Under Armour Inc (UA) 2025 Q4 法說會逐字稿

Good day, and welcome to the Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 2025 年第四季財報電話會議。（操作員指示）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, Finance and Capital Markets. Please go ahead.

現在，我想將會議交給財務和資本市場高級副總裁 Lance Allega。請繼續。

Good morning, and welcome to Under Armour's fourth quarter fiscal 2025 earnings conference call. Today's call is being recorded and will be available for replay. Joining us on this morning's call are under Armour President and CEO, Kevin Plank; and Chief Financial Officer, Dave Bergman.

早安，歡迎參加 Under Armour 2025 財年第四季財報電話會議。今天的通話正在錄音，可供重播。參加今天早上電話會議的有 Armour 總裁兼執行長 Kevin Plank；也是財務長 Dave Bergman。

Before we begin, I'd like to remind everyone that our remarks today will include forward-looking statements that reflect Under Armour's current views as of May 13, 2025. These statements may include projections about our future performance and are not guarantees of future results. Actual results may differ materially due to several risks and uncertainties, which are described in this morning's press release and in our filings with the SEC, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

在我們開始之前，我想提醒大家，我們今天的發言將包括前瞻性陳述，反映 Under Armour 截至 2025 年 5 月 13 日的當前觀點。這些聲明可能包括對我們未來業績的預測，但並不能保證未來的結果。由於多種風險和不確定因素，實際結果可能存在重大差異，這些風險和不確定因素已在今天上午的新聞稿和我們向美國證券交易委員會提交的文件中進行了描述，包括我們最近的 10-K 表年度報告和 10-Q 表季度報告。

Today's discussion may also reference non-GAAP financial measures, which we believe provide useful insight into our underlying business trends. When applicable, reconciliations of these non-GAAP measures to their most comparable GAAP counterparts can be found in this morning's press release and on our Investor Relations website at about.underarmour.com.

今天的討論也可能參考非公認會計準則財務指標，我們認為這些指標可以為我們了解潛在的業務趨勢提供有用的見解。在適用的情況下，這些非 GAAP 指標與最可比較的 GAAP 指標的對帳可以在今天早上的新聞稿中以及我們的投資者關係網站 about.underarmour.com 上找到。

With that, I'll 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 this morning. I felt confident as we closed fiscal '25 and began preparing for this call. Over the past year, we built greater agility into the organization while making purposeful and strategic choices elevating the brand through higher-quality revenue decisions, unlocking meaningful SG&A efficiencies and advancing towards a stronger, healthier Under Armour, all while navigating top-line pressures.

謝謝蘭斯以及今天早上加入我們的所有人。當我們結束 25 財年並開始為這次電話會議做準備時，我感到很有信心。在過去的一年裡，我們在組織中建立了更大的靈活性，同時做出了有目的的策略選擇，透過更高品質的收入決策提升品牌，釋放有意義的銷售、一般和行政費用效率，並朝著更強大、更健康的 Under Armour 邁進，同時應對營收壓力。

We had a clear and disciplined strategy tailored to the environment we faced in fiscal year '25 and executed it with focus and determination. Today we are energized and optimistic about our tangible progress, recognizing, of course, that there is still much work to be done to arrest our current trajectory and drive brand affection.

我們制定了清晰、嚴謹的策略，以適應 25 財年面臨的環境，並專注而堅定地執行了該戰略。今天，我們充滿活力，對所取得的實際進展充滿樂觀，當然，我們也意識到，要扭轉目前的趨勢並提升品牌影響力，還有很多工作要做。

As we look externally, the business environment is currently evolving, is always evolving. But so are we. Yes, the landscape is more dynamic and visibility beyond the near term is unclear. That's precisely why our work over the last 13 months to build the muscle strength of agility and focus matters. We know what it takes to win, and we're ready.

從外部來看，商業環境正在不斷發展變化。但我們也是。是的，情勢較為動態，短期內的前景尚不明朗。這正是我們在過去 13 個月中為增強敏捷性和專注力所做的工作如此重要的原因。我們知道要贏得勝利需要什麼，我們已經準備好了。

Dave will cover our initial thoughts on the current trade policy environment in a bit, but the main takeaway is that we're confident in our ability to manage through whatever lies ahead and stay on offense.

戴夫稍後會介紹我們對當前貿易政策環境的初步想法，但主要的收穫是，我們有信心應對未來的一切挑戰並保持進攻勢頭。

While we're never satisfied with declining revenue, our fourth-quarter results allowed us to exceed our fiscal '25 outlook, demonstrating some of the foundational traction we're gaining as we reposition the Under Armour brand. Furthermore, we either exceeded or met the initial outlook we provided last May for every line item, with gross margin being our most important metric, that benefited from our strategies of producing promotions in our own DTC businesses.

雖然我們從不滿足於營收的下滑，但我們第四季的業績超出了 25 財年的預期，表明我們在重新定位 Under Armour 品牌時獲得了一些基礎性的吸引力。此外，我們超過或達到了去年 5 月為每項提供的初步預期，其中毛利率是我們最重要的指標，這得益於我們在自己的 DTC 業務中製定促銷活動的策略。

As we work to regain pricing power, which is the ability to deliver and maintain the full retail asking price, we see a significant long-term opportunity to expand gross margin by reshaping the composition of our business through a strategic refinement in our go-to-market process, by being more comprehensive, ensuring that every detail is considered, from products that only UA can make. This is our reason to exist: innovation delivered with current or forward style.

當我們努力重新獲得定價權（即提供和維持全部零售要價的能力）時，我們看到了一個重要的長期機會，即透過策略性地改進我們的市場進入流程來重塑我們的業務組成，從而擴大毛利率，透過更全面地確保考慮到只有 UA 才能生產的產品的每一個細節。這就是我們存在的理由：以當前或未來的風格實現創新。

Second, sales force armed with the technical knowledge of how to explain the UA difference to wholesale partners.

其次，銷售人員掌握瞭如何向批發合作夥伴解釋 UA 差異的技術知識。

Third, the right point of purchase expression at retailer online that tells the story.

第三，線上零售商的正確購買表達點講述故事。

And finally, of course, social media, collaborator and influencer support that provides the permission for our target consumers to engage with and buy UA. We have a great base to build from, and we'll continue to refine this competency in the coming seasons.

最後，當然還有社群媒體、合作者和影響者的支持，為我們的目標消費者參與和購買 UA 提供了許可。我們擁有良好的基礎，並將在接下來的幾個賽季中繼續完善這項能力。

Note, reflecting on my first year back as CEO, I'm proud of the progress we've made, sharpening our strategy, streamlining operations, and establishing a stronger financial foundation. Most importantly, we've confirmed our identity as a global sports house brand with undeniable authenticity on any court, pitch, or field across the world.

請注意，回顧我擔任執行長的第一年，我為我們所取得的進步感到自豪，我們完善了策略，簡化了運營，並建立了更強大的財務基礎。最重要的是，我們已經確認了我們作為全球運動品牌的身份，在世界各地的任何球場、球場或運動場上都具有無可否認的真實性。

We represent the underdog, those who weren't given all of God's gifts but had to instead work harder to achieve excellence but applied the rule of 10,000 hours to master their craft. We like to say that we don't innovate just so that we can run up the score. We innovate just to give our athletes a fighting chance.

我們代表弱者，他們沒有得到上帝賜予的所有天賦，而是必須更加努力才能取得卓越成就，但要運用 10,000 小時法則來掌握他們的技能。我們常說，我們創新不只是為了提高分數。我們創新只是為了讓我們的運動員有機會參賽。

This mindset also means continually striving for improvement. And in that spirit, we're becoming leaner and more intentional, shrinking the battlefield wherever possible, which makes challenges manageable and creates the ability for small wins to eventually add up to large ones.

這種心態也意味著不斷努力進步。本著這種精神，我們變得更加精簡和有目的性，盡可能縮小戰場，這使得挑戰變得易於應對，並創造了將小勝利最終匯集成大勝利的能力。

We're focusing on high-return categories, markets and initiatives. By simplifying the portfolio, streamlining operations and exiting lower-value activities, we're sharpening execution, boosting efficiency and directing capital to its highest impact uses. Fewer things, done better will fuel a stronger, more consistent value creation.

我們專注於高回報的類別、市場和計劃。透過簡化投資組合、精簡營運和退出低價值活動，我們正在加強執行力、提高效率並將資本引導到最具影響力的用途。用更少的事情做得更好，將推動更強大、更一致的價值創造。

We're working to turn complexity into clarity, and clarity into action. Quick strike capabilities, drive brand heat through trend-led drops, while our 28-million-member global loyalty program deepens engagement and drives repeat purchases. At the same time, streamlining materials, reducing SKUs and efforts to optimize our supply chain will help improve speed, lower cost, and unlock future growth.

我們正在努力將複雜變為清晰，將清晰變為行動。快速打擊能力，透過引領潮流的下降來推動品牌熱度，而我們擁有 2800 萬會員的全球忠誠度計劃則加深了參與度並推動了重複購買。同時，精簡材料、減少SKU和優化供應鏈的努力將有助於提高速度、降低成本並釋放未來成長的潛力。

With sharper planning and great flexibility, we're working to run a more agile demand-led model that keeps us aligned with athletes and well positioned to regain market share and expand margins over the long term. At our core, Under Armour was built on the belief that athletes deserve better. Today, we're fulfilling that promise with greater discipline and precision.

透過更周密的規劃和更大的靈活性，我們正在努力運行一個更敏捷的需求主導模式，使我們與運動員保持一致，並處於有利地位，以重新獲得市場份額並在長期內擴大利潤率。Under Armour 的核心理念是：運動員值得擁有更好的待遇。今天，我們正以更嚴謹、更精準的態度來履行這項承諾。

As we evolve, our move toward a category management operating model represents a structural shift and a game changer in how we serve athletes. By aligning product, marketing and regional teams around key categories like training, running, team sports, basketball, sportswear, golf and licensing, we aim to execute faster and create greater impact.

隨著我們的發展，我們向類別管理運作模式的轉變代表著我們為運動員服務的方式的結構性轉變和遊戲規則的改變。透過圍繞訓練、跑步、團隊運動、籃球、運動服、高爾夫和授權等關鍵類別協調產品、行銷和區域團隊，我們的目標是更快地執行並產生更大的影響。

This athlete-first model gives category teams clear ownership with a single leader responsible for making decisions and acting with speed. At the same time, it centralizes key functions while empowering regional strategies to drive a leaner, more efficient go-to-market engine, strengthening the brand and improving returns. This disciplined approach is how we believe we will unlock value and succeed in the marketplace.

這種以運動員為先的模式賦予了類別團隊明確的所有權，並由一位領導者負責做出決策並迅速採取行動。同時，它集中關鍵職能，並授權區域策略，以推動更精簡、更有效率的市場進入引擎，增強品牌並提高回報。我們相信，透過這種嚴謹的方法，我們將釋放價值並在市場上取得成功。

Stepping back into my current role and due to the 18-month lead times in our industry, the priority was product. Without great product, there is nothing else. Our spring/summer '25 collection hit retail floors with renewed confidence in the fourth quarter. Even in a challenging sales environment, key apparel wins emerge, heat gear base layer outperformed expectations, our Unstoppable collection delivered strong results, and sportswear is gaining meaningful traction.

回到我目前的職位，由於我們行業的交貨時間為 18 個月，因此首要任務是產品。沒有優秀的產品，就沒有一切。我們的 25 年春夏系列在第四季以新的信心登陸零售市場。即使在充滿挑戰的銷售環境中，關鍵的服裝產品仍取得了成功，保暖內衣的表現超出預期，我們的 Unstoppable 系列取得了強勁的業績，運動服也獲得了顯著的吸引力。

At the center, we're accelerating innovation to energize athletes and elevate the brand. This quarter, we introduced the boldest SlipSpeed yet, Echo, launched with Stephen Curry at the 2025 NBA All-Star Weekend, through a collaboration with luxury car designer, Mansory.

作為核心，我們正在加速創新，以激勵運動員並提升品牌。本季度，我們與豪華汽車設計師 Mansory 合作，推出了迄今為止最大膽的 SlipSpeed Echo，並在 2025 年 NBA 全明星週末與史蒂芬庫裡一起推出。

Looking ahead, a premium apparel collection will debut this fall, uniting performance sport and style. The Curry brand continues to expand its impact with a steady flow of the new Curry 12 and De'Aaron Fox 1 colorways, along with exclusive athlete designs, keeping the brand in view and culturally relevant.

展望未來，今年秋季將推出一系列優質服裝，將運動性能與時尚融為一體。Curry 品牌持續擴大其影響力，不斷推出全新 Curry 12 和 De'Aaron Fox 1 配色，以及獨家運動員設計，讓品牌保持知名度和文化相關性。

On the collaboration front, we've had smaller drops like our UA United Arrows collab in Japan in our partnership with recently acquired Unless, debuting at the Milan Design Week. Our regenerative plant-based sportswear collection of hoodies, t-shirt to shorts, all crafted from natural fibers designed to decompose without leaving toxic residue or microplastics.

在合作方面，我們與最近收購的Unless合作，在日本推出了UA United Arrows聯名系列產品，並在米蘭設計週上首次亮相。我們的再生植物運動服系列包括連帽衫、T 卹到短褲，全部採用天然纖維製成，可分解，不會留下有毒殘留物或微塑膠。

As we look toward fall/winter '25, our product direction continues to sharpen, and our design language is becoming more cohesive. Our priorities are clear: win in men's apparel, unlock the full potential of footwear and strengthen our connection with women, starting with trusted essentials like bras and bottoms and then building from there to grow her affinity for Under Armour.

展望 2025 年秋冬季，我們的產品方向將不斷明確，我們的設計語言也將變得更有凝聚力。我們的優先事項很明確：在男裝領域取勝，充分發揮鞋類的潛力，加強與女性的聯繫，從胸罩和下裝等值得信賴的必需品開始，然後以此為基礎逐漸增加她對 Under Armour 的喜愛程度。

We're especially energized by the upcoming UA Halo collection, code-named ARA, at our recent investor meeting, which represents a premium expansion into next-generation performance sportswear. UA Halo will debut with really distinct footwear offerings: a trainer, runner and a racer, each designed to meet specific athlete needs while uniquely incorporating the UA logo into the midsole structure, adding support and, just like our logo, perfect balance.

在我們最近的投資者會議上，我們對即將推出的 UA Halo 系列（代號為 ARA）特別感興趣，這代表著向下一代高性能運動服的高端擴展。UA Halo 將首次推出真正獨特的鞋類產品：訓練鞋、跑步鞋和競速鞋，每款產品的設計都滿足特定運動員的需求，同時將 UA 標誌獨特地融入中底結構，增加支撐力，並且就像我們的標誌一樣，實現完美的平衡。

Complementing the footwear is a range of elevated apparel that signals a new era for the brand in both design and innovation. At the same time, we're redefining our core base layer category with NEOLAST material fiber breakthrough engineered to revolutionize stretch performance in apparel, while being fully sustainable.

與鞋類相得益彰的是一系列高級服裝，標誌著品牌在設計和創新方面邁入新時代。同時，我們正在利用 NEOLAST 材料纖維突破技術重新定義我們的核心基礎層類別，旨在徹底改變服裝的彈性性能，同時完全永續。

As we near the completion of our initial 25% SKU reduction over the past year, we're maintaining disciplined inventory management to create space for a stronger, more focused product architecture. Together, these steps will drive brand momentum, enhance profitability and unlock new growth opportunities. Our ambition put simply is to sell so much more of so much less at a much higher full price.

在過去的一年裡，我們即將完成最初的 25% SKU 減少，同時我們保持嚴格的庫存管理，為更強大、更有針對性的產品架構創造空間。這些舉措將共同推動品牌發展、提高獲利能力並釋放新的成長機會。簡而言之，我們的目標是以更高的價格銷售更多、更少的產品。

And there's a Trojan Horse product in the mix too, a game changer disguised as a backpack, the No Weigh, that's W-E-I-G-H backpack, launched this past Thursday in a short-term test format for us with patent-pending oxetic suspension straps that flex with your body to help evenly distribute weight, creating a lighter feeling from the bag. It's amazing. We're not only testing the bag, but also the $140 price point in an otherwise $40 to $65 market. Similar to what we did last year with our StealthForm Uncrushable hat, bringing innovation to a $13 to $25 market, introducing the UA performance lens and placing the opening price point at $45. And that hat is working for us.

此外，還有一款名為「特洛伊木馬」的產品，它是一款偽裝成背包的遊戲規則改變者，即 No Weigh（即 W-E-I-G-H 背包），於上週四以短期測試形式推出，採用正在申請專利的 oxetic 懸掛帶，可隨身體彎曲，幫助均勻分配重量，讓背包感覺更輕。太神奇了。我們不僅測試了這款包，還測試了 40 至 65 美元市場中的 140 美元價位。與我們去年推出的 StealthForm Uncrushable 帽子類似，我們將創新帶入 13 至 25 美元的市場，推出 UA 性能鏡片，並將首發價定為 45 美元。這頂帽子對我們很有用。

I'm providing this level of detail about an accessory item because it's meant to serve the broader metaphor, what we expect to do with our shirts and shoes going forward, with four to six products each season for spring and fall. This example is meant to set the edge for what you can expect from our go-to-market for these key four to six products each season, comprehensive go-to-market strategy that inspires consumers to want to buy UA at premium price points. If you have the chance, please visit our Investor page now at about.underarmour.com for a more complete visual of our new go-to-market approach and how we're raising the bar here at UA.

我之所以提供關於配件的這種程度的細節，是因為它旨在服務於更廣泛的隱喻，即我們期望未來對我們的襯衫和鞋子做什麼，春季和秋季每個季節有四到六種產品。這個例子是為了讓您了解我們每季針對這四到六種關鍵產品的上市策略的優勢，以及激發消費者以高價購買 UA 的全面上市策略。如果您有機會，請立即訪問我們的投資者頁面 about.underarmour.com，以更全面地了解我們新的市場進入方法以及我們如何提高 UA 的標準。

This includes, as I described earlier, first and foremost, an innovative design right product that only UA could build. It also encompasses the tools and the story of how our teams are being prescriptively trained to sell the product: brand-right point-of-sale execution, and finally, social and influencer support to drive buzz and conversion.

正如我之前所描述的，這首先包括只有 UA 才能製造的創新設計產品。它還涵蓋了我們的團隊如何接受規範培訓來銷售產品的工具和故事：品牌正確的銷售點執行，以及最終的社交和影響力支持以推動口碑和轉換。

But this only happens when the product delivers the magic, and we're confident in our pipeline. We, frankly, have always had great innovation, but believe the largest opportunity lies in the way we holistically support the product with a story that both explains why it is special and also makes you feel something. This is brand, and great companies buy commodities and sell brand.

但這只有當產品發揮出神奇功效時才會發生，而且我們對我們的產品線充滿信心。坦白說，我們一直都有著偉大的創新，但我們相信最大的機會在於我們用一個故事來全面支持產品，這個故事既解釋了產品的特殊之處，也讓你感受到了一些東西。這就是品牌，偉大的公司買的是商品，賣的是品牌。

We've not done a good job enough on the story front for some time, and that changes with the execution we just completed in launching the No Weigh last week in our testing protocol. This will prepare us for when we come back with this bag in a few months for broad market distribution in the critical back-to-school period.

一段時間以來，我們在故事方面做得還不夠好，而隨著我們上週在測試協議中推出 No Weigh 的執行，這種情況發生了改變。這將為我們幾個月後帶著這款包回來，在關鍵的返校期間進行廣泛的市場分銷做好準備。

Over the past nine months and the leadership of Brand President, Eric Liedtke, we've made substantial progress in reshaping our narrative. Today we have a distinct storytelling strategy aligned with our product vision, establishing a cohesive brand voice across all touch points. As our storytelling aligns with the strength of our product innovation in fiscal '26, our objective is to enhance our brand relevance and unlock greater brand differentiation.

在過去的九個月裡，在品牌總裁 Eric Liedtke 的領導下，我們在重塑敘事方面取得了實質進展。今天，我們擁有與我們的產品願景一致的獨特敘事策略，在所有接觸點建立了具有凝聚力的品牌聲音。由於我們的故事與我們 26 財年的產品創新實力一致，我們的目標是增強品牌相關性並釋放更大的品牌差異化。

We're particularly focused on young athletes. We're not increasing our marketing spend. Instead, we're making it work harder. With an annual budget of roughly $500 million in some of the world's top sports athletes and assets, we're reallocating resources more intentionally to generate greater brand heat and engagement.

我們特別關注年輕運動員。我們不會增加行銷支出。相反，我們正在讓它更加努力地工作。我們每年在一些世界頂級運動員和資產上投入約 5 億美元的預算，並更有意識地重新分配資源，以產生更大的品牌熱度和參與度。

Big moments drive brand affinity. As Stephen Curry continues to break his own three-point record, the night he was set to make 3-pointer 4,000th of his career, we created an epic Dave Chappelle narrated campaign that didn't just follow the moment, it defined it. The campaign, which ran across social media, was a cultural splash of brand relevance to put UA at the forefront of basketball fans worldwide.

重要時刻推動品牌親和力。隨著史蒂芬·柯瑞繼續打破自己的三分球紀錄，在他即將投中職業生涯第 4,000 個三分球的那天晚上，我們創建了一場由戴夫·查普爾講述的史詩般的活動，它不僅追隨了這一刻，還定義了這一刻。這項活動透過社群媒體進行，是品牌文化的衝擊，旨在讓 UA 成為全球籃球迷的​​焦點。

Sharon Lokedi's recent record-breaking Boston Marathon win wearing an Under Armour shoe was another decisive moment for the Velocity ELITE, showcasing its performance on the world stage. We backed it with a full funnel campaign, celebrating her achievement and firmly position Velocity Elite as the go-to choice for runners chasing greatness. Across the lineup now, from the $250 Elite that Sharon has validated, to the $160 Pro, to the $130 Speed, and $100 Pace, Velocity meets runners at every level, driving brand and energy and commercial opportunity.

莎朗洛凱迪 (Sharon Lokedi) 最近穿著 Under Armour 跑鞋贏得了波士頓馬拉松賽的冠軍，打破了紀錄，這是 Velocity ELITE 的另一個決定性時刻，在世界舞台上展示了​​其性能。我們透過全方位的宣傳活動來支持她，慶祝她的成就，並堅定地將 Velocity Elite 定位為追求卓越的跑步者的首選。現在，從 Sharon 驗證的價格為 250 美元的 Elite，到價格為 160 美元的 Pro，再到價格為 130 美元的 Speed 和價格為 100 美元的 Pace，Velocity 可滿足各個級別的跑步者的需求，推動品牌發展、激發活力並創造商業機會。

Building on this momentum, we're extending Velocity's design language into one of our highest volume footwear franchises, the $75 Assert, which will relaunch with its updated design this fall, further strengthening segmentation and expanding our reach across price points. A more visual description of this product or pricing hierarchy is also outlined on our Investor page. We encourage you to view this and a few other examples of what is different at UA and how we're raising the bar.

基於這一勢頭，我們將 Velocity 的設計語言延伸到我們銷量最高的鞋類特許經營產品之一，即售價 75 美元的 Assert，該產品將於今年秋季以更新的設計重新推出，進一步加強細分市場並擴大我們在各個價格點的覆蓋範圍。我們的投資者頁面上也概述了該產品或定價層次的更直觀的描述。我們鼓勵您查看此範例以及其他一些範例，以了解 UA 的不同之處以及我們如何提高標準。

Our athlete strategy is equally intentional. New signing like the NBA's Davion Mitchell, WNBA's Nika Mühl, and six NIL athletes who we signed in time for this past March Madness and are part of a disciplined approach to rearchitecting a future-facing roster that we will continue to nuance.

我們的運動員策略同樣是經過精心設計的。新簽約的球員包括 NBA 的戴維恩·米切爾 (Davion Mitchell)、WNBA 的尼卡·穆爾 (Nika Mühl) 以及六名 NIL 運動員，我們在今年瘋狂三月及時簽下了他們，他們是重新構建面向未來的陣容的嚴謹方法的一部分，我們將繼續對其進行細緻調整。

Meanwhile, the impact is clear, 27 UA teams made the NCAA tournament, with one of our Under Armour teams from both the women's and men's bracket reaching the Final Four. In golf, we'd like to extend our heartfelt best wishes to longtime Under Armour athletes and one of the truly great people in sports, Jordan Spieth, as he competes this weekend at the PGA Championship, chasing the elusive career grand slam.

同時，其影響也是顯而易見的，27 支 UA 球隊進入了 NCAA 錦標賽，我們的女子和男子組各有一支 Under Armour 球隊進入了四強。在高爾夫運動方面，我們向長期為 Under Armour 效力的運動員、體育界真正偉大的人物之一喬丹·斯皮思致以最誠摯的祝福，他本週末將參加 PGA 錦標賽，追逐難以實現的職業大滿貫。

We're all behind you, Jordan. Go get them. And also, this fall, we're reaffirming our American football routes when Under Armour is back on field as an official glove and footwear provider for the NFL, strengthening our performance credentials. Stars like Justin Jefferson and Kyle Hamilton, along with this year's number one draft pick, Cam Ward, further enhance our status in the sports central to our identity.

我們都支持你，喬丹。去把他們抓來。此外，今年秋天，當 Under Armour 重返賽場並成為 NFL 官方手套和鞋類供應商時，我們將重申我們的美式足球路線，從而增強我們的性能資格。賈斯汀·傑斐遜和凱爾·漢密爾頓等明星，以及今年的狀元秀卡姆·沃德，進一步提升了我們在與我們的身份息息相關的體育運動中的地位。

Additionally, we're evolving our marketing mix to meet modern consumer behavior by emphasizing social, experiential and digital-first branding building. UA Next, which is our global youth activation platform utilizes events like the Under Armour All-American football and volleyball games earlier this year, along with serialized content and grassroots activations that are gaining traction, and partnerships with creators and major colleges like Notre Dame, Wisconsin, Maryland, who helped drive scalable story-driven campaigns.

此外，我們正在透過強調社交、體驗和數位優先的品牌建立來改進我們的行銷組合，以滿足現代消費者行為。UA Next 是我們的全球青年激活平台，它利用了今年早些時候的 Under Armour 全美足球和排球比賽等活動，以及越來越受關注的系列內容和草根激活活動，並與創作者和聖母大學、威斯康星大學、馬裡蘭大學等主要大學建立了合作夥伴關係，幫助推動了可擴展的故事驅動型活動。

This marks a true shift in our strategy. Fewer, bolder moves, amplified by better storytelling and smarter deployment of world-class assets. This is how we will build brand energy and win share with athletes, partners and shareholders. Under Armour is moving to lead in the dynamic environment among leagues, teams, collabs, influencers and, of course, NIL, and we're making steady progress toward that goal.

這標誌著我們戰略的真正轉變。更少、更大膽的舉措，透過更好的故事敘述和更聰明的世界級資產部署來放大。這就是我們如何打造品牌能量並贏得運動員、合作夥伴和股東的青睞。Under Armour 正在聯盟、團隊、合作夥伴、影響者以及 NIL 的動態環境中佔據領先地位，我們正在朝著這一目標穩步前進。

Our North American transformation is well underway. Over the past year, we've been working to redefine our e-commerce channel to become a brand flagship, a destination that inspires and elevates. By reducing promotional days and discounts, we've prioritized brand equity and profitability over short-term volume. The results speak for themselves, more than 10-point increase in the full price sales mix, double-digit AUR growth and a more profitable channel overall.

我們的北美轉型正在順利進行中。在過去的一年裡，我們一直致力於重新定義我們的電子商務管道，使其成為一個品牌旗艦，一個激發靈感和提升自我的目的地。透過減少促銷日和折扣，我們優先考慮品牌資產和獲利能力，而不是短期銷售。結果不言而喻，全價銷售組合增加了 10 個百分點以上，AUR 實現了兩位數成長，整體通路獲利能力更強。

As we enter year two of this transformation, we'll move even further beyond the outlet model to build a more dynamic, connected and premium digital platform, applying proven lessons from our success in EMEA to accelerate progress.

隨著我們進入轉型的第二年，我們將進一步超越奧特萊斯模式，建立一個更具活力、更互聯、更優質的數位平台，並運用我們在歐洲、中東和非洲地區取得成功的經驗來加速進步。

We also see a clear opportunity to strengthen our value proposition in physical retail. Driving productivity across our formats remains a top priority. In Factory House stores, our largest North American footprint, we are significantly reducing store-wide sales, events and offering 365 days a year of full price on some products too, focusing on SKU rationalization to create a more curated, premium experience that enhances consumer clarity and operational efficiency.

我們也看到了加強實體零售價值主張的明顯機會。提高我們各種形式的生產力仍然是我們的首要任務。在我們位於北美最大的門市——工廠店，我們大幅減少了全店促銷和活動，並對部分產品提供全年 365 天的全價銷售，重點關注 SKU 合理化，以創造更精心策劃的優質體驗，提高消費者清晰度和營運效率。

Our brand houses represent the pinnacle of UA retail, and we're investing accordingly. Our new campus headquarters flagship store is performing ahead of expectations, and the new aesthetic is helping us shape our next retail concept to model for the more than 2,000 Under Armour branded stores around the world, allowing for flexibility in store size to fit the specific market. Growing our store base is a future ambition as we become more deliberate with our product and the stories that sell them.

我們的品牌公司代表了 UA 零售的巔峰，我們也正在進行相應的投資。我們新的校園總部旗艦店的表現超出了預期，新的美學正在幫助我們塑造下一個零售概念，為全球 2,000 多家 Under Armour 品牌商店樹立榜樣，允許靈活調整商店規模以適應特定市場。隨著我們對我們的產品和銷售故事更加慎重，擴大我們的商店基礎是我們未來的目標。

Starting in fiscal '26, we'll roll out a tiered market-specific strategy to enhance merchandising and drive productivity across our network.

從 26 財年開始，我們將推出分層的針對特定市場的策略，以增強商品銷售並提高整個網路的生產力。

Wholesale remains critical and is evolving. We owe our partners great product and a compelling story that results in great sell-through at full price. We know where we want to be and who we want to partner with, and we're using this time to strengthen those key relationships with transparency of our brand direction underpinned by our conviction in offering fewer products with more intention that could only come from UA.

批發仍然至關重要並且正在不斷發展。我們欠我們的合作夥伴優質的產品和引人入勝的故事，以全價實現大量銷售。我們知道我們想要達到什麼目標以及我們想要與誰合作，我們正在利用這段時間來加強這些關鍵關係，以透明的品牌方向為基礎，並以我們只有 UA 才能提供的更少產品、更多意圖為基礎。

Our category-led model significantly helps there, combined with a sharp and go-to-market discipline that we expect will result in greater demand from both the consumers we have today and the new ones we are inviting to engage with us.

我們的品類主導模式在這方面發揮了顯著作用，再加上敏銳的行銷紀律，我們預期這將帶來現有消費者和我們邀請的新消費者的更大需求。

In EMEA, our top-performing region in fiscal '25, we're maintaining the discipline to protect the brand strength we've built. Strong partnerships and a clear category focus will drive momentum. In fiscal '26, we'll concentrate on key growth markets like France, Spain and Germany, while deepening brand advocacy across global football, running and sportswear anchored in training.

在歐洲、中東和非洲地區（EMEA）是我們 25 財年表現最好的地區，我們將繼續嚴格遵守紀律，以保護我們已經建立的品牌實力。強大的合作夥伴關係和明確的類別重點將推動發展勢頭。在 26 財年，我們將專注於法國、西班牙和德國等主要成長市場，同時深化全球足球、跑步和以訓練為基礎的運動服裝領域的品牌宣傳。

In APAC, we're resetting the marketplace now to foster sustainable premium growth. Despite a highly promotional environment, our efforts to streamline inventory, reduce discounting and enhance sales quality are laying the groundwork for healthier expansion.

在亞太地區，我們正在重塑市場，以促進永續的保費成長。儘管促銷環境非常激烈，但我們為精簡庫存、減少折扣和提高銷售品質所做的努力為更健康的擴張奠定了基礎。

Just a few months in now, though brief, early signs indicate that it's working. UA's strong performance-driven brand equity and best-in-class distribution infrastructure position us to scale with appropriate patients and pace. We'll continue to apply proven strategies from North America and EMEA to drive full-price demand across key categories.

雖然時間很短，但僅僅幾個月過去了，早期跡象表明它正在發揮作用。UA 強大的以績效為導向的品牌資產和一流的分銷基礎設施使我們能夠根據適當的患者和速度進行擴展。我們將繼續應用北美和歐洲、中東和非洲地區行之有效的策略來推動主要類別的全價需求。

At the core of our progress is a high-caliber leadership team united by purpose and built to drive sustained performance. We haven't just added talent, we've attracted exceptional proven leaders, many of whom you met at our December Investor Meeting. This represents a structural shift that signals a cultural transformation at Under Armour. Higher standard of excellence is firmly taking root, and I'm committed to ensuring the leadership strength translates into sharper execution and improved results. We're quite simply raising the bar at UA.

我們進步的核心是一支高素質的領導團隊，他們團結一致，致力於推動持續的績效。我們不僅增加了人才，還吸引了經驗豐富的傑出領導者，其中許多人您在我們 12 月的投資者會議上見過。這代表著 Under Armour 的結構性轉變，標誌著其文化的轉型。更高的卓越標準正在牢固紮根，我致力於確保領導力量轉化為更敏銳的執行力和更好的成果。我們只是提高了 UA 的標準。

The impact is clear, and it is our culture that stands to benefit. The move to our new headquarters has accelerated this shift infusing the company with fresh energy and new ideas. While cultural change takes time, the foundation is firmly in place and the momentum is unmistakable. We're building a more connected, agile and performance driven Under Armour that seems to be taking hold.

其影響是顯而易見的，我們的文化也將從中受益。遷至新總部加速了這一轉變，為公司注入了新的活力和新的想法。雖然文化變革需要時間，但基礎已經牢固，而且勢頭明顯。我們正在打造一個更互聯、更靈活、更強勁的 Under Armour，而這一目標似乎正在實現。

We also welcomed three new Board members: Dawn Fitzpatrick, Eugene Smith, and Rob Sweeney. Each bringing expertise in finance operations and sports, their leadership directly supports our strategic priorities, accelerating financial performance, strengthening our connection with athletes and fueling brand heat. They'll be instrumental as we unlock new growth and position UA for success.

我們也歡迎三位新董事會成員：Dawn Fitzpatrick、Eugene Smith 和 Rob Sweeney。每位成員都擁有財務營運和體育方面的專業知識，他們的領導直接支持我們的策略重點，加速財務業績，加強我們與運動員的聯繫並提升品牌熱度。它們將在我們開啟新的成長點和幫助 UA 成功的過程中發揮重要作用。

As we enter fiscal '26, sustaining momentum across product, story, service and team is critical for advancing our brand transformation. We move forward with clarity, conviction and discipline, thoroughly attuned to the shifting global landscape and ready to navigate it with agility and resilience.

當我們進入 26 財年時，保持產品、故事、服務和團隊的發展動能對於推動我們的品牌轉型至關重要。我們以清晰的思維、堅定的信念和嚴謹的紀律向前邁進，充分適應不斷變化的全球格局，並準備以敏捷和韌性應對。

Our ambition goes beyond a comeback. It's a reinvention. Under Armour's greatest chapters remain in front of us, a future driven by sharper focus, bolder innovation and deeper connections with athletes. We're operating with urgency. While we may have more time than we think, we do not have as much time as we would like. So we're just getting to work.

我們的目標不只是東山再起。這是一種重塑。Under Armour 最輝煌的篇章仍在我們面前，未來將由更清晰的關注、更大膽的創新和與運動員更深層次的聯繫所驅動。我們正在緊急行動。儘管我們擁有的時間可能比我們想像的要多，但我們擁有的時間卻沒有我們想要的那麼多。所以我們才要開始工作。

With the right team in place, a clear strategic vision and an unwavering commitment to excellence, we're not merely preparing for the future, we are determined to dictate it.

憑藉著優秀的團隊、清晰的策略願景和對卓越的不懈追求，我們不僅在為未來做準備，而且決心主宰未來。

And with that, I'll turn it over to Dave, who will walk us through our fourth quarter fiscal '25 results and provide further insight into our outlook for the first quarter. Dave, over to you.

接下來，我將把時間交給戴夫，他將向我們介紹 25 財年第四季的業績，並進一步闡述我們對第一季的展望。戴夫，交給你了。

Thanks, Kevin. Moving straight into our fourth quarter fiscal '25 results, which exceeded expectations and allowed us to surpass our full year fiscal '25 outlook. From a revenue perspective, the fourth quarter was down 11% to $1.2 billion.

謝謝，凱文。直接進入我們 25 財年第四季度的業績，這超出了預期，並使我們超越了 25 財年全年的預期。從營收角度來看，第四季下降11%至12億美元。

The results by region follow. North American revenue declined 11%, primarily due to a decrease in our DTC business, which was driven by lower e-commerce sales resulting from our ongoing efforts to limit promotional activities. This was accompanied by a decline in revenue from our owned and operated stores.

各地區結果如下。北美收入下降了 11%，主要是由於我們的 DTC 業務下降，而這又是由於我們持續限制促銷活動導致電子商務銷售額下降。同時，我們自有和經營的商店的收入也下降了。

Within wholesale, we experienced a decrease in full price sales, which was partially offset by an increase in the timing of sales to the third-party off-price channel. Revenue in EMEA decreased 2%, although it remained flat on a currency-neutral basis. Furthermore, the decline in full-price wholesale was partially offset by growth in our direct-to-consumer, distributor, and off-price businesses.

在批發方面，我們的全價銷售額有所下降，但第三方折扣通路銷售時間的增加部分抵消了這一下降。歐洲、中東和非洲地區的收入下降了 2%，但以貨幣中性計算則保持穩定。此外，全價批發業務的下降被我們的直接面向消費者、經銷商和折扣業務的成長部分抵消。

Aligned with our expectations, revenue in APAC was down 27% or 26% when adjusted for currency fluctuations. This decrease was primarily due to the highly competitive and promotional environment, as well as our efforts to foster a healthier business, including adopting some of the same strategies we've employed in North America for our e-commerce operations.

與我們的預期一致，亞太地區的收入下降了 27%，經貨幣波動調整後則下降了 26%。這一下降主要是由於激烈的競爭和促銷環境，以及我們為培育更健康的業務所做的努力，包括採用我們在北美電子商務營運中採用的一些相同策略。

Within Latin America, revenue declined 10%, primarily due to unfavorable foreign exchange impacts. Without FX, currency-neutral revenue rose by 3% in the quarter, driven by our distributor business.

在拉丁美洲，收入下降了 10%，主要原因是不利的外匯影響。不計外匯因素，受經銷商業務推動，本季貨幣中性收入成長了 3%。

From a channel perspective, wholesale revenue decreased 10%, driven by lower full-price sales, partially offset by growth in the off-price channel and the timing of those sales to third-party partners. Direct-to-consumer revenue was down 15%, mainly due to a 27% decrease in e-commerce sales stemming from ongoing efforts to establish a more premium online presence through fewer promotions and discounts.

從通路角度來看，批發收入下降了 10%，原因是全價銷售額下降，但折扣通路的成長以及向第三方合作夥伴銷售的時間部分抵消了這一影響。直接面向消費者的收入下降了 15%，主要是因為電子商務銷售額下降了 27%，這是因為公司不斷努力透過減少促銷和折扣來建立更優質的線上形象。

Sales at our owned and operated stores declined by 6% during the quarter. Licensing was down 15%, primarily due to the decision to bring our socks business in-house. This will be the final quarter of comparing this business change.

本季度，我們自營商店的銷售額下降了 6%。許可業務下降了 15%，主要是因為我們決定將襪子業務轉入公司內部。這將是比較這項業務變化的最後一個季度。

Finally, by product type, apparel revenue was down 11%, with softness across most categories in the quarter, partially offset by strength in outdoor. Footwear declined by 17%, reflecting in part our ongoing proactive portfolio management efforts as we work to optimize segmentation and assortment. And our accessories business was up 2% in the quarter, with strength in team sports and run. The category also benefited from our decision to bring socks in-house.

最後，按產品類型劃分，服裝收入下降了 11%，本季大多數類別表現疲軟，但戶外用品的強勁表現部分抵消了這一影響。鞋類銷售額下降了 17%，這在一定程度上反映了我們在優化細分和分類過程中持續進行的積極投資組合管理努力。我們的配件業務本季成長了 2%，這得益於團隊運動和跑步方面的強勁表現。我們將襪子引入公司內部生產的決定也使這個類別受益。

Our fourth quarter gross margin increased 170 basis points year-over-year to 46.7%. This increase was driven by 150 basis points of supply chain benefits due mainly to lower product and freight costs, 80 basis points of pricing benefits, primarily from lower discounting and promotions in our DTC business, as well as some impact from more favorable royalty terms. And roughly 20 basis points were gained from favorable foreign currency impacts and product mix. These benefits were partially offset by roughly 90 basis points of unfavorable channel and regional mix.

我們第四季的毛利率年增170個基點，達到46.7%。這一成長主要得益於 150 個基點的供應鏈效益，這主要歸因於產品和運費成本的降低，80 個基點的定價效益，這主要源於我們 DTC 業務中較低的折扣和促銷，以及更優惠的特許權使用費條款的一些影響。有利的外匯影響和產品組合帶來了約 20 個基點的收益。這些好處被大約90個基點的不利渠道和區域組合部分抵消。

Moving to SG&A, which increased 1% to $607 million in the fourth quarter. Excluding roughly $16 million in transformation expenses related to our fiscal 2025 restructuring plan and around $5 million in litigation settlement expenses, our adjusted SG&A expense was $586 million, up 7% versus last year's adjusted number. This was driven primarily by higher marketing expenses and incentive compensation, partially offset by savings from ongoing cost management efforts, including lower consulting expenses.

轉向銷售、一般及行政費用，第四季成長 1%，達到 6.07 億美元。不包括與我們的 2025 財年重組計畫相關的約 1,600 萬美元的轉型費用和約 500 萬美元的訴訟和解費用，我們的調整後銷售、一般和行政費用為 5.86 億美元，比去年的調整後數字增長 7%。這主要是由於行銷費用和獎勵性薪酬增加所致，但部分被持續成本管理工作（包括較低的諮詢費用）帶來的節省所抵消。

Next, during the fourth quarter, we recognized $16 million in restructuring charges, and combined with the $16 million in transformation expenses recorded in SG&A, we had approximately $32 million in restructuring charges and related expenses for the quarter.

其次，在第四季度，我們確認了 1,600 萬美元的重組費用，加上銷售、一般和行政費用中記錄的 1,600 萬美元的轉型費用，本季我們的重組費用和相關費用約為 3,200 萬美元。

So far, under our fiscal 2025 restructuring plan, we have recognized $89 million in restructuring charges and related transformation expenses, of which $55 million is cash related and $34 million is noncash. Expectations for total charges and expenses under this plan remain within a range of $140 million to $160 million, and we anticipate the remainder will occur by the end of fiscal 2026.

到目前為止，根據我們的 2025 財年重組計劃，我們已確認 8,900 萬美元的重組費用和相關轉型費用，其中 5,500 萬美元為現金相關費用，3,400 萬美元為非現金費用。該計劃下的總費用和開支預計仍在 1.4 億美元至 1.6 億美元之間，我們預計剩餘部分將在 2026 財年末發生。

Moving down the P&L. We recognized an operating loss of $72 million in the fourth quarter. Excluding the transformation expenses, litigation settlement expenses and restructuring charges, our adjusted operating loss was $36 million.

降低損益。我們第四季的營業虧損為 7,200 萬美元。不包括轉型費用、訴訟和解費用和重組費用，我們的調整後營業虧損為 3,600 萬美元。

On the bottom line, our reported diluted loss per share was $0.16 while our adjusted diluted loss per share was $0.08.

總體而言，我們報告的每股攤薄虧損為 0.16 美元，而調整後的每股攤薄虧損為 0.08 美元。

Shifting to our balance sheet. Inventory was down 1% year-over-year to $946 million, which align with our expectations to finish in line with last year's level. Our cash balance at the end of the quarter was $501 million, and we had no amounts outstanding on our $1.1 billion revolving credit facility.

轉向我們的資產負債表。庫存年減 1% 至 9.46 億美元，這與我們預期的與去年水準持平的預期一致。我們在本季末的現金餘額為 5.01 億美元，且我們的 11 億美元循環信貸額度中沒有未償還的金額。

Additionally, we repurchased $25 million worth of our Class C stock during the fourth quarter, retiring 4.1 million shares. So far, under our three-year $500 million share repurchase program, we have repurchased $90 million of our Class C stock, retiring 12.8 million shares.

此外，我們在第四季度回購了價值 2,500 萬美元的 C 類股票，退出了 410 萬股。到目前為止，根據我們為期三年的 5 億美元股票回購計劃，我們已經回購了 9,000 萬美元的 C 類股票，退出了 1,280 萬股。

Now going briefly into our full-year results. Fiscal '25 revenues declined 9% to $5.2 billion, slightly better than our expected 10% decline. North American revenue was down 11% for the year, EMEA was flat, and APAC revenues declined 13%. Our full-year gross margin increased by 180 basis points to 47.9%, surpassing our outlook. This improvement was driven by reduced freight and product cost and the benefits of lower discounting in our DTC channel, especially in e-commerce.

現在簡單介紹一下我們的全年業績。25 財年營收下降 9% 至 52 億美元，略優於我們預期的 10% 降幅。全年北美地區收入下降 11%，歐洲、中東和非洲地區收入持平，亞太地區收入下降 13%。我們的全年毛利率成長了180個基點，達到47.9%，超出了我們的預期。這項改善得益於運費和產品成本的降低，以及 DTC 通路（尤其是電子商務）折扣降低帶來的好處。

Full year SG&A expenses rose 8% to $2.6 billion. Excluding a $266 million litigation settlement expense, approximately $31 million in transformation expenses, and a $28 million impairment related to exiting our previous headquarters, adjusted SG&A expenses decreased by 2% to $2.3 billion. This decline was primarily attributed to cost management initiatives, including the benefits realized to date from our fiscal 2025 restructuring plan.

全年銷售、一般及行政開支上漲 8%，達 26 億美元。不包括 2.66 億美元的訴訟和解費用、約 3,100 萬美元的轉型費用以及與退出原總部相關的 2,800 萬美元減值，調整後的銷售、一般及行政費用下降 2% 至 23 億美元。這一下降主要歸因於成本管理舉措，包括我們 2025 財年重組計畫迄今實現的收益。

Operating loss was $185 million, and excluding transformation expenses, restructuring, impairment charges and litigation settlement expenses, adjusted operating income was $198 million, slightly ahead of our prior outlook of $185 million to $195 million. Full-year diluted loss per share was $0.47 and our adjusted diluted earnings per share was $0.31, which was above our previous outlook of $0.28 to $0.30.

營業虧損為 1.85 億美元，不包括轉型費用、重組、減損費用和訴訟和解費用，調整後的營業收入為 1.98 億美元，略高於我們先前預測的 1.85 億美元至 1.95 億美元。全年每股攤薄虧損為 0.47 美元，調整後每股攤薄收益為 0.31 美元，高於我們先前預期的 0.28 美元至 0.30 美元。

Moving into fiscal '26 and building on Kevin's remarks, it's important to recognize the plan we established before the announcement of recent tariff changes. As we enter the second year of our turnaround, we've made measured progress across our strategic, operational and financial objectives.

進入 26 財年並基於凱文的講話，重要的是要認識到我們在最近的關稅變化宣布之前製定的計劃。隨著我們進入轉型的第二年，我們在策略、營運和財務目標方面都取得了顯著進展。

Before the recent changes in trade policy, this translated into an expectation of a modest top line contraction for fiscal '26 as we continue to prioritize higher-quality revenue and brand strength while driving further gross margin expansion and getting back to leveraging our SG&A cost structure, altogether driving operating income that was set to be ahead of fiscal '25 levels.

在最近的貿易政策變化之前，這轉化為對26財年收入適度收縮的預期，因為我們繼續優先考慮更高品質的收入和品牌實力，同時進一步推動毛利率擴張並重新利用我們的銷售、一般和行政費用成本結構，共同推動營業收入高於25財年的水平。

However, since changes in trade policy are expected to have a significant impact, we are proactively evaluating a range of mitigation strategies. This includes exploring potential cost-sharing initiatives with key partners, diversifying our sourcing footprint to minimize exposure to affected regions where feasible, and examining targeted price adjustments to protect margins in areas with unique pricing power.

然而，由於貿易政策的變化預計會產生重大影響，我們正在積極評估一系列緩解策略。這包括與主要合作夥伴探索潛在的成本分攤舉措，多樣化我們的採購足跡以盡量減少對受影響地區的敞口，並研究有針對性的價格調整以保護具有獨特定價權的地區的利潤率。

To provide a clearer view of our global sourcing profile, approximately 30% of our volume is sourced from Vietnam, 20% from Jordan, and 15% from Indonesia. The remaining one-third is strategically diversified across a number of other countries, each representing a low to mid-single-digit percentage. This deliberate diversification creates a well-balanced portfolio, reducing reliance on any single market and enhancing our ability to navigate geopolitical costs and supply chain complexities from a position of strength.

為了更清楚地了解我們的全球採購狀況，我們約有 30% 的採購量來自越南，20% 來自約旦，15% 來自印尼。剩餘的三分之一則透過其他多個國家進行策略性多元化投資，每個國家的佔比都在低到中等個位數之間。這種刻意的多元化創造了一個均衡的投資組合，減少了對任何單一市場的依賴，並增強了我們從優勢地位應對地緣政治成本和供應鏈複雜性的能力。

We also remain focused on managing SG&A by enhancing organizational efficiency, tightening discretionary spending, reducing travel and third-party costs and concentrating investments on initiatives directly supporting near-term revenue and margin expectations.

我們也將繼續專注於管理銷售、一般及行政費用 (SG&A)，方法是提高組織效率、縮減可自由支配的開支、減少差旅和第三方成本，並將投資集中在直接支持近期收入和利潤預期的計劃上。

Given the significant uncertainty that tariffs create concerning potential shifts in consumer demand and rise to product cost, we believe limiting our outlook to the first quarter of fiscal '26 is prudent. This measured approach demonstrates our commitment to maintaining flexibility and ensuring transparency as we navigate the evolving environment.

鑑於關稅對消費者需求的潛在變化和產品成本上升帶來的巨大不確定性，我們認為將我們的展望限制在 26 財年第一季是謹慎的。這種審慎的方法表明了我們致力於在不斷變化的環境中保持靈活性並確保透明度。

As such, we expect our first quarter revenue to decline by 4% to 5%, with North America also experiencing the same rate of decline due to softness in our Spring/Summer '25 wholesale order book, which we detailed in our last few calls. We anticipate high single-digit revenue growth in EMEA, supported by FX tailwinds and the Easter shift, along with a mid-teen percentage decline in APAC as we continue actions to lay the groundwork towards a healthier business.

因此，我們預計第一季營收將下降 4% 至 5%，北美也將經歷同樣的下降速度，原因是我們的 2025 年春夏批發訂單疲軟，我們在最近幾次電話會議中詳細說明了這一點。我們預計，受外匯順風和復活節轉變的推動，歐洲、中東和非洲地區的收入將實現高個位數成長，而隨著我們繼續採取行動為更健康的業務奠定基礎，亞太地區的收入將出現中等百分比的下降。

Regarding gross margin, we expect an expansion of 40 to 60 basis points compared to the previous year. This includes anticipated benefits from a more favorable product mix, reduced product freight costs and favorable foreign exchange rates. It is important to highlight, however, that changes in tariff policy are not expected to significantly impact our first quarter.

至於毛利率，我們預計較上年將擴大 40 至 60 個基點。這包括更有利的產品組合、降低的產品運費成本和有利的外匯匯率帶來的預期收益。然而，需要強調的是，關稅政策的變化預計不會對我們的第一季產生重大影響。

For SG&A, we remain focused on cost management in the context of our expected top line decline in the current operating environment. Excluding anticipated transformation expenses related to our fiscal 2025 restructuring plan, adjusted SG&A expenses are expected to leverage slightly compared to the prior year, driven mainly by ongoing savings from actions taken under our restructuring plan and other spending efficiencies.

對於銷售、一般及行政費用，在當前營運環境下預計營業收入將下降，我們仍將專注於成本管理。不包括與我們 2025 財年重組計畫相關的預期轉型費用，調整後的銷售、一般及行政費用預計與前一年相比將略有增加，這主要得益於我們根據重組計劃採取的行動和其他支出效率帶來的持續節省。

Bringing this together, we expect adjusted operating income to reach $20 million to $30 million and adjusted diluted earnings per share to be $0.01 to $0.03 in the first quarter of fiscal '26.

綜合以上因素，我們預計 26 財年第一季調整後的營業收入將達到 2,000 萬至 3,000 萬美元，調整後的每股攤薄收益將達到 0.01 美元至 0.03 美元。

In closing, while the environment remains dynamic, the sharper agility and stronger processes we've embedded give us confidence in our ability to manage near-term challenges while staying squarely focused on long-term value creation. Most importantly, we have the right team, energized, resilient and relentlessly committed to delivering an authentic brand and business transformation.

最後，雖然環境仍然是動態的，但我們所嵌入的更敏銳的敏捷性和更強大的流程使我們對自己應對短期挑戰的能力充滿信心，同時專注於長期價值創造。最重要的是，我們擁有一支合適的團隊，充滿活力、堅韌不拔，堅持不懈地致力於實現真正的品牌和業務轉型。

We remain unwavering in our strategic priorities, firmly believing they position us to unlock our full potential while maintaining the flexibility to adapt. Simply put, we are ready and built for what's next.

我們始終堅定不移地堅持我們的戰略重點，堅信這些重點能讓我們充分發揮潛力，同時保持適應的靈活性。簡而言之，我們已經做好了準備，迎接下一步。

Now we'll open the call to questions. Operator?

現在我們開始提問。操作員？

(Operator Instructions) Jay Sole, UBS.

（操作員指示）Jay Sole，瑞銀。

Great. I'd love to ask about the North American reset. Can you just give us a little bit more color and dive in a little bit more about how it's working and how it's shaping up in fiscal '26?

偉大的。我很想詢問有關北美重置的問題。您能否向我們詳細介紹一下它是如何運作的，以及它在 26 財年的發展？

Hi, Jay. Thank you. Well, first and foremost, this always begins with leadership. And we're very fortunate to have Kara Trent, who's my -- our partner here, and she's also the one who ran this play for us in Europe. So she is battle-ready and has brought that now in the chair for the last 14 or so months here in North America. And so that being the playbook that we're running here, it's just -- it's a great practice for us to have Kara.

你好，傑伊。謝謝。嗯，首先，這總是從領導開始。我們非常幸運能有卡拉特倫特 (Kara Trent)，她是我的合作夥伴，也是我們在歐洲執導這部戲劇的人。因此，她已經做好了戰鬥準備，並在北美執掌政權已有 14 個月左右了。因此，這就是我們在這裡運行的劇本，對於我們來說，擁有卡拉是一種很好的練習。

So that kind of leadership is great, and I'm happy to say that the team is substantially built around Kara as well.

所以這種領導力很棒，我很高興地說，這個團隊基本上也是圍繞著卡拉建立的。

We use the theme of modeling the behavior that we want to create, meaning we've gotten to work and taking ourselves out a bad situations with some of the constant discounting that I think, for too long, we were leading the conversation with consumers with. It was wishful thinking for us to get us positive, and that's why we use a metaphor of something like the backpack. I think it was our attempt to just try to demonstrate this is what we think excellence looks like.

我們使用的主題是塑造我們想要創造的行為，這意味著我們已經開始工作，並透過一些持續的折扣擺脫困境，我認為，長期以來，我們一直在引導與消費者的對話。我們一廂情願地希望自己能獲得正面的結果，這就是為什麼我們會用背包之類的東西來做比喻。我認為我們只是想證明這就是我們所認為的卓越。

So trying to show you, even through something like an accessory, when we get it right, because I don't believe we've done that -- I think we've made great product, but I think we've been somewhat limited to walking into a store and, frankly, finding clothes on a hanger. The story for a company like Under Armour that spends years, validating our factories, our fabrics, the products that we build, I don't believe that story had come through.

因此，當我們做對了的時候，我們會嘗試透過配件之類的東西向你展示，因為我不相信我們已經做到了這一點——我認為我們已經做出了很棒的產品，但我認為我們在某種程度上局限於走進一家商店，坦率地說，在衣架上找到衣服。對於像 Under Armour 這樣花費數年時間驗證我們的工廠、我們的布料、我們生產的產品的公司來說，我不相信這個故事已經廣為人知。

So this comprehensive, I think, metaphor of, number one, you need a great product. So I'll use a backpack because you put it on and you're like, wow, it feels like half the weight.

所以我認為，這個綜合的比喻是，第一，你需要一個偉大的產品。所以我會用背包，因為當你背上它時，你會覺得，哇，感覺重量減輕了一半。

Number two, the ability for us to communicate that to our to our sales forces and then to understand how to sell that. Number three, the appropriate in-store POP, what it's going to look like.

第二，我們有能力將這些資訊傳達給我們的銷售人員，然後了解如何銷售這些資訊。第三，合適的店內 POP 是什麼樣子的。

And then finally, again, as I said in my prepared remarks, the way that we're engaging with social media and changing away from just traditional media into things which are more relatable to that 16- to 24-year-old we're looking to go to.

最後，正如我在準備好的發言中所說的那樣，我們利用社交媒體的方式正在從傳統媒體轉變為更貼近我們目標人群的、與 16 至 24 歲年輕人息息相關的媒體。

I'm not sure we have a time line, but we will have as much better execution. The ability for us, when I say model the behavior, if we can do that, what I described with the backpack, and you imagine laying that into something like the Halo trainers that releases, our Unstoppable collection where, as you'll see, we're reinventing our base layer, building on the base and core that we have, but looking forward to what else that can be, I think begins to be the opportunity that we have.

我不確定我們是否有時間表，但我們會做得更好。對我們來說，當我說模仿行為時，如果我們能夠做到這一點，就像我用背包描述的那樣，你可以想像把它放到像 Halo 訓練器那樣的東西中，我們的 Unstoppable 系列中，正如你所看到的，我們正在重塑我們的基礎層，在已有的基礎和核心的基礎上進行構建，但著我們能開始成為​​其他什麼，我認為這還能開始成為​​我們的機會。

So there's a -- I feel like prior to April 2, I think we had a really good line of sight. It wasn't perfect. As Dave said, we weren't ready to grow. We are still in an ability of contracting where we were right now. But we feel like we're getting on our front foot.

所以，我覺得在 4 月 2 日之前，我們的視線就已經很好了。它並不完美。正如戴夫所說，我們還沒有準備好成長。我們目前仍處於收縮狀態。但我們感覺我們正在取得進展。

I think that begins with the belief that we have from the team and the ability for us to know that we can move this brand to something that's much more affectionate from the consumer.

我認為這始於我們團隊的信念，以及我們知道可以將這個品牌轉變為更受消費者喜愛的品牌的能力。

So the brand momentum, it should build ahead of the revenue. But the 18-month reset that we talked about in May of 2024, we're not far from that. We're progressing as planned through the year-end. So we're working with our wholesale partners, we're building confidence from them. And it's just one step at a time right now.

因此，品牌動能應該先於營收成長。但我們在 2024 年 5 月談到的 18 個月重置，距離這一目標並不遙遠。到年底，我們的工作進度將按照計劃進行。因此，我們正在與批發合作夥伴合作，建立他們的信心。現在只需一步一步來。

But we're basically -- we're in a fixed bayonets and down to hand-to-hand and we know what it takes. And there's a lot of good competitors out there, but we feel like we've got a pretty good story, and we've got a compelling brand as well.

但我們基本上——我們處於固定刺刀狀態，並且處於肉搏狀態，我們知道需要什麼。雖然市場上有很多優秀的競爭對手，但我們覺得我們有一個相當不錯的故事，而且我們也有一個引人注目的品牌。

Got it. That's great. If I can ask one more. Maybe can you share just some more details about your upcoming major brand activation. When will we be able to see it?

知道了。那太棒了。如果我可以再問一個。您能否分享一些即將舉行的大型品牌活動的詳細資訊？我們什麼時候可以看到它？

Yeah. We told you that it was going to be a large full force campaign that we're going to have. But to be clear, it's embracing that underdog DNA that we've spoken about, I think, several times, including our investor meeting back in December. Eric is digging into this marketing function. So just getting our arms around that.

是的。我們告訴過你們，我們將進行一場大規模的全力宣傳活動。但要明確的是，它擁抱了我們多次談論過的弱勢 DNA，包括去年 12 月的投資者會議。Eric 正在深入研究這項行銷功能。所以，我們只要掌握這一點就可以了。

We've also brought in a new SVP of Branded Americas Marketing in Tyler Rutstein, who really has driving a lot of that connection that we want to the target consumer.

我們還聘請了泰勒·魯斯坦 (Tyler Rutstein) 擔任美洲品牌行銷的新高級副總裁，他確實在推動我們與目標消費者建立聯繫方面發揮了很大作用。

So what you're not going to see is just a big campaign with Super Bowl ads. It is going to be smaller breakdowns of content that's relevant to the channel where we're marketing. The idea we have from a branding or marketing standpoint is that, I think anyone would tell you, we make good product. What we need though is we need permission from this kid, more importantly, the person that that kid is looking to across social media, the influencers, the NIL, the athletes, the others. And so that's where I think we're doing a better job of just telling the story of the product and making sure they understand that -- what the brand DNA is all about.

所以，你不會看到的只是一場包含超級盃廣告的大型宣傳活動。它將是對與我們行銷管道相關的內容進行更細化的細分。從品牌或行銷的角度來看，我想任何人都會告訴你，我們生產優質的產品。然而，我們需要的是獲得這個孩子的許可，更重要的是，獲得這個孩子在社群媒體上尋找的人、有影響力的人、NIL、運動員和其他人。所以我認為我們在講述產品故事方面做得更好，並確保他們理解品牌 DNA 的全部意義。

I can't emphasize enough a big part of this is -- what's coming with this campaign is that we're leading with story, we're not leading with a price. The activation, it will mostly be in the back half of the year too, Jay. But as I said, you're going to feel this in more sort of micro doses than you will as one sort of big splash. And we think that's the most effective way for us to deal with our marketing dollars right now.

我再怎麼強調也不為過，其中很大一部分是──這次活動的核心是我們以故事主導，而不是以價格主導。激活工作也將主要在下半年進行，傑伊。但正如我所說的，你會感覺到這種影響更多的是微量的影響，而不是巨大的衝擊。我們認為這是我們目前處理行銷資金最有效的方式。

I also think that you'll feel the benefits of this as we get probably a little more focused with our category management structure. And that's what's going to lead us, is that each of those GMs, five separate GMs that we have, of driving across selecting the right influencers, making sure that we're in the culture, what NIL will do for us.

我還認為，您會感受到這樣做的好處，因為我們可能會更加關注我們的類別管理結構。這就是我們要做的，就是讓每一位總經理，我們擁有的五位不同的總經理，都來選擇合適的影響者，確保我們融入到我們的文化中，這就是 NIL 將為我們做的事情。

And then we're going to lean on some of these intrinsic assets we have. And I don't just mean our sort of headline or banner athletes like the Stephen Currys or the Justin Jeffersons, but it's also getting into NIL athletes. It's leaning on our UA Next platform, which is we found just as part of -- a kid who hasn't engaged with Under Armour or seen us without UA Next, the NPS score is something that we believe can be significantly improved on.

然後我們將依靠我們擁有的一些內在資產。我所指的不僅僅是像史蒂芬·庫里或賈斯汀·傑斐遜這樣的頭條運動員或旗幟運動員，還包括 NIL 運動員。它依賴我們的 UA Next 平台，我們發現這只是其中的一部分——對於那些沒有與 Under Armour 互動或沒有見過我們 UA Next 的孩子來說，我們相信 NPS 分數可以顯著提高。

And if a kid has seen us or interacting with us through our 3,000 high school base that we have, plus how that rolls up to our All-America or UA Next events, the consideration goes up considerably, up into the high 50s and 60s.

如果有孩子透過我們擁有的 3,000 名高中生看到我們或與我們互動，再加上他們參加我們的全美或 UA Next 活動，他們的關注度就會大幅上升，達到 50 多分甚至 60 多分。

And so we're going to continue to build out these platforms that we've got long-term legacy and you'll continue to see us just spend our money a lot more thoughtfully and appropriately.

因此，我們將繼續建立這些我們擁有長期傳承的平台，您將繼續看到我們更加深思熟慮和合理地花錢。

So product marketing is going to be a part of this as well, I think as we're showcasing with the backpack because I think that's the greatest example of what does this brand mean or stand for. It gives us the ability to do that, ensuring that we give them the, A, what it is; B, what it does; and C, how it's going to make you better in the whole time, allowing you to feel something. That's what brands do and I think we're in the process making happen.

因此產品行銷也將成為其中的一部分，我認為我們透過背包來展示，因為我認為這是這個品牌的意義或代表的最佳例證。它使我們能夠做到這一點，確保我們向他們提供，A，它是什麼； B、它的作用；以及 C，它將如何讓你在整個過程中變得更好，讓你感受到一些東西。這就是品牌所做的，我認為我們正在實現這一目標。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Kevin, how are you thinking about the path, just normalizing e-com specifically maybe with the planned reduction in promo activity? Is there a specific revenue level or just some other way we can think about the timing, duration, maybe magnitude of the expected e-com revenue declines and stabilization?

凱文，您如何考慮這條路徑，具體來說就是規範電子商務，或許計畫減少促銷活動？是否存在特定的收入水平，或者我們可以透過其他方式來考慮預期的電子商務收入下降和穩定的時間、持續時間以及幅度？

And then, Dave, I think you noted the costs related to the restructuring plan. Just how are you thinking about the expected savings from? And I guess current uncertainty and tariffs notwithstanding looking a little bit longer term, how you're thinking about the ability to take SG&A expenses out of the model with this new lower revenue base?

然後，戴夫，我想你注意到了與重組計劃相關的成本。您認為預期節省的金額是多少？我認為，儘管存在當前的不確定性和關稅，但從長遠來看，您如何考慮在新的較低收入基礎上將銷售、一般和行政費用從模型中剔除？

Yeah, Simeon, I'll kick off with e-com. Obviously, we've been able to report positive traction after a year in controlling the controllables, which is our own DTC business is great and proved positive in the full price sales mix on our website up double digits year-over-year with prolonged clearance down.

是的，西緬，我將從電子商務開始。顯然，經過一年對可控因素的控制，我們已經能夠報告積極的牽引力，這就是我們自己的 DTC 業務很棒，並且證明了我們網站上的全價銷售組合同比增長了兩位數，而清倉銷售持續下降。

I think what we want to do is make sure that this isn't just meant to be a transactional site where people go and they find the grids, but they're actually looking and they're being brand inspired. I think too many sites is there's a lot of efficient ways to order products from a lot of different places. But when it's on our site, they should be required to see the story because I think that is our differentiator.

我認為我們想要做的是確保這不僅僅是一個人們去尋找網格的交易網站，而是他們實際上在尋找並受到品牌的啟發。我認為太多的網站都存在許多從不同地方訂購產品的有效方法。但當它出現在我們的網站上時，他們應該被要求看這個故事，因為我認為這是我們的區別所在。

That is our moat. And I think that, for too long, we've become, frankly, just clothes on a hanger. And also on an e-commerce front, point of view is incredibly important. It's not welcome to our website or welcome to our store, here's a bunch of stuff, what would you like to buy? But being very intentional.

那是我們的護城河。我認為，坦白說，我們太長時間以來就只是衣架上的衣服了。而且在電子商務方面，觀點非常重要。不歡迎來到我們的網站，也不歡迎來到我們的商店，這裡有一堆東西，您想買什麼？但卻是非常有意為之。

That's why I used that analogy of when we're getting it right, what we're showing what we did with the backpack and trying to use that metaphor, it's more about being able to have four or six expressions of that a year, imagine what that will look like when it manifests through the new Halo product that we drop later this year as well. And so that will be felt on our website too, and ensuring those other pieces.

這就是為什麼我使用這個比喻，當我們做對了的時候，我們展示的是我們用背包所做的事情，並嘗試使用這個比喻，更多的是能夠在一年內有四到六種表達方式，想像一下當它通過我們今年晚些時候推出的新的 Halo 產品體現出來時會是什麼樣子。因此，我們的網站也會感受到這一點，並確保其他部分也能體現。

Loyalty is also really important for us. It's -- we've got 18 million rewards members in the US alone, 10 million over in APAC for us. And active members, one thing that we found, which is a massive opportunity, generate about 50-plus percent more of our revenue and have doubled the repurchase rates. And so with loyalty over 50% of the US.

忠誠對我們也非常重要。我們的獎勵會員光在美國就有 1,800 萬，在亞太地區則有 1,000 多萬。我們發現，活躍會員是一個巨大的機會，他們為我們創造了約 50% 以上的收入，並使回購率翻了一番。因此，美國的忠誠度超過 50%。

DTC, it's really getting a slot and getting us close in really understanding who our consumer is and how we can speak to them in a better way.

DTC 確實佔據了一席之地，讓我們真正了解我們的消費者是誰，以及我們如何以更好的方式與他們交談。

I think also, again, the way that we showcase online. You're not just going to find a grid page with a static picture, but using a lot more video being a lot more dynamic. So we're working on the back-end infrastructure of our website as well, and that's been really important for us. Social commerce is going to play a part in what we're looking to do as well. And Tyler and team have been really driving that down on a grassroots level.

我也認為，我們在網路上展示的方式也是如此。您不僅會發現一個帶有靜態圖片的網格頁面，而且還會使用更多的影片來呈現更動態的效果。因此，我們也致力於網站的後端基礎設施，這對我們來說非常重要。社交商務也將在我們所做的事情中發揮重要作用。泰勒和他的團隊確實在基層推動了這一進程。

But all in all, in short, a healthier brand-right e-commerce foundation for sustainable growth is what we're looking to, and we're going to have great stories to tell, and what better platform than our own channels.

總而言之，簡而言之，我們正在尋找一個更健康的品牌電子商務基礎，以實現永續成長，我們將有精彩的故事要講述，還有什麼比我們自己的管道更好的平台呢？

Simeon, on the restructuring and SG&A side, as we drove through the restructuring plan in '25, we brought about $35 million of savings in fiscal '25 from that. You think about the full year run rate of those actions and then layering on the additional actions for fiscal '26, especially the closure of the Rialto DH out in California, that expected run rate savings on a full year as we get to the end of fiscal '26 is going to be closer to $75 million or so, which we're excited about. And then essentially a little bit higher than that as you step into fiscal '27 and you have a full year of all the fiscal '25 and '26 activities.

西緬，在重組和銷售、一般及行政費用方面，隨著我們在 25 年推進重組計劃，我們在 25 財年節省了約 3500 萬美元。您考慮一下這些行動的全年運行率，然後考慮 26 財年的額外行動，特別是關閉加州的 Rialto DH，那麼到 26 財年末，預計全年運行率節省將接近 7500 萬美元左右，我們對此感到興奮。然後，當你進入 27 財年並擁有 25 財年和 26 財年全年的所有活動時，這個數字基本上會比這個數字高一點。

So that's definitely helpful and a big step in the right direction for us. And as we stepped into planning for fiscal '26, pre-tariffs, we were looking for slight leverage in our cost structure, which is a great step in the right direction as well.

所以這對我們來說絕對是有幫助的，也是朝著正確方向邁出的一大步。當我們開始規劃 26 財年關稅前計畫時，我們正在尋求成本結構中的輕微槓桿作用，這也是朝著正確方向邁出的一大步。

And we're also seeing that as we plan out just the Q1, that the outlook that we've given. We do want to be mindful not to cut too deep when we think about any additional SG&A work that we want to drive, depending on what happens from a tariff and overall demand scenario, especially in brand marketing where sustained investment is critical to the long-term breadth and health of the company.

我們也看到，當我們規劃第一季時，我們已經給出了展望。當我們考慮任何我們想要推動的額外銷售、一般和行政費用 (SG&A) 工作時，我們確實要注意不要削減太多，這取決於關稅和總體需求情景，特別是在品牌營銷方面，持續投資對公司的長期廣度和健康至關重要。

But we do manage each of our expenses pretty tightly now. We've made a lot of progress there. A lot more discipline around consulting, around CapEx spending, discretionary spending, T&E. Again, as Kevin mentioned, optimizing the marketing, spending smarter, not more. And we've been able to reduce the SG&A now for multiple years in a row.

但我們現在確實對每項開支都管理得非常嚴格。我們在那裡取得了很大進展。在諮詢、資本支出、可自由支配的支出、差旅和費用方面有更多紀律。再一次，正如凱文所提到的，優化行銷，更明智地花錢，而不是更多花錢。我們已連續多年降低銷售、一般及行政費用 (SG&A)。

So we're definitely getting to a pretty good spot, and we're going to continue to manage it tightly as we drive through the year.

因此，我們確實已經達到了一個相當不錯的水平，並且我們將在今年繼續嚴格管理它。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

I guess, can you give us some idea, it sounds like you're -- about the inventory on hand, units and dollars and how, like are there a lot less units now within the inventory relative to the dollars? And how do you look at that moving over time, as well as the units and dollars in the revenue both in fourth quarter and sort of within the guidance relative growth of each?

我想，您能否給我們一些想法，聽起來您 - 關於庫存、單位和美元，以及現在庫存中的單位相對於美元來說是否少了很多？您如何看待這項變化，以及第四季的收入單位和美元以及各自的指導相對增長？

So from an inventory perspective, again, we feel pretty good about where we landed the year, pretty much right on what we expected. Obviously, we're managing this year pretty tightly as we get into fiscal '26 and a little bit of the uncertainties around demand with the current tariff environment. So we're being pretty tight with that, managing the POs. We do expect that wherever demand ultimately develops through the year, that we'll be able to manage inventory within a pretty tight range to that.

因此，從庫存角度來看，我們對今年的業績表現感到非常滿意，基本上符合我們的預期。顯然，隨著我們進入 26 財年，我們今年的管理相當嚴格，而且當前的關稅環境對需求存在一些不確定性。因此，我們對採購訂單的管理非常嚴格。我們確實預計，無論全年需求最終如何發展，我們都能夠在相當嚴格的範圍內管理庫存。

Obviously, the cost per unit is going to be going up. By how much, we're not sure as, obviously, with each announcement that seems to change a little bit. But we feel confident in our ability to manage it tightly. We don't have a large percentage of old or excess inventory. A lot of it is current.

顯然，單位成本將會上升。我們不確定具體是多少，因為顯然每次公告似乎都會有一點變化。但我們對自己嚴格管理的能力充滿信心。我們沒有大量的舊庫存或過剩庫存。其中很多都是目前的。

And we believe that we're going to be able to use our factory houses in a really positive way to move through a lot of that, and then, obviously, still tapping the off-price channel a little bit, but staying within our kind of our operating principle where we've been keeping that to the 3% to 4% mix of revenue as we did in fiscal '25.

我們相信，我們將能夠以非常積極的方式利用我們的工廠來解決其中的許多問題，然後，顯然，我們仍然會稍微利用折扣渠道，但我們會堅持我們的經營原則，即像我們在 25 財年那樣，將其保持在 3% 到 4% 的收入比例上。

And relative to the Q1 guide, again, we're not necessarily getting into too many details for full year. But on Q1, we feel pretty good about the outlook that we gave. There's not that much change in price versus unit in the Q1 guide. More of that will probably come as pricing changes come about later in the year.

相對於第一季的指南，我們不一定會透露全年的太多細節。但對於第一季度，我們對所給予的展望感到十分樂觀。Q1 指南中的價格與單位變動並不大。隨著今年稍後價格變化的出現，這種情況可能還會更多。

I don't -- I think I may have said it wrong. Your inventory is up 18% at the end of the quarter in dollars. What are the units up? And then within the guidance that you provided for the first quarter, with revenue down 4.5% to 5%, do you expect units, given that you're trying to make -- or units going to be down less given that you're trying to -- as you evolve to this more premium goal that you're aiming towards? I'm not trying to figure out if your inventory is in line or not.

我不知道——我想我可能說錯了。到本季末，您的庫存以美元計算增加了 18%。哪些單位正在運作？然後，在您為第一季度提供的指導中，由於收入下降了 4.5％ 至 5％，您是否預計單位數量會下降，或者說，隨著您向著更高端的目標邁進，單位數量下降幅度會更小？我並不是想弄清楚你的庫存是否符合要求。

I'm really trying to figure out, are the ASPs going to steadily work their way up within the guidance and within the inventory levels, so your units will be -- if your inventory is down 18%, your units are down 25%, which would then mean that you're basically elevating your brand?

我真的想弄清楚，ASP 是否會在指導價和庫存水平範圍內穩步上升，所以您的單位將會——如果您的庫存下降了 18%，您的單位就會下降 25%，這是否意味著您基本上在提升您的品牌？

Yeah. I guess, Sam, the way that we're looking at is a little bit more holistically because there's going to be puts and takes between the different regions. We did take some returns in Q4 of fiscal '25 to help make sure that we are coming into this year healthy. More of that was footwear driven, which has a little bit of a higher unit cost. So there's a lot of mixed items going on.

是的。我想，山姆，我們看待問題的方式應該更全面一些，因為不同地區之間會存在一些優點和缺點。我們確實在 25 財年第四季獲得了一些回報，以幫助確保我們今年能夠健康發展。其中，鞋類產品銷售量較大，單位成本略高。因此，存在著許多混合項目。

I don't know that digging into it relative to the unit progression from Q4 into Q1 is going to tell much more of a different story for us.

我不知道深入研究從第四季度到第一季的單位進展是否會為我們帶來更多不同的結果。

Sam, just to be clear, inventory is down 1% in the quarter. Down 1%. I thought you referenced plus 18%.

山姆，需要明確的是，本季庫存下降了 1%。下降1%。我以為你提到的是加上 18%。

No, I'm sorry. I'm sorry, down 15%. I'm sorry, I'm looking at -- I apologize for that. Inventory down -- with inventory down -- with inventory down, I mean the question is, are units down more than the dollars or less than the dollars as a percent? And then do you foresee going forward that, as your inventory gets to the appropriate level, that you're -- as you elevate the brand, will your dollar inventory grow faster than your unit, like would units be less as you get more focused?

不，我很抱歉。抱歉，下降了15%。對不起，我正在看——我對此表示歉意。庫存下降 - 隨著庫存下降 - 隨著庫存下降，我的意思是，問題是，以百分比計算，單位下降幅度是大於美元下降幅度還是小於美元下降幅度？然後，您是否預見到，隨著您的庫存達到適當的水平，隨著您提升品牌，您的庫存美元增長速度是否會比單位增長速度更快，比如，隨著您更加專注，單位數量是否會減少？

I got you. What I'm looking for is -- when I use the selling so much more of so much less at a much higher full price, one of the key metrics that I track daily is average unit retail and just saying, are we -- is the price that people are willing to pay for Under Armour more or less and looking at that across apparel, footwear and accessories equally? So we're highly tuned to that.

我接到你了。我所尋找的是——當我以更高的全價銷售更多或更少的商品時，我每天跟踪的關鍵指標之一是平均單位零售價，只是想說，我們——人們願意為 Under Armour 支付的價格是更高還是更低，並且平等地看待服裝、鞋類和配件？因此我們對此高度關注。

But yes, of course, our -- hopefully, we're driving that in margin, we're driving that and what people feel about the brand. But yes, that's going to be better, more premium product, is that we're not looking to take 6% of the lycra out of Garmin A, B or C and how that will translate into us building more margin that way. Pricing power is incredibly important for any brand. It is one of the things which we are keenly focused on. And so that means we can't just show up with the Joneses in $10 and $15 bins, selling product by the load.

但是的，當然，我們希望我們能夠推動利潤，推動人們對品牌的感受。但是的，那將會是更好、更優質的產品，我們不會從 Garmin A、B 或 C 中拿走 6% 的萊卡，這將如何轉化為我們透過這種方式創造更多的利潤。定價權對於任何品牌來說都極為重要。這是我們熱切關注的事情之一。這意味著我們不能像瓊斯一家那樣，擺在 10 美元或 15 美元的貨箱裡，按批出售產品。

So we're going to be incredibly intentional and very specific with the products that we bring to market. Yeah, it will cost more money for sure. But we need to prove that. We'll take it one step at a time. And we've got a great base to build on.

因此，我們將非常有針對性地、非常具體地對待我們推向市場的產品。是的，這肯定會花更多的錢。但我們需要證明這一點。我們會一步一步來。我們已擁有良好的發展基礎。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Kevin, Dave, it makes sense you're not guiding for the full year, but can you possibly speak to your fall order book? How has it changed over the last few months due to the tariff noise? And should we assume a certain rate, like could it be slightly down for -- on a year-over-year basis?

凱文、戴夫，你們沒有為全年做指導是有道理的，但是你們能談談秋季訂單嗎？過去幾個月由於關稅噪音，情況發生了什麼樣的變化？我們是否應該假設一個特定的比率，例如與去年同期相比，它是否會略有下降？

Yeah, I'll jump in on that one. Right now, we're definitely limiting to Q1 at this point. And a lot of that, if you think about it, with the tariff rates, they're pretty much temporary at this point. They may change significantly. So we don't feel it's prudent to give outlook that we'll also have to change and be adjusted kind of announcement to announcement. So we're trying to be prudent there. So we're really only looking at Q1 covering Spring/Summer '25.

是的，我會加入這個。目前，我們肯定僅限於第一季。如果你仔細想想，你會發現其中的許多關稅稅率目前基本上都是暫時的。它們可能會發生重大變化。因此，我們認為，在每次發佈公告時都做出改變和調整展望是不明智的。因此，我們試圖保持謹慎。所以我們實際上只關注 2025 年春夏季的第一季。

But I would say that the product feedback has been positive. And the influence of the new product organization, I think, is clearly visible. And as momentum grows, Fall/Winter '25 will build into spring/summer '26. And at this point, even with the tariff and uncertainty, we're not seeing any key partners with cancellations. I think our partners know that they're valued and we're really focusing on that.

但我想說的是，產品回饋是正面的。我認為，新產品組織的影響是顯而易見的。隨著動能的成長，2025 年秋冬季將會發展成為 2026 年春夏季。目前，即使存在關稅和不確定性，我們也沒有看到任何主要合作夥伴取消合約。我認為我們的合作夥伴知道他們受到重視，我們也非常關注這一點。

And we're giving them reasons to believe, and Kevin went through a lot of those points in his prepared remarks. And I think that there are clear improvements in the design and style that are being noted by our partners. So regaining shelf space takes time as you think about back half of the year, but our focus and execution are improving, and we're seeing those results.

我們給他們理由去相信，凱文在他的準備好的發言中詳細闡述了許多這些觀點。我認為我們的合作夥伴已經注意到了設計和風格上的明顯改進。因此，當你回想上半年的情況時，重新獲得貨架空間需要時間，但我們的重點和執行力正在提高，我們看到了這些成果。

Very helpful. And then on the gross margin, again, another great quarter. I think you called out, Dave, 150 bps of supply chain benefits due to mainly from lower product and freight costs and then 80 bps from just lower promotions. I would presume that there's -- the 80 bps continues to be a positive going forward. And then how many more quarters do you have of the 150 bps of benefits from just lower supply chain costs? Does it end in 1Q? Does it continue?

非常有幫助。就毛利率而言，這又是一個出色的季度。戴夫，我認為您提到了供應鏈效益的 150 個基點主要來自於產品和運費成本的降低，而 80 個基點則來自於較低的促銷活動。我認為 80 個基點在未來仍將起到積極作用。那麼，光從降低供應鏈成本就能獲得 150 個基點的收益，還能持續幾個季度呢？第一季結束嗎？還會繼續嗎？

And then lastly, again, EMEA guided up high single digits, wow, for first quarter. How should we assume that? Is that just kind of a wonky first quarter? Any onetime things that we should consider? Or is that just continued momentum for the brand in that region for the foreseeable future?

最後，EMEA 地區第一季的業績再次實現了高個位數成長，哇！我們該如何假設呢？這是否只是第一季不太順利的一個季度？我們應該考慮哪些一次性的事情？或者這只是該品牌在可預見的未來在該地區持續保持的發展勢頭？

Yeah. I think relative to gross margin, prior to the new tariffs, we were looking for continued gross margin expansion due to continued product costing improvements, ongoing work with the higher quality revenue including the DTC discounting and promotion reductions and a little bit of slight expected FX headwinds. However, the new developing tariffs will create, obviously, some significant headwind. And so we're only providing Q1 at this point.

是的。我認為，相對於毛利率，在實施新關稅之前，我們希望毛利率能夠持續擴大，這是因為產品成本不斷改善，持續致力於提高品質收入，包括 DTC 折扣和促銷減少，以及預期的輕微外匯逆風。然而，新制定的關稅顯然會帶來一些重大阻力。因此我們目前僅提供 Q1。

The larger benefits when you think about Q4 of '25 with the favorable supply chain impacts, product cost rate costs, some of that will continue, but we've got a lot of that that's been recognized and worked through with our partners through fiscal '25. But I wouldn't expect or anticipate that those benefits would be as large in fiscal '26.

當您想到 25 年第四季的有利供應鏈影響、產品成本率成本時，您會想到更大的好處，其中一些好處將會持續下去，但我們已經與合作夥伴在 25 財年認識到了很多好處，並且已經共同努力解決了這些問題。但我並不期望或預期這些收益在 26 財年會如此之大。

And then same thing relative to the DTC discounting favorability. Because we took such big strides in fiscal '25, especially in Americas, we wouldn't see as much of that year-over-year benefit continuing as an incremental benefit in fiscal '26. There's a little bit of benefit there in APAC as we started to do more of that as we're helping to clean up and reset APAC a little bit, but definitely not to the magnitude that we saw in fiscal '25.

然後，與 DTC 折扣優惠度相關的情況也是一樣。由於我們在 25 財年取得瞭如此大的進步，尤其是在美洲，我們不會看到這種同比增長在 26 財年繼續以增量收益的形式出現。隨著我們開始採取更多此類措施，幫助亞太地區進行清理和重置，亞太地區獲得了一些好處，但絕對沒有達到 25 財年的程度。

And then, Kevin, I don't know if you want to touch on EMEA?

然後，凱文，我不知道您是否想談談 EMEA？

Yeah. Let me just sort of give a global picture first, which is we recently made some leadership moves in APAC that we're into about four, five months into that process and have the markets actually reporting into me and I'm heading over there in a few weeks again.

是的。首先，讓我先介紹一下全球情況，我們最近在亞太地區進行了一些領導層變動，這個過程已經進行了大約四五個月，市場實際上已經向我匯報了情況，幾週後我將再次前往那裡。

As it relates to EMEA, not unlike we have here in America, you heard the affection that the team really has for our leadership, and Kara here, where we're fortunate to have A+ leadership in EMEA as well with Kevin Ross.

就 EMEA 而言，與我們在美國的情況類似，您聽到了團隊對我們領導層的真正喜愛，還有這裡的 Kara，我們很幸運在 EMEA 擁有 A+ 領導層以及 Kevin Ross。

And so the kind of momentum that we've had, again, that began under Kara's watch over there and that Kevin has really just accelerated over the last 18 months or so, it allows us to play offense. And it feels great. It's a great goal that everybody can look around the world and say this is what it feels like when you're just winning on a consistent basis.

因此，我們所擁有的這種勢頭，是在卡拉的監督下開始的，而凱文在過去 18 個月左右的時間裡確實加速了這種勢頭，這讓我們能夠發動進攻。感覺很棒。這是一個偉大的目標，每個人都可以環顧世界，說這就是當你持續獲勝時的感覺。

And so I think what's there is they have a really clear proposition for the consumer, authenticated in sport, specifically football. We've got nearly 30 athletes across all of the European leagues, highlighted by winners like Achraf Hakimi who plays for PSG and playing the Champions League Final in Germany, I think, this weekend. And again, that speaks to just what we have. We've got a bit of a cultural following now that's coming out of Europe, specifically out of France and Paris and in the UK also.

所以我認為他們對消費者有一個非常明確的主張，在運動，特別是足球方面得到認證。我們有來自所有歐洲聯賽的近 30 名運動員，其中最引人注目的是像阿什拉夫·哈基米這樣的獲勝者，他效力於巴黎聖日耳曼隊，我認為他本週末將在德國參加歐洲冠軍聯賽決賽。這再次證明了我們所擁有的一切。我們現在有一些來自歐洲的文化追隨者，特別是來自法國、巴黎和英國的追隨者。

We're well positioned with strong fundamentals. I think that this ambition we have, which is people seeing Under Armour's moat, which is it's not just a cool hoodie or a nice top or a great shoe, but people know that, if it's UA, it's got the performance aspects to it. And so we're really building on that, and that means rooting and authenticating ourselves in sports and sport where we I think we just have a great following.

我們擁有強勁的基本面，處於有利地位。我認為我們的這個雄心壯志是讓人們看到 Under Armour 的護城河，那就是它不僅僅是一件很酷的連帽衫、一件漂亮的上衣或一雙很棒的鞋子，而且人們知道，如果它是 UA，它就具有性能方面。因此，我們確實在此基礎上繼續發展，這意味著我們要紮根於體育運動中，在體育運動中證明自己，我認為我們擁有大量的追隨者。

The product that we're putting the football boot, we have athletes calling us, agents calling us, clubs calling us as well for our position there. And I think that's what feeds the entire ecosystem, in addition to great relationships with Sports Directs, the JDs, Intersports, El Cortes Ingles as well as our distributorships that we have in places like Turkey.

我們正在推出的產品是足球鞋，運動員、經紀人和俱樂部都給我們打電話，希望我們能在那裡佔有一席之地。我認為這可以為整個生態系統提供動力，此外我們還與 Sports Directs、JDs、Intersports、El Cortes Ingles 以及我們在土耳其等地的經銷商建立了良好的關係。

So I think we're just doing things right there. And then as we continue to just lean on the product as we continue to become more full force with things like some of our sportswear expressions that we have launching Halo, there's just a lot of energy and excitement for the brand. Echo is doing really well for us there also. So we're learning a lot, but again, it's good to be able to look at EMEA and just see what success really looks like. And so that ambition, it all fosters from that playbook that we've been running there for quite some time.

所以我認為我們只是在做正確的事。然後，隨著我們繼續依靠產品，隨著我們繼續透過一些運動服裝表達方式（例如我們推出的 Halo）變得更加強大，品牌就會充滿活力和激情。Echo 在那裡也為我們帶來了非常好的效果。因此，我們學到了很多東西，但再次強調，能夠觀察 EMEA 並了解真正的成功是什麼樣子是件好事。所以，這項雄心壯志完全源自於我們長期以來一直在執行的劇本。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

With ongoing evolution of the good, better, best products pyramid, I was curious if you could talk about the structural product offering influence on AUR and underlying gross margin as we look forward.

隨著好、更好、最好的產品金字塔不斷發展，我很好奇您是否可以談談結構性產品對 AUR 和潛在毛利率的影響。

Yeah, sorry, let me just give you structure wise. So I think a great example of a metaphor that we have from a product standpoint of how we're thinking about the business. Today we talked about we make a lot of good;, we make some better, and nowhere near enough best. We're looking to reshape our business with about 25% good, 50% better and 25% best. So we're looking to just ladder up.

是的，抱歉，我只能提供你結構方面的內容。所以我認為這是一個很好的例子，從產品的角度來比喻我們如何思考業務。今天我們談論了我們做了很多好事，我們做了一些更好的事情，但還遠遠不夠好。我們希望重塑我們的業務，讓 25% 的業務表現良好，50% 的業務表現更好，25% 的業務表現最好。因此，我們只想向上攀登。

And what we don't want to do is we're not looking to necessarily limit the amount of good product we have. We just want to reshape this business.

我們不想做的是，我們不一定希望限制我們擁有的優質產品的數量。我們只是想重塑這個產業。

A great example of that, I think, is what we use with Sharon Lokedi and the Boston Marathon. This is also on our Investor page, it spells it out really simply. But when you can authenticate at the highest level with something like the Boston Marathon, to smash a course record like Sharon did just a couple of weeks ago, in the $250 Elite product that we have, Velocity Elite, it really sets the pace.

我認為，我們與 Sharon Lokedi 和波士頓馬拉松合作的成果就是一個很好的例子。這也在我們的投資者頁面上，它非常簡單地說明了這一點。但是，當你能夠通過波士頓馬拉松等最高水平的比賽來驗證自己的實力，並像幾週前莎倫那樣打破賽道紀錄時，你就能穿著我們售價 250 美元的 Elite 產品 V​​elocity Elite 跑鞋真正地設定速度。

And what we've done a good job, I think where we've lost this is we sort of had a running execution. Now we're actually taking that hierarchy all the way down through the ecosystem, meaning you've got the $250 Elite shoe that will be in specialty run. We then have commercialized that with $160 version, you'll find in like big-box sporting goods and some run specialty as well.

我們做得很好，但我認為我們失敗的地方在於我們缺乏執行力。現在我們實際上正在將這個層次結構推廣到整個生態系統，這意味著你將擁有一款售價 250 美元的 Elite 鞋，它將用於專業跑鞋。然後，我們將其商業化，推出了售價 160 美元的版本，您可以在大型體育用品店和一些跑步專賣店中找到它。

The $130 version, a $100 version as well that we can open and bring down to family, and then as well as that design lines roll into our $75 Assert. And building this, it was the same designers that worked on the Top Elite from an overall aesthetic standpoint, all the way down to the $75 product.

我們可以打開售價 130 美元的版本，也可以將售價 100 美元的版本帶給家人，然後這些設計線也會進入我們的 75 美元 Assert 中。在打造這款產品時，從整體美學角度一直到售價 75 美元的產品，都是由與 Top Elite 相同的設計師負責的。

And so I think that's where we're just getting a lot more synergy with our product as it relates to one another. Apparel is no different, and we're getting it right. I think you'll see that from Halo, it is going to be a pinnacle expression from us, but it is going to be -- and it also crosses us and pushes us from, A, it's authentic product that's great to perform in, but also most importantly, it also looks great as well. And of course, it has the Under Armour DNA. So fixing that is something which is really important for us.

因此，我認為這就是我們的產品彼此之間產生更多協同效應的地方。服裝也不例外，我們做得很好。我想你會從 Halo 中看到這一點，它將成為我們巔峰的表達，但它也將是——它也會超越我們並推動我們，A，它是一款性能出色的真實產品，但最重要的是，它看起來也很棒。當然，它擁有 Under Armour 的 DNA。因此，解決這個問題對我們來說非常重要。

And I think, Peter, when you think about AUR and also even ASPs too, in fiscal '25, we had a pretty much lower e-com mix. We also had a lower APAC mix. We also had lower footwear mix. All three of those contributed to a little bit lower ASPs. As we drive further into fiscal '26 and back half of fiscal '26, those things will probably change a little bit from a mix perspective and will help ASPs in general.

彼得，我認為，當你考慮 AUR 甚至 ASP 時，在 25 財年，我們的電子商務組合相當低。我們的亞太地區組合也較低。我們的鞋類產品組合也較低。這三者都導致平均售價略有下降。隨著我們進一步進入 26 財年以及 26 財年下半年，這些情況可能會從組合角度發生一些變化，並總體上有助於 ASP。

And as we kind of comp the promo and discounting reductions that we've been doing, that will start to stabilize and turn more towards a positive for us. So we're definitely focused on that and we're going to keep driving that forward.

隨著我們不斷推出促銷和折扣措施，情況將開始穩定下來，並對我們產生積極的影響。所以我們肯定會關注這一點，並且我們將繼續推動這一進程。

Okay. Thank you, and Dave, I recognize the challenge in forecasting and guidance, but I was curious if you could give us a run rate gross tariff impact to COGS given current level of visibility.

好的。謝謝，戴夫，我認識到預測和指導方面的挑戰，但我很好奇，在當前可見度水平下，您是否可以告訴我們運行率總關稅對 COGS 的影響。

Yeah. Listen, I totally appreciate the question. And obviously, we're running through a lot of different scenarios at this point. And every few days, it seems like there's new information and new rumors out there. So at this point, we're going to kind of stay prudent and just speak to Q1.

是的。聽著，我非常感謝你的提問。顯然，我們現在正在經歷許多不同的情況。每隔幾天，似乎就會出現新的訊息和新的謠言。因此，目前，我們將保持謹慎，只談論第一季。

And then obviously, we would hope to be able to give a lot more color on that as we get to the next call.

顯然，我們希望在下一次通話時能夠對此提供更多詳細資訊。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

This is Kelly on for Paul. Appreciate you giving some color on how you were thinking about the business prior to the tariff announcements. Could you just help us bridge the gap between the kind of down mid-single-digit 1Q revenue guide and the expectation, again, prior to tariffs for sales down slightly? If you could just maybe talk about that from a geo and channel perspective.

這是凱莉 (Kelly) 取代保羅 (Paul)。感謝您詳細說明在關稅公告發布之前您對業務的看法。您能否幫助我們彌合第一季中等個位數收入指引與關稅之前銷售額略有下降的預期之間的差距？如果您可以從地理和渠道的角度來談論這個問題。

Yeah. I mean, I guess a couple of things there. We are giving the outlook for Q1 to be down 4% to 5%. We did mention that prior to the tariff announcements and a lot of the uncertainty over there, we were anticipating a full year modest revenue decline as we continue to kind of work to reset and strengthen the brand and progress on our strategic priorities. That decline that we were anticipating for the full year was anticipated to be a little smaller than the decline we had in fiscal '25, so to kind of give a little bit of a box around that.

是的。我的意思是，我猜那裡有幾件事。我們預計第一季的銷售額將下降 4% 至 5%。我們確實提到過，在關稅公告和許多不確定性出現之前，我們預計全年收入將小幅下降，因為我們將繼續努力重塑和加強品牌並推進我們的戰略重點。我們預計全年的下降幅度將比 25 財年的下降幅度略小，因此可以對此進行一些概括。

But then also expecting some gross margin expansion due to the continued costing improvements and also some of the continued reductions in DTC discounting and promos. And then with the SG&A, leveraging that, we expect to start driving in fiscal '26 as well, landing with operating income that was going to exceed fiscal '25.

但由於成本持續改善以及 DTC 折扣和促銷的持續減少，預計毛利率也會擴大。然後，利用銷售、一般及行政費用，我們預計在 26 財年也能開始推動，最終實現超過 25 財年的營業收入。

So that was a lot of the work that we were driving towards, and we're going to keep focused on all of those areas as we learn more about the tariffs and any potential demand impacts. But we feel pretty good about that. And you can tell from the outlook in Q1 that would basically back you into originally thinking our back half was going to be slightly better than our front half. Again, we'll have to see how things develop now with the tariffs and the uncertainty that are out there. But that's originally what we were seeing.

這就是我們正在努力進行的大量工作，隨著我們對關稅和任何潛在需求影響的了解越來越多，我們將繼續關注所有這些領域。但我們對此感覺很好。從第一季的前景可以看出，這基本上會讓您相信我們後半部分的表現會比前半部分略好一些。再次，我們必須觀察關稅和存在的不確定性等因素將如何發展。但這正是我們最初看到的。

All right. And just one more from us. On the sort of the North American DTC channel where you've been seeing some weakness due to pulling back on e-com, as you started to lap those promos, I mean should we expect your DTC channel growth in '26, obviously, outside of some of the tariff stuff? Or is what's happening with the rationalization in the factory outlets going to sort of offset that?

好的。我們還有一個問題。在北美 DTC 頻道方面，由於電子商務的撤退，您看到了一些弱點，當您開始進行那些促銷時，我的意思是，我們是否應該預期您的 DTC 管道在 26 年會增長，顯然，除了一些關稅因素之外？或者工廠直營店的合理化改革會抵銷這種影響？

Yeah. Again, we're not going to give a lot of detail on full year, but what I would say is that, as we move towards the back half of fiscal '26, we would have made a lot of those steps in finishing those plays from a DTC and health perspective in North America.

是的。再次重申，我們不會透露全年的太多細節，但我想說的是，隨著我們進入 26 財年下半年，我們將從北美的 DTC 和健康角度採取許多措施來完成這些行動。

So the pressures that we've had in DTC North America because of a lot of those strategic decisions should be much more minimized in the back half of fiscal '26. And so we feel pretty good about that and, obviously, stepping into fiscal '27. Again, tracking the demand situation here with tariff uncertainties, but that was where we were heading.

因此，由於許多策略決策，我們在 DTC 北美面臨的壓力在 2026 財年下半年應該會大大減輕。因此，我們對此感到非常滿意，並且顯然即將進入 27 財年。再次，追蹤這裡的需求情況，關稅存在不確定性，但這正是我們前進的方向。

And Kelly, I'll drop a little color on the model that you're working on too, because as Dave's talking through some of the technicals that we're working through, we're just looking to drive brand affection right now. So as we're thinking about fiscal '26, there's always a silver lining and everything.

凱利，我會對你正在研究的模型稍微加點顏色，因為當戴夫談論我們正在研究的一些技術問題時，我們現在只是想推動品牌影響力。因此，當我們考慮 26 財年時，總是會出現一線希望。

And so we're using this moment as an opportunity just to make sure that we're really clean, we're delivering ourselves and showing up at retail with our wholesale partners the way that we want to be seen. And we're modeling that behavior by demonstrating that on our own e-com and our own stores as well. And so it will be a full funnel approach for us for sure.

因此，我們利用這個機會來確保我們確實乾淨，以我們希望被看到的方式與我們的批發合作夥伴一起在零售店展示自己。我們正在透過在我們自己的電子商務網站和商店上展示這種行為來塑造這種行為。因此，對我們來說，這肯定是一個全通路的方法。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Hi. This is Krista Zuber on for John. Two questions for us. First, in terms of sort of a broader picture for North America, kind of in relation to the broad initiatives that are underway with this reset Kind of what do you see as a normalization or long-term opportunity for segment margin recovery in North America as you kind of move along this strategic reset? And then I have one follow-up.

你好。我是 Krista Zuber，代表約翰。問我們兩個問題。首先，就北美更廣泛的情況而言，與此重置正在進行的廣泛舉措有關，隨著您推進這一戰略重置，您認為什麼是北美分部利潤率復甦的正常化或長期機會？然後我還有一個後續問題。

Yeah. Let me just start with some of the basics there, which is, to be clear, we don't necessarily love where we are right now, but we certainly love where we're going. Culture is going to be a big part of this, and instilling that belief across the organization, across our partners at every touch level, suppliers, retailers, distributors, franchisees and especially our own team. This -- where we are in this reset, when as I used in my prepared remarks, the reinvention for the brand, it starts with our team. And so I think that, for me, in the last 13 months have been really constructive in that approach.

是的。讓我先從一些基本情況開始，也就是說，明確地說，我們不一定喜歡我們現在所處的位置，但我們肯定喜歡我們要去的地方。文化將在其中發揮重要作用，並將這種信念灌輸到整個組織、各個層面的合作夥伴、供應商、零售商、分銷​​商、特許經營商，尤其是我們自己的團隊。正如我在準備好的演講中所說，我們正處於這種重置之中，品牌的重塑始於我們的團隊。所以我認為，對我來說，過去 13 個月這種方法確實很有建設性。

As I said, we don't need any excuses, meaning that it's not just about us transactioning or trading on price, which I feel like we've done for a bit too long. And we just really need to drive that affection from that 16- to 24-year-old athlete, as well as the consumer that we have today, which includes some 16 to 24, but we think we can drive that more.

正如我所說，我們不需要任何藉口，這意味著這不僅僅是我們進行交易或根據價格進行交易，我覺得我們這樣做的時間有點太長了。我們真正需要的是激發 16 至 24 歲運動員以及我們今天的消費者（包括一些 16 至 24 歲的人）的喜愛，但我們認為我們可以激發更多。

Product story, service and team is this foundation that we've talked about often throughout our history of the fundamentals we need to get right with. And as we say, product is our everything, and number one, the best product we should make or manufacture should be our story. The rest of the team is falling in and all those other pieces that we have of making sure we have the right products at the right place at the right time. And so we're really just driving down to the fundamentals.

產品故事、服務和團隊是我們在整個歷史中經常談論的需要正確處理的基本要素。正如我們所說，產品就是我們的一切，首先，我們應該製造或生產的最好的產品應該是我們的故事。團隊的其他成員也加入進來，我們所有的其他成員都致力於確保我們在正確的時間在正確的地點提供正確的產品。因此，我們實際上只是在關注基本面。

And as I said, when we're getting this right during this reset, and we're moving ourselves especially here in North America from what kind of Under Armour would you like to buy to? Here's four very specific ideas that we have for you that we think that you'll love. That's what I think that will be really in stride.

正如我所說的，當我們在這次重置過程中把這件事做好時，我們會將自己轉移到北美，從您想購買哪種 Under Armour 到什麼類型的 Under Armour？以下是我們為您提出的四個非常具體的想法，我們認為您會喜歡的。我認為那才是真正的順利。

So we've got work to do, but we're making this manifest across every channel touch point, from e-com to our outlet stores, to -- or factory houses, all the way to our full-price brand houses as well and especially in our retail partners. So they're waiting to see us win. There's competition from a lot of different places, but I like our positioning. I know that this team can pull it together and excited about what it means in the short, mid- and long term.

因此，我們還有很多工作要做，但我們正在每個通路接觸點體現這一點，從電子商務到我們的直銷店，到工廠，一直到我們的全價品牌店，特別是我們的零售合作夥伴。所以他們在等著看我們獲勝。雖然來自不同地方的競爭很激烈，但我喜歡我們的定位。我知道這個團隊能夠團結一致，並且對它的短期、中期和長期意義感到興奮。

Terrific. Thank you for that. And then just how should we think about the category mix within the context of apparel and footwear in your Q1 revenue guide? And is there anything that you can talk to you about the margin differential between those two categories currently, and kind of where you see that longer term?

了不起。謝謝你。那麼，在您的第一季收入指南中，我們應該如何考慮服裝和鞋類背景下的類別組合？您能否談談目前這兩個類別之間的利潤差異，以及您對長期利潤差異的看法？

Yeah, I'll jump in on that real quick. When we think about Q1, we do anticipate that footwear will have a little bit more pressure than apparel and accessories for Q1. And that's something that we've been talking about over the last year as well. And from a margin perspective, that actually does help us a little bit because our footwear is a little bit lower gross margin than our apparel. That gap is something that we've been decreasing a little bit each year as we continue to design our footwear differently and continue to improve relative to price points there.

是的，我會很快開始。當我們考慮第一季時，我們確實預計第一季鞋類面臨的壓力會比服裝和配件更大一些。這也是我們去年一直在談論的事情。從利潤率的角度來看，這確實對我們有點幫助，因為我們的鞋類毛利率比服裝略低。隨著我們不斷採用不同的鞋類設計並不斷改進價格點，這一差距每年都在縮小。

So it is something that we're cognizant of relative to the mix. We're looking forward to continuing to drive footwear longer term. We understand that that can create a little bit of a gross margin headwind for us longer term, but that's something that we can plan for and navigate and are looking forward to that.

因此，這是我們所了解的與混合有關的事情。我們期待長期繼續推動鞋類產業的發展。我們明白，從長遠來看，這可能會給我們的毛利率帶來一些阻力，但這是我們可以規劃和應對的事情，我們對此充滿期待。

This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。