Skechers USA Inc (SKX) 2022 Q1 法說會逐字稿

Greetings, and welcome to Skechers First Quarter 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn this conference over to your host, Skechers Investor Relations. Thank you. You may begin.

您好，歡迎來到 Skechers 2020 年第一季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。我現在想將這次會議轉交給您的東道主 Skechers 投資者關係部。謝謝你。你可以開始了。

Thank you, everyone, for joining us on Skechers conference call today. I will now read the safe harbor statement. Certain statements contained herein, including, without limitation, statements addressing the beliefs, plans, objectives, estimates or expectations of the company or future results or events may constitute forward-looking statements that involve risks and uncertainties. Specifically, the COVID-19 pandemic has had, and is currently having, a significant impact on the company's business, financial conditions, cash flow and results of operations. Such forward-looking statements with respect to the COVID-19 pandemic include, without limitation, the company's plans in response to this pandemic.

謝謝大家今天加入我們的 Skechers 電話會議。我現在將閱讀安全港聲明。此處包含的某些陳述，包括但不限於涉及公司的信念、計劃、目標、估計或預期或未來結果或事件的陳述，可能構成涉及風險和不確定性的前瞻性陳述。具體而言，COVID-19 大流行已經並且目前正在對公司的業務、財務狀況、現金流和經營業績產生重大影響。此類關於 COVID-19 大流行的前瞻性陳述包括但不限於公司應對這一大流行的計劃。

At this time, there is significant uncertainty about the duration and extent of the impact of the COVID-19 pandemic. The dynamic nature of these circumstances means that what is said on this call could change at any time. And as a result, actual results could differ materially from those contemplated by such forward-looking statements. Additional forward-looking statements involve known and unknown risks, including, but not limited to, global, national and local economic business and market conditions in general and specifically as they apply to the retail industry and the company.

目前，COVID-19 大流行的影響持續時間和程度存在很大的不確定性。這些情況的動態性質意味著本次電話會議上所說的內容可能隨時發生變化。因此，實際結果可能與此類前瞻性陳述所設想的結果大不相同。其他前瞻性陳述涉及已知和未知的風險，包括但不限於全球、國家和地方經濟業務和一般市場狀況，特別是適用於零售業和公司的情況。

There can be no assurance that the actual future results, performance or achievements expressed or implied by any of our forward-looking statements will occur. Users of forward-looking statements are encouraged to review the company's filings with the U.S. Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all other reports filed with the SEC as required by federal securities laws for a description of all other significant risk factors that may affect the company's business, financial conditions, cash flows and results of operations. With that, I would like to turn the call over to Skechers' Chief Operating Officer, David Weinberg; and Chief Financial Officer, John Vandemore. David?

無法保證我們的任何前瞻性陳述所表達或暗示的實際未來結果、業績或成就將會發生。鼓勵前瞻性陳述的用戶查看公司向美國證券交易委員會提交的文件，包括最近的 10-K 表格年度報告、10-Q 表格季度報告、8-K 表格當前報告和所有根據聯邦證券法向 SEC 提交的其他報告，以描述可能影響公司業務、財務狀況、現金流和經營業績的所有其他重大風險因素。有了這個，我想把這個電話轉給 Skechers 的首席運營官 David Weinberg；和首席財務官約翰范德莫爾。大衛？

Welcome, everyone, to our first quarter 2022 conference call. Before we discuss our record quarterly results, I would like to acknowledge the devastating humanitarian crisis in Europe as a result of the war in Ukraine. Together with our employees and partners, we have donated close to $0.5 million to organizations working to provide relief on the ground for the innocent victims impacted. As always, our first concern is the well-being of the Skechers team and the well-being of those impacted by this conflict.

歡迎大家參加我們的 2022 年第一季度電話會議。在討論我們創紀錄的季度業績之前，我想承認由於烏克蘭戰爭而在歐洲造成的毀滅性人道主義危機。我們與我們的員工和合作夥伴一起，向致力於為受影響的無辜受害者提供實地救濟的組織捐贈了近 50 萬美元。與往常一樣，我們首先關心的是 Skechers 團隊的福祉以及受這場衝突影響的人們的福祉。

This year marks Skechers' 30th anniversary, and we are off to an excellent start in 2022 with a new quarterly sales record of over $1.8 billion. We are proud of the accomplishments and milestones we've achieved and couldn't be more excited about what the future holds. Our product offering and the enthusiasm for the Skechers brand have never been stronger.

今年是 Skechers 成立 30 週年，我們在 2022 年迎來了一個良好的開端，創下了超過 18 億美元的新季度銷售額記錄。我們為我們所取得的成就和里程碑感到自豪，對未來的發展感到無比興奮。我們的產品供應和對 Skechers 品牌的熱情從未如此強烈。

This is clear in the Skechers stores, from London to Los Angeles and Munich to Mumbai and in displays and shops in shopped retailers around the world. It is also apparent in our marketing campaigns, whether it's alongside major events like commercials with Willie Nelson surrounding the Super Bowl or being the official footwear sponsor at this month's U.S. Open Pickleball Championships and the LPGA LA Open here in Los Angeles or on screens at home, on phones in the mall and city streets. Skechers is truly everywhere. And as consumers continue to embrace comfort along with an active lifestyle, we remain a leading choice as the comfort technology company.

從倫敦到洛杉磯，從慕尼黑到孟買，在斯凱奇的門店以及世界各地零售店的展示和商店中，這一點都很明顯。這在我們的營銷活動中也很明顯，無論是與威利尼爾森圍繞超級碗的廣告等重大活動，還是作為本月在洛杉磯舉行的美國公開賽泡菜球錦標賽和 LPGA LA 公開賽的官方鞋類贊助商，或在家裡的屏幕上，在商場和城市街道的手機上。 Skechers 真的無處不在。隨著消費者繼續擁抱舒適以及積極的生活方式，我們仍然是舒適技術公司的領先選擇。

Now let me turn to our first quarter results, which include the updates to our reporting structure that we announced 2 weeks ago. We believe this approach best reflects how we manage and lead our business and will improve transparency in our operational results. More information regarding these changes can be found in our investor website.

現在讓我談談我們的第一季度業績，其中包括我們兩週前宣布的報告結構的更新。我們相信這種方法最能反映我們如何管理和領導我們的業務，並將提高我們運營結果的透明度。有關這些變化的更多信息，請訪問我們的投資者網站。

The first quarter sales record is a remarkable achievement given the ongoing pandemic-related challenges we continue to face, including worldwide store closures and supply chain disruptions. Sales grew nearly 27% overall, well balanced between domestic growth of 29% and international growth of 26%. We believe the significant growth was due to the broad-based demand for our innovative comfort products from consumers globally, supported by our impactful multimedia marketing, worldwide team and enhanced infrastructure. Our total international business now comprises 57% of our sales, reflective of our strong brand awareness worldwide.

鑑於我們繼續面臨與流行病相關的挑戰，包括全球商店關閉和供應鏈中斷，第一季度的銷售記錄是一項了不起的成就。銷售額整體增長近 27%，在 29% 的國內增長和 26% 的國際增長之間保持平衡。我們認為，顯著增長是由於全球消費者對我們創新舒適產品的廣泛需求，以及我們有影響力的多媒體營銷、全球團隊和增強的基礎設施的支持。我們的國際業務總額現在占我們銷售額的 57%，這反映了我們在全球範圍內強大的品牌知名度。

In the quarter, our wholesale business increased 33% led by growth in the Americas and EMEA, both of which grew over 40% in the quarter. Overall wholesale sales were driven by a 23% increase in units shipped and an 8.6% increase in average price per unit. Of particular note in the quarter, our U.S. wholesale performance increased markedly due to double-digit improvements across genders and most categories, reflecting strong consumer demand and sell-through at retail as well as improved availability of product and our ability to receive and process additional inventory.

本季度，我們的批發業務在美洲和歐洲、中東和非洲地區的增長帶動下增長了 33%，這兩個地區在本季度均增長了 40% 以上。整體批發銷售受到出貨量增長 23% 和單位平均價格增長 8.6% 的推動。本季度特別值得注意的是，由於性別和大多數類別的兩位數增長，我們的美國批發業績顯著增長，這反映了強勁的消費者需求和零售銷售，以及產品可用性的提高以及我們接收和處理額外產品的能力存貨。

For EMEA, the growth was the result of increases across all of Europe. Asia Pacific wholesale sales in the quarter were essentially flat year-over-year due to the weakness in the region where COVID continued to negatively impact our ability to operate. China grew over 9%, though lower than our long-term targets, a notable achievement given the constraints in the quarter. We expect continued market challenges in APAC throughout the second quarter as governments contend with the impacts of the pandemic. We are confident in the return to historical growth patterns and the long-term growth prospects for the Skechers brand in this region.

對於 EMEA，增長是整個歐洲增長的結果。由於 COVID 繼續對我們的運營能力產生負面影響的地區疲軟，本季度亞太地區的批發銷售額與去年同期基本持平。中國增長超過 9%，但低於我們的長期目標，考慮到本季度的限制，這是一個顯著的成就。隨著各國政府應對大流行的影響，我們預計整個第二季度亞太地區將繼續面臨市場挑戰。我們對斯凱奇品牌在該地區恢復歷史增長模式和長期增長前景充滿信心。

We invested significantly in increased personnel and worked diligently to process in-transit inventory to our wholesale partners to ensure consumers get the product they want. We value our relationship with our diverse network of retail partners who have worked alongside us as they recognize the strength and reliability of Skechers.

我們在增加人員方面進行了大量投資，並努力為我們的批發合作夥伴處理在途庫存，以確保消費者得到他們想要的產品。我們重視與多元化零售合作夥伴網絡的關係，他們認識到斯凱奇的實力和可靠性，他們與我們並肩工作。

Turning to our Direct-to-Consumer business. Sales increased 16% in the quarter, led by results in EMEA, where sales increased over 150% primarily reflecting last year's COVID-related store closures and operating restrictions. However, consumer demand for Skechers remain robust across all regions, including the Americas and APAC, which grew by 11% and 8.5%, respectively. We saw double-digit growth in both our physical stores and our e-commerce business primarily as a result of a 15% improvement in average price per unit from increased demand for our more innovative comfort technology offerings and fewer promotions.

轉向我們的直接面向消費者的業務。本季度銷售額增長 16%，其中歐洲、中東和非洲地區的銷售額增長超過 150%，主要反映了去年與 COVID 相關的商店關閉和經營限制。然而，包括美洲和亞太地區在內的所有地區消費者對斯凱奇的需求仍然強勁，分別增長了 11% 和 8.5%。我們的實體店和電子商務業務都實現了兩位數的增長，這主要是由於對我們更具創新性的舒適技術產品的需求增加和促銷活動減少，單位平均價格提高了 15%。

In the first quarter, we opened 31 company-owned Skechers stores, including 13 in the United States and 7 in China. We closed 41 locations in the quarter, including 12 in the United States and 7 in China. Including our 2,958 third-party stores, 77 of which opened in the first quarter including our first location in Bolivia, there were 4,308 Skechers stores worldwide at the end of the period. In the second quarter, we've opened 10 company-owned stores to date. And by year-end, we plan to open an additional 160 to 180 locations. Our investments remain focused on supporting our strategic priorities, growing our direct-to-consumer business, expanding the presence of our brand and meeting the needs of our consumers globally.

第一季度，我們開設了 31 家公司自有的斯凱奇門店，其中美國 13 家，中國 7 家。我們在本季度關閉了 41 家門店，其中美國 12 家，中國 7 家。包括我們的 2,958 家第三方門店，其中 77 家在第一季度開業，包括我們在玻利維亞的第一家門店，截至期末，全球共有 4,308 家 Skechers 門店。在第二季度，迄今為止，我們已經開設了 10 家公司直營店。到年底，我們計劃再開設 160 到 180 個地點。我們的投資仍然集中在支持我們的戰略重點、發展我們的直接面向消費者的業務、擴大我們的品牌影響力以及滿足我們全球消費者的需求。

The rollout of our new e-commerce platform continued in the first quarter with the launch of new sites in France and Spain. And already in this quarter, we have launched new sites in the Netherlands and Italy and plan to launch others across Europe, Asia and South America this year. We also continued to invest in our retail capabilities in the quarter by upgrading our POS systems in Japan and Belgium with the rest of Europe to be completed by the end of the third quarter. These investments further our progress as an omnichannel retailer.

隨著在法國和西班牙推出新網站，我們的新電子商務平台在第一季度繼續推出。在本季度，我們已經在荷蘭和意大利推出了新網站，併計劃今年在歐洲、亞洲和南美推出其他網站。我們還在本季度繼續投資於我們的零售能力，升級我們在日本和比利時的 POS 系統，歐洲其他地區將在第三季度末完成。這些投資進一步推動了我們作為全渠道零售商的進步。

We have improved the flow of goods through our North American distribution center and expect to be operational on our LEED-certified Gold expansion in the third quarter of 2022. We have also finalized the location for our new distribution center in India, which we expect to be opened in 2023 and have recently secured locations for distribution centers in Canada and Chile. We are also planning to open a new distribution center in Panama and expand our distribution facilities in Peru this year, Colombia next year and China in 2024.

我們已經改善了通過我們北美配送中心的貨物流動，並預計將在 2022 年第三季度通過 LEED 認證的黃金擴建項目投入運營。我們還最終確定了我們在印度的新配送中心的位置，我們預計將在於 2023 年開業，最近在加拿大和智利獲得了配送中心的位置。我們還計劃在巴拿馬開設一個新的配送中心，並於今年在秘魯、明年在哥倫比亞和 2024 年在中國擴展我們的配送設施。

Investments in product and marketing continue to result in strong global demand for our comfortable and innovative product. We introduced several new comfort technology collections in the quarter that enhanced our fit and function offerings. We also introduced 2 new ambassadors, Willie Nelson and Martha Stewart, and launched campaigns with Chris Carter, Rusty Wallace and Amanda Kloots. This quarter, we announced a global agreement with Pro Golfer, Matt Fitzpatrick and pro pickleball players, Tyson McGuffin and Catherine Parenteau, who are playing in Skechers pickleball footwear. This growing roster of well-known talent and athletes allows us to appeal to an ever-widening consumer base. And now I would like to turn the call over to John for more details on our financial results.

對產品和營銷的投資繼續導致全球對我們舒適和創新產品的強勁需求。我們在本季度推出了幾個新的舒適技術系列，增強了我們的合身性和功能性產品。我們還介紹了 2 位新大使，威利·納爾遜和瑪莎·斯圖爾特，並與 Chris Carter、Rusty Wallace 和 Amanda Kloots 一起發起了活動。本季度，我們宣布與 Pro Golfer、Matt Fitzpatrick 和職業泡菜球員 Tyson McGuffin 和 Catherine Parenteau 達成全球協議，他們都穿著 Skechers 泡菜球鞋。這個不斷增長的知名人才和運動員名單使我們能夠吸引不斷擴大的消費者群。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信息。

Thank you, David, and good afternoon, everyone. Skechers once again delivered record first quarter results, exceeding internal and external expectations. The strength of our comfort technology product portfolio, coupled with capabilities derived from the investments we have made in our infrastructure, fueled solid consumer demand and global growth, this despite the ongoing COVID-related operating restrictions and shutdowns, supply chain disruptions and other macroeconomic headwinds we faced.

謝謝大衛，大家下午好。 Skechers 再次交付了創紀錄的第一季度業績，超出了內部和外部預期。儘管與 COVID 相關的運營限制和停工、供應鏈中斷和其他宏觀經濟逆風持續存在，我們舒適技術產品組合的實力，加上我們對基礎設施的投資所產生的能力，推動了強勁的消費者需求和全球增長我們面對。

Before discussing our financial results this quarter, I first want to touch on our new segment reporting structure. As David mentioned, we recently unveiled new segment reporting that reflects how we run and assess the performance of our business as well as make decisions to support our growth strategies. Commencing with the first quarter of this year, we are reporting segment results for wholesale and Direct-to-Consumer operations, including our joint venture entities. In addition, we are introducing enhanced geographic sales reporting, including regional reporting and domestic and international reporting that we believe will provide improved visibility and greater transparency into the performance of our brand. Historical results for both 2020 and 2021 recast in this format are available on our Investor Relations web page.

在討論本季度的財務業績之前，我首先想談談我們新的分部報告結構。正如大衛所說，我們最近公佈了新的分部報告，反映了我們如何運營和評估我們的業務績效，以及如何制定支持我們的增長戰略的決策。從今年第一季度開始，我們將報告批發和直接面向消費者業務的分部業績，包括我們的合資實體。此外，我們正在引入增強的地理銷售報告，包括區域報告以及國內和國際報告，我們相信這將提高我們品牌績效的知名度和透明度。以這種格式重鑄的 2020 年和 2021 年的歷史結果可在我們的投資者關係網頁上找到。

Now let's turn to the details of our first quarter financial results and updated operating segment performance. Sales in the quarter increased 27% to a new quarterly record of $1.82 billion, an increase of $385.1 million from the prior year. On a constant currency basis, sales increased 29% or $412.2 million. Wholesale sales increased 33% year-over-year to $1.25 billion led by 43% growth domestically and 26% growth internationally. We saw significant improvements in the pace of receipts and, as a result, shipments to our domestic wholesale accounts in addition to strong sell-through and higher average selling prices.

現在讓我們來看看我們第一季度財務業績和更新的運營部門業績的細節。本季度銷售額增長 27%，達到 18.2 億美元的新季度記錄，比上年增加 3.851 億美元。按固定匯率計算，銷售額增長 29% 或 4.122 億美元。批發銷售額同比增長 33% 至 12.5 億美元，其中國內增長 43%，國際增長 26%。我們看到收貨速度顯著改善，因此，除了強勁的銷售和更高的平均售價外，我們的國內批發賬戶的出貨量也得到了顯著改善。

Direct-to-Consumer sales increased 16% year-over-year to $568.3 million supported by growth in domestic and international markets of 5% and 25%, respectively. Several markets saw significant traffic improvement as compared to last year's COVID closures, and e-commerce remains a critical component of our overall Direct-to-Consumer strategy, delivering mid-teens growth globally. We continue to expand our online presence and further invest in our digital and omnichannel capabilities.

在國內和國際市場分別增長 5% 和 25% 的支持下，直接面向消費者的銷售額同比增長 16% 至 5.683 億美元。與去年的 COVID 關閉相比，幾個市場的流量顯著改善，電子商務仍然是我們整體直接面向消費者戰略的重要組成部分，在全球範圍內實現了十幾歲的增長。我們繼續擴大我們的在線業務，並進一步投資於我們的數字和全渠道能力。

And now turning to our regional sales. In the Americas, sales for the first quarter increased 31% or $221.3 million year-over-year to $946.9 million. Strong brand resonance and a significant improvement in the pace of our inbound receipts and outbound shipments to wholesale customers drove the results, particularly in the United States, which accounted for over 3/4 of the growth.

現在轉向我們的區域銷售。在美洲，第一季度銷售額同比增長 31% 或 2.213 億美元，達到 9.469 億美元。強烈的品牌共鳴以及我們對批發客戶的入境收貨和出境發貨速度的顯著改善推動了業績，特別是在美國，佔增長的 3/4 以上。

In Europe, Middle East and Africa, or EMEA, sales increased 49% or $145.7 million year-over-year to $441.2 million as we continue to see recovery in many markets that were heavily impacted by the pandemic last year. We are deeply concerned with the devastating war and humanitarian crisis in the region. As many of you know, we operate through long-standing distributor relationships in both Russia and Ukraine. And sales to both countries, which represented less than 1% of sales in 2021, remains suspended. We continue to monitor events in EMEA closely but have yet to see a material change in consumer discretionary spending patterns in the region.

在歐洲、中東和非洲，或 EMEA，銷售額同比增長 49% 或 1.457 億美元，達到 4.412 億美元，因為我們繼續看到去年受疫情嚴重影響的許多市場出現復甦。我們對該地區毀滅性的戰爭和人道主義危機深感關切。眾所周知，我們通過在俄羅斯和烏克蘭的長期經銷商關係開展業務。對這兩個國家的銷售在 2021 年佔銷售額的不到 1%，仍然處於暫停狀態。我們將繼續密切關注 EMEA 的事件，但尚未看到該地區消費者可自由支配的支出模式發生重大變化。

In Asia Pacific, or APAC, sales increased 4% or $18.1 million year-over-year to $431.5 million led by 9% growth in China partially offset by COVID-induced weakness in several adjacent markets. The Skechers brand and our products continue to resonate well in China, where growth was driven by strong e-commerce performance in January and February. However, beginning in March and continuing into April, slower retail traffic patterns and operational limitations have emerged as China continues to feel the negative effects of the COVID pandemic. We remain optimistic about the long-term health of our brand in the APAC region, but we are adopting a cautious view relative to expected performance over the next few quarters.

在亞太地區，銷售額同比增長 4% 或 1810 萬美元至 4.315 億美元，其中中國增長 9% 部分被 COVID 引發的幾個鄰近市場的疲軟所抵消。 Skechers 品牌和我們的產品在中國繼續引起共鳴，1 月和 2 月強勁的電子商務表現推動了中國的增長。然而，從 3 月開始並持續到 4 月，隨著中國繼續感受到 COVID 大流行的負面影響，零售流量模式放緩和運營限制已經出現。我們對我們品牌在亞太地區的長期健康保持樂觀，但我們對未來幾個季度的預期表現持謹慎態度。

First quarter gross margins decreased 250 basis points year-over-year to 45.3% primarily due to increased freight costs as well as an unfavorable mix impact from higher wholesale sales. These pressures were partially offset by higher average selling prices which have yet to fully reflect all of the wholesale price adjustments we have introduced.

第一季度毛利率同比下降 250 個基點至 45.3%，主要是由於貨運成本增加以及批發銷售增加帶來的不利組合影響。這些壓力被較高的平均售價部分抵消，而這尚未完全反映我們引入的所有批發價格調整。

Operating expenses improved 120 basis points as a percentage of sales year-over-year from 36.8% to 35.6%. Selling expenses improved 40 basis points year-over-year as a percentage of sales as domestic selling expenses leveraged meaningfully against higher sales. General and administrative expenses improved 80 basis points year-over-year as a percentage of sales, where leverage returned to our international Direct-to-Consumer business after last year's COVID-related closures.

營業費用佔銷售額的百分比同比增長 120 個基點，從 36.8% 提高到 35.6%。銷售費用佔銷售額的百分比同比提高了 40 個基點，因為國內銷售費用對更高的銷售額產生了有意義的影響。一般和行政費用佔銷售額的百分比同比增長 80 個基點，在去年與 COVID 相關的關閉後，我們的國際直接面向消費者業務恢復了槓桿作用。

Earnings from operations increased 12% compared to 2021 and operating margin for the quarter was 9.7% as compared with 11% in the prior year. The decrease was due to the previously mentioned gross margin pressures. Earnings per share were $0.77 per diluted share on 157.4 million diluted shares outstanding, representing 22% growth year-over-year. Our effective tax rate for the first quarter was nearly flat to prior year at 20%.

與 2021 年相比，運營收益增長了 12%，本季度的營業利潤率為 9.7%，而去年同期為 11%。下降是由於前面提到的毛利率壓力。每股收益為 0.77 美元，攤薄後流通股為 1.574 億股，同比增長 22%。我們第一季度的有效稅率幾乎與去年持平，為 20%。

Now turning to our balance sheet. We ended the quarter with $819.9 million in cash, cash equivalents and investments. This reflects a decrease of $695.1 million or 46% from March 31, 2021. As a reminder, we fully repaid our revolving credit facility in the second quarter of 2021. In addition, we are feeling the effects of increased working capital requirements year-over-year from inventory and accounts receivables. Inventory was $1.45 billion, an increase of 36% and or $382.1 million versus the prior year. This balance includes nearly $370 million of in-transit inventory, a year-over-year increase of over 50%. Accounts receivable at quarter end were $1 billion, an increase of $211.8 million from March 31, 2021, predominantly the result of higher wholesale sales, particularly over the back half of the quarter.

現在轉向我們的資產負債表。我們在本季度結束時擁有 8.199 億美元的現金、現金等價物和投資。這比 2021 年 3 月 31 日減少了 6.951 億美元或 46%。提醒一下，我們在 2021 年第二季度全額償還了我們的循環信貸額度。此外，我們感受到營運資金需求逐年增加的影響- 來自庫存和應收賬款的年份。庫存為 14.5 億美元，同比增長 36% 或 3.821 億美元。這一餘額包括近 3.7 億美元的在途庫存，同比增長超過 50%。季度末的應收賬款為 10 億美元，比 2021 年 3 月 31 日增加了 2.118 億美元，主要是由於批發銷售增加，尤其是在本季度後半段。

Capital expenditures for the first quarter were $89.4 million, of which $32.3 million related to investments in our new corporate offices domestically and in India; $27.2 million related to the expansion of our distribution infrastructure globally; and $24.7 million related to investments in our Direct-to-Consumer technologies and retail stores. For the remainder of 2022, we expect total capital expenditures to be between $175 million and $225 million, reflecting continued investments in our distribution infrastructure, both in the United States and internationally, omnichannel capabilities and our corporate offices.

第一季度的資本支出為 8940 萬美元，其中 3230 萬美元與我們在國內和印度的新公司辦事處的投資有關； 2720 萬美元與我們在全球範圍內的分銷基礎設施的擴展有關； 2470 萬美元與我們直接面向消費者的技術和零售店的投資有關。在 2022 年剩餘時間內，我們預計總資本支出將在 1.75 億美元至 2.25 億美元之間，這反映了我們對美國和國際分銷基礎設施、全渠道能力和公司辦事處的持續投資。

In alignment with our capital allocation philosophy, we previously announced a 3-year $500 million share repurchase program. During the first quarter, we repurchased approximately 652,000 shares of our Class A common stock at a cost of $25 million. We will continue to deploy our capital consistent with this philosophy toward investments in our business and direct returns to shareholders.

根據我們的資本配置理念，我們之前宣布了一項為期 3 年的 5 億美元股票回購計劃。在第一季度，我們以 2500 萬美元的成本回購了大約 652,000 股 A 類普通股。我們將繼續按照這一理念部署我們的資本，以投資於我們的業務並直接回報股東。

Now I will turn to guidance. We remain confident in our growth strategy. But because of external pressures, including recent COVID-related shutdowns in China, geopolitical unrest, escalating inflationary pressures on both our business and our consumers as well as ongoing supply chain disruptions, we are incorporating a more conservative outlook into our guidance, particularly in the second quarter until we have more certainty around the length and severity of these external headwinds. For fiscal 2022, we expect sales to be in the range of $7.2 billion to $7.4 billion and net earnings per diluted share to be in the range of $2.75 and to $2.95.

現在我將轉向指導。我們對我們的增長戰略仍然充滿信心。但由於外部壓力，包括最近在中國與 COVID 相關的停工、地緣政治動盪、我們的業務和消費者不斷升級的通脹壓力以及持續的供應鏈中斷，我們將更保守的前景納入我們的指導，特別是在第二季度，直到我們對這些外部逆風的長度和嚴重程度有更多的確定性。對於 2022 財年，我們預計銷售額將在 72 億美元至 74 億美元之間，每股攤薄收益將在 2.75 美元至 2.95 美元之間。

For the second quarter, we expect sales to be in the range of $1.75 billion to $1.8 billion and net earnings per diluted share in the range of $0.50 to $0.55. We anticipate that gross margins will be down compared to last year, both in the second quarter and for the full year, as freight costs will offset improved pricing. However, we do expect gross margins to improve over the course of the year as our previously introduced wholesale pricing takes effect. Our effective tax rate for the year is expected to be between 19% and 20%. And now I'll turn the call over to David for closing remarks.

對於第二季度，我們預計銷售額將在 17.5 億美元至 18 億美元之間，每股攤薄淨收益在 0.50 美元至 0.55 美元之間。我們預計，與去年相比，第二季度和全年的毛利率都將下降，因為運費成本將抵消定價的改善。然而，隨著我們之前引入的批發定價生效，我們確實預計毛利率將在一年內有所改善。我們今年的有效稅率預計在 19% 至 20% 之間。現在，我將把電話轉給 David 進行結束髮言。

Skechers is in great shape as we mark our 30th year in business with record first quarter sales of $1.8 billion, following a record sales year in 2021. This growth was the result of quarterly increases of 33% in our wholesale business and 16% in our Direct-to-Consumer business, notable achievements given the pandemic and macroeconomic-related headwinds.

繼 2021 年創歷史新高之後，Skechers 迎來第 30 個年頭，第一季度銷售額達到創紀錄的 18 億美元。這一增長是我們批發業務季度增長 33% 和我們業務增長 16% 的結果。直接面向消費者的業務，鑑於大流行和與宏觀經濟相關的不利因素，取得了顯著成就。

Consumers want innovation, style, quality and casual comfort at a reasonable price, and Skechers delivers on all these attributes. We are the comfort technology company. Our immediate focus, along with the safety of Skechers personnel, is to continue to deliver to consumers what they want as quickly as possible. Our entire organization is working to this end.

消費者希望以合理的價格獲得創新、風格、質量和休閒舒適，而斯凱奇提供了所有這些屬性。我們是舒適技術公司。我們的當務之急，連同 Skechers 員工的安全，是繼續盡快向消費者提供他們想要的東西。我們整個組織都在為此而努力。

We're expanding our reach around the world from shop to shop at key retailers in the United States and many international markets, to expanding our offering with enhanced technologies and collaborations launching this year, to new retail stores in Madrid, Peru, the Philippines and other markets, to more e-commerce sites and so much more.

我們正在將我們的業務範圍擴大到世界各地，從在美國和許多國際市場的主要零售商的商店到商店，通過今年推出的增強技術和合作擴展我們的產品，再到馬德里、秘魯、菲律賓和其他市場，更多電子商務網站等等。

As we look ahead, we are also thinking of how we can grow in more sustainable ways, including developing more styles with recycled materials, building our new facilities with energy efficiencies and addressing other ways we can lessen our impact on the environment. With 3 decades of expertise under our belts, we see numerous opportunities to efficiently and profitably grow our business. With the momentum we are experiencing, we believe we will deliver record sales in 2022, furthering Skechers toward our goal of $10 billion in sales by 2026. Now I would like to turn the call over to the operator for questions.

在展望未來的同時，我們也在思考如何以更可持續的方式發展，包括使用可回收材料開發更多款式、建造具有能源效率的新設施以及解決其他可以減少對環境影響的方法。憑藉 3 年的專業知識，我們看到了無數機會來有效和盈利地發展我們的業務。憑藉我們所經歷的勢頭，我們相信我們將在 2022 年實現創紀錄的銷售額，進一步推動 Skechers 實現到 2026 年銷售額達到 100 億美元的目標。現在我想將電話轉給運營商提問。

(Operator Instructions) Our first question comes from the line of Jay Sole with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Jay Sole。

Great. My question is on the guidance. Can you just talk about what gives you confidence to raise the full year EPS guidance? And then just sort of talk about the second quarter guide, is it different from your original projection that you had when you first gave the full year guidance? And John, maybe in what way are you being more conservative with that second quarter guide?

偉大的。我的問題是關於指導的。你能談談是什麼讓你有信心提高全年每股收益指引嗎？然後只是談談第二季度的指導，它與你第一次給出全年指導時的原始預測有什麼不同嗎？約翰，也許你對第二季度指南更加保守？

Yes. Thanks, Jay. The confidence derives from what we're seeing in the marketplace, everything from the retail trends we're seeing, both our own and those of our wholesale partners, our backlog -- and quite frankly, the robust appetite for the brand we're seeing across the globe. The conservatism we know aligns with some of the pressures we called out really across the globe but probably most acutely in Asia Pacific and within that region in China as they continue to contend with the COVID pandemic. We're seeing shutdowns. We're seeing store closures, operating restrictions. We're seeing movement restrictions for goods. So that's impacting our view in China.

是的。謝謝，傑。信心來自我們在市場上看到的一切，來自我們看到的零售趨勢，包括我們自己和我們的批發合作夥伴的零售趨勢，我們的積壓 - 坦率地說，我們對品牌的強烈需求在全球範圍內看到。我們所知道的保守主義與我們在全球範圍內真正呼籲的一些壓力相一致，但可能在亞太地區和中國該地區的壓力最大，因為他們繼續與 COVID 大流行作鬥爭。我們看到停工。我們看到商店關閉，經營限制。我們看到了貨物的流動限制。所以這影響了我們在中國的看法。

What you're seeing kind of in the net effect of that is probably more robust input outside of the Asia Pacific market with more conservatism from the Asia Pacific market. And then I would add to that, we have talked about freight being persistently high and higher than we had originally planned. That's a view that's now incorporated, we think, fully into our costs. Obviously, we're going to have to see how things unfold, but that's an impact we're tolerating and we're really waiting for some of our pricing to catch up to that. Just given the delay in supply chain, some of the pricing we had expected to take place and take hold in the early part of this year is being deferred a bit while we get those goods processed.

您所看到的淨效應可能是亞太市場以外的更強勁的投入，以及來自亞太市場的更多保守主義。然後我要補充一點，我們已經談到運費持續高企，甚至高於我們最初的計劃。我們認為，這種觀點現在已完全納入我們的成本中。顯然，我們將不得不看看事情是如何發展的，但這是我們正在容忍的影響，我們真的在等待我們的一些定價趕上那個。僅僅考慮到供應鏈的延遲，我們原本預計在今年年初進行並實施的一些定價在我們處理這些商品時被推遲了一點。

The net effect of it, though, is really a continuing and robust perspective on what we think the brand can do this year. That's why we've raised the top line, and confidence in the EPS guide we gave originally but, obviously, with some offsets and some conservatism in there, in particular, as I mentioned, for the continuing effects of COVID and some of the global unrest.

然而，它的淨效應實際上是對我們認為該品牌今年可以做的事情的持續而有力的看法。這就是為什麼我們提高了頂線，並對我們最初提供的 EPS 指南充滿信心，但顯然，其中有一些抵消和一些保守主義，特別是，正如我所提到的，對於 COVID 和一些全球性的持續影響動盪。

Got it. Maybe then, John, if I can just follow up on that one, and I'll pass it on. Just to focus on China for a little bit. You mentioned sales were up 9% in Q1. Presumably, there was a little bit of an impact in the back half of March. Can you maybe elaborate on what kind of growth you expect in China in Q2? And give us a sense of how the lockdowns and some of the COVID-related issues that have -- that are happening there are impacting sales?

知道了。也許那時，約翰，如果我能跟進那個，我會把它傳下去。只是稍微關註一下中國。您提到第一季度的銷售額增長了 9%。據推測，3月下半月有一點影響。您能否詳細說明您對第二季度中國的增長預期？並讓我們了解那裡發生的封鎖和一些與 COVID 相關的問題是如何影響銷售的？

Yes, I don't want to get into country level guidance other than to say that we definitely saw a very strong January and February and then as we noted in our prepared comments, weakness in March as the effects of COVID became increasingly acute. That's carried on into April. I would say we're taking a pretty conservative view of what we expect the balance of the quarter, not dissimilar, although not to the same magnitude as what we saw in 2020 when China was grappling with the initial effects of the COVID pandemic.

是的，我不想進入國家層面的指導，只是說我們肯定看到了非常強勁的 1 月和 2 月，然後正如我們在準備好的評論中指出的那樣，隨著 COVID 的影響變得越來越嚴重，3 月的疲軟。這一直持續到四月。我想說，我們對本季度剩餘時間的預期持相當保守的看法，雖然與我們在 2020 年中國努力應對 COVID 大流行的初步影響時所看到的程度不同，但並沒有什麼不同。

Now our hope is, obviously, things get better faster and that we're able to recover more of what our original expectations for growth were. But given what we've seen, which again includes numerous store closures, operating restrictions and other challenges, we're taking a pretty conservative view on China in particular. I should also note, there were effects outside of China as well. This is not just a one-country issue. And as you saw in kind of the growth in Asia Pacific in the quarter, it was definitely an impact.

現在我們的希望是，顯然，情況會更快好起來，並且我們能夠恢復更多我們最初對增長的期望。但鑑於我們所看到的情況，再次包括眾多商店關閉、經營限制和其他挑戰，我們尤其對中國持相當保守的看法。我還應該指出，中國以外的地區也有影響。這不僅僅是一個國家的問題。正如您在本季度亞太地區的增長中看到的那樣，這絕對是一種影響。

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

我們的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

John and David. I want to follow up on Jay's question. I recognize, John, you don't want to really parse out or give guidance at the country level. But with the new reporting segments, how do we think about Americas, Asia Pacific and EMEA embedded in your 2Q or full year guidance? Any color on that would be very helpful.

約翰和大衛。我想跟進傑的問題。我知道，約翰，你不想真正在國家層面分析或提供指導。但是對於新的報告部分，我們如何看待您的第二季度或全年指導中嵌入的美洲、亞太地區和歐洲、中東和非洲地區？上面的任何顏色都會很有幫助。

Yes. Thanks, Laurent. Although I certainly anticipated you would go straight to regional guidance, if not country guidance. What I would say is our expectation for Q2 is probably going to be very similar to what we saw in Q1, which is strength in EMEA, strength in the Americas and then challenges in APAC. That's borne out of the commentary I just provided relative to China, in particular, but also what we believe the effects will be on adjacent markets. So if I were to paint a picture, it would be probably similar to Q1 with a more significant effect in APAC in the second quarter.

是的。謝謝，勞倫特。儘管我當然希望您會直接進入區域指導，如果不是國家指導的話。我想說的是，我們對第二季度的預期可能與我們在第一季度看到的非常相似，即歐洲、中東和非洲的實力、美洲的實力以及亞太地區的挑戰。這從我剛剛提供的關於中國的評論中得到了證實，尤其是我們認為這將對鄰近市場產生的影響。因此，如果我要畫一幅畫，它可能與第一季度相似，第二季度在亞太地區的影響更為顯著。

We do plan for a recovery. We do expect to see a recovery. That would be a similar trajectory to what we saw in 2020. So we're using that as a bit of a guide post. However, I think probably the more important observation I would draw out of the guidance is despite our second largest single market experiencing what is arguably comparable challenges to what they saw in the early instances of the pandemic, we're still taking our guidance up and reaffirming our EPS.

我們確實計劃恢復。我們確實希望看到復蘇。這將與我們在 2020 年看到的軌跡相似。因此，我們將其用作指南。但是，我認為我從指導中得出的更重要的觀察結果可能是，儘管我們的第二大單一市場經歷了可以說與他們在大流行初期所看到的挑戰相當的挑戰，但我們仍在接受指導，並且重申我們的每股收益。

So we feel great about the way the brand is performing, and I think unhindered, we would have shown both better results in Q1 and a more robust trajectory because the brand is that strong, and we're seeing the growth opportunities really across the globe. So we are being conservative in Asia Pacific, but it's not without a lot of enthusiasm for how the brand is performing at a consumer level and what that means outside of the region.

所以我們對品牌的表現感覺很好，我認為不受阻礙，我們會在第一季度表現出更好的結果和更強勁的發展軌跡，因為品牌是如此強大，我們看到了全球範圍內的增長機會.所以我們在亞太地區是保守的，但對於品牌在消費者層面的表現以及在該地區以外的意義，我們並非沒有熱情。

That's very helpful, John. And then last year, Vietnam was a hot topic. Maybe 90 days from now, we'll see what China -- how China is evolving with COVID. But just for this call for today, if you can maybe get -- provide some color on what you're seeing from a supply chain standpoint. I think you have a big presence in China. Are you seeing factory disruptions? Are you seeing issues with the ports there? Any color on that would be helpful. And then I have a quick, quick follow-up on the 2Q GMs.

這很有幫助，約翰。去年，越南成為熱門話題。也許從現在起 90 天后，我們將看到中國——中國如何隨著新冠病毒而發展。但就今天的這個呼籲，如果你能得到 - 從供應鏈的角度為你所看到的內容提供一些顏色。我認為你在中國有很大的影響力。您是否看到工廠中斷？您是否看到那裡的端口有問題？上面的任何顏色都會有幫助。然後我對第二季度的 GM 進行了快速、快速的跟進。

Well, I think we see all of the above certainly to a partial degree, just like everybody else. No one is immune. But we seem to be doing well enough to get as much goods as we can ship. Nothing has really changed significantly. It's gone a little up or down throughout the quarter and going into the next quarter. So we still have a significant amount that's impacted, but even a greater amount that's coming in relatively on time, and we're processing. The good news is we're getting through the ports quicker, both in Europe and South America and in the U.S. So we're able to process a significant amount.

好吧，我認為我們肯定在一定程度上看到了上述所有內容，就像其他人一樣。沒有人能免疫。但我們似乎做得很好，可以運送盡可能多的貨物。沒有什麼真正發生重大變化。它在整個季度都有點上升或下降，並進入下一個季度。因此，我們仍然有很大一部分受到影響，但更多的數量相對準時進入，我們正在處理。好消息是，無論是在歐洲、南美還是在美國，我們都能更快地通過港口。所以我們能夠處理大量的貨物。

I mean, even with all the disruptions domestically out of the U.S., and I was kind of surprised nobody is picking up on China rather than the U.S., which I thought was a great part for us in the first quarter. We had our biggest shipping month out of our distribution center in Moreno Valley that we've ever had. So that gives you an idea of how we can process through this whole issue that's going on.

我的意思是，即使在美國國內出現了所有乾擾，我有點驚訝沒有人關注中國而不是美國，我認為這在第一季度對我們來說是一個重要的部分。我們在莫雷諾谷的配送中心度過了有史以來最大的運輸月。這讓您了解我們如何處理正在發生的整個問題。

Just on the 2Q EPS guide, I think it's a little bit light versus expectations. John, if you could just parse out like how much we should think about GM and how much of it is driven by supply chain versus just the tough compare in the DTC business, which has a higher GM .

就第二季度每股收益指南而言，我認為這與預期相比有點輕。約翰，如果你能分析一下，我們應該對 GM 有多少看法，其中有多少是由供應鏈驅動的，而 DTC 業務的艱難比較，後者的 GM 更高。

Yes. I mean the gross margin pressures that we've talked about, the freight, in particular, as I said, we've kind of readjusted our expectations to kind of this persistent and stubbornly high level. So that's the gross margin pressures. We expect those to continue into Q2. Keep in mind, we also had a pretty substantial mix lift last year, that because we've grown so much in particular. On the wholesale side of things, you're just getting a mix dilution effect that's not altogether small. But the big issue on the gross margin level is that freight being high on our pricing over the course of the year catching up.

是的。我的意思是我們已經談到的毛利率壓力，特別是運費，正如我所說，我們已經將我們的預期重新調整到了這種持續且頑固的高水平。這就是毛利率壓力。我們預計這些將持續到第二季度。請記住，去年我們也有相當大的混合提升，因為我們特別成長了很多。在批發方面，你只是得到了不小的混合稀釋效應。但毛利率水平的一個大問題是運費在我們的定價中很高，在這一年的追趕過程中。

After that, the biggest impact from an earnings per share standpoint is going to be what we expect to be that performance in China. And that will cause us to pretty significantly under lever our international wholesale component of the business. And that's just the effects of seeing sales hampered by COVID.

在那之後，從每股收益的角度來看，最大的影響將是我們預期在中國的表現。這將導致我們大大降低我們業務的國際批發部分的槓桿作用。這只是看到銷售受到 COVID 阻礙的影響。

Our next question comes from the line of Kimberly Greenberger with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kimberly Greenberger。

Okay. Great. It's very clear that the brand has a ton of momentum here, and that's so evident in the top line. So well done on that. And I just want to say thanks so much for the additional transparency in the segment reporting. I think it's extremely helpful. John, I wanted to follow up on the gross margin discussion. In that 250 basis point decline here in Q1, how much of that or how many basis points, if you could help us understand the magnitude of impact, would the freight headwind be? And if you could help us understand what you think the freight impact is likely to be on the full year gross margin, that would be great.

好的。偉大的。很明顯，該品牌在這裡擁有巨大的動力，這在頂線上非常明顯。做得很好。我只想說非常感謝分部報告的額外透明度。我認為這非常有幫助。約翰，我想跟進毛利率的討論。在第一季度的 250 個基點下降中，如果您能幫助我們了解影響的程度，其中有多少或多少個基點，貨運逆風會是多少？如果您能幫助我們了解您認為運費可能對全年毛利率產生的影響，那就太好了。

And I'm just looking at the segments, it looks like perhaps maybe the freight cost impact is impacting wholesale more than Direct-to-Consumer. I'm just wondering if you can help us understand why that might be.

我只是在看細分市場，看起來貨運成本的影響可能比直接面向消費者的影響更大。我只是想知道你是否可以幫助我們理解為什麼會這樣。

Yes. I mean, I probably don't want to get too far into dissecting the basis points other than to say the 2 biggest factors diluting gross margin were far and away freight first. And when we say freight, just for clarification, we're including all aspects of transportation cost to land products. So there's more than just container rates, although that's the single biggest annoyance, from my perspective and then mix, which is a fraction of that.

是的。我的意思是，我可能不想深入剖析基點，只是說稀釋毛利率的兩個最大因素首先是遠距離運費。當我們說運費時，只是為了澄清，我們包括陸運產品的運輸成本的各個方面。所以不僅僅是集裝箱費率，儘管這是最大的煩惱，從我的角度來看，然後混合，這只是其中的一小部分。

And then we did take pricing. I don't want anybody to misconstrue that we haven't yet taken pricing. It's just the full effect of the pricing has yet to catch up, and that's going to be the same formula you're seeing across the year, although, over the course of the quarter, it will get smaller and smaller as that pricing impact, particularly on the wholesale side of things, catches up.

然後我們確實採取了定價。我不希望任何人誤解我們尚未定價。只是定價的全部影響尚未趕上，這將與您全年看到的公式相同，儘管在本季度的過程中，定價影響會越來越小，特別是在批發方面，迎頭趕上。

Keep in mind, when we were adjusting prices with the order book as it stands, you're anticipating months in advance. And I don't think anybody would have thought middle of last summer when you're contemplating price adjustments that freight would have stayed as high as it has. And so we're just suffering the consequences of that freight staying higher much longer than anybody anticipated and then the pricing catching up.

請記住，當我們根據現有的訂單簿調整價格時，您會提前幾個月進行預測。而且我認為沒有人會想到去年夏天中旬，當您考慮價格調整時，運費會保持在原來的水平。所以我們只是承受著運費比任何人預期的要長得多的後果，然後價格趕上來。

So it's also why we mentioned we expect gross margin to sequentially improve quarter-over-quarter, in particular, on the wholesale side of the business as that pricing catches up. We don't have the same challenge on timing in the Direct-to-Consumer side of the business. There, as we noted last year, we were able to adjust prices much more quickly. And so you're not seeing as much of that impact affect the direct-to-consumer side of things because we've already taken the benefit of that pricing adjustment. So it's helping us out there. So hopefully, hopefully, that answers the question, both contextually with some specificity.

因此，這也是我們提到我們預計毛利率將環比增長的原因，特別是在批發業務方面，隨著定價的追趕。在直接面向消費者的業務方面，我們在時間安排方面沒有同樣的挑戰。正如我們去年指出的那樣，在那裡，我們能夠更快地調整價格。因此，您並沒有看到這種影響對直接面向消費者的影響有多大，因為我們已經從定價調整中受益。所以它在幫助我們。因此，希望，希望，這回答了這個問題，兩者都具有一定的特異性。

Okay. Great. That's great color. So for the year, should we be thinking about like a 150 basis point decline in gross margin in aggregate or any sort of zip code that you could help us get into? And then beyond this year, would 2023 be a year where you would expect the full benefit of those pricing increases to kick in? And would you expect next year to see gross -- a sort of full gross margin recovery?

好的。偉大的。這顏色真好。因此，對於這一年，我們是否應該考慮總體毛利率下降 150 個基點，或者您可以幫助我們進入的任何類型的郵政編碼？然後在今年之後，2023 年是否會成為您期望這些價格上漲的全部好處發揮作用的一年？您是否預計明年會看到毛利率 - 一種全面的毛利率復甦？

So to the latter part of your question, I absolutely expect the benefit of the pricing to kind of catch up, and that's assuming freight stays higher, all things being equal. I mean, keep in mind, I think it's noteworthy that we're still seeing a fairly strong environment on the Direct-to-Consumer side of things, low promotions, a low need for promotion. So assuming those all stay stable, we feel really good about where gross margins get back to by the time the full effect of our pricing takes hold. But like I said, it will take some time over the course of the year.

因此，對於您問題的後半部分，我絕對希望定價的好處能夠趕上，這是假設運費保持較高水平，所有條件都相同。我的意思是，請記住，我認為值得注意的是，在直接面向消費者方面，我們仍然看到相當強大的環境，低促銷，低促銷需求。因此，假設這些都保持穩定，當我們的定價的全部影響生效時，我們對毛利率回到哪裡感到非常滿意。但就像我說的那樣，在一年中需要一些時間。

Given that, in the first 2 quarters as well as the challenge in China that we mentioned, which is usually an accretive gross margin contributor, I don't think we can get -- we can't get back to, at least at this point, don't expect that we can get back to prior year gross margin. So I would anticipate something on the full year that's down, probably not as severe as what we've seen in this quarter but definitely not fully back, just given the passage of time and the challenges that we've noted in Asia Pacific.

鑑於這一點，在前兩個季度以及我們提到的中國面臨的挑戰，這通常是增加毛利率的貢獻者，我認為我們無法得到——我們無法回到，至少現在點，不要指望我們可以回到上一年的毛利率。因此，我預計全年會有所下降，可能沒有我們在本季度看到的那麼嚴重，但肯定不會完全恢復，只是考慮到時間的流逝和我們在亞太地區注意到的挑戰。

Our next question comes from the line of Gabby Carbone with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Gabby Carbone。

So kind of piggybacking off a prior question, you mentioned you expect strength in the Americas to continue. Obviously, there's been a lot of concerns around the consumer spending slowdown in the U.S. So I was wondering if you could just touch on your thoughts around the U.S. consumer.

你提到了你預計美洲的實力將持續下去。顯然，人們對美國消費者支出放緩有很多擔憂。所以我想知道你是否可以談談你對美國消費者的看法。

Yes. We find the U.S. consumer is doing quite well, and we continue to have great sell-throughs, both our own and from what we hear from our third-party retailers as well. So right now, we haven't seen any slowdown or any decrease in demand when product hits our shores and we can get it out. So I know there are other things hanging out there and other macro situations that people are thinking about. But currently, we could certainly deliver more if we get it. So we think our bias is to the upside right now, and we'll see as we go forward.

是的。我們發現美國消費者的表現非常好，而且我們繼續保持良好的銷售，無論是我們自己的還是我們從第三方零售商那裡聽到的消息。所以現在，當產品到達我們的海岸並且我們可以把它拿出來時，我們還沒有看到任何放緩或需求下降。所以我知道還有其他事情懸而未決，以及人們正在考慮的其他宏觀情況。但目前，如果我們得到它，我們當然可以提供更多。所以我們認為我們現在的偏見是向上的，我們會在前進的過程中看到。

And it certainly held up for us through this month to date. Historically, April is not a big month for wholesale. And we continue to ship on a very strong basis, not significantly dissimilar to what we did in March.

到目前為止，這對我們來說無疑是有效的。從歷史上看，四月並不是批發的大月份。而且我們繼續在非常強勁的基礎上發貨，與我們在 3 月份所做的沒有太大的不同。

Great. And then just a quick follow-up. Kind of longer term, I'm just wondering how you're thinking about the SG&A rate. I know you talked about kind of growing that -- has grown SG&A kind of in line with sales. But where do you kind of see the opportunity to lower the rate kind of over time?

偉大的。然後只是快速跟進。有點長期，我只是想知道你是如何考慮 SG&A 費率的。我知道你談到了一種增長——SG&A 的增長與銷售保持一致。但是，隨著時間的推移，您在哪裡看到降低利率的機會？

I think it's the same as we've seen in the past. I think the only reason it happened is because we've now woken up to the strength of the brand and how well it's doing universally and have to make some significant investments, as we said in the prepared remarks, both to our POS, to our own retail and to our distribution centers because we're growing at a much quicker pace over a broader spectrum of geography. So we do anticipate that continues.

我認為這和我們過去看到的一樣。我認為它發生的唯一原因是因為我們現在已經意識到品牌的實力以及它在全球範圍內的表現如何，並且必須進行一些重大投資，正如我們在準備好的評論中所說的那樣，無論是對我們的 POS 還是對我們的擁有自己的零售店和我們的配送中心，因為我們在更廣泛的地理範圍內以更快的速度增長。所以我們確實預計這種情況會繼續下去。

As is usual, we believe we've accounted for it in some of the commitments we've made for increases both in China, South America as well as the U.S. in distribution. And should that hold true and we get the efficiencies we're looking for from some of our upgrades, we should start to see that significance as we get through 2023 into 2024.

像往常一樣，我們相信我們已經在我們為增加在中國、南美和美國的分銷方面做出的一些承諾中考慮到了這一點。如果這是真的，並且我們從一些升級中獲得了我們正在尋找的效率，我們應該開始看到從 2023 年到 2024 年的重要性。

But with us, there's always a caveat. We could always -- seems to be with the way we're developing and the way the marketplace is coming back, increased the pace of growth again and have to step up again. So that would be the only caveat.

但對我們來說，總是有一個警告。我們總是可以 - 似乎與我們正在發展的方式和市場回歸的方式一致，再次加快增長速度並且必須再次加快步伐。所以這將是唯一的警告。

Our next question comes from the line of Brian McNamara with Berenberg Capital Markets.

我們的下一個問題來自Berenberg Capital Markets 的Brian McNamara。

I'm curious if you could elaborate on your buybacks and kind of how we should think about that moving forward. It looks like you did buybacks at around $38 in Q1. The share price is pretty depressed here. So how should investors think about buybacks? Are you willing to get a little more aggressive given that the stock's down recently despite strong results?

我很好奇您是否可以詳細說明您的回購以及我們應該如何考慮向前發展。看起來你在第一季度以 38 美元左右的價格進行了回購。這裡的股價相當低迷。那麼投資者應該如何看待回購呢？儘管業績強勁，但鑑於該股最近下跌，您是否願意更加激進？

Yes. I mean keep in mind, we announced the buyback kind of mid-quarter, so we didn't have a full quarter's worth of activity and we go into our blackout prior earnings. So there's only so much kind of capacity we had to buy. Our approach will be both market sensitive, but also, I'd say, ratable over the life of the repurchase. We'll be more aggressive when we think fair value -- is that a significant deficit to what the -- or a significant premium to what the market is trading at. Otherwise, you can expect to be a ratable deployment.

是的。我的意思是請記住，我們在季度中期宣布了回購，因此我們沒有整個季度的活動價值，我們進入了之前的收益中斷。所以我們只需要購買這麼多容量。我們的方法既對市場敏感，而且，我想說，在回購的整個生命週期內都是可評價的。當我們認為公允價值是對市場交易價格的顯著赤字或對市場交易價格的顯著溢價時，我們將更加激進。否則，您可以期望得到一個可評價的部署。

I think it's -- we announced it and we got it into action, and we were happy to be able to take advantage of what was then some pretty depressed prices after today. I can only imagine that, that frame of reference will hold for the near term. But again, what we're keeping our eye on is the long-term value opportunity we see in the shares. And then judging our capacity in light of that against where the market is trading at any given point in time, I'm sure you won't find it a shock, but we can definitely feel like there's a disconnect between what we feel the value of the shares are and what the market is showing currently.

我認為是——我們宣布了它並付諸行動，我們很高興能夠利用今天之後相當低迷的價格。我只能想像，這個參考框架將在短期內成立。但同樣，我們關注的是我們在股票中看到的長期價值機會。然後根據市場在任何給定時間點的交易情況來判斷我們的能力，我相信你不會感到震驚，但我們肯定會覺得我們認為的價值之間存在脫節股票的數量以及目前市場的表現。

Just a quick follow-up on your enhanced geographic disclosures. I really applaud that. I'm curious what drove that decision. Is this just kind of a longer-term discussion that you've had over there? I think there's a lot of guesses in the marketplace in terms of your exposures to Eastern Europe and Russia, Ukraine and the like. Did that more drive the decision? Or is it kind of a longer-term discussion you've had over the years?

只需快速跟進您增強的地理信息披露。我真的為此鼓掌。我很好奇是什麼推動了這個決定。這只是你在那裡進行的長期討論嗎？我認為市場上有很多關於你在東歐和俄羅斯、烏克蘭等國家的曝光率的猜測。這是否更推動了決定？或者這是你多年來進行的長期討論？

Well, as you can imagine, that's not something you change easily. It requires a lot of prework and a lot of effort. And really, we've made a lot of changes all at once. So it comes across as a fairly simple change in reporting but it is a reflection of a significant amount of work by the team here.

好吧，正如您可以想像的那樣，這不是您容易改變的事情。這需要大量的前期工作和大量的努力。真的，我們一下子做了很多改變。因此，它給人的印像是報告中的一個相當簡單的變化，但它反映了團隊在這裡所做的大量工作。

Ultimately, we feel like these segments reflect how we run the business, how we make decisions about the business, they better align, we think with how investors analyze the business. In terms of the enhanced reporting, it's often a question we received from you all, how the business is performing in certain regions. So we thought adding some regional context was going to be helpful. And then I think also giving a fuller appreciation for the magnitude of our Direct-to-Consumer business was important, and that's something that wasn't quite as visible as we felt it needed to be in the old reporting structure.

最終，我們覺得這些細分反映了我們如何經營業務，我們如何做出業務決策，它們更好地與投資者分析業務的方式保持一致。在增強報告方面，我們經常從大家那裡收到一個問題，即業務在某些地區的表現如何。所以我們認為添加一些區域背景會有所幫助。然後我認為，更全面地了解我們直接面向消費者的業務規模也很重要，這在舊的報告結構中並不像我們認為的那樣明顯。

So being able to then include the totality of our businesses, including our joint ventures in the segment reporting framework was important. And our hope is obviously that, that leads to, as we said, greater transparency into the strength of our brands.

因此，能夠在分部報告框架中包含我們的全部業務，包括我們的合資企業，這一點很重要。正如我們所說，我們的希望顯然是，這會導致我們品牌實力的更大透明度。

Obviously, we feel very good about how our brand is performing and the receptivity it's receiving worldwide. So anything we can do to help provide more visibility into that strength to you and other stakeholders we felt was worth the effort.

顯然，我們對我們品牌的表現以及它在全球範圍內的接受度感到非常滿意。因此，我們可以做任何事情來幫助您和我們認為值得付出努力的其他利益相關者更多地了解這種優勢。

Our next question comes from the line of Omar Saad with Evercore.

我們的下一個問題來自與 Evercore 的 Omar Saad。

Appreciate all the inside information. A couple of follow-ups. Number one, I thought I heard someone say early on that there's some -- when you talked about the conservatism in your guidance and the macro factors affecting your outlook, I think you mentioned some signs of pressures or pressures on the consumer. Are you seeing any signs of that -- of the inflation, inflation hitting the consumer?

欣賞所有內幕消息。幾個後續。第一，我想我早些時候聽到有人說有一些 - 當你談到你的指導中的保守主義和影響你前景的宏觀因素時，我認為你提到了一些壓力或消費者壓力的跡象。您是否看到任何跡象 - 通貨膨脹，通貨膨脹打擊消費者？

And then I also would appreciate if you guys could maybe give a little bit of more thought process around the wholesale acceleration. I'm sure big numbers going to that channel. Is a lot of that restocking and stocking up from your wholesale accounts? And is it accompanied with sell-through? And are there certain wholesale channels that are winning and others that are losing?

如果你們能就批發加速提供更多思考過程，我也將不勝感激。我敢肯定，很多人都會去那個頻道。您的批發賬戶中是否有大量的補貨和庫存？它是否伴隨著銷售？是否有某些批發渠道在贏，而另一些則在輸？

In so far as the inflation comment, we're just noting that it's something we're keeping an eye on. As David mentioned, and I would reiterate, -- we have not yet seen any significant pullback in consumer discretionary spending for our customer because we're seeing both strong wholesale sales but, as David mentioned, very strong sell-through and high ASPs to boot.

就通脹評論而言，我們只是注意到這是我們一直在關注的事情。正如大衛所說，我要重申，我們還沒有看到我們客戶的非必需消費品支出有任何顯著回落，因為我們看到批發銷售強勁，但正如大衛所說，銷售非常強勁，平均售價很高開機。

So overall, while we haven't seen anything impacting the consumer, we're cognizant of it. We did note the inflationary pressures on transportation costs, and that's something we've already commented on and how it's impacting our business. So those are kind of the 2 inflationary points I would address.

所以總的來說，雖然我們沒有看到任何影響消費者的東西，但我們已經意識到了這一點。我們確實注意到運輸成本的通脹壓力，這是我們已經評論過的以及它如何影響我們的業務。所以這些是我要解決的兩個通貨膨脹點。

I think from a wholesale perspective, in all honesty, Omar, part of it was simply the ability to receive goods and process goods. Our supply chain team did a fantastic job once in receipt of goods to process more than we've ever in March and against some pretty challenging circumstances. So the ability to get the goods in allowed us to process and sell through to our wholesale partners in a way that we just hadn't the capability in prior quarters because of the supply chain issues.

我認為從批發的角度來看，老實說，奧馬爾，其中一部分僅僅是接收貨物和加工貨物的能力。我們的供應鏈團隊在收到貨物方面做得非常出色，在 3 月份處理的貨物比以往任何時候都多，而且在一些非常具有挑戰性的情況下。因此，由於供應鏈問題，我們能夠以一種我們在前幾個季度沒有能力的方式處理和銷售給我們的批發合作夥伴。

It doesn't -- my perspective is it doesn't feel like restocking, although clearly, there is some restocking going on because we continue to see very robust sell-through rates. And so even if it is a restocking effort, you're seeing it sell through at the consumer level. And that's something we also see in our own retail stores, really strong sell-throughs to whatever we can get on to the shelves. So overall, I would characterize it more as robust consumer demand for the product than anything else, but that's just my perspective.

它沒有——我的觀點是，它感覺不像補充庫存，儘管很明顯，正在進行一些補充庫存，因為我們繼續看到非常強勁的銷售率。因此，即使這是一種補貨工作，您也會看到它在消費者層面上銷售。這也是我們在自己的零售店中看到的東西，我們可以上架的任何東西都非常強勁的銷售。所以總的來說，我更傾向於將其描述為消費者對該產品的強勁需求，但這只是我的觀點。

Got it. That's really helpful, John. And then maybe you could quickly touch on the -- did you say 15% kind of ASP increases? How much of that is higher retails versus lower markdown?

知道了。這真的很有幫助，約翰。然後也許你可以快速談到——你是說 15% 的 ASP 增長嗎？其中有多少是較高的零售額與較低的降價？

Tough to tell with any degree of precision. What I would probably say is the same thing we've previously said. We believe the majority of it is pricing, but there's a not insignificant component associated with a more favorable promotional environment, which is something obviously we're watching from a competitive standpoint globally to see what the temperature of promotional activity is. But so far, it seems to be relatively subdued.

很難以任何程度的精確度來判斷。我可能會說的和我們之前說的一樣。我們認為其中大部分是定價，但與更有利的促銷環境相關的因素並非微不足道，這顯然是我們從全球競爭的角度觀察促銷活動的溫度。但到目前為止，它似乎相對溫和。

Our next question comes from the line of Sam Poser with Williams Trading.

我們的下一個問題來自 Sam Poser 與 Williams Trading 的對話。

I've got a few like just housekeeping and then a more detailed question. One, can you give us where you think the gross -- can you give us the gross margin for Q2 or at least the basis points difference versus the prior year? Do you expect it to be greater? I mean, just give us more details there. You sort of gave us some stuff on Q1. And then what is the share count that we should use both for the quarter and for the full year? And then I've got 2 more detailed questions.

我有一些像家政這樣的問題，然後是一個更詳細的問題。一，你能告訴我們你認為毛利率在哪裡——你能給我們第二季度的毛利率，或者至少是與去年相比的基點差異嗎？你期望它更大嗎？我的意思是，在那兒給我們更多細節。你在第一季度給了我們一些東西。那麼我們應該在本季度和全年使用的份額是多少？然後我有兩個更詳細的問題。

Yes. I mean I don't -- we don't give precise gross margin guidance for a reason in part because it depends on what unfolds in the business, including factors like mix. I would just note, it's more likely to be closer to what it was in the first quarter than it was in the second quarter of last year, again, keeping in mind last year, we certainly over-indexed as a business to our Direct-to-Consumer. So by virtue of the growth we've seen across the business, including wholesale, there's just some mixed down effect but also obviously, the continuing freight challenges.

是的。我的意思是我沒有——我們沒有給出準確的毛利率指導，部分原因是它取決於業務的發展情況，包括混合等因素。我只想指出，與去年第二季度相比，它更有可能更接近第一季度的情況，再次記住，去年，我們作為一項業務肯定過度索引了我們的 Direct-對消費者。因此，憑藉我們在整個業務中看到的增長，包括批發業務，只有一些混合下降的影響，但很明顯，持續的貨運挑戰。

So I point you more towards where we were this quarter because it's a persistent cost issue we're dealing with than anything else, but also note that last year was elevated. For the moment, I would probably direct you towards using the current share count. We don't have any precise plans against the repurchase that we'd share in advance because like I said, it depends on where the market trades relative to our perception of fair value. So I wouldn't give you any other guidance on share count other than where we're at currently, and then we'll update that as we progress throughout the year based on our actual repurchase activity.

因此，我更多地指出我們本季度的情況，因為這是我們正在處理的持續成本問題，但也要注意去年有所上升。目前，我可能會指導您使用當前的共享計數。對於我們提前分享的回購，我們沒有任何確切的計劃，因為就像我說的那樣，這取決於市場交易相對於我們對公允價值的看法。因此，除了我們目前所處的位置之外，我不會為您提供任何其他關於股票數量的指導，然後我們將根據我們的實際回購活動在全年的進展中對其進行更新。

And just a clarification. By being similar, you're not talking about down in basis points. You're talking like in the 45.3 range? Or are you talking sort of about similar in a year-over-year change?

只是一個澄清。通過相似，您不是在談論降低基點。你說的是45.3範圍？還是您在談論同比變化中的類似情況？

I would -- just to be clear, when I said it's closer to where we were this quarter than the second quarter of last year, we do expect improvement, though, quarter-over-quarter. So we are looking for a sequential improvement as more and more of that pricing takes hold.

我會 - 只是要明確一點，當我說它比去年第二季度更接近本季度的情況時，我們確實預計季度環比有所改善。因此，隨著越來越多的定價佔據主導地位，我們正在尋找一個連續的改進。

Okay. And then just 2 more things. One, on your supply chain, can you go into some details onto how you really -- what sort of behind the scenes have allowed you to deliver more products more efficiently than others or probably more efficiently than others in the quarter? And then secondly, in -- with the U.S. wholesale business, did you -- was any -- given you shipped so much in -- in March, were there April orders that got moved forward into the quarter. Hence, we probably won't expect a number quite as big as Q1 was in domestic wholesale in the second quarter?

好的。然後還有兩件事。第一，在您的供應鏈上，您能否詳細介紹一下您的真實情況 - 什麼樣的幕後工作使您能夠比其他人更有效地交付更多產品，或者可能比其他人在本季度更有效地交付更多產品？其次，在美國批發業務中，你有沒有 - 考慮到你在 3 月份的出貨量如此之多，是否有 4 月份的訂單被推進到本季度。因此，我們可能不會預計第二季度國內批發的數量會像第一季度那麼大？

Well, to go from back to first, the answer to that would probably be no. We didn't move anything up. We're still catching up and we're still trying to catch up at a faster pace because I think the demand, especially in the United States, probably in Europe as well and, if you go regionally, probably everywhere, but APAC is significantly stronger than most people would have believed going into the quarter. So we haven't pulled in significant amounts forward.

好吧，從頭到尾，答案可能是否定的。我們什麼都沒動。我們仍在追趕，我們仍在努力以更快的速度追趕，因為我認為需求，特別是在美國，可能也在歐洲，如果你去區域，可能在任何地方，但亞太地區顯著比大多數人在進入本季度所相信的要強。因此，我們還沒有大量向前推進。

As I said before, we continue to ship as well in April. And I guess -- I'm trying to come up with what the secret sauce is to deliver. But if we came public with that, we have to sell that for a significant amount as we do it as well. But by and large, and for those listening to the call, it's our people. It's our people domestically, our people around the world, our people in Asia that work with the factories and our factories themselves that we've been very close to for a very significantly long period of time that all work together to get the best possible results that we can.

正如我之前所說，我們還將在 4 月繼續發貨。我猜——我正在嘗試想出秘訣是什麼。但是，如果我們公開了它，我們也必須以大量的價格出售它。但總的來說，對於那些聽電話的人來說，是我們的人。是我們在國內的員工、我們在世界各地的員工、我們在亞洲的員工與工廠合作，以及我們在很長一段時間內一直非常接近的工廠本身，他們共同努力以獲得最佳結果我們可以。

Our last question comes from the line of Tom Nikic with Wedbush.

我們的最後一個問題來自 Tom Nikic 與 Wedbush 的對話。

(inaudible) here on for Tom. So just quickly, in terms of inflation, I know you said demand has been strong. Do you believe demand could be helped by people moving down from higher price point brands to Skechers as opposed to just standard not shopping at all?

（聽不清）這裡是為了湯姆。所以很快，就通貨膨脹而言，我知道你說需求一直很強勁。您是否認為人們從高價位品牌轉向斯凱奇而不是標準而不是購物可以幫助需求？

I think it's twofold. We do have some product that would fall into that category, and I think a lot of people may put us there. But I think the real strength is the quality and the technologies we're putting into our footwear to match the lifestyle. I think we're creating demand for the product itself on a comparative basis, not only on a price basis had it redone. So I think we get the best of both worlds, and that's what you're seeing around the world as we pick up space on both sides of that equation.

我認為這是雙重的。我們確實有一些屬於該類別的產品，我認為很多人可能會將我們歸為一類。但我認為真正的優勢在於我們在鞋類中採用的質量和技術，以適應生活方式。我認為我們是在比較基礎上創造對產品本身的需求，而不僅僅是在價格基礎上重做。所以我認為我們兩全其美，這就是你在世界各地看到的，因為我們在這個等式的兩邊都獲得了空間。

Ladies and gentlemen, we have reached the end of today's question-and-answer session. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation, and enjoy the rest of your day.

女士們，先生們，今天的問答環節到此結束。今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您度過愉快的一天。