(UA) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Under Armour Q2 2024 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Under Armour 2024 年第二季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Lance Allega, SVP, Investor Relations and Corporate Development. Please go ahead.

現在我想將會議交給投資者關係和企業發展高級副總裁蘭斯·阿萊加 (Lance Allega)。請繼續。

Good morning, and welcome to Under Armour's Second Quarter Fiscal 2024 Earnings Conference Call. Today's event is being recorded for replay. Joining us on today's call are Under Armour President and CEO, Stephanie Linnartz; and CFO, David Bergman.

早安，歡迎參加 Under Armour 2024 財年第二季財報電話會議。今天的事件正在錄製以供重播。參加今天電話會議的還有 Under Armour 總裁兼執行長 Stephanie Linnartz；和財務長大衛·伯格曼。

Our remarks today will include certain forward-looking statements that reflect Under Armour's management's current view of our business as of November 8, 2023. These statements may include projections for our business in the present and future quarters and fiscal years. Forward-looking statements are not guarantees of future business performance and our actual results may differ materially from those expressed or implied in the views provided. Statements made are subject to risks and other uncertainties detailed in this morning's press release and documents filed regularly with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

我們今天的言論將包括某些前瞻性陳述，這些陳述反映了Under Armour 管理層截至2023 年11 月8 日對我們業務的當前看法。這些陳述可能包括對我們當前和未來季度以及財年業務的預測。前瞻性陳述並非對未來業務績效的保證，我們的實際結果可能與所提供的觀點中明示或暗示的結果有重大差異。所做的聲明受到今天上午的新聞稿和定期向 SEC 提交的文件中詳述的風險和其他不確定性的影響，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

Today's discussion may also include the use of non-GAAP references. Under Armour believes these measures provide investors with a helpful perspective on underlying business trends. When applicable, these measures are reconciled to the most comparable U.S. GAAP measures, reconciliations of which along with other pertinent information can be found in this morning's press release and at about.underarmour.com.

今天的討論也可能包括非公認會計準則參考資料的使用。 Under Armour 相信這些措施為投資者提供了了解潛在業務趨勢的有用視角。在適用時，這些措施會與最具可比性的美國公認會計準則措施進行調整，其調整以及其他相關資訊可以在今天上午的新聞稿和 about.underarmour.com 中找到。

With that, I'll turn the call over to Stephanie.

這樣，我會將電話轉給史蒂芬妮。

Thank you, Lance, and good morning to everyone joining today's call. I'm pleased that our second quarter results, particularly our profitability were better than expected. I'm also encouraged by the progress we're making in strengthening the parts of our business that will set us up for greater success over the long term. That said, we did update our full year outlook to reflect additional top line pressures for the balance of fiscal '24, mainly due to our North American business, which we'll address later in this call.

謝謝蘭斯，祝所有參加今天電話會議的人早安。我很高興我們第二季的業績，特別是我們的獲利能力優於預期。我也對我們在加強部分業務方面取得的進展感到鼓舞，這將使我們在長期內取得更大的成功。也就是說，我們確實更新了全年展望，以反映 24 財年餘額的額外頂線壓力，這主要是由於我們的北美業務造成的，我們將在本次電話會議稍後討論這一問題。

First, though, I'd like to discuss the strategic levers we are exploring to put us back on to a path of greater returns in the years ahead. Over the past 3 months, our team has focused on assessing the opportunities and the challenges we face as a brand and as a company. Through multiple work streams across strategic, operational and financial lenses, we continue to dig into our product pipeline, distribution strategy, operating model and the financial discipline necessary to drive a more consistent trajectory for our future.

不過，首先，我想討論我們正在探索的策略槓桿，以使我們在未來幾年重新走上獲得更大回報的道路。在過去的三個月裡，我們的團隊專注於評估我們作為一個品牌和公司所面臨的機會和挑戰。透過跨策略、營運和財務視角的多個工作流程，我們繼續深入研究我們的產品線、分銷策略、營運模式和必要的財務紀律，以推動我們的未來更加一致的發展軌跡。

Our team and the leadership responsible for making this happen are central to these efforts. In this respect, our new Chief Consumer Officer, Jim Dausch, has hit the ground running, including in-depth market visits around North America and EMEA to assess directly what is working and where opportunities exist for us to show up even better for our athletes and wholesale partners. With work underway to improve our consumer-facing functions by prioritizing efforts to advance our digital business, I am excited by the possibilities he has identified to optimize our marketing spend to ensure the highest possible returns.

我們的團隊和負責實現這一目標的領導層是這些努力的核心。在這方面，我們的新任首席消費者官吉姆·道施(Jim Dausch) 已開始行動，包括對北美和歐洲、中東和非洲各地的市場進行深入訪問，以直接評估哪些措施有效，以及哪裡有機會為我們的運動員提供更好的表現和批發合作夥伴。透過優先推進我們的數位業務來改善我們面向消費者的功能，我對他所發現的優化我們的行銷支出以確保盡可能高的回報的可能性感到興奮。

Elsewhere in the organization, we're putting the right people in place to pursue best-in-class operational practices. Last month, we announced Shawn Curran as our new Chief Supply Chain Officer. After a 30-plus year career at the gap, Shawn has responsibility for end-to-end planning, product sourcing and manufacturing, vendor management, distribution and logistics. We are thrilled to add Shawn's experience and perspective to UA as we strive to gain a greater edge in our supply chain.

在組織的其他地方，我們正在安排合適的人員來追求一流的營運實踐。上個月，我們宣布 Shawn Curran 擔任新任首席供應鏈長。在 Gap 工作了 30 多年後，Shawn 負責端到端規劃、產品採購和製造、供應商管理、分銷和物流。我們很高興能夠將 Shawn 的經驗和觀點加入 UA，因為我們努力在供應鏈中獲得更大的優勢。

Turning to our strategic Protect This House 3 or PTH3 construct. As we mentioned on our last call, fiscal '24 is a year of building for Under Armour. It's a year of assessment, resetting and simplifying our approach to balance the short-term optimization and profitability of our business with long-term brand building and the ability to deliver more consistent top line growth. Within this construct, we are confident that driving global brand heat and delivering elevated products and design will combine holistically over the long run to drive sales growth in the U.S. while maintaining momentum in our key international markets.

轉向我們的策略 Protect This House 3 或 PTH3 建置。正如我們在上次電話會議中提到的，24 財年是 Under Armour 的建設之年。今年是評估、重置和簡化方法的一年，以平衡業務的短期優化和盈利能力與長期品牌建立和實現更一致的營收成長的能力。在這項架構中，我們相信，從長遠來看，推動全球品牌熱度和提供優質產品和設計將全面結合起來，推動美國的銷售成長，同時保持我們主要國際市場的勢頭。

To touch on some progress and highlights during the quarter, I'll start with driving brand heat. As a brand rooted and athletic performance with a North Star of Team Sports, a well-deserved congratulations go to the Las Vegas Aces and UA Athlete Kelsey Plum, who wore the Curry 1 Retro MVP shoes as they cemented their place in WNBA history by winning their second consecutive Championship.

為了談及本季的一些進展和亮點，我將從推動品牌熱度開始。作為一個根植於團隊運動北極星的品牌，我們向拉斯維加斯王牌隊和 UA 運動員 Kelsey Plum 表示他們當之無愧的祝賀，他們穿著 Curry 1 Retro MVP 鞋贏得了勝利，鞏固了自己在 WNBA 歷史上的地位。他們連續第二次獲得冠軍。

This year's MLB season also gave us highlights, including Bryce Harper with one of his best ever post seasons powered by his signature Harper 8 Cleats. And congratulations to our hometown Baltimore Orioles for their best season in decades, including the AL East with UA Athletes, Gunnar Henderson and Ryan Mountcastle helping lead the charge.

今年的 MLB 賽季也為我們帶來了亮點，其中包括布萊斯哈珀 (Bryce Harper)，他穿著標誌性的 Harper 8 防滑鞋打出了他有史以來最好的季後賽之一。恭喜我們的家鄉巴爾的摩金鶯隊取得了數十年來最好的賽季，包括 UA 運動員 Gunnar Henderson 和 Ryan Mountcastle 帶領的美聯東區。

And in running, following her win at last year's New York City Marathon, Sharon Ledecky placed third in this year's race, only 10 seconds out of first, wearing our UA Flow Velociti Elite 2 running shoes, demonstrating the consistent footwear innovation we're bringing to the elite levels of road racing.

在跑步方面，在去年紐約馬拉鬆比賽獲勝後，Sharon Ledecky 在今年的比賽中獲得第三名，僅落後第一名10 秒，穿著我們的UA Flow Velociti Elite 2 跑鞋，展示了我們始終如一的鞋類創新達到公路賽車的精英水準。

Another highlight during the quarter was a marketing activation featuring one of the most talented wide receivers in American football, Justin Jefferson. The campaign blends athletic excellence, music and culture, targeting 16- to 24-year-old Varsity Team Sports athletes. In the spots, Justin is featured, we are in the unstoppable fleece, full zip, and joggers, and the recently launched Jet Fuel SlipSpeed trainer. The best part was Justin's involvement with the development process demonstrating how we're marrying technical innovation and style to translate performance in individual expression into culturally relevant products.

本季度的另一個亮點是一場行銷活動，其中包括美式足球中最有才華的外接手之一賈斯汀·傑斐遜 (Justin Jefferson)。該活動融合了卓越的運動、音樂和文化，針對 16 至 24 歲的校隊運動員。在這些廣告中，賈斯汀 (Justin) 出鏡，我們穿著勢不可擋的羊毛、全拉鍊和慢跑褲，以及最近推出的 Jet Fuel SlipSpeed 訓練鞋。最精彩的部分是賈斯汀參與開發過程，展示了我們如何將技術創新和風格結合起來，將個人表達的表現轉化為文化相關的產品。

And the response has been great. With the significant improvement in web and store traffic and revenue metrics exceeding past activations.

反響非常好。隨著網路和商店流量和收入指標的顯著改善，超過了過去的活化。

Our relationship with Notre Dame also exemplifies a deeper collaboration with our athletes and teams to develop new products and create brand heat moments. Last month, we launched a limited edition UA Coaches collection for Coach Marcus Freeman. From hoodies to crewneck, fans can now access Coach Freeman's look, he wears on game day.

我們與聖母大學的關係也體現了與我們的運動員和團隊更深入的合作，以開發新產品並創造品牌熱點時刻。上個月，我們為 Coach Marcus Freeman 推出了限量版 UA Coaches 系列。從連帽衫到圓領衫，球迷現在可以了解弗里曼教練在比賽當天的穿著。

And quarterback Sam Hartman, who has hundreds of thousands of social media followers posted a day of his life, showing the versatility of our SlipSpeed training shoe. We also drove brand heat and EMEA with the start of the European global football season, including activations across TV, digital and social media as well as our first outdoor placements in London, Madrid and Barcelona. With Protect This House as a backdrop, more than 1,600 retail and wholesale doors in the region showed how Under Armour products can make you better, integrating our famous base layer products, our Magnetico Elite football boots and HOVR Machina running shoe to help athletes in their journey to compete.

擁有數十萬社交媒體粉絲的四分衛 Sam Hartman 發布了他一天的生活，展示了我們 SlipSpeed 訓練鞋的多功能性。隨著歐洲全球足球賽季的開始，我們也推動了品牌熱度和歐洲、中東和非洲地區的發展，包括在電視、數位和社群媒體上開展活動，以及在倫敦、馬德里和巴塞隆納的首次戶外展示。以 Protect This House 為背景，該地區超過 1,600 家零售和批發商展示了 Under Armour 產品如何讓您變得更好，整合我們著名的底層產品、Magnetico Elite 足球鞋和 HOVR Machina 跑鞋，幫助運動員競爭之旅。

Each of these brand heat moments during the quarter signals a significant evolution in our approach to marketing, which is much more focused on capitalizing on our assets to generate returns via product marketing rather than simply leaning into large-scale anthemic campaigns. By activating more consistently across the products and franchises that matter, I am confident we will continue to drive improved brand affinity.

本季的每個品牌熱度時刻都標誌著我們行銷方法的重大演變，我們的行銷方法更加重視利用我們的資產透過產品行銷產生回報，而不是簡單地傾向於大規模的宣傳活動。透過更一致地啟動重要的產品和特許經營權，我相信我們將繼續提高品牌親和力。

Finally, we are driving a new approach to our digital and social media strategy, yielding improved performance metrics across our channels, with strong double-digit growth in followers, shares, likes and reach across our Instagram accounts, all leading indicators that our strategies are working. And on TikTok, which continues to be our fastest-growing platform, we've seen significant increases in followers, engagements and views on the Under Armour channel.

最後，我們正在推動數位和社群媒體策略的新方法，提高我們各個管道的績效指標，我們的Instagram 帳戶的追蹤者、分享、點讚和覆蓋範圍均實現兩位數的強勁增長，所有這些領先指標都顯示我們的策略正在實施。在職的。在 TikTok 上，它仍然是我們成長最快的平台，我們看到 Under Armour 頻道的追蹤者、參與度和觀看次數顯著增加。

Next is our second priority of delivering elevated design and products, emphasizing our footwear, sports style and women's businesses. Strengthening leadership in this area, we recently announced John Varvatos as our Chief Design Officer. He has quickly added leadership maturity, direction and strength to our design organization, bringing a fresh perspective and helping us elevate our approach to our athletes lives outside the gym.

接下來是我們的第二個優先事項，即提供提升的設計和產品，強調我們的鞋類、運動風格和女裝業務。為了加強在這一領域的領導地位，我們最近宣布 John Varvatos 擔任我們的首席設計長。他迅速為我們的設計組織增添了領導力的成熟度、方向和力量，帶來了全新的視角，並幫助我們提升了運動員在健身房之外的生活方式。

With the search for a new head of product underway, a new head of design and using sneaker and branding experts to add horsepower to the team, it's about getting the right talent in the right place to maximize our innovation and marketing engines to break through at the intersection of where style and design meet performance. Above all else, our single most significant growth opportunity is footwear.

隨著我們正在尋找新的產品主管、新的設計主管，並利用運動鞋和品牌專家為團隊增添動力，關鍵是要在正確的位置找到合適的人才，以最大限度地發揮我們的創新和行銷引擎，以實現突破。風格與設計與性能的交匯點。最重要的是，我們最重要的成長機會是鞋類。

And while we have a solid foundation in performance footwear and aim to grow in Sportstyle, at about $1.5 billion in a hypercompetitive space, we have yet to capitalize on our full potential. We have started the work to evolve our footwear strategy, and I am confident that we are putting together the right 4 components to scale this area of our business more aggressively. But this is a multiyear journey that will take time. It's also evident that we will need to invest more in footwear to support our long-term growth expectations.

雖然我們在高性能鞋類領域擁有堅實的基礎，並致力於在運動風格領域實現成長，在競爭激烈的領域實現約 15 億美元的營收，但我們尚未充分發揮我們的潛力。我們已經開始努力發展我們的鞋類策略，我相信我們正在整合正確的 4 個組成部分，以更積極地擴展我們的這一業務領域。但這是一個多年的旅程，需要時間。同樣明顯的是，我們需要在鞋類方面進行更多投資，以支持我們的長期成長預期。

Therein lies the challenge, balancing P&L productivity and profitability, which, as we've demonstrated, remains a priority for us to deliver to shareholders in the near term. In this respect, we are continuing to dig into our product and marketing cost structures to determine how to best prioritize investments to the areas of highest return and deprioritize areas that may not be as productive for the brand. In this respect, we are assessing the productivity of SKUs, styles, categories, sports marketing assets and distribution channels to determine the most optimal path forward.

這就是平衡損益生產力和獲利能力的挑戰，正如我們所證明的那樣，這仍然是我們在短期內向股東交付的優先事項。在這方面，我們正在繼續深入研究我們的產品和行銷成本結構，以確定如何最好地優先投資於回報率最高的領域，並取消對品牌可能效率不高的領域的優先考慮。在這方面，我們正在評估SKU、風格、類別、體育行銷資產和分銷管道的生產力，以確定最佳的前進道路。

Back to the quarter, we have a lot of newness to be excited about this fall, holiday season and into next year. Starting with the most innovative shoe thus far in the Curry portfolio, the Curry 11 Future Curry dropped on October 13. The first iteration of the Curry 11 speaks to Stefan's desire to inspire the next generation of players. It features UA Warp upper technology and dual density UA Flow cushioning for premium comfort and control to support his demanding dynamic style of play.

回到本季度，我們對今年秋季、假期和明年有很多新鮮事感到興奮。從 Curry 產品組合中迄今為止最具創新性的鞋子開始，Curry 11 Future Curry 於 10 月 13 日上市。Curry 11 的第一款迭代體現了 Stefan 激勵下一代球員的願望。它採用 UA Warp 鞋面技術和雙密​​度 UA Flow 緩震技術，提供卓越的舒適度和控制力，支援他要求嚴格的動態比賽風格。

As we continue to grow the Curry brand, we are excited to bring more talent under the Curry umbrella. Including our recent signing of Rising Star De'Aaron Fox, marking the first time an active NBA athlete brand has added an active NBA player to the portfolio, we're working on a Curry's brand signature De'Araon shoe that will embody what he brings to the game.

隨著我們不斷發展 Curry 品牌，我們很高興能夠在 Curry 旗下引入更多人才。包括我們最近簽下的新星De'Aaron Fox，這標誌著現役NBA 運動員品牌首次將現役NBA 球員添加到產品組合中，我們正在開發一款庫裡的品牌簽名De'Araon 鞋，該鞋將體現他帶來的東西到遊戲。

Turning to our UA SlipSpeed platform. We launched SlipSpeed footwear a few weeks ago, scaled down, so all ages can enjoy the versatility of this industry-leading innovation, SlipSpeed Youth is only available in our direct channels in DICK'S Sporting Goods. Next up for the platform will be a Curry Bruce Lee colab due out later this month, and then our SlipSpeed running shoe in February, just in time for the start of the 2024 running season. So more drops, more energy and, of course, more versatility to come.

轉向我們的 UA SlipSpeed 平台。幾週前，我們推出了 SlipSpeed 鞋類，尺寸縮小了，因此所有年齡層的人都可以享受這一行業領先創新的多功能性，SlipSpeed Youth 僅在 DICK'S Sporting Goods 的直接管道中出售。該平台的下一個產品將是 Curry Bruce Lee 合作鞋款，將於本月晚些時候推出，然後是我們的 SlipSpeed 跑鞋，將於 2 月份推出，正好趕上 2024 年跑步賽季的開始。因此，更多的水滴、更多的能量，當然還有更多的多功能性。

Rounding out our product highlights in our Sportstyle and women's businesses, we launched several better and best offerings for her including premium products from head to toe that will keep her warm and comfortable from the locker room and field to out on the town after the big game. Here, it's all about premium executions of fit, fabric and finish infused with the swagger and style or athletes desire.

為了完善我們在運動風格和女性業務中的產品亮點，我們為她推出了幾款更好、最好的產品，包括從頭到腳的優質產品，讓她從更衣室和球場到大賽結束後的外出都保持溫暖舒適。在這裡，一切都是關於剪裁、面料和飾面的優質執行，融入了運動員的渴望和風格。

Starting on top, our unstoppable Fleece collection has all-day comfort and 4-way stretch material with just not warm to keep her ready for anything. On the bottom, our Meridian Cold Weather Leggings take our super soft and stretchy performance in it's fabric to the next level by adding extra thickness for warm. Her output is complete with our retro sports wear inspired Forge 96 shoes, the ultimate expression of comfort and style.

首先，我們勢不可擋的抓絨系列擁有全天舒適感和四向彈性材料，但不保持溫暖，讓她為任何事情做好準備。在底部，我們的 Meridian 寒冷天氣緊身褲透過增加額外的保暖厚度，將其布料的超柔軟和彈性性能提升到一個新的水平。她的作品與我們以復古運動服裝為靈感的 Forge 96 鞋款完美搭配，完美體現了舒適性和時尚感。

Wrapping up our product update, although we know it will take time for our focus on elevated design to deliver expanded better and best level collections, we are not standing still. While remerchandising existing products, we are selectively infusing limited run releases and capsules with an expectation that greater critical mass will arrive towards the end of next year.

結束我們的產品更新，儘管我們知道我們需要時間來專注於提升設計以提供擴展的更好和最佳水平的系列，但我們並沒有停滯不前。在重新銷售現有產品的同時，我們有選擇地註入限量發行的產品和膠囊，預計明年年底將達到更大的臨界質量。

This brings me to our third strategic priority, which is to drive U.S. sales. During the second quarter, our North American business was down 2%, which was in line with our expectations. However, when we look towards the balance of the year, we expect a further contraction in North America, mainly due to ongoing pressures in our wholesale business, which have gotten tougher since our last call.

這讓我想到了我們的第三個戰略重點，即推動美國銷售。第二季度，我們的北美業務下降了 2%，符合我們的預期。然而，當我們展望今年剩餘時間時，我們預計北美將進一步收縮，這主要是由於我們的批發業務持續面臨壓力，自從我們上次電話會議以來，批發業務變得更加困難。

Several forces are at play, including inflation and consumer confidence, normalizing inventory levels amid still broad promotions and overall softness in our future wholesale order book. As a result, we lowered our fiscal '24 revenue outlook to reflect these challenges. Amid these conditions, we are, however, making progress on our premium wholesale distribution strategy in North America. Leveraging the strength of key footwear franchises, including Curry, our mall penetration is expected to be up more than 40% by the end of fiscal '24. This is an early win, and I'm confident that as we drive brand heat and deliver better products, we will continue to gain premium shelf space.

有多種因素在發揮作用，包括通貨膨脹和消費者信心、在促銷活動仍然廣泛的情況下使庫存水平正常化以及我們未來批發訂單的整體疲軟。因此，我們下調了 24 財年的營收預期，以反映這些挑戰。然而，在這些條件下，我們在北美的優質批發分銷策略正在取得進展。憑藉包括 Curry 在內的主要鞋類特許經營商的實力，到 24 財年末，我們的商場滲透率預計將增長 40% 以上。這是早期的勝利，我相信，隨著我們推動品牌熱度並提供更好的產品，我們將繼續獲得優質的貨架空間。

Shifting to our direct-to-consumer business, our U.S. loyalty program, UA Rewards, which went live in late July has exceeded our initial expectations. In October, we made the program available in our retail stores, adding to our momentum. Having surpassed 1 million members in our first few months, we see more robust engagement amongst our members. So far, UA Rewards members are almost twice as likely to make a repeat purchase and return to the brand within 90 days. So early points on the board in building greater brand love and loyalty.

轉向我們的直接面向消費者的業務，我們於 7 月底上線的美國忠誠度計劃 UA Rewards 超出了我們最初的預期。十月，我們在零售店推出了該計劃，增強了我們的動力。在最初的幾個月裡，我們的會員人數就超過了 100 萬，我們看到會員之間的互動更加活躍。到目前為止，UA Rewards 會員在 90 天內重複購買並返回該品牌的可能性幾乎是原來的兩倍。因此，董事會的早期要點是建立更大的品牌喜愛度和忠誠度。

As a cornerstone of our consumer engagement strategy, we are confident that UA Rewards will inspire better sales conversion as we continue to scale the program. In concert with our loyalty program, we are distorting resources to our digital platforms, including our website and our mobile app. Most of our consumers start their shopping journey on social media, our website and our app. So it's critical that we improve this experience.

作為我們消費者參與策略的基石，我們相信，隨著我們繼續擴大該計劃，UA Rewards 將激發更好的銷售轉換。為了配合我們的忠誠度計劃，我們正在扭曲我們的數位平台的資源，包括我們的網站和行動應用程式。我們的大多數消費者都是在社交媒體、我們的網站和應用程式上開始他們的購物之旅。因此，改善這種體驗至關重要。

Within this context, our teams are working hard to accelerate our eCommerce business by enhancing our search and browse capabilities, upgrading our size and guides adding athlete shop-to-look sections and increasing mobile speed. All enhancements that we know will deliver a more premium experience. I understand what a world-class digital offering looks like, and this team is strengthening the foundation for our long-term success.

在此背景下，我們的團隊正在努力透過增強我們的搜尋和瀏覽能力、升級我們的規模和指南、添加運動員購物部分以及提高行動速度來加速我們的電子商務業務。我們所知道的所有增強功能都將提供更優質的體驗。我了解世界一流的數位產品是什麼樣子，這個團隊正在加強我們長期成功的基礎。

Turning to our international business. We continue to maintain momentum in EMEA and APAC. EMEA was our highest growth region during the quarter, reflecting solid growth in our DTC and wholesale channels. In July, we opened our fourth London brand house on Oxford Street, marking an exciting milestone as we expand our presence in the U.K. and drive greater brand affinity across this important market.

轉向我們的國際業務。我們持續保持歐洲、中東和非洲和亞太地區的發展勢頭。歐洲、中東和非洲地區是我們本季成長最快的地區，反映出我們的 DTC 和批發通路的穩健成長。 7 月，我們在牛津街開設了第四家倫敦品牌店，這標誌著我們擴大在英國的業務並在這個重要市場提高品牌親和力的一個令人興奮的里程碑。

Our APAC business also grew in the second quarter, driven by solid performances in our wholesale and DTC channels. Over a broad array of different countries and cultures, our focus is on customizing our product and marketing strategies with the local athlete in line and leveraging the success of our loyalty program. With 7.5 million members in our APAC loyalty program, we're now piloting franchise partner implementation, and our members are spending almost 30% more than non-members. Encouragingly, there are many learnings that we can leverage from APAC to make our U.S. loyalty program even better.

在批發和 DTC 通路穩健表現的推動下，我們的亞太地區業務在第二季也有所成長。在眾多不同的國家和文化中，我們的重點是根據當地運動員的情況量身定制我們的產品和行銷策略，並利用我們忠誠度計劃的成功。我們的亞太地區忠誠度計畫擁有 750 萬會員，我們現在正在試點特許經營合作夥伴實施，我們的會員的支出比非會員高出近 30%。令人鼓舞的是，我們可以利用亞太地區的許多經驗來改善我們的美國忠誠度計劃。

In summary, at the halfway mark of fiscal '24, we are progressing against our PTH3 priorities, acknowledging that this is a multiyear journey with much work ahead of us. Most immediately, we are focused on operational efficiencies and controlling costs to ensure we remain responsible stewards of the business. With our continued strategic evolution and a renewed mindset, I'm confident that we are building a stronger Under Armour with brand heat, more premium product offerings to inspire athletes worldwide and ultimately, a more robust, profitable growth story in the long term.

總之，在 24 財年過半時，我們正在朝著 PTH3 優先事項取得進展，並承認這是一個多年的旅程，我們還有很多工作要做。最直接的是，我們專注於營運效率和控製成本，以確保我們仍然是負責任的業務管理者。隨著我們持續的策略發展和更新的思維方式，我相信我們正在打造一個更強大的Under Armour，透過品牌熱度、提供更優質的產品來激勵全世界的運動員，並最終實現更強勁、更有利可圖圖的長期成長故事。

With that, I will hand it over to Dave.

這樣，我就把它交給戴夫了。

Thanks, Stephanie. Diving right in, our second quarter revenue was flat versus the prior year at $1.6 billion, which was in line with our outlook. Excluding the impact of foreign currency, revenue was down 1%. On a regional basis, North American revenue declined by 2%, coming in at $991 million, which was in line with our expectations. Wholesale was down at about the same rate due to challenges in our full-price business partially offset by growth related to inventory management strategies, which included normalization of our off-price channel mix from low levels last year.

謝謝，斯蒂芬妮。直接來看，我們第二季的營收與去年持平，為 16 億美元，符合我們的預期。剔除外匯影響，收入下降1%。從地區來看，北美收入下降了 2%，為 9.91 億美元，符合我們的預期。批發業務也以同樣的速度下降，原因是我們的全價業務面臨的挑戰被庫存管理策略相關的增長所部分抵消，其中包括我們的非價格渠道組合從去年的低水平正常化。

Our North American DTC business was down slightly during the quarter. EMEA revenue was up 9% to $287 million or up 4% on a currency-neutral basis. This was driven by solid growth in our DTC business related to new store openings and a strong underlying comp business. Our EMEA wholesale business was also up during the quarter.

我們的北美 DTC 業務在本季略有下降。歐洲、中東和非洲 (EMEA) 營收成長 9%，達到 2.87 億美元，在貨幣中立的基礎上成長 4%。這是由我們與新店開業相關的 DTC 業務的穩健成長和強大的基礎競爭業務所推動的。我們的歐洲、中東和非洲批發業務在本季也有所成長。

APAC revenue was up 3% to $232 million or up 7% on a currency-neutral basis. Despite the dynamic environment, we saw growth in our wholesale and DTC channels. China was a leading contributor to second quarter growth. And finally, our Latin American business was down 8% to $54 million in the quarter or down 19% on a currency-neutral basis due to the timing of distributor orders.

亞太地區營收成長 3%，達到 2.32 億美元，扣除貨幣因素後成長 7%。儘管環境充滿活力，我們的批發和 DTC 管道仍取得了成長。中國是第二季成長的主要貢獻者。最後，由於經銷商訂單的時間安排，我們的拉丁美洲業務本季下降了 8%，至 5,400 萬美元，在貨幣中性的基礎上下降了 19%。

From a channel perspective, wholesale revenue was down 1% to $940 million, with decreases in our distributor business, partially offset by higher sales to the off-price channel. Our full-price business was flat compared to the prior year. Direct-to-consumer revenue increased by 3% to $596 million due to a 4% increase in our owned and operated store revenue and a 2% increase in our e-commerce business. And licensing revenue decreased 14% in the quarter to $29 million, driven by declines in our North American and Japanese licensee partners.

從通路角度來看，批發收入下降了 1%，至 9.4 億美元，這是由於我們的經銷商業務的減少，但部分被折扣通路銷售額的增加所抵消。我們的全價業務與上一年持平。由於我們自有和經營的商店收入成長 4%，以及電子商務業務成長 2%，直接面向消費者的收入成長了 3%，達到 5.96 億美元。由於我們的北美和日本授權合作夥伴數量減少，該季度的授權收入下降了 14% 至 2,900 萬美元。

By product type, apparel revenue was up 3% driven primarily by growth in our train and golf businesses. Following several quarters of solid growth, footwear was down 7%, driven primarily by softness in our Team Sports and run categories. Within Team Sports, we did see strong growth in basketball. As a reminder, during the second quarter of fiscal '23, a significant amount of footwear products that were previously delayed due to COVID-related factory constraints made their way into the wholesale channel. For the second half of fiscal '24, we expect footwear to be relatively flat as we comp against last year's 26% growth in the second half. And finally, our accessories business was up 3%.

按產品類型劃分，服裝收入成長了 3%，主要得益於火車和高爾夫業務的成長。經過幾季的穩健成長後，鞋類業務下降了 7%，這主要是由於團隊運動和跑步類別的疲軟所致。在團隊運動中，我們確實看到了籃球運動的強勁成長。需要提醒的是，在 23 財年第二季度，先前因與新冠疫情相關的工廠限製而被推遲的大量鞋類產品進入了批發管道。對於 24 財年下半年，我們預計鞋類業務將相對持平，與去年下半年 26% 的成長相比。最後，我們的配件業務成長了 3%。

Moving down the P&L. Gross margin was up 260 basis points to 48% during the second quarter, driven by approximately 410 basis points of supply chain benefits, mainly due to lower freight costs. These tailwinds were better than our previous expectation and were responsible for most of the overdrive on gross margin. These benefits were partially offset by 120 basis points of unfavorable pricing due to deeper discounts in our sales to the off-price channel and our proactive strategy to reduce inventory through our factory houses. And about 20 basis points of unfavorable channel mix related to a higher percentage of off-price sales.

損益表向下移動。第二季毛利率成長了 260 個基點，達到 48%，主要是因為貨運成本下降，供應鏈效益提高了約 410 個基點。這些有利因素優於我們先前的預期，是毛利率超額成長的主要原因。這些好處被 120 個基點的不利定價部分抵消，這是由於我們對折扣管道的銷售折扣更大，以及我們透過工廠減少庫存的積極策略。大約 20 個基點的不利管道組合與較高的折扣銷售比例有關。

In the second quarter, SG&A expenses were up 2% to $606 million, driven by higher marketing costs. Next, operating income was $146 million, which was above our outlook of $115 million to $135 million. After tax, we realized net income of $110 million or $0.24 of diluted earnings per share, coming in above our outlook of $0.18 to $0.21 for the second quarter.

第二季度，由於行銷成本上升，SG&A 費用成長 2%，達到 6.06 億美元。其次，營業收入為 1.46 億美元，高於我們預期的 1.15 億至 1.35 億美元。稅後，我們實現了 1.1 億美元的淨利潤，即稀釋後每股收益 0.24 美元，高於我們對第二季度 0.18 美元至 0.21 美元的預期。

Now moving on to the balance sheet. At the end of the second quarter, our inventory was up 6% to $1.1 billion. This was in line with our outlook. And as a reminder, we anticipate consecutive declines in Q3 and Q4 to end the year down at a mid- to high-teen percentage rate or about $1 billion. As our levels normalize, we feel very good about the quality and composition of the inventory we have on hand.

現在轉向資產負債表。第二季末，我們的庫存成長了 6%，達到 11 億美元。這符合我們的預期。提醒一下，我們預計第三季和第四季將持續下降，到年底將出現中高百分比的下降，約 10 億美元。隨著我們的水平正常化，我們對現有庫存的品質和組成感到非常滿意。

Rounding out the quarter, our cash and cash equivalents were $656 million and we had no borrowings under our $1.1 billion revolving credit facility. And finally, we repurchased $50 million of Class C common stock during the second quarter. Thus retiring 7.6 million previously outstanding shares. Under our 2-year $500 million program, we have repurchased $475 million or about 42.5 million shares of Class C stock.

截至本季末，我們的現金和現金等價物為 6.56 億美元，且我們的 11 億美元循環信貸安排下沒有借款。最後，我們在第二季回購了 5,000 萬美元的 C 類普通股。從而退出 760 萬股先前流通的股票。根據我們為期 2 年的 5 億美元計劃，我們回購了 4.75 億美元，約 4,250 萬股 C 類股票。

Next, let's turn to our fiscal '24 outlook. As Stephanie mentioned, several pressures impacting our North American business have persisted longer and are tougher since our last call. The macroeconomic environment remains uncertain with continued inflation, mixed consumer confidence and the effects of wholesale channel destocking having led to softness in our future order books. And while we're not seeing significant cancellations, we don't anticipate as many at once or automatic replenishment orders as initially planned. So we've revised our full year outlook expectations. Accordingly, we now expect revenue to be down 2% to 4% versus our prior outlook of flat to up slightly.

接下來，讓我們轉向 24 財年展望。正如史蒂芬妮所提到的，自上次電話會議以來，影響我們北美業務的一些壓力持續時間更長，也更嚴峻。宏觀經濟環境仍然不確定，持續的通貨膨脹、消費者信心參差不齊以及批發管道去庫存的影響導致我們未來的訂單疲軟。雖然我們沒有看到大量取消訂單，但我們預計一次性或自動補貨訂單的數量不會像最初計劃的那麼多。因此，我們修改了全年展望預期。因此，我們現在預計收入將下降 2% 至 4%，而我們先前的預期是持平或小幅成長。

Looking down into our full year revenue outlook. We're now expecting North America revenue to be down 5% to 7% versus the previous expectation of down 3% to 4%. And there is no change to the expectation that our international business should be up at a low double-digit rate. Next, given lower freight and product cost we now expect gross margin to be up 100 to 125 basis points versus our previous expectation of up 25 to 75 basis points.

展望我們的全年收入前景。我們目前預計北美收入將下降 5% 至 7%，而先前的預期為下降 3% 至 4%。我們的國際業務將以較低的兩位數成長率成長的預期沒有改變。接下來，鑑於運費和產品成本下降，我們現在預計毛利率將上升 100 至 125 個基點，而我們先前的預期為上升 25 至 75 個基點。

Moving to SG&A, we now expect our expenses to be flat to down slightly versus our prior outlook of flat to up slightly. We remain committed to ensuring our investment dollars are optimized to the areas with the highest returns while proactively identifying areas to manage expenses appropriately. That said, our operating income outlook of $310 million to $330 million and diluted earnings per share of $0.47 to $0.51 remain unchanged.

轉向SG&A，我們現在預計我們的費用將持平到小幅下降，而我們之前的預期是持平到小幅上升。我們仍然致力於確保我們的投資資金優化到回報率最高的領域，同時主動確定適當管理支出的領域。也就是說，我們的營業收入預期為 3.1 億美元至 3.3 億美元，稀釋後每股收益為 0.47 美元至 0.51 美元，且保持不變。

Turning to color on the second half of fiscal '24. We anticipate revenue to decline at a mid-single-digit rate in the third quarter due to softer wholesale orders in North America, partially offset by continued growth in our DTC business. This implies that our fourth quarter revenue will be down about 3% to 5% versus the prior year.

24 財年下半年轉向色彩。由於北美批發訂單疲軟，我們預計第三季營收將出現中個位數下降，但 DTC 業務的持續成長部分抵消了這一影響。這意味著我們第四季的營收將比去年同期下降約 3% 至 5%。

Next, we expect gross margin to be flat to up slightly in the third quarter. And as a reminder, this is the smallest quarterly gross margin improvement this year due to anticipated actions to manage our inventory down further. As we finish the year, we expect an expansion of around 200 basis points in the fourth quarter due to supply chain benefits from product costs and an easy comparison related to elevated promotions in last year's fourth quarter.

接下來，我們預計第三季毛利率將持平或略有上升。提醒一下，這是今年最小的季度毛利率改善，原因是預期將採取行動進一步減少庫存。在今年結束時，我們預計第四季度的成長將擴大約 200 個基點，原因是產品成本帶來的供應鏈效益以及與去年第四季促銷力度加大相關的簡單比較。

Bringing this to the bottom line, we expect third quarter operating income to reach approximately $65 million to $75 million, and $0.09 to $0.11 of diluted earnings per share. This implies a fourth quarter operating income of about $75 million to $85 million, and $0.12 to $0.14 of diluted earnings per share.

綜合來看，我們預計第三季營業收入將達到約 6,500 萬至 7,500 萬美元，攤薄每股收益將達到 0.09 至 0.11 美元。這意味著第四季營業收入約為 7,500 萬至 8,500 萬美元，攤薄每股收益為 0.12 至 0.14 美元。

To wrap it up, thanks to the outstanding efforts of our team, we are progressing on our PTH3 priorities and at the same time, taking a balanced approach to mitigate near-term pressures. We are relentlessly focused on driving brand heat and delivering elevated design and products while driving operational efficiencies and controlling costs. We are confident this will foster sustainable profitable growth over the long term.

總而言之，由於我們團隊的出色努力，我們正在 PTH3 優先事項上取得進展，同時採取平衡的方法來減輕近期壓力。我們堅持不懈地致力於推動品牌熱度並提供優質的設計和產品，同時提高營運效率並控製成本。我們相信，從長遠來看，這將促進可持續的獲利成長。

With that, I'll return it to the operator so we can take your questions. Thank you.

這樣，我會將其退還給接線員，以便我們回答您的問題。謝謝。

(Operator Instructions) Our first question will come from Jay Sole with UBS.

（操作員說明）我們的第一個問題將由 UBS 的 Jay Sole 提出。

Great. Two-part question. Stephanie, for you, just as you continue to get deeper into the business, I mean, what have you learned over the last 90 days in terms of where you see some of the biggest opportunities and what gets you most excited about being able to drive sales growth going forward? And then secondly, for Dave, can you just talk about the gross margin in Q2 and then also your guidance for Q3. What were some of the puts and takes in Q2 and some of what those are in Q3 to explain why you're seeing the gross margin that you're seeing in Q3?

偉大的。兩部分的問題。史蒂芬妮，對你來說，隨著你繼續深入業務，我的意思是，在過去90 天裡，你在哪裡看到了一些最大的機會，以及什麼讓你對能夠駕駛感到最興奮，你學到了什麼未來銷售成長？其次，戴夫（Dave），您能否談談第二季的毛利率，然後談談您對第三季的指導。第二季的一些看跌期權和第三季的看跌期權有哪些，可以解釋為什麼您會看到第三季的毛利率？

Jay, thanks for your question. Yes, I'm excited about a lot of things over this past quarter. I mean, we're having some real early wins coming out of our PTH3 strategy. I'll hit on a couple of them. On the driving global brand heat front, we're doing a lot to think about marketing differently for the company. And I mentioned this in my prepared remarks, but less anthemic top of funnel marketing campaigns and really making sure we leverage our terrific assets, whether it's Steph Curry, Justin Jefferson, Sam Hartman, Kelsey Plum, you name it and doing a lot more product marketing.

傑伊，謝謝你的提問。是的，上個季度我對很多事情感到興奮。我的意思是，我們的 PTH3 策略取得了一些真正的早期勝利。我會講幾個。在推動全球品牌熱潮的同時，我們做了很多工作來思考公司的不同行銷方式。 And I mentioned this in my prepared remarks, but less anthemic top of funnel marketing campaigns and really making sure we leverage our terrific assets, whether it's Steph Curry, Justin Jefferson, Sam Hartman, Kelsey Plum, you name it and doing a lot more product行銷.

And we're also seeing a lot of green shoots as it relates to our efforts in social media marketing. So we want to be where that 16- to 24-year-old Team Sports Varsity athlete is located. So we're seeing great progress on likes and shares and engagement.

我們也看到了很多新芽，因為這與我們在社群媒體行銷方面的努力有關。因此，我們希望成為 16 至 24 歲團體運動校隊運動員所在的地方。因此，我們看到點讚、分享和參與度方面取得了巨大進步。

So -- and again, on the products marketing front, you're seeing us really be very clear to market SlipSpeed, the magnetic football boot in EMEA base layer, you think about Meridian, et cetera. So we're doing a lot more product marketing. Speaking of product, another thing I'm very excited about is just couldn't be more thrilled that John Varvatos has joined us. He just joined us in September, so he's just getting started. But he is really driving a design-led culture within the company, which is terrific. And it takes -- the lead time for our product engine is anywhere from 15 to 18 months. So his fingerprints will really be seen more as we head into the latter part of next year. But he's not standing still. He is having his influence on even the most current collections.

所以，在產品行銷方面，你會看到我們真的非常清楚地推銷 SlipSpeed、EMEA 底層的磁性足球鞋、Meridian 等。所以我們正在做更多的產品行銷。說到產品，另一件令我非常興奮的事情是約翰·瓦維托斯 (John Varvatos) 加入我們，我感到無比興奮。他九月才加入我們，所以他才剛開始。但他確實在公司內部推動了以設計為主導的文化，這非常棒。我們的產品引擎的交付週期為 15 到 18 個月。因此，當我們進入明年下半年時，他的指紋確實會被更多地看到。但他並沒有坐以待斃。他甚至對最新的系列也產生了影響。

But we've got a lot of cool things on the product front, a new Curry Bruce Lee colab. I mentioned that, I talked a little bit about SlipSpeed. And we have some amazing product. I mean, I will put our Unstoppable collection and our Meridian collection up against any competitor's product any day of the week. It really are fantastic, better and best level products for us. So I'm excited about that.

但我們在產品方面有很多很酷的東西，例如新的庫裡·李小龍合作實驗室。我提到過，我談到了一些關於 SlipSpeed 的問題。我們有一些令人驚嘆的產品。我的意思是，我會在一周中的任何一天將我們的 Unstoppable 系列和 Meridian 系列與任何競爭對手的產品進行比較。對我們來說，這確實是非常棒的、更好的、最好水準的產品。所以我對此感到很興奮。

And then as it relates to driving sales in the U.S., none of us are happy with the fact we're not moving faster here. But I will say I'm thrilled with the loyalty launch. We already have -- we launched in late July. We have over 1 million members already. And it's not just about signing people up. It's about engaging them. So we're seeing engagement. It's also a terrific part about a loyalty platform. It's more data and information on your consumers and with their permission, doing more targeted marketing and personalization. So that's off to a great start.

然後，由於這與推動美國的銷售有關，我們沒有人對我們在這裡沒有加快步伐這一事實感到滿意。但我要說的是，我對忠誠度的推出感到非常興奮。我們已經在七月下旬推出了。我們已經擁有超過 100 萬會員。這不僅僅是讓人們簽約的問題。這是為了吸引他們。所以我們看到了參與度。這也是忠誠度平台的一個很棒的部分。這是有關消費者的更多數據和信息，並在他們的許可下進行更有針對性的營銷和個性化。這是一個好的開始。

And we're starting to see green shoots on more expansion into more premium retail, so a 40% higher mall penetration by the end of fiscal year '24. Again, more to come next year. But early wins on the 3 pillars of Protect This House 3, driving global brand heat, a big part of that is marketing, better design, better products and driving U.S. sales. So we're off to a good start.

我們開始看到更多向高端零售領域擴張的萌芽，因此到 24 財年末，購物中心滲透率將提高 40%。再說一次，明年還會有更多。但《Protect This House 3》在三大支柱上取得了早期勝利，推動了全球品牌熱度，其中很大一部分是行銷、更好的設計、更好的產品以及推動美國的銷售。所以我們有了一個好的開始。

And Jay, relative to the gross margin comment, for Q2, it was really two main things. The big positive was really the supply chain impacts, mainly around the lower ocean freight rates and costs there, but also less utilization of air freight as we're getting more caught up there from -- versus last year from a supply chain perspective. So freight cost was a really, really big favorability there, year-over-year. And then that was partially offset by some unfavorable pricing relative to selling into the third-party off-price channel. The pricing into that channel started to get a little bit tougher in Q4 of last year, and we've seen that kind of continue this year.

傑伊，相對於第二季的毛利率評論，這確實是兩個主要事情。最大的正面因素實際上是對供應鏈的影響，主要是海運費率和成本的降低，但空運的利用率也較低，因為我們越來越陷入困境——與去年從供應鏈的角度來看。因此，與去年同期相比，貨運成本確實是一個非常非常大的優惠。然後，這被相對於向第三方低價通路銷售的一些不利定價所部分抵消。去年第四季度，該通路的定價開始變得更加嚴格，今年我們看到這種情況仍在繼續。

And then also, we've been a little bit more promotional relative to our direct-to-consumer business as we move through Q2 as well. So those partially offset the big favorability on the freight costs in Q2. When you flip to Q3, it's a little bit of a different story. We still expect tailwinds relative to the freight costs. But we also continue to see lower pricing on our sales into the off-price channel. And also, we're going to be doing a little bit higher volume in Q3. We're really using Q3 to move through a fair amount of inventory.

此外，隨著我們進入第二季度，我們對直接面向消費者的業務進行了更多的促銷。因此，這些部分抵消了第二季度貨運成本的巨大利多。當你翻到第三季時，情況就有點不同了。我們仍預期相對於貨運成本而言有利。但我們也持續看到折扣通路的銷售價格較低。此外，我們將在第三季提高產量。我們確實利用第三季來處理大量庫存。

The other piece of that is that relative to our outlet stores, we've reduced the mix of our MFO or Made For Outlet, to be able to also help us move more excess. And so that's also a year-over-year gross margin headwind. So there's a couple more kind of offsets going on in Q3 versus Q2 but a lot of it has to do with really just getting ahead and moving forward relative to our inventory position. So we feel good about what we're looking at there. And I think the last thing for Q3 is as we come into this holiday period, we are being careful relative to a promotional environment and what that's going to look like in the holidays. We want to make sure that we're going to be prepared for that as well. So we feel like we're in a good spot.

另一方面，相對於我們的直銷店，我們減少了 MFO 或 Made For Outlet 的組合，以便能夠幫助我們轉移更多多餘的產品。因此，這也是毛利率年比的不利因素。因此，與第二季度相比，第三季度發生了更多類型的抵消，但其中很大一部分與我們的庫存狀況相對於我們的領先和前進有關。所以我們對在那裡看到的東西感覺很好。我認為第三季的最後一件事是，當我們進入這個假期時，我們對促銷環境以及假期中的情況保持謹慎。我們希望確保我們也為此做好準備。所以我們感覺我們處於一個很好的位置。

Our next question will come from Simeon Siegel with BMO Capital Markets.

我們的下一個問題將來自 BMO 資本市場的 Simeon Siegel。

So how are you guys -- Stephanie, how are you guys thinking about go-forward footwear performance, just given the kind of excitement you talked about with the innovations and the drop. So how we should think about the progression there and timing? Maybe a similar question around domestic store expansion as well. So how we should be thinking about the way you're thinking about store opportunities there?

那麼你們怎麼樣——史蒂芬妮，你們對未來鞋類性能的看法如何，考慮到你們談到的創新和下降帶來的興奮。那我們該如何考慮那裡的進展和時機呢？也許關於國內商店擴張也有類似的問題。那麼，我們應該如何考慮您在那裡考慮商店機會的方式？

Yes. Absolutely. Simeon, thanks for your question. I believe the first part was on footwear. Footwear is without a doubt, the single most significant long-term growth opportunity for us. And I just spent some time with our footwear team out in Portland, Oregon and was very encouraged with the innovation that I was saying the lean into sports style, there's some great stuff going on with our team out there. John Varvatos has spent quite a bit of time out there as well.

是的。絕對地。西蒙，謝謝你的提問。我相信第一部分是關於鞋類的。毫無疑問，鞋類是我們最重要的長期成長機會。我剛剛在俄勒岡州波特蘭與我們的鞋類團隊一起度過了一段時間，我對運動風格的創新感到非常鼓舞，我們的團隊正在做一些很棒的事情。約翰·瓦維托斯 (John Varvatos) 也在那裡度過了相當多的時間。

And we're seeing green shoots and positive results with Curry, with our Forge, which is kind of a retro shoe that's more Sportstyle, aberration. I spoke about SlipSpeed quite a bit. SlipSpeed really is a wonderful example of us driving brand heat and getting some innovation momentum. We're selling a non-signature shoe at $150. And it's our most reviewed sneaker on the site with a 93% recommendation rate.

我們在柯瑞和我們的 Forge 上看到了新芽和正面的成果，這是一款復古鞋，更具運動風格、畸變。我談了很多關於 SlipSpeed 的事情。 SlipSpeed 確實是我們推動品牌熱度並獲得創新動力的一個很好的例子。我們正在以 150 美元的價格出售一款非簽名鞋。它是我們網站上評論最多的運動鞋，建議率為 93%。

As I mentioned, we launched Youth a few weeks ago, a running expression coming out in February of next year. So excited with the traction we're getting in terms of footwear. And as it relates to the second quarter, Dave touched on this, but demand was softer than we expected due to general weakness in the North American wholesale environment, and he talked about some of the tougher comps that we saw in the second quarter and that for the year, footwear will be flat.

正如我所提到的，我們幾週前推出了《Youth》，這是一個將於明年 2 月推出的運行表情。我們對鞋類產品的吸引力感到非常興奮。由於與第二季度相關，戴夫談到了這一點，但由於北美批發環境普遍疲軟，需求比我們預期的要疲軟，他談到了我們在第二季度看到的一些更艱難的比較，今年，鞋類產品將持平。

But the broader opportunity is significant. I think it goes back to some of my comments on the product pipeline. It takes 15 to 18 months of lead time to get things out the other end. So we are working very, very hard on our footwear, and it's just going to take some time to get even more traction in this space. So a big, big area of focus for us.

但更廣泛的機會是重要的。我認為這可以追溯到我對產品管道的一些評論。需要 15 到 18 個月的準備時間才能將東西從另一端送出。因此，我們在鞋類產品上非常非常努力地工作，只是需要一些時間才能在這個領域獲得更大的吸引力。這對我們來說是一個非常非常大的關注領域。

On your question related to domestic store opportunities, there is a real opportunity there. We are working on a new brand house concept that is our full priced store. And there's a real opportunity, particularly here in the United States to open more full price physical retail. We have 17 brand houses today, and we are aiming to open more of them in the years ahead. So we can get that outlet to full-price store mix, right? We're a little off-kilter right now with about a 90%, 10% mix, and we want to get that in better shape. I think physical retail is also so important because we know it's not just about driving sales and profitability from that box. It's about the ecosystem around the store.

關於你關於國內商店機會的問題，那裡有一個真正的機會。我們正在研究一個新的品牌概念，即我們的全價商店。這是一個真正的機會，特別是在美國，開設更多全價實體零售店。目前，我們擁有 17 家品牌店，我們的目標是在未來幾年開設更多品牌店。所以我們可以讓該商店提供全價商店組合，對嗎？我們現在的混合比例有點不平衡，大約是 90%、10%，我們希望讓它處於更好的狀態。我認為實體零售也非常重要，因為我們知道這不僅僅是為了推動盒子的銷售和利潤。這是關於商店周圍的生態系統。

When you have a fabulous brand house at a great location that drives eCommerce sales and then also drive sales in our wholesale partners. So we think about it from an ecosystem perspective, too. So lots of great work underway. I mean, we need to give people a reason to walk over that lease line into our store because they're going to experience something just really fabulous when they go to an Under Armour store, and we're hard at work at that. So I'm excited with the progress we're making on building out our physical retail, particularly a big focus here in the United States. So more to come on that front, too.

當您在一個優越的地理位置擁有一個出色的品牌公司，可以推動電子商務銷售，然後也推動我們批發合作夥伴的銷售。所以我們也從生態系的角度來思考這個問題。許多偉大的工作正在進行中。我的意思是，我們需要給人們一個理由穿過租賃線進入我們的商店，因為當他們去 Under Armour 商店時，他們會體驗到一些非常棒的東西，而我們正在努力做到這一點。因此，我對我們在建立實體零售方面取得的進展感到興奮，尤其是在美國。因此，這方面還有更多內容。

Next question will come from Jim Duffy with Stifel.

下一個問題將由吉姆·達菲和斯蒂菲爾提出。

I'm hoping for some additional perspective on the U.S. wholesale environment looking out to 2024. Can you speak to shelf spaces expectations in the '24? I know you mentioned some gains in the mall-based channels, is that with both footwear and apparel? And are you seeing any notable changes in North American shelf space elsewhere that might be an offset to those gains?

我希望對展望 2024 年的美國批發環境有更多的看法。您能談談 24 世紀的貨架空間預期嗎？我知道您提到了基於商場的管道的一些收益，是鞋類和服裝方面的嗎？您是否看到北美其他地方的貨架空間發生任何顯著變化，這可能會抵消這些收益？

Yes, Jim, this is Dave. North America, we have talked obviously a lot about some of the macro impacts there and some conservatism we're seeing from accounts relative to the order books and obviously the impacts that we're speaking to with our revision to Q3, Q4, back half outlook.

是的，吉姆，這是戴夫。北美，我們顯然已經談論了很多那裡的一些宏觀影響，以及我們從與訂單相關的帳戶中看到的一些保守主義，以及我們對第三季度、第四季度、後半段的修訂所討論的影響外表。

We are making some progress relative to mall business, to your point. and we're excited about that. That is relative to new spaces with new partners. But it's going to take time to really develop that into a more robust and meaningful volume of revenue. And a lot of that has to do with footwear and a lot of that has to do with Sportstyle, both of which, as Stephanie mentioned, we're hard at work.

就您而言，我們在購物中心業務方面正在取得一些進展。我們對此感到興奮。這是相對於新合作夥伴的新空間而言的。但真正將其發展為更強勁、更有意義的收入還需要時間。這很大程度上與鞋類有關，也與運動風格有關，正如史蒂芬妮所提到的，我們正在努力工作。

And then we continue to edit relative to our wholesale segmentation, we want to continue to improve there and continue to get cleaner and push the envelope further there. We've done a lot of work there, but we still got a fair amount to go. And then also just from a high-low perspective and just overall premium distribution, we want to continue to be able to expand more kind of at the higher end and get into a little bit more specialty, et cetera.

然後我們繼續相對於我們的批發細分進行編輯，我們希望繼續在那裡改進，繼續變得更乾淨，並進一步挑戰極限。我們已經在那裡做了很多工作，但仍有相當多的工作要做。然後，從高低角度和整體溢價分佈來看，我們希望繼續能夠在高端領域擴展更多種類，並進入更專業的領域，等等。

So a lot of different things that are in play. We're excited about some of those initial relationships. But again, from a volume perspective, it will take a little bit of time relative to the product pipeline that Stephanie mentioned.

所以有很多不同的事情在發揮作用。我們對其中一些最初的關係感到興奮。但同樣，從數量的角度來看，相對於史蒂芬妮提到的產品管道，這需要一點時間。

Understood. And then you maintained the guide for the international business. As you look to your spring order book, is there any evidence that economic challenges are catching up in markets that have been resilient for you like Western Europe?

明白了。然後您維護了國際業務指南。當您查看春季訂單時，是否有任何證據表明西歐等對您來說具有彈性的市場正在面臨經濟挑戰？

Yes. I mean, I think, we're really bullish on our international markets. Both APAC and EMEA have been doing well for us. They continue with some really solid momentum there. I think that we also need to think about that even though there is some macro pressures out there, we do have a little bit more non-comp business as we open more doors internationally in the back half of the year, which helps a little bit.

是的。我的意思是，我認為我們非常看好我們的國際市場。亞太地區和歐洲、中東和非洲地區對我們來說都表現良好。他們在那裡繼續保持著一些非常強勁的勢頭。我認為我們還需要考慮到，儘管存在一些宏觀壓力，但隨著我們在下半年打開更多的國際大門，我們確實有更多的非競爭業務，這會有所幫助。

And then within APAC, we've been talking more recently about moving to more local product design in China and also relative to marketing development localized in China, and we're starting to see the benefits of that, and we see that starting to come into kind of the Q4 orders and business for APAC. And so we're excited about how that could help continue to fuel their momentum within the APAC region.

然後在亞太地區，我們最近一直在談論轉向中國更多本地化的產品設計以及與中國本地化的營銷開發相關的問題，我們開始看到這樣做的好處，我們看到這種情況開始出現亞太地區第四季的訂單和業務狀況。因此，我們對這將如何幫助繼續推動他們在亞太地區的發展勢頭感到興奮。

Our next question will come from Laurent Vasilescu with BNP Paribas.

我們的下一個問題將來自法國巴黎銀行的 Laurent Vasilescu。

Dave, I wanted to follow-up on your point about international growth for the year growing double digits. If you could maybe potentially unpack that a little bit across the key markets, EMEA and APAC. Should we expect both regions to grow double digits this year? Just the reason why I'm asking that question is because we did see a slowdown in APAC. I recognize you mentioned that China as well, then maybe you can just give us some guardrails around that -- those two regions.

戴夫，我想跟進你關於今年國際成長兩位數成長的觀點。如果您可以在歐洲、中東和非洲和亞太地區等主要市場上進行一些分析。我們是否應該期望這兩個地區今年都將實現兩位數成長？我之所以問這個問題，是因為我們確實看到亞太地區經濟放緩。我知道你也提到了中國，那麼也許你可以給我們一些圍繞這兩個地區的護欄。

Yes. I mean both regions are, again, doing very well for us, and we expect solid growth within each of them. I wouldn't necessarily say that one is necessarily going to be outgrowing the other in any big way because you also have some offsetting currency impacts. But they're both driving very well. I think that the opportunities that are there are still great for each of them. We're still fairly small in each of those two regions, especially if you think about our China business compared to some of our competitors. So continued opportunity down the road for us, and we're excited about what those teams have been able to drive for us.

是的。我的意思是，這兩個地區對我們來說都表現得很好，我們預計每個地區都會穩健成長。我不一定會說其中一個的成長一定會在很大程度上超過另一個，因為貨幣也會產生一些抵消性的影響。但他們倆都開得很好。我認為對於他們每個人來說，機會仍然很大。我們在這兩個地區的規模仍然相當小，特別是如果你考慮到我們的中國業務與我們的一些競爭對手相比。因此，我們將繼續獲得機會，我們對這些團隊能為我們帶來的成果感到興奮。

Very helpful. And then I think, Dave, last quarter, you mentioned that we should expect inventories for the end of the year to be down mid-teens to around $1 billion. Is that still the case? And then maybe just kind of following up on James' question about the gross margin, that 410 basis points of supply chain benefit. Can you maybe just kind of help us frame how that benefit evolves over the next 2 quarters in bps terms?

很有幫助。然後我想，戴夫，上個季度，您提到我們應該預計年底的庫存將下降到 10 億美元左右。現在還是這樣嗎？然後也許只是跟進詹姆斯關於毛利率的問題，即 410 個基點的供應鏈效益。您能否幫助我們以基點計算未來兩季的收益如何演變？

Yes. I mean, we've been really excited about our progress on the inventory management strategies and what we have planned for the rest of the year. Some of that relates to -- if you remember, we talked last year about doing a fair amount of pack and hold last year. So we packed away kind of seasonless product with future demand instead of discounting those products last year when we would just need to buy them again this year. And so we're now kind of selling that pack and hold product in the back half of this year, which is one of the factors in our year-over-year inventory improvement.

是的。我的意思是，我們對庫存管理策略的進展以及今年剩餘時間的計劃感到非常興奮。其中一些與——如果你還記得的話，我們去年討論過去年進行了大量的打包和保持。因此，我們把一些不季節性的產品打包起來以應對未來的需求，而不是去年對這些產品打折，而今年我們只需要再次購買它們。因此，我們現在在今年下半年銷售這種包裝產品，這是我們庫存較去年同期改善的因素之一。

But then also, we were pretty proactive with factory by reductions when we saw some softness in the demand, so that's helped us this year with managing inventory as well. And then we've also been leveraging our outlet stores more than in the past. So doing more movement of our excess product through our outlets in a brand controlled way and less MFO through our outlets. So all those things are kind of coming together to be able to drive our inventory into a really good spot.

但另一方面，當我們看到需求疲軟時，我們非常積極主動地對工廠進行減產，因此這也有助於我們今年管理庫存。然後我們也比過去更多地利用我們的直銷店。因此，以品牌控制的方式透過我們的門市更多地運輸我們的過剩產品，並透過我們的門市減少 MFO。因此，所有這些因素結合在一起，能夠將我們的庫存推向非常好的位置。

So we're expecting inventory to be down year-over-year as we hit 12/31, and then mid- to high teens down as we get through the end of Q4. When we look at gross margin, a couple of different things that are coming into play. So yes, in Q2, huge benefit there on the supply chain side, mainly with the freight cost. When we think about Q3 still seeing a pretty big benefit relative to the freight costs. But then obviously, I mentioned we're going to be pushing through a lot more inventory. And so there's some offsets there relative to pricing and mix of third-party liquidation.

因此，我們預計庫存將在 12 月 31 日同比下降，然後在第四季末出現中雙位數下降。當我們考慮毛利率時，有幾個不同的因素正在發揮作用。所以，是的，在第二季度，供應鏈方面有巨大的好處，主要是運費成本。當我們考慮第三季時，相對於貨運成本，仍然看到相當大的好處。但顯然，我提到我們將增加更多的庫存。因此，相對於定價和第三方清算的組合，存在一些抵消。

And then as you step into Q4, the supply chain benefits will start to change a little bit in that the benefit of the year-over-year freight costs will start to become a little bit less of a factor as we start comping some of that improvement in Q4 of last year. But the other piece that starts coming into play that benefits Q4 is we've actually been working through a lot of better negotiations with our factory partners on product costs.

然後，當您進入第四季度時，供應鏈效益將開始發生一些變化，因為當我們開始比較其中的一些時，同比貨運成本的效益將開始變得不那麼重要。去年第四季有所改善。但另一個開始發揮作用、有利於第四季度的因素是，我們實際上一直在與工廠合作夥伴就產品成本進行大量更好的談判。

So our sourcing team has done a phenomenal job working through that, and we're going to start to see those product costing benefits come through starting in Q4 of this year. So that kind of helps to be a tailwind as well in Q4 and gives us a little bit of an extra gross margin benefit there.

因此，我們的採購團隊在這方面做得非常出色，我們將從今年第四季開始看到這些產品成本效益的實現。因此，這也有助於成為第四季的順風車，並為我們帶來一點額外的毛利率收益。

And then the pricing impact actually starts to be slightly favorable for us in Q4. And what I mean by that is the third-party liquidation channel, the pricing got pretty tough in Q4 of last year. So now we're comping that in Q4 of this year. So it's not the headwind that it is in Q3 and prior. So that's really helping us out.

然後，第四季度的定價影響實際上開始對我們稍微有利。我的意思是第三方清算管道，去年第四季的定價變得相當艱難。所以現在我們將在今年第四季進行比較。因此，這並不是第三季及之前的逆風。所以這確實對我們有幫助。

And then also in Q4 of last year, we went pretty aggressive and deep from a discounting perspective within DTC, and we don't foresee having to go that deep in Q4 of this year as we believe that the market and inventory levels out there will start to normalize as we step into the next calendar year a little bit. So a couple of different things going on there, but that's why gross margin in Q3, a slight improvement versus Q4 a larger improvement for us.

然後，去年第四季度，我們從 DTC 的折扣角度來看，採取了相當積極和深入的行動，我們預計今年第四季度不必採取如此深入的行動，因為我們相信市場和庫存水平將會當我們進入下一個日曆年時，就會開始正常化。因此，那裡發生了一些不同的事情，但這就是為什麼第三季的毛利率比第四季略有改善，對我們來說有更大的改善。

Our next question will come from Bob Drbul with Guggenheim.

我們的下一個問題將來自古根漢的鮑勃·德布爾。

I just got two questions. Stephanie, can you give us a bit sort of where you are focused on the women's business and sort of what you see happening there? And then I guess the second question is just a little bit more on pricing, sort of progress that you're making on ASPs, but also some of the new products that you're bringing to market, can you just give us an update on sort of where you think ASPs are going with some of the new launches and maybe a little focus on SlipSpeed?

我只有兩個問題。史蒂芬妮，您能給我們介紹一下您對女性業務的關注點以及您所看到的情況嗎？然後我想第二個問題只是關於定價，你們在 ASP 方面取得的進展，還有你們推向市場的一些新產品，你能給我們介紹一下最新情況嗎？你認為ASP 會在一些新產品發布中採取什麼行動，也許會稍微關註一下SlipSpeed？

Sure, of course. Bob, thanks for your question. I'll start with your question on women's. As we've shared it on past calls, this is a big area of opportunity for us with less than 25% of our sales. There's a lot of upside here. Women's was actually up in the quarter and as we continue to prioritize on winning with women and again, focusing on delivering that elevated both footwear and Sportstyle products. So it was -- and it was up in Q2 despite the wholesale challenges we mentioned.

當然，當然。鮑勃，謝謝你的問題。我將從你關於女性的問題開始。正如我們在過去的電話會議中分享的那樣，這對於占我們銷售額不到 25% 的我們來說是一個巨大的機會領域。這裡有很多好處。女裝實際上在本季度有所增長，我們繼續優先考慮與女性一起獲勝，並再次專注於提供提升的鞋類和運動風格產品。確實如此，儘管我們提到了大規模的挑戰，但第二季的情況還是上升了。

And where we're really winning in the short term with women is on bras and bottoms. But we've got in -- I mentioned some of our higher-end collections on stoppable and Meridian are doing well with women. But we've got a lot more work to do there. And it's a focus for our product team. It's a focus for -- with John Varvatos.

短期內，我們真正在女性中獲勝的地方是胸罩和下裝。但我們已經介入了——我提到了我們的一些關於 Stoppable 和 Meridian 的高端系列在女性中表現良好。但我們還有很多工作要做。這是我們產品團隊關注的焦點。這是 John Varvatos 的焦點。

And again, because there is the 15- to 18-month lead time in our product engine, it's just going to take some more time to get product designed, sourced, manufactured and shipped and on the shelf. So we are very, very focused on that. And I think equally important to having the right elevated product for women, we need to market to win in differently. So it's not just about the product, it's about the marketing, and we need to have a different feel to the creative and how we market to women. And there's also the distribution element. This gets back to more premium distribution as we deliver more elevated products, not just for women, but across the board, that will open more doors of distribution for us, get into more department stores or specialty boutiques.

再說一次，因為我們的產品引擎有 15 到 18 個月的交貨時間，所以產品的設計、採購、製造、運輸和上架將需要更多的時間。所以我們非常非常關注這一點。我認為，與為女性提供合適的高端產品同樣重要的是，我們需要以不同的方式進行行銷以贏得勝利。因此，這不僅是產品的問題，還涉及行銷的問題，我們需要對創意以及如何向女性行銷有不同的感覺。還有分配元素。這又回到了更優質的分銷，因為我們提供更多優質產品，不僅是針對女性，而且是全面的，這將為我們打開更多的分銷之門，進入更多的百貨公司或專賣店。

So when I think about women driving our business there, it's really kind of the full 4P approach, product, placed, price, promotion, and we're hard at work at it and seeing some green shoots.

因此，當我想到女性在那裡推動我們的業務時，這實際上是一種完整的 4P 方法：產品、定位、價格、促銷，我們正在努力工作，並看到了一些萌芽。

On the pricing point, we are absolutely working on driving higher ASPs and that does get to -- ties back to the point about more better and best product. We need to get our mix of high low and better equilibrium. And so we will be driving better and best products that, of course, will have pricing implications. You mentioned SlipSpeed, it's a great example of a non-signature shoe. We're selling at $150, and it's getting again fabulous reviews.

在定價方面，我們絕對致力於提高平均售價，這確實與更多更好、最好的產品有關。我們需要得到高低的組合和更好的平衡。因此，我們將推出更好、最好的產品，當然會對定價產生影響。你提到了 SlipSpeed，它是非簽名鞋的一個很好的例子。我們的售價為 150 美元，並且再次獲得好評。

We're also -- as it relates to pricing, we're focused on our digital assets. In particular, our website and our app. We're spending a lot of time not only making it more functionally easier for consumers less friction, but figuring out a way to wean off some of the discounting on our website and our app. That must be a premium expression for the brand. So that -- as we get that mix and better shape over time, that will drive up ASPs as well. So I mean there's many pieces moving parts here as we drive higher ASPs, but it is absolutely an area of focus for us across the board.

由於與定價相關，我們也專注於我們的數位資產。特別是我們的網站和應用程式。我們花了大量的時間，不僅讓消費者在功能上更加方便、減少摩擦，而且還想出了一種方法來取消我們網站和應用程式上的一些折扣。這一定是該品牌的優質表達。因此，隨著時間的推移，隨著我們獲得這種組合和更好的形狀，這也將推高平均售價。所以我的意思是，隨著我們推動更高的平均售價，這裡有很多零件在移動，但這絕對是我們全面關注的領域。

Our next question is from Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

Great. So Stephanie, you mentioned striking a balance between returning the brand to growth multiyear relative to the investments that may be needed. So maybe how best to think higher level about this interplay and maybe as we think about next year or 2025, and just the time line that you see is reasonable to return North America to revenue growth.

偉大的。史蒂芬妮，您提到要在使品牌多年恢復成長與可能需要的投資之間取得平衡。因此，也許如何最好地從更高層次思考這種相互作用，也許當我們考慮明年或 2025 年時，您看到的時間線是讓北美恢復收入成長的合理時間線。

Yes. Thank you for the question, Matt. And that is the -- this balancing act is exactly what we're managing through. And it's about figuring out how we are going to grow the company, and again, we've got some -- I'm excited about some of our early wins. And at the same exact time looking for opportunities to expand margin. So not just cost efficiencies, but also operational efficiencies, how can we drive a stronger P&L.

是的。謝謝你的提問，馬特。這就是──這種平衡行為正是我們正在管理的。這是關於弄清楚我們將如何發展公司，我們已經取得了一些成果——我對我們早期的一些勝利感到興奮。同時尋找擴大利潤的機會。因此，不僅要提高成本效率，還要提高營運效率，我們如何推動更強勁的損益。

We do recognize that this year is the perfect example where we're strained on top line growth. So we are identifying additional areas of cost of goods sold improvement. Dave talked about some of that work that's going to hit more in the fourth quarter as it relates to the work we're doing with our vendors. We're diving deep into SKU rationalization, improved segmentation opportunities back to the point of driving ASP expansion.

我們確實認識到，今年是我們在營收成長方面面臨壓力的完美例子。因此，我們正在確定銷售成本改善的其他領域。戴夫談到了一些工作，這些工作將在第四季度發揮更大作用，因為它與我們與供應商所做的工作有關。我們正在深入研究 SKU 合理化、改善細分機會，以推動 ASP 擴張。

But we are at the very same time trying to figure out how to prioritize our investment. We got to figure out how we can invest and around demand creation efforts to get back to that growth. And at the same time, look at areas where we will deprioritize where we're not seeing the return and manage our costs. So it is this balancing act between finding cost and operational efficiencies to drive the bottom line but also to find opportunities to reinvest in the business for the future.

但我們同時也在努力找出如何決定投資的優先順序。我們必須弄清楚如何投資並圍繞創造需求做出努力，以恢復成長。同時，看看我們將優先考慮那些看不到回報的領域並管理我們的成本。因此，正是在成本和營運效率之間尋求平衡，以推動利潤，同時也找到對未來業務進行再投資的機會。

I talked about footwear. That's an opportunity of growth, but also it's going to take investment. We're not going to be able to grow footwear if we don't also invest in that. And there's just -- I'll give you another example of future growth for us, the Curry business. That is -- I have never been more excited about that business. I've personally had several one-on-one meetings with Steph Curry, and he has never been more excited and engaged about what we can do with this business, not only on footwear, of course, that's going to be basketball, the center of the Curry brand. But also with apparel, we've got some really fantastic new sports style apparel coming out under the Curry brand Golf, I mentioned De'Aaron Fox and his signature shoe under the Curry brand.

我談到了鞋類。這是一個成長的機會，但也需要投資。如果我們不對此進行投資，我們就無法生產鞋類。我將舉一個我們未來成長的另一個例子，即咖哩業務。也就是說——我對這項業務從未如此興奮。我親自與史蒂芬·庫裡進行了幾次一對一的會面，他對我們可以在這項業務上做些什麼感到前所未有的興奮和投入，不僅僅是鞋類，當然，這將是籃球，中鋒是咖哩品牌的代表。而且在服裝方面，我們在庫裡品牌高爾夫下推出了一些非常出色的新型運動風格服裝，我提到了德亞倫福克斯和他在庫裡品牌下的簽名鞋。

So -- but again, this is going to take investment. So we're getting that balancing act. I think we're getting it right, and we're working on it every single day. We're not ready to call fiscal year '25 and beyond yet, but I think we're putting all the puzzle pieces in place and all the building blocks in place to return to growth in the long term.

所以——但同樣，這需要投資。所以我們正在採取平衡行動。我認為我們做得對，而且我們每天都在努力。我們還沒有準備好宣布第 25 財年及以後的財年，但我認為我們正在把所有的拼圖和所有的基石都就位，以恢復長期增長。

That's great color. And then, Dave, just how would you characterize health of the broader sportswear channel today? Maybe what are you seeing from promotional activity in the space relative to your expectations? And maybe just high level, could you just elaborate on the change in the wholesale backdrop relative to 3 months ago?

那顏色真棒。那麼，戴夫，您如何描述當今更廣泛的運動服裝管道的健康狀況？也許您從該領域的促銷活動中看到的與您的期望相關的內容是什麼？也許只是高層，能否詳細說明批發背景相對於 3 個月前的變化？

Sure. I mean, I think from what we're seeing, I think the industry seems pretty poised to kind of enter the holidays with a leaner inventory than last year, which is good. Yet this doesn't really guarantee that promotions will be lower because demand has also become a little softer relative to the macro. So from a timing perspective, our outlook assumes normalization by kind of that spring time frame of '24, but it's mixed. It's a little bumpy out there still, and we're still seeing some wholesale partner conservatism in their buying patterns. So it's something that we're monitoring every day, and we're continuing to work on our relationships, work on our product and work on our marketing to be able to capitalize when things are a little less soft there. And then relative to -- what was the second question that you had, Matt?

當然。我的意思是，從我們所看到的情況來看，該行業似乎已經準備好以比去年更少的庫存進入假期，這很好。但這並不能真正保證促銷活動會減少，因為相對於宏觀而言，需求也變得有些疲軟。因此，從時間角度來看，我們的前景假設在 24 年春季時間範圍內實現正常化，但情況好壞參半。市場仍然有點坎坷，我們仍然看到一些批發合作夥伴的購買模式持保守態度。因此，這是我們每天都在監控的事情，我們將繼續致力於我們的關係、我們的產品和我們的行銷，以便能夠在情況不那麼軟弱的時候利用。然後相對於——你的第二個問題是什麼，馬特？

Just the overall promotional activity in the space, what you're seeing out there?

只是該領域的整體促銷活動，您在那裡看到了什麼？

Yes. As I said, it is fairly promotional still. It was turning pretty promotional in Q3 and Q4 of last year. And we're seeing that continue this year, and we're planning for that. And that is fairly broad. I mean, obviously, North America, I think we're seeing the most, but some of the other regions as well. And again, I don't -- or we don't foresee that to be changing a lot until we get kind of further into our Q4 and further towards kind of spring of next calendar year.

是的。正如我所說，這仍然是相當促銷的。去年第三季和第四季，它的促銷力道非常大。今年我們看到這種情況繼續存在，我們正在為此做好計劃。這是相當廣泛的。我的意思是，顯然，北美，我認為我們看到的最多，但其他一些地區也是如此。再說一次，我不認為——或者說我們預計這種情況不會發生很大變化，直到我們進入第四季度並進一步接近明年的春季。

Our next question will come from Paul Lejuez with Citi.

我們的下一個問題將來自花旗銀行的 Paul Lejuez。

On the weaker wholesale channel, I'm curious if that was equally disappointing has been equally disappointing in both the apparel and footwear side? And maybe if you could talk to Sportstyle reception specifically. Then also steps you mentioned deprioritizing certain things curious what you might have in mind to help pay for some of what you want to prioritize?

在批發管道較弱的情況下，我很好奇服裝和鞋類方面是否也同樣令人失望？也許您可以專門與 Sportstyle 接待處談談。然後還有您提到的取消某些事情優先事項的步驟，好奇您可能會想到什麼來幫助支付您想要優先考慮的一些事情？

So -- and Paul, why don't I start and then I know Dave will jump in with some additional color and information. On wholesale, yes, it has been, I think, the softness in wholesale has been on both the apparel and the footwear side. And when we think about just zooming way out for the whole company, we're going to be flat in both for the year. But the softness has been in both areas.

那麼，保羅，我為什麼不開始，然後我知道戴夫會加入一些額外的顏色和訊息。在批發方面，是的，我認為批發業的疲軟表現在服裝和鞋類方面。當我們考慮整個公司的發展時，我們今年的業績將會持平。但這兩個領域都表現疲軟。

And then on Sportstyle specifically, the way we're thinking about Sportstyle is -- I mean, first of all, let me define it quickly. It's that kind of intersection of performance and style when we talk to 16- to 24-year-old team short athletes and any of you who have teenagers can relate to this, they don't use this language, right? They just want to have cool stuff that looks great when they're on the field or playing their sports and then they can wear out with their friends. So we're -- that's really what we're talking about.

然後具體到運動風格，我們思考運動風格的方式是——我的意思是，首先，讓我快速定義它。當我們與 16 至 24 歲的團隊短運動員交談時，這就是表現和風格的交叉點，你們中任何有青少年的人都可以體會到這一點，他們不使用這種語言，對嗎？他們只是想擁有一些很酷的東西，當他們在球場上或參加運動時看起來很棒，然後他們可以和朋友一起出去玩。所以我們——這確實是我們正在談論的。

And it's really, for us, we believe, an evolution of our product offerings, not a revolution. We have some fabulous sports style offerings right now. We're going to have more and more better and best. So Phase 1 for us is really around remerchandising and remarketing products to demonstrate the non-active use occasions. And again, we've made a lot of progress here over the past 9 months. And you're seeing it in some of those social media stats I mentioned during my prepared remarks, those are tied to this effort to remerchandise and remarket a lot of our Sportstyle product that we have today.

我們相信，對我們來說，這確實是我們產品的演變，而不是一場革命。我們現在有一些很棒的運動風格產品。我們將會有越來越多、更好、最好的。因此，對我們來說，第一階段實際上是圍繞著產品的再銷售和再行銷來展示非活躍使用場合。在過去 9 個月裡，我們再次取得了重大進展。您可以在我在準備好的發言中提到的一些社交媒體統計數據中看到這一點，這些統計數據與我們今天擁有的許多運動風格產品的再銷售和再行銷努力有關。

But we do need new product, and we do need new better and best product. And again, we see that coming out on the latter part of next year, just given the lead time for our products. As it relates to where we're going to find savings or deinvest for the future, I mean, we're looking at everything, right? We are looking at on -- or -- whether it's sports marketing, whether it's cost across the P&L. Dave can jump in there more. But we are -- that's the work we're knee-deep in now is assessing where we're driving profitability, where we're driving growth and where we're not being as successful and where we could pull back and pour more gas on things that are growing. And pour more gas on things that are growing, I would say, Sportstyle footwear, Curry, women would be great examples. Dave, do you want to add a little bit?

但我們確實需要新產品，而且我們確實需要更好、最好的新產品。再次，我們看到該產品將在明年下半年推出，只是考慮到我們產品的交貨時間。因為它關係到我們將在哪裡尋找儲蓄或為未來進行去投資，我的意思是，我們正在考慮一切，對嗎？我們正在關注——或者——是否是體育行銷，是否是整個損益表的成本。戴夫可以更多地跳進去。但我們現在正在全力投入的工作是評估我們在哪些方面正在推動盈利，在哪些方面正在推動增長，在哪些方面我們沒有那麼成功，以及在哪些方面我們可以撤回並投入更多精力於那些正在成長的事物上。我想說，為正在成長的事物注入更多的活力，運動鞋、柯瑞、女鞋都是很好的例子。戴夫，你想補充一點嗎？

Yes. I mean I would just say that over the past few years, we've worked really hard to become more agile from a cost structure perspective. We certainly have more work to do there, and we understand and continuing to dig into the areas of highest returns and kind of validate where our best investments are. But we've been pressuring down our costs appropriately, whether it be in our hiring or tightening up our marketing prioritization, spending, reducing T&E, other areas of our costs.

是的。我想說的是，在過去的幾年裡，我們非常努力地從成本結構的角度變得更敏捷。我們當然還有更多的工作要做，我們了解並繼續深入研究回報率最高的領域，並驗證我們最好的投資在哪裡。但我們一直在適當地降低成本，無論是在招募還是加強行銷優先順序、支出、減少差旅費以及其他成本方面。

But to Stephanie's point, while doing that, we are trying to make sure and we are investing in design talent, investing in e-com relative to loyalty and spot site speed, investing from an end-to-end planning perspective, retail POS perspective, PLM system et cetera. So a lot of enablers to growth and to also help fuel the brand are what we're freeing up dollars and putting money into. So it is kind of a continued balancing act there.

但就史蒂芬妮的觀點而言，在這樣做的同時，我們正在努力確保我們正在投資於設計人才，投資於相對於忠誠度和現貨網站速度的電子商務，從端到端規劃角度、零售POS 角度進行投資、PLM系統等。因此，我們正在釋放資金並投入資金，以促進成長並幫助推動品牌發展的許多推動因素。所以這是一種持續的平衡行為。

Our next question will come from Alex Straton with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的亞歷克斯·斯特拉頓。

Great. So maybe just two for me. Maybe for Dave, it feels tough kind of to get to your revised full year top line guidance. And by that, I mean, it feels pretty conservative as a starting point. So maybe can you talk about the range of outcomes you've embedded in that guide and perhaps the key areas of upside and downside? And then just a second question for Stephanie. How do you balance the heightened kind of current off-price presence with your goals of expanding your premium distribution over time?

偉大的。所以也許對我來說只有兩個。也許對戴夫來說，獲得修訂後的全年營收指引感覺有點困難。我的意思是，作為一個起點，感覺相當保守。那麼，也許您可以談談您在該指南中嵌入的結果範圍，以及可能的有利和不利的關鍵領域？接下來是史蒂芬妮的第二個問題。您如何平衡當前折扣的增加與隨著時間的推移擴大溢價分銷的目標？

Yes. I mean, I think when we look at our back half, we revised our guidance full year, obviously, it is down 2% to 4%. In general, we didn't really give specific channel or product outlook, but we continue to expect our U.S. wholesale business to be challenged this year, especially the wholesale piece.

是的。我的意思是，我認為當我們回顧下半年時，我們修改了全年指導，顯然下降了 2% 到 4%。總的來說，我們並沒有真正給出具體的管道或產品前景，但我們仍然預計今年我們的美國批發業務將受到挑戰，尤其是批發業務。

And given the demanding selling environment, yes, we are being a little bit cautious there, but it is what we're seeing. So we want to make sure that we're reflecting that. We do, on the other hand, expect DTC to continue to outperform wholesale as we drive through, and that's in kind of each of our regions.

考慮到苛刻的銷售環境，是的，我們有點謹慎，但這就是我們所看到的。因此，我們希望確保我們能夠反映這一點。另一方面，我們確實預計 DTC 的表現將繼續優於批發，這在我們每個地區都是如此。

And when you break it down and kind of look at it by quarter, the quarters aren't drastically different. We're seeing the fact that the order softness in wholesale, some of that did come out of Q3 and Q4. Some of that is our at-once business assumptions because we did see some of the bookings come down and normally the at-once is going to kind of follow that as well, and then even with some of our auto replenishment. So we think that we're being prudent in reacting and driving through relative to what we see.

當你將其分解並按季度查看時，會發現各個季度並沒有太大的不同。我們看到批發訂單疲軟的事實，其中一些確實來自第三季和第四季。其中一些是我們的一次性業務假設，因為我們確實看到一些預訂量下降，通常一次性也會隨之下降，甚至我們的一些自動補貨也會隨之下降。因此，我們認為，相對於我們所看到的情況，我們的反應和駕駛是謹慎的。

As far as puts and takes of what we could see, it's hard to say. I mean, we've taken in a lot. It is a little bit bumpy that we feel like we've called the ball here with our updated outlook. Could there be some areas that overdrive possibly but there could be some continued pressures as well. So we're trying to kind of call it in the middle here.

就我們所看到的看跌期權和拿走期權而言，很難說。我的意思是，我們已經吸收了很多。我們覺得我們已經以更新的前景宣布了這一點，這有點坎坷。是否有些領域可能會超速，但也可能存在一些持續的壓力。所以我們嘗試在中間稱呼它。

Alex, thanks for your question. As it relates to balancing kind of off-price shelf space and more premium distribution. Just a couple of things. Well, I think important to note that we've held our off-price 3% to 4% of global revenue since fiscal year '20. So we have been consistent there and being very, very diligent. But when it comes to getting the mix right, it does get back to product. It starts with product, more better and best product. That is what we are laser-focused on because that is how we're going to get more premium shelf space with our wholesale partners. That's how we're going to get into more department stores, more specialty retail.

亞歷克斯，謝謝你的問題。因為它涉及平衡低價貨架空間和更優質的分銷。只是幾件事。嗯，我認為值得注意的是，自 20 財年以來，我們的折扣佔全球收入的比例一直保持在 3% 到 4%。所以我們一直保持一致並且非常非常勤奮。但當涉及到正確的組合時，它確實回到了產品上。從產品開始，提供更好、最好的產品。這就是我們高度關注的重點，因為這就是我們與批發合作夥伴一起獲得更多優質貨架空間的方式。這就是我們進入更多百貨公司、更多專賣零售店的方式。

It's how we're going to get more shelf space and I should put this at the top of the list with the likes of a DICK'S Sporting Goods that we want to get more shelf space with our existing partners, too. And our wholesale partners are a very, very important and critical part of our distribution strategy, but it starts with really that better and best product focus for the company.

這就是我們如何獲得更多貨架空間的方法，我應該將其與 DICK'S 體育用品之類的產品放在首位，我們也希望與現有合作夥伴一起獲得更多貨架空間。我們的批發合作夥伴是我們分銷策略中非常非常重要且關鍵的部分，但它首先是為公司提供更好、最好的產品。

And it also ties to our DTC channels. We and ties back to my point earlier about opening more full-price brand houses in the United States over time as we really perfect that model and give people a reason to walk over that lease line, which is all about more better and best product in our stores and having it be an absolutely just fabulous experience for them.

它也與我們的 DTC 管道相關。我們回到我之前的觀點，隨著時間的推移，我們將在美國開設更多全價品牌店，因為我們真正完善了這種模式，並給人們一個走過這條租賃線的理由，這一切都是為了在美國提供更多更好和最好的產品。我們的商店，這對他們來說絕對是一次美妙的體驗。

So again, I mentioned we have not -- in the past, particularly here in the United States, we haven't been as disciplined as we could have been announced segmentation to about being very, very disciplined about which products go into which channel. So that is another that disciplined approach to segmentation is also something we're laser-focused on. But we need to get that equal equilibrium in a better place between off-price and premium. And I think everything that we're doing around the Protect This House 3 strategy is driving us towards that outcome.

所以，我再次提到，我們過去沒有——特別是在美國，我們並沒有像我們宣布的那樣嚴格遵守細分，對哪些產品進入哪個管道非常非常嚴格。因此，這是另一種嚴格的細分方法，也是我們重點關注的內容。但我們需要在低價和溢價之間取得更好的平衡。我認為我們圍繞著「保護這個房子 3」策略所做的一切都在推動我們實現這一結果。

Our final question will come from Jonathan Komp with Baird.

我們的最後一個問題將由喬納森·康普和貝爾德提出。

Just two questions for me. First, is there any sort of anecdotal insight you can share from your wholesale partners as you try to shift some of the attention towards more non-active and more premium product? Are you getting any response today? I don't know if it's too early? Or is that something you need to prove first in B2C? And then just broader question, the focus on both returning to growth and driving higher profitability. Is that thinking shifted at all as you now are optimizing some costs to react to slower revenue growth in the short term? Or do you still think that dual focus is appropriate going forward?

對我來說只有兩個問題。首先，當您試圖將部分注意力轉向更不活躍和更優質的產品時，您是否可以從批發合作夥伴那裡分享任何軼事見解？今天有回覆嗎？不知道是不是太早了？或者這是您在 B2C 中需要首先證明的東西？然後是更廣泛的問題，即重點關注恢復成長和提高獲利能力。當您現在正在優化一些成本以應對短期收入成長放緩時，這種想法是否發生了轉變？或者您仍然認為雙焦點未來是合適的嗎？

Look, Jonathan, let me start with your first question around our reaction from our wholesale partners. I think it's been great. I mean, they see that's where the consumer is going, and they want to see more from Under Armour in this regard. I mentioned this is an early green shoot that we've seen a 40% increase in the mall as a result of our product and particularly, that's a big part of that's footwear and Curry as an example. So we are seeing a lot of receptivity from our wholesale partners and I think the more we continue to deliver great products that resonate with consumers, and we're going to continue to see more and more receptivity there. And that's what we're hard at work at.

聽著，喬納森，讓我從你的第一個問題開始，關於我們批發夥伴的反應。我認為這很棒。我的意思是，他們看到這就是消費者的發展方向，他們希望看到 Under Armour 在這方面提供更多資訊。我提到這是一個早期的萌芽，由於我們的產品，我們已經看到商場的銷售額增長了 40%，特別是鞋類產品，尤其是庫裡產品，這佔了很大一部分。因此，我們看到了批發合作夥伴的大量接受度，我認為，我們越是繼續提供能引起消費者共鳴的優質產品，我們將繼續看到那裡越來越多的接受度。這就是我們正在努力做的事情。

To your question about the balance between returning to growth and profitability, per my earlier remarks, absolutely, we're still laser-focused on getting that balance right. We must grow, at the same time, we must expand margins and through cost efficiencies and operational efficiencies. We are very aware though that in the short term, there is pressure on the top line. So that's back to my point where we are really digging in on SKU rationalization, cost of goods sold improvement, et cetera, just really, really doubling down on making sure that we've got our P&L in a good shape, our cost in a good place.

對於你關於恢復成長和獲利之間平衡的問題，根據我先前的言論，絕對，我們仍然專注於實現這種平衡。我們必須實現成長，同時，我們必須透過提高成本效率和營運效率來擴大利潤。但我們非常清楚，短期內，營收面臨壓力。因此，這又回到了我的觀點，我們正在真正深入研究 SKU 合理化、銷售商品成本改善等，只是真的、真的加倍努力，確保我們的損益狀況良好，我們的成本保持在良好的狀態。好地方。

But we will -- like all great companies, we will always be focused on driving both top line and margin expansion and profitability. And we believe that's the right long-term strategy for the company.

但像所有偉大的公司一樣，我們將始終專注於推動營收、利潤率擴張和獲利能力。我們相信這對公司來說是正確的長期策略。

With that, we'll conclude Under Armour's Second Quarter fiscal '24 Earnings Conference Call. Thank you for attending, and have a good day. You may now disconnect.

至此，我們將結束 Under Armour '24 年第二季財報電話會議。感謝您的出席，祝您有美好的一天。您現在可以斷開連線。

Thank you.

謝謝。

Thank you.

謝謝。