Skechers USA Inc (SKX) 2024 Q3 法說會逐字稿

Greetings, and welcome to Skechers third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Skechers 2024 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

我現在想把會議交給 Skechers。謝謝。你可以開始了。

Good afternoon, everyone. Thank you for joining Skechers third quarter 2024 earnings conference call. My name is Melissa Tankersley, I'm a manager on our digital marketing team at Skechers, and have been with the company since 2021. My favorite style at Skechers is the Eden LX from our Court & Classics collection.

大家下午好。感謝您參加 Skechers 2024 年第三季財報電話會議。我叫 Melissa Tankersley，是 Skechers 數位行銷團隊的經理，自 2021 年以來一直在該公司工作。

Joining us on today's call are Skechers' Chief Operating Officer, David Weinberg; and Chief Financial Officer, John Vandemore.

加入我們今天電話會議的是 Skechers 營運長 David Weinberg；和財務長約翰·范德莫爾。

Before we begin, I would like to remind everyone of the company's safe harbor statement. Certain statements made on today's call contain 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.

在開始之前，我想提醒大家注意公司的安全港聲明。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的信念、計劃、目標、估計和期望及其未來業績和某些事件的陳述。

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

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

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 for more information on these risks and uncertainties that may affect the company's business, financial conditions, cash flow results of營運.

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 third quarter 2024 conference call. The third quarter marked a new quarterly sales record as we achieved $2.35 billion in sales, an increase of 16% or $323 million. Earnings per diluted share were $1.26, a 35% increase.

下午好，感謝您今天參加我們的 2024 年第三季電話會議。第三季創下了新的季度銷售記錄，銷售額達到 23.5 億美元，成長 16%，成長 3.23 億美元。稀釋後每股收益為 1.26 美元，成長 35%。

We saw significant growth in both our segments, 21% in wholesale, 9.6% in direct-to-consumer and balanced growth of 16% internationally and 15% domestically. These across-the-board increases and record sales are a testament to the widespread acceptance of our diverse product as customers and consumers increasingly look to Skechers as their source of innovative, comfortable footwear.

我們的兩個細分市場都實現了顯著成長，批發業務成長了 21%，直接面向消費者的業務成長了 9.6%，國際成長了 16%，國內成長了 15%。這些全面成長和創紀錄的銷售證明了我們多樣化產品的廣泛接受，因為客戶和消費者越來越多地將 Skechers 視為創新、舒適鞋類的來源。

Our product line offers a unique value proposition for our partners and consumers, providing style, comfort, quality and innovation at a reasonable price. These attributes differentiate Skechers. Our consistent focus on new products and delivering our signature comfort technology across the portfolio from sandals and boots to performance in sports styles is key. Consumers now seek Skechers comfort features knowing these styles offer more value.

我們的產品線為我們的合作夥伴和消費者提供了獨特的價值主張，以合理的價格提供時尚、舒適、品質和創新。這些屬性使 Skechers 與眾不同。我們對新產品的一貫關注，並在從涼鞋和靴子到運動風格的性能的產品組合中提供我們標誌性的舒適技術，這是關鍵。消費者現在尋求 Skechers 的舒適功能，因為他們知道這些款式可以提供更多價值。

For the Skechers Performance division, we see a significant opportunity to build on our existing performance business, which includes technical running, golf and pickleball footwear with the addition of new categories that will attract a broader audience.

對於 Skechers Performance 部門來說，我們看到了一個重大機會，可以在現有的 Performance 業務基礎上發展，其中包括技術跑步鞋、高爾夫鞋和匹克球鞋，並增加新的類別，以吸引更廣泛的受眾。

We are in the early stages of team sports with a growing roster of Olympians and elite athletes competing in our basketball, soccer, court and cleated footwear globally. Regardless of the sport and skill level, elite or recreational, athletes can trust that with Skechers, they will experience and enjoy comfort that performs.

我們正處於團隊運動的早期階段，全球越來越多的奧運選手和精英運動員穿著我們的籃球、足球、球場和防滑鞋參加比賽。無論運動和技能水平如何，無論是精英還是休閒，運動員都可以相信，有了 Skechers，他們將體驗並享受舒適的表現。

Raising awareness and creating purchase intent for our Lifestyle and Performance Technologies has been an integral part of our growth. We achieved this through both feature-focused marketing campaigns and by leveraging our strong team of ambassadors and athletes.

提高人們對我們的生活方式和性能技術的認識並創造購買意圖一直是我們發展不可或缺的一部分。我們透過以功能為中心的行銷活動以及利用我們強大的大使和運動員團隊實現了這一目標。

Earlier this quarter, Snoop Dogg and Philadelphia 76ers basketball star Joel Embiid both achieved golden moments at the Paris Games wearing Skechers. Joel and Team USA earned a gold metal and basketball while Snoop championed at around the world in his Skechers by Snoop Dogg Go shoes.

本季度早些時候，史努比狗狗 (Snoop Dogg) 和費城 76 人隊籃球明星喬爾恩比德 (Joel Embiid) 都穿著斯凱奇 (Skechers) 在巴黎奧運會上創造了黃金時刻。喬爾 (Joel) 和美國隊贏得了金牌和籃球獎，而史努比 (Snoop) 則穿著 Skechers by Snoop Dogg Go 鞋在世界各地奪得冠軍。

Also, earlier this year, Harry Kane, the celebrated striker and Skechers athlete received the Golden Boot Award as the leading scorer in Europe. And just last month, he competed in his limited edition Gold Skechers football boots while earning a gold cap for his 100th match on England's national team.

此外，今年早些時候，著名前鋒兼 Skechers 運動員 Harry Kane 作為歐洲最佳射手獲得了金靴獎。就在上個月，他穿著限量版 Gold Skechers 足球鞋參加比賽，並在代表英格蘭國家隊參加的第 100 場比賽中贏得了金帽。

For Lifestyle, we recently signed TV host Howie Mandel and launched the campaign featuring him across North America as well as former Dutch footballer, Ruud Gullit, whose slipping campaigns began airing last month in Europe. This month, we introduced our first ambassador for the Philippines, Pia Wurtzbach, who attracted crowds of fans at a Manila mall event.

對於《生活方式》，我們最近簽下了電視主持人豪伊·曼德爾(Howie Mandel)，並在北美推出了由他以及前荷蘭足球運動員路德·古力特(Ruud Gullit) 主持的宣傳活動，後者滑落的宣傳活動上個月開始在歐洲播出。本月，我們介紹了第一位駐菲律賓大使 Pia Wurtzbach，她在馬尼拉購物中心的活動中吸引了大批粉絲。

Overall, we experienced healthy consumer sentiment and shopping behavior for Skechers across channels as more of our comfort technology products become widely available. As we continue to drive purchase intent, infuse more innovation in more of our products and ensure that they're available globally, we remain focused on building efficiencies within our business to scale for profitable growth.

整體而言，隨著我們更多舒適科技產品的廣泛普及，我們在各通路對 Skechers 的消費者情緒和購物行為產生了健康的看法。隨著我們繼續推動購買意願、在更多產品中註入更多創新並確保它們在全球範圍內銷售，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 third quarter results in more detail. International sales increased 16% and represented 61% of our total sales. By region, we saw growth in EMEA of 30% due to increases across every market, and the Americas of 14% led by the United States and Canada. Additionally, APAC increased 7.4%, led by Japan, Korea and India.

更詳細地看看我們第三季的業績。國際銷售額成長 16%，占我們總銷售額的 61%。按地區劃分，歐洲、中東和非洲地區的成長率為 30%，得益於各個市場的成長，而美洲地區的成長率為 14%，其中以美國和加拿大為首。此外，以日本、韓國和印度為首的亞太地區成長了 7.4%。

We achieved impressive international sales growth while navigating challenges in certain markets, especially in China, where we continue to see pressure on consumer discretionary spend. With our established long-standing business in China and a strong team on the ground, we are confident in our ability to withstand these short-term impacts.

我們在應對某些市場的挑戰的同時，實現了令人印象深刻的國際銷售成長，特別是在中國，我們繼續看到消費者可自由支配支出面臨壓力。憑藉我們在中國的長期業務和強大的團隊，我們對承受這些短期影響的能力充滿信心。

In India, we saw an impressive rebound in the quarter with 24% growth. We continue to work closely with both our India team and regulators to further advance our local sourcing strategy. We are seeing positive trends and remain optimistic about the progress in this important market. We see tremendous opportunity not only in our lifestyle business, but also in performance.

在印度，本季我們看到了令人印象深刻的反彈，成長了 24%。我們繼續與印度團隊和監管機構密切合作，進一步推動我們的本地採購策略。我們看到了積極的趨勢，並對這個重要市場的進展保持樂觀。我們不僅在生活方式業務中看到了巨大的機遇，而且在業績方面也看到了巨大的機會。

We have long established run clubs across 10 cities and are branching into new sports. This year, we became the kid sponsors with the All India Pickleball Association and signed multiple players. For the introduction of Cricket footwear, we are also the kid sponsors for the Mumbai Indians signing multiple players from the Indian national team.

我們早已在 10 個城市建立了跑步俱樂部，並正在拓展新的運動領域。今年，我們成為全印度匹克球協會的兒童贊助商，並簽了多位球員。為了推出板球鞋，我們也是孟買印第安人隊的兒童贊助商，簽約了印度國家隊的多名球員。

In September, we announced the deal with NBA India to sponsor the Youth basketball team. The demand for our product is strong in India as demonstrated in the third quarter, and we will continue to invest in this important market.

9 月，我們宣布與 NBA India 達成贊助青年籃球隊的協議。正如第三季所表明的那樣，印度對我們產品的需求強勁，我們將繼續投資這個重要市場。

For wholesale, sales grew 21% due to increases of 26% domestically and 18% internationally. Our domestic wholesale strength reflects a healthier market that is embracing our comfort technologies. This resulted in double-digit increases across our men's, women's and kids footwear across our many product lines and significant improvements in volume.

對於批發而言，銷售額成長了 21%，其中國內銷售額成長了 26%，國際銷售額成長了 18%。我們的國內批發實力反映了一個更健康的市場正在擁抱我們的舒適技術。這使得我們許多產品線的男鞋、女鞋和童鞋的銷量實現了兩位數的增長，並且銷量顯著提高。

Within international wholesale, we saw a meaningful growth, especially in EMEA, due to continued demand for our innovative products and improved timing of shipments.

在國際批發領域，由於對我們創新產品的持續需求和出貨時間的改善，我們看到了有意義的成長，特別是在歐洲、中東和非洲地區。

Given the breadth of product offering available, direct-to-consumer continues to be a key indicator of consumer sentiment. Sales increased 9.6%, primarily due to an increase of 14% internationally with improvements in both our retail and e-commerce channel. Domestic direct to consumer sales improved 3.7% on top of last year's 14% increase primarily due to strong e-commerce growth as more consumers gravitated to shopping online.

鑑於可用產品的廣泛性，直接面向消費者仍然是消費者情緒的關鍵指標。銷售額成長 9.6%，主要是由於我們的零售和電子商務通路的改善，國際銷售額成長了 14%。國內直接面向消費者的銷售額在去年增長 14% 的基礎上增長了 3.7%，這主要是由於越來越多的消費者傾向於在線購物而導致電子商務強勁增長。

We ended the quarter with 5,332 Skechers branded stores worldwide, of which 1,743 are company-owned locations, including 592 in the United States. We opened 68 company-owned stores in the quarter, including 20 in China, 17 in the United States, 8 in Mexico, 5 in Korea and 3 in Colombia.

截至本季末，我們在全球擁有 5,332 家 Skechers 品牌商店，其中 1,743 家為公司自營店，其中 592 家位於美國。本季我們開設了 68 家公司自營店，其中中國 20 家，美國 17 家，墨西哥 8 家，韓國 5 家，哥倫比亞 3 家。

We closed 27 stores in the quarter. Also in the period, 121 third-party stores opened, including 56 in China, 14 in Indonesia, 10 in India, 7 in South Korea and 4 each in the Netherlands and Vietnam. This brings our third-party store count at quarter end to 3,589.

本季我們關閉了 27 家商店。同期，新開第三方商店121家，其中中國56家、印尼14家、印度10家、韓國7家、荷蘭及越南各4家。這使得我們季度末的第三方商店數量達到 3,589 家。

In the fourth quarter to date, we've opened 21 company-owned stores, including 7 big box stores in the United States and 4 locations in China. We expect to open a total of 55 to 60 company-owned stores worldwide in the fourth quarter.

到目前為止，第四季度我們已經開設了 21 家公司自營商店，其中包括美國的 7 家大型商店和中國的 4 家門市。我們預計第四季將在全球開設 55 至 60 家公司自營店。

From an investment perspective, our priorities include continuing to strengthen the product offering while amplifying demand creation and enhancing our worldwide operational capabilities, building our Skechers retail footprint and ensuring Skechers product is available where and when our diverse consumer base wants to shop.

從投資角度來看，我們的首要任務包括繼續加強產品供應，同時擴大需求創造並增強我們的全球營運能力，建立我們的斯凱奇零售足跡，並確保斯凱奇產品在我們多元化的消費者團體想要購物的地方和時間提供。

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

現在我想將電話轉給約翰，以了解有關我們財務業績的更多詳細資訊。

Thank you, David, and good afternoon, everyone. Skechers delivered record third quarter financial performance with sales of $2.35 billion, an increase of 16%; and earnings per share of $1.26, up 35%, driven by strong international growth across segments, continued momentum in domestic wholesale and durable gross margins.

謝謝大衛，大家下午好。 Skechers第三季財務業績創歷史新高，銷售額達23.5億美元，成長16%；每股收益為 1.26 美元，成長 35%，這得益於各細分市場強勁的國際成長、國內批發和持久毛利率的持續成長動能。

Our diverse portfolio of innovative comfort technology products, combined with our distinctive value proposition continues to attract and engage consumers, fortifying Skechers as a preferred brand within the industry. These results are particularly impressive considering the challenges we faced during the quarter and demonstrates the resilience of the Skechers brand.

我們多樣化的創新舒適技術產品組合，加上我們獨特的價值主張，不斷吸引消費者，鞏固 Skechers 作為行業首選品牌的地位。考慮到我們在本季面臨的挑戰，這些結果尤其令人印象深刻，並展示了斯凱奇品牌的韌性。

Let me address the market in China, where macroeconomic pressures and its impact on the consumer are well documented. Sales declined 5.7% year-over-year, which was below our initial expectations for the quarter. Our talented local team has responded by adjusting our near-term plans to navigate the uncertain situation and we have modest expectations for the balance of the year, including Singles Day.

讓我談談中國市場，那裡的宏觀經濟壓力及其對消費者的影響是有據可查的。銷售額年減 5.7%，低於我們對該季度的最初預期。我們才華橫溢的當地團隊已透過調整我們的近期計劃來應對不確定的局勢，我們對今年剩餘時間（包括雙十一）的預期不高。

Over the years, we have built an incredible brand in China and remain confident and optimistic about the long-term opportunities for Skechers in this market. In contrast to this challenge, we saw marked improvement in several of our international businesses, particularly in Europe, where our mitigation strategies to address supply chain delays bore fruit.

多年來，我們在中國建立了一個令人難以置信的品牌，並對斯凱奇在這個市場的長期機會保持信心和樂觀。與這項挑戰相反，我們看到我們的一些國際業務顯著改善，特別是在歐洲，我們解決供應鏈延誤的緩解策略在歐洲取得了成果。

We also saw a rebound in India where the continued collaboration between our local team, suppliers and regulators led to a meaningful turnaround from last quarter's results. Overall, we believe our double-digit sales growth in the quarter is a testament to the strength of our brand, the effectiveness of our global diversification and the nimble execution by our talented teams.

我們在印度也看到了反彈，當地團隊、供應商和監管機構之間的持續合作導致上季業績有意義的轉變。總體而言，我們相信本季兩位數的銷售額成長證明了我們品牌的實力、全球多元化的有效性以及我們才華橫溢的團隊的靈活執行力。

Turning to direct-to-consumer. Sales grew 9.6% year-over-year to $931.7 million. International was a key driver, growing 14% with increases in both retail and e-commerce channels across most markets. Domestic sales increased by 3.7% on top of 14% growth last year.

轉向直接面向消費者。銷售額年增 9.6% 至 9.317 億美元。國際業務是主要驅動力，隨著大多數市場零售和電子商務通路的成長，國際業務成長了 14%。國內銷售額在去年增長 14% 的基礎上增長了 3.7%。

We maintained growth in e-commerce while observing a gradual improvement in store traffic, which yielded stable retail sales. Based on early results, we expect similar direct-to-consumer trends in the fourth quarter, recognizing that the key holiday period remains ahead.

電商維持成長，門市人流逐步改善，零售額穩定。根據早期結果，我們預計第四季度將出現類似的直接面向消費者的趨勢，因為我們認識到關鍵的假期仍將到來。

In wholesale, sales increased 21% year-over-year to $1.42 billion. Domestic wholesale sales grew 26% or $107 million versus the prior year, driven by solid consumer demand and the increased capacity of our wholesale customers to embrace our Comfort technology products.

批發銷售額年增 21%，達到 14.2 億美元。由於消費者需求強勁以及批發客戶接受我們 Comfort 技術產品的能力增強，國內批發銷售額較上年增長 26%，即 1.07 億美元。

International wholesale sales increased 18% or $134.4 million, reflecting the robust consumer appetite for our brand across the globe, leading to double-digit growth in every region when excluding results in China. Based upon booking trends and early results, we anticipate wholesale will continue to deliver strong results through the fourth quarter.

國際批發銷售額成長 18%，即 1.344 億美元，反映出全球消費者對我們品牌的強勁需求，導致除中國以外的每個地區都實現兩位數成長。根據預訂趨勢和早期結果，我們預計批發業務將在第四季度繼續取得強勁業績。

Now turning to our regional sales. In the Americas, sales for the third quarter increased 14% year-over-year to $1.16 billion driven by continued momentum in domestic wholesale. The Americas direct-to-consumer business also grew impressively across nearly all markets, demonstrating continued consumer demand for our product.

現在轉向我們的區域銷售。在美洲，受國內批發持續成長動能的推動，第三季銷售額年增 14%，達到 11.6 億美元。美洲的直接面向消費者的業務在幾乎所有市場上也都取得了令人矚目的成長，這表明消費者對我們產品的持續需求。

In EMEA, sales increased 30% year-over-year to $625.6 million, driven by double-digit growth in both our wholesale and direct-to-consumer businesses. All channels exhibited outstanding growth in nearly every market, driven by strong consumer demand and wholesale benefiting from improved product availability.

在歐洲、中東和非洲地區，在批發和直接面向消費者業務兩位數成長的推動下，銷售額年增 30% 至 6.256 億美元。在強勁的消費者需求和受益於產品可用性改善的批發的推動下，所有通路幾乎在每個市場都呈現出顯著的成長。

In Asia Pacific, sales increased 7.4% versus the prior year to $566 million, with results impacted by the aforementioned challenges in China. Excluding China, sales grew an impressive 21%, reflecting a remarkable turnaround in India as well as broad strength across channels in most markets.

在亞太地區，銷售額較上年增長 7.4% 至 5.66 億美元，業績受到上述中國挑戰的影響。除了中國外，銷售額成長了 21%，令人印象深刻，反映出印度的顯著轉變以及大多數市場跨通路的廣泛實力。

Gross margin was 52.1%, down 80 basis points compared to the prior year, primarily due to a lower average selling price from slightly higher levels of promotional activity in certain markets. Operating expenses decreased 30 basis points as a percentage of sales year-over-year to 42.2%.

毛利率為 52.1%，較上年下降 80 個基點，主要是由於某些市場促銷活動水準略高而導致平均售價下降。營運費用佔銷售額的比例年減 30 個基點至 42.2%。

Selling expenses as a percentage of sales increased 20 basis points versus last year to 9%. As mentioned in prior quarters, the higher spend was largely focused on brand-building investments and increasing awareness for our latest comfort technologies and new categories.

銷售費用佔銷售額的百分比比去年增加了 20 個基點，達到 9%。正如前幾季所提到的，較高的支出主要集中在品牌建立投資和提高對我們最新舒適技術和新類別的認知度。

General and administrative expenses decreased 40 basis points as a percentage of sales to 33.2% with the leverage primarily driven by efficiencies realized in our distribution network. Earnings from operations were $233.4 million, an increase of 9.5% compared to the prior year, and operating margin for the quarter was 9.9% compared to 10.5% last year.

一般及管理費用佔銷售額的百分比下降了 40 個基點至 33.2%，槓桿率主要由我們分銷網絡實現的效率驅動。營運利潤為 2.334 億美元，比去年同期成長 9.5%，本季營業利益率為 9.9%，而去年同期為 10.5%。

Other income was $11.9 million, an increase of $18.9 million compared to the prior year, driven by favorable foreign currency exchange rates and increased interest income.

在有利的外幣匯率和利息收入增加的推動下，其他收入為 1,190 萬美元，比上年增加 1,890 萬美元。

Our effective tax rate for the third quarter was 14.7% compared to 19.5% in the prior year, reflecting the release of certain allowances and other provision adjustments. Earnings per share were $1.26 per diluted share, a 35% increase compared to the prior year on $153.7 million weighted average diluted shares outstanding.

我們第三季的有效稅率為 14.7%，而去年同期為 19.5%，反映了某些免稅額和其他撥備調整的釋放。稀釋後每股收益為 1.26 美元，較上年增長 35%，加權平均稀釋後流通股為 1.537 億美元。

And now turning to our balance sheet. Inventory was $1.71 billion, an increase of 24% or $324.8 million compared to the prior year. The increase resulted from higher inventory levels in China and elevated in-transit inventory, particularly in EMEA, which we believe will be remedied as market conditions stabilize and supply chain constraints continue to improve.

現在轉向我們的資產負債表。庫存為 17.1 億美元，比上年增長 24%，即 3.248 億美元。這一增長是由於中國庫存水平較高以及在途庫存增加所致，特別是在歐洲、中東和非洲地區，我們相信，隨著市場狀況穩定和供應鏈限制持續改善，這一問題將得到糾正。

Accounts receivable at quarter end were $1.19 billion, an increase of $257.7 million compared to the prior year, reflecting higher wholesale sales. We ended the quarter with $1.6 billion in cash, cash equivalents and investments and maintained liquidity of $2.42 billion when including our revolving credit facility.

季末應收帳款為 11.9 億美元，比上年增加 2.577 億美元，反映出批發銷售額的增加。本季結束時，我們擁有 16 億美元的現金、現金等價物和投資，並在包括循環信貸額度的情況下保持了 24.2 億美元的流動性。

Capital expenditures for the quarter were $113.9 million, of which $56.3 million related to new store openings and enhancing our direct-to-consumer technologies, $22.6 million for the expansion of our corporate offices and $17.1 million for investments in our distribution infrastructure.

本季的資本支出為1.139 億美元，其中5,630 萬美元用於新店開業和增強我們的直接面向消費者技術，2,260 萬美元用於擴大我們的公司辦事處，1,710 萬美元用於投資我們的分銷基礎設施。

Our capital investments are focused on supporting our strategic priorities, which include maintaining our best-in-class distribution capabilities, growing our direct-to-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，其中包括保持我們一流的分銷能力、發展我們的直接面向消費者的細分市場以及擴大我們在全球的品牌影響力。

During the quarter, we repurchased approximately 1.4 million shares of our Class A common stock at a cost of $90 million. We continue to deploy our capital consistent with our stated philosophy, while maintaining a durable balance sheet and ample liquidity.

本季度，我們以 9,000 萬美元的成本回購了約 140 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足的流動性。

Now turning to guidance. For the full year 2024, we expect sales in the range of $8.925 billion to $8.975 billion, and earnings per diluted share in the range of $4.20 to $4.25, representing annual growth of 12% and 21%, respectively, at the midpoint. This implies fourth quarter sales in the range of $2.165 billion to $2.215 billion, and earnings per diluted share in the range of $0.70 to $0.75.

現在轉向指導。對於 2024 年全年，我們預計銷售額將在 89.25 億美元至 89.75 億美元之間，攤薄後每股收益將在 4.20 美元至 4.25 美元之間，年增長率中位數分別為 12% 和 21%。這意味著第四季銷售額在 21.65 億美元至 22.15 億美元之間，攤薄後每股收益在 0.70 美元至 0.75 美元之間。

Our effective tax rate for the year is expected to be between 18% and 19%, and minority interest is expected to grow in line with total sales. Capital expenditures are anticipated to be between $375 million and $400 million for the year.

我們今年的有效稅率預計在 18% 至 19% 之間，少數股東權益預計將隨著總銷售額的成長而成長。今年的資本支出預計在 3.75 億美元至 4 億美元之間。

We remain committed to achieving $10 billion in sales by 2026, and delivering sustainable, long-term and profitable growth. We thank you all for your time today and look forward to updating you on our fourth quarter results, which we expect to release on Thursday, February 6, 2025.

我們仍然致力於在 2026 年實現 100 億美元的銷售額，並實現可持續、長期和盈利的成長。感謝大家今天抽出寶貴時間，並期待向您通報我們第四季業績的最新情況，我們預計將於 2025 年 2 月 6 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. As the comfort technology company with innovations that include Skechers hands-free slip-ins, Skechers Arch Fit, Skechers Air-cooled memory form, Hyper Burst, fit knit and many more technologies, we are focused on designing products that consumers both want and need at a reasonable price, and delivering it through their preferred distribution channels.

謝謝你，約翰。作為一家擁有 Skechers 免提套鞋、Skechers Arch Fit、Skechers Air-cooled Memory Form、Hyper Burst、Fit knit 等創新技術的舒適科技公司，我們專注於設計消費者想要和需要的產品以合理的價格，並透過他們首選的分銷管道交付。

Our consumer-centric philosophy and innovative and comfort-driven mindset across our diverse product portfolio is what differentiates us, and is what drives us to excel and results in record-breaking sales.

我們以消費者為中心的理念以及多元化產品組合中創新和舒適驅動的理念是我們的獨特之處，也是我們不斷追求卓越並創造破紀錄銷售業績的動力。

With fresh products to introduce, campaigns to support and opportunities to explore around the world, we will continue to invest in the brand, our infrastructure and our people. We remain committed to design best-in-class and best-in-value products for consumers and to profitably grow the company as we bring comfort to people from all walks of life.

透過推出新產品、支援活動和探索世界各地的機會，我們將繼續投資於品牌、基礎設施和員工。我們始終致力於為消費者設計一流和最有價值的產品，並在為各行各業的人們帶來舒適的同時實現公司的獲利成長。

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

一如既往，我們感謝整個 Skechers 組織和我們寶貴的合作夥伴為我們今年和未來實現盈利成長所做的貢獻。

Now I'd 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)

（操作員說明）

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

David, John, my question is about domestic wholesale growth. 26% is a really big number. You mentioned that some of the drivers were increased capacity of your customers to, I think, add SKUs and just adoption of new technologies. Can you just elaborate a little bit more on where the growth is coming from, what categories, like how you're able to achieve such high growth in domestic wholesale? Thank you.

大衛、約翰，我的問題是關於國內批發成長的。 26%確實是一個很大的數字。您提到，我認為，一些驅動因素是客戶增加 SKU 的能力以及採用新技術。您能否詳細說明成長來自何處、哪些類別，例如國內批發業務如何實現如此高的成長？謝謝。

Jay, I mean, we need to keep in mind where we were last year with the domestic wholesale marketplace. And we spoke quite a bit about the inability of certain customers, either because they had too much inventory. They didn't have an open to buy to fully embrace our comfort technology products.

傑伊，我的意思是，我們需要記住去年國內批發市場的情況。我們多次談到某些客戶的無能為力，要么是因為他們的庫存太多。他們沒有機會完全接受我們的舒適科技產品。

And what you're seeing is after a year of maturation market, and quite frankly, the success of those products, those customers are coming back and they're able to fully embrace the line. It is our comfort technology products that's succeeding in the market both in our own stores, our own retail, online as well as with our wholesale partners.

你所看到的是，經過一年的市場成熟，坦白說，這些產品的成功，這些客戶正在回來，他們能夠完全接受該產品線。我們的舒適科技產品在我們自己的商店、我們自己的零售店、網路上以及我們的批發合作夥伴的市場上取得了成功。

So the primary driver is an ability that was not there last year to really fully embrace the comfort technology message and product that Skechers is putting forward. And obviously, that's supported by the marketing that we're doing to really drive consumer awareness of the technology, of the products that incorporate the technology.

因此，主要驅動力是去年沒有的能力，能夠真正完全接受 Skechers 提出的舒適技術資訊和產品。顯然，我們正在進行的行銷活動支持了這一點，以真正提高消費者對技術以及採用該技術的產品的認識。

Got it. And maybe if we can also talk about India. It sounds like that market has seen some real progress in the last 90 days. Can you just tell us a little bit more about what you're seeing there? And just give us an idea of how important is India to future growth, like where -- how big is the market today for Skechers? And where do you think you can go over time?

知道了。也許我們也可以談談印度。聽起來該市場在過去 90 天內確實取得了一些進展。您能告訴我們更多有關您在那裡看到的情況嗎？讓我們來了解印度對未來成長有多重要，例如斯凱奇目前的市場有多大？隨著時間的推移，你認為你可以去哪裡？

Well, you know we're not going to say how big the market is, but I appreciate you asking. But it's an incredibly important strategic priority for the company. Keep in mind that we've been growing exceptionally well in India really for the last 8 to 10 years.

好吧，你知道我們不會說市場有多大，但我很高興你提出這個問題。但這對公司來說是一個極為重要的策略重點。請記住，過去 8 到 10 年來，我們在印度的發展一直非常出色。

What you saw last quarter, as we mentioned, was a bit of anomaly in our view, in part because of some of the regulatory changes that had been made that we had not yet had an ability to fully respond to. You saw some alleviation of that, that allowed us to get inventory into the market in a concentrated way and that really bore a lot of fruit this quarter.

正如我們所提到的，我們認為上個季度的情況有點反常，部分原因是我們尚未有能力完全應對一些監管變化。您看到了這種情況的一些緩解，這使我們能夠以集中的方式將庫存投入市場，並且本季度確實取得了許多成果。

In addition, as we mentioned in our prepared remarks, we are seeing tremendous progress in collaboration between our teams, our suppliers and the regulator that we believe will set the table for longer-term success similar to what we've seen up to this point in time.

此外，正如我們在準備好的發言中提到的，我們看到我們的團隊、供應商和監管機構之間的合作取得了巨大進展，我們相信這將為長期成功奠定基礎，類似於我們迄今為止所看到的那樣及時。

So we remain optimistic. There are challenges ahead associated with incorporating a stronger supplier base locally, but it's something we're working on diligently. And again, this quarter, I think, is the right example of when we can bring inventory to market in the right way, with the right balance across our product line, it succeeds and succeeds wildly in that market. And it's one we're very excited about for the future.

所以我們保持樂觀。在本地整合更強大的供應商基礎方面面臨挑戰，但這是我們正在努力解決的問題。我認為，本季度是一個正確的例子，說明我們能夠以正確的方式將庫存推向市場，並在我們的產品線中保持適當的平衡，從而在該市場取得成功並取得巨大成功。我們對未來感到非常興奮。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

David, John, I wanted to ask about the guide for top line. I know you raised the bottom end of the range a little bit. Obviously, in recent conferences, you talked about your expectations for China to be more muted for the back half. So I'm just curious to know what's the offset there that drove a little bit more upside for the top line for the year?

大衛、約翰，我想問頂線指南。我知道你把範圍的下限提高了一點。顯然，在最近的會議上，您談到了對中國後半段更加低調的期望。所以我只是想知道是什麼抵銷了今年營收的成長？

Well, I'd say you hit on the most sizable unknown at the moment, which is the market in China. I talked about that in our prepared remarks. Again, I would stress that long term, we remain fully confident in our opportunity there as a brand.

嗯，我想說你觸及了目前最大的未知數，那就是中國市場。我在準備好的發言中談到了這一點。我再次強調，從長遠來看，我們對我們作為一個品牌的機會仍然充滿信心。

Our talented team there is working to adapt to the environment we're in. And so that's been the biggest net deduct from our view. But obviously, the strength of what we delivered this quarter gave us the confidence to raise that guidance, which I recollect is the second quarter in a row we've done that.

我們才華橫溢的團隊正在努力適應我們所處的環境。但顯然，我們本季交付的實力讓我們有信心提高這項指導，我記得這是我們連續第二季這樣做。

And that's on the back of the strength you saw domestically, you saw in international markets outside of China, really everywhere. As we noted, the wholesale growth across regions, if you exclude China, was all double digits. So what you're seeing is the product coming through, the brand coming through. I think the macroeconomic environment in China will resolve itself. I think it's just a question of how quickly and in what manner.

這是基於你在國內看到的實力，你在中國以外的國際市場上看到的，真的無所不在。正如我們所指出的，如果不包括中國，各地區的批發增長均為兩位數。所以你看到的是產品的出現、品牌的出現。我認為中國的宏觀經濟環境會自行解決。我認為這只是一個多快、以什麼方式的問題。

Right now, I would tell you, what we're eagerly watching is the early returns of Singles Day, which has started out nicely. It's a long way to go, obviously, much like I would probably caution about the holiday season in the direct-to-consumer business as a whole.

現在，我想告訴你，我們熱切關注的是光棍節的早日回歸，光棍節的開局不錯。顯然，還有很長的路要走，就像我可能會警告整個直接面向消費者的業務的假期一樣。

But so far, what we've seen has been encouraging. We'll just want to wait it out and see how the entire holiday plays out. But that's kind of the net effect of what we changed in our guidance to bring it up by what I would consider to be not so small amount.

但到目前為止，我們所看到的情況令人鼓舞。我們只想等待，看看整個假期如何進行。但這是我們在指導中所做的改變的淨效應，我認為這個改變的幅度並不小。

Very helpful. And then maybe just a 2-part question here. John, I think you mentioned the higher level of in-transit inventory, particularly around the Red Sea. Can you maybe kind of frame us how much do you think leakage will go into 4Q on revenues for top line as we kind of try to model out EMEA? And then second part of the question is really on the gross margin.

非常有幫助。然後這裡可能只是一個由兩個部分組成的問題。約翰，我想你提到了較高水準的在途庫存，特別是在紅海周圍。您能否告訴我們，當我們嘗試模擬歐洲、中東和非洲地區時，您認為第四季度營收的洩漏將有多少？問題的第二部分實際上是關於毛利率。

I think that's a little bit of a surprise for many that the GM was down 80 bps. I can see our bridge for the wholesale and DTC gross margins. Maybe can you just provide a little bit more color. I think you talked about a little bit more discounting. Maybe you can kind of frame how we should think about the fourth quarter gross margin for the audience.

我認為，通用汽車指數下跌了 80 個基點，這對許多人來說有點意外。我可以看到我們的批發和 DTC 毛利率橋樑。也許你可以提供更多一點的顏色。我想你談到了更多的折扣。也許您可以為觀眾建立一個我們應該如何思考第四季毛利率的框架。

Let me touch on the gross margin first. I would also just note, we set an incredibly attractive gross margins vis-a-vis our historical. Even though we're seeing a little bit of volatility in between quarters, we think the gross margin that we've established certainly reflects an intense and successful effort over the years to bring the gross margin up pretty significantly. So I don't want to lose sight of that.

讓我先談談毛利率。我還想指出的是，與我們的歷史相比，我們設定了非常有吸引力的毛利率。儘管我們看到季度之間存在一些波動，但我們認為我們所建立的毛利率肯定反映了多年來為顯著提高毛利率而付出的巨大而成功的努力。所以我不想忽視這一點。

I would say we had cautioned all along that with the factors at play in particular on freight, but also the environment in China, also just the natural cadence of when you offer product on discount. We were going to see a little bit of movement.

我想說的是，我們一直在警告，考慮到影響因素，特別是貨運因素，還有中國的環境，以及提供折扣產品時的自然節奏。我們將會看到一點動靜。

We didn't project that this gross margin was going to see a leap like you saw last quarter. So it's pretty much in line with what we expected, probably with the caveat that some of the international markets that we've mentioned came under a little bit of pressure, most notably China.

我們預計毛利率不會像上季那樣出現飛躍。因此，這與我們的預期非常一致，可能需要注意的是，我們提到的一些國際市場面臨一點壓力，尤其是中國。

As we look forward, I would probably guide you to be flat to up a little, down a little for the fourth quarter as compared to last year. We are seeing, and certainly, we've talked about this, the impacts of the increased freight, particularly to Europe but also to other markets that we incurred over the course of the early summer. We want to see that roll through, that will come through. And that was also a bit of the offset at play in the current quarter.

展望未來，我可能會指導您第四季度與去年相比持平或略有上升、略有下降。我們正在看到，當然，我們已經討論過這一點，運費增加的影響，特別是對歐洲的影響，以及我們在初夏期間遭受的其他市場的影響。我們希望看到這一點得以實現，最終將會實現。這也是本季發揮的一些抵銷作用。

So I would say we get to kind of a flat gross margin, which would be an attractive gross margin, 53.1%, if I'm not mistaken. That's a good outcome in our view, given all that's going on. Relative to inventory, 2 main factors there. Obviously, the sales performance in China was, as we mentioned, unanticipated.

所以我想說，如果我沒記錯的話，我們的毛利率將達到一個持平的水平，這將是一個有吸引力的毛利率，53.1%。考慮到正在發生的一切，我們認為這是一個很好的結果。相對於庫存，有兩個主要因素。顯然，正如我們所提到的，中國的銷售業績是出乎意料的。

That almost always has a knock-on effect on the short-term to inventory. It's one we're actively addressing. It doesn't give us any pause for concern long term, but it is a situation we'll have to remedy in the future simply because our expectations there were not met.

這幾乎總是會對短期庫存產生連鎖反應。這是我們正在積極解決的問題。從長遠來看，這並沒有讓我們停下來擔心，但我們將來必須糾正這種情況，因為我們的期望沒有得到滿足。

The other is just a continuation of the in-transit issue we saw last quarter. I would say it definitely got better this quarter, but we're still dealing with some elevated in-transit numbers, particularly in EMEA, but also a little bit in a few other markets. But again, we expect that to remedy itself. And that's all included in the guidance that we provided.

另一個只是我們在上季度看到的運輸途中問題的延續。我想說，本季情況肯定有所好轉，但我們仍在處理一些在途人數增加的問題，特別是在歐洲、中東和非洲地區，但在其他一些市場也有一些情況。但我們再次希望這種情況能夠自行解決。這些都包含在我們提供的指南中。

Super helpful, John. Thank you very much and best of luck for the holiday season.

超級有幫助，約翰。非常感謝您，祝您假期好運。

Jim Duffy, Stifel.

吉姆·達菲，斯蒂菲爾。

John, to start, a couple of clarification questions. In your prepared remarks, you talked about wholesale continuing to deliver strong growth in the fourth quarter and you spoke to remedy of the inventory situation. Were those global comments more specific to EMEA, which I think you were discussing just prior to each of those comments?

約翰，首先要澄清幾個問題。在您準備好的演講中，您談到批發在第四季度繼續實現強勁增長，並談到了庫存狀況的補救措施。這些全球評論是否更具體針對歐洲、中東和非洲地區（我認為您在每條評論之前都討論過這一點）？

Well, I would say it's a global comment. Obviously, we have to weigh factors that are probability weighted by market. So there's not one number. It's a range of perspectives. But it was intended to be a global indication, which, again, we take as a tremendous sign of the strength of the brand to be able to continue to push forward at kind of a mid- to high teens rate in wholesale would be fantastic. So it was generally intended to be global.

嗯，我想說這是一個全球性的評論。顯然，我們必須權衡以市場機率加權的因素。所以沒有一個數字。這是一連串的觀點。但它的目的是成為一個全球性的指標，我們再次將其視為該品牌實力的一個巨大標誌，如果能夠繼續以中高青少年的批發率向前推進，那就太棒了。因此，它通常是全球性的。

Great. And then I wanted to ask on China. Your comments at a conference mid-September preceded the announcement of stimulus. Since then, we've had Golden Week. Have you seen any uptick in consumer activity in the China marketplace since? Or is it really still quite stagnant. And if you could, in that context, speak to the pathway to remedy the inventory situation in China?

偉大的。然後我想問有關中國的問題。您在九月中旬宣布刺激措施之前的一次會議上發表的評論。從那時起，我們就迎來了黃金週。此後您是否發現中國市場的消費者活動增加？或者說它真的還是停滯不前嗎？在此背景下，您能否談談解決中國庫存狀況的途徑？

Well, one thing we have to keep in mind is that there's been an adjustment. You're seeing the double 11 holiday has started earlier than in the past. So I'm not entirely confident that we're a very comparable experience as compared to last year. I will say, as I mentioned previously, kind of the early read so far are good, and we've been pleased with those.

好吧，我們必須記住的一件事是，已經進行了調整。你看雙11假期比以往更早。因此，我並不完全相信我們的體驗與去年非常相似。我想說，正如我之前提到的，到目前為止的早期閱讀都很好，我們對此感到滿意。

It's still too early, though, to make, I think, a firm comment on what we're seeing. I would say, as we noted in our prepared remarks, we believe we've derisked China going forward. And that's what we alluded to in some of the conference events that we spoke at earlier in the year.

不過，我認為現在對我們所看到的情況做出堅定的評論還為時過早。我想說，正如我們在準備好的演講中指出的那樣，我們相信我們已經消除了中國前進的風險。這就是我們在今年早些時候的一些會議活動中提到的內容。

I think that's derisked pretty well in the forward guidance. What I think is remarkable in that, and I'd ask everybody to take note is even with that this quarter, we've shown pretty robust top line growth. And obviously, the guide is for additional top line growth that I think is fairly remarkable.

我認為前瞻性指引中已經很好地規避了這個風險。我認為值得注意的是，我要求大家注意的是，即使在本季度，我們也表現出了相當強勁的營收成長。顯然，該指南是為了額外的收入成長，我認為這是相當顯著的。

So if you think about that in the context of our overall strategy, I think it speaks to the strength of the diversification geographically that we have in our portfolio that I think is relatively unique and I think probably one of the great strengths of the business people don't fully grasp. So again, we think we've derisked it. Early reads are generally positive, but it's still very early.

因此，如果你在我們的整體策略的背景下考慮這一點，我認為這說明了我們投資組合中地理多元化的優勢，我認為這是相對獨特的，我認為這可能是商界人士的巨大優勢之一沒有完全掌握。所以，我們再次認為我們已經消除了它的風險。早期的解讀通常是正面的，但現在還為時過早。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Congrats on a great quarter. I just wanted to focus in just on SG&A here. It sounds like there might be an opportunity for you guys to curtail some of the selling expenses (technical difficulty). I'm just trying to understand kind of where should that go as a percentage of sales over time. It's definitely elevated versus history. And then really the same thing on G&A, just how you're thinking about that in the near term and long term and where that can go from these elevated levels.

恭喜您度過了一個出色的季度。我只想在這裡重點關注 SG&A。聽起來你們可能有機會削減一些銷售費用（技術難度）。我只是想了解隨著時間的推移，它在銷售額中所佔的百分比應該如何變化。與歷史相比，這絕對是高的。然後，在一般行政費用方面也是同樣的事情，就是你如何看待短期和長期的問題，以及從這些高水準來看，可以走向何方。

Yes. So Alex, as we started the year, I think we were pretty clear about over investing early on a marketing basis in large part to drive awareness for our comfort technologies and some of the newer categories we're launching. We had started that last year in the fourth quarter. So as you look at it from a comparable basis in the fourth quarter, there's much less of a differential from a leverage, deleverage perspective.

是的。因此，亞歷克斯，在我們年初的時候，我認為我們非常清楚在行銷方面的早期過度投資，這在很大程度上是為了提高人們對我們的舒適技術和我們正在推出的一些新類別的認識。我們去年第四季就開始了這項工作。因此，當你從第四季的可比基礎來看時，從槓桿和去槓桿的角度來看，差異要小得多。

So I would say that we generally expect to see a little bit of leverage out of marketing. It's also obviously a testimony to the strength of the top line that we're envisioning. I would also want to call out our distribution team did a great job. We saw leverage there, and that definitely flowed through, and that's why you saw some G&A leverage.

所以我想說，我們通常希望看到行銷發揮一點作用。這顯然也證明了我們所設想的營收實力。我也想讚揚我們的發行團隊做得很好。我們在那裡看到了槓桿作用，而且肯定會流動，這就是為什麼你看到了一些一般行政費用槓桿作用。

There also is, to be fair, a bit of incomparability because, as we noted in Q2, due to the delays from the supply chain, some of the sales that we would have expected to occur naturally in Q2 came through in Q3. That's certainly something we had to work to achieve. It didn't come free. So again, I wouldn't want to take anything away from the leverage achieved, but there is -- with the sales -- the record sales we posted this quarter, there is some leverage in that naturally.

公平地說，也存在一些不可比性，因為正如我們在第二季度指出的那樣，由於供應鏈的延遲，我們預計在第二季度自然發生的一些銷售在第三季度實現了。這當然是我們必須努力實現的目標。它不是免費的。再說一次，我不想從所實現的槓桿作用中奪走任何東西，但是隨著銷售量的增加，我們本季度發布的創紀錄的銷售額，這自然是有一些槓桿作用的。

So I'd say in general, we're looking forward. I don't think there will be significant leverage or deleverage in the OpEx base as it stands at the moment. But that is obviously predicated on a lot to come, in particular, the holiday season.

所以我想說，總的來說，我們很期待。我認為目前的營運支出基礎不會有顯著的槓桿或去槓桿化。但這顯然是基於未來的許多事情，特別是假期。

Great. Maybe just one more quick bigger picture question. As you guys are kind of getting it sounds like more traction with this comfort technology, it's been more appreciated, maybe there's some restocking happening and you guys are expanding into new categories. Is this like opening up what types of wholesale partners that you guys can work with beyond what you've historically done? Or how is your kind of wholesale partner network changing, if at all?

偉大的。也許只是一個更快速的大局問題。當你們覺得這種舒適技術聽起來更有吸引力時，它受到了更多的讚賞，也許正在進行一些補貨，你們正在擴展到新的類別。這是否就像開放了你們可以與哪些類型的批發合作夥伴合作，超越了你們以往的合作範圍？或者您的批發合作夥伴網路正在發生怎樣的變化（如果有的話）？

I don't think it's kind of early to see a major change in that. But we're getting tests. We're doing little pieces around the world. Our movement into technical athletics is positive for the brand in general, wherever it is. And we do a lot of our own sales online, direct-to-consumer, so there's plenty of outlets for it. This is just the very, very early stages.

我認為現在看到這方面的重大變化還為時過早。但我們正在進行測試。我們在世界各地做一些小事。我們進軍科技運動領域對整個品牌來說都是正面的，無論它在哪裡。我們自己進行很多線上銷售，直接面向消費者，因此有很多銷售管道。這只是非常非常早期的階段。

And I think we still have a ways to go before we become a major player in that field, but we are certainly taking some steps, and it's certainly working for us, and we're getting some positive feedback around the world in some places, certainly more than others.

我認為，在成為該領域的主要參與者之前，我們還有很長的路要走，但我們肯定正在採取一些步驟，這肯定對我們有用，而且我們在世界各地的某些地方得到了一些積極的回饋，肯定比其他人多。

So I think it's the early stages. We don't have any really preconceived notions. Our goal has always been to make the product available wherever consumers want to buy it. So I would think, and I do feel personally, that as we continue to build this, there will become a demand in some of those avenues that we haven't been in, and it will give us an opportunity to get started.

所以我認為現在還處於早期階段。我們沒有任何先入為主的觀念。我們的目標始終是讓消費者在任何想要購買的地方都能買到產品。因此，我認為，而且我個人確實認為，隨著我們繼續建造這一項目，我們尚未涉足的一些途徑將會出現需求，這將為我們提供一個開始的機會。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

John, just a follow-up on US wholesale. Can you elaborate on how your spring order book is faring and just want to gauge your confidence in growing the domestic wholesale business next year, given the strength so far this year? And then also within the channel, just your assessment on the state of inventory would be very helpful.

約翰，只是美國批發的後續行動。您能否詳細說明您的春季訂單情況，並想衡量一下您對明年國內批發業務成長的信心（考慮到今年迄今為止的實力）？然後，在通路內，您對庫存狀況的評估也會非常有幫助。

It's a little early to be talking about '25. I mean what I can say at this point in time, we've generally been pleased both with the early-stage bookings that we've seen and the conversations we're having with our customers. We just had an opportunity to have them in for a review of the product that's forthcoming next year.

現在談論「25」還為時過早。我的意思是，我現在可以說的是，我們總體上對我們所看到的早期預訂以及我們與客戶的對話感到滿意。我們剛剛有機會讓他們對明年即將推出的產品進行審查。

And I would characterize most of the conversations is very healthy and encouraging. But it's a little early to be specific, Chris. So I'd probably leave it there.

我認為大多數對話都是非常健康和鼓舞人心的。但現在說具體情況還為時過早，克里斯。所以我可能會把它留在那裡。

Okay. And just on just the overall state of inventory in the channel, like how are you feeling about that heading into the holidays?

好的。就頻道中的庫存整體狀況而言，您對假期即將到來的感覺如何？

Good, good. We don't -- again, we've talked about this last year. We haven't seen any significant imbalances. I mean, you definitely need to look at it at the -- almost at the customer level, not kind of the regional level. But when we do that, we don't see any significant imbalances in the aggregate. There's some spots here or there where you see some either sell-through outpacing inventory deliveries or the reverse.

好，好。我們不會——再說一遍，我們去年已經討論過這個問題了。我們沒有看到任何重大的不平衡。我的意思是，你肯定需要在幾乎客戶級別而不是區域級別來看待它。但當我們這樣做時，我們並沒有看到整體上有任何重大的不平衡。在某些地方，您會看到一些產品的銷售量超過了庫存交付量，或者相反。

But I would say, in general, we feel pretty good about where inventories sit. Obviously, the key holiday selling period is ahead of us. So we're going to watch that carefully. But at the moment, I would characterize it as fairly balanced.

但我想說，總的來說，我們對庫存狀況感覺很好。顯然，關鍵的假期銷售期即將到來。所以我們要仔細觀察。但目前，我認為它是相當平衡的。

And even though we do have a slightly higher than planned inventory level in certain locations, it's all new inventory, very little static inventory even in China. So we feel pretty good about the composition of the inventory we have as well as that, which is in the market.

儘管我們在某些​​地點的庫存水準確實略高於計劃，但都是新庫存，即使在中國，靜態庫存也很少。因此，我們對我們擁有的庫存以及市場上的庫存組成感到非常滿意。

Yes. I will tell you, in those meetings, the feedback has all been very positive. And I will tell you from an operational perspective, we don't have any backup at our distribution centers. It's not like anybody is looking to hold back. Even though October historically for us has been a very weak month as far as shipments to wholesale this year, because we have been running late, no one's not taken it and it will hold up significantly better for October.

是的。我會告訴你，在那些會議中，回饋都是非常正面的。我將從營運角度告訴您，我們的配送中心沒有任何備份。似乎沒有人想要阻止。儘管從歷史上看，十月對我們來說是今年批發出貨量非常疲軟的月份，但因為我們一直遲到，沒有人不接受，十月的情況會好得多。

So there's nothing really that we see that anybody's backing away or has enough or too much inventory at the present time. And anecdotally, the comments we have on what we've shown our wholesale partners and even our own retail people has been very, very positively received. So as we get new stuff into the marketplace, we'll have a better idea of how well that will fare next year.

因此，我們目前並沒有看到任何人在退縮，也沒有看到任何人有足夠或太多的庫存。有趣的是，我們對批發合作夥伴甚至我們自己的零售人員展示的產品的評論得到了非常非常積極的反響。因此，當我們將新產品推向市場時，我們將更了解明年的表現如何。

(Operator Instructions)

（操作員說明）

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

I wanted to ask on ASPs. Just to get a -- foresee the pricing dynamics play out for the fourth quarter. I know you will be lapping some more challenging compares on the domestic DTC side. And just how do you expect pricing to play out during the holiday quarter, if you just think about consumers continuing their value-seeking behavior? And just how do you see industry promotions? Have those changed at all? Or how would you characterize the level of promotionality?

我想問一下ASP。只是為了預測第四季的定價動態。我知道您將在國內 DTC 方面進行一些更具挑戰性的比較。如果您只考慮消費者繼續追求價值的行為，您預期假期期間的定價會如何發揮？您如何看待業界促銷活動？這些有改變嗎？或您如何描述促銷水平？

I would characterize promotionality as pretty stable. When we're using promotions, they are proving effective. So it's a pretty small envelope of promotions we're using, but those are the ones that have, over the course of the last 1.5 years or so, proven to yield results. So I would characterize that as stable.

我認為促銷活動非常穩定。當我們使用促銷時，事實證明它們是有效的。因此，我們使用的促銷活動規模相當小，但在過去 1.5 年左右的時間裡，這些促銷活動已被證明能夠產生效果。所以我認為這是穩定的。

I think in some of the comparability on ASPs is going to adjust in the fourth quarter, given where we were last year. And again, in that instance, we're talking about product that would have been an exclusion in the prior year, but because it's a year older, it starts to fold into some of our discounts.

我認為，鑑於去年的情況，平均售價的某些可比性將在第四季度進行調整。再說一次，在這種情況下，我們談論的是前一年被排除在外的產品，但因為它已經過去一年了，所以它開始包含在我們的一些折扣中。

So that incomparability of which I think this is largely the last quarter, that fades. That all being said, I would look at the growth we have established in our guidance as largely volume related.

因此，我認為這主要是在最後一個季度，這種不可比性逐漸消失。話雖如此，我認為我們在指導中確立的成長很大程度上與銷售量有關。

There'll be some price opportunity, we think, but largely volume related. And then just looking back on Q3, I want to stress that obviously, China being a sizable market to us, that had an impact on ASPs that can't be ignored, and that was obviously a reflection of the current conditions. To the extent those improve, obviously, there'll be a pickup back through ASPs for us.

我們認為，將會有一些價格機會，但主要與數量有關。然後回顧第三季度，我想強調，顯然，中國對我們來說是一個相當大的市場，這對平均售價產生了不可忽視的影響，這顯然反映了當前的狀況。顯然，如果這些改進得到改善，我們的平均售價將會回升。

Got it. That's helpful. And then just a follow-up, I wanted to ask on India. Can you just update us where you are on your local sourcing strategy? Just what does capacity like now? Anything you can share in terms of how much you can produce now within India to supply domestically? And then how should we think about that from a margin perspective as well?

知道了。這很有幫助。接下來，我想問有關印度的問題。您能向我們介紹一下您的本地採購策略嗎？現在容量怎麼樣？關於印度目前可以生產多少供應國內的問題，可以分享一下嗎？那我們應該如何從利潤的角度來考慮這個問題呢？

Well, we're working diligently every day. So it's a moving target. What we've done is, and part of this inventory build that you see as an inventory build in India to bring it in as early as possible to give us more time on the higher end to build more.

嗯，我們每天都在努力工作。所以這是一個移動的目標。我們所做的是，庫存建設的一部分，您可以將其視為印度的庫存建設，以便儘早將其引入，以便我們有更多的時間在高端製造更多庫存。

So we've opened a number of factories. We're testing them. Our quantities grow. It's one of those things that's very much a moving target. I wouldn't anticipate any significant change in margins right this minute as we move through.

所以我們開設了許多工廠。我們正在測試它們。我們的數量不斷增加。這是一個不斷變化的目標之一。隨著我們的進展，我預計此時利潤率不會有任何重大變化。

And certainly, it will be -- should be some benefit to margin as you go through the long term. So I think to John's point, previously, it's a moving target. It's -- we're working on it diligently. I think we're ahead of the game as far as most of our competitors are in getting that space and building that space and getting quality space and higher-priced product as well.

當然，從長遠來看，這應該會為利潤帶來一些好處。所以我認為按照約翰的觀點，以前這是一個不斷變化的目標。我們正在努力解決這個問題。我認為，就我們的大多數競爭對手而言，我們在獲得該空間、建造該空間以及獲得優質空間和更高價格的產品方面處於領先地位。

It won't be a straight line, so there may be some distortions along the way. But we feel extremely confident that we're early, that we're making positive progress, that we will be able to deliver. And in a relatively short period of time, it will be an advantage to us rather than a disadvantage because of the early opportunities we took to get going and start moving this production along.

它不會是一條直線，因此沿途可能會出現一些扭曲。但我們非常有信心，我們還處於早期階段，我們正在取得積極進展，我們將能夠實現這一目標。在相對較短的時間內，這對我們來說將是一個優勢而不是劣勢，因為我們抓住了早期的機會開始推進這項生產。

I would only add that we have a meaningful production base in country today. The reality is we produce a very wide array of product. And what we're able to produce locally isn't a complete match to that entire breadth. So it's less about just pure production capacity because we have a very sizable production base in India today. There's just certain categories, certain products that we are not yet able to produce in that market.

我只想補充一點，我們今天在這個國家擁有一個有意義的生產基地。事實上，我們生產的產品種類繁多。我們能夠在本地生產的產品與整個範圍並不完全匹配。因此，這不僅僅是純粹的生產能力，因為我們今天在印度擁有非常龐大的生產基地。只是某些類別、某些產品我們還無法在該市場上生產。

So in order to offer the consumer the full array of product we want to bring to the Indian people, we still need to mix in some import until we build the market up to be able to produce most of what we need. So it's not that we don't have production capacity. We actually have, as David noted, I'd say probably a leading amount of production capacity. It's just not the breadth of the product yet that we would want to offer.

因此，為了向消費者提供我們想要帶給印度人民的全套產品，我們仍然需要混合一些進口產品，直到我們建立起能夠生產我們所需的大部分產品的市場。所以並不是說我們沒有生產能力。正如大衛指出的那樣，我們實際上擁有領先的生產能力。這只是我們想要提供的產品的廣度還不夠。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

This is Krista Zuber on for John. First question, could you talk to what you're seeing in terms of same-store sales growth and e-commerce growth and sort of new store productivity? It looks like there's been a fair amount of door growth both domestically and internationally in the past 12 months. And then I have one follow-up.

我是約翰的克里斯塔祖伯。第一個問題，您能否談談您在同店銷售成長、電子商務成長以及新店生產力方面所看到的情況？過去 12 個月裡，國內外的門業成長量似乎都相當可觀。然後我有一個後續行動。

So I would say -- not getting into too much detail. But as we noted in our prepared remarks, we saw continued strength across the world on e-commerce. That's domestic and all the sites that we've opened over the last couple of years internationally. International comp store growth was very solid, continue to be a very big element of what we were able to deliver from international DTC.

所以我想說——不要講太多細節。但正如我們在準備好的發言中指出的那樣，我們看到世界各地的電子商務持續強勁。這是國內網站以及我們過去幾年在國際上開設的所有網站。國際比較商店的成長非常穩健，仍然是我們能夠從國際 DTC 中實現的一個非常重要的因素。

The US, we were sitting on top of some pretty impressive growth numbers last year, 14% in the quarter. I would say, we generally were about flat in the market. That does imply that with new stores, we saw some give back but I would characterize it as pretty minimal.

在美國，我們去年取得了令人印象深刻的成長數字，本季成長了 14%。我想說的是，我們的市場整體表現基本上持平。這確實意味著，在新商店中，我們看到了一些回饋，但我認為回饋非常​​小。

And in the end of the day, we're pretty happy to be holding on to the rather substantial increases we saw last year. You're right, there have certainly been a significant number of new doors and more doors to come. Recognize though that it takes time for those doors to get up to productivity. So sometimes, there's always a catch-up adjustment, and that's obviously a number that wouldn't be in the comp numbers, but would be in the total only.

歸根結底，我們很高興能夠保持去年相當大的成長。你是對的，確實已經有大量的新門，而且還會有更多的門。但要認識到，這些門需要時間才能達到生產力。因此，有時，總是會有一個追趕調整，這顯然是一個不會出現在補償數據中的數字，而只會出現在總數中。

Great. And just circling back on the G&A. Could you just talk to some of the efficiencies you're seeing within the supply chain that's driving the leverage that you saw in Q3 and the expectation going forward?

偉大的。回到 G&A。您能否談談您在供應鏈中看到的一些效率，這些效率推動了您在第三季度看到的槓桿作用以及未來的預期？

It was really in this quarter about labor management, which is always a significant component of how we deal with the volatility in product flows that inevitably occurs over the course of the year. In addition to that, there were some other pinpoint practices that we went after that we were able to achieve some, I would characterize it as meaningful cost reductions on.

本季的重點是勞動力管理，這始終是我們應對全年不可避免的產品流波動的重要組成部分。除此之外，我們還採取了其他一些精確的做法，我們能夠實現一些目標，我將其描述為有意義的成本降低。

But I would think generally considering that part of the distribution network is the right way to think about them. We're optimistic we can harvest some more of those over the remainder of the year.

但我認為一般來說考慮分銷網絡的一部分是考慮它們的正確方法。我們樂觀地認為，我們可以在今年剩餘時間內收穫更多。

But in part, it is contingent upon how goods arrive and how quickly we have to process them. To David's point, I think we did an incredibly good job of meeting many of the delivery times, even though we were experiencing some delivery issues, particularly in Europe. So kudos to the team that was able to achieve that given the conditions in the marketplace were less than ideal.

但在某種程度上，這取決於貨物如何到達以及我們處理它們的速度。就大衛的觀點而言，我認為我們在滿足許多交貨時間方面做得非常好，儘管我們遇到了一些交貨問題，特別是在歐洲。因此，在市場條件不太理想的情況下，能夠實現這一目標的團隊值得讚揚。

Paul Kearney, Barclays.

保羅·科爾尼，巴克萊銀行。

On EMEA, can you speak to the drivers behind that 30% growth given some of the challenges in the region? And then how do you think about that growth for Q4 given what appears to be an easier comparison? Then I have a quick follow-up.

關於歐洲、中東和非洲地區，考慮到該地區面臨的一些挑戰，您能否談談 30% 成長背後的驅動因素？那麼，考慮到似乎更容易進行比較，您如何看待第四季度的成長？然後我會進行快速跟進。

It's largely the same thing that we've seen really over the last couple of years, consumer demand. I think as we bring more of our own stores in the markets where the brand either hadn't been participating yet or was in a suboptimal situation, we've tended to see an acceleration on the DTC side. But it's a reflection of the strength of the product.

消費者需求與我們過去幾年看到的情況基本上相同。我認為，當我們在品牌尚未參與或處於次優狀況的市場中開設更多自己的商店時，我們往往會看到 DTC 方面的加速發展。但這是產品實力的展現。

I think the comfort technology message resonating in markets supported by active advertising, that's really been the case. And for the last couple of years, we've all been wringing our hands about the conditions in that market, which are certainly there, but it hasn't yet shown itself in any way diminish, at least for the Skechers brand, consumer interest in what we're offering. So quite frankly, I don't mean to be glib, but it's the product, it's the advertising that supports it.

我認為舒適技術訊息在積極廣告支援的市場中引起共鳴，情況確實如此。在過去的幾年裡，我們都對這個市場的狀況感到絞盡腦汁，這些狀況確實存在，但它還沒有以任何方式減弱消費者的興趣，至少對於 Skechers 品牌來說是這樣。產品中。坦白說，我並不是想油嘴滑舌，但這是產品，是支持它的廣告。

And the follow-up is on inventory. And wondering if you can help frame how much of the increase in the quarter was driven from higher levels in China versus higher in transit in EMEA? and then on the China piece, what are your expectations for how long until inventory levels can normalize from the region? Thank you.

後續就是庫存。想知道您是否可以幫助確定本季的成長有多少是由中國的較高水準推動的，而不是歐洲、中東和非洲地區較高的過境水準所推動的？那麼在中國方面，您對該地區庫存水準多久才能恢復正常的預期是什麼？謝謝。

Yes. I would just -- without getting into too much specific detail. I think China was the single largest driver and then in-transit were the second. In many markets, on-hand inventory levels actually decreased. So I'll give you a flavor, this is as really the contributing factors, but in that order, China and then in-transit.

是的。我只是——不會涉及太多具體細節。我認為中國是最大的單一驅動因素，其次是過境運輸。在許多市場，現有庫存水準實際上有所下降。所以我會給你一個味道，這確實是促成因素，但按順序是中國，然後是過境。

I would say how long it takes to remedy, particularly the China situation is going to be largely contingent on what we see over the next 2 months, particularly around Singles Day because that's a very significant event. But I would note, it's obviously a focus of the team there.

我想說的是，需要多長時間才能補救，特別是中國的情況，很大程度上取決於我們在未來兩個月內看到的情況，特別是在雙十一前後，因為這是一個非常重要的事件。但我要指出的是，這顯然是那裡團隊的重點。

They know it's a priority. We know it's a priority. It's something we're going to make sure we resolve importantly for us because then it allows new product to get into the market. And we know that's what really drives the consumer at the end of the day. So I would expect it to be a long event, but it is somewhat contingent upon what we see in sales activity over the next couple of months.

他們知道這是一個優先事項。我們知道這是一個優先事項。這是我們要確保解決的重要問題，因為這樣才能讓新產品進入市場。我們知道這最終才是真正推動消費者的因素。因此，我預計這將是一個漫長的活動，但這在某種程度上取決於我們在未來幾個月的銷售活動中看到的情況。

Yes, I think it's a good idea to remind everybody that we have the capacity to move that inventory around the world. It's not like it's stuck in China, stays in China. We've shown in the past, and we're very adept at moving that inventory around depending on where demand is. And since we have very few just special makeups for China that's outside our normal range. There certainly are some mitigating circumstances like sizes, colors, et cetera, that we move.

是的，我認為提醒大家我們有能力將庫存轉移到世界各地是個好主意。並不是說它被困在中國，而是留在中國。我們過去已經展示過，並且非常擅長根據需求情況調整庫存。因為我們很少有專門針對中國的化妝品，超出了我們的正常範圍。當然，我們會移動一些緩解情況，例如尺寸、顏色等。

But we make that available around the world, and we certainly take a look at it as we exit this year, John says, once we see how good Singles Day is and how we've done with liquidating that inventory, then we'll take the best efforts to move it around the world to those places where it's necessary and just fill in.

但我們在世界各地都提供這種服務，約翰說，當我們今年退出時，我們肯定會考慮這一點，一旦我們看到光棍節有多好以及我們在清理庫存方面做得如何，那麼我們就會採取盡最大努力將其轉移到世界各地有需要的地方並進行填補。

So it's a matter of timing. There's nothing that we think is old or debilitating in that inventory per se that can't be moved around the world in a relatively short period of time.

所以這是一個時間問題。我們認為庫存本身沒有任何陳舊或衰弱的東西不能在相對較短的時間內轉移到世界各地。

Yanling Wong, Evercore.

黃燕玲，Evercore。

I would like to add a little bit more on China. Could you just give us a little bit more details on where was below expectations, do you think the weakness was driven more by overall macro? Or do we think that we missed on some opportunities and sales in the region?

我想補充一點關於中國的情況。您能否為我們提供更多關於低於預期的細節，您認為疲軟更多是由整體宏觀驅動的嗎？或者我們是否認為我們錯過了該地區的一些機會和銷售？

It was a macro condition. I don't think there's anything that would suggest it wasn't given the panoply of data we've seen from other brands. But also, just if you look at where the business underperformed what we had originally thought it's pretty universal. So I think we're pretty confident in saying it's a macro condition. It's not condition specific to the brand.

這是一個宏觀條件。我認為沒有任何證據表明它沒有提供我們從其他品牌看到的大量數據。而且，如果你看看該業務在哪些方面表現不佳，我們最初認為這是相當普遍的。所以我認為我們非常有信心說這是一個宏觀條件。這不是特定於該品牌的條件。

Got it. And when I look at guidance, it seems to imply that the second half operating margins versus prior guidance is guided down. So I was wondering if there's any change to expectations to the fourth quarter operating margins there?

知道了。當我查看指導時，這似乎意味著下半年的營業利潤率與先前的指導相比有所下降。所以我想知道第四季營業利潤率的預期是否有任何變化？

Well, we hadn't previously given anything specific on fourth quarter operating margin. Obviously, as we have adjusted our forecast, we have to take into consideration the flow-through effect and what that means. I would say, most notably, our expectation remains that we will be delivering double-digit operating margins this year, and that's I think something to be celebrated.

嗯，我們之前沒有給出任何有關第四季度營業利潤率的具體資訊。顯然，當我們調整預測時，我們必須考慮流通效應及其意義。我想說，最值得注意的是，我們的預期仍然是今年我們將實現兩位數的營業利潤率，我認為這是值得慶祝的事情。

We've talked about that for a while being an objective. It's not the endpoint, but it's a way point, and we'd be pretty excited to get there this year is our full expectation at this time.

我們已經討論過這個目標一段時間了。這不是終點，而是一個路點，我們非常高興能在今年實現這一目標，這是我們此時的全部期望。

And we have reached the end of the question-and-answer session and therefore, we have reached the conclusion of this call. We do thank you for your participation. You may disconnect your lines at this time.

我們的問答環節已經結束，因此，我們也得出了本次電話會議的結論。我們非常感謝您的參與。此時您可以斷開線路。