Under Armour Inc (UA) 2025 Q3 法說會逐字稿

Good day, and welcome to the Under Armour third-quarter 2025 earnings conference call.

大家好，歡迎參加 Under Armour 2025 年第三季財報電話會議。

(Operator Instructions)

（操作員指令）

Please note, this event is being recorded.

請注意，此事件正在被記錄。

I would now like to turn the conference over to Lance Allega, Senior Vice President of Investor Relations, Treasury and Corporate Development.

現在，我想將會議交給投資者關係、財務和企業發展資深副總裁 Lance Allega。

Please go ahead.

請繼續。

Good morning, and welcome to Under Armour's third-quarter fiscal 2025 earnings conference call.

早安，歡迎參加 Under Armour 2025 財年第三季財報電話會議。

Today's event is being recorded for replay.

今天的事件正在錄製以供重播。

Joining us on today's call are Under Armour President and CEO, Kevin Plank; and CFO, David Bergman.

參加今天電話會議的有 Under Armour 總裁兼執行長 Kevin Plank；和財務長David Bergman。

Our remarks today will include certain forward-looking statements that reflect Under Armour management's current view of our business as of February 6, 2025.

我們今天的評論將包括一些前瞻性陳述，這些陳述反映了 Under Armour 管理層對我們截至 2025 年 2 月 6 日業務的當前看法。

These statements may include projections for our business in the present and future quarters and fiscal years.

這些聲明可能包括對我們目前和未來季度和財政年度業務的預測。

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.

前瞻性陳述並不能保證未來的業務表現，我們的實際結果可能與所提供的觀點所表達或暗示的結果有重大差異。

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.

所發表的聲明受到今天上午的新聞稿和定期向美國證券交易委員會提交的文件中詳細說明的風險和其他不確定因素的影響，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 non-GAAP references.

今天的討論也可能涉及非 GAAP 參考。

Under Armour believes these measures give investors a helpful perspective on underlying business trends.

Under Armour 認為這些措施可以幫助投資人了解潛在的商業趨勢。

When applicable, these measures are reconciled to the most comparable US GAAP measures.

在適用的情況下，這些指標會與最具可比性的美國 GAAP 指標相協調。

Reconciliations, along with other pertinent information can be found in this morning's press release and at about.underarmour.com.

在今天上午的新聞稿中以及在 about.underarmour.com 上可以找到對帳單以及其他相關資訊。

With that, I will turn the call over to Kevin.

說完這些，我會把電話轉給凱文。

Thank you, Lance, and everyone joining us on this morning's call.

謝謝蘭斯以及參加今天早上電話會議的所有人。

Our fiscal third-quarter results exceeded expectations, driven by strong gross margin performance, with revenue also surpassing our forecast.

由於強勁的毛利率表現，我們的第三財季業績超乎預期，營收也超出了我們的預測。

With these results, I'm pleased we were able to raise our full-year outlook again, demonstrating that our strategy is to reposition the Under Armour brand are gaining traction.

憑藉這些業績，我很高興我們能夠再次上調全年預期，這表明我們重新定位 Under Armour 品牌的策略正在獲得發展動力。

Much of the credit goes to our actions of reducing promotions and discounts in our e-commerce business, which has contributed nicely to improve gross margin this year.

這很大程度上要歸功於我們減少電子商務業務的促銷和折扣的舉措，這對今年毛利率的提高做出了很大的貢獻。

Key metric for our consumers value our brand and a core validation of the pricing power, we intend to increase and leverage over time as we work to improve the quality of our revenue from mostly good level product to more better and best level Under Armour that consumers will choose to buy.

作為消費者評估我們品牌的關鍵指標和定價能力的核心驗證，我們打算隨著時間的推移不斷提高和利用這一指標，努力提高我們的收入質量，從主要提供優質產品到消費者會選擇購買的更好、最佳水平的 Under Armour。

As discussed at our investor meeting in December, the idea of balance in our logo structure is fundamental to our ambition for the brand we are building and how we expect to run the business efficiently going forward.

正如我們在 12 月的投資者會議上所討論的那樣，我們的標誌結構的平衡理念對於我們正在建立的品牌的抱負以及我們期望如何在未來有效地經營業務至關重要。

This will take time, but our strategy is sound and beginning to take root as each day we get stronger than the one before.

這需要時間，但我們的策略是合理的，而且隨著我們一天比前一天更強大，我們的策略也開始生根發芽。

Also at our investor meeting, we provided a comprehensive overview of our product, brand, and commercial strategies along with other key initiatives designed to enhance Under Armour's ability to achieve better long-term financial results, focusing on product, story, service and team.

在我們的投資者會議上，我們還全面概述了我們的產品、品牌和商業策略以及其他旨在增強 Under Armour 實現更好的長期財務業績的能力的關鍵舉措，重點關注產品、故事、服務和團隊。

We are fully committed to these strategies, including launching an improved product lineup in fall/winter '25, establishing distinctive underdog news in our storytelling and implementing intentional disciplined marketplace management across our regions.

我們全力致力於這些策略，包括在2025年秋冬季推出改進的產品陣容、在我們的故事講述中建立獨特的弱勢新聞以及在我們的地區實施有意識的、有紀律的市場管理。

Perhaps most importantly, we wanted you to meet our management team and experience their energy and dedication to this exceptional brand, clarifying where we are, where we're headed and how our leadership talent will drive our objectives.

也許最重要的是，我們希望您能認識我們的管理團隊，感受他們對這個卓越品牌的活力和奉獻精神，明確我們目前的位置、我們的發展方向以及我們的領導人才將如何推動我們的目標。

As a brand rooted in sports that creates solutions for athletes, our human connection and dedication to achieving challenging goals are in our DNA.

作為一個植根於運動、為運動員創造解決方案的品牌，我們的人際關係和對實現具有挑戰性的目標的奉獻精神已深深植根於我們的 DNA 中。

Grounded and athletic performance, our sports house identity offers a significant advantage in our mission to reposition Under Armour.

腳踏實地、運動表現突出，我們的運動品牌形像在我們重新定位 Under Armour 的使命中發揮了顯著優勢。

It is unique to only a handful of athletic brands which can outfit athletes on any field, court or pitch across virtually any athletic endeavor worldwide.

它是獨一無二的，只有少數運動品牌可以為全球幾乎任何運動項目的任何場地、球場或球場上的運動員提供裝備。

However, sitting in a broader sports industry with multiple competitors, both bigger and smaller, we are fortunate to be bigger than the new trending brands, yet more agile than the [bigs], an aspect we plan to use to our advantage.

然而，身處更廣闊的運動產業，有多個競爭對手，有大有小，我們很幸運能夠比新潮流品牌規模更大，但又比大品牌更靈活，我們計劃利用這一點來發揮我們的優勢。

This position provides us with an exceptional broad-based platform to speak directly to and create amazing products for our athletes.

這個職位為我們提供了一個卓越的廣泛平台，讓我們可以直接與運動員對話並為他們創造出令人驚嘆的產品。

Our product machine is working as the first place I focused on when reassuming the CEO role last April, due to the 18-month lead times we have in our industry to build products for the market, it was imperative to get our product trajectory in the right direction as it takes the longest.

去年 4 月重新擔任執行長一職時，我首先關注的是我們的產 品機器的運轉，由於我們行業需要 18 個月的時間來為市場打造產品，因此必須讓我們的產品軌跡朝著正確的方向發展，因為這需要最長的時間。

Beginning with supporting leadership for Yassine as Chief Product Officer and the entire product organization from innovation through design, we have made significant progress in enhancing our athletic performance and new sportswear offerings, blending those elements of innovation, fabric and trim, thought leadership with aggressive, young, and fearless design.

從支持亞辛擔任首席產品長的領導以及從創新到設計的整個產品組織開始，我們在提高運動表現和新運動服裝產品方面取得了重大進展，將創新、面料和裝飾、思想領導力等元素與積極、年輕和無畏的設計融為一體。

Highlight of the third quarter was the launch of the first signature shoe for Curry brand athlete, De'Aaron Fox, the Fox 1, designed to complement his speed and optimizes performance on the court, De'Aaron quickly showcase them, becoming only the third player in NBA history to score at least 109 points in two consecutive games for the Fox 1 debut.

第三節的亮點是庫裡品牌運動員達龍福克斯 (De’Aaron Fox) 推出的首款簽名鞋 Fox 1，該鞋旨在配合他的速度並優化球場上的表現，達龍很快就展示了它們，成為 NBA 歷史上第三位在 Fox 1 首次亮相時連續兩場比賽至少得分 109 分的球員。

The shoe features some of the best innovations the Curry brand is known for, including our patented flow sold technology and is available exclusively through our DTC channels and at DICK'S Sporting Goods, a key retail partner we plan to win with through this next chapter.

這款鞋採用了 Curry 品牌最知名的一些最佳創新技術，包括我們獲得專利的流動銷售技術，並且僅透過我們的 DTC 管道和 DICK'S Sporting Goods 購買，DICK'S Sporting Goods 是我們計劃在下一個篇章中與之共贏的關鍵零售合作夥伴。

More on the footwear front, the spring/summer '25 season which kicks off with floor sets later this month, introduces Echo footwear, the latest version of our SlipSpeed platform.

再來談鞋類方面，2025春夏季節將於本月稍後以地板套裝拉開序幕，推出 Echo 鞋類，這是我們 SlipSpeed 平台的最新版本。

The Echo showcases new technology in an evolved design language from the original versions.

Echo 採用了比原版更先進的設計語言，展示了新技術。

After seeding it ahead of the upcoming NBA All-Star weekend, which will include a unique collaboration to be unveiled in limited payers for the launch.

在即將到來的 NBA 全明星週末之前播下種子，其中包括一項獨特的合作，將在限量版中揭曉。

The initial buzz has started and we're eager to release the SlipSpeed Echo more broadly in the coming months.

最初的熱議已經開始，我們渴望在接下來的幾個月中更廣泛地發布 SlipSpeed Echo。

Additionally, on the apparel side, new better and best products are coming this season, including elevated offerings from our Unstoppable and Meridian collections, putting to test the underlying pricing power we intend to increasingly establish in the coming seasons.

此外，在服裝方面，本季將推出新的、更好、最好的產品，包括我們 Unstoppable 和 Meridian 系列的升級產品，這將考驗我們打算在未來幾季逐步建立的潛在定價能力。

It is encouraging that these more premium level products have continued to perform well over the past several quarters.

令人鼓舞的是，這些較高端的產品在過去幾季中持續表現良好。

So we're building confidence that these offerings will help us achieve a better balance in our good, better, best product segmentation.

因此，我們相信這些產品將幫助我們在好、更好、最佳產品細分中實現更好的平衡。

Another solid proof point in our move toward a more meaningful sportswear presence in business is the success we saw with one of our premium fleece offerings, the $120 UA Icon Heavyweight Hoodie which has seen terrific sell-through, particularly traction with young athletes who we are actively reintroducing ourselves to.

我們向更具意義的運動服飾業務邁進的另一個有力證明是，我們的一款優質羊毛衫取得了成功，售價 120 美元的 UA Icon Heavyweight 連帽衫銷量極佳，尤其受到我們正在積極向其重新推介產品的年輕運動員的青睞。

Our innovation capabilities consistently rank among the best in the industry.

我們的創新能力在業界始終名列前茅。

Recent examples include Women's Health Magazine naming the UA Infinity 2.0 High as the best high-impact sports bra in December.

最近的例子包括《女性健康雜誌》將 UA Infinity 2.0 High 評為 12 月最佳高強度運動胸罩。

And Men's Health magazine, selecting the UA Project Rock BSR 4 shoes is the most versatile cross-training shoes for men.

而《男性健康》雜誌則將 UA Project Rock BSR 4 鞋選為男士最通用的交叉訓練鞋。

Not to mention the new suspension backpack we demonstrated at our investor meeting, which will hit stores this fall, built with our patent pending our atheletic strap and braking system, I got to tell you, it makes you feel like you're carrying half the weight, a great metaphor for the problems we hope to solve with every Under Armour product we build for our athletes to make you better.

更不用說我們在投資者會議上展示的新款懸吊背包，它將於今年秋季上市，採用我們正在申請專利的運動帶和製動系統，我得告訴你，它讓你感覺好像你只負了一半的重量，這很好地比喻了我們希望通過為運動員打造的每一款 Under Armour 產品解決的問題，讓你變得更好。

From an operational perspective, we continue to refine our focus through a streamlined creation, process assortment and merchandising strategy to achieve a more intentional product presentation for athletes and especially our retail partners.

從營運角度來看，我們透過精簡的創作、流程分類和行銷策略不斷完善我們的重點，以便為運動員，特別是我們的零售合作夥伴提供更有目的的產品展示。

Leading this effort are initiatives to reduce SKUs across all assortments by 25%.

引領此項工作的措施是將所有商品的 SKU 減少 25%。

In addition to the components that make up our products, like cutting footwear foams by about 50% to anchor around consistent underfoot cushioning across our charge HOVR and flow midsoles and narrowing our materials elaborate to those with volumes or multiple end uses that bring the best articulation of our fabric superiority and highest margins, all efforts to allow our designers to enhance efficiency and effectiveness in doing their work, effectively doing more with less.

除了組成我們產品的組件之外，例如將鞋用泡沫減少約50%以在我們的 HOVR 和 flow 中底上穩定地提供一致的腳底緩衝，以及將我們的材料精加工至具有大量或多種最終用途的材料，從而最好地體現我們的材料優勢和最高的利潤率，所有這些努力都是為了讓我們的設計師提高工作效率和資源，有效地用更少的事情。

As we've previously discussed, we are transitioning from an apparel, footwear and accessory led operating model to a consumer-focused, category managed model that emphasizes singular accountability leadership in team sports, train, golf, basketball, run, sportswear, outdoor and other key sports that serve as authenticators in specific regions.

正如我們之前所討論的，我們正在從服裝、鞋類和配件主導的運營模式轉變為以消費者為中心、品類管理的模式，強調在團隊運動、訓練、高爾夫、籃球、跑步、運動服、戶外和其他在特定地區作為認證的關鍵運動方面的單一責任領導。

This change will enable us to better understand and meet athletes' needs by enhancing strategic alignment across our product, marketing and commercial teams, driven by more direct financial accountability and clear definitions of each category's role in our overall go-to-market strategy.

這項變革將使我們能夠更好地理解和滿足運動員的需求，透過加強我們產品、行銷和商業團隊之間的策略協調，以更直接的財務問責和對每個類別在我們的整體市場策略中的作用的明確定義為驅動力。

The brand operationally has relied on the process of the UA machine that had been built and running for us the past several years, but without enough clear individual accountability, I don't believe we've optimized our performance.

該品牌在營運上依賴過去幾年為我們建造和運行的 UA 機器的流程，但由於缺乏足夠明確的個人責任，我認為我們並未優化我們的績效。

So our new category-led operating model addresses this head on.

因此，我們新的以類別為主導的營運模式正面解決了這個問題。

Beginning with our people.

從我們的人民開始。

This will mostly be a shift in what many of the roles our teammates are already responsible for as we are primarily reassigning existing talent into the category model with their refined responsibility.

這主要是我們隊友所負責的許多角色的轉變，因為我們主要將現有人才重新分配到類別模型中，並賦予他們精細化的職責。

And as a result, bringing absolute clarity to what is expected of them and their respective teams each and every day as well as a clear definition of success.

因此，他們對自己和各自團隊每天的期望以及對成功的明確定義都非常清晰。

This, I believe, is the most fundamental key to unlocking the winning culture we expect and are establishing at Under Armour.

我相信，這是開啟我們在 Under Armour 所期望並正在建立的成功文化的最根本的關鍵。

As we transition to our new operating model this month, led by recently named Brand President, Eric Liedtke, we have a seasoned team ready to hit the ground running as we improve and perfect our processes over the coming seasons.

本月，在新任品牌總裁 Eric Liedtke 的帶領下，我們過渡到了新的營運模式，我們擁有一支經驗豐富的團隊，隨時準備在接下來的幾個季節中改進和完善我們的流程。

Key to the benefit of what it will deliver for us is in Eric's new role leading for the brand, which now integrates product and story within the same go-to-market leadership and accountability.

它為我們帶來的好處的關鍵在於埃里克領導該品牌的新角色，現在該品牌將產品和故事整合在同一個市場領導和責任中。

At Under Armour, our currency is product, and our voice is the compelling story that we tell about those amazing products.

在 Under Armour，我們的貨幣是產品，我們的聲音是我們講述的關於這些令人驚嘆的產品的引人入勝的故事。

With our team now in place and running the 18-month product go-to-market, I am now turning our emphasis to layering excellent story into this machine, meaning exactly how we will market this brand.

現在我們的團隊已經到位，並正在進行為期 18 個月的產品上市工作，我現在將重點轉向將精彩的故事融入這台機器，這意味著我們將如何行銷這個品牌。

During our recent investor meeting, Eric outlined our goal of improving all aspects of marketing and brand strategy to foster a stronger connection with young team sport athletes.

在我們最近的投資者會議上，艾瑞克概述了我們的目標，即改善行銷和品牌策略的各個方面，以與年輕的團隊運動員建立更緊密的聯繫。

Put simply, we will stop asking them to buy our product through performance marketing, which has led to the promotions that have plagued our recent history.

簡而言之，我們將不再要求他們透過效果行銷來購買我們的產品，而這種行銷方式已經困擾了我們最近的歷史。

Instead, we'll focus on showing them why they should love our individual products and our brand.

相反，我們將重點向他們展示為什麼他們應該喜愛我們的產品和品牌。

And as we get that right, they will then love to buy our great products.

當我們做到了這一點，他們就會喜歡購買我們的優質產品。

This is in flight.

這是在飛行中。

So our mission to capture the hearts and minds of young team sport athletes.

因此，我們的使命是贏得年輕團隊運動員的青睞。

We are dedicated to refining our messaging to bring this narrative to life in ways only Under Armour can as we remain fundamentally connected to the underdog mindset.

我們致力於完善我們的訊息傳遞方式，以只有 Under Armour 才能做到的方式將這一敘事變為現實，因為我們始終與弱勢群體的心態緊密相連。

The intense athlete who carries a chip on their shoulder, underwrite athlete eager to prove their worth and demonstrate their extraordinary potential to the world.

熱情的運動員肩負著巨大的責任，他們渴望證明自己的價值，並向世界展示自己非凡的潛力。

So as we strive to forge deeper, more meaningful connections with consumers, our UA Next Global Grassroots Program focused on enhancing the next generation of athletes has become an essential platform for us.

因此，當我們努力與消費者建立更深層、更有意義的聯繫時，專注於培養下一代運動員的 UA Next Global Grassroots 計畫已成為我們的重要平台。

In November, building on our fall soccer or football brand activation in EMEA, we held a Paris experience, which featured Real Madrid Defender, Toni Rüdiger and Sacha Boey, a promising Defender from Bayern Munich.

11 月，在我們於歐洲、中東和非洲地區開展的秋季足球品牌活動的基礎上，我們舉辦了一場巴黎體驗活動，參與者包括皇家馬德里後衛托尼·呂迪格 (Toni Rüdiger) 和拜仁慕尼黑有前途的後衛薩沙·博伊 (Sacha Boey)。

The event included a defensive master class highlighting our commitment to nurturing young football talent.

活動包括一場防守大師班，強調了我們培養年輕足球人才的承諾。

As a crucial global authenticator, our athlete roster continues to grow, including the recent added Brazilian player, Douglas Costa, who plays for Sydney Football Club and Ferran Torres, a promising young Spanish talent from Barcelona FC.

作為一個至關重要的全球認證機構，我們的運動員名單不斷擴大，包括最近加入的效力於雪梨足球俱樂部的巴西球員道格拉斯·科斯塔和來自巴塞隆納足球俱樂部的一位有前途的年輕西班牙球員費蘭·托雷斯。

In January, we wrapped up the UA Next All-America Games in Orlando that were broadcast on ESPN.

一月份，我們結束了在奧蘭多舉行的 UA Next 全美運動會，並在 ESPN 上進行了轉播。

These are more than 130 of the nation's top high school football and volleyball players.

他們是 130 多名全國頂尖的高中足球和排球運動員。

To garner social media mind share, we had an impactful time with these alpha athletes introducing and getting reactions to products as well as significantly improving our digital presence with better engagement and views compared to the previous year.

為了贏得社交媒體的關注，我們與這些頂尖運動員進行了一次富有影響力的交流，介紹產品並獲得了他們的反響，同時與去年相比，我們的數字形象得到了顯著提升，參與度和瀏覽量都有所提高。

The way we communicate with our athletes begins with those at the tip of the spear will inform us as we continue to improve how we show up where our young athletes are already watching.

我們與運動員溝通的方式始於那些處於最前沿的人，他們會告訴我們，我們將繼續改進我們如何出現在年輕運動員正在觀看的地方。

Here are a few examples of just how we're doing that.

以下是我們具體做法的幾個例子。

In American football, (inaudible) walks are our catwalks.

在美式足球中，（聽不清楚）散步就是我們的走秀。

And with that, we had three great runway moments during the quarter.

至此，我們在本季經歷了三次偉大的走秀時刻。

Starting with the Naval Academy, showcasing our beautifully designed Jolly Rogers uniforms, and the accompanying story video we made for the series as they beat Army in the 125th Army Navy game, followed by victory in the Armed Forces fall against Oklahoma achieving 10 wins for just a six-time in school history.

從海軍學院開始，展示我們設計精美的喬利羅傑斯制服，以及我們為該系列製作的故事視頻，他們在第 125 屆陸軍海軍比賽中擊敗了陸軍，隨後在武裝部隊秋季對陣俄克拉荷馬州的比賽中取得了勝利，在學校歷史上僅有六次取得 10 場勝利。

We also renewed our partnership with the Naval Academy, the official outfitter of their 36 intercollegiate Varsity teams in a multiyear agreement, extending our relationship since 2014.

我們還與海軍學院續簽了合作協議，海軍學院是該學院 36 支校際代表隊的官方裝備提供商，自 2014 年以來我們一直保持著良好的合作關係。

Another longtime UA school Notre Dame had a remarkable journey to the college football playoff championship game, proudly wearing the fantastic ARMOR 037 jerseys, featuring our now iconic center neck logo or as we're calling this the balance UA logo position.

另一所長期的 UA 學校聖母大學在大學橄欖球季後賽冠軍賽中經歷了非凡的旅程，自豪地穿著精美的 ARMOR 037 球衣，上面印有我們現在標誌性的中頸標誌，或者我們稱之為平衡 UA 標誌位置。

Met all the excitement of the CFPs we engage with athletes and fans through a range of electrifying social activations that generate considerable buzz including teaming up with comedian and actor Shane Gillis in a spot called Shane's prayer for a noted an victory in the national championship game, which went viral on the Saturday morning before the game on Monday.

我們透過一系列令人興奮的社交活動與運動員和粉絲進行了交流，引起了相當大的轟動，其中包括與喜劇演員和演員 Shane Gillis 合作拍攝的名為“Shane 為全國冠軍賽的勝利而祈禱”的廣告，該廣告在周一比賽前的周六早上迅速走紅。

This ability, and I should say agility for our team to quickly act within seven days finding the right collaboration for a unique brand expression, a prayer for the underdogs and executing this creative and clever lane for UA to play from.

這種能力，我應該說是敏捷性，使我們的團隊能夠在七天內迅速採取行動，找到正確的合作方式，實現獨特的品牌表達，為弱勢群體祈禱，並為 UA 執行這一富有創意和巧妙的途徑。

Getting to this moment required a lot of ingredients that needed to go right, like signing Notre Dame and even they're making it to this game.

要達到這一刻需要很多正確的因素，例如簽下聖母大學，甚至讓他們參加這場比賽。

It is a type of energy and hype we expect to bring to the content we make with our $500 million marketing budget.

我們希望透過 5 億美元的行銷預算為我們製作的內容注入這種活力和熱情。

And what you should expect from UA moving forward.

以及您對 UA 未來發展的期望。

This example of thoughtful culturally relevant collaboration will be our bar for marketing excellence.

這種深思熟慮的文化相關合作範例將成為我們行銷卓越的標準。

Also at the professional level, several of our NFL atheletes like Justin Jefferson, Zay Flowers, Kyle Hamilton had terrific promo level seasons, and we expect to build on our NFL roster going forward.

同樣在職業層面上，我們的幾位 NFL 運動員，例如賈斯汀·傑斐遜 (Justin Jefferson)、扎伊·弗勞爾斯 (Zay Flowers)、凱爾·漢密爾頓 (Kyle Hamilton) 都有出色的表現，我們希望在未來擴大我們的 NFL 運動員陣容。

This past quarter, we also emphasize our commitment to the growing women's basketball scene by partnering with the new unrivaled league as their official and exclusive uniform and Performance Outfitter, coupled with the strong starts to the women's college basketball season for many of our teams, including the University of South Carolina and Notre Dame currently ranked second and third in the AP Top 25, respectively.

在過去的一個季度，我們也強調了對日益壯大的女子籃球運動的承諾，與新的無與倫比的聯盟合作，作為其官方和獨家的製服和性能裝備供應商，再加上我們許多球隊在女子大學籃球賽季的強勁開局，包括目前分別在 AP 前 25 名中排名第二和第三的南卡羅來納大學和聖母大學。

There's plenty to be excited about for the upcoming season.

即將到來的賽季有很多值得興奮的事情。

This brings us to our discussion at the investor meeting about a pivotal new chapter in our marketing strategy.

這就引出了我們在投資人會議上關於行銷策略關鍵新篇章的討論。

Later this year, we plan to redeploy and centralize a significant amount of our existing marketing budget to fuel our most ambitious brand activation.

今年晚些時候，我們計劃重新部署和集中大量現有行銷預算，以推動我們最雄心勃勃的品牌活化。

This dynamic multiyear initiative represents a significant step forward in our marketing approach, specifically designed to resonate with athletes in their environments.

這項充滿活力的多年期計畫代表著我們的行銷方法向前邁出了重要一步，旨在與運動員在其環境中產生共鳴。

Through this program, we'll establish a robust and engaging content platform that highlights our commitment to specialized media, showcases the incredible talents of athletes and teams, collaborates with influential creators and explores new verticals.

透過該計劃，我們將建立一個強大且引人入勝的內容平台，突出我們對專業媒體的承諾，展示運動員和團隊的非凡才華，與有影響力的創作者合作並探索新的垂直領域。

This is not just an investment.

這不僅僅是一項投資。

It's our promise to connect authentically and elevate our brand like never before.

我們的承諾是真誠地聯繫並前所未有地提升我們的品牌。

And while underdog has been our muse to inspire our marketing message, it is not literal.

儘管「失敗者」一直是我們行銷訊息的靈感來源，但它並不是字面意思。

But instead of spirit and grit DNA that makes you a unique amongst the other, we call them podium brands.

但是，我們並不認為那些讓你與眾不同的精神和勇氣 DNA 能夠讓你與眾不同，而是稱之為頒獎台品牌。

Next, turning to service.

接下來談談服務。

Our strategy for reconstituting the Under Armour brand and strengthening our position has primarily focused on North America, our largest and most influential market.

我們重建 Under Armour 品牌和加強地位的策略主要集中在北美，這是我們最大和最具影響力的市場。

While this effort impacts the region's top line, we're confident that a more disciplined approach to marketplace management, including optimizing our promotional levels, refining our segmentation and enhancing our premium brand presentation will help restore brand strength in the long run.

雖然這項措施會影響該地區的營收，但我們相信，採取更規範的市場管理方法，包括優化促銷水平、完善市場區隔和強化高端品牌展示，將有助於長期恢復品牌實力。

As such, we're now nine months into restoring health to our North American e-commerce business, with another quarter of fewer promotional days in shallower discount depths that reinforce our brand's value.

因此，我們現在已經花了九個月的時間來恢復北美電子商務業務，並且又一個季度的促銷天數減少，折扣力度也較小，這增強了我們品牌的價值。

Although this has impacted our top line as athletes embrace our evolving value proposition, and as you've heard me say pricing power, we're encouraged by the early signs of progress.

雖然這影響了我們的營收，因為運動員接受了我們不斷發展的價值主張，而且正如你們聽到我所說的定價權，但我們對早期的進步跡象感到鼓舞。

Notably, we saw another quarter of average unit retail and average order value growth and continued improvement in our full price sales mix.

值得注意的是，我們看到平均單位零售額和平均訂單價值又實現了一個季度的成長，並且全價銷售組合持續改善。

In North American owned retail, we've only just started refining and optimizing the promotional strategies of our factory houses focusing on higher contribution margins from our stores, a strategy that will take even greater shape in fiscal year '26.

在北美自有零售店，我們才剛開始完善和優化工廠的促銷策略，重點是提高商店的貢獻利潤率，這項策略將在 26 財年進一步完善。

Here, we're focused on changing this business's complexion and profitability, balancing our discounting inventory clearance strategies and adopting a tiered approach to define each store's role within a specific market.

在這裡，我們專注於改變這個業務的面貌和盈利能力，平衡我們的折扣庫存清理策略，並採用分層方法來定義每個商店在特定市場中的角色。

We've also reduced SKU assortments to clarify our offerings and increase depth in key products.

我們也減少了 SKU 種類，以明確我們的產品範圍並增加主要產品的深度。

In our full-price brand houses, we've also reduced SKUs and are making changes to create a more seamless shopping experience and a more premium connection with our athletes.

在我們的全價品牌店中，我們也減少了SKU，並做出了改變，以創造更無縫的購物體驗和與運動員更優質的聯繫。

In December, we moved into our impressive new sustainable headquarters and opened our flagship campus store here in Baltimore, and we're gaining valuable insights that will apply across our network of 200 stores here in North America and the nearly 2,000 stores that Under Armour has around the world.

12 月，我們搬進了令人印象深刻的新永續發展總部，並在巴爾的摩開設了旗艦校園店，我們獲得了寶貴的見解，這些見解將應用於我們在北美的 200 家門市網路和 Under Armour 在全球的近 2,000 家門市。

Additionally, loyalty is and will continue to be an even more significant driver of our DTC business, and we're excited to see ongoing growth in this area.

此外，忠誠度現在是並將繼續成為我們 DTC 業務更重要的驅動力，我們很高興看到該領域的持續成長。

During the quarter, we gained 4 million new members raising the North American total to 17 million, who consistently demonstrate higher repurchase rates and revenue per consumer than non-members.

本季度，我們新增了 400 萬會員，使北美會員總數達到 1,700 萬，他們的回購率和每位消費者的收入始終高於非會員。

We believe this sector has immense untapped potential, so we will keep investing in enhancing our loyalty program in every market around the world.

我們相信這個領域有著巨大的未開發潛力，因此我們將繼續投資，加強我們在全球各市場的忠誠度計畫。

Ultimately, shifting the reason that athletes join our program from being primarily about price to a UA loyalty community that offers exclusivity and membership privileges amongst other things.

最終，運動員加入我們計劃的原因從主要是為了價格，轉變為為了 UA 忠誠度社區提供獨家服務和會員特權等。

In North American wholesale, we continue to navigate the effects of several years of elevated promotions and inconsistent execution have had on our order books.

在北美批發市場，我們持續應對數年來促銷力度加大和執行不一致對訂單的影響。

Nevertheless, our strategy is to reduce promotional activity in our e-commerce business are encouragingly reducing allowances and markdowns.

儘管如此，我們的策略是減少電子商務業務的促銷活動，並令人鼓舞地減少配額和降價。

While it's clear that's getting shelf space back, takes time, we're optimistic that as our product and marketing efforts gain momentum in the coming seasons, this channel will experience a really positive shift.

雖然很顯然重新獲得貨架空間需要時間，但我們樂觀地認為，隨著我們的產品和行銷工作在未來幾季獲得動力，這個管道將經歷真正積極的轉變。

As we move into EMEA, our best-performing region this year, we remain committed to maintaining the strength that we've built through disciplined decisions in product marketing and distribution.

隨著我們進入今年表現最好的地區歐洲、中東和非洲地區，我們將繼續致力於透過在產品行銷和分銷方面的嚴謹決策來保持我們已建立的實力。

The environment in the region is somewhat tenuous, and we're focusing on working with the right partners to preserve our premium positioning.

該地區的環境有些脆弱，我們正致力於與合適的合作夥伴合作，以保持我們的領先地位。

While keeping stability front and center, including protecting our market share and positioning in the UK will also carefully sequence our investments to encourage growth in places like Spain and lay the groundwork for future growth in France and Germany through channel and sports marketing investments, particularly in football.

在保持穩定的同時，包括保護我們在英國的市場份額和定位，我們也將謹慎地安排我們的投資順序，以促進西班牙等地的成長，並透過通路和體育行銷投資，特別是足球投資，為法國和德國未來的成長奠定基礎。

In our APAC business, we are addressing demand-related challenges arising from a competitive market, high inventory levels in consistent execution and macroeconomic factors resulting in increased discounting and returns and lower revenue.

在我們的亞太業務中，我們正在解決由競爭激烈的市場、一致執行中的高庫存水平以及宏觀經濟因素引起的需求相關挑戰，這些因素導致折扣和退貨增加以及收入下降。

However, these challenges are similar to those that we face in EMEA and are currently managing in North America.

然而，這些挑戰與我們在歐洲、中東和非洲地區以及北美地區面臨的挑戰類似。

So we will draw from these playbooks accordingly.

因此我們將借鏡這些劇本。

The good news is that athletes think very highly of Under Armour throughout the region.

好消息是，整個地區的運動員都對 Under Armour 評價很高。

We expect to maintain this premium perception.

我們希望維持這種優質形象。

Last month during our trip to Tokyo Seoul in Shanghai, Dave, Eric and myself worked with our teams to analyze business dynamics and challenges.

上個月，在我們上海東京首爾之行期間，戴夫、艾瑞克和我與我們的團隊一起分析了商業動態和挑戰。

As a result, we're working to stabilize our trajectory there, strengthen our brand and restore our pricing power.

因此，我們正在努力穩定我們的發展軌跡，加強我們的品牌，恢復我們的定價能力。

In addition, we recently appointed a new head of APAC marketing and are focusing on brand investments, reducing promotional activities and enhancing our local-for-local approach.

此外，我們最近任命了一位新的亞太區行銷主管，並專注於品牌投資，減少促銷活動，並加強在地化行銷策略。

All of this product, story and service leads us to the realization that a well-coordinated team is essential at every level of the organization.

所有這些產品、故事和服務使我們認識到，一個協調良好的團隊對於組織的每個層面都至關重要。

With our transition to a centralized campus and the energy of our new sports house buildings, harnessing the strength collaboration and cultural benefits of 1,500-plus teammates working closely together is an energy that has been missing for several years.

隨著我們過渡到集中式校園，以及新體育館建築的活力，利用 1,500 多名隊友緊密合作的力量協作和文化優勢是一種已經缺失了好幾年的能量。

I truly believe this move will be crucial in revitalizing our culture enabling us to achieve better execution as we implement our strategies.

我堅信這項措施對於振興我們的文化至關重要，使我們能夠在實施策略時取得更好的執行效果。

Overall, it's wonderful to be in this new house.

總的來說，住在這所新房子裡感覺很棒。

In closing, we feel optimistic about our progress on our ambitious journey to elevate the Under Armour brand.

最後，我們對在提升 Under Armour 品牌的雄心勃勃的旅程中所取得的進展感到樂觀。

This transformation is not just about immediate gains, it's about creating lasting value for our shareholders and all stakeholders involved.

這種轉變不僅關乎眼前利益，還在於為我們的股東和所有相關利害關係人創造持久價值。

We're dedicated to strengthening our brand with the understanding that this journey is not a sprint but a marathon that requires resilient and thoughtful strategy.

我們致力於加強我們的品牌，同時認識到這趟旅程不是短跑，而是一場需要堅韌而深思熟慮的策略的馬拉松。

We practice patients and careful planning with every step, ensuring every action is focused and intentional.

我們耐心、仔細地規劃每一步，確保每一個動作都是有針對性的、有目的的。

Our unwavering commitment to our strategic playbook remains strong as we stay agile and opportunistic.

我們始終堅定不移地致力於我們的策略方針，同時保持敏捷和把握機會。

And as someone who has led brand building before, I am excited about the similarities in the journey and equally as curious with that which requires new thinking.

身為曾經領導過品牌建立的人，我對這歷程中的相似之處感到興奮，同時也對需要新思維的東西感到好奇。

We are walking the floors, talking to our teams and our partners, assessing the environment, drawing up immediate action plans with the definitions of success providing the required resources of time, people and money, and then moving on to the next, one opportunity at a time, turning each obstacle into a stepping stone toward greater success.

我們走訪各處，與我們的團隊和合作夥伴交流，評估環境，制定即時行動計劃，並根據成功的定義提供所需的時間、人力和資金資源，然後繼續下一個機會，將每個障礙轉化為邁向更大成功的墊腳石。

Putting this simply and just like our logo, we are targeting strength, stability and balance in every aspect of our great brand.

簡單地說，就像我們的標誌一樣，我們的目標是我們偉大品牌的各個方面都具有力量、穩定性和平衡性。

More to come.

接下來還有更多。

And with that, I'll turn it over to Dave for further details on the results and our outlook.

接下來，我將把主題交給戴夫，讓他詳細介紹結果和我們的展望。

Thanks, Kevin.

謝謝，凱文。

Moving straight into our results.

直接進入我們的結果。

Our third quarter of fiscal '25 surpassed the outlook we provided in November, making this as the third time we've exceeded expectations this year.

我們的 25 財年第三季超出了我們 11 月給出的預期，這是我們今年第三次超出預期。

Revenue decline of 6% to $1.4 billion was better than our outlook of down approximately 10%.

營收下降 6% 至 14 億美元，優於我們預期的下降約 10%。

By region, North America experienced an 8% decline mainly due to a decrease in our DTC business.

按地區劃分，北美地區下降了 8%，主要原因是我們的 DTC 業務下降。

This was affected by lower eCommerce sales due to our proactive efforts to limit promotional activities.

由於我們主動限制促銷活動，導致電子商務銷售額下降，影響了這種情況。

In wholesale, we faced reduced sales to the off-price channel, counterbalanced by a slight increase in full price sales.

在批發方面，我們面臨折扣通路銷售額的下降，但全價銷售額略有增加。

Revenue in EMEA increased by 5% or 3% on a currency-neutral basis, with growth in our DTC and full-price wholesale business, partially offset by a decline in third-party off-price sales.

歐洲、中東和非洲地區的收入增長了 5%（按貨幣中性計算為 3%），其中 DTC 和全價批發業務實現了增長，但第三方折扣銷售的下滑部分抵消了這一增長。

APAC revenue fell by 5% or 6% on a currency-neutral basis.

以匯率中立計算，亞太地區收入下降了 5% 或 6%。

As discussed, the region's highly competitive and promotional landscape contributed to the mounting pressure.

如上所述，該地區激烈的競爭和促銷環境加劇了壓力。

In Latin America, revenue declined by 16% or 9% on a currency-neutral basis, mainly due to lower distributor sales.

在拉丁美洲，收入下降了 16%，以貨幣中性計算則下降了 9%，主要原因是經銷商銷售額下降。

From a channel perspective, wholesale revenue was down 1% as lower sales in the off-price channel were partially offset by growth in our distributor businesses and flat full-price results during the quarter.

從通路角度來看，批發收入下降了 1%，因為折扣通路的銷售額下降被本季分銷商業務的成長和全價業績持平所部分抵消。

Direct-to-consumer revenue declined by 9% mainly due to a 20% decrease in e-commerce, which was primarily driven by reduced promotions and discounts as we expanded our premium online presence.

直接面向消費者的收入下降了 9%，主要原因是電子商務下降了 20%，而這主要是由於我們擴大了優質線上業務，導致促銷和折扣減少。

Sales at our owned and operated retail stores fell by 1% this quarter.

本季度，我們自有和經營的零售店的銷售額下降了 1%。

And licensing was down 18%, primarily due to the decision to bring our socks business in-house last March.

許可業務下降了 18%，主要是因為我們在去年 3 月決定將襪子業務納入公司內部。

By product type, apparel revenue was down 5% softness across most categories in the quarter, partially offset by strength in outdoor and golf.

按產品類型劃分，本季大多數類別的服裝收入均下降了 5%，但戶外和高爾夫產品的強勁表現部分抵消了這一下降。

Footwear declined by 9%, with most categories decreasing.

鞋類銷量下降了 9%，大多數類別都出現了下滑。

And our accessories business was up 6% in the quarter, with strength in train and run, partially driven by bringing our socks business in-house.

我們的配件業務本季成長了 6%，培訓和營運實力強勁，部分原因是我們將襪子業務納入公司內部。

Our third quarter gross margin was up 240 basis points year-over-year to 47.5%.

我們第三季的毛利率年增了240個基點，達到47.5%。

This increase was driven by 100 basis points of supply chain benefits, mainly driven by lower freight and product costs, 100 basis points of pricing benefits from lower discounting and promotions in our DTC business, reduced markdowns in the wholesale channel and slightly more favorable pricing in the off-price channel. 35 basis points gained from favorable foreign currency impacts and about 10 basis points of benefits from a favorable product mix.

此成長主要得益於100個基點的供應鏈效益，主要得益於運費和產品成本的降低，以及100個基點的定價效益，即源於我們的DTC業務中較低的折扣和促銷、批發渠道的降價幅度減少以及折扣渠道的定價略有優惠。有利的外匯影響帶來了 35 個基點的收益，有利的產品組合帶來了約 10 個基點的收益。

3 main factors drove our gross margin beat relative to the outlook we gave back in November.

有三個主要因素推動我們的毛利率超出我們 11 月給出的預期。

The first and most significant is related to supply chain benefits, led by additional product cost savings compared to our plan and lower freight costs, primarily freight to our customers.

第一個也是最重要的是與供應鏈效益有關的，與我們的計劃相比，產品成本節省了更多，運費（主要是運送給客戶的運費）也降低了。

Second, we experienced some unplanned benefits from changes in foreign currency.

第二，外匯變動為我們帶來了一些意外收益。

Third, lower than planned sales to the off-price channel gave us a mix benefit.

第三，折扣通路的銷售低於計劃，為我們帶來了綜合效益。

Next, SG&A expenses rose 6% to $638 million in the third quarter.

其次，第三季銷售、一般及行政支出上漲 6%，至 6.38 億美元。

After the complete exit from our previous headquarters campus and the related valuation review, we recorded a $28 million impairment to adjust our carrying value.

在我們完全退出之前的總部園區並進行相關的估值審查後，我們記錄了 2800 萬美元的減損損失以調整我們的帳面價值。

This amount is not included in our fiscal 2025 restructuring plan.

該金額不包含在我們的2025財年重整計畫中。

Excluding this $28 million impairment and around $4 million in net transformation expenses from our fiscal 2025 restructuring plan, adjusted SG&A expenses increased 5% to $606 million, consistent with the outlook we provided in November.

剔除這 2,800 萬美元的減損損失和 2025 財年重組計畫中的約 400 萬美元的淨轉型費用，調整後的銷售、一般和行政費用將增加 5% 至 6.06 億美元，與我們 11 月份提供的預期一致。

Higher marketing expenses mainly drove the increase as our brand investments are predominantly focused in the second half of our fiscal year, along with higher incentive compensation and information technology expenses.

由於我們的品牌投資主要集中在財年下半年，因此更高的行銷費用以及更高的激勵性薪酬和資訊科技費用是推動成長的主要原因。

These increases were partially offset by savings from ongoing cost management efforts, including the effects of earlier headcount reductions.

這些成長被持續的成本管理措施（包括先前裁員的影響）所帶來的節省部分抵銷。

Next, we recognized $14 million in restructuring charges during the third quarter.

接下來，我們在第三季確認了 1400 萬美元的重組費用。

Along with the $4 million in transformation expenses recorded in SG&A, this brings the total to $18 million in restructuring charges and related expenses for the quarter.

加上銷售、一般及行政開支中記錄的 400 萬美元轉型費用，本季的重組費用和相關費用總額達到 1,800 萬美元。

Year-to-date, we have recorded $57 million in charges and expenses under our fiscal 2025 restructuring plan. $40 million were cash related while $17 million were noncash related.

年初至今，我們已根據 2025 財年重整計畫記錄了 5,700 萬美元的費用和開支。其中 4000 萬美元與現金相關，1700 萬美元與非現金相關。

We still expect total restructuring charges and related expenses to reach $140 million to $160 million, with slightly more than half anticipated to occur in fiscal '25 and the remainder in fiscal '26.

我們仍預期重組費用及相關開支總額將達到 1.4 億至 1.6 億美元，其中略多於一半預計將在 25 財年發生，剩餘部分預計將在 26 財年發生。

Starting profitability.

開始盈利。

Our operating income for the third quarter was $14 million.

我們第三季的營業收入為 1400 萬美元。

Excluding the impairment charge, transformation expenses and restructuring charges, our adjusted operating income reached $60 million.

除去減損費用、轉型費用和重組費用，我們的調整後營業收入達到 6,000 萬美元。

Taking this to the bottom line, our reported diluted earnings per share broke even while our adjusted diluted earnings per share was $0.08 for the quarter.

從根本上講，我們報告的每股攤薄收益實現收支平衡，而本季調整後的每股攤薄收益為 0.08 美元。

On our balance sheet, inventory was flat at $1.1 billion compared to last year, and our expectation that the March 31 balance will be roughly in line with the end of fiscal '24 remains unchanged.

在我們的資產負債表上，庫存與去年同期持平於 11 億美元，我們預計 3 月 31 日的餘額將與 24 財年末的餘額大致持平，這一預期保持不變。

Our cash balance at the end of the third quarter was $727 million, and we did not utilize our $1.1 billion revolving credit facility.

我們第三季末的現金餘額為 7.27 億美元，但我們並未動用 11 億美元的循環信貸額度。

Lastly, we repurchased $25 million of our Class C stock during the quarter, retiring 2.8 million shares.

最後，我們在本季回購了價值 2,500 萬美元的 C 類股票，退出了 280 萬股。

Turning next to our fiscal '25 outlook, where we are raising expectations for most line items.

接下來談談我們的 25 財年展望，我們上調了對大多數專案的預期。

Given our slightly better top line performance than our plan, we now expect full year revenue to decline at a approximately 10% instead of the previously expected low double-digit contraction.

鑑於我們的營收表現略好於計劃，我們現在預計全年收入將下降約 10％，而不是先前預期的低兩位數收縮。

In addition, our outlook for North American revenue has also improved slightly as we now foresee a decline of 12% to 13% versus the previous expectation of down 14% to 16%.

此外，我們對北美收入的預期也略有改善，我們現在預計將下降 12% 至 13%，而先前預期為下降 14% 至 16%。

Our expectations for flat revenue in EMEA remain unchanged.

我們對歐洲、中東和非洲地區收入持平的預期保持不變。

However, due to tougher conditions in APAC, we now expect revenue in the region to decrease at a low teen percentage rate compared to our prior expectation of a high single-digit decline.

然而，由於亞太地區的情況更為嚴峻，我們現在預計該地區的收入將以較低的十幾個百分點下降，而之前我們預期的是較高的個位數降幅。

Regarding gross margin, where we've seen the most significant outperformance this year. we have updated our outlook to now reflect an improvement of approximately 160 basis points, an increase from our previous improvement range of 125 to 150 basis points.

就毛利率而言，今年我們看到了最顯著的表現。我們已更新我們的展望，目前反映出約 160 個基點的改善，高於我們先前的 125 至 150 個基點的改善範圍。

The key factors contributing to this raise for the full year include supply chain tailwinds such as lower freight and product costs and reduced promotional and discounting activities in our DTC business.

推動全年成長的關鍵因素包括供應鏈的順風，例如運費和產品成本的降低以及 DTC 業務中促銷和折扣活動的減少。

For SG&A, excluding this year's litigation reserve expense, litigation-related insurance recoveries, impairment charges and estimated transformational expenses associated with our restructuring plan, adjusted SG&A is expected to decrease at a low single-digit rate.

對於銷售、一般及行政費用，不包括今年的訴訟準備金、訴訟相關的保險追償、減值費用以及與我們的重組計劃相關的估計轉型費用，調整後的銷售、一般及行政費用預計將以個位數低速下降。

This reflects a modest increase over our previous estimate as we are reinvesting part of our revenue and gross margin overdrive into brand-building initiatives and operational improvements.

這比我們之前的估計略有增長，因為我們正在將部分收入和毛利率重新投資於品牌建設計劃和營運改善。

These updates increase our adjusted operating income outlook for the year by approximately $15 million at the midpoint, bringing our improved outlook to $185 million to $195 million.

這些更新將我們對本年度調整後營業收入的預期中位數提高了約 1,500 萬美元，使我們的預期改善至 1.85 億美元至 1.95 億美元。

When factoring this into the bottom line, we expect adjusted diluted earnings per share to be in the range of $0.28 to $0.30, reflecting an increase of $0.03 at the midpoint compared to our previous outlook.

將此因素計入底線時，我們預計調整後的每股攤薄收益將在 0.28 美元至 0.30 美元之間，與我們先前的預測相比，中間值增加了 0.03 美元。

Now Keep in mind that when we present our outlook back in November, we mentioned that our fourth quarter would encounter the most headwinds of the year.

請記住，當我們在 11 月提出展望時，我們提到我們的第四季將遭遇今年最大的阻力。

Primary factors behind the pressure in the fourth quarter include our spring/summer '25 order book, Softness in our APAC business, as we detailed earlier, a more challenging North American factory house comp due to high promotions in last year's fourth quarter and additional foreign currency headwinds.

造成第四季度壓力的主要因素包括我們的25年春夏訂單、亞太地區業務的疲軟（正如我們之前詳述的那樣）、由於去年第四季的高強度促銷以及額外的外匯阻力，北美工廠的業績更具挑戰性。

Before concluding, I want to address the potential increase in US tariffs on imported goods from China, Mexico and Canada proposed earlier this week.

最後，我想談談本週稍早提出的美國可能增加對中國、墨西哥和加拿大進口商品的關稅的問題。

It's important to note that Under Armour sources approximately 3% of its goods imported into the US from China and even less from Mexico, and we have no manufacturing relationships in Canada.

值得注意的是，Under Armour 進口到美國的商品中約有 3% 來自中國，從墨西哥進口的更少，而且我們在加拿大沒有製造關係。

Given these facts, the current tariffs proposals are not expected to impact our business significantly.

鑑於這些事實，目前的關稅提案預計不會對我們的業務產生重大影響。

However, we will stay vigilant.

然而，我們將保持警惕。

And if these parameters change or additional countries are included in this tariff program, we will promptly reassess accordingly.

如果這些參數變更或其他國家被納入該關稅計劃，我們將及時重新評估。

With that said, in closing, as we enter the final quarter of fiscal '25, a transformative year for our business and our brand, we're pleased to realize some signs of improvement in our P&L, including meaningful gross margin expansion.

最後，當我們進入 25 財年的最後一個季度時，這是我們業務和品牌的轉型之年，我們很高興地看到我們的損益表出現了一些改善的跡象，包括毛利率的顯著擴大。

And while still not quite a year into this journey, with the strong alignment and commitment from our global team, increased prioritization and accountability in our evolving operating model and a focused approach to marketplace management, we see tremendous potential in the strategies we have in place to strengthen Under Armour's brand positioning, and ultimately affords an improved growth trajectory in the long term.

雖然這趟旅程還不到一年，但憑藉我們全球團隊的緊密配合和承諾、不斷發展的營運模式中優先次序和責任感的提高，以及專注的市場管理方法，我們看到現有策略在加強 Under Armour 的品牌定位方面具有巨大潛力，並最終在長期內實現更好的成長軌跡。

Now we'll open the call for questions.

現在我們開始回答問題。

Operator?

操作員？

(Operator Instructions) Simeon Siegel, BMO Capital Markets.

（操作員指示） Simeon Siegel，BMO 資本市場。

Congrats on the ongoing progress.

祝賀您不斷取得的進步。

So Kevin, as you enter this new chapter of exciting marketing and product, could you just elaborate a little bit on how approach balancing telling the powerful story while still holding on to the intention to achieve more by doing less.

因此，凱文，當您進入激動人心的營銷和產品的新篇章時，您能否詳細闡述一下如何在講述強有力的故事的同時，堅持通過更少的努力獲得更多成果的意圖。

And then not sure if this one's for you or for Dave.

然後不確定這個是給你的還是給戴夫的。

Great to see the DTC promotional discipline.

很高興看到 DTC 的促銷紀律。

I guess at this point, any way to help contextualize just frame for us what percent of eCommerce is still on the discounts that you might like to pull back?

我想在這一點上，有什麼方法可以幫助我們了解電子商務中有多少百分比的折扣是您可能想要撤回的？

Any thoughts on time line order of magnitude of the remaining D2C reset that you're aiming for?

對於您所針對的剩餘 D2C 重置的時間軸數量級，您有何想法？

Thanks, Simeon.

謝謝，西緬。

I think achieving more by doing less, it's sort of become a broader metric at the company where this growth by constraint model is something where we've found opportunities, as we've mentioned in our materials library as I just mentioned on the call about our footwear foams, but it's really everything.

我認為，透過少做多得，這已經成為公司的一個更廣泛的衡量標準，在這種約束增長模型中，我們發現了機會，就像我們在材料庫中提到的那樣，就像我剛才在電話會議上提到的關於我們鞋類泡沫的那樣，但這確實意味著一切。

It's a greater reliance as well as empowering the team, which I think speaks to the new operating model that we're putting in place of creating greater individual accountability.

這是一種更大的信賴，同時也賦予了團隊權力，我認為這體現了我們正在實施的新的營運模式，即創造更大的個人責任感。

And what that means is we're looking for the hands that we can high five.

這意味著我們正在尋找可以擊掌的手。

So we have the ability to be agile and react to like what -- I think the way that we reacted in the national championship with one of our games with Notre Dame.

因此，我們有能力靈活地做出反應——我想我們在全國錦標賽中與聖母大學的一場比賽中所做出的反應就是如此。

So I feel like we've done a good job being able to utilize the resources that we have to figure out how we can do better.

因此，我覺得我們做得很好，能夠利用我們所擁有的資源來找出如何做得更好。

So this idea of selling a whole lot a whole lot more of a whole lot less product, means just being a lot more intentional as a brand.

因此，銷售大量更少產品的想法意味著品牌要更有目的性。

I feel like we've had those points where the merchandising strategy we've taken has allowed us to proliferate maybe more than we should.

我覺得我們已經達到了這樣的程度，我們所採取的行銷策略讓我們的業務擴張速度超過了我們應該達到的水平。

But I believe that bringing great items of products that will blow consumers' minds like the new SlipSpeed Echo, we'll be launching it All-Star weekend in a couple of weeks and some of the other innovations that you've seen from us.

但我相信，我們會帶來一些會讓消費者驚嘆的優秀產品，例如新的 SlipSpeed Echo，我們將在幾週後的全明星週末推出它，以及您從我們這裡看到的一些其他創新。

So I believe that we're -- it's a mindset as much as anything else is really embracing and leaning into this new operating model, moving into this new building, it feels like the ability for us to start with a really clean canvas of the way that we're approaching the business going forward.

所以我相信，我們——這是一種心態，就像其他任何事情一樣，真正接受並傾向於這種新的營運模式，搬進這座新大樓，感覺就像我們有能力從一個真正乾淨的畫布開始，描繪出我們未來開展業務的方式。

And Simeon, this is Dave.

西緬，這是戴夫。

On the e-commerce discounting, I would say that we took some big steps forward with North America in fiscal '25, and we're really excited about the progress there.

關於電子商務折扣，我想說我們在 25 財年在北美取得了一些重大進展，我們對那裡的進展感到非常興奮。

I would say that, that play isn't completely finished.

我想說，那齣戲還沒完全結束。

We don't really disclose the percentage change in mix, but we still have a little further to go.

我們實際上並沒有透露混合物的百分比變化，但我們還有很長的路要走。

So we still have more work to do, but we made a really good step forward there.

因此，我們還有許多工作要做，但我們在這方面已經邁出了良好的一步。

EMEA, we've already done a pretty good spot there, but we're even leaning in a little bit further there.

在歐洲、中東和非洲地區，我們在那裡已經取得了相當不錯的成績，但我們還會進一步向那裡靠攏。

And then coming off our trip to APAC, there's some work we want to do there as well kind of on the same front.

在我們結束亞太地區之行後，我們也想在那裡做一些類似的事情。

So big strides forward, but we still have a little bit more work to do on that front, and we're going to keep chipping away at it.

我們已經取得了很大的進步，但是在這方面我們還有很多工作要做，我們會繼續努力。

Jay Sole, UBS.

瑞銀的傑伊·索爾 (Jay Sole)

Two questions for me.

我有兩個問題。

First, Kevin, you mentioned the brand will inflect before the business does.

首先，凱文，您提到品牌會在業務發生變化之前發生變化。

Are you beginning to see results from your brand strengthening strategies?

您是否開始看到品牌強化策略的成果了？

If not, when do you anticipate this change will start?

如果不是，您預計這個變化何時會開始？

And then secondly, what are you seeing in APAC?

其次，您在亞太地區看到了什麼？

What's changed?

有什麼改變？

How much is due to macro factors and how much is specific to Under Armour?

有多少是由於宏觀因素，有多少是 Under Armour 特有的？

Yes.

是的。

Thanks, Jay.

謝謝，傑伊。

I think as I mentioned at the investor meeting that we had, the first proof point to the brand inflecting before the business does is the mouth that our phone is ringing.

我想，正如我在投資者會議上提到的那樣，品牌在業務改變之前發生變化的第一個證據點就是我們的電話鈴聲響起。

It's number one, the team that we're able to attract that you see with the talent that we're being able to bring on board and also the talent that is choosing and saying, I see the future, and I believe in what we're doing.

首先，我們能夠吸引的團隊，就是我們能夠引進的人才，以及那些願意選擇並說「我看到了未來，我相信我們所做的事情」的人才。

But there's this energy that is building within our walls right now, and there's a sense of what's happening in Baltimore.

但現在我們的內部正在累積這種能量，我們也意識到了巴爾的摩正在發生的事情。

And that's just -- of course, our own retail partners, and they've been with us for a long time, but frankly, some of the new boutiques that are calling us and some of the specialized products that we're now having the ability to build on.

那隻是——當然，我們自己的零售合作夥伴，他們已經和我們合作了很長時間，但坦率地說，一些新的精品店正在打電話給我們，一些專門的產品我們現在有能力構建。

I referenced this term pricing power a few times because I think it's one of the things that we're really ambitious of building toward.

我多次提到定價權這個術語，因為我認為這是我們真正雄心勃勃想要實現的目標之一。

And it basically means the consumer stops looking and buying us based off strictly price.

這基本上意味著消費者不再嚴格地基於價格來尋找和購買我們的產品。

There are those commodity-like items that maybe become more mainstream for people that -- it just needs to have that Under Armour edge into it that there is something special.

有些類似商品的物品可能會變得更加主流——它只是需要有 Under Armour 的優勢，才能有特別之處。

There's something different.

有些不同。

There's a superpower inside that makes it UA.

其內部有一種超能力，使它成為 UA。

And so we want to be able to drive that.

因此我們希望能夠推動這一點。

The consumer is not looking and it will help us on our margin side as we target continue to grow as we've said in this period of time, gross margin is a great indicator for us, and we're proud of some of the work we've been able to do there.

消費者並沒有關注，這將幫助我們提高利潤，因為我們的目標是繼續成長，正如我們在這段時間內所說的那樣，毛利率對我們來說是一個很好的指標，我們為我們在那裡所做的一些工作感到自豪。

But there's a lot more for us to do and a lot more opportunity for us in that respect.

但在這方面我們還有許多事情要做，也有許多機會。

Regarding APAC, I think we had a really solid trip over there with Dave and myself.

關於亞太地區，我認為我和戴夫在那裡進行了一次非常有意義的旅行。

Being on the ground in a day or two day -- a couple of days in Tokyo a couple of days in Korea, several days in Shanghai.

在當地待一兩天－在東京待幾天，在韓國待幾天，在上海待幾天。

The one thing about this business as we look at right now, it's not that large of a business, meaning it's only about $800 million of what we're doing.

就我們目前所見，這項業務的規模並不算大，也就是說，我們的業務規模只有約 8 億美元。

And frankly, we've been able to run this play before of what we've I wouldn't say completed, but we're toward the later stages of it in EMEA.

坦白說，我們之前就已經能夠運行這個計劃，雖然我不能說已經完成，但我們在歐洲、中東和非洲地區已經進入了後期階段。

And frankly, what we've been implementing here, particularly through some of the e-commerce deliverables that we've had here in North America that have been really one of the best indicators that's driving gross margin for us this time.

坦白說，我們在這裡實施的措施，特別是透過我們在北美的一些電子商務交付成果，實際上是這次推動我們毛利率的最佳指標之一。

But there's macro issues or things that lead to traffic and all other things, but there's people that are winning in this market, and we should be winning in that market as well.

但是存在宏觀問題或導致流量和所有其他問題的因素，但有人在這個市場上獲勝，我們也應該在那個市場上獲勝。

And maybe I can just lay out the infrastructure, the offices, the people that we have in place, like it's all there.

或許我可以把基礎設施、辦公室、我們現有的人員都佈置出來，就像一切都在那裡一樣。

The pipes are laid.

管道已敷設。

We just have to put great product and great story through those pipes.

我們只需透過這些管道推出優秀的產品和精彩的故事。

We need to make sure we get really firm with our direction.

我們需要確保我們的方向堅定不移。

And I think, again, driving that pricing power there is something that will really help us.

我認為，再次強調，推動定價權的實現將對我們真正有幫助。

So leadership horsepower is one thing were to make sure we're putting the right resources around that time, people and money, but it's all within the budgets that we have now and just running this play that, we've been fortunate to have run before and seen some success.

因此，領導能力是一回事，要確保我們在時間、人力和資金方面投入正確的資源，但這一切都在我們現在的預算之內，而且我們很幸運之前就運行過這個方案，並且取得了一些成功。

And so that's not a guarantee, but we feel pretty good about it.

所以這並不能保證，但我們對此感到很滿意。

But APAC has our full attention at this moment.

但此刻我們的注意力全部集中在亞太地區。

Bob Drbul, Guggenheim.

古根漢的鮑勃·德布爾。

Kevin, just on North America, in your view, how is the North America reset working?

凱文，僅就北美而言，您認為北美重置進展如何？

And do you expect North America to grow in FY26?

您預計北美在 26 財年會成長嗎？

Thank you, Bob.

謝謝你，鮑伯。

We're in a better position now than we've been in years.

我們現在的狀況比過去幾年都要好。

As the turn has begun to start for us with reality like reducing promotions, as you've seen us do in the channels that we can control.

隨著現實的轉變，我們開始面臨諸如減少促銷之類的現實問題，正如你所看到的那樣，我們在我們能夠控制的管道中所做的那樣。

But there's plenty of opportunity for us to be able to get after.

但我們仍有很多機會可以追逐。

We're not going to unlock the bottom-line opportunity really with this company until we begin to grow.

在我們開始發展之前，我們無法真正釋放這家公司的底線機會。

And so that's where we're putting ourselves and getting ourselves aligned around that.

這就是我們所處的位置，也是我們讓自己保持一致的位置。

And we're doing the work to make the turn, but it's going to take time.

我們正在努力實現轉變，但這需要時間。

The brand-new product engine that will begin to pay off as we've circled even when I started last April in fall '25 as we've said, it's perfect, but it will be a continuous work in process, and we'll get better and better each season.

正如我去年 4 月在 25 年秋季開始時所說的那樣，全新的產品引擎將開始產生回報，它是完美的，但它將是一個持續的過程，我們每個季節都會變得越來越好。

And as we lay in the category management led approach, that's something that will help us.

當我們採用類別管理主導的方法時，這對我們有幫助。

And I just want to be clear, is that I know there's been dialogue about what we should be doing with the brand and being smaller and being more profitable is that double-digit operating margins are on our mind, and that's probably the definition of success that we would circle and say, that's when we're beginning to win.

我只是想明確一點，我知道我們一直在討論我們應該如何對待這個品牌，縮小規模、提高利潤率，我們考慮的是兩位數的營業利潤率，這也許就是成功的定義，我們會說，那就是我們開始獲勝的時候。

But I believe that needs to happen from a growth position and putting ourselves in that position.

但我相信這需要從成長的角度來實現，並將我們自己置於這個位置。

So taking some of this pain right now of reducing revenues and some of that top line that we've taken down, I think it will prove prudent to us and really pay off in the long run because the test that we've had, and again, just controlling that eCommerce channel has been really helpful for us.

因此，現在承受一些減少收入的痛苦以及我們已經取消的一些頂線，我認為這對我們來說是明智之舉，從長遠來看也是值得的，因為我們已經進行了測試，而且再次強調，控制電子商務管道對我們真的很有幫助。

And so as this turn begins to happen, I want to start with our team believes, we believe and we'll have much more detail on that on the May call as we start thinking about driving one day, one quarter, one year at a time.

因此，當這種轉變開始發生時，我想先談談我們團隊的信念，我們相信，當我們開始考慮一天、一個季度、一年地推動時，我們將在 5 月份的電話會議上對此進行更詳細的說明。

Great.

偉大的。

And Kevin, you talked about the sports marketing, some of your successes, Notre Dame football, South Carolina, women's basketball, you have Juan Soto.

凱文，你談到了體育行銷，你的一些成功案例，像是聖母大學橄欖球隊、南卡羅來納大學女子籃球隊，還有胡安索托。

And now that he's with the real pain, do you have any plans to focus on him a bit more in the coming months and quarters?

現在他真的痛苦不堪了，您是否計劃在接下來的幾個月和幾季裡多關注他一點呢？

Oh my God, I love these softballs.

天哪，我喜歡這些壘球。

I think when you take the wines, that's where we're just looking at this like it's our own wine seller of these beautiful assets that we have down there.

我認為，當你拿起葡萄酒時，我們就會把它看作是我們自己在那裡擁有的這些美麗資產的葡萄酒銷售商。

And I feel like we haven't done a good job telling those stories.

我覺得我們在講述這些故事方面做得還不夠好。

And that's why being more intentional.

這就是為什麼要更有目的性。

And I touched on the Notre Dame thing in my notes in an earlier question, but I've got -- the way that we've looked at marketing because we have a lineup in assets on the sports marketing side that are really unmatched.

我在之前的一個問題的筆記中提到了聖母大學的事情，但我明白——我們看待行銷的方式，因為我們在體育行銷方面擁有無與倫比的資產陣容。

And whether it's attracting high school football, it's IMG Academy, whether it's just collegiate just Notre Dame.

無論是吸引高中橄欖球隊，還是 IMG 學院，還是吸引大學生，只是吸引聖母大學。

Those two schools alone could authenticate us in both collegiate and high school.

只有這兩所學校才能認證我們進入大學和高中的資格。

But I feel like is a brand we've been guilty of having a $500 million budget that sure doesn't feel like we're spending that much money.

但我覺得對於一個擁有 5 億美元預算的品牌來說，我們確實感覺不到花了那麼多錢。

So we're going to change that perspective.

因此我們要改變這種觀點。

And it's already started.

而且它已經開始了。

And I think what we did with Notre Dame with that collaboration involving so many aspects, including the Catholic Church, we had number one, the right asset in Notre Dame.

我認為，我們與巴黎聖母院的合作涉及許多方面，包括天主教會，首先，我們擁有巴黎聖母院這塊合適的資產。

We have the right sports moment in College Football's National Championship of they're even getting to that game.

我們在大學橄欖球全國錦標賽中擁有正確的體育時機，他們甚至能夠進入那場比賽。

They're culturally relevant talent by bringing in Shane Gillis and frankly, pulling this off in seven days of knowing that they were going to be there, and really kudos to our team of having the agility to create such a clever activation for us.

他們邀請了 Shane Gillis 來擔任活動策劃，說實話，他們在知道 Shane Gillis 會來之後的七天內就完成了活動，這真的是對我們的團隊的致敬，他們能夠靈活地為我們創造如此巧妙的激活方式。

It is the only money that we effectively spent in this thing was the production time is we posted on YouTube a couple of days before the game and allowed the Internet buzz to take over and it went viral for us.

我們在這件事上實際花費的唯一一筆錢就是製作時間，我們在比賽前幾天將影片發佈在 YouTube 上，讓網路熱議接踵而至，最終影片迅速走紅。

So today's marketing is about culturally relevant content, which is where we're focused.

所以今天的行銷是關於文化相關的內容，這也是我們的重點。

And then making sure that there's a bar and a level to the content that we're creating and articulating and talking about then, so does the Bryce Harper, the Bobby Witt Jr. that we have in just our baseball roster who I say that the Zay Flowers, Justin Jefferson, the Jordan speaks, we just have -- we have assets, I think, at every level.

然後確保我們所創造、表達和談論的內容有一個標準和水平，我們的棒球名單中的布萊斯哈珀、鮑比維特 Jr. 也是如此，我說扎伊弗勞爾斯、賈斯汀杰斐遜、喬丹發言，我認為，我們在每個層面都有資產。

And so doing a better job a more articulated job of telling stories about them and taking credit for it is really, really important.

因此，更好、更清晰地講述他們的故事並承擔相應的責任真的非常重要。

And the last thing I'd say about it is making sure that when we are talking about them, we're showing up where they present.

最後我要說的是，確保當我們談論他們時，我們會出現在他們的面前。

I think we've gotten caught up in some of what traditional marketing has been.

我認為我們已經陷入了一些傳統行銷的泥沼中。

And we'd rather go start telling our stories of places where our young kid is already watching like YouTube and TikTok and Snapchat, et cetera.

我們更願意開始講述我們的孩子已經在觀看的地方的故事，例如 YouTube、TikTok 和 Snapchat 等等。

So -- we're in the process.

所以——我們正在進行中。

We're excited about the ability that Eric has done a really good job of carving a substantial portion of our marketing budget, and we can really begin to tell our story and tell the story about those incredible athletes we have as well.

我們很高興看到艾瑞克出色地劃撥了我們相當一部分行銷預算，我們可以開始講述我們的故事，以及我們擁有的那些傑出運動員的故事。

I didn't even mention Curry with that, so.

我什至沒有提到庫裡，所以。

Sam Poser, Williams Trading.

薩姆·波瑟（Sam Poser），威廉斯貿易公司。

I have a couple.

我有一對。

You mentioned that the -- in the 4Q guide that the part of the headwind was the order book.

您提到—在第四季指南中，不利因素部分是訂單。

Can you just go into a little more detail there?

能再詳細地講一下嗎？

And then maybe you can discuss what you're seeing.

然後你們或許可以討論一下你們所看到的內容。

You also talked about the phone ringing a little more.

您還談到電話鈴響得稍微多一點。

Can you talk a little bit about that?

你能稍微談論一下這個嗎？

And then I've got something else as well.

然後我還有別的東西。

Yes, Sam, this is Dave.

是的，山姆，這是戴夫。

Relative to Q4 and kind of what we're talking about there, we had mentioned previously on the last call or two, around a little bit softer order book as we thought about finishing out the year.

相對於第四季度以及我們正在討論的內容，我們之前在最後一次或兩次電話會議上提到過，當我們考慮結束今年時，訂單量會稍微減少一些。

And that's, again, what we're still seeing.

這正是我們仍然看到的情況。

I think some of the newer pressure for Q4 is foreign currency is going to be what we see is going to be a little bit tougher on us in Q4 than we originally expected.

我認為第四季面臨的一些新壓力是外匯壓力，我們認為第四季外匯壓力會比我們最初預期的更大。

And then also coming off our trip to APAC, there are some building pressures there that we need to address, and that's going to pressure Q4 a little bit more.

而且，在我們結束亞太之行後，我們發現那裡存在一些需要我們解決的壓力，這將給第四季度帶來更大的壓力。

So we're excited about the progress we're making in North America and being able to improve that outlook a little bit.

因此，我們對在北美取得的進展以及能夠稍微改善這種前景感到非常興奮。

EMEA is holding strong and in a great spot from a brand perspective.

從品牌角度來看，EMEA 地區實力強勁，處於領先地位。

APAC needs a little bit more of our attention to Kevin's point, and part of that is kind of factored into that Q4 outlook.

亞太地區需要我們更多地關注 Kevin 的觀點，這在一定程度上已經考慮到了第四季度的前景。

Sam, do you want to pile on there?

山姆，你想加入進來嗎？

All the way.

一路走好。

You got it.

你明白了。

So you've seen just celebrated his one-year anniversary at the brand.

所以您看到他剛剛慶祝了該品牌的一周年紀念日。

Barbados is not much further in front of that.

巴貝多的差距也不大。

You're on less than a year.

您還不到一年。

But I've got to tell you, we've been out with the fall '25 just showing what we have out there.

但我必須告訴你，我們在 25 年秋季推出的產品只是展示了我們所擁有的東西。

And there's a general sense of excitement the first season, and I just want to emphasize, it's going to be the first season of many that will continue to get better and better.

第一季給人一種興奮的感覺，我只想強調一下，這只是眾多季中的第一季，後面還會越來越好。

And as we be able to roll in the new category management, which is rolling out this this month and into March.

而且我們能夠推出新的類別管理，該管理將於本月和三月推出。

We don't think it's a really sort of high-risk operational push for the company.

我們不認為這對公司來說是一種高風險的營運措施。

We think that this is people doing job that they've done before.

我們認為這是人們在做他們以前做過的工作。

We're going to build off a fall/winter '25 into '26 and beyond and start getting some momentum.

我們將以 2025 年秋冬季至 2026 年及以後為基石，開始獲得一些發展動力。

But we've been getting some of the calls from the boutique players and no, we're not going to hand out names there just yet, but there's a lot of general excitement about what we're doing of Under Armour truly getting it.

但我們已經接到了一些精品玩家的電話，不，我們現在還不會公佈名字，但大家對我們所做的事情感到非常興奮，Under Armour 確實得到了它。

There's a clear difference in the design language style and more and it takes a little time to get back self-space, but I think people are now looking at us in that light is that we're heading in the right direction for that to be the case.

設計語言風格等方面存在明顯差異，需要一點時間才能恢復自我空間，但我認為現在人們從這個角度看待我們，我們正朝著正確的方向前進。

And we want to be thoughtful about where we're selling.

我們要認真考慮銷售地點。

As I said, we're going to be opening accounts in '25, but primarily boutique accounts.

正如我所說，我們將在25年開設帳戶，但主要是精品帳戶。

And -- the one thing also I'd emphasize with this is, yes, we've got some great new sportswear and collaborations that you'll hear about and see from us, but also our in-line products, especially our largest volume products.

而且——我還想強調的一點是，是的，我們有一些很棒的新運動服和合作產品，您會從我們這裡聽到和看到，而且還有我們的在線產品，特別是我們銷量最大的產品。

I think it's one of the most important messages of what we've done with things like our assert, which is our highest volume or one of our highest volume shoes that we have, and we've taken our best designers and put them on some of our lower pricing products, and so we can get that consumer because just because it's not $150 shoe doesn't mean it doesn't deserve to look great.

我認為這是我們所做的事情中最重要的訊息之一，例如我們的主張，這是我們銷量最高的鞋子或我們銷量最高的鞋子之一，我們已經聘請了最好的設計師，並把他們放在我們的一些低價產品上，因此我們可以獲得消費者，因為即使它不是 150 美元的鞋子並不意味著它不值得看起來很棒。

And so we're really excited about some of the updates that will come across there.

因此，我們對即將發布的一些更新感到非常興奮。

But more to come and excited to show you that the forwarder book starts to take shape.

但還有更多內容即將發布，我很高興向您展示貨運手冊已開始成形。

And then I mean, two other things.

然後我指的是另外兩件事。

One, you sound like compared to -- before you took your leave of -- in your last in, you sound a lot more just as energized, but you had a lot more patient now than you did then.

首先，與您上次離開之前相比，您聽起來更加充滿活力，但您現在比那時更有耐心了。

And that this is going to take time.

這需要時間。

You just didn't seem to have that kind of patients in the past?

您以前好像沒有遇過這樣的病人？

And then secondly, one of your large more moderate accounts may appear to be teetering a bit.

其次，您的一個較大且較為溫和的帳戶可能看起來有點搖搖欲墜。

In the blesses more category, could that end up being a good thing for you over time?

在更多祝福類別中，從長遠來看，這對您來說可能是一件好事嗎？

Yes.

是的。

I think -- well, thank you first on the -- we're trying to -- hopefully, we can apply a little bit of Wizard to this chapter because we do have the benefits of -- we'll celebrate 30 years in this industry in the coming months, and we've just been doing this a long time.

我想 - 好吧，首先感謝 - 我們正在嘗試 - 希望我們可以將一點巫師應用到這一章中，因為我們確實有好處 - 我們將在未來幾個月慶祝在這個行業工作 30 週年，而且我們已經這樣做了很長時間。

So we hope to apply all those lessons learned and battle scars and everything else for the better of this company.

因此，我們希望利用所有學到的經驗教訓和戰鬥經驗以及其他一切，使公司變得更好。

But we've got a good shot.

但我們已經擁有了很好的機會。

As I said, I believe that we want to show up where the consumer wants us.

正如我所說，我相信我們希望出現在消費者希望我們出現的地方。

There's an opportunity in the elasticity, I believe that we have in this industry is great, and it doesn't mean that you -- but you have to be in balance.

我相信，我們在這個行業中擁有的彈性機會是巨大的，但這並不意味著你——但你必須保持平衡。

And so that's why, as we've said, we're not looking to compromise the good, better, best level of products or distribution of what we're doing.

所以，正如我們所說的，我們不想在產品品質或分銷方面損害我們的利益。

We think it's important to maintain presence in all three.

我們認為在這三個方面都保持存在感非常重要。

We just haven't maintained anywhere near enough presence in the better or best categories.

我們只是還沒有在更好或最佳類別中保持足夠的存在感。

And so be looking for accounts that serve that mission.

因此，請尋找能夠完成該使命的帳戶。

We'll be delivering products that serve that mission and we'll be telling stories that serve that mission on our terrific athletes.

我們將提供服務於這項使命的產品，我們也將向我們出色的運動員講述提供服務於此使命的故事。

And so it needs to be comprehensive and cohesive and we feel like we've got a pretty good plan.

因此它需要全面且有凝聚力，我們覺得我們已經有一個非常好的計劃。

So I just wish everything could go faster.

所以我只希望一切都能夠進行得更快一些。

So hardest thing about this industry is that 18 months to build products or make sure sort and it should just happen faster.

所以這個行業最困難的事情是需要 18 個月的時間來製造產品或確保分類，而且它應該更快完成。

So we're working on our agility there as well.

因此我們也在努力提高那裡的敏捷性。

We talked about our faster speed to market programs we have, but it's just going to require a little bit of patience.

我們討論了我們更快的上市計劃，但這需要一點耐心。

So we're in the fight.

所以我們在戰鬥。

And keep taking deep breath, Kevin.

繼續深呼吸，凱文。

I do that thing with a yoga structure puts the fingers on the back here neck and tells you to relax.

我按照瑜珈結構來做這件事，將手指放在脖子後面並告訴你放鬆。

So we're working on it.

所以我們正在努力。

We're working on it.

我們正在努力。

Jim Duffy, Stifel.

吉姆·達菲（Jim Duffy），斯蒂費爾（Stifel）。

Dave, I want to start on inventory clearance levels versus your expectations.

戴夫，我想先談談庫存清倉水準與您的預期。

So we interpret the lift or gross margin guidance as an indication you're better positioned here than you might have anticipated coming into the fourth quarter?

那麼，我們將毛利率提升或預期解讀為，您在第四季的定位比預期的要好嗎？

Yeah.

是的。

I would say that our third-party off-price is obviously a channel that we use to clear out older inventory.

我想說，我們的第三方折扣顯然是我們用來清理舊庫存的一個管道。

We've always done that.

我們一直都是這麼做的。

We've really done a great job of managing that down into that kind of 3%, 4% range of revenue over the last few years.

過去幾年來，我們確實取得了很大成績，將收入佔比控制在 3% 到 4% 左右。

We're probably running on the lower end of that right now.

我們現在可能正處於這個水平的較低水平。

So we are fairly clean with our inventory, which we're excited about.

因此，我們的庫存相當乾淨，我們對此感到非常興奮。

Q3, we literally just didn't have the ability to get some of that out the door.

Q3，我們實際上沒有能力將其中一些推出去。

Some of that will go out in Q4.

其中一些將在第四季度推出。

So it's a little bit of a timing.

所以這有點兒像時間問題。

But in general, we're continuing to really watch that and manage that well in the combined efforts of our outlet stores and also the off-price channel.

但總體而言，我們將繼續密切關注這一點，並透過我們的直銷店和折扣管道的共同努力，妥善管理這一點。

And then going forward, we're putting a lot of investment into improving our end-to-end planning, which should get our inventory buying even tighter.

展望未來，我們將投入大量資金來改善我們的端到端規劃，這將使我們的庫存採購更加緊張。

So hoping that it continues to improve as we step forward.

因此希望隨著我們不斷前進，情況會不斷改善。

Okay.

好的。

And then Kevin, highs in the investment community are on site lines to revenue inflection.

然後凱文，投資界的高峰正在達到收入轉折點。

And it sounds like you're not really prepared to talk about the order book into next year.

聽起來你還沒準備好談論明年的訂單情況。

I'm curious, what can you say about timing of marketing spend across fiscal '26.

我很好奇，您能談談 26 財年的行銷支出時機嗎？

Should we expect it to be linear with the prior year?

我們是否應該預期它與前一年呈線性關係？

Or do you see the marketing spend more back half weighted as some of the newness begins to flow in?

或者您認為，隨著一些新鮮事物的湧入，行銷支出將會增加一半？

And do you expect to emphasize the market in coincidental with that newness flowing into the marketplace?

您是否希望隨著新事物湧入市場而強調市場？

I think, Jim, we're going to be opportunistic.

吉姆，我想，我們會抓住機會。

The best thing about like what happened -- the Notre Dame example, I keep pointing to that metaphor because I think it's just a great example of the amount of time it takes to.

關於發生的事情的最好的事情——巴黎聖母院的例子，我一直指出這個比喻，因為我認為這是一個很好的例子，說明了它需要花費多少時間。

We've been in that partnership or 11 years of getting them in this game, but then being -- having the ability to be agile when it comes.

我們與他們建立了合作夥伴關係，或者說已經與他們合作了 11 年，並且具備了在遇到困難時保持敏捷的能力。

So we're going to lay down.

所以我們要躺下。

We've got a big go-to market.

我們擁有一個龐大的市場。

We're just going to make sure that the go-to-market is improved and it's doing a better job articulating like what makes our product different, what makes us special.

我們只是要確保行銷得到改善，並且更能表達我們的產品有何不同、我們的特別之處。

I think that's something about UA that I don't believe that we've got enough.

我認為這是關於 UA 的某些問題，我認為我們還不夠。

I think people sort of see us or lump us with a different group of people, which is why we tried to articulating the sports house measures, which is why we talk about the podium brands and it's resigning a naval academy that has 36 intercollegiate sports, there's just not a lot of brands that could do that.

我覺得人們會把我們和不同的人群混為一談，這就是我們試圖闡明體育館措施的原因，這就是我們談論領獎台品牌的原因，它正在辭去一所擁有 36 個校際運動項目的海軍學院，沒有多少品牌可以做到這一點。

And I think what makes us really different is this from a product standpoint is that we have the best thought leaders of fabric innovation in future view.

我認為，從產品的角度來看，我們真正與眾不同之處在於，我們擁有未來布料創新最優秀的思想領袖。

Like we've just been doing it a really long time.

就像我們已經做了很長時間一樣。

And I think that we're head and shoulders above others.

我認為我們比其他人優秀得多。

The understanding of athletes problems, how we apply them, the expertise at the high school collegian professional level, and then the ability to authenticate that by testing our products out on the best athletes in the world from the curries and specs and have the IMG's Notre Dame, South Carolina women's basketball, et cetera.

了解運動員的問題、我們如何應用它們、高中、大學專業水平的專業知識，然後通過在世界上最優秀的運動員身上測試我們的產品來驗證這一點，這些運動員包括 Curries 和 Specs，以及 IMG 的聖母大學、南卡羅來納女子籃球隊等等。

We've just got this great variety, including our European football players that we have.

我們擁有各種各樣的球員，包括我們擁有的歐洲足球員。

Like there's just a something that makes this brand different.

就好像有一些東西讓這個品牌與眾不同。

The way that we'll spend money, though, we'll have a -- we'll have our go to market.

不過，我們花錢的方式，我們將有一個——我們將有一個進入市場的方式。

We'll have our plans, but we're going to make sure that agility and how we can actually touch, I think, the vein of viral and social media and nonlinear media in all ways, I think it will be a part of the plan, but then the ability for us to react when we get a chance.

我們有自己的計劃，但我們要確保靈活性，以及​​我們如何真正觸及病毒式媒體、社交媒體和非線性媒體的脈絡，我想這將是計劃的一部分，但同時也要確保我們在有機會時能夠做出反應。

And Jim, this is Dave.

吉姆，這是戴夫。

I'd just add in that Eric, not being here too long.

我只是想補充一下，艾瑞克，他來這裡的時間不太長。

He's obviously digging in deep and looking to reprioritize our marketing in a different way.

他顯然正在深入挖掘並希望以不同的方式重新調整我們的行銷重點。

But also, we've hired incredible new talent in addition to Eric.

除了埃里克之外，我們還聘請了非常出色的新人才。

We've got a new head of marketing in APAC now, we also have a new lead of marketing here in Americas.

我們現在有了一位新的亞太區行銷主管，我們也有一位新的美洲行銷領導。

So Eric, working with them and the rest of our marketing team, there's still work to be done on exactly how we want to run some of these new plays.

因此，埃里克和他們以及我們行銷團隊的其他成員一起，在如何準確執行這些新劇目方面還有很多工作要做。

And so we'll get into more of that detail and also more of the kind of timing aspects of it when we get into our May call, but we're excited about what that team is working on.

因此，當我們進行 5 月電話會議時，我們將討論更多細節以及更多時間的問題，但我們對團隊正在進行的工作感到興奮。

And youthful, let me just leave that last thing.

青春，就讓我留下這最後一件事。

It's just youthful, I think, is really important and being an expert being the father of a 21-year-old son, an 18-year-old daughter, they don't wear Under Armour because that works there.

我認為，年輕真的很重要，作為一名專家，作為一個 21 歲兒子和 18 歲女兒的父親，他們不穿 Under Armour，因為那在那裡有效。

And so we get this great line of sight, and we use every bit of insights in the smart, but also bringing some of that youthful talent here.

因此，我們獲得了這種很好的視線，我們利用了智能中的每一點見解，同時也帶來了一些年輕人才。

So Dave mentioned our new Head of SVP of Brand Marketing here. on the Americas working with Kara Trent.

戴夫在這裡提到了我們新任品牌行銷資深副總裁。在美洲與卡拉·特倫特合作。

And so we've got talent that's close to the market that knows how this kid is working and shopping and you're going to see us be a lot more on point in the future.

因此，我們擁有貼近市場的人才，他們知道這個孩子如何工作和購物，你將會看到我們將來會更加關注市場。

Paul Lejuez.

保羅·勒胡埃斯。

This is Kelly on for Paul.

這是凱莉 (Kelly) 取代保羅 (Paul)。

Great to see that the top line beat in North America seems to have come from the full price wholesale channel.

很高興看到北美的營收成長似乎來自全價批發管道。

Could you elaborate there on what drove the upside?

您能詳細解釋一下推動上漲的因素嗎？

Was it stronger reorders, solid new product?

是更強勁的重新訂購，還是可靠的新產品？

And then just want to clarify an earlier comment on North America wholesale.

然後我只想澄清一下之前對北美批發的評論。

Do you still see areas of sort of lower quality distribution where you may be relying too much on promotions that you plan to exit in F '26?

您是否仍然看到品質較低的分銷領域，在這些領域您可能過於依賴您計劃在 F'26 退出的促銷活動？

And how do you view your shelf space in existing distribution?

您如何看待自己在現有分銷管道中的貨架空間？

Could that be another source of pressure in F '26?

這會不會成為 F'26 的另一個壓力源？

And I just have one follow-up.

我只有一個後續問題。

Okay.

好的。

Yes, Kelly, this is Dave.

是的，凱利，這是戴夫。

I would say relative to the North America overdrive, that's really related to a couple of things.

我想說，相對於北美的超速行駛，這確實與某些事情有關。

Most of it is within our DTC business.

其中大部分都屬於我們的 DTC 業務。

And if you think about it, going into Q -- our fiscal Q3, which is holiday, it's a big e-com big DTC quarter, and quite frankly, we were running a very different play than we ran a year ago.

如果你仔細想想，進入 Q 季度——我們的財政第三季度，也就是假期，這是一個重要的電子商務和 DTC 季度，坦率地說，我們實施的策略與一年前相比有很大不同。

We're stepping off a lot of the deeper promotions, et cetera.

我們正在進行許多更深層的促銷活動等等。

So we were a little bit more cautious in our planning as we stepped into Q3 in North America, just knowing that we were running a different play and we were testing a little bit.

因此，當我們進入北美第三季時，我們在計劃中更加謹慎，只是知道我們正在運行不同的策略並且正在進行一些測試。

We wanted to make sure that we could stay nimble.

我們希望確保我們能夠保持靈活。

And positively, we were able to hold and exceed that top line while still running the decreased promotional play.

而正面的一面是，我們在減少促銷活動的同時，能夠維持並超越此營收水準。

So that was really what drove a lot of the favorability in North America for Q3.

所以這其實是推動北美第三季經濟成長的因素。

And then when we think about distribution and going forward, as Kevin mentioned earlier, similar to our product where we're going to have good or better, best, we also have account structures that are somewhat that way as well.

然後，當我們考慮分銷和前進時，正如凱文之前提到的，類似於我們的產品，我們將擁有好或更好、最好的，我們也有這樣的帳戶結構。

And we're going to continue to lean in heavily on the better and best in trying to identify new accounts and bringing those to the table that are right for the brand just as we're trying to lean in more on the better and best product.

我們將繼續大力依靠更好、最好的東西來嘗試識別新帳戶並將適合品牌的客戶帶到談判桌上，就像我們試圖更多地依靠更好、最好的產品一樣。

But as Kevin also mentioned, the good level, we have a lot of great accounts.

但正如凱文所提到的，我們擁有很多優秀的帳號。

And we got to be able to be there where the consumers are, and there's a lot of consumers there as well.

我們必須能夠出現在消費者所在的地方，而且那裡也有很多消費者。

So we're not necessarily looking to decrease where our distribution is but we're definitely looking for opportunities in that better and best area and more boutiques and premium touch points for the consumer.

因此，我們不一定希望減少我們的分銷範圍，但我們肯定會在更好、最好的地區尋找機會，為消費者提供更多的精品店和優質接觸點。

Got it.

知道了。

And then just secondly, on SG&A, it sounds like marketing investments are going to ramp up to support future growth.

其次，關於銷售、一般及行政費用，聽起來行銷投資將會增加以支持未來的成長。

How should we view the G&A bucket?

我們該如何看待G&A桶？

Are there still more savings to be realized to offset some of these consumer-facing investments?

是否還能實現更多的節省來抵銷部分面向消費者的投資？

Yes.

是的。

I mean, obviously, there's been a lot of focus on our SG&A and our cost structure, and we've kind of worked it down to a pretty reasonable operating level.

我的意思是，顯然，我們非常關注銷售、一般及行政費用以及成本結構，並且我們已經將其降低到相當合理的營運水平。

And as we're working through the restructuring, there's still more of that work to do.

在我們進行重組的同時，還有更多的工作要做。

And some of those actions, like if you think about consolidating our distribution facilities in the US, and we've announced that before, that takes time to work through.

其中一些行動，例如你考慮整合我們在美國的分銷設施，我們之前已經宣布過，但這需要一些時間來實現。

So the benefit of that is going to be more kind of tail end of fiscal '26 and then fiscal '27 full year and beyond.

因此，其好處將更體現在 26 財年末以及 27 財年全年及以後。

So some of those examples will take a little bit longer to kind of see that SG&A leverage from those.

因此，有些例子需要花更長的時間看出銷售、一般及行政開支 (SG&A) 的槓桿作用。

But we're continuing to reprioritize as well to make sure that we're fueling the brand in this kind of reset period that we're working through.

但我們也會繼續重新調整優先順序，以確保我們能在這個重置時期為品牌提供動力。

We'll keep working with that.

我們將繼續努力。

Laurent Vasilescu.

洛朗·瓦西列斯庫。

I wanted to ask, Kevin, at the Investor Day, you showcased a lot of great footwear product.

我想問一下，凱文，在投資者日，你展示了很多很棒的鞋類產品。

I know you're not prepared to comment about order books per se, but can you maybe share what you're hearing from your retailers' reception there?

我知道您還沒有準備好對訂單本身發表評論，但您能否分享一下您從那裡的零售商接待處聽到的消息？

And then following up on Sam's question is talking about teetering of a retailer.

然後繼續回答 Sam 的問題，談論零售商的搖搖欲墜。

Is it fair to assume that Kohl's is maybe a mid- to high single-digit percentage of sales, just so we can kind of pencil that in, that would be very helpful for us.

是否可以公平地假設 Kohl's 的銷售額可能佔中高個位數百分比，這樣我們就可以將其計算進去，這對我們非常有幫助。

And then I've got a follow-up question.

然後我有一個後續問題。

Thank you, Laurent.

謝謝你，洛朗。

I believe on the product side, we've really taken some significant strides.

我相信在產品方面我們確實取得了一些重大進展。

You've seen in your own showcased some terrific product at the investor meeting.

您已經在投資者會議上展示了自己的一些很棒的產品。

So for those that have a chance to see I think that's something which is tremendously exciting for us.

所以對於那些有機會看到的人來說我認為這是一件非常令人興奮的事情。

I'm getting some feedback.

我收到了一些回饋。

Laurent, you might have to go on mute.

洛朗，你可能得保持靜音。

The first thing to launch for us that we pulled forward this is our SlipSpeed Echo.

我們首先要推出的是 SlipSpeed Echo。

We'll be debuting this at All-Star Weekend.

我們將在全明星週末首次亮相。

It's got a collaboration tie around it.

它周圍有一個合作紐帶。

It's Step Curry hosting All-Star Weekend in San Francisco.

這是 Step Curry 在舊金山舉辦的全明星週末。

So it will be a terrific event for us.

所以這對我們來說將是一件大事。

And again, it's a platform that we believe is something we can build into and around I mentioned, and with that, we've got some -- the Curry 12 continues to perform for us.

再說一次，我們相信這是一個我們可以建造的平台，我們已經得到了一些——Curry 12 繼續為我們服務。

But looking at steps business differently.

但對步驟業務的看法有所不同。

We had a chance to spend some time with Stefan and San Francisco and just talking about this really is an underserved business, meaning that we can just do a lot more with it, especially in Asia, and then we did it right on our way out to Asia.

我們有機會與史蒂芬和舊金山一起度過了一段時光，談論這確實是一個服務不足的業務，這意味著我們可以做更多的事情，特別是在亞洲，然後我們在前往亞洲的途中就做到了這一點。

We stop there and have the ability just to think about it and see it through that lens.

我們停在那裡，有能力去思考它並透過那個視角去看待它。

But he's is a cultural icon that is transcended being just an athlete.

但他是超越運動員身分的文化偶像。

That's something I don't believe that we have leverage as hard as we can.

我不相信我們能盡其所能。

So there's a lot of opportunity within the Curry brand and then just the Under Armour brand itself is that you took a look at some of the product that you've seen and team have coming, and it's incredibly exciting.

因此，Curry 品牌內部以及 Under Armour 品牌本身都存在著很大的機會，你看看你所看到的一些產品以及團隊即將推出的一些產品，這令人興奮不已。

So beginning with Echo, but those will hit this fall.

因此從 Echo 開始，但它們將於今年秋季上市。

I think our retailers, we've been excited about the receptions from JDs and from DSG and some of our traditional retail, and they want us to bring -- the market has changed and the world is not looking to replace $150 or $160 shoes with $110 or $120 shoes.

我認為我們的零售商，我們對 JDs 和 DSG 以及一些傳統零售商的反應感到非常興奮，他們希望我們帶來——市場已經發生了變化，世界並不希望用 110 美元或 120 美元的鞋子取代 150 美元或 160 美元的鞋子。

So that pushes us as well, which really leads into our pricing power.

這也推動了我們，真正提升了我們的定價能力。

So I believe that price-to-value ratio, that relationship is something that we think is continues to get stronger and stronger for the brand to give the consumer the reason to buy.

因此，我相信價格與價值比，我們認為這種關係會越來越強大，品牌能夠提供消費者購買的理由。

And again, to be young with that, which is why I spoke about things like that Heavyweight Iconic Hoodie that we've been selling at $120 and just watching the sort of the reaction of the demographic that comes from it.

再次強調，要有年輕的心態，這就是我談論諸如重量級標誌性連帽衫之類的東西的原因，我們一直以 120 美元的價格出售這款產品，並觀察消費者對它的反應。

So -- more to come, and we're excited to show you that new products shortly.

所以——接下來還會有更多內容，我們很高興很快就會向您展示新產品。

And Laurent, I know you had the question on our Kohl's business as well.

洛朗，我知道您也對我們的科爾士業務有疑問。

And again, we enjoy working with Kohl's.

再次，我們很高興與 Kohl's 合作。

It's a lot of great touch points for female consumers and also from a unit consumer perspective.

對於女性消費者和單位消費者來說，這裡有許多很好的接觸點。

So we're continuing to work well with that business.

因此我們將繼續與該企業保持良好的合作。

As a percentage of revenues, we don't really disclose individual accounts, but what I can tell you is none of our accounts get anywhere close to 10% of our revenue mix.

作為收入的百分比，我們實際上並沒有披露個人帳戶，但我可以告訴你的是，我們的任何帳戶的收入都遠遠不到我們收入組合的 10%。

So in general, we're not anywhere close to that in any of our account sizes, just to give you a little bit of a feel.

所以總的來說，我們的任何帳戶規模都遠遠達不到這個水平，只是為了讓你有點感覺。

Opportunity.

機會。

And then on gross margins, any limitations to get to 50% over time since you're predominantly an apparel company?

那麼就毛利率而言，由於您主要是一家服裝公司，因此在毛利率達到 50％ 之前是否有任何限制？

Yes.

是的。

I think that we've talked about this a good bit.

我想我們已經就此進行了大量的討論。

There's certainly nothing that we see stopping us from a road map to a 50% gross margin.

當然，沒有什麼可以阻止我們實現 50% 的毛利率。

To your point, there will be a little bit of a headwind relative to expectations to grow our footwear business over the coming years faster than our apparel business as we lean into that mix a little bit.

正如您所說，由於我們有點傾向於服裝業務組合，因此未來幾年我們的鞋類業務成長速度將快於服裝業務，相對於這一預期，我們將遇到一些阻力。

But as we continue to work on the product costing as we continue to work through removing more of the discounts and driving towards more premium.

但隨著我們繼續致力於產品成本，我們將繼續努力取消更多折扣並推動更多優質產品。

And as we look towards some of our more profitable regions from a gross margin perspective to start accelerating again.

我們從毛利率的角度展望一些利潤較高的地區，並將再次開始加速成長。

All of those things should help us pave that road, as far as when that's something that we're not really getting into yet, but obviously, it's in our long-term planning and something that we're very focused on.

所有這些事情都應該幫助我們鋪平這條道路，儘管我們還沒有真正進入這個領域，但顯然，這是我們的長期規劃，也是我們非常關注的事情。

This concludes the question-and-answer session as well as this concludes the third quarter fiscal 2025 earnings call for Under Armour.

問答環節到此結束，同時也結束了 Under Armour 2025 財年第三季財報電話會議。

Thank you all for attending today's presentation.

感謝大家參加今天的演講。

You may now disconnect.

您現在可以斷開連線。