有真正發生根本性的變化，我們通常將其描述為，根據時間段，中國在 40% 左右，越南在 40% 左右，然後這種平衡就蔓延到了許多其他國家。

But that can ebb and flow depending upon what we're making when.

但這可能會根據我們在何時製作什麼而起伏不定。

I would also point out within that, you know, obviously, we have a pretty significant business in China, so there's an element of what gets manufactured in China that serves the local market quite well.

我還要指出，顯然，我們在中國擁有相當重要的業務，因此中國製造的產品中有一個元素可以很好地服務於當地市場。

I would also note that we continue to look for opportunities to diversify our production.

我還要指出的是，我們將繼續尋找機會實現生產多元化。

The biggest challenge there is, quite frankly, the rate of growth we're seeing in our unit volumes.

坦白說，最大的挑戰是我們看到的單位銷售量的成長率。

So we have to run just to keep things static.

所以我們必須跑步才能保持靜止。

But as a result, we're seeing really good trajectory, as we mentioned, in India, Indonesia, some other markets, Turkey, Mexico.

但正如我們所提到的，我們在印度、印尼、其他一些市場、土耳其、墨西哥看到了非常好的發展軌跡。

So again, it's something we'll continue to work on.

所以，這也是我們會繼續努力的。

I think, in response to broad hypotheticals about tariffs and what may come, it's really difficult to react.

我認為，要回應有關關稅和可能發生的情況的廣泛假設，確實很難做出反應。

I think the one thing that we've learned is, you can't really react to hypotheticals, but you need to be very quick to react to actual results.

我認為我們學到的一件事是，你無法真正對假設做出反應，但你需要非常迅速地對實際結果做出反應。

And so we'll be poised to react should we need to, although I would note again, it's going to be limited by that footprint; and I'd say, the footprint of the footwear industry and apparel industry as a whole.

因此，我們將準備好在需要時做出反應，儘管我會再次指出，它將受到足跡的限制；我想說的是，鞋業和服裝業作為一個整體的足跡。

I also would note that even if there is such a thing as a tariff impact somewhere down the road from whomever ascends to leadership in the United States, that's going to be a market-wide issue.

我還要指出的是，即使無論誰升任美國領導者，都會產生關稅影響，這也將是整個市場的問題。

That's not going to particularly impact just one company.

這不會只對一家公司產生特別影響。

And so our anticipation is you're going to have to see quite a bit of adjustment across the industry, not just with one brand or another.

因此，我們的預期是，您將不得不看到整個行業的大量調整，而不僅僅是某個品牌或另一個品牌的調整。

Thanks very much.

非常感謝。

Jesalyn Wong, Evercore.

Jesalyn Wong，Evercore。

Hi, thanks for taking the question on just digging into the supply chain disruption to Europe, how come out of the if the flow of product already coming through in the third quarter?

您好，感謝您提出有關歐洲供應鏈中斷的問題，如果產品流已在第三季完成，那麼情況如何？

And if so, do we expect international wholesale at to see a big pickup on under process and how we evaluate risk off on congestion leading to additional cost into the quarter from that?

如果是這樣，我們是否預期國際批發業務會大幅回升，以及我們如何評估因壅塞而導致本季額外成本的風險？

And then just on China, I think you mentioned ex-China, it was up 7% in the quarter.

然後就中國而言，我想你提到了中國以外的地區，該季度增長了 7%。

Any early reach into training for July?

七月的訓練有提前開始嗎？

And back half, do you think that's high single digit number host ex-FX into the second half?

後半場，您認為下半場的主持人（除外匯外）的個位數高嗎？

Thank you.

謝謝。

On the supply chain, I think the best answer I can give you is an illustrative data point on inventories.

在供應鏈方面，我認為我能給你的最佳答案是關於庫存的說明性數據點。

And we mentioned this in our script.

我們在腳本中提到了這一點。

Our on-hand inventory levels in Europe at the end of June were down 40%.

截至 6 月底，我們在歐洲的現有庫存水準下降了 40%。

Our in-transit inventories were up over 150%.

我們的在途庫存增加了 150% 以上。

So it gives you a flavor of just how much got delayed into the quarter.

因此，它可以讓您了解本季延遲了多少。

We are seeing that flow improve a lot of that in transit.

我們發現運輸過程中的流量改善了很多。

It's quite frankly already landed or is in the process of landing and will get processed through.

坦白說，它已經著陸或正在著陸並將得到處理。

And it is, again, one of the reasons why we're confident enough in the bookings to be able to raise the guidance.

這也是我們對預訂有足夠信心能夠提高指導方針的原因之一。

That will clearly manifest on the international wholesale side, particularly in Europe.

這將在國際批發方面清楚地體現出來，特別是在歐洲。

Insofar as China is concerned, I don't want to get down to kind of country-level guidance, but I would say, from the get-go this year, we expected growth.

就中國而言，我不想具體討論國家層面的指導，但我想說，從今年一開始，我們就預期會成長。

We continue to see growth.

我們繼續看到成長。

We do know that there will be hiccups, given the recovering nature of that market.

考慮到該市場的復甦性質，我們確實知道會出現問題。

On a constant currency basis, the growth was, while not what we had come to expect or hope for, it was a solid high single-digit number.

在固定匯率的基礎上，成長雖然不是我們所期望或希望的，但它是一個穩定的高個位數數字。

Whether or not that continues over the balance of the year is what we have to see.

這種情況是否會持續到今年剩下的時間，我們必須拭目以待。

Nothing from a READ perspective we can give you in July thus far, given how early it is, plus just the nature of that market and how it tends to recover after these big selling events.

考慮到現在還很早，再加上該市場的性質以及在這些大拋售事件之後它往往會如何復蘇，從閱讀的角度來看，到目前為止，我們無法為您提供任何 7 月份的信息。

But again, our expectation continues to be for growth in the year.

但同樣，我們的預期仍然是今年的成長。

We are positive on the long-term opportunity in the market.

我們對市場的長期機會持樂觀態度。

And I think we're going to continue to work both the product that is obviously resonating across the globe in that market, as well as tactics specific to the market, which have been paying off and we would expect will in the future as well.

我認為我們將繼續開發在該市場中明顯引起全球共鳴的產品，以及針對該市場的特定策略，這些策略已經取得了成效，我們預計未來也會取得成效。

Got it.

知道了。

Thank you.

謝謝。

Will Gardiner, Wells Fargo.

威爾·加德納，富國銀行。

Hey guys, thanks for taking my question here.

嘿夥計們，感謝您在這裡提出我的問題。

Just curious, digging into China a little bit more, can you just talk a little bit about how much of the China inventory is China for China versus imported to the US?

只是好奇，再深入了解中國，您能談談中國的庫存有多少是中國供應給中國的，有多少是進口到美國的嗎？

Can you give us a sense of that?

你能給我們一個這樣的感覺嗎？

Well, it's not a static number, is probably the biggest challenge to do that.

嗯，這不是靜態數字，可能是做到這一點的最大挑戰。

But I mean, obviously with about 40%, 45% of our production coming from that market, and a mid-teen percent of our overall sales coming from that market, you can see it's no small quantum of goods.

但我的意思是，很明顯，我們大約 40%、45% 的產量來自該市場，我們總銷售額的 15% 左右來自該市場，你可以看到這是一個不小的數量。

It's never that precise though because for production efficiency purposes, we're not always going to run a product in the market that's made for the market.

但它從來沒有那麼精確，因為出於生產效率的目的，我們並不總是會在市場上運作為市場製造的產品。

Sometimes that's not the most efficient thing to do.

有時這並不是最有效的做法。

But I would consider it to be a meaningful component of the overall production in China, is for China.

但我認為它是中國整體生產的一個有意義的組成部分，是針對中國的。

Got it.

知道了。

And on ASPs, it looked like we saw some deceleration, they turned negative this quarter.

在平均售價方面，我們似乎看到了一些減速，本季它們變成了負數。

Just curious if you have any color there, both on the wholesale side and the DTC side.

只是好奇批發方面和 DTC 方面是否有任何顏色。

Yeah.

是的。

I mean nothing really outlandish.

我的意思是沒有什麼真正奇怪的。

I think we saw small movements.

我想我們看到了一些小動作。

I think more than anything, quite frankly, that's probably product mix associated.

坦白說，我認為最重要的是，這可能與產品組合有關。

Certainly on the domestic side of things.

當然是在國內方面。

On the international side of things, there's definitely some of the effects impact gets led through on the ASPs.

在國際方面，肯定會對 ASP 產生一些影響。

We don't adjust those for constant currency.

我們不會根據固定貨幣來調整這些。

On the direct to consumer side of things, there's small effects from mix, plus we continue to roll out more and more product with our Skechers Hands Free Slip-Ins technology as well as other comfort technologies.

在直接面向消費者的方面，混合的影響很小，而且我們繼續推出越來越多的採用 Skechers Hands Free Slip-Ins 技術以及其他舒適技術的產品。

And so as those become more prevalent, just the life cycle of the product, they get included on certain promotions a little bit more than they would have been in the past.

因此，隨著這些變得更加普遍，就產品的生命週期而言，它們比過去更參與某些促銷活動。

So that gives a little bit of -- it has a little bit of an effect on ASPs.

這對 ASP 產生了一點影響。

But overall I would say, generally speaking, they were pretty consistent.

但總的來說，我想說，一般來說，它們非常一致。

Got it.

知道了。

And just maybe one last one for me on the DTC.

也許這只是我在 DTC 上的最後一件事。

So you said that you saw some traffic slow down in brick and mortar, but a pickup and e-comm.

所以你說你看到實體店的交通速度變慢了，但皮卡車和電子商務的交通變慢了。

Can you maybe just frame out why you think that happened, what the delta was between the two, and why you think there was slow down traffic in brick and mortar versus e-commerce?

您能否簡單地闡述為什麼會發生這種情況，兩者之間的差異是什麼，以及為什麼您認為實體店與電子商務相比流量會放緩？

Well, I don't know that I have the answer to that in all honesty.

老實說，我不知道我是否有答案。

I would say it was pretty consistent with a broader industry trend that we saw reported beginning in really late-May and continuing on into June.

我想說，這與我們看到的從 5 月底開始一直持續到 6 月的更廣泛的行業趨勢非常一致。

I would say what we saw was pretty consistent with what the industry saw.

我想說我們所看到的與業界所看到的非常一致。

On the e-comm side, I mean, I think that's probably mostly a testament to having the product people want available and our ability to fulfill quickly.

在電子商務方面，我的意思是，我認為這可能主要證明了人們想要的產品以及我們快速滿足需求的能力。

And clearly a consumer can get that in a store as well, but if they're not in the practice or not going to stores, the e-comm solution is a great fallback and having the right product, right marketing available to drive that I think was the difference.

顯然，消費者也可以在商店中獲得該產品，但如果他們沒有實踐或不去商店，電子商務解決方案是一個很好的後備方案，並且擁有正確的產品和正確的營銷來推動我的發展。我認為這就是區別。

I would also just note again, last year our comps on the domestic direct consumer side of things were fantastic.

我還要再次指出，去年我們在國內直接消費者的表現非常出色。

And our e-commerce comps were actually trailing a bit because of a prior year issue.

由於上一年的問題，我們的電子商務公司實際上有點落後。

So there's some of it also that is just the comparison point is a bit different for each at this juncture.

因此，其中也有一些只是在這個時刻每個人的比較點都有點不同。

You know it's also fair to say that where people decide to shop is not only determined by our own stores and where we sell Skechers.

您知道，公平地說，人們決定在哪裡購物不僅取決於我們自己的商店和我們在哪裡銷售 Skechers。

People may go to different department stores or different malls or different parts to buy other things or other things that are being promoted and buy footwear on the site for their family, always searching for Skechers.

人們可能會去不同的百貨公司或不同的購物中心或不同的地方購買其他東西或其他正在促銷的東西，並在網站上為家人購買鞋類，總是搜尋 Skechers。

So it depends on whether more people shop online through inclement weather, where it is, and regionally, and what's on promotion, what they're shopping for, or what they're doing for entertainment.

因此，這取決於是否有更多的人在惡劣天氣下進行線上購物、地點和區域、促銷內容、他們要購物的內容或他們為了娛樂而做的事情。

So they'll go and shop in different places at different times for various different reasons, not all pertaining to the way we promote or where our shoes are offered specifically.

因此，他們會出於各種不同的原因在不同的時間去不同的地方購物，並非所有原因都與我們的促銷方式或專門提供鞋子的地點有關。

So that's why we're constantly saying that we want to be where our consumer prefers to shop, whether it's for Skechers or not.

這就是為什麼我們不斷地說，我們希望成為消費者喜歡購物的地方，無論是否購買 Skechers。

And we promote all three, knowing we capture that consumer somewhere along the line.

我們推廣這三者，因為我們知道我們會在整個過程中抓住消費者。

Got it.

知道了。

Thank you.

謝謝。

Krisztina Katai, Deutsche Bank

克里斯蒂娜·卡泰，德意志銀行

Hi, good afternoon.

嗨，下午好。

Thanks for taking the question.

感謝您提出問題。

I wanted to ask about EMEA at up 14%.

我想問一下 EMEA 上漲 14% 的情況。

It continues to do really well.

它繼續表現得很好。

Can you maybe unpack what you are seeing in the market for underlying demand?

您能否分析一下您在市場上看到的潛在需求？

Have you seen any changes in consumer buying patterns at all?

您是否看到消費者購買模式有任何變化？

Just maybe comment on the exit trends that you saw in the region and if there's anything that we should expect sort of performance between the third quarter and the fourth quarter?

也許可以評論一下您在該地區看到的退出趨勢，以及我們是否應該期待第三季和第四季之間的表現？

The strength came out of DTC.

力量來自 DTC。

I mean, the DTC numbers out of EMEA in particular, quite frankly, continue to surprise us to the upside.

我的意思是，坦白說，特別是歐洲、中東和非洲地區的 DTC 數字繼續令我們驚訝。

The products resonating, we continue to build into strength on our retail presence there.

產品引起共鳴，我們繼續增強我們在那裡的零售業務的實力。

E-commerce also was an advantage in that marketplace which as you recall is really something we only began last year and have, I think, gotten better and better at it.

電子商務也是該市場的優勢，正如您所記得的那樣，我們實際上是去年才開始的，而且我認為，我們在這方面做得越來越好。

So that really came down to consumer demand.

所以這其實取決於消費者的需求。

And I think that's why we also saw really good sell-through trends.

我認為這就是為什麼我們也看到了非常好的銷售趨勢。

We do expect that to continue.

我們確實希望這種情況能夠持續下去。

That is a consistent trend we've seen from the beginning of the year through today.

這是我們從年初到今天看到的一致趨勢。

And so we're pretty confident that that will continue, despite all the challenges that people have talked about the last two or three years.

因此，儘管人們在過去兩三年中談論了所有挑戰，但我們非常有信心這種情況將繼續下去。

The EMEA direct consumer businesses continue to thrive.

歐洲、中東和非洲地區的直接消費者業務持續蓬勃發展。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

Sometimes it's a matter of timing as well.

有時這也是一個時間問題。

You know, when things slow down in Europe and they pass through our distribution center, you have to realize at wholesale, it passes through basically two distribution centers.

你知道，當歐洲的情況放緩並且它們經過我們的配送中心時，你必須意識到在批發方面，它基本上經過兩個配送中心。

It goes from ours to theirs, and it's a lag.

它從我們的到他們的，這是一個滯後。

So sometimes as it happens in the opening after the pandemic.

所以有時會發生在大流行之後的開放時期。

Our direct-to-consumer outlets, both online and stores, have more current inventory slightly faster.

我們的直接面向消費者的網點（包括線上商店和商店）擁有更多的當前庫存，速度稍快一些。

So you see the pickup in direct-to-consumer.

所以你會看到直接面向消費者的取貨。

And as it goes past it through, just like we're seeing here now, there's a leveling out at direct-to-consumer as the inventory and our newer product catches up with the wholesale side as well.

當它過去時，就像我們現在在這裡看到的那樣，隨著庫存和我們的新產品也趕上批發方面的步伐，直接面向消費者的需求會趨於平穩。

So we feel confident in demand in both areas, but there's timing of availability of new inventory changes, especially as you get into a new season, when there's so many supply chain disruptions along the way.

因此，我們對這兩個領域的需求都充滿信心，但新庫存變化的可用性是有時間限制的，特別是當進入新季節時，整個過程中會出現許多供應鏈中斷。

That's great.

那太棒了。

Thank you for that.

謝謝你。

I wanted to follow up also on domestic trends.

我也想跟進國內的趨勢。

Just maybe if you have any sense on how back to school is performing and just how would you characterize the domestic promotional environment.

也許您對重返校園的表現有任何了解，以及您如何描述國內的促銷環境。

Thank you.

謝謝。

I would characterize the promotional environment as largely the same as what we've seen the last couple of quarters.

我認為促銷環境與我們過去幾季所看到的基本相同。

Nothing jumps out to us as indicating a significant change now or in the near future.

我們沒有發現任何跡象表明現在或不久的將來會發生重大變化。

You know, I think it's pretty early to tell on back to school.

你知道，我認為現在談論回到學校還為時過早。

We're only seeing the initial glances at it.

我們只看到了它的初步外觀。

So I don't know that there's really a read we can give that's meaningful at this juncture.

所以我不知道此時此刻我們是否真的可以提供有意義的讀物。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

Thanks, guys.

多謝你們。

Good afternoon.

午安.

So regarding your US direct to consumer business, can you clarify whether you've changed your expectations for the back half of the year relative to your thoughts last quarter?

那麼，關於您在美國的直接面向消費者業務，您能否澄清一下，相對於上季度的想法，您對今年下半年的預期是否有所改變？

I'm just trying to gauge whether your improved sales guidance is solely due to the better than expected order book trends.

我只是想判斷你們銷售指導的改善是否僅僅是由於訂單趨勢好於預期。

And then regarding product, if you can just elaborate a little bit more on what categories are outperforming and whether you're still seeing a broader trade up within your portfolio to your comfort technology products?

然後關於產品，您是否可以詳細說明哪些類別表現出色，以及您是否仍然看到您的產品組合中舒適技術產品的更廣泛升級？

Yeah, relative to domestic DTC, we had held back our view on the back half of the year in our earlier guidance.

是的，相對於國內 DTC，我們在先前的指引中保留了對下半年的看法。

So I would say from this point, we really haven't changed it markedly.

所以我想說，從這一點來看，我們確實沒有明顯改變它。

But we had always, I think, been conservative about our view on the domestic DTC front, knowing in particular what significant comps we were up against.

但我認為，我們對國內 DTC 的看法一直很保守，特別是知道我們面臨哪些重要的競爭。

But to more precisely answer your question, you should construe that the vast majority of the elevation in our expectations for the years coming from the wholesale side domestically and the order book there.

但為了更準確地回答你的問題，你應該理解，我們對這些年的預期的大部分提升來自國內批發方面和那裡的訂單。

Relative to product, it's really not a division or a gender, only because we're seeing growth across a lot of those.

相對於產品，這實際上不是一個部門或性別，只是因為我們看到了其中許多方面的成長。

I would say it is, as we've spoken about the last really year and a half, two years, maybe even longer, it's the benefit of the comfort technologies.

我想說的是，正如我們在過去的一年半、兩年，甚至更長的時間裡所說的那樣，這是舒適技術的好處。

And they are continuing to lead consumers to trade up within our portfolio, but that's clearly continuing to resonate, both Skechers Hands Free Slip-In, which is our newest, but also many of the others, Arch Fit, Max Cushioning, our Hyper burst technology, the traditional Wide Fit that we offer, all of those are combining to very much translate at the consumer level to increased conversion.

他們繼續引導消費者在我們的產品組合中升級，但這顯然繼續引起共鳴，包括我們最新的 Skechers Hands Free Slip-In，還有許多其他產品，Arch Fit、Max Cushioning、我們的 Hyper Burst技術，我們提供的傳統Wide Fit，所有這些結合在一起，可以在消費者層面上轉化為更高的轉換率。

Because they know with those technologies, they're going to get more comfortable shoes than they can otherwise obtain in the market.

因為他們知道，透過這些技術，他們將獲得比市場上其他產品更舒適的鞋子。

So we are continuing to see that trend hold true, but our expectations were and continue to be, I would say fairly modest on domestic DTC for the back half of the year.

因此，我們繼續看到這種趨勢是正確的，但我想說，我們對今年下半年國內 DTC 的預期過去和現在都相當溫和。

Thank you.

謝謝。

Tom Nikic, Wedbush Securities.

韋德布希證券公司的湯姆‧尼基奇 (Tom Nikic)。

Hey, thanks for taking my question.

嘿，謝謝你回答我的問題。

I want to ask about SG&A.

我想問一下SG&A的事。

Is there anything from a timing perspective that we should think about, Q3 versus Q4?

從時間角度來看，第三季與第四季有什麼值得我們考慮的嗎？

Is there any lumpiness in marketing or anything like that as we work through our models?

當我們研究我們的模型時，行銷中是否存在任何混亂或類似的情況？

I knew I couldn't get off a call without somebody asking about G&A.

我知道我無法在沒有人詢問 G&A 的情況下掛斷電話。

The only thing I can point out is -- I appreciate that, Tom.

我唯一能指出的是——我很欣賞這一點，湯姆。

We had mentioned previously that we were consciously over-investing in Q2.

我們之前曾提到，我們在第二季度有意識地過度投資。

I think you can take it as that.

我想你可以這麼認為。

It doesn't mean we're not investing, but I think the investment relative to the growth and sales we expect will be much more in line.

這並不意味著我們不投資，但我認為相對於我們預期的成長和銷售的投資將更加一致。

I would say absent that, no, nothing really stands out.

我想說的是，如果沒有這一點，不，沒有什麼真正突出的。

But that should mean to you that we'll continue to invest in new stores.

但這對您來說意味著我們將繼續投資新店。

We have new distribution coming online.

我們有新的發行版上線。

And we're going to continue to put money into marketing.

我們將繼續在行銷上投入資金。

I will note, though, the line in our prepared remarks that we did see improved efficiency on the distribution side of things, which was good to see.

不過，我要指出的是，在我們準備好的評論中，我們確實看到了分發方面的效率有所提高，這是很好的結果。

Because that's been a reflection of a lot of work over the last years, given some of the challenges that we've had with supply chain.

因為考慮到我們在供應鏈方面遇到的一些挑戰，這反映了過去幾年的大量工作。

So that was actually a nice bright spot as well.

所以這實際上也是一個很好的亮點。

But I would generally say you can expect continued investment on the marketing side, but not at the year over year increase that we did this quarter.

但我通常會說，你可以期待行銷的持續投資，但不會像我們本季那樣實現年比成​​長。

This quarter was a focal point for us and we do believe that'll pay off going forward.

本季是我們的重點，我們相信這將在未來得到回報。

Understood.

明白了。

If I could follow up with one more. on US wholesale.

如果我能再跟進一個的話。在美國批發。

Have you found that at the consumer level that the acceptance of and the excitement around the Slip-In products and the new technologies are as robust as what you had seen in DTC previously?

您是否發現，在消費者層面，對 Slip-In 產品和新技術的接受度和興奮程度與您之前在 DTC 中看到的一樣強烈？

Yes, yes.

是的是的。

I think some of that though, to be clear, is somewhat reflective of the timing through which wholesale accounts have taken up the technology.

但我認為，需要明確的是，其中一些在某種程度上反映了批發帳戶採用該技術的時間。

What we see is when they order the technology, when they order what we're bringing to market new, they see incredible response for those technologies.

我們看到的是，當他們訂購技術時，當他們訂購我們向市場推出的新產品時，他們看到了這些技術令人難以置信的反響。

And I'd say very commensurate with what we've seen in our DTC.

我想說這與我們在 DTC 中看到的非常相符。

Great.

偉大的。

Thanks very much, John and David, and best of luck the rest of the year.

非常感謝約翰和大衛，祝你今年餘下的時間一切順利。

Thanks, Tom.

謝謝，湯姆。

We have reached the end of the question-and-answer session.

我們的問答環節已經結束。

T his concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

And we thank you for your participation.

我們感謝您的參與。