Skechers USA Inc (SKX) 2025 Q1 法說會逐字稿

Greetings and welcome to Skechers first-quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. I would now like to turn this conference over to Skechers.

問候並歡迎參加 Skechers 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。提醒一下，本次會議正在錄製中。現在我想將本次會議交給 Skechers。

Thank you. You may begin.

謝謝。你可以開始了。

Good afternoon, everyone. Thank you for joining Skechers first-quarter 2025 earnings conference call. My name is Soo Hwang. I'm a Senior Director of International Merchandizing at Skechers, and I've been with the company since 2017. My favorite style at Skechers is the Cozy Fit in White/Navy.

大家下午好。感謝您參加 Skechers 2025 年第一季財報電話會議。我的名字是 Soo Hwang。我是斯凱奇國際行銷高級總監，自 2017 年起便在該公司工作。我最喜歡的 Skechers 款式是白色/海軍藍的 Cozy Fit。

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

參加今天電話會議的有 Skechers 營運長 David Weinberg；和財務長 John Vandemore。

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.

在我們開始之前，我想提醒大家注意公司的安全港聲明。今天電話會議上的某些聲明包含基於當前預期的前瞻性聲明，包括但不限於有關公司信念、計劃、目標、估計和期望以及公司未來業績和某些事件的聲明。

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。我們無法保證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 report 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 flows, and results of operations.

請參閱該公司向美國證券交易委員會提交的報告，包括其 10-K 表年度報告和 10-Q 表季度報告。有關可能影響公司業務、財務狀況、現金流量和經營業績的風險和不確定因素的詳細資訊。

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

接下來，我想將電話轉給 Skechers 營運長 David Weinberg。

Good afternoon and thank you for joining us today on our first-quarter 2025 conference call.

下午好，感謝您今天參加我們的 2025 年第一季電話會議。

The first quarter marked a new sales record for Sketchers with $2.41 billion in revenue or $2.46 billion on a constant currency basis and earnings per share of $1.34. Our strong financial performance across both our Wholesale and Direct-to-Consumer segments was the result of continued global demand for our comfortable and innovative footwear and growth across geographies, driving our international to 65% of our total business.

第一季度，Sketchers 創下了新的銷售記錄，營收為 24.1 億美元，以固定匯率計算為 24.6 億美元，每股收益為 1.34 美元。我們的批發和直接面向消費者部門的強勁財務業績得益於全球對我們舒適和創新鞋類的持續需求以及跨地區的增長，推動我們的國際業務佔總業務的 65%。

This growth is of significant importance given the increasing macroeconomic uncertainty and waning consumer sentiment. Both domestic and international sales increased by 7% with growth of 14% in EMEA and 8.3% in the Americas. In APAC, sales decreased by 2.6%, primarily due to soft consumer spending in China. However, when excluding China, APAC sales grew 12%. We continue to view international as our primary growth engine, strategically investing in our retail store network and enhancing our distribution efficiencies.

鑑於宏觀經濟不確定性日益增加和消費者信心減弱，這種成長具有重要意義。國內和國際銷售額均成長了 7%，其中歐洲、中東和非洲地區成長了 14%，美洲成長了 8.3%。在亞太地區，銷售額下降了 2.6%，主要原因是中國消費支出疲軟。然而，若不包括中國，亞太地區的銷售額成長了 12%。我們繼續將國際視為我們的主要成長引擎，策略性地投資我們的零售店網路並提高我們的分銷效率。

Skechers' enduring success stems from our core design principles of style, comfort, quality, and innovation at an affordable price. Our mission is to make convenience and comfort part of consumers' everyday life, no matter their age, interest, or lifestyle. Skechers, proprietary Hand Free Slip In technology, Arch Fit, Stretch Fit, and other features are the center of this comfort movement.

Skechers 的持久成功源自於我們的核心設計原則：時尚、舒適、品質、創新且價格實惠。我們的使命是讓便利性和舒適性成為消費者日常生活的一部分，無論他們的年齡、興趣或生活方式如何。Skechers 專有的 Hand Free Slip In 技術、Arch Fit、Stretch Fit 和其他功能是這種舒適運動的核心。

Our technical performance division continues to expand its roster of elite athletes with the signing of footballers Isko Alarcón, a Spanish national team veteran; and rising star Niccolò Pisilli, who plays for Roma and the Italian national team; Jasprit Bumrah, India's fast cricket bowler and national team veteran; baseball player Jake Burger of the Texas Rangers; and basketball pro Norman Powell of the Los Angeles Clippers.

我們的技術表現部門繼續擴大其精英運動員名單，簽下了西班牙國家隊老將足球運動員伊斯科·阿拉爾孔 (Isko Alarcón)；以及效力於羅馬隊和意大利國家隊的新星尼科洛·皮西利；印度快速板球投球手、國家隊老將賈斯普里特·布姆拉 (Jasprit Bumrah)；印度快速板球投球手、國家隊老將賈斯普里特·布姆拉 (Jasprit Bumrah)；印度快速板球投球手、國家隊老將賈斯普里特·布姆拉 (Jasprit Bumrah)；

This quarter we also announced the signing of Kiki Iriafen, first round draft pick of the WNBA Washington Mystics, and legendary golfer, Bernhard Langer. Our athletes provide valuable feedback on the development of our best-in-comfort technical footwear and lend credibility and awareness as we further build our presence on the court, pitch, green, and field, and extend our region to new accounts and countries to meet the needs of sports enthusiasts globally.

本季度我們還宣布簽約 WNBA 華盛頓神秘隊首輪選秀球員 Kiki Iriafen 和傳奇高爾夫球手 Bernhard Langer。我們的運動員為我們最舒適的技術鞋類的開發提供了寶貴的反饋，並在我們進一步擴大在球場、草皮和運動場上的影響力，並將我們的區域擴展到新的客戶和國家以滿足全球體育愛好者的需求的過程中，提升了信譽和知名度。

Complementing our athlete driven initiatives are multi-format lifestyle marketing campaigns that feature diverse roster of talents. This includes Howie Mandel, Tony Romo, Howie Long, Martha Stewart, and Brooke Burke, as well as regional ambassadors like former European footballers, Jamie Redknapp and Frank LeBoeuf, Spanish singer David Bisbal, and German singer Vanessa Mai among others.

與我們以運動員為主導的計劃相輔相成的是多種形式的生活方式行銷活動，其中涵蓋了各種各樣的人才。其中包括 Howie Mandel、Tony Romo、Howie Long、Martha Stewart 和 Brooke Burke，以及前歐洲足球員 Jamie Redknapp 和 Frank LeBoeuf、西班牙歌手 David Bisbal 和德國歌手 Vanessa Mai 等地區大使。

Looking at our first-quarter results in detail, our record first quarter sales of $2.41 billion were the result of 7% increases in both our domestic and international channels due to the continued demands for Skechers. We saw a regional growth in EMEA of 14% driven by strength across nearly all markets, and the Americas of 8.3% with continued strength in the United States and Canada, partially offset by a decrease of 2.6% in APAC, primarily due to the continued economic pressures in China. Again, when excluding China, APAC grew 12%. We believe Skechers has significant growth opportunities in this region, and we remain committed to investing in our product, marketing, retail footprint, and logistics.

詳細回顧我們第一季的業績，我們第一季創紀錄的 24.1 億美元銷售額是由於 Skechers 的持續需求導致國內和國際管道均成長了 7%。我們看到，歐洲、中東和非洲地區 (EMEA) 增長了 14%，這得益於幾乎所有市場的強勁增長；美洲地區增長了 8.3%，其中美國和加拿大繼續保持強勁增長；但亞太地區 (APAC) 下降了 2.6%，這部分抵消了這一影響，亞太地區主要由於中國經濟持續承壓。同樣，當不包括中國時，亞太地區成長了 12%。我們相信斯凱奇在該地區擁有巨大的成長機會，我們將繼續致力於投資我們的產品、行銷、零售足跡和物流。

Wholesale sales increased 7.8% with growth of 4.2% domestically and 9.5% internationally. The domestic Wholesale growth reflected broad-based demand for our comfort technology products across our kids, men's, and women's categories. Within international Wholesale, we experience solid growth across many regions and markets driven by the strength of our brand and appealing innovative products.

批發銷售額成長 7.8%，其中國內成長 4.2%，國際成長 9.5%。國內批發成長反映了我們兒童、男士和女士類別對舒適科技產品的廣泛需求。在國際批發領域，憑藉強大的品牌實力和富有吸引力的創新產品，我們在許多地區和市場實現了穩健成長。

Turning to our Direct-to-Consumer segment, sales increased 6% with domestic growth of 11%, including strong performance in e-commerce. International increased 2.9%. When excluding China, International grew 12% due to the strong DTC sales in nearly every market. Skechers-branded stores showcase our comfort technology products for the entire family, as well as innovative performance footwear and continue to drive awareness and purchase intent.

轉向我們的直接面向消費者部門，銷售額成長了 6%，其中國內成長了 11%，其中包括電子商務的強勁表現。國際成長2.9%。不包括中國市場，由於幾乎每個市場的 DTC 銷售強勁，國際市場成長了 12%。Skechers 品牌店展示我們適合全家人的舒適科技產品以及創新性能鞋類，並持續提高知名度和購買意願。

We ended the quarter with 5,318 Skechers stores worldwide, of which 1,821 are company-owned locations, including 618 in the United States. We opened 51 company-owned stores in the quarter, including 15 locations in China, 13 in the United States, and 3 each in Hong Kong and Mexico. We also relocated 5 stores including the new Performance focus store in Edmonton, Canada, and expanded 2 others. We closed 17 stores in the quarter.

截至本季度，Skechers 在全球擁有 5,318 家門市，其中 1,821 家為公司自營門市，包括 618 家位於美國。我們在本季開設了 51 家公司自營店，其中中國 15 家、美國 13 家、香港和墨西哥各 3 家。我們還搬遷了 5 家商店，包括位於加拿大埃德蒙頓的新 Performance 焦點商店，並擴建了另外 2 家商店。本季我們關閉了 17 家商店。

Also in the period, 50 third-party stores opened, including 12 in China, 6 in Indonesia, and the first Skechers store in Argentina. 62 third-party Skechers stores closed in the quarter, including 42 in China, bringing our third-party store count at the quarter end to 3,497. We expect to open an additional 150 to 170 company-owned stores worldwide in 2025. Included in the estimate is the 13 company owned stores open to date in the second quarter.

同期，斯凱奇還開設了 50 家第三方門市，包括中國 12 家、印尼 6 家以及阿根廷第一家斯凱奇門市。本季關閉了 62 家第三方 Skechers 門市，其中 42 家位於中國，使我們季度末的第三方門市數量達到 3,497 家。我們預計到 2025 年將在全球再開設 150 至 170 家公司自營店。該估算包括第二季迄今開業的 13 家公司自營商店。

Our investment priorities remain focused on three key areas: expanding our distribution centers in the United States, China, and Europe to more efficiently deliver our product and manage the expected growth in these markets; enhancing our product offering with new technologies and categories while amplifying demand creation; and growing our Direct-to-Consumer footprint and capabilities.

我們的投資重​​點仍然集中在三個關鍵領域：擴大我們在美國、中國和歐洲的配送中心，以更有效地交付我們的產品並管理這些市場的預期成長；利用新技術和新類別來增強我們的產品供應，同時擴大需求創造；並擴大我們的直接面向消費者的足跡和能力。

We are encouraged by the positive reception to our varied product initiatives during our recent domestic and international customer meetings, reaffirming our commitment to evolving, innovating, and adapting our footwear to meet the needs of consumers and drive demand across our global footprint.

在我們最近的國內和國際客戶會議上，我們多樣化的產品計劃得到了積極的反響，這讓我們感到鼓舞，這再次證明了我們致力於發展、創新和調整我們的鞋類以滿足消費者的需求並推動全球業務需求的承諾。

While we are fully cognizant of the uncertainty in the current environment, we believe we are well-positioned to navigate this, leveraging the strength of our brand, our distinct and global market position, and our healthy balance sheet.

雖然我們充分認識到當前環境的不確定性，但我們相信，憑藉我們品牌的優勢、我們獨特的全球市場地位以及健康的資產負債表，我們有能力應對這項挑戰。

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.

謝謝你，大衛，大家下午好。

Skechers first quarter results reflect the continued strength of our business across channels and worldwide geographies, a testament to the power of our global brand and the appeal of the innovative comfort technologies embedded in our product portfolio. We are incredibly pleased with these results, especially in the face of such extreme market dynamics, and believe they reflect our focus on managing factors within our control in delivering on our strategic plan.

斯凱奇第一季的業績反映了我們跨通路和全球業務的持續強勁成長，證明了我們全球品牌的實力以及我們產品組合中嵌入的創新舒適技術的吸引力。我們對這些結果感到非常滿意，特別是在面對如此極端的市場動態的情況下，並且相信它們反映了我們在實施戰略計劃時對管理可控因素的關注。

Before we get into our financial review, let me comment briefly on the current global trade environment, which presents a similar level of uncertainty to that observed during the initial phase of the COVID pandemic.

在我們開始財務審查之前，請允許我簡要評論一下當前的全球貿易環境，其不確定性程度與新冠疫情初期的不確定性程度相似。

Insofar as tariffs are concerned, we continue to address these with the same levers we have spoken about previously, cost sharing with vendors, sourcing optimization, and price adjustments. We are in the midst of pulling these levers while simultaneously monitoring the environment for needed adjustments and closely watching consumer behavior to ascertain future demand characteristics.

就關稅而言，我們繼續採用先前談到的相同手段來解決這些問題，即與供應商分攤成本、優化採購和調整價格。我們正在採取這些措施，同時監控環境以進行必要的調整，並密切注意消費者行為以確定未來的需求特徵。

Ultimately, we remain confident in our ability to navigate these challenges as we have in the past. We know that our proven track record of managing this globally diverse brand with a unique and compelling product portfolio focused on delivering style, comfort, quality, and innovation at a reasonable price will enable Skechers to endure and likely thrive during this time.

最終，我們仍然對我們過去應對這些挑戰的能力充滿信心。我們知道，我們在管理這個全球多元化品牌方面的良好記錄，以及專注於以合理的價格提供時尚、舒適、優質和創新的獨特而引人注目的產品組合，將使斯凱奇能夠堅持下去，並可能在這段時間內蓬勃發展。

Now turning to our financial results. We achieved first quarter sales of $2.41 billion, an increase of 7.1% in line with our expectations. On a constant currency basis, sales were $2.46 billion, up 9%. Direct-to-Consumer sales grew 6% year over year to $879.4 million.

現在來談談我們的財務結果。我們第一季的銷售額達到 24.1 億美元，成長 7.1%，符合我們的預期。以固定匯率計算，銷售額為 24.6 億美元，成長 9%。直接面向消費者的銷售額年增 6%，達到 8.794 億美元。

Domestic increased 11%, driven by strong performance in our e-commerce channel and growth in our retail stores. International grew 2.9% year over year. Excluding China, our international Direct-to-Consumer sales grew 12%, which highlights the broad strength across regions in nearly every country and the continued opportunities to grow our brand across the globe.

國內銷售額成長了 11%，這得益於我們電子商務通路的強勁表現和零售店的成長。國際年增2.9%。除了中國外，我們的國際直接面向消費者的銷售額成長了 12%，這凸顯了幾乎每個國家各地區的廣泛實力以及我們品牌在全球範圍內持續成長的機會。

Wholesale sales increased 7.8% year over year to $1.53 billion. International sales increased 9.5% with robust growth in many markets reflective of our geographic diversity and strength. Domestic growth of 4.2% aligned with our expectations of the marketplace returning to more stable growth trends.

批發銷售額年增 7.8%，達到 15.3 億美元。國際銷售額成長了 9.5%，許多市場的強勁成長反映了我們的地理多樣性和實力。4.2%的國內成長率符合我們對市場回歸更穩定成長趨勢的預期。

Turning to our regional sales, in EMEA, sales for the first quarter increased 14% year over year to $718.2 million, driven by robust consumer demand with double-digit growth in both our Wholesale and Direct-to-Consumer businesses. In the Americas, sales increased 8.3% year over year to $1.1 billion, driven by modest growth in our domestic Wholesale channel and strength in our Direct-to-Consumer channels in nearly every market.

談到我們的區域銷售，在 EMEA 地區，第一季的銷售額年增 14%，達到 7.182 億美元，這得益於強勁的消費者需求，批發和直接面向消費者的業務均實現了兩位數的增長。在美洲，銷售額年增 8.3%，達到 11 億美元，這得益於我們國內批發通路的溫和成長以及幾乎所有市場的直接面向消費者通路的強勁成長。

In Asia Pacific, sales declined 2.6% year over year to $589 million. Excluding China, Asia Pacific sales grew 12%, led by double-digit growth in Japan, Thailand, and South Korea. We continue to navigate a difficult macroeconomic environment in China, where sales declined 16% following double-digit growth in the prior year.

在亞太地區，銷售額年減 2.6% 至 5.89 億美元。除中國外，亞太地區的銷售額成長了 12%，其中日本、泰國和韓國的銷售額實現了兩位數成長。我們持續應對中國艱難的宏觀經濟環境，中國的銷售額繼上年實現兩位數成長後，今年下降了 16%。

As challenging market conditions persist, our expectations for the year remain modest. Leveraging the strength of the Skechers brand, we are focused on opportunities to fuel demand and expand our offering of comfort technologies which continue to resonate with consumers across the globe and represent an important opportunity in China.

由於市場環境依然充滿挑戰，我們對今年的預期依然不高。憑藉著斯凱奇品牌的優勢，我們專注於尋找機會來刺激需求並擴大我們提供的舒適技術，這些技術繼續引起全球消費者的共鳴，並代表著中國市場的重要機會。

Gross margin was 52%, down 50 basis points compared to the prior year, primarily due to lower average selling prices from higher levels of promotion in certain markets like China and customer mix. Operating expenses increased 180 basis points as a percentage of sales year over year to 41%. Selling expenses as a percentage of sales increased 70 basis points versus the last year to 7.7%, largely focused on brand-building investments and expanding awareness for our latest comfort technologies.

毛利率為 52%，較上年下降 50 個基點，主要原因是中國等特定市場的促銷力度加大以及客戶組合導致平均售價下降。營業費用佔銷售額的比例年增 180 個基點，達到 41%。銷售費用佔銷售額的百分比比去年增加了 70 個基點，達到 7.7%，主要集中在品牌建立投資和擴大對我們最新舒適技術的知名度。

General and administrative expenses increased 110 basis points as a percentage of sales versus last year to 33.3% due to higher labor and rent to support our growth in our Direct-to-Consumer segment, as well as increased distribution costs, particularly in Europe to support higher volumes and alleviate processing constraints.

一般及行政開支佔銷售額的百分比較去年同期增加 110 個基點，達到 33.3%，原因是勞動力和租金上漲，以支持我們直接面向消費者部門的增長，以及分銷成本增加，特別是在歐洲，以支持更高的銷售和緩解加工限制。

Earnings from operations were $265.1 million, a decrease of 11% compared to the prior year. Our operating margin for the quarter was 11% compared to 13.3% last year. Significant foreign currency exchange rate fluctuations drove other income to $24.5 million, an increase of $26.6 million compared to the prior year. This is similar to the charge incurred in Q4, primarily reflecting foreign currency exchange rate volatility during the quarter.

營業利潤為2.651億美元，較上年下降11%。本季我們的營業利益率為 11%，而去年同期為 13.3%。外匯匯率大幅波動導致其他收入達到 2,450 萬美元，較上年增加 2,660 萬美元。這與第四季度發生的費用類似，主要反映了本季外匯匯率的波動。

Our effective tax rate for the first quarter was 22.3% compared to 19% in the prior year, reflecting the impact of the global minimum tax regulations we discussed last quarter. Earnings per share were $1.34 per diluted share, essentially flat compared to the prior year on $151.5 million weighted average diluted shares outstanding.

我們第一季的有效稅率為 22.3%，而去年同期為 19%，這反映了我們上個季度討論的全球最低稅規定的影響。每股盈餘為每股 1.34 美元，與去年基本持平，加權平均稀釋流通股數為 1.515 億美元。

And now turning to our balance sheet, we ended the quarter with $1.24 billion in cash, cash equivalents, and investments and maintained liquidity of $1.85 billion when including a revolving credit facility. Inventory was $1.77 billion, an increase of 30% or$ 413.2 million compared to the prior year, primarily related to elongated transit times due to the closing of the Suez Canal. However, when compared to the prior quarter, inventories decreased 7.6%, including a slight decrease in China, where we continue to actively manage inventory levels.

現在來看看我們的資產負債表，本季末我們擁有 12.4 億美元的現金、現金等價物和投資，包括循環信貸額度在內，我們的流動性維持在 18.5 億美元。庫存為 17.7 億美元，比上年增加 30% 或 4.132 億美元，主要與蘇伊士運河關閉導致運輸時間延長有關。然而，與上一季相比，庫存減少了 7.6%，其中中國庫存略有減少，我們繼續積極管理庫存水準。

Capital expenditures for the quarter were $147.1 million, of which $68.9 million related to investments in our distribution infrastructure, predominantly from the expansion of our distribution centers in North America and China. $44.6 million related to new store openings and enhancing our Direct-to-Consumer technologies, and $14.8 million related to the expansion of our corporate offices.

本季資本支出為 1.471 億美元，其中 6,890 萬美元用於投資我們的分銷基礎設施，主要來自我們在北美和中國的分銷中心的擴建。其中 4,460 萬美元用於開設新店和增強我們的直接面向消費者技術，1,480 萬美元用於擴大我們的公司辦公室。

We continue to deploy our capital consistent with our stated philosophy, prioritizing the maintenance of a top-tier balance sheet and investments required to grow our business. In response to the current climate, we are being more conservative about other capital allocation opportunities until we have more foresight into the path ahead.

我們將繼續按照既定的理念部署資本，優先維持一流的資產負債表和發展業務所需的投資。為了因應當前的局勢，我們對其他資本配置機會持更保守的態度，直到我們對未來的道路有了更多的預見。

And now turning to guidance. As we began 2025, we communicated our belief, reflected in our annual guidance that this would be another year of growth on the basis of the tremendous demand for Skechers we observed across the globe, particularly internationally. The first quarter confirmed that belief, reflecting the strength of our brand and product assortment.

現在轉向指導。在 2025 年伊始，我們傳達了我們的信念，這反映在我們的年度指導中：基於我們觀察到的全球（尤其是國際）對 Skechers 的巨大需求，這將是另一個增長的一年。第一季證實了這一信念，反映了我們品牌和產品組合的實力。

Today we still believe many markets will continue along that trajectory, absent unforeseen impacts from the current macroeconomic environment. However, we must also acknowledge that the world is significantly more uncertain today than three months ago. We were in a similar situation five years ago, albeit for different reasons. I'm not in the habit of quoting myself often, but the language I used then is equally applicable today.

今天，我們仍然相信，如果當前宏觀經濟環境沒有出現不可預見的影響，許多市場將繼續沿著這一軌跡發展。然而，我們也必須承認，當今世界比三個月前更不確定。五年前我們也曾經遇到類似的情況，儘管原因不同。我沒有經常引用自己的話的習慣，但我當時使用的語言今天同樣適用。

Quote, we will not be providing revenue or earnings guidance at this time as the current environment is simply too dynamic from which to plan results with a reasonable assurance of success. As David stated, while the near term is uncertain, we are confident that we are taking the necessary actions to ensure that Skechers will successfully navigate this crisis, end quote.

引用，我們目前不會提供收入或獲利指導，因為目前的環境太過動態，無法合理保證成功地規劃結果。正如大衛所說，雖然短期內存在不確定性，但我們有信心採取必要的措施，確保斯凱奇成功度過這場危機。

We not only successfully navigated the situation five years ago but emerged as a stronger brand and fully expect to do the same this time. With that, we thank you for your time today and look forward to updating you on our second quarter financial results, which we expect to release on Thursday, July 31, 2025.

五年前我們不僅成功度過了難關，而且成長為一個更強大的品牌，我們完全相信這次我們也能取得同樣的成績。最後，感謝您今天的寶貴時間，我們期待向您通報我們的第二季財務業績，預計將於 2025 年 7 月 31 日星期四發布。

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

現在我將把電話交給戴維，請他做最後發言。

Thank you, John. We believe our first-quarter performance, including record sales, is exceptional. We delivered our outstanding comfort products to consumers globally, further grew our Direct-to-Consumer business, and expanded our presence within our extensive network of retail partners.

謝謝你，約翰。我們相信，包括創紀錄的銷售額在內的第一季業績非常出色。我們向全球消費者提供卓越的舒適產品，進一步發展我們的直接面向消費者的業務，並擴大我們在廣泛的零售合作夥伴網絡中的影響力。

While we are aware of the uncertainty in the macro environment, we believe we are well-positioned with our distinct and global market position. We have a proven track record of managing our business in crisis situations such as we experienced five years ago. Like then, we are grounded in a clear strategic plan and remain agile and responsive to this dynamic situation.

雖然我們意識到宏觀環境的不確定性，但我們相信，憑藉我們獨特的全球市場地位，我們處於有利地位。我們在應對五年前所經歷的危機情況下管理業務方面有著良好的記錄。與那時一樣，我們以清晰的戰略計劃為基礎，對這種動態形勢保持敏捷和反應。

As a truly global brand with international representing 65% of our total business, we remain focused on enhancing our distribution and production network for greater efficiency and reach, enabling us to deliver more innovation, drive purchase intent, and ensure that our products are available when and where consumers want to shop, all while operating in this volatile environment.

作為一個真正的全球品牌，國際業務占我們總業務的 65%，我們始終致力於增強我們的分銷和生產網絡，以提高效率和覆蓋範圍，使我們能夠提供更多創新，推動購買意願，並確保我們的產品在消費者想要購物的時間和地點隨時可用，同時還能在這個動盪的環境中運作。

We would like to thank the entire Skechers organization as well as our suppliers and our retail partners for their determination and flexibility as we navigate the road ahead together.

我們要感謝整個 Skechers 組織以及我們的供應商和零售合作夥伴，感謝他們的決心和靈活性，讓我們共同探索未來的道路。

And 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來回答問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great, thank you so much.

太好了，非常感謝。

David, John, you mentioned some of the things you're doing to deal with the tariff situation. Just talk a little bit more about China specifically. Just give us an idea of how much of the company's production is going to happen in China this year, and what percent of that is coming to the US. And what can you -- is there something you can do to minimize that and over what time frame? that's the first part of the question.

大衛、約翰，你們提到了你們為應對關稅問題所採取的一些措施。請具體談談中國的情況。請告訴我們，今年該公司有多少生產將在中國進行，其中有多少比例將銷往美國。您能做什麼－可以做些什麼來盡量減少這種情況，以及在什麼時間範圍內？這是問題的第一部分。

The second part is from an industry standpoint, you and your competitors, what are they -- is there anything you guys are doing collectively to try to communicate the issues that you have with the administration to try to figure out a way to lower the tariffs or create some kind of workaround so some of the tariffs that are out there don't become too onerous? Thank you.

第二部分是從產業角度來看，你和你的競爭對手是什麼——你們是否正在共同努力，試圖向政府傳達你們所遇到的問題，試圖找出降低關稅的方法或創造某種解決方法，以便現有的一些關稅不會變得過於繁重？謝謝。

Thanks, Jay.

謝謝，傑伊。

Obviously, a key question, although we're not in the habit of giving sourcing percentages by destination market. What I would reiterate is a couple of things that were in our prepared remarks, namely that we're looking at the same three levers to deal with the higher tariffs from many markets to the US, the same way we did this before.

顯然，這是一個關鍵問題，儘管我們沒有按目的地市場給出採購百分比的習慣。我想重申的是我們準備好的演講稿中的幾件事，那就是我們正在考慮使用相同的三個手段來應對許多市場對美國徵收的更高關稅，就像我們以前所做的那樣。

That's looking at resourcing. It's looking at vendor cost sharing, and it's looking at pricing and all of those are actively being pursued by the company to one degree or another. Obviously, in the current environment, we will be looking to minimize production going to the United States from high-cost locations, including, tariffs.

這就是在考慮資源配置。它正在考慮供應商成本分攤，它正在考慮定價，所有這些都正在被公司不同程度地積極推行。顯然，在當前環境下，我們將尋求盡量減少從高成本地區向美國生產的轉移，包括關稅。

But we're not ready to say today, anything more specific than that. I would also though emphasize the note that David made a couple of times during his prepared remarks, which is two-thirds of our business is outside of the United States. So while this issue is incredibly in focus as it relates to our domestic market, recognize that two-thirds of our business is much less impacted, if not minimally, to not impacted at all, by the current situation.

但我們今天還沒有準備好說出更具體的事情。我還要強調大衛在準備好的發言中多次提到的一點，那就是我們的三分之二的業務都在美國以外。因此，儘管這個問題與我們的國內市場密切相關，但也要認識到，我們三分之二的業務受到當前情況的影響要小得多，甚至幾乎沒有受到影響。

The other thing I'd note is that we have a substantial base of very valuable, highly collaborative partners we work with to manufacture goods, and we are working hand in glove with them in this process so we can get to the best outcome overall for our business. Insofar as industry efforts, we've participated in efforts alongside many of our many of our competitors to convey what we think is the best approach towards the global trade parameters that are in discussion today.

我想指出的另一件事是，我們擁有大量非常有價值、高度協作的合作夥伴，我們與他們一起生產產品，並且我們在這個過程中與他們密切合作，以便為我們的業務帶來最佳的整體結果。就行業努力而言，我們與許多競爭對手一起努力，傳達我們認為對當今討論的全球貿易參數的最佳方法。

But at the moment I think that's probably not going to be the most likely outcome for a near-term resolution. Rather, it's going to rest on our shoulders to deal with the issue in front of us in many of the same ways we've dealt with it before.

但目前我認為這可能不是近期解決方案最有可能的結果。相反，我們將以許多我們以前處理過的方法來解決我們面臨的問題。

Got it. Okay. Thank you so much.

知道了。好的。太感謝了。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Oh, good afternoon. Thank you, David. Thank you, John, for taking the question.

噢，下午好。謝謝你，大衛。謝謝約翰回答這個問題。

I certainly recognize that you can't guide versus 90 days ago, but I think it's interesting from the prepared comments, there was a point of when you said we still believe many markets will continue along with the trajectory versus the original guide.

我當然認識到你無法與 90 天前進行比較，但我認為從準備好的評論來看這很有趣，你曾經說過，我們仍然相信許多市場將繼續沿著軌跡發展，而不是按照最初的指導。

John, David, could you guys potentially unpack that a little bit more for the audience? Like, what markets are you seeing the notable volatility? Is it within the United States, Europe, China. Love to get some more color there as we think about modeling 2Q and, potentially, for the back half of the year. Thank you.

約翰、大衛，你們能否為觀眾進一步解釋這個問題？例如，您看到哪些市場出現顯著波動？是在美國、歐洲還是中國境內？當我們考慮為第二季以及可能為下半年進行建模時，我們很樂意獲得更多詳細資訊。謝謝。

I might start first on the markets that we don't see substantially changing in the near future, and that's really the vast majority of the markets is again harping on the two-thirds of our business occurring outside of the United States. The majority, the vast majority of those markets perform very, very well this quarter, and we expect we'll continue to perform well absent unbeknownst changes from the macroeconomic climate that may result from the current situation in several of the larger economies.

我可能會先談到那些我們認為在不久的將來不會發生重大變化的市場，而這些市場實際上是絕大多數，我們三分之二的業務都發生在美國境外。本季度，這些市場中的大多數、絕大多數都表現得非常好，我們預計，如果幾個較大經濟體的當前情況不會導致宏觀經濟環境發生未知變化，我們的表現將繼續良好。

But I would state, most clearly, that what we see today has nothing to do with consumer demand. Consumer demand for the Skechers brand, for our comfort technology products is extremely robust and quite frankly it is almost hard for us to catch. And so that's not the issue.

但我要非常明確地指出，我們今天所看到的情況與消費者需求無關。消費者對斯凱奇品牌以及我們的舒適科技產品的需求極為強勁，坦白說，我們幾乎很難滿足這一需求。所以這不是問題。

Now, obviously the markets that today probably present the most uncertainty are the United States and China for two different reasons. In the United States, it's obviously a market where we're watching consumer behavior pretty closely and we're watching both signals in our own business, but signals in other businesses and those have clearly gotten more uncertain in the recent past.

現在，顯然目前最不確定的市場是美國和中國，原因有二。在美國，我們顯然正在密切關註消費者行為，並且在我們自己的業務中也關注這兩個訊號，但其他業務中的訊號在最近顯然變得更加不確定。

I would say in China, that's a market that continues to work its way through some of the macro challenges we've talked about. The decline this quarter, I think, is a bit more outsized, mostly because of last year. If you recall last year, China in the first quarter was a good growth market for us, group double digits. So I would take into context this quarter's result is more in our view, a continuation of the performance we saw over the back half of 2024.

我想說，在中國，市場正在繼續努力克服我們談到的一些宏觀挑戰。我認為本季的下降幅度更大一些，主要是因為去年。如果你還記得去年第一季中國對我們集團來說是一個良好的成長市場，實現了兩位數的成長。因此，我認為本季的業績在我們看來更像是 2024 年下半年業績的延續。

But it also is illustrating some signals of stability, and we are taking the actions that we've previously discussed around demand creation, product assortment, a focus on comfort that we think will actually yield significant benefit as the market continues to improve. So that's more of a status quo than anything else, but still a market where we know, long term, there's great prospects for the brand, and we believe the actions we're taking today will have a significant impact to help drive that that market toward recovery.

但它也顯示出一些穩定的訊號，我們正在採取先前討論過的行動，圍繞著需求創造、產品分類、關注舒適度，我們認為隨著市場持續改善，這些行動實際上將帶來顯著的效益。因此，這更多的是一種現狀，但我們知道，從長遠來看，這個市場對該品牌有著巨大的前景，我們相信，我們今天採取的行動將產生重大影響，有助於推動該市場復甦。

But more than anything, I would want folks to understand that there is certainly at the outset, no concern from a consumer perspective, for our brand because what we see there are tremendous signals as evidenced by a lot of the regional growth you saw across both Wholesale and our Direct-to-Consumer business, particularly in EMEA, but also in the Americas, and then ex-China in APEC, which all grew quite nicely in the quarter.

但最重要的是，我希望大家明白，從消費者的角度來看，一開始對我們的品牌沒有任何擔憂，因為我們看到了巨大的信號，這一點從批發和直接面向消費者業務的許多區域增長中可以看出，特別是在歐洲、中東和非洲地區，還有美洲，然後是除中國以外的亞太經合組織地區，這些地區在本季度都實現了相當不錯的增長。

Thank you, John, for all that color.

謝謝你，約翰，謝謝你帶來這麼多的色彩。

And then, with regards to tariff concerns, I think you laid out three strategies: cost sharing, sourcing optimization, pricing. How should we think about those three levers? You've listed them out in that order. Should we think about costing with your partners, manufacturing partners, as the biggest lever? And then pricing being the last lever. Love to get the degree of magnitude. Are they all equal weight and how fast can you implement each of those three levers? Thank you.

然後，關於關稅問題，我認為您提出了三種策略：成本分攤、採購優化、定價。我們該如何看待這三個槓桿？您已按該順序列出了它們。我們是否應該將與合作夥伴、製造夥伴的成本計算視為最大的槓桿？然後定價是最後一個槓桿。愛要得到一定程度的量級。它們是否都具有同等重要性？您能多快實現這三個槓桿？謝謝。

Yeah, you're going to get a lot of unknowns in that, Laurent.

是的，你會遇到很多未知數，勞倫特。

No, we did not list those levers in order of either economic unit or other importance to us. They're all being actively managed. We're working on all aspects of the strategy and the reason why we're inhibited on our ability to explain fully is that that's an evolving topic. I mean, we're right now today only in a pause on potentially drastic increases everywhere outside of China. And so how that unfolds will have a dramatic impact on how we plan sourcing.

不，我們沒有按照經濟單位或其他對我們重要性的順序列出這些槓桿。它們都受到積極的管理。我們正在研究該戰略的各個方面，我們之所以無法全面解釋，是因為這是一個不斷發展的話題。我的意思是，目前我們只是暫停了中國以外所有地方可能出現的大幅成長。因此，這項進程將對我們的採購計畫產生巨大影響。

I think it's important to note that we have to remain flexible, so we don't have a target and then keep moving, part of our strength and what we've done in the past is we use all the levers and all sets of those levers, stay flexible, and apply them where it's the best for us to go at that particular time, and that that could change, like John said, over a short period of time.

我認為需要注意的是，我們必須保持靈活性，這樣我們就不會有一個目標然後繼續前進，我們的優勢之一以及我們過去所做的就是使用所有的槓桿和所有槓桿組合，保持靈活性，並將它們應用到我們在特定時間最需要的地方，而這可能會像約翰所說的那樣，在短時間內發生變化。

So I think just to reiterate, we think we're in a good place. We have some levers. We don't know what the final is, so we don't know which levers will do the best. What we do know is that the product is being received very well around the world and selling through, and we have faith in our way to maneuver these things to know that we'll come out as well as is possible.

因此，我想重申一下，我們認為我們處於一個良好的位置。我們有一些槓桿。我們不知道最終結果是什麼，所以我們不知道哪個槓桿的效果最好。我們所知道的是，該產品在世界各地都受到了熱烈歡迎，並且熱銷，我們有信心以自己的方式處理這些事情，相信我們會盡可能地推出最好的產品。

Understood. Last question. Two weeks ago, Levi's was asked if there was anti-Americanism starting to brew with the brand and the answer was no. I'd love to get your take there, obviously, which is a very dynamic environment, but just love to get your take. Obviously, you guys are seen as a global brand, but just to get a little bit more color there would be very helpful for the audience. Thank you.

明白了。最後一個問題。兩週前，有人問 Levi's 品牌中是否開始出現反美情緒，答案是否定的。顯然，我很想聽聽你的看法，那裡是一個非常有活力的環境，但我只是想聽聽你的看法。顯然，你們被視為一個全球品牌，但只要增加一點色彩，對觀眾來說就會非常有幫助。謝謝。

I would not say in any way we've seen any evidence of either anti-Americanism or anti-Skechersism, no isms.

我不會說我們看到了任何反美主義或反斯凱切斯主義的證據，沒有任何主義。

What I would tell you though is, as we've emphasized before, Skechers is very much an international brand, and we're perceived that way in many markets. We don't rely as heavily as others on some US-based assets for marketing the brand globally. We like to be very locally attuned.

不過我想告訴你們的是，正如我們之前強調的那樣，斯凱奇是一個國際品牌，我們在許多市場上都被視為國際品牌。我們並不像其他公司那樣嚴重依賴美國資產來進行品牌的全球行銷。我們喜歡與當地情況密切相關。

And so for that, the benefit is being perceived as much more of an international, locally applicable brand than quote an American brand and quote per se. No, we haven't seen any evidence of that and we wouldn't expect that. But obviously, we're watching the overall performance of the business very, very carefully at this stage.

因此，其好處在於被視為國際化、本地適用的品牌，而不是美國品牌本身。不，我們沒有看到任何證據，我們也不會期待這一點。但顯然，現階段我們正非常仔細地關注業務的整體表現。

Thank you very much. Best of luck.

非常感謝。祝你好運。

Jim Duffy, Stifel.

吉姆·達菲（Jim Duffy），Stifel。

Hi, this is Peter McGoldrick on for Jim. Thanks for taking our question.

大家好，我是 Peter McGoldrick，代表 Jim。感謝您回答我們的問題。

I was curious in the context of your playbook to address the tariff headwinds in the US, can you discuss your appetite for taking price and ability to do so across regions and not just in in the US? Could you elaborate there?

我很好奇，在您應對美國關稅逆風的策略背景下，您能否討論一下您對跨地區定價的興趣以及這樣做的能力，而不僅僅是在美國？能詳細說明一下嗎？

Well, as we said, I mean, pricing at the customer and the consumer level is certainly something we're considering. We want to weigh that, as David said, against what type of impact we feel that would have overall both to customers and consumers. I would surmise that much like when we've dealt with tariff situations or extreme cost impacts before, some amount of that will evidence itself ultimately in price. But if we're weighing that as we go along.

嗯，正如我們所說的，我的意思是，我們正在考慮在客戶和消費者層面定價。正如大衛所說，我們想權衡一下我們認為這會對客戶和消費者產生什麼樣的影響。我推測，就像我們以前處理關稅情況或極端成本影響一樣，其中的一部分最終會在價格上反映出來。但如果我們邊走邊衡量的話。

I think in this case the issue is so specific to the United States, given the trade environment, that we're probably unlikely to look across the globe for offsets simply because one of the things you have to be very careful about in explaining any price action to the customer and the consumer is the rationale behind it. And what we've generally seen is when that's a logical explanation and when it's contextualized in the consumer's mind, the customer's mind as to why and that it makes sense, we find they're much more receptive to absorbing that.

我認為，在這種情況下，考慮到貿易環境，這個問題與美國息息相關，我們不太可能在全球範圍內尋找補償，因為在向客戶和消費者解釋任何價格行為時，你必須非常小心的事情之一就是其背後的理由。我們通常看到的是，當這是一個合乎邏輯的解釋，並且當它在消費者的頭腦中被具體化，當客戶明白為什麼並且它是有意義的，我們發現他們更容易接受它。

But the honest answer is at the moment that's still something we're deciding upon. We'll need to assess the impacts of and ultimately, as David also mentioned, we'll be flexible about. If we try one approach and it's ineffective, we'll very quickly move to another. We're not afraid to change tactics if that's what conditions dictate.

但誠實的回答是，目前這仍是我們正在決定的事情。我們需要評估其影響，最終，正如大衛所提到的，我們會靈活處理。如果我們嘗試一種方法但發現無效，我們很快就會轉向另一種方法。如果條件需要，我們不怕改變策略。

Okay, and then, on the expense side as you manage what you're able to control amidst the uncertain backdrop, can you size the discretion over spending growth as we progress through 2025?

好的，那麼，在支出方面，當您在不確定的背景下管理您能夠控制的支出時，您能否衡量我們在 2025 年對支出成長的自由裁量權？

There's a certain amount of, certainly, discretion that we have. I think what we want to weigh again though is, let me step back, we have tremendous brand strength. We have great product. We've got a strong balance sheet, and we have ambitions to continue to grow this brand. We don't want to be penny wise, pound foolish in the near term.

當然，我們有一定的自由裁量權。我認為我們要再次權衡的是，讓我退一步來說，我們擁有巨大的品牌實力。我們有很棒的產品。我們擁有強大的資產負債表，並且我們有志於繼續發展這個品牌。我們不想在短期內因小失大。

Obviously. we will keep in mind the totality of what's going on in the world, how that impacts our business, and make adjustments from there. But we also don't want to take foolish action today that would jeopardize our opportunity long term. We referenced five years ago because there are, we think, some instructive outcomes where we continued to invest through that cycle and emerged as a stronger brand. And we feel many of the same opportunities will exist in the future ahead.

明顯地。我們將牢記世界上正在發生的所有事情，以及它們對我們的業務的影響，並據此做出調整。但我們也不想今天採取愚蠢的行動，因為這可能會危及我們的長期機會。我們之所以提到五年前，是因為我們認為，在那個週期中我們繼續投資並成長為一個更強大的品牌，並取得了一些有益的成果。我們相信，未來還會存在許多同樣的機會。

So we'll exercise discretion. We'll monitor things carefully, but we want to be thoughtful and we want to bet on the long term and the long-term health of our brand first because that's what will ultimately enable the most success later on.

因此我們會謹慎行事。我們會仔細監控事態，但我們希望深思熟慮，我們希望首先押注我們品牌的長期發展和長期健康，因為這最終將為我們以後取得最大的成功。

Very helpful. Thank you.

非常有幫助。謝謝。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Thank you very much for all the color.

非常感謝你們帶來的所有色彩。

I guess my first question is the comment on 65% outside of the US, roughly 40% is sourcing in China. Is there any, under any circumstance, is it possible to be so aggressive about redirecting all the China sourcing to non-US locations, and how quickly could you shift any sourcing that you need to?

我想我的第一個問題是有關 65% 在美國以外、大約 40% 在中國採購的評論。在任何情況下，是否有可能如此積極地將所有中國採購重新定向到美國以外的地方，以及您能多快轉移所需的採購？

And then my second question is on inventory. As we go kind of through this pricing-cost dynamic, we saw this, I think you probably didn't, but in the cotton-inflation era in 2011 and 2012, and there's kind of a push pull between units, if you want them down and conservative versus the dollars that they're going to be up necessarily. How do you think about that in the back half and are you seeing any movement on marketplace orders right now? Thank you very much.

我的第二個問題是關於庫存的。當我們經歷這種定價成本動態時，我們看到了這一點，我想你可能沒有，但在 2011 年和 2012 年的棉花通膨時代，單位之間存在一種推拉關係，如果你想讓它們相對於美元下降和保守，它們必然會上漲。您如何看待下半年的情況？現在您看到市場訂單有什麼變化嗎？非常感謝。

Insofar as the production is concerned, I would say all cards are on the table. We're looking at how we optimize the global cost of tariffs in all markets when we look to move production around. Obviously with an effective tariff rate at about 159%, products from China to the US are prohibitively expensive. So that will be, an anchor behind some of our thinking.

就生產而言，我想說一切都已擺在桌面上。當我們考慮轉移生產時，我們正在研究如何優化所有市場的全球關稅成本。顯然，由於有效關稅稅率高達159%左右，中國輸美產品的價格高得令人卻步。因此這將成為我們某些想法背後的支柱。

Again, we're going to stay away from absolutes because what we believe will affect the outcome most is being thoughtful and flexible as time goes on. But certainly we'll look to optimizing for the lowest overall landed cost in total and by market when we make those decisions and shifting around production by destination market will be a feature of that.

再次強調，我們將避免使用絕對的詞語，因為我們相信，隨著時間的推移，對結果影響最大的是深思熟慮和靈活性。但當我們做出這些決定時，我們肯定會尋求優化總體和按市場最低的總到岸成本，而按目的地市場轉移生產將是其中的一個特徵。

In terms of inventory, I think probably what I would note most is we're still dealing with some of the impacts of the Suez Canal closure, and that is the that is the most significant impact to our inventories. And as we had said last year that will continue until we lap that situation because that's a logistics challenge, not a business challenge per se.

在庫存方面，我想我最應該注意的是，我們仍在應對蘇伊士運河關閉帶來的一些影響，這對我們的庫存來說是最重大的影響。正如我們去年所說的那樣，這種情況將持續下去，直到我們解決這個問題，因為這是一個物流挑戰，而不是商業挑戰本身。

From there, I would say, quite frankly, the more inventory we have under the prior tariff regime in the United States, the better off we would have been, but mostly we're continuing to manage inventory as closely and thoughtfully as we have in the past, and that means very low amounts of at-risk inventory. The substantial majority of our inventory is either, a booked order in the future or dedicated to our own DTC business, both of which have a pretty high fidelity to delivery.

從那時起，我想坦白說，在美國之前的關稅制度下，我們擁有的庫存越多，我們的狀況就會越好，但大多數情況下，我們仍會像過去一樣繼續嚴密而周到地管理庫存，這意味著風險庫存量非常低。我們的庫存絕大部分要么是未來的預訂訂單，要么是專用於我們自己的 DTC 業務，這兩種情況對交付的保真度都相當高。

In terms of orders, it's a little early to say too far into the future other than next quarter, but I would say, we're watching orders carefully. We're watching customers carefully. Some are certainly nervous because of the environment, but what I would say is when we've shown them our product assortment, which we just got done doing here in Manhattan Beach and are in the process of doing across the globe.

就訂單而言，除了下個季度之外，現在談論未來還為時過早，但我想說，我們正在密切關注訂單。我們正在仔細觀察顧客。有些人肯定會因為環境而感到緊張，但我想說的是，當我們向他們展示我們的產品組合時，我們剛剛在曼哈頓海灘完成了這項工作，並且正在全球範圍內開展這項工作。

We see -- we get tremendous and positive response to what we're bringing forward both in terms of the comfort technology products that we've had in the past, but also some newer products that are doing very, very well for us. So although they may be nervous overall, when we talk to them, they're excited about what we're bringing forward, about what we're offering. And ultimately, we'll have to find a way to manage through some of this uncertainty together, and that's what we're poised to do.

我們看到—我們所推出的產品得到了巨大的正面回應，不僅包括我們過去推出的舒適科技產品，還包括一些為我們帶來非常非常好的新產品。因此，儘管他們總體上可能感到緊張，但當我們與他們交談時，他們對我們提出的建議和所提供的產品感到興奮。最終，我們必須找到一種方法來共同應對這些不確定性，而這正是我們準備要做的。

Fantastic. Appreciate the color. Best of luck.

極好的。欣賞色彩。祝你好運。

Thank you.

謝謝。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Thank you so much for taking the questions. Just a couple of follow-ups from me.

非常感謝您回答這些問題。這只是我的一些後續問題。

Just on your China sourcing exposure being relatively high, I'm just curious if, historically, something has kept you from moving out of that country compared to peers, and whether that's more flexible now and for whatever reason.

由於你們在中國的採購業務曝光率相對較高，我很好奇，從歷史上看，與同行相比，是否有什麼原因阻礙了你們離開中國，以及現在是否因為某種原因而更加靈活。

And then, another follow up on inventory is I'm just curious, how much do you have on hand right now that's not tariff? And how do you think about the flow of how long you have this window of non-tariff inventory before it starts becoming tariff, trying to think about how this flows to the income statement throughout the year. Thanks a lot.

然後，關於庫存的另一個後續問題是，我只是好奇，您現在手頭上有多少不是關稅的庫存？您如何看待非關稅庫存在成為關稅之前的時間窗口期，試著思考它如何流入全年的損益表。多謝。

Yeah, I mean, I think when you look at production, right, it's partly about where your destination market is. It's partly about the capabilities of your partners. I mean, we've always maintained a fairly flexible view on where we want to get our product from. It has historically emanated largely from Asia, but that's also, quite frankly, where we have some of the best quality, some of the lowest-cost opportunities, and some of the most, quite frankly, deeply rooted relationships with manufacturing partners. It is flexible.

是的，我的意思是，我認為當你看生產時，它部分取決於你的目標市場在哪裡。這在一定程度上與你的合作夥伴的能力有關。我的意思是，對於我們想要從哪裡獲得產品，我們始終保持著相當靈活的看法。從歷史上看，它主要源自亞洲，但坦白說，那裡也是我們擁有一些品質最好、成本最低的機會，以及坦白說與製造合作夥伴建立最深厚關係的地方。它很靈活。

We're in the process of flexing that right now. But again, we can't think about this just from a US perspective because that two-thirds of our business that's not in the United States is pretty robust and it's not currently impacted by a similar environment to what you see unfolding in the United States. So we'll be flexible on it, but I think it's important to keep the broader aperture of our business in mind when you think about that because it's not a principally domestic business.

我們現在正在實施這項措施。但我們不能只從美國的角度來考慮這個問題，因為我們三分之二的業務不在美國，而且這些業務目前還沒有受到與美國類似的環境的影響。因此，我們會靈活處理這個問題，但我認為，在考慮這個問題時，務必牢記我們業務的更廣泛範圍，因為這主要不是國內業務。

Insofar as inventories are concerned, we take action to get more inventory on land as much as we could right before the most recent announcements, we did take efforts to preclear through our free trade zone DC what we could. I would say, to answer your question in a slightly different way, we will begin to feel the impacts of the current tariff regime in the tail end of the second quarter and fairly acutely in the third quarter. Those are probably going to be the two most sizable impacts based on what we know today.

就庫存而言，我們在最近的公告發布之前就採取行動，盡可能多地增加陸上庫存，我們確實盡力透過我們的自由貿易區 DC 進行預先清關。我想說，以稍微不同的方式回答你的問題，我們將在第二季末開始感受到當前關稅制度的影響，並在第三季感受到相當明顯的影響。根據我們目前所知，這可能是兩次最重大的影響。

Some of that will also be contingent upon which of those levers we pull and how quickly we're able to pull them and to what degree. So there's still more unknown than known in that, which is again why we've at the moment paused our guidance. But all of those are being actively pursued and we're doing everything we can to bring in goods, obviously at the lowest, most possible landed cost.

其中某些還取決於我們拉動哪個槓桿、我們能夠多快拉動它們以及拉動到何種程度。因此，未知數仍然比已知數多，這也是我們目前暫停指導的原因。但我們正在積極推行所有這些措施，並竭盡全力引進貨物，顯然是以盡可能最低的到岸成本。

Yeah, I think it's important to note also that, at least in my perspective, we haven't really been slow to move and take multiple sourcing for our product. Like John said, because we're two-thirds outside the United States, it's still a very viable factory base for us on a worldwide business that we continue to support and work with. The percentages that go to each country can change much more quickly than changing the entire production facility.

是的，我認為還需要注意的是，至少在我看來，我們的行動並沒有放慢，也沒有為我們的產品採取多種採購方式。就像約翰所說的那樣，由於我們的三分之二的業務都在美國以外，因此對於我們繼續支持和合作的全球業務而言，它仍然是一個非常可行的工廠基地。流向每個國家的百分比變化速度可能比改變整個生產設施的速度快得多。

So our business continues to grow in Southeast Asia in APAC outside of China. We do foresee China continuing a growth curve somewhere in the near future, and we continue to make product and we can move it and try to maximize what we can. Like I said, we have significant flexibility and we try to use it. That's why it's very difficult to be tied down to percentages and how quickly.

因此，我們的業務在中國以外的亞太地區東南亞地區持續成長。我們確實預見到中國在不久的將來會繼續保持成長曲線，我們將繼續生產產品，並努力實現產品最大化。正如我所說的，我們具有很大的靈活性，並且我們會盡力利用它。這就是為什麼很難將其與百分比和速度聯繫起來。

I think it's fair to say the smallest piece of what we make and what brings comes to the United States will now come from China, at least in the short term, until some new things are brought out. We really have no intention of bringing any 150% goods. Having said all that, I don't know that we won't bring in enough goods as we get to the back half of the year as things change and move forward. There's just too many moving parts, and we don't see that as a big possibility now.

我認為可以公平地說，至少在短期內，我們所生產的產品以及運往美國的產品中最小的一部分將來自中國，直到一些新產品問世。我們確實無意引進任何 150% 的商品。話雖如此，但隨著情況的變化和發展，我不知道到下半年我們是否會進口足夠的貨物。變動的部件實在太多，我們現在認為這種可能性不大。

So we're still moving forward. We still have great faith in those places that, like we said, outside the United States and China. That continue to grow and that can take production from multiple sources.

所以我們仍在繼續前進。正如我們所說，我們仍然對美國和中國以外的地方抱持著極大的信心。它將繼續成長，並可從多個來源取得生產。

Can I ask a quick follow up just when do you have to have holiday orders in by? Like how long do you have until you have the shoe drops on that?

我可以快速問一下您什麼時候必須收到假期訂單嗎？比如說，你還要花多久時間才能把鞋子掉下來？

Oh, that's a questionable pun, Alex. I would say for the most part about now it will depend upon the nature of the product. If it's an entirely new construction, it's earlier. If it's, something that we've had before. The current environment will exacerbate that a bit as we move things around, and that's one of the things you have to keep in mind. It's not just, what capacity do you have, but what's the logistical support behind that. And that's another element of the calculus you have to consider, particularly when you're facing down something like the holiday.

哦，這是一個值得懷疑的雙關語，亞歷克斯。我想說現在這主要取決於產品的性質。如果是全新建築，則時間更早。如果是的話，那我們以前就遇到過這種情況。隨著我們不斷移動事物，當前的環境將稍微加劇這種情況，這是你必須牢記的事情之一。這不僅僅是你擁有什麼能力，而是背後的後勤支援是什麼。這是你必須考慮的另一個因素，特別是當你面臨假期之類的事情時。

Thanks a lot. Good luck.

多謝。祝你好運。

John Kerman, TD Cowen.

約翰·克爾曼（John Kerman），TD Cowen。

All right, thanks for taking the question, guys. Hope all is well out in Manhattan Beach.

好的，謝謝大家回答這個問題。希望曼哈頓海灘一切安好。

It's Beautiful day today.

今天是個好天氣。

Usually is.

通常都是。

So we're all obviously trying to become experts in how to model cost of goods sold in a new tariff regime. You talked about some of the key inputs and offsets like pricing, supply chain optimization, cost sharing. How do we think about your landed cost as a percent of your overall costs, whether it's FOB or I don't know the other term maybe might just be landed cost, but how much of that, when we look at our much more simple Excel models and trying to forecast the gross margin and EBIT margin impact, how should we think about that critical input?

因此，我們顯然都在努力成為如何在新的關稅制度下模擬商品銷售成本的專家。您談到了一些關鍵的投入和補償，例如定價、供應鏈優化、成本分攤。我們如何看待您的到岸成本佔總成本的百分比，無論是離岸價還是我不知道的另一個術語可能只是到岸成本，但是當我們查看更簡單的 Excel 模型並嘗試預測毛利率和息稅前利潤率影響時，其中有多少，我們應該如何看待這個關鍵輸入？

Well, I first compliment all of you, really. A lot of the work that's been done up to this point in time we've found to be surprisingly close to the mark in terms of overall dynamics, with regards to factors like, FOB costs, etc. I mean, obviously it is the most significant component of the cost of goods when you take into account, the product life cycle.

好吧，我首先要讚美你們所有人，真的。我們發現，到目前為止所做的許多工作在整體動態方面，例如離岸價成本等因素，都驚人地接近目標。我的意思是，當你考慮到產品生命週期時，它顯然是商品成本中最重要的組成部分。

I think you do point out something that is important to keep in mind though, right. The primary impact for something like duties and tariffs is to the to the FOB price of the goods, but there are other elements that get impacted, particularly when you're moving production around both geographies into different production facilities. Efficiency factors are different, labor costs are different, freight and logistics, both availability and timing are different.

我認為你確實指出了一些需要牢記的重要事情，對吧。關稅等因素的主要影響是對貨物的離岸價，但其他因素也會受到影響，特別是當您將生產轉移到兩個地區的不同生產設施時。效率因素不同，勞動成本不同，貨運和物流的可用性和時間性都不同。

And so that's why this is not an incredibly easy answer to give, especially with the amount of volatility in the situation, because all those factors have to be weighed. Bluntly speaking, it doesn't help when the policies change as quickly as they have over the last three weeks. Some stability is necessary to be able to run the analysis we need to be able to make informed decisions on sourcing, what to do with product, what to do with pricing, what to do with cost, all that, and that's all in the works.

所以，這不是一個很容易回答的問題，尤其是在情況如此不穩定的情況下，因為必須權衡所有這些因素。坦白說，過去三週政策變化太快，這無濟於事。為了能夠進行分析，我們需要一定的穩定性，以便能夠對採購、產品、定價、成本等做出明智的決定，而所有這些都在進行中。

Got it. That's helpful. Just one follow up question.

知道了。這很有幫助。僅一個後續問題。

DTC has gradually become a bigger portion of the business; I think it's mid-40% globally. I think at the beginning of the year when you issue guidance, you talk to 180 to 200 new stores that puts you, I think, it's low-teens square footage growth or store growth, I should say, if there aren't any store closures on top of that. But how do we think about the level of growth you want to put forth in DTC and how do we think about the omnichannel comps, both domestically and internationally.

DTC業務佔比逐漸增加；我認為全球範圍內的比例是 40% 左右。我認為，在年初發布指引時，你會談到 180 到 200 家新店，如果在此基礎上不關閉任何門店，那麼我認為這將是低十幾平方英尺的增長或門店的增長。但是我們如何看待您想要在 DTC 中實現的成長水平，以及我們如何看待國內和國際的全通路競爭。

Well, we're still excited to open stores. We still find opportunities to open stores profitably, and ultimately it is a microeconomic decision. It's can we open a proposed location with the right level of profitability, the right scale to make sense, and we continue to see ample opportunity for that.

嗯，我們仍然很高興開店。我們仍然會尋找盈利地開設商店的機會，但最終這是一個微觀的經濟決策。我們能否開設一個具有適當盈利水平和適當規模的擬議地點，並且我們繼續看到充足的機會。

\I would say, we'll continue to look at all those very carefully, especially in the current environment, we do have a bias towards international, internationals where we see the largest opportunities, as David said, and we have said traditionally. And because the results there have been and continue to be very robust, we think there's a lot of ground to tread in that area.

\我想說，我們將繼續非常仔細地審視所有這些，特別是在當前環境下，我們確實對國際市場有偏見，在國際市場中我們看到了最大的機會，正如大衛所說，而且我們傳統上也這麼說。而且由於結果一直非常強勁，我們認為該領域還有很大的發展空間。

In the US we still see exciting opportunities. We'll watch those carefully as the macroeconomic environment unfolds, but right now we still see interesting and attractive opportunities to open stores. The final number may become something we look at as we deal with the repercussions of the current environment, but no decisions have been made on that as of yet.

在美國，我們仍然看到令人興奮的機會。隨著宏觀經濟環境的發展，我們會密切關注這些情況，但目前我們仍然看到開設商店的有趣且有吸引力的機會。我們在處理當前環境的影響時可能會考慮最終數字，但目前尚未就此做出決定。

I would also note though, even over the last three months we've seen some fairly interesting dynamics within the DTC space, and we spoke about these, previously in a couple of venues. You saw some months where traffic was a bit more robust than others. Consumers were out and then you saw a pretty decent shift to online. And so overall I would say we're very pleased with the DTC results for the quarter domestically and especially internationally, but there was a bit more volatility in that than we've seen of late.

不過，我還想指出，即使在過去三個月裡，我們也看到了 DTC 領域內的一些相當有趣的動態，我們之前在幾個場合討論過這些動態。您會發現某些月份的流量比其他月份大一些。消費者走出去後，你會看到消費者明顯轉向線上購物。因此，總的來說，我們對本季國內和特別是國際的 DTC 業績非常滿意，但其中的波動比我們最近看到的要大一些。

I think what's great about having the omnichannel solution we have as a company is it allows us to flex quickly to meet the change in consumer behavior dynamics that we saw. And so this quarter in particular we saw fairly robust e-com growth. Stores did well, but they weren't the major source of the growth. And that was because consumers displayed a penchant, particularly in February to move online. And we were there.

我認為，我們公司擁有全通路解決方案的優點在於，它使我們能夠快速且靈活地適應我們所看到的消費者行為動態的變化。因此，本季我們看到了相當強勁的電子商務成長。商店表現不錯，但並不是成長的主要來源。這是因為消費者表現出了轉向線上購物的傾向，尤其是在二月。我們就在那裡。

We were there with the right product, right assortment and availabilities, and that's why we were able to capture those dollars. And so we expect to continue to leverage that omnichannel capability going forward to meet consumers where they are and make sure that they have access to their favorite comfort technology products.

我們擁有正確的產品、正確的分類和可用性，這就是我們能夠獲得這些資金的原因。因此，我們希望繼續利用全通路功能來滿足消費者的需求，並確保他們能夠獲得自己喜歡的舒適科技產品。

Very helpful details. John. Thank you.

非常有用的細節。約翰。謝謝。

Jesalyn Wong, Evercore ISI.

Jesalyn Wong，Evercore ISI。

Hi, guys. Thank you for taking our questions here.

嗨，大家好。感謝您在這裡回答我們的問題。

Just on the manufacturing front, are there any specific products that are being made in China which is currently not being produced in Vietnam? If so maybe just a little bit of color on what franchises there are, and what's the percentage of total products they make up.

就製造業而言，是否有任何特定產品是中國製造而越南目前尚未生產的？如果是這樣，也許只需稍微介紹一下有哪些特許經營權，以及它們佔總產品的百分比。

And the other question is, you guys highlighted being conservative around capital allocation for this year, but at 150 to 170 stores for the remaining of the year seems to imply that we're keeping our stock expansion plans similar to the beginning of the year. Given the high volatility in the current environment, just help me understand what is the thought process of keeping the store openings here, and how fast can we change our plans if needed in this environment?

另一個問題是，你們強調今年在資本配置方面要保守，但今年剩餘時間內將門市數量定為 150 至 170 家，這似乎意味著我們將保持與年初類似的庫存擴張計劃。鑑於當前環境的高度波動性，請幫助我了解在這裡保持商店開業的想法是什麼，以及在這種環境下如果需要我們可以多快改變計劃？

So on your manufacturing question, I mean, I'm not going to give detail at a franchise level. I would say in broad brushstrokes, probably the most noticeable discrepancy we see in terms of manufacturing capabilities is that kids' footwear tends to -- the vast majority of it tends to emanate from China. It's very high quality. It follows all the regulatory requirements for consumer product safety in the United States and meets the right price point for a notoriously lower gross margin business. And so that'll be a challenge.

因此，關於您的製造問題，我的意思是，我不會在特許經營層面提供細節。我想說，從廣義上講，我們在製造能力方面看到的最明顯的差異可能是兒童鞋類往往——絕大多數往往來自中國。品質非常高。它符合美國消費品安全的所有監管要求，對於眾所周知的低毛利率業務來說，價格合適。所以這將是一個挑戰。

That's one we're going to have to look at carefully because of that that unique differential in manufacturing capabilities. Outside of that, there may be products here or there that we need to think about. But generally speaking, I would say, we have the ability to back up most production in multiple locations.

由於製造能力方面存在獨特的差異，我們必須仔細研究這一點。除此之外，可能還有一些產品需要我們考慮。但總的來說，我想說，我們有能力在多個地點支援大部分生產。

In terms of the store, I would go back to my last answer to John. We're making microeconomic decisions on the stores based on the pro forma characteristics of that location. If they don't make sense, we won't do them. If they do, for the most part, we'll continue. We are evaluating whether or not it makes sense to continue with every store on a regular basis because the dynamics can change.

關於商店，我會回到我上次對約翰的回答。我們根據該地點的預期特徵對商店做出微觀經濟決策。如果它們沒有意義，我們就不會去做。如果他們這樣做，那麼大多數情況下我們都會繼續。我們正在評估是否有必要繼續定期與每家商店合作，因為情況可能會改變。

I would go back though, we're just, we're closing a quarter where our DTC business grew 6%, and that includes a drag coming from China. And so there's a lot of opportunity, that we still see in the business and from a Q1 perspective, I would tell you the consumer was pretty healthy. Now where it goes from here is something we'll have to watch but as we got through Q1, one of the most I think noticeable aspects of the behavior of the business was that ex-China, it was up double digits on a DTC basis and that's pretty healthy.

不過，我要回顧一下，我們即將結束一個季度，我們的 DTC 業務成長了 6%，其中包括來自中國的拖累。因此，我們仍然看到該業務中存在許多機會，從第一季的角度來看，我想說消費者的健康狀況相當良好。現在我們必須關注它接下來的發展，但隨著我們進入第一季度，我認為最引人注目的業務行為之一是，除中國以外，DTC 基礎上的增長達到了兩位數，這是相當健康的。

So we'll continue to weigh those factors. I would say we're monitoring the situation, but it's really going to be dependent upon consumer demand and our analysis of that at the time we make decisions about opening stores.

因此我們會繼續權衡這些因素。我想說我們正在關注情況，但這實際上取決於消費者需求以及我們在決定開設商店時對此的分析。

Got it. Just one quick follow up. How much is kids' business as a percentage in US?

知道了。只需快速跟進一次。兒童生意在美國佔比是多少？

Well, I don't know if we'd give it by gender. I'd say it's the smallest of the three gender breakdowns, and it's not an extraordinary amount of the business, especially because kids just as a general rule of thumb carry a lower ASP. But we like having the kids' business, we think it's good for the consumers. It's a compliment to other purchases. It's often quite frankly, the plus-one purchase from a units -- per transaction basis. So it tends to be additive.

嗯，我不知道我們是否會根據性別來給出答案。我想說，這是三種性別細分中最小的，而且業務量也不是很大，尤其是因為根據一般經驗，兒童的平均售價較低。但我們喜歡兒童業務，我們認為這對消費者有好處。這是對其他購買行為的讚美。坦白說，這通常是按每筆交易的單位數加一購買量。因此它往往具有附加性。

We think it's important to our franchise and we have some franchise shoes in that gender that worked really well. The near-term manufacturing is an issue we're going to have to overcome. But eventually we believe we can and we'll get back to a market where there's not a challenge around the on the kids' manufacturing.

我們認為這對我們的特許經營很重要，而且我們有一些該性別的特許經營鞋，效果非常好。近期的製造是我們必須克服的問題。但最終我們相信我們可以，我們將回到一個在兒童製造方面沒有挑戰的市場。

Got it. Thanks, guys.

知道了。謝謝大家。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Hi, this is Josh Rees on for Rick Patel. Thanks for taking our questions.

大家好，我是 Rick Patel 的 Josh Rees。感謝您回答我們的問題。

I was hoping that you could kind of go through as the company is evaluating where tariffs are going to land, can you talk about the opportunity to delay decision making by leaning more into air freight if that's a possibility, if that makes logical -- like logistical sense.

我希望您能大致了解一下，當公司正在評估關稅的走向時，如果可能的話，如果這在邏輯上——比如在物流上——您是否可以談談通過更多地依賴空運來推遲決策的機會。

Well, I don't know if anybody on this call has a perspective into where tariffs are going to go, we would greatly appreciate their sharing and I do think it's that lack of visibility that's one of the bigger challenges we face. Air freight really wouldn't be a solution in mass to us the amount of benefit you would get would amount to, maybe a couple of weeks. And while that may be the case, that in this instance that proves to be critical, the higher costs to load and carry our product in air is not wouldn't make that worthwhile.

嗯，我不知道這次電話會議中是否有人對關稅的走向有自己的看法，我們將非常感謝他們的分享，我確實認為缺乏透明度是我們面臨的更大挑戰之一。空運對我們來說確實不是一個大規模的解決方案，您獲得的收益可能只有幾週的時間。雖然情況可能如此，但在這種情況下，這一點至關重要，空運和運輸我們產品的成本較高，因此並不值得。

But I think again you touch on probably the most critical element of the situation is the volatility with which policies and rates have changed is one of one of the more challenging elements of it. We face a set of challenges and conditions. We can navigate around those. It's when those challenges and those conditions change dramatically, very quickly that that makes it very hard to plan. And that's probably been the most troublesome aspect of the current environment.

但我認為您再次提到了可能最關鍵的因素，即政策和利率變化的波動性是其中最具挑戰性的因素之一。我們面臨一系列挑戰和條件。我們可以繞過這些問題。當這些挑戰和條件發生巨大、迅速的變化時，制定計劃就會變得非常困難。這可能是當前環境下最麻煩的方面。

Yeah, I appreciate the color, and just to follow up on that.

是的，我很欣賞這個顏色，只是想繼續跟進。

I know you mentioned that the Wholesale accounts are excited for a new product, but I was curious if you can give us a sense of how much confidence they have in taking on inventory given all the uncertainty going on. And then if orders end up softer than you plan, what's your confidence that the D2C channel can do the heavy lifting and move more units.

我知道您提到批發客戶對新產品感到興奮，但我很好奇，考慮到所有的不確定性，您是否可以告訴我們他們對庫存有多大信心。然後，如果訂單最終比您計劃的要少，那麼您對 D2C 管道能夠完成繁重工作並運送更多單位的信心如何呢？

Well, Josh, there's a lot of assumptions built into any answer I would give you there. I'd say, look, clearly there is more nervousness today than there was three months ago. That's evidence at the customer level for us our Wholesale partners in the US. It's evidenced in the consumer data that's coming out more broadly in the financial markets. I think what's probably most appropriate for us to comment on is the fact that we can be flexible and we will be flexible. We've shown that in the past. If there's challenges in Wholesale, we can lean on DTC.

好吧，喬希，我給你的任何答案都包含了很多假設。我想說，看，今天的緊張情緒顯然比三個月前更強烈。對於我們在美國批發合作夥伴來說，這是客戶層面的證據。金融市場更廣泛的消費者數據證實了這一點。我認為我們最應該評論的事實是，我們可以靈活變通，而且我們將會靈活變通。我們過去已經證明過這一點。如果批發方面遇到挑戰，我們可以依靠 DTC。

What's important to us is that we get the Skechers product in front of the consumer in an environment where it's conducive for them to make the choice to buy product. That's also incredibly contingent upon their spending power and power intent. So we'll have to watch all of that. I would say we feel good about our opportunities to get product through our own DTC channel irrespective of the tariff situation. We'll make changes to ensure that our DTC business is in a position to have the product necessary to meet consumer needs.

對我們來說，重要的是在有利於消費者做出購買選擇的環境中將 Skechers 產品展示在消費者面前。這也大大取決於他們的消費能力和權力意圖。所以我們必須關注這一切。我想說，無論關稅情況如何，我們都很高興有機會透過我們自己的 DTC 管道獲得產品。我們將做出改變，以確保我們的 DTC 業務能夠提供滿足消費者需求所需的產品。

Now the Wholesale partners, I think we're all going to have to watch and see because it's a dynamic environment and certainly, the confidence of everybody has taken a bit of a hit over the last couple of months. Yeah.

現在，批發合作夥伴，我想我們都必須觀察，因為這是一個動態的環境，當然，在過去的幾個月裡，每個人的信心都受到了一些打擊。是的。

I think it's important that we keep our eyes focused on demand. If there's demand for the product, we'll pick it up whichever way the consumer wants to shop. And if it means we have to, we'll have more of the product, then we will, and we're always willing to share. So we plan to be ready. We do see demand for the product and demand for the product on a relative basis holding up very well. So we'll be ready whichever way we need to get to our consumer.

我認為我們必須關注需求。如果有產品需求，我們就會按照消費者想要的方式購買。如果這意味著我們必須這樣做，那麼我們就會提供更多的產品，並且我們始終願意分享。所以我們計劃做好準備。我們確實看到該產品的需求以及相對而言該產品的需求保持得非常好。因此，無論我們需要以何種方式接觸消費者，我們都已做好準備。

Thanks so much and best of luck.

非常感謝，祝你好運。

Thanks, Josh.

謝謝，喬希。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

Hi, good afternoon and thanks for taking the question.

大家好，下午好，感謝您回答這個問題。

So John, just on the pair mitigation strategies, how do you think about having to lean potentially more heavily on price adjustments either earlier than anticipated, just really thinking about it in the context of unit elasticity, just how are you guys thinking about taking up prices versus what could happen with units.

那麼約翰，僅就配對緩解策略而言，您如何看待可能比預期更早地更加依賴價格調整，只是在單位彈性的背景下思考這個問題，你們是如何考慮接受價格而不是單位可能發生的情況的。

And then to the extent that you can talk about it just how should we think about any potential margin offsets for the higher inventory cost into the US, such as maybe domestic transportation that could be a tailwind here. Anything you can share in terms of, I think, you're locking in your ocean freight contracts here, anything that you can share from that perspective as well. Thank you.

然後，就您可以談論的程度而言，我們應該如何考慮美國更高庫存成本的任何潛在利潤抵消，例如可能成為順風的國內運輸。我認為，您在這裡鎖定了海運合同，您可以分享任何信息，從這個角度來說，您也可以分享任何信息。謝謝。

Yeah, look, I think we don't want to raise prices because of increased duties. That's not our objective. If we have to do that because circumstances require it, then we will. But we won't take that decision lightly. It'll be done with as much dexterity as we can manage and, in many instances, we will put ourselves in a position to potentially absorb some short-term pain to minimize the impact of those to both customers and consumers.

是的，我認為我們不想因為關稅增加而提高價格。這不是我們的目標。如果情況需要我們必須這麼做，那我們就會這麼做。但我們不會輕易做出這個決定。我們將盡可能靈活地完成這項工作，在許多情況下，我們將使自己處於能夠承受一些短期痛苦的位置，以盡量減少這些痛苦對客戶和消費者的影響。

We're willing to make that investment if we believe it's in the long-term interest of the brand. So we will look at all factors, but I would state emphatically our objective is not to raise prices for the sake of raising prices, but rather it will be in response to extraordinary costs, if we see them.

如果我們相信這符合品牌的長期利益，我們願意進行這項投資。因此，我們會考慮所有因素，但我要強調的是，我們的目標不是為了漲價而漲價，而是為了應對異常成本（如果我們發現的話）。

In so far as the margin is concerned, I think at the moment our bias would be to look at protecting over medium term as best we can, the gross profit dollars, striving to maintain overall margins in an environment where your landed duties is 159% is a big challenge, and that would probably present, we think, an even bigger challenge at the consumer level. But it's something we'll have to look at over the long term.

就利潤率而言，我認為目前我們的傾向是盡可能地保護中期的毛利，在到岸關稅高達 159% 的環境下努力維持整體利潤率是一個巨大的挑戰，而且我們認為，這可能會給消費者層面帶來更大的挑戰。但我們必須從長遠角度來考慮這個問題。

Again, assuming some sort of normalization, we feel like our ability to reconstruct these quite impressive sustainable margins we've been at over the last two years is pretty good because it's based on appeal of the product. It's based on the technology embedded in the product and I think it's supported by the marketing. In terms of non-landed costs, like David commented on the carrier negotiations, I think those were recently concluded, so.

再次，假設某種正常化，我們覺得我們重建過去兩年來相當令人印象深刻的可持續利潤率的能力相當不錯，因為它基於產品的吸引力。它基於產品中嵌入的技術，我認為它得到了行銷的支援。就非到岸成本而言，就像大衛對承運人談判的評論一樣，我認為這些是最近的結論。

Yeah, I mean, we recently concluded them and we're still waiting to finalize exactly which routes we'll need for which countries as all this settles out and we get our points of production. But as of the time we were there a few weeks ago, prices were still very steady and didn't look to upset any of our costing in the near term. So it's something we're constantly monitoring and looking at as we change points of production for different countries and so far, we think it's looking fairly stable.

是的，我的意思是，我們最近完成了這些工作，我們仍在等待最終確定哪些國家需要哪些路線，因為所有這一切都將塵埃落定，我們將獲得生產點。但截至幾週前我們在那裡時，價格仍然非常穩定，而且短期內似乎不會對我們的成本產生任何影響。因此，當我們改變不同國家的生產點時，我們會不斷監控和關注這一點，到目前為止，我們認為它看起來相當穩定。

Okay, thank you so much. Best of luck.

好的，非常感謝。祝你好運。

Thanks.

謝謝。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

Thanks, guys.

謝謝大家。

I just want to go back to China and want to see if you're expecting the business to improve as we move through the year. And then if there's anything you can speak to that provides any color on whether you're taking share or if the health of inventory in the channel is getting cleaner versus the last couple quarters.

我只是想回到中國，看看您是否預計隨著今年的到來，業務會有所改善。然後，如果您能說出任何話來表明您是否佔據了市場份額，或者與過去幾個季度相比，通路中的庫存狀況是否變得更好。

Our expectations for the back end of the year, last three quarters are pretty modest, but again, I would point out that the decline this quarter was significantly exacerbated by the fact that last year, the first quarter was the last sizable quarter of growth. So I think the decline looks a little bit outsized relative to where that business has been over the previous couple of quarters.

我們對今年年底、最後三個季度的預期相當溫和，但我再次指出，本季的下滑明顯是因為去年第一季是最後一個大幅成長的季度。因此，我認為相對於前幾季的業務狀況而言，這次下滑幅度看起來有點過大。

I would say the encouraging signal is that it feels like that market has reached a level of stability at least. What that means from our point of view is that it should be pretty modestly performing as you get into more comparable quarters in two, three, and four. But also, we are putting a lot of energy into how we think about reinvigorating the consumer in that market, how we play off the strength of our comfort technology products, you know, what we can do different in demand creation that might instigate some, resurgence.

我想說，令人鼓舞的訊號是，感覺市場至少已經達到了一定程度的穩定。從我們的角度來看，這意味著當你進入第二、第三和第四個更具可比性的季度時，它的表現應該相當溫和。但同時，我們也投入了大量的精力去思考如何重振該市場的消費者，如何發揮我們舒適技術產品的優勢，你知道，我們可以在需求創造方面做些不同的事情，以引發一些復甦。

I don't think, we are quite frankly, many brands are in a position of gaining share or trading share in that market, but I also don't think we're losing anything substantially either. It's still an incredibly important market for us. We're committed to that market by the long term. We continue to invest in our distribution infrastructure there. We continue to invest in our capabilities in that market, so. We still believe it has a significant opportunity for growth and we'll continue to invest behind that because we think that the brand has that size of opportunity.

坦白說，我不認為許多品牌能夠在該市場獲得份額或交易份額，但我也不認為我們遭受任何實質的損失。對我們來說，它仍然是一個極為重要的市場。我們長期致力於該市場。我們將繼續投資那裡的分銷基礎設施。我們將繼續投資於我們在該市場的能力。我們仍然相信它具有巨大的成長機會，我們將繼續對其進行投資，因為我們認為該品牌具有如此巨大機會。

Got it. Then just a quick follow up on pricing. So how quickly are you looking to make a decision on whether you're going to raise prices to protect your earnings power, especially if the assumption holds that the current tariff structure for now remains in place for the next couple months?

知道了。然後快速跟進定價。那麼，您要多快做出決定是否要提高價格以保護您的盈利能力，特別是如果假設目前的關稅結構在未來幾個月內保持不變？

Well, it's a critical assumption, right? And I think having some clarity on that would be very informative. I would say it's an in-process motion. It's not any -- it's not like a given day all of a sudden you decide you're going to raise all the prices. We're making adjustments as we go. So I would say it's actively in process, I think based on what we see today, that would lead one to conclude that the most acute impacts from a stable tariff structure would be in Q2 and Q3, with some ability to resolve that starting in Q4.

嗯，這是一個關鍵的假設，對吧？我認為弄清楚這一點將會非常有幫助。我想說這是一項正在進行的動議。這並不是什麼——這並不是某一天你突然決定要提高所有價格。我們正在不斷做出調整。所以我想說它正在積極進行中，我認為根據我們今天看到的情況，我們可以得出結論，穩定的關稅結構最嚴重的影響將出現在第二季度和第三季度，並從第四季度開始有一定的解決能力。

Understood. Thank you. Good luck.

明白了。謝謝。祝你好運。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

Great, thanks so much and thank you, guys, for all the color.

太好了，非常感謝，也謝謝你們，謝謝你們帶來的所有色彩。

We wanted to follow up on the US. I think in the prepared remarks you mentioned demand signals are more uncertain. Did you see sales moderate in April, or is this a concern about what could transpire in the business going forward? And then we had a follow up.

我們想跟進美國的情況。我認為您在準備好的評論中提到需求訊號更加不確定。您是否認為四月份的銷售額會放緩，或者這是對未來業務可能發生的事情的擔憂？然後我們進行了跟進。

Yeah, I mean, I would say so far in April we've seen a fairly consistent trend from the back half of Q1. Nothing that I would call out as a notable change other than there have been some calendar shifts with regard to Easter. So you really have to look at that period and tell. You can't pick one week or one day and look at it and draw too much of a conclusion.

是的，我的意思是，我想說，到目前為止，四月我們已經看到了與第一季後半段相當一致的趨勢。除了復活節相關的一些日曆變化外，我認為沒有什麼顯著的變化。所以你真的必須看看那段時期並說出真相。你不能選擇一周或一天，然後觀察它並得出太多結論。

Our commentary was more about what we're watching than what we've seen. We're watching the consumer carefully because there's been a lot of indicators from third parties, be they traditionally published surveys, consumer confidence indicators that would show that the consumer is growing more concerned about their spending power. That's really the genesis of motivating our watchfulness on the DTC side of the business, more than anything we've seen.

我們的評論更多的是關於我們正在觀看的內容，而不是我們已經看到的內容。我們正在密切關註消費者，因為有許多來自第三方的指標，無論是傳統發布的調查還是消費者信心指標，都顯示消費者越來越關注他們的消費能力。這確實激發了我們對 DTC 業務的警覺性，比我們所見過的任何事情都更是如此。

Okay, that makes a lot of sense. I appreciate that.

好的，這很有道理。我很感激。

And on the CapEx, it sounded like you're looking to rein in that $600 million to $700 million range that you guided to previously just given the environment and you already mentioned pulling back on some of the new store openings slightly. Can you talk about what other projects you guys are considering to pull back.

關於資本支出，聽起來您希望將先前根據環境所指導的 6 億至 7 億美元的範圍控制在內，並且您已經提到略微減少一些新店的開設。您能談談你們正在考慮撤回哪些其他項目嗎？

Well, just to be clear, we haven't pulled back on anything yet. What I would emphasize is that we're evaluating all alternatives similar to evaluating all alternatives to managing the business in response to the trade environment. So we haven't made any decisions yet to pull back. We have made decisions to continue on. And you know the China and US distribution center expansions that we mentioned are good examples there.

好吧，需要明確的是，我們還沒有撤回任何事情。我想強調的是，我們正在評估所有替代方案，類似於評估根據貿易環境管理業務的所有替代方案。所以我們還沒有做出任何撤退的決定。我們已決定繼續前進。您知道，我們提到的中國和美國配送中心的擴建就是很好的例子。

And I would gather that the vast majority of what we have planned, if it makes business sense and can't be deferred easily without an impact to the business. We'll probably continue forward, but we'll watch it carefully and we'll continue to evaluate opportunities should the dynamics of the market justify that. But again, going back to we're a strong brand with a good balance sheet, with great growth prospects. We do not want to fail to take advantage of this opportunity to continue to invest in the brand for the long term.

我認為，我們所計劃的絕大多數內容，如果具有商業意義，並且不能輕易推遲，否則會對業務產生影響。我們可能會繼續前進，但我們會密切關注，並繼續評估市場動態是否證明這一點的機會。但話說回來，我們是一個強大的品牌，擁有良好的資產負債表和巨大的成長前景。我們不想錯過這個機會，繼續對該品牌進行長期投資。

Alright, thanks so much. Best of luck.

好的，非常感謝。祝你好運。

Tom Nikic, Needham and Company.

湯姆‧尼基奇 (Tom Nikic)，尼德漢姆公司。

Tom, we aren't able to hear you. You may have yourself muted.

湯姆，我們聽不到你的聲音。您可能已將自己靜音。

Can you hear me now?

現在你能聽到我說話嗎？

Yes.

是的。

Okay. Sorry about that. I wanted to follow up on some of the discussion around pricing. How do you feel about the consumer's ability to absorb price increases. And, presumably, there's going to be a lot of goods that are going to become more expensive and inflation generally broadly in the economy may become a pretty meaningful headwind to consumer confidence.

好的。很抱歉。我想跟進一些有關定價的討論。您認為消費者承受價格上漲的能力如何？而且，可以推測，許多商品的價格將會上漲，而總體經濟通膨可能會對消費者信心造成相當大的阻礙。

So how are you thinking about the elasticity and your ability to push price and not have it negatively impact the volume of pairs that you're selling?

那麼您如何看待彈性和推動價格的能力，而不會對您銷售的數量產生負面影響？

Well, as we said before, we're not eager to raise prices. We would not be doing so were it not for a change in the duty structures of inbound product. On the one hand, obviously you don't want to be taking price in the face of a distressed consumer. On the other hand, I would say, certainly in that type of a situation, while we do not wish for it, we are focused, as we always say, on delivering style, comfort, quality, innovation at a reasonable price.

嗯，正如我們之前所說，我們並不急於提高價格。如果入境產品的關稅結構沒有發生變化，我們就不會這樣做。一方面，顯然你不想在消費者苦惱的情況下收取價格。另一方面，我想說，當然在這種情況下，雖然我們不希望這樣，但正如我們常說的那樣，我們專注於以合理的價格提供時尚、舒適、優質和創新的產品。

And I think being a reasonable price solution for footwear needs for consumers in that type of environment is a much better footing to be on than to be at the extreme premium end of the market. So again, we're not eager to raise prices. We wouldn't be doing so were it not for the amplified duty structures that are prevalent today.

我認為，在那種環境下，提供消費者價格合理的鞋類需求解決方案，比處於極端高端市場更有優勢。所以，我們並不急於提高價格。如果不是當今盛行的擴大關稅結構，我們就不會這麼做。

On the flip side, we feel very good about being a brand that offers consumers a choice for reasonably priced, highly comfortable, stylish, innovative footwear. And so I think in that environment we will begin to press that message and make sure consumers understand that Skechers is a great alternative in that type of environment. But again, it's not something we went out and sought. We wouldn't be changing price where it not for the exigencies of the situation.

另一方面，我們很高興能夠成為一個為消費者提供價格合理、舒適、時尚、創新的鞋類選擇的品牌。因此我認為在那種環境下，我們會開始強調這個訊息，並確保消費者明白斯凱奇在那種環境下是一個很好的替代品。但再說一遍，這不是我們出去尋求的東西。如果不是緊急情況，我們不會改變價格。

Understood. And a quick follow up, in terms of your inventory planning, is there any thought to just potentially taking the more conservative stance towards ordering new inventory for the back half of the year with hopes that perhaps there'll be a deal on the table 90 days from now, 180 days from now, who knows. But that maybe you don't want to get stuck with too much inventory at a time when this might be the worst time to be buying it.

明白了。就您的庫存計劃而言，您是否考慮過採取更保守的態度來訂購下半年的新庫存，希望也許 90 天後、180 天後能達成交易，誰知道呢。但也許您不想在目前可能是購買庫存的最糟糕時機時陷入過多的庫存。

We always act that way. We're not very big on speculative inventory. We're not buying to a plan that's not backed up by our consumers or our own Direct-to-Consumer business on a worldwide basis. So and I think you have to realize that nothing about what you just said is instantaneous. You cannot wait for demand and make a shoe and deliver it in the next week to get it done. So it's not quite as easy to planning.

我們總是這麼做。我們對投機性庫存並不十分重視。我們不會購買沒有得到我們的消費者或我們自己的全球直接面向消費者業務支持的計劃。所以我認為你必須意識到你剛才所說的一切都不是瞬間就能實現的。您不能等到有需求時才製作鞋子並在下週交付。因此規劃起來並不容易。

So we plan to the requests of our consumers and customers around the world, both Direct-to-Consumer and our third-parties and our franchise stores. We build a model around them. We evaluate that on a weekly basis to see how it's coming to plan and see if we have to change anything. We're very meticulous about delivering on time and moving production cycles, whether there's more or less demand to fit the structure. It's all part of our core competency, and that's what we do on a regular basis.

因此，我們根據全球消費者和客戶（包括直接面向消費者的、第三方的和特許經營店的）的要求制定計劃。我們圍繞著它們建立了一個模型。我們每週都會進行評估，看看計劃進展如何，以及是否需要進行任何更改。無論需求是多是少，我們都非常注重準時交貨和調整生產週期。這都是我們核心競爭力的一部分，也是我們經常做的事情。

We are not in the habit business or even the desire to build inventory potentially and leave it someplace offshore in case it might be needed here. It's not part of our business model, nor do we ever think that way.

我們並不從事習慣業務，甚至不想建立庫存並將其存放在海外以備不時之需。這不是我們商業模式的一部分，我們也從來不這麼認為。

Understood. All right. Thanks, John. Thanks, David. Best of luck the rest of the year and navigating this situation.

明白了。好的。謝謝，約翰。謝謝，大衛。祝您今年餘下的時間一切順利，並能順利度過這一難關。

Thanks, Tom.

謝謝，湯姆。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

Good afternoon. I thought you completely forgot about me, but I do appreciate it.

午安.我以為你完全忘記了我，但我真的很感激。

Sam, how could we forget about?

山姆，我們怎麼能忘記呢？

That would be impossible.

那是不可能的。

My goodness gracious. Anyway, let me just do one thing. Given the 90-day hiatus or whatever is going on, the July 9 date, would we expect, given sort of the combination of what's going on with the Suez Canal and shipping goods around and trying to get ahead of any reverting to higher tariffs. That inventory at the end of the second quarter is going to be pretty high as you attempt to get goods in to avoid, of course, within the orders that you have, but if you have orders in for September. Could we see those showing up in June, at the end of June, theoretically?

我的天啊。無論如何，我只做一件事。考慮到 90 天的停工期或其他情況，考慮到蘇伊士運河的情況和貨物運輸情況，我們預計 7 月 9 日是這個日期，並試圖在恢復更高關稅之前趕上。當您試圖進貨以避免訂單量超出您的預期時，第二季末的庫存將會相當高，但如果您有 9 月的訂單。從理論上講，我們能在六月，六月底看到它們出現嗎？

Okay, I think you got to take one step backwards. The Suez Canal has nothing to do with tariffs and the amount of time to bring in.

好吧，我認為你必須退後一步。蘇伊士運河與關稅和進港時間無關。

That's on top of the tariff. That is already a problem. The other one is a different problem. So --.

這是在關稅之外的費用。這已經是一個問題了。另一個是不同的問題。所以--.

But the Suez Canal wouldn't tend to exacerbate because now we're going to move to the following year and we'll have the same amount in transits and we've got a better handle on it anyway. The hiatus for the 90 days, like I said, we're not -- we've got a handle on what it is we need for June, July, August.

但蘇伊士運河問題不會加劇，因為現在我們將進入下一年，過境貨物數量將保持不變，而且無論如何我們都能更好地處理這個問題。正如我所說，這 90 天的停擺，我們還沒有——我們已經掌握了 6 月、7 月和 8 月需要做什麼。

If we thought for some reason that tariffs were going to go up dramatically from that point and had the capacity to pick up inventory, production, we conceivably could, but it has to be on the water by the tariff date. You don't usually get that much time. So we're making everything to our delivery dates and we're trying to move them up as quickly as we can. But right now we're in a very steady flow, like I said, not a lot of speculative inventory, so we try to react as we get the information.

如果我們出於某種原因認為關稅從那時起將大幅上漲，並且有能力增加庫存和生產，那麼我們可能可以這樣做，但必須在關稅日期之前開始運作。你通常不會有那麼多時間。因此，我們正在按照交貨日期進行所有工作，並試圖盡快提前。但目前我們的庫存非常穩定，就像我說的，沒有太多的投機性庫存，所以我們會在獲得資訊後立即做出反應。

But I mean, as you said, you're trying to move orders up that you have. I'm not talking about building spec inventory. I'm talking about, for instance, you have an order for September. If you could get that made and delivered in June, right now, you would do it, not spec, the order.

但我的意思是，正如你所說，你正在嘗試提高現有的訂單。我並不是談論建立規格庫存。我是說，例如，您有一份九月份的訂單。如果您現在可以在六月生產並交付該產品，那麼您就會這麼做，而不是按照訂單要求。

Yeah, well, depending on who you order it from, yes, we would move some, but in today's environment with all this movement around the world, everybody's going to be short production space in different parts of the world that can be picked up. I don't know that you could pick up a couple of months of production that quickly in this transitions right here.

是的，這取決於你從誰那裡訂購，是的，我們會移動一些，但在當今全球這種移動的環境下，每個人在世界不同地方都可以找到短缺的生產空間。我不知道你是否能在這個轉變過程中如此迅速地完成幾個月的生產。

And then you brought up that the kids' business is a China sourced issue. Does that mean that theoretically we could expect, I mean, given that the kids' business is they're very price sensitive. Would we expect a shortage in kids' shoes at the back half of the year if you can't move a lot of that production?

然後你提到孩子們的事是源自於中國的問題。這是否意味著理論上我們可以預期，我的意思是，考慮到孩子們的事，他們對價格非常敏感。如果無法大量調動生產，下半年是否會面臨童鞋短缺的情況？

And secondly, you talked about demand, you talked about eyes on demand. I mean, how is your demand planning evolved over the last few years and how, and how do you expect that'll serve you now, let's say, compared to COVID times.

其次，您談到了需求，談到了關注需求。我的意思是，過去幾年您的需求計劃是如何發展的，與 COVID 時期相比，您預計它現在將如何為您服務。

Well, I don't know that demand in COVID times is a great teacher of anything. There was a great demand and no supply, so I don't know that that that that really counts.

嗯，我不知道新冠疫情時期的需求是否能成為任何事物的偉大導師。需求量很大，但供應不足，所以我不知道這是否真的很重要。

We're usually from the marketplace back we learn and we modify it on a weekly and biweekly basis to plan to make sure that the flows are being calculated correctly. And that we don't have to make changes to our production line. So we've learned this as best we can. Remember this is a worldwide thing for us.

我們通常從市場中學習，並每周和每兩週進行修改，以確保正確計算流量。而且我們不必改變我們的生產線。所以我們盡力了解了這一點。請記住，對我們來說這是一件世界性的事情。

We don't make very many unique products for different parts of the world, so we can mix and match production certainly if we have raw materials before they're cut, because the biggest differential between marketplaces is more the size runs and the amount of sizes you need in each end of it rather than the style or style specific so we can move things back and forth.

我們不會為世界各地生產很多獨特的產品，因此，如果我們在切割之前有原材料，我們當然可以混合搭配生產，因為市場之間最大的區別更多的是尺寸範圍和兩端所需的尺寸數量，而不是樣式或特定樣式，因此我們可以來回移動東西。

I think most people know that's part of our core competency. We're very flexible within our regions, with our production base, and we keep using them and try to get them as close to market need as possible. (multiple speakers)

我想大多數人都知道這是我們核心競爭力的一部分。我們的生產基地在各個區域內都非常靈活，我們會持續利用這些基地，並盡可能讓它們貼近市場需求。（多位發言者）

We weren't saying there's an issue. We're just saying that there's a notable differential between manufacturing capacity in China and other markets. So probably too early to make any concrete decision because, as we mentioned, we're still in the process of evaluating our options to begin with, but, certainly there is a known differential in the capacity to produce kids' shoes that biases towards a market like China. So that that's something to be considered.

我們並不是說有問題。我們只是說中國和其他市場的製造能力有明顯差異。因此，現在做出任何具體決定可能還為時過早，因為正如我們所提到的，我們仍在評估我們的選擇，但可以肯定的是，在生產童鞋的能力方面存在著已知的差異，並且偏向於中國這樣的市場。所以這是需要考慮的事情。

And then, thank you. And then lastly, you said, you're in shifting to sort of be more geared to protect gross margin dollars. But my question to you is, given that you don't want to take price I guess because of tariffs, could we expect that in order to sort of keep product where you are, that you will, you could take a -- that we should expect a haircut on the gross margins if things don't change?

然後，謝謝你。最後，您說，您正在進行轉變，以更好地保護毛利率。但我的問題是，鑑於您不想降低價格，我猜是因為關稅，我們是否可以預期，為了將產品保持在原位，您可能會採取 - 如果情況沒有改變，我們應該預期毛利率會有所下降？

But and that also could be a good way for you to gain some market share because everybody else will have to raise price. I mean, you have, and again, that also helps with 65% of your business outside the US I would assume. I'm surprised you're not thinking globally on prices because you could price average it and minimize the increases, but I don't know.

但這也可能是獲得市場份額的好方法，因為其他所有人都必須提高價格。我的意思是，而且我認為這也對您在美國以外的 65% 的業務有幫助。我很驚訝你沒有從整體上考慮價格，因為你可以對價格進行平均，從而將漲幅降至最低，但我不知道。

So I mean just to do the math, right. If we're protecting gross profit dollars, we would be sacrificed gross margin percentage because obviously to keep the percentage you'd have to amplify the price increase beyond what the increase in landed cost is that you're trying to offset. So that would result just mathematically in some erosion.

所以我的意思是做一下計算，對吧。如果我們要保護毛利，那麼我們就會犧牲毛利率百分比，因為顯然為了保持該百分比，您必須將價格漲幅擴大到超過您試圖抵消的到岸成本漲幅。因此從數學上來說這會導致某種侵蝕。

Ultimately the amount of that is something we'd have to assess over a longer horizon than we've been able to do over the short term. But again our priority would be to replace the dollars in the short term, long term we'd address, the margin percentages.

最終，我們必須在更長遠的時間內評估其數量，而不是在短期內進行評估。但我們的首要任務是短期內取代美元，長期來看，我們將解決利潤率問題。

I think insofar as the pricing, we gave our explanation for that. I mean this is a localized issue. I know as much as we're all focused on in this discussion again, two-thirds of our business, this is not applicable to and to impact pricing there would, I think, run the risk of being somewhat discordant with what consumers expect and what customers expect in those markets, and that's something we have to be attentive to.

我認為就定價而言，我們已經給出了解釋。我的意思是這是一個局部問題。我知道，儘管我們在這次討論中再次關注到我們三分之二的業務，但這並不適用於那裡，而且我認為這會影響定價，這可能會與消費者的期望以及這些市場客戶的期望有些不一致，這是我們必須注意的事情。

That all being said, we will remain flexible in this environment. We've handled situations similar to this before. Flexibility, long-term view, confidence, and continuing to make great product are what got us through the last time and we think that's what delivers through this time.

儘管如此，我們將在這種環境下保持靈活性。我們以前處理過類似的情況。靈活性、長遠眼光、信心以及持續生產優質產品是我們上次渡過難關的關鍵，我們認為這也是我們這次成功的關鍵。

All right, thank you, guys, very much. Good luck with all this.

好的，非常感謝你們。祝一切順利。

Thanks, Sam.

謝謝，山姆。

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

謝謝。目前沒有其他問題。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。