Under Armour Inc (UA) 2026 Q1 法說會逐字稿

Good day, and welcome to the Under Armour Q1 2026 earnings conference call. (Operator Instructions) Please note that today's event is being recorded. I would now like to turn the conference over to Lance Allega, Senior Vice President, Finance and Capital Markets. Please proceed.

大家好，歡迎參加 Under Armour 2026 年第一季財報電話會議。 （接線員指示）請注意，今天的會議正在錄製中。現在，我將把電話會議交給財務和資本市場高級副總裁 Lance Allega。請繼續。

Thank you. Good morning, and welcome to Under Armour's first quarter fiscal 2026 earnings conference call. Today's call is being recorded and will be available for replay. Joining us on the call this morning are Under Armour's President and CEO, Kevin Plank; and Chief Financial Officer, Dave Bergman. Before we begin, I'd like to remind everyone that our remarks today will include forward-looking statements that reflect Under Armour management's current views as of August 8, 2025.

謝謝。早安，歡迎參加安德瑪2026財年第一季財報電話會議。今天的電話會議已錄音，可供重播。今天早上參加電話會議的嘉賓包括安德瑪總裁兼執行長凱文普朗克 (Kevin Plank) 和財務長戴夫伯格曼 (Dave Bergman)。在開始之前，我想提醒大家，我們今天的發言將包含前瞻性陳述，這些陳述反映了安德瑪管理階層截至2025年8月8日的當前觀點。

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.

這些聲明可能包含我們未來業績的預測，並非對未來業績的保證。由於若干風險與不確定因素，實際績效可能與預期有重大差異。這些風險和不確定因素已在今天上午的新聞稿以及我們提交給美國證券交易委員會 (SEC) 的文件中進行了說明，包括我們最新的 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. And 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 stations website at about.underarmour.com.

今天的討論可能還會參考非公認會計準則 (Non-GAAP) 財務指標，我們認為這些指標有助於洞察我們潛在的業務趨勢。這些非公認會計準則 (Non-GAAP) 指標與其最可比較的公認會計準則 (GAAP) 指標的適用對帳表，請參閱今天上午的新聞稿以及我們投資者網站 about.underarmour.com。

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

說完這些，我會把電話轉給凱文。

Thanks, Lance, and thank you all for joining us this morning. With the first quarter complete, this is an important moment to evaluate our position and importantly, our direction. We're undertaking a bold reinvention and rebuilding with purpose to become a sharper, more focused brand one that blends sports, style and innovation with financial discipline and edge.

謝謝，蘭斯，也謝謝大家今天早上的到來。第一季已經結束，現在是評估我們當前狀況以及未來方向的重要時刻。我們正在進行大膽的重塑和重建，目標是成為一個更敏銳、更專注的品牌，將運動、時尚和創新與財務紀律和優勢完美融合。

This isn't about fixing the past, it's about unlocking our full potential. Under Armour started as a product in 1996 and became a brand over the following two decades and, quite frankly, has spent the last eight years operating more like a company than a brand.

這不是為了彌補過去，而是為了釋放我們的全部潛能。 Under Armour 於 1996 年以產品起家，並在隨後的二十年裡發展成為一個品牌。坦白說，過去八年，它的運作方式更像是一家公司，而不是一個品牌。

16 months back into the CEO role, my hands are firmly on the wheel. We're in the process of flipping that script, where every decision we make is focused through a brand first lens. This in no way means retreating on operational discipline.

重返執行長職位16個月了，我依然牢牢掌控著方向盤。我們正在改變這種局面，我們所做的每一個決定都將以品牌至上的視角來看待。但這絕不代表要放棄營運紀律。

In fact, it means being a better company with rigor and process, capital allocation and execution, but simply requiring that every decision we do make contemplates is this the best decision for our brand because if it's the best decision for the brand then it's the best decision to create long-term shareholder value. World-class financials don't build world-class brands. It's actually the other way around.

事實上，這意味著要成為一家更優秀的公司，擁有更嚴謹的流程、更優的資本配置和更佳的執行力，但更重要的是，我們所做的每一個決定都必須認真思考，這是否對我們的品牌而言是最好的決定。因為如果它對品牌而言是最好的決定，那麼它就是創造長期股東價值的最佳決定。世界一流的財務狀況並不能打造世界一流的品牌。事實恰恰相反。

The only way we win is by creating a brand people can't ignore. Our current numbers don't yet tell the whole story, but the signs are there. Brand health is starting to gain traction. Cultural relevance is returning, and our phone is ringing from talent that wants to join us.

我們取勝的唯一方法是打造一個讓人無法忽視的品牌。我們目前的數據還不能說明全部情況，但跡像已經顯現。品牌健康度正開始提升。文化相關性正在回歸，我們的電話響個不停，有人才渴望加入我們。

EMEA is outperforming. North America, APAC are on path towards better stability and team sports are heating up, while digital engagement is increasing. We're stronger than we were six months ago and will be even stronger six months from now. This transformation isn't easy and requires a lot of patience, more than any of us would like, but we're taking the right steps to build deeper, lasting connections with consumers and focused on creating mid- and long-term shareholder value.

歐洲、中東和非洲地區表現優異。北美和亞太地區正朝著更穩定的方向發展，團隊運動日益升溫，數位化互動也日益活躍。我們比六個月前更強大，六個月後也將更強大。這種轉型並非易事，需要極大的耐心，甚至超越我們任何人的預期。但我們正在採取正確的措施，與消費者建立更深層、更持久的聯繫，並專注於創造中長期股東價值。

The good news, we're not starting from scratch. We have the essentials with presence in nearly 150 countries, 2,000 mono-branded stores, 15,000 teammates, a new headquarters, almost 30 years of sports credibility. Our strength is authenticity, which I don't believe we've fully embraced, and that's now changing.

好消息是，我們並非從零開始。我們擁有核心業務：業務遍及近150個國家，擁有2000家單一品牌門市，15,000名隊友，全新的總部，以及近30年的體育信譽。我們的優勢在於真實性，我認為我們之前並沒有完全掌握這一點，而現在這種情況正在改變。

And yes, the environment is challenging, limited spending, higher promotions and a dynamic domestic tariff policy. Independent of that, our mission is clear: Stop the decline and rebuild stronger. I understand what's at stake and intend to apply a lifetime of brand-building experience, 20 years of it with the same public company and creating our best work driving this transformation. At the heart of this, our bold from two shifts, deliberate moves that redefine our brand identity and reshape our operations. Let me walk you through how we're turning that vision into reality.

誠然，當前的環境充滿挑戰，支出有限，促銷活動增加，國內關稅政策也不斷改變。但即便如此，我們的使命依然清晰：止步不前，重建更強大的公司。我深知其中的利害關係，並打算運用我畢生累積的品牌建立經驗——我在同一家上市公司工作了20年，並致力於打造我們最優秀的品牌——來推動這項轉型。而這其中的核心，是我們大膽的兩次轉變，這些深思熟慮的舉措重新定義了我們的品牌形象，並重塑了我們的營運模式。讓我來向大家介紹我們如何將這個願景轉化為現實。

Over the past year, we've achieved significant progress in realigning our product engine, simplifying operations and positioning Under Armour to better serve athletes, customers and shareholders in the long run. We faced some tough truths. Our assortment had been too broad or material libraries too complicated and our design language lacked clarity.

過去一年，我們在調整產品引擎、簡化營運以及安德瑪的長期定位方面取得了重大進展，以便更好地服務運動員、客戶和股東。我們也面臨一些嚴峻的現實。我們的產品線過於寬泛，材料庫過於複雜，而且我們的設計語言缺乏清晰度。

So we're simplifying. We're consolidating. We're editing and we're laying the foundation for sharper execution and better pricing, cutting down the product range of materials is already making us faster, leaner and more focused. We're on track to meet our initial goal of reducing SKUs by 25%. We're discovering more ways to streamline.

所以我們正在簡化。我們正在整合。我們正在編輯，我們正在為更精準的執行和更合理的定價奠定基礎。減少產品種類已經讓我們變得更快、更精簡、更專注。我們正朝著最初的目標穩步前進，即將庫存單位（SKU）減少25%。我們正在探索更多精簡的方法。

This focus sharpens execution and strengthens our product lineup. We've already cut our materials by 30% for our 2025 products and plan to reduce it further in 2026, lowering costs, improving sourcing and supporting more sustainable innovation-driven design.

這項重點提升了我們的執行力，並增強了我們的產品陣容。我們已將2025年產品的材料用量減少了30%，並計劃在2026年進一步減少，以降低成本、改善採購流程並支持更永續的創新驅動型設計。

In effect, as our old saying goes, we plan to spend much more time writing a much shorter letter. We certainly made progress and now aim to push even harder, especially with underperforming and low-margin products, leading with math like any basic 80/20 rule, but ensuring that we are also brand informed as we make decisions.

實際上，正如我們常說的，我們計劃花更多時間寫一封更短的信。我們確實取得了一些進展，現在的目標是更加努力，尤其是在業績不佳和利潤率低的產品上，我們會像任何基本的80/20規則一樣，運用數學知識，同時確保在決策過程中也充分考慮品牌的實際情況。

In March, we introduced a new category management operating model and go-to-market process, both are now active and continuously being refined. Along the way, we've combined experience UA talent with fresh leadership to inject energy and expertise where it counts most.

今年3月，我們引進了全新的品類管理營運模式和市場推廣流程，目前這兩項工作都已啟動並持續改善。在此過程中，我們將經驗豐富的使用者獲取 (UA) 人才與全新的領導團隊結合，為最重要的環節注入活力和專業知識。

Just last week, Eric Liedtke and I guided our corporate team through our five year strategic road map, effectively the final and third leg of the brand foundation to complement our operating model that rolled out in February and the go-to-market we described during our last call using the No Weight backpack as our example.

就在上週， Eric Liedtke 和我指導我們的公司團隊制定了五年策略路線圖，這實際上是品牌基礎的最後一步和第三步，以補充我們在二月份推出的營運模式以及我們在上次電話會議上以 No Weight 背包為例描述的上市計劃。

These three brand foundational pillars are essential to any transformation and what I'm most excited about from a progress standpoint since April of '24. Key component of any strong culture is ensuring that every teammate knows exactly what's expected of them and with the definition of success is. This structure is now in place.

這三大品牌基礎支柱對任何轉型都至關重要，也是自2024年4月以來，從進展的角度來看，我最興奮的。任何強大文化的關鍵在於確保每位團隊成員都清楚地了解對他們的期望以及成功的定義。這種結構現在已經建立。

Our team is aligned, we're set up to run. To try to simplify the broader strategic goal for the organization, in the one statement of what we aim to achieve, it is selling so much more of so much left at a much higher full retail price.

我們的團隊已齊心協力，蓄勢待發。為了簡化公司更廣泛的策略目標，我們的目標是：以更高的零售價銷售更多剩餘產品。

That means tighter assortments, more key items safety stock, netting better order fulfillment, shape forward storytelling of intentional, personified products that we make famous, like our heat gear base layer, realizing the full retail value for our product all the way out the door. It's what's essential for us to make this brand transformation happen. This is underway, and we're driving through two key levers.

這意味著更緊湊的商品組合、更多關鍵商品的安全庫存、更有效率的訂單履行、以及塑造我們精心打造的個人化產品（例如我們的保暖內衣）的前瞻性故事，從而實現產品在售出過程中的全部零售價值。這些對於我們實現品牌轉型至關重要。目前，轉型正在進行中，我們正在透過兩個關鍵槓桿來推動。

First, we'll continue to launch pinnacle defining products like our Heat Gear OG compression mock, the Velociti Elite three running shoe, the Magnetico football boot and Halo collection, along with accessories such as the Stealth Form Hat and the No Weight backpack, products that only UA could make informed from our unique brand intersection of sports authenticity, cultural style and distinct innovation, all with higher ASPs that we are inviting the market to stretch to, and they're gaining real traction.

首先，我們將繼續推出巔峰產品，例如 Heat Gear OG 壓縮模擬產品、Velociti Elite 三跑鞋、Magnetico 足球靴和 Halo 系列，以及 Stealth Form 帽子和 No Weight 背包等配件，這些產品只有 UA 才能從我們獨特的品牌運動真實性、文化風格和創新的交匯中真正邀請它們，所有這些價格都具有更高的價格，它們正在向我們具有更高的吸引力

Secondly, we're working to apply those lessons of premiumizing our brand to our top 10 volume drivers across apparel, footwear and accessories. We're systematically redesigning our top 10 volume items for better performance, bolder designs leading to better and more full average selling price revenue. We're elevating the reason to buy UA. Updated industry-leading innovative products with richer storytelling and brand confidence for our consumers.

其次，我們正努力將品牌高端化的經驗應用於服裝、鞋類和配件領域十大銷售驅動因素。我們正在系統性地重新設計十大銷售產品，以提高產品效能，提升設計風格，以實現更佳、更全面的平均售價效益。我們正在提升購買UA的理由。我們更新了業界領先的創新產品，為消費者提供更豐富的故事敘事和品牌信心。

These top 10 styles represent tens of millions of units that once driving higher average selling prices will fall straight to our bottom line. This two-lever strategy also has the benefit of being the same play we are and would run to help mitigate tariff impacts.

這十大款式代表著數千萬件產品，一旦它們推高平均售價，就會直接影響我們的利潤。這種雙槓桿策略的另一個好處是，它與我們目前採取的策略一致，有助於減輕關稅的影響。

While we cannot affect holistically in the short term, we should see this benefit coming through our P&L in coming seasons. Pulling this example all the way through where prior to April 2, we'd already been planning to improve product quality for our consumers with an item like our $25 Tac-Tee, moving that to a higher price point justified by enhancing fabric material design and story. Now we're considering pushing that price point a bit further to an embedded consumer who we do have pricing power with.

雖然我們無法在短期內產生全面影響，但我們應該能看到這種效益在未來幾季的損益表中體現出來。以這個例子為例，在4月2日之前，我們就已經計劃透過提升25美元Tac-Tee等產品的品質來滿足消費者的需求，並透過提升布料、設計和故事情節來提高其價格。現在，我們正在考慮將這個價格點進一步下調，以吸引那些我們擁有定價權的嵌入式消費者。

Effectively, we're running a very similar play to elevate the brand that we're now incorporating to mitigate tariffs. We're not, however, walking away from value-driven consumers. Sports gives us room to compete at every level, good, better and best. We're expanding our top tiers while keeping the right products at entry price points but moving those price points and the products quality themselves up. That balance is what built Under Armour, and it's how will continue to succeed by creating performance gear that is desired by consumers regardless of the price point.

實際上，我們正​​在採取非常類似的策略來提升我們目前正在整合的品牌，以降低關稅。然而，我們並沒有放棄價值驅動的消費者。運動讓我們在各個層面都有競爭的空間，包括「好」、「更好」和「最好」。我們正在擴大高端產品線，同時保持合適的入門級產品，並不斷提升這些價格點和產品品質。正是這種平衡成就了安德瑪，也正是這種平衡，讓我們能夠透過打造消費者無論價格如何都能接受的高性能裝備，繼續取得成功。

We're also changing how we connect with athletes, a realignment of our presence and who we serve. We're shifting from a gym first approach to a focus on team sports, emphasizing both American and Global Football, basketball, baseball and volleyball. It's a deliberate move back to performance, bringing new energy and relevance to today's game.

我們也正在改變與運動員的溝通方式，重新調整我們的品牌形象和服務對象。我們將從以健身房為中心轉向專注於團隊運動，專注於發展美式足球和全球橄欖球、籃球、棒球和排球。這是一場刻意回歸運動表現的舉措，為當今的體育賽事注入了新的活力和意義。

At the same time, we're expanding beyond our GenX Foundation to connect with Gen Z and Alpha purpose-driven app to value transparency, authenticity and daily relevance. We're also shifting from primarily a professional athlete only model to an influencer-led network, broadening our athlete roster to include high school stars, college athletes, creators and their communities.

同時，我們正在拓展 GenX 基金會以外的業務，連結 Z 世代和 Alpha 世代的目標驅動型應用，以重視透明度、真實性和日常相關性。我們也正在從主要面向職業運動員的模式轉變為以網紅為主導的網絡，擴大我們的運動員名單，涵蓋高中明星、大學運動員、創作者及其社區。

Through NIL partnerships, grassroots efforts and authentic storytelling, we're building momentum from the ground up and the energy will continue to grow. This transformation cuts across every category. We're expanding beyond just the locker room, building real sports for our credibility, while continuing to deliver high-performance gear for athletes both on and off the field. We're also working to close a gap we've let sit for long, the needs of women. Yes, we built a $1 billion plus women's business, but its share of our total hasn't increased. That's on us, and we're addressing it.

透過NIL合作夥伴關係、基層行動和真實的故事敘述，我們正在從零開始積聚勢頭，並將持續成長。這種轉變涵蓋了每一個領域。我們正在拓展更衣室以外的領域，打造真正的運動項目以提升我們的信譽，同時繼續為場上場下的運動員提供高性能裝備。我們也正在努力彌補長期以來被忽視的一個缺口——女性的需求。是的，我們建立了一個價值10多億美元的女性業務，但它在我們總收入中的份額並沒有成長。這是我們的責任，我們正在解決這個問題。

We're integrating a women's centered approach directly into our category management model, led by long-time UA veteran, Jenette Robertson. It's a structural change, and we're working hard to get it right. not only in product but also in how we design, market and bring her into our brand.

我們正在將以女性為中心的理念直接融入我們的品類管理模式中，由資深 UA 資深人士 Jenette Robertson 領導。這是一項結構性變革，我們正在努力做好，不僅在產品上，也在設計、行銷以及將女性融入我們品牌的方式。

Next, let's talk about footwear. We know it's not where it should be. For too long, we lacked focus and consistency in a category that defines our industry. We pursued too many ideas adopted franchise architecture late and missed opportunities in innovation, design and storytelling that athletes expect from Under Armour.

接下來，我們來談談鞋類。我們知道它沒有達到應有的高度。長期以來，我們在這個定義我們行業的品類上缺乏專注和一致性。我們追求了太多理念，卻遲遲沒有採用特許經營架構，錯過了運動員對 Under Armour 所期待的創新、設計和故事敘述方面的機會。

Two years ago, we reset our footwear business under the leadership of industry veteran, Yassine Saidi. We made a very intentional decision to take a step back to move forward, streamlining the portfolio, eliminating underperforming lines and rebuilding with a sharper more focused foundation deeply connected to the athlete in all aspects of how they live.

兩年前，在業界資深人士亞辛·賽迪（Yassine Saidi）的領導下，我們重塑了鞋類業務。我們做出了一個非常明智的決定：退一步，邁步向前走。我們精簡了產品組合，淘汰了表現不佳的產品線，並重建了一個更清晰、更專注的品牌基礎，在運動員生活的各個方面與他們緊密相連。

Running footwear is a great example where we now have two very clear pinnacle vertical silos of product, Velociti and the recently launched Halo. We've made the decision to sunset our previous Infinite franchise, which we believe is a long-term brand right decision, but it's come at a price which you're seeing affect our near-term footwear declines and replaced it with a broader aperture and more sports casual vertical of Halo, while doubling down on our Velociti franchise in high-performance run.

跑步鞋就是一個很好的例子，我們現在有兩個非常清晰的頂級垂直產品系列：Velociti 和最近推出的 Halo。我們決定停產之前的 Infinite 系列，我們認為這是一個從長遠來看正確的品牌決策，但代價是巨大的，正如您所看到的，這會影響我們近期鞋類產品的下滑。我們用更廣闊的視野和更運動休閒的 Halo 系列取而代之，同時加倍投入高性能跑步鞋系列 Velociti。

These deliberate decisions, combined with softer demand are weighing on our results, and we own them. However, we believe this to be near term. And over the mid-to-long term, we anticipate harnessing our Velociti and Halo Foundation to drive greater intention across our running category and a blueprint for the broader footwear business.

這些經過深思熟慮的決定，加上需求疲軟，正在對我們的業績造成壓力，我們對此負有責任。不過，我們認為這只是短期現象。從中長期來看，我們預計將利用 Velociti 和 Halo 基金會，在跑步類別中提升目標，並為更廣泛的鞋類業務規劃藍圖。

Our immediate numbers reflect the transition but believe that our long-term results will reflect the transformation. The goal is simple, sharper design, stronger storytelling, reliable performance on and off the field. Early signs are promising, and we're moving in the right direction.

我們的短期業績反映了轉型，但我們相信，長期績效也將反映這種轉變。我們的目標很簡單：更銳利的設計、更強大的敘事能力、以及場內場外的可靠表現。早期跡象令人鼓舞，我們正朝著正確的方向前進。

And running the Velociti Elite is delivering six major wins this year, American records in the half and Mile and Shannon Locate's course record in Boston just this past year. This is exactly the kind of pinnacle moment we're building for from the $250 Elite 3 with design continuity that stretches across six price points all the way down to the $75 redesigned Assert, our largest volume program.

今年，Velociti Elite 已贏得六項重大賽事冠軍，包括半程馬拉松和一英里賽的美國紀錄，以及去年在波士頓創下的 Shannon Locate 賽道紀錄。這正是我們為之打造的巔峰時刻，從 250 美元的 Elite 3 開始，其設計延續了六個價位，一直到 75 美元重新設計的 Assert，這是我們最大的量產項目。

Our running collection connects with runners at every level, boosting brand momentum, earning credibility with athletes and turning that momentum into real commercial success. In American football, the Spotlight Pro Suade sold out at launch. In baseball, our King of Diamonds and Juice Drops are driving momentum.

我們的跑步系列與各個級別的跑步愛好者緊密相連，提升品牌勢頭，贏得運動員的信任，並將這種勢頭轉化為真正的商業成功。在美式足球領域，Spotlight Pro Suade 一推出就已售罄。在棒球領域，我們的“鑽石之王”和“果汁滴”系列也正在推動勢頭。

In global football, Ashraf Hakhemi, wears Magnetico Elite on the world's biggest stage. And in basketball, Flow continues to drive our iconic franchises. These wins are restoring our credibility and fueling performance growth with new sports style $120-plus franchises like Slipspeed, Echo and Apparition, along with fresh launches like Sola and Halo, we're confidently moving into the premium space.

在全球足球領域，Ashraf Hakhemi 穿著 Magnetico Elite 徵戰世界頂級賽事。在籃球領域，Flow 繼續助力我們標誌性系列的戰靴。這些勝利正在重塑我們的信譽，並推動業績成長。隨著 Slipspeed、Echo 和 Apparition 等售價超過 120 美元的全新運動風格系列戰靴，以及 Sola 和 Halo 等新品的推出，我們正滿懷信心地進軍高端市場。

The goal isn't just to compete but to lead with ASPs that reflect the strength of our brand and the quality of our products. From a channel perspective, we're shifting from transactional selling to a story-driven brand that consumers seek out and support.

我們的目標不僅是競爭，更要以能夠體現我們品牌實力和產品品質的平均售價引領產業。從通路角度來看，我們正在從交易型銷售模式轉型為以故事為驅動力的品牌模式，從而贏得消費者的青睞和支持。

In the US, this involves replacing a long-standing focus on discounts with premium athlete centered narratives brought to life through elevated DTC experiences. These stories generate demand and improve full price sell-through while strengthening our loyalty memberships and driving wholesale interest.

在美國，這包括將長期以來對折扣的關注轉變為以優質運動員為中心的敘事，並透過提升DTC體驗來實現。這些故事能夠激發需求，提高全價銷售率，同時鞏固我們的忠誠會員制度，並激發批發興趣。

From an operational perspective, we're transforming how we work by moving from siloed to collaborative category-led teams, driven by real-time data and shared KPIs. This modern system is built for speed, scale and smarter decision-making, utilizing AI to help us. We're also shifting seasonal drops to an ongoing cycle of brand-led storytelling fostering emotional connections and lasting loyalty through culturally relevant moments and timely innovation.

從營運角度來看，我們正在轉變工作方式，從各自為政的團隊轉變為以品類為主導的協作團隊，並以即時數據和共享KPI為驅動力。這套現代化的系統旨在提升速度、規模和更智慧的決策，並利用人工智慧技術來輔助我們。我們也將季節性降價轉變為持續的品牌故事敘述，透過與文化相關的時刻和適時的創新，培養情感聯繫和持久的忠誠度。

Additionally, AI is becoming more integrated across the business, enhancing design, planning and forecasting. After two years of data and platform development, we have over 80 automations that are streamlining workflows, reducing time to market and improving execution from predictive pricing to real-time inventory management.

此外，人工智慧正日益融入整個業務，增強設計、規劃和預測能力。經過兩年的數據和平台開發，我們已擁有超過 80 項自動化技術，這些技術正在簡化工作流程、縮短產品上市時間，並提升從預測定價到即時庫存管理等各個環節的執行力。

Next, let's talk about the regions, starting with North America, where we expect fiscal '26 to see challenges from higher costs due to tariffs and you have softer demand. Yet we see this as an inflection point, not a ceiling.

接下來，我們來談談各地區的情況，首先是北美。我們預計2026財年，該地區將面臨關稅導致成本上升的挑戰，需求也將疲軟。但我們認為這是一個轉捩點，而非上限。

Despite the environment, we're executing a phased plan to rebuild brand loyalty, improve revenue quality and lay the groundwork for sustainable growth. In our largest market, we're regaining cultural relevance, beginning with American football and expanding into team sports, creators, and cultural collaborations that connect Under Armour to the core of the athlete and culture.

儘管環境如此，我們仍在分階段實施重建品牌忠誠度、提升收入品質並為永續成長奠定基礎的計畫。在我們最大的市場，我們正在重新獲得文化相關性，從美式足球開始，並擴展到團隊運動、創意人員和文化合作，將安德瑪與運動員和文化的核心聯繫起來。

Our priorities are clear: strengthen brand loyalty through top-tier sports culture and emotionally compelling storytelling, stabilize growth by increasing full price e-commerce, boosting factory house profitability and rebuilding wholesale partnerships, and shrink the battlefield by concentrating on key product franchises and optimize distribution to achieve more consistent wins, doing less things better. Amid this reset, we're seeing early signs of progress.

我們的優先事項很明確：透過頂級體育文化和引人入勝的情感故事來增強品牌忠誠度；透過增加全價電商、提升工廠盈利能力和重建批發合作夥伴關係來穩定增長；透過專注於關鍵產品系列和優化分銷來縮小戰場，以實現更持續的勝利，以更少的投入獲得更好的結果。在這次調整中，我們看到了初步進展的跡象。

In digital, we're recreating a more connected experience driven platform. Although results are still modest, the momentum is evident, BotlightSway became our top full-price footwear style driven by organic Tik-Tok buzz. Our SMS program launched in June, has already gained over 100,000 subscribers, and our Instagram shop has been seeing strong growth since its relaunch this past month.

在數位領域，我們正在重塑一個更互聯互通、以體驗為導向的平台。儘管業績尚不理想，但勢頭強勁。 BotlightSway 憑藉 Tik-Tok 的自然熱度，成為我們最受歡迎的正價鞋款。我們於 6 月推出的簡訊服務已獲得超過 10 萬名訂閱用戶，我們的 Instagram 商店自上個月重新上線以來也實現了強勁增長。

Our e-commerce Net Promoter Score has increased by 18 points year-over-year to nearly [70 points], a strong signal that our customer experience is improving and our efforts are resonating. Traffic and sell-through still have room to grow, we're tackling that with faster site performance, richer storytelling and smarter merchandising.

我們的電商淨推薦值年增18個百分點，達到近[70分]，這有力地表明我們的客戶體驗正在提升，我們的努力也得到了認可。流量和銷售額仍有成長空間，我們正在透過更快的網站效能、更豐富的故事敘事和更聰明的商品行銷來應對這項挑戰。

In our Factory House business, innovation is fueling sales growth, even with this value channel. We're seeing success testing new key items at full price, including our $45 Self-form hat and our heat gear collection are both strong examples. Although traffic remains slower, improved execution is boosting conversion rates.

在我們的工廠直營業務中，即使透過這個價值管道，創新也正在推動銷售成長。我們看到，以全價測試新的主打產品取得了成功，包括售價 45 美元的自成型帽子和保暖裝備系列就是很好的例子。雖然流量仍然較低，但執行力的提升正在提升轉換率。

Factory House continues to serve as a proving ground for mixed experimentation, raising ASPs and protecting margins through smarter promotions and targeted merchandising. Wholesale remains our biggest North American growth opportunity. Reclaiming shelf space takes time, but we're approaching with discipline and optimism and our partners are listening.

Factory House 繼續作為混合實驗的試驗場，透過更聰明的促銷和精準的商品推銷來提高平均售價並保護利潤率。批發業務仍然是我們在北美最大的成長機會。重新佔領貨架空間需要時間，但我們正以嚴謹和樂觀的態度推進，我們的合作夥伴也在傾聽我們的心聲。

Leading with innovative products like HeatGear and a strong cleated footwear performance, we're reengaging customers and building trust. Each season brings new opportunities and we're laying the groundwork now for future success. In our storytelling, we're making one thing clear. Under Armour is back. We're beginning to see it in the numbers. Brand health is improving, and our renewed narrative and full funnel media investments are connecting with the athletes we want to reach.

憑藉 HeatGear 等創新產品和性能卓越的防滑鞋履，我們正在重新吸引顧客並建立信任。每個賽季都帶來新的機遇，我們現在正在為未來的成功奠定基礎。在我們的故事敘述中，我們明確了一件事：Under Armour 回歸了。我們開始從數據中看到這一點。品牌健康狀況正在改善，我們全新的敘事和全方位的媒體投入正在與我們想要觸達的運動員建立聯繫。

Our renewed NFL partnership and signings like the number 1 draft to Cam Ward and Luther Burden, III, show our long-term commitment to performance. That momentum drives our VR football campaign that will be debuting in early September, lending sports, music and culture with athletes, creators and stores like Justin Jefferson, recording artist Guna and top 7on 7 talent. With the rapid rise of flag football especially among youth and women, based on our grid iron credibility, we see a clear path to lead here.

我們與NFL續約的合作關係，以及像狀元簽下卡姆·沃德和路德·伯登三世這樣的簽約，都彰顯了我們對卓越表現的長期承諾。這股勢頭推動了我們即將於9月初上線的VR橄欖球活動，將體育、音樂和文化與運動員、創作者和商店（例如賈斯汀·傑斐遜、唱片藝術家古納和頂級7on7橄欖球明星）融合在一起。隨著腰旗橄欖球運動（尤其是在青少年和女性群體中）的迅速興起，憑藉我們在橄欖球場上的信譽，我們看到了一條清晰的領先之路。

All in, cultural energy continues to grow. Justin Jefferson's UA next flight school content reached over 7 million views even before launching on YouTube. Spotlight wage, Tik-Tok bugs demonstrates how product and storytelling can create demand. activations like the Norway backpack blend performance and lifestyle in a way that feels fresh and uniquely UA, especially to the 16 year to 24 year old team sports athlete. Excitement is also growing for this year's Curry tour in China, which is a multi-day single-city immersion that unites 30 of the top APAC basketball athletes for Curry Camp.

總而言之，文化能量持續成長。賈斯汀·傑斐遜（Justin Jefferson）的UA下一代飛行學校內容在YouTube上發布之前就已獲得超過700萬的觀看量。 Tik-Tok的爆紅證明了產品和故事如何創造需求。像挪威背包這樣的活動以一種新鮮獨特的UA方式融合了運動表現和生活方式，尤其對16歲至24歲的團隊運動員而言。今年的庫裡中國之旅也越來越令人期待，這是一個為期多日的單城沉浸式體驗，匯集了30位亞太地區頂尖籃球運動員參加庫裡訓練營。

Great one-on-one moments with Steph and his training team engages regional media and culminates in, a fan-driven celebration were supporters from across APAC share memorabilia and connect deeply with Stephen, delivering a powerful brand and business opportunity through a meaningful, high-impact interaction.

與史蒂芬和他的訓練團隊進行一對一交流的精彩時刻吸引了區域媒體的關注，最終以一場由球迷推動的慶祝活動結束，來自亞太地區的支持者分享紀念品並與史蒂芬建立深厚的聯繫，透過有意義、高影響力的互動，帶來強大的品牌和商業機會。

In EMEA, our strongest performing region, we're achieving profitable brand-driven growth through sharper execution, local relevance and financial discipline. We're not trying to be everywhere. We're focused on winning where it matters most, guided by a high-return one, two, three, four strategy. Let me explain.

在我們業績最強勁的歐洲、中東和非洲地區，我們透過更精準的執行力、在地化關聯性和財務紀律，實現了品牌驅動的獲利成長。我們並非追求無所不在，而是專注於在最重要的領域取勝，並以高回報的一二三四策略為指導。讓我來解釋一下。

One sport, football being on pitch with elite athletes like Ashraf Hakimi, Tony Rudiger, Pedro Puro and so many more is how we're establishing brand authenticity in Europe. Through targeted marketing, credible athletes and franchise-led storytelling, we're building trust from grassroots to the elite levels. Two, cities, London and Paris are driving our growth. Three countries, the UK, France and Spain. This brings us to four categories of focus: football, sportswear, training and running. Momentum is building, and we're unlocking a full potential.

一方面，足球運動，與阿什拉夫·哈基米、托尼·呂迪格、佩德羅·普羅等眾多頂尖運動員同場競技，是我們在歐洲建立品牌真實性的方式。透過精準行銷、可靠的運動員和以球隊為主導的品牌故事，我們正在從基層到精英階層建立信任。另一方面，倫敦和巴黎這兩個城市正在推動我們的成長。英國、法國和西班牙這三個國家也推動著我們的成長。這使得我們專注於四個領域：足球、運動服飾、訓練和跑步。勢頭正在增強，我們正在釋放全部潛力。

And importantly, we're applying the lessons from the success in North America and APAC. This strengthens our confidence in the path toward greater stability and eventual return to growth in these markets. In Asia Pacific, we've emerged from a reset year stronger, more focused and positioned to advance with discipline, starting with the appointment of Simon Pestech, a 25 year industry veteran to lead the region.

重要的是，我們正在汲取北美和亞太地區成功的經驗。這增強了我們對這些市場走向更穩定、最終恢復成長的信心。在亞太地區，我們經歷了一個調整期，變得更加強大、更加專注，並準備好以紀律嚴明的方式繼續前進，這始於任命擁有25年行業經驗的資深人士Simon Pestech領導該地區。

With structural challenges addressed and key roadblocks removed, we're now building a premium high integrity marketplace that reflects Under Armour's true brand strength. Our APAC strategy is clear: Reignite relevance through local storytelling and innovation, drive full price growth and elevate the marketplace through sharper distribution, disciplined pricing and premium partnerships.

隨著結構性挑戰得到解決，關鍵障礙得到消除，我們目前正在打造一個能夠體現 Under Armour 真正品牌實力的高端、高度誠信的市場平台。我們的亞太區策略清晰明確：透過本地故事和創新，重燃品牌相關性，推動全價成長，並透過更精準的分銷、更嚴謹的定價和優質的合作夥伴關係，提升市場競爭力。

Combined with tighter inventory management, these efforts will strengthen both retail and wholesale execution. That said, fiscal '26 is about stabilizing APAC and building momentum for sustained growth. Now before I finish, I want to address the incremental tariffs announced on July 31 and increased pressures our business is facing this year. Following those updates, we estimate approximately $100 million in additional tariff-related costs, along with softer-than-expected demand in fiscal '26.

結合更嚴格的庫存管理，這些措施將增強零售和批發業務的執行力。話雖如此，26財年的目標是穩定亞太地區，並為持續成長積蓄動力。在結束之前，我想談談7月31日宣布的增量關稅以及我們今年業務面臨的更大壓力。根據這些更新，我們預計26財年與關稅相關的額外成本約為1億美元，同時需求也將低於預期。

When combined, even with mitigation efforts and disciplined SG&A management, our profitability is projected to be about half of what it was last year. None of this is ideal. We don't like this. But also, it won't define a year. There's just too much good happening with the overall shape and energy of our business.

即使採取了緩解措施並嚴格管理銷售、一般及行政費用 (SG&A)，我們的獲利能力預計仍將只有去年的一半左右。這一切都不理想。我們不喜歡這種情況。但同時，這也不能定義一年的走向。我們業務的整體狀況和活力已經發生太多好事了。

We faced bigger headwinds before, and this is simply the next one we'll get through because no matter the environment, our mission remains unchanged to execute the strategy, strengthen our brand, increased average selling prices and succeed with athletes, we're running our play and that's exactly what we're doing.

我們以前面臨過更大的阻力，而這只是我們將要克服的下一個阻力，因為無論環境如何，我們的使命始終不變，那就是執行策略，加強我們的品牌，提高平均售價，並在運動員中取得成功，我們正在發揮我們的作用，這正是我們正在做的事情。

With a world-class team and a clear strategy aligned across the organization, we're advancing with clarity, agility and accountability. Even now before this transformation is fully realized, Under Armour is a $5 billion brand. That's a testament to our enduring relevance, strength of the brand and a clear signal of the massive potential ahead.

憑藉世界一流的團隊和清晰的策略，我們正以清晰、敏捷和責任感向前邁進。即使在轉型尚未完全實現之前，Under Armour 也已是價值 50 億美元的品牌。這證明了我們持久的影響力、品牌的實力，並清楚地預示著未來的巨大潛力。

At our core, we're not reinventing who we are. We're reclaiming it, bold, original and unapologetically UA. I appreciate your attention and trust this morning. And with that, I'll turn it over to Dave to discuss first quarter fiscal '26 results and the outlook we have for Q2.

從本質上講，我們並非在重塑自我。我們是在重塑自我，大膽、原創，並且毫無保留地展現UA的風采。感謝大家今天早上的關注與信任。接下來，我將把時間交給戴夫，討論2026財年第一季的業績以及我們對第二季的展望。

Okay. Thanks, Kevin. Moving directly into our first quarter fiscal '26 results. We're pleased to have delivered another quarter that met or slightly exceeded our outlook on every line item. First quarter revenue declined 4% to $1.1 billion, with regional results as follows: In North America, revenue declined 5%, primarily due to a decrease in our full price wholesale business and lower e-commerce sales.

好的。謝謝，凱文。我們直接進入2026財年第一季的業績。我們很高興看到本季的業績在每個項目上都達到或略微超出了我們的預期。第一季營收下降4%，至11億美元。各地區業績如下：北美地區營收下降5%，主要原因是我們的全價批發業務及電商銷售額下降。

Revenue in EMEA increased 10% or 6% after adjusting for foreign currency fluctuations, indicating steady growth in the region. Furthermore, EMEA saw growth across all channels during the quarter, led by our full price wholesale business. APAC revenue decreased 10% on both a reported and currency-neutral basis, with declines in wholesale and DTC as consumer confidence remains weak amid a highly competitive and promotional market.

歐洲、中東和非洲地區 (EMEA) 收入成長 10%，調整匯率波動後成長 6%，顯示該地區穩定成長。此外，本季歐洲、中東和非洲地區所有通路均實現成長，其中全價批發業務領漲。亞太地區營收按報告和匯率中性計算均下降 10%，批發和 DTC 業務均出現下滑，原因是在競爭激烈、促銷頻繁的市場環境下，消費者信心依然疲軟。

And within Latin America, revenue declined 15%, partially due to foreign currency headwinds. On a currency-neutral basis, revenue declined 8% for the quarter, with decreases in full-price wholesale and DTC partially offset by growth in our distributor business.

拉丁美洲地區收入下降15%，部分原因是外匯不利因素。剔除匯率因素，本季營收下降8%，其中全價批發和DTC業務的下降部分被經銷商業務的成長所抵銷。

From a channel perspective, wholesale revenue declined 5% as lower full price and distributor sales were partially offset by growth in our off-price channel, driven by timing of sales to third-party partners. Direct-to-consumer revenue declined 3%, including a 12% decline in e-commerce sales caused by highly competitive conditions in APAC and in North America. Sales at our owned and operated stores increased by 1% this quarter, led by our Factory House business. And licensing revenues increased 12% with growth in both North American and international licensees.

從通路角度來看，批發收入下降了5%，原因是全價和經銷商銷售額的下降被我們折扣通路的成長部分抵消，這得益於向第三方合作夥伴銷售時機的優化。直銷收入下降了3%，其中由於亞太地區和北美市場競爭激烈，電商銷售額下降了12%。本季，我們自營門市的銷售額成長了1%，其中工廠直營業務的銷售額成長了1%。授權收入增加了12%，北美和國際授權商的數量均有所增加。

Finally, by product type, apparel revenue declined 1%, with softness in run, outdoor and golf, partially offset by strength and training sportswear. Footwear revenue was down 14% in the quarter with declines across all categories. This reflects a challenging consumer demand environment and our deliberate work to optimize the business as we prepare for stronger, more impactful launches in the seasons ahead.

最後，按產品類型劃分，服裝收入下降1%，其中跑步、戶外和高爾夫類產品表現疲軟，但力量和訓練類運動服部分抵消了這種影響。鞋類營收本季下降14%，所有類別均出現下滑。這反映了充滿挑戰的消費需求環境，以及我們為優化業務所做的刻意努力，為未來幾季推出更強勁、更具影響力的產品做好準備。

Accessories grew 8% this quarter, driven by strength and train and sportswear along with accelerated inventory management actions. Our first quarter gross margin increased by 70 basis points year-over-year to 48.2%.

本季配件業務成長8%，主要得益於肌力訓練服和運動服的銷售，以及庫存管理措施的加強。第一季毛利率年增70個基點，達48.2%。

This growth was driven by 55 basis points of favorable foreign currency impacts, 30 basis points of pricing benefits and 30 basis points of favorable product mix. These benefits were partially offset by 45 basis points of unfavorable channel mix and supply chain headwinds. Now moving to SG&A expenses, which decreased 37% to $530 million in the first quarter as last year's first quarter included a considerable litigation reserve expense.

此成長主要得益於55個基點的有利外匯影響、30個基點的定價優勢以及30個基點的有利產品組合。這些優點被45個基點的不利通路組合和供應鏈阻力部分抵銷。接下來是銷售、一般及行政費用，由於去年第一季包含了一筆相當大的訴訟準備金費用，該費用在第一季下降了37%，至5.3億美元。

Excluding approximately $8 million in the transformation expenses related to our fiscal 2025 restructuring plan, our first quarter adjusted SG&A expenses were $522 million, reflecting a 6% decline compared to last year's adjusted figure. The decrease was primarily driven by lower marketing and savings across various areas resulting from our restructuring plan and ongoing cost management efforts.

扣除與2025財年重組計畫相關的約800萬美元轉型費用，我們第一季調整後的銷售、一般及行政費用（SG&A）為5.22億美元，較去年同期下降6%。下降的主要原因是，由於重組計劃和持續的成本管理措施，行銷費用減少，且各領域成本有所節省。

In the first quarter, we recorded $13 million in restructuring charges and $8 million in transformation-related SG&A expenses, totaling approximately $21 million. Since launching our fiscal '25 restructuring plan, we've recognized $110 million in charges and transformation expenses to date, $65 million of which are cash related and $45 million in noncash.

第一季度，我們計入了1,300萬美元的重組費用和800萬美元的轉型相關銷售、一般及行政費用，總計約2,100萬美元。自2025財年重組計畫啟動以來，我們迄今已確認了1.1億美元的費用和轉型費用，其中6,500萬美元為現金相關費用，4,500萬美元為非現金費用。

We now expect total planned charges to finish towards the high end of our previously disclosed $140 million to $160 million range, with the remaining costs primarily tied to the planned closure of our Rialto distribution center recognized by the end of fiscal 2026.

我們現在預計，總計劃費用將接近我們先前披露的 1.4 億美元至 1.6 億美元範圍的高端，剩餘成本主要與我們計劃在 2026 財年末關閉 Rialto 配送中心有關。

As a result of these actions, we delivered approximately $35 million in savings in fiscal '25 and expect approximately $45 million more in fiscal '26. With the emergence of significant new tariff pressures, we are actively reviewing our cost structure to find additional efficiencies, always with a brand-first approach to ensure we can offset headwinds while reinvesting in this product, storytelling and experiences that drive our growth.

這些措施使我們在25財年節省了約3,500萬美元，預計26財年還將節省約4,500萬美元。隨著新的關稅壓力不斷加大，我們正在積極審查成本結構，尋求更高的效率，並始終堅持品牌至上的原則，以確保我們能夠克服不利因素，同時將資金重新投入到推動我們成長的產品、品牌故事和體驗上。

Continuing through the P&L, we reported operating income of $3 million in the first quarter. Excluding transformation expenses and restructuring charges, our adjusted operating income was $24 million. Looking at the bottom line, our reported diluted loss per share was $0.01, while our adjusted diluted earnings per share was $0.02 for the quarter.

繼續查看損益表，我們報告第一季的營業利潤為300萬美元。扣除轉型費用和重組費用後，我們的調整後營業利潤為2,400萬美元。報告的每股攤薄虧損為0.01美元，而本季調整後的每股稀釋收益為0.02美元。

Now moving to the balance sheet. Inventory at the end of Q1 was $1.1 billion, a 2% increase year-over-year. Our cash balance was $911 million and we did not utilize our revolving credit facility during the quarter. The sequential increase in cash was mainly driven by our June issuance of $400 million in senior notes due in 2030.

現在來看資產負債表。第一季末的庫存為11億美元，年增2%。我們的現金餘額為9.11億美元，本季我們沒有動用循環信貸額度。現金環比成長主要得益於我們6月發行的4億美元2030年到期的優先票據。

We plan to use the proceeds along with borrowings under our revolver to redeem the $600 million of senior notes that are due in June of 2026. Looking ahead to our outlook for the year and building on Kevin's opening remarks.

我們計劃利用所得款項以及循環信貸額度下的借款來贖回將於 2026 年 6 月到期的 6 億美元優先票據。展望今年的前景，並基於凱文的開場白。

Last quarter, we noted that before any global trade policy changes, we expected a modest revenue decline in fiscal '26 as we focused on strengthening the brand and increasing higher quality sales. Since then, changing trade policies have created additional headwinds, including on the demand side, making it more difficult to predict the future environment, but also highlighting the importance of our disciplined brand first strategy.

上個季度，我們指出，在全球貿易政策改變之前，我們預計26財年營收將小幅下降，因為我們專注於強化品牌形象和提升更高品質的銷售額。此後，不斷變化的貿易政策帶來了額外的阻力，包括需求方面的阻力，這加大了未來環境的預測難度，同時也凸顯了我們嚴謹的「品牌優先」策略的重要性。

Considering our expected fiscal '26 cost of goods sold headwind of approximately $100 million or about 200 basis points of negative gross margin impact, we are actively pursuing mitigation strategies such as cost sharing with suppliers and partners, exploring alternative sourcing options and making selective pricing adjustments. However, due to the complexity and lead times involved, we anticipate most of the gross margin offsets to be realized in fiscal '27 and beyond.

考慮到我們預計26財年銷售成本將面臨約1億美元的不利影響，或約200個基點的負面毛利率影響，我們正在積極尋求緩解策略，例如與供應商和合作夥伴分攤成本、探索其他採購方案以及選擇性地調整價格。然而，由於所涉及的複雜性和交付週期，我們預計大部分毛利率的抵銷將在27財年及以後實現。

Amid these headwinds, we are also maintaining cost discipline and SG&A, reducing discretionary spending and continue to expect to leverage against revenue as we stated on our last call. That said, we are working to protect the brand and preserve strategic investments that are critical to unlocking long-term value. Given the new tariff costs this year and related demand impacts, partially offset by our mitigation actions, we expect operating income on an adjusted basis to be roughly half of fiscal '25 levels.

面對這些不利因素，我們仍在嚴格控製成本和銷售、一般及行政開支，減少可自由支配的支出，並將繼續預期利用收入槓桿，正如我們在上次電話會議中所述。即便如此，我們仍在努力保護品牌，並保留對釋放長期價值至關重要的策略投資。考慮到今年新的關稅成本及其相關的需求影響（部分被我們的減排措施所抵消），我們預計調整後的營業利潤將約為2025財年水準的一半。

Additionally, we also expect fiscal '26 EPS to be pressured by higher other expense, primarily interest expense from increased debt and an adjusted effective tax rate more than double fiscal 2025, driven primarily by unfavorable regional mix and profitability.

此外，我們也預期 26 財年的每股盈餘將受到其他費用增加的壓力，主要是債務增加帶來的利息支出以及調整後的有效稅率（為 2025 財年的兩倍多），這主要歸因於不利的區域組合和獲利能力。

Now turning to our outlook for the second quarter of fiscal '26. We expect revenue will decline 6% to 7% year-over-year which we believe will be our toughest quarterly top line results of this year. In North America, we anticipate a low double-digit decline due primarily to continued weakness in our wholesale business.

現在來談談我們對2026財年第二季的展望。我們預計營收將年減6%至7%，這將是我們今年最艱難的季度業績。在北美，我們預期營收將出現低兩位數的下降，主要原因是批發業務持續疲軟。

APAC is expected to be down at a low teen rate as we continue to navigate soft consumer sentiment in a highly promotional environment. That said, in both of these regions, we're staying focused on improving sales quality and creating a healthier, more premium marketplace.

由於我們仍在積極促銷的環境下應對疲軟的消費者情緒，預計亞太地區的銷售額將以較低的十幾倍速度下降。即便如此，在這兩個地區，我們仍將專注於提升銷售質量，打造一個更健康、更優質的市場。

On the upside, we expect EMEA to deliver high single-digit revenue growth, strong performance across both wholesale and DTC channels. Regarding gross margin, we expect a decline of 340 basis points to 360 basis points compared to last year, driven by approximately 300 basis points of decline from higher product costs, of which about 2/3 relates to new tariff costs and approximately 100 basis points of decline from channel mix. We expect these decreases will be partially offset by favorable changes in foreign currency and pricing benefits.

有利的一面是，我們預計歐洲、中東和非洲地區 (EMEA) 將實現高個位數收入成長，批發和 DTC 通路均將表現強勁。在毛利率方面，我們預計與去年相比將下降 340 個基點至 360 個基點，原因是產品成本上升導致約 300 個基點的下降，其中約三分之二與新關稅成本有關，以及通路組合導致約 100 個基點的下降。我們預計這些下降將被外匯的有利變化和定價優勢部分抵消。

Excluding transformation expenses from our fiscal 2025 restructuring plan, second quarter adjusted SG&A is projected to grow at a high single-digit rate year-over-year. Recall that last year's second quarter was not adjusted for a $27 million insurance recovery benefit, the prior year legal fees. Excluding the insurance recovery, adjusted SG&A is expected to grow at a low single-digit rate, driven primarily by higher marketing investments as we lap a timing shift that pushed most of last year's spend into the second half of the year.

扣除我們2025財年重組計畫中的轉型費用後，預計第二季調整後的銷售、一般及行政費用（SG&A）將年增高個位數。需要注意的是，去年第二季並未扣除2,700萬美元的保險追償金（即前一年的法律費用）。在扣除保險追償金後，預計調整後的銷售、一般及行政費用將同比增長低個位數，主要原因是我們調整了營銷投入，將去年大部分支出推遲到下半年，從而彌補了營銷投入的增加。

Bringing this together, we expect adjusted operating income for the quarter of $30 million to $40 million. Incorporating the previously mentioned other expense and tax headwinds, we anticipate adjusted diluted earnings per share will range from $0.01 to $0.02 for the second quarter.

綜合以上因素，我們預期本季調整後營業利潤為3,000萬至4,000萬美元。計入前面提到的其他費用和稅收不利因素，我們預計第二季調整後攤薄每股收益將在0.01美元至0.02美元之間。

So to close, while the environment remains dynamic, we're staying focused with financial discipline, confidence and a clear sense of direction. We are shaping Under Armour into a brand that stands apart where sports, performance and style converge in a way only we can deliver.

總而言之，儘管環境依然充滿活力，我們仍將保持專注，恪守財務紀律，保持信心，並保持清晰的方向。我們正在將 Under Armour 打造成為一個獨樹一幟的品牌，將運動、性能和時尚以我們獨特的方式完美融合。

This transformation will take time and requires patience, as we take the deliberate steps needed to get it right. Our team is making bolder decisions, streamlining operations and moving with greater speed and precision. In the near term, we'll remain agile and disciplined through this building phase. Over time, these actions will deliver what matters most: stronger results, deeper consumer loyalty and a brand that's more resilient, more distinctive and positioned for lasting success.

這場轉型需要時間和耐心，因為我們會採取必要的審慎措施，確保一切順利。我們的團隊正在做出更大膽的決策，精簡營運流程，並以更快的速度和更精準的步伐前進。短期內，我們將在這建設階段保持敏捷和嚴謹。隨著時間的推移，這些舉措將帶來最重要的成果：更強勁的業績、更深厚的消費者忠誠度，以及一個更具韌性、更具特色、更有利於持久成功的品牌。

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

現在我們開始提問環節。接線生？

(Operator Instructions)

（操作員指示）

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great. Thank you so much. Kevin, two part question. First, can you just talk a little bit about how tariffs are impacting demand from your wholesale channel partners and kind of what you've seen and what those conversations have been like?

太好了，非常感謝。凱文，我的問題分為兩部分。首先，您能否簡單談談關稅如何影響您的批發通路夥伴的需求，以及您所看到的情況以及相關對話的情況？

And then secondly, maybe on North America. You mentioned in the prepared remarks that brand has been maybe before the business. But can you maybe dive in a little bit more and share with us some of the green shoots you're seeing of improving brand health? Thank you so much.

其次，或許可以談談北美市場。您在準備好的發言中提到，品牌可能比業務更重要。您能否更深入地談談，並與我們分享您所看到的一些改善品牌健康的跡象？非常感謝。

Yeah. Thanks, Jay. First of all, I think the tariff environment isn't ideal for anyone. And I think it inadvertently hits our industry probably harder than -- everybody is affected at some level, but it really hits our industry differently. But I got to tell you, I'm not sure that what we'd be doing for tariffs would be any different than what we've already started underway. And I think I did a good job of laying that out.

是的。謝謝，傑伊。首先，我認為關稅環境對任何人來說都不理想。而且我認為它無意中對我們行業的打擊可能比每個人都受到不同程度的影響更大，但對我們行業的打擊確實不同。但我必須告訴你，我不確定我們針對關稅採取的措施與我們已經開始的措施會有什麼不同。我認為我已經很好地闡述了這一點。

The two part approach that we have, the two lever strategy we have, attacking tariffs, which is number one, it's -- we don't like the environment, we don't like where the math is. We don't like how we're sitting. And I think it's important that I say that but what we're doing about it is some of the things we've been trying to in an industry with an 18-month go-to-market cycle and for myself being back in this chair for 16 months.

我們採取的是雙管齊下的方法，雙槓桿策略，首先是應對關稅——我們不喜歡現在的環境，我們不喜歡目前的計算方式。我們不喜歡我們現在的處境。我認為我這麼說很重要，但我們正在做的，是我們在這個行業中一直在嘗試的一些事情，這個行業的上市週期是18個月，而我自己已經回到這個位置16個月了。

We had plenty of good things happening before I got back in the chair, but I think where we've really rallied ourselves around is focusing on key items that the consumer can look at and understand it's a product that only UA could make and it's special.

在我重新執掌公司之前，我們已經發生了很多好事，但我認為，我們真正團結起來的是專注於消費者能夠看到並理解的關鍵產品，這是只有 UA 才能生產並且很特別的產品。

I think that we've been able to put that proof in the pudding when it comes to things like that Sell form cap at a $45 price point and vending from what has been a $25 price point in our industry that usually is out the door closer to $13 or $14 for most brands.

我認為，當談到諸如售價 45 美元的銷售形式上限和自動販賣機（在我們行業中，自動販賣機的售價為 25 美元，而對於大多數品牌來說，這個價格通常接近 13 美元或 14 美元）時，我們已經能夠將這種證明付諸實踐。

So changing that price point doing the same thing with the go-to-market strategy we laid out with the No Weigh backpack in a $40 to $65 market, introducing $140. And so that first lever is that we're going to keep creating shiny new things that the consumer looks at, covets and must have.

所以，改變這個價格點，就和我們之前在No Weigh背包市場制定的市場策略一樣，在40到65美元的市場推出140美元的版本。所以，第一個槓桿就是，我們要不斷創造消費者關注、渴望、必須擁有的閃亮新品。

Secondly, it's really the attack that we're taking across our broader portfolio. It's beginning with the top 10s in apparel, in footwear and accessories. This has been underway, as I use the example of the Tech T product we have. But to be honest with you, we haven't and this -- Under Armour owns this. We hadn't updated that product in too long and we watched our average selling price continue to migrate further and further from the suggested retail price.

其次，這實際上是我們在更廣泛的產品組合中發起的攻勢。首先是服裝、鞋類和配件領域的前十名。這一直在進行中，我用我們現有的Tech T產品為例。但說實話，我們還沒有，而且這個——Under Armour擁有它。我們已經很久沒有更新這款產品了，我們眼睜睜地看著它的平均售價與建議零售價越來越遠。

And so that discounting is something that we've been actively addressing and that we have a relaunch plan for that product where we're not only just going to reinvent the product but it gives us the ability to move that price point up.

因此，我們一直在積極解決折扣問題，並且我們為該產品製定了重新推出計劃，我們不僅要重新設計產品，而且還能提高價格點。

We talked about pricing power before and our ability to sort of broadly add that to our overall ecosystem. We're cautious with that of where we are right now. But we believe that this process, as we've been through this reinvention is something that will give us the ability to come back to the consumer with an embedded consumer who knows the product is looking and expecting something, delighting them and giving them more and the ability to push that price point much closer to the full retail price.

我們之前討論過定價權，以及將其廣泛融入我們整體生態系統的能力。鑑於目前的狀況，我們對此持謹慎態度。但我們相信，就像我們經歷的這次重塑一樣，這個過程將賦予我們能力，讓我們能夠回歸消費者，讓消費者了解產品的需求和期望，讓他們感到愉悅，並為他們提供更多，同時，我們也有能力將價格點推得更接近零售價。

So I think that lever is very solid. And I think this is very related. So thank you for the question, Jay. But when you asked about the brand inflecting before the business does. Let me give you three aspects of how I think about that.

所以我認為這個槓桿非常穩固。我認為這與此息息相關。謝謝你的提問，傑伊。但當你問到品牌在業務轉型之前如何轉型時，我可以從三個方面來談談我的看法。

First of all, it's factual. And being out and seeing our base layer is trending. This campaign we have here in North America and our European team is doing a great job talking about our foundation of base layer compression, et cetera. But here in North America, we'll be launching this UA's football campaign coming up in September. And I think the product that we're marketing is on point.

首先，這是事實。現在看到我們的底層產品正流行起來。我們在北美開展的這次活動，以及我們的歐洲團隊在宣傳我們的基礎壓縮層等等方面做得很好。但在北美，我們將於9月啟動UA的橄欖球系列活動。我認為我們推廣的產品非常到位。

The product and what we're seeing is actually checking really well. I'm talking double-digit types of sell-throughs that we're seeing in our compression base layer, which has a halo effect for the overall brand of sort of bringing compression back in the top of mind, which is a category that UA owns. There's also -- and that's hard facts. There's also our NPS score that I mentioned about things like our e-comm side of going from 53% to 70%. That's best-in-class type of points that we have there.

我們現在看到的產品和效果確實非常好。我指的是我們在壓縮基礎層中看到的兩位數的銷售率，這對整個品牌產生了光環效應，讓壓縮產品重新成為人們關注的焦點，而壓縮產品正是UA擁有的一個品類。此外，這些都是鐵一般的事實。我之前提到的NPS得分也很高，例如我們的電商業務從53%上升到了70%。這是我們目前最好的成績。

We've also seen brand metrics rising, especially with our 18 year to 34 year old demographics, growing low double digits to mid-single digits as well with brand perception. And then adding and being able to get into things like the SMS program, I think, is really helpful.

我們也看到品牌指標不斷提升，尤其是在18歲至34歲年齡層的人群中，品牌認知度也從低兩位數增長到了中等個位數。此外，我認為，加入並參與簡訊計劃等項目非常有幫助。

Secondly, let me just point us to retailer confidence. I've been out, I've been talking to our customers, reigniting those relationships that we have with them. I have to say, I believe there's belief from our customers that we're talking to.

其次，我想提一下零售商的信心。我一直在外面，一直在和我們的客戶溝通，重建我們與他們之間的關係。我必須說，我相信客戶對我們溝通的內容充滿信心。

And that's because in some of the channel checks and you're unfortunately not seeing that come through immediately with the math. But we're seeing positive comps out there with some of our biggest and best retailers, when it comes to men's and women's apparel specifically. In order to get that shelf space back, it's exactly where we need to be. And those are the conversations we're engaging right now. Those are just six and nine month conversations typically. But they're believing and I think it's happening.

這是因為在一些管道調查中，很遺憾，你無法立即從數據中看到這一點。但我們看到，一些最大、最好的零售商，尤其是在男裝和女裝方面，取得了積極的業績成長。為了重新贏得這些貨架空間，這正是我們需要做的。這些就是我們現在正在進行的對話。通常，這些對話只是六個月或九個月的對話。但他們相信，我認為我們正在發生。

Thirdly, I'll say just the subjective, you're right, Jay. I have been doing this for a long time, close to 30 years and 20 as a public company. But something is just different. As I said, our phone is ringing. You can feel it. This kid is not sort of turning their back to UA. I think they're turning into the brand.

第三，我只想說主觀方面，你說得對，傑伊。我做這行很久了，快30年了，其中20年是上市公司。但總覺得有些不一樣。就像我說的，我們的電話響了。你能感覺到。這孩子並沒有背棄UA。我覺得他們正在融入UA這個品牌。

And we're really seeing something which feels like just positive momentum. And it's a sentiment that's here in our building every day, the sentiment that we're, again, feeling from some of our partners. And it's not perfect out there for sure. And we have a number of things to work with and tariffs is certainly on that list. But I think if we put our head down, what we're doing right now, and we just continue to make small steps, small bites of the elephant, we're moving in the right direction.

我們確實看到了一些積極的勢頭。這種情緒每天都在我們這裡，我們也再次感受到一些伴侶的情緒。當然，情況並不完美。我們還有很多事情要處理，關稅問題當然也在其中。但我認為，如果我們埋頭苦幹，繼續做好我們現在正在做的事情，繼續一小步一小步地努力，我們就會朝著正確的方向前進。

And I'll end that with just -- I can confidently tell you that today as we sit from what I knew taken this job 16 months ago to just even a year ago, we're better than we were a year ago, we were better than we were 6 months ago, and I have great confidence, all the confidence that will be better 6 months from today. So this projection, it feels like the trajectory is going in the right way.

最後，我可以自信地告訴大家，從我16個月前接手這份工作到僅僅一年前，我們今天的表現比一年前更好，比六個月前更好，而且我非常有信心，六個月後我們的表現會更好。所以，從這個預測來看，我覺得發展軌跡是正確的。

Got it. That's very helpful. Thank you so much.

明白了。這很有幫助。非常感謝。

Thanks, Jay.

謝謝，傑伊。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

Okay. We can go to the next question, and we will get back in the queue.

好的。我們可以進入下一個問題，然後我們再回到佇列。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

Hey, thanks for taking my question. Dave, a question for you. As we think about the SKU cleanup and pull back on promotion and pricing, can you help us think about within the 2Q revenue guide in terms of AUR and units, how should we be expecting this to develop moving forward?

嘿，謝謝你回答我的問題。戴夫，我想問你一個問題。在我們考慮SKU清理、減少促銷和定價的同時，你能不能幫我們想想，在第二季度的收入指南中，從AUR（平均銷售額）和銷售來看，我們應該如何預期這些方面未來的發展？

Yeah. I would say Q2, as we mentioned, is probably going to be our toughest quarter as we think through the year as we're making a lot of progress relative to product and hopefully, we'll see some of that coming through when we get forward towards Q4. But in Q2, I think North America is going to be a tougher decline for us. We talked about low double digit there. We're still seeing the impact of the trailing spring/summer '25 order book challenges that we spoke to before, also some traffic challenges within retail.

是的。正如我們之前提到的，我想說，第二季度可能是我們全年最艱難的一個季度，因為我們在產品方面取得了很大進展，希望在第四季度到來時，這些進展能夠有所顯現。但在第二季度，我認為北美市場的下滑幅度會更大。我們之前提到過，那裡的銷售額會低於兩位數。我們仍然能看到先前提到的2025年春夏訂單量下滑的影響，以及零售通路的一些客流量挑戰。

So we're doing our best to navigate through that. As we think about promotions and discounting, we made a lot of improvements and progress last year, and we talked about that a lot. We saw that come through the gross profit last year. We intended to make more progress on that this year. I think with the tariff environment and how that's impacting demand in the overall market, it's going to be tougher to make more progress this year, but I think we do have that increased discipline.

所以我們正在盡力應對。說到促銷和折扣，我們去年取得了許多改進和進展，我們也對此進行過多次討論。我們看到這些改進體現在去年的毛利上。我們計劃今年在這方面取得更多進展。我認為，考慮到關稅環境及其對整體市場需求的影響，今年取得更多進展將會更加困難，但我認為我們確實在加強紀律性。

So we're going to make sure that we're sharper in how we do that and we don't want to go backwards for sure. So it is going to be tough as we navigate and some of that is what's assumed in our Q2, which is knowing that it's going to be a promotional environment, knowing that we don't want to play in it as much and we don't want to take steps backwards. So that does pressure revenue a little bit in our Q2 outlook, but then also the pressure that we're seeing in APAC. So those are really the puts and takes there. And then obviously, we spoke a lot about the EMEA progress and the continued momentum there, which is great to see.

所以，我們會確保更敏銳地處理好這些事情，我們絕對不想倒退。所以，在我們前進的過程中，這將會很艱難，其中一部分是我們在第二季度做出的假設，那就是我們知道這將是一個促銷環境，我們知道我們不想參與其中，我們也不想倒退。所以，這確實會給我們第二季的收入帶來一些壓力，但我們在亞太地區也看到了同樣的壓力。所以，這些才是真正的利弊所在。當然，我們也談了很多關於歐洲、中東和非洲地區（EMEA）的進展以及那裡持續的勢頭，這令人欣慰。

Thanks for that context. And then I'm curious on marketing investment direction. As you work to engage the 16 year to 24 year-old team sports athlete, is there anything you can point to substantiate improve consideration with this younger demographic?

謝謝你的背景介紹。然後我對行銷投資方向很感興趣。你們致力於吸引16歲到24歲的團隊運動員，有什麼可以證明你們能提高對這個年輕族群的關注嗎？

Yes, Peter, I think as I just covered with JC as well, we're seeing brand perception is up in the mid-single digits. The 18 to 34, the brand awareness is moving up. And so we're seeing these we're seeing actual measurements moving in the right direction. But I have to say this objective is probably something that weighs it even more. It's sort of the energy excitement, some of the things that we're seeing on our own e-commerce site how people are acting and engaging the products that are selling. It's products that people would typically be using other brands for. We're starting to see some of that push.

是的，彼得，我想就像我剛才和JC討論的那樣，我們看到品牌認知度正在上升，達到了中等個位數。 18到34歲年齡層的品牌認知度也不斷提升。所以，我們看到實際衡量指標正在朝著正確的方向發展。但我不得不說，這個目標可能更有分量。這有點像是那種充滿活力的興奮感，我們在自己的電商網站上觀察到了人們的行為和對所售產品的參與度。這些產品通常是人們會選擇其他品牌購買的。我們開始看到這種推動力。

And that moves from on-field cleated products all the way to some of the more sportswear styles that we've been launching of late. We have products like the Apparition Tech and the new Sola that we just launched, which I don't think the consumer would see themselves purchasing that from us before that they're giving Under Armour permission, themselves permission to buy our brand at this time. So I think we feel pretty positive about where it's moving. And it's also the athletes that are signing with us and the partnership with Gunners and again, looking for influencers that can give -- we keep saying, give that kid permission. Thank you.

這涵蓋了從球場鞋釘產品到我們最近推出的一些更具運動風格的服裝。我們推出了像 Apparition Tech 和剛推出的新 Sola 這樣的產品，我認為消費者在授權 Under Armour 購買我們品牌產品之前，不會考慮購買這些產品。所以我認為我們對未來的發展方向非常樂觀。此外，還有與我們簽約的運動員，以及與槍手隊的合作，我們一直在尋找能夠給予——我們一直在說，給予那些孩子——許可的有影響力的人物。謝謝。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

Yes. Sorry about that, folks. Could you hear me now?

是的。抱歉，各位。現在能聽到我說話嗎？

Yeah, we can.

是的，我們可以。

Alright. Good. So I have a handful of things. One, Kevin, you seem to be much more circumspect now than you were prior to 2019. I love some color there. Number two, can you also bridge sort of how you see this brand improvement sort of start to show up?

好的。很好。所以我有幾點想問。第一，凱文，你現在似乎比2019年以前更加謹慎了。我喜歡你在這裡添加一些細節。第二，你能不能也談談你如何看待這種品牌提升效果的初現？

Number three, tax rate? And then number four, can you talk anything about order book for holiday or even into spring '26 now if you're seeing any -- what you're starting to see there versus you're only really guiding the quarter, you say it's going to take a little bit -- it's going to take longer now because of the tariffs and so on. But can you give us some color looking out to further as well.

第三，稅率？第四，您能否談談假期甚至2026年春季的訂單狀況？如果您現在看到一些跡象，而不是您只是在預測季度情況，您說這需要一點時間——由於關稅等因素，現在需要更長的時間。您能否也給我們一些未來展望？

Yeah. I'll start, Sam, and I'll let Dave handle tax rate, but let me just give you, I think, how I'm thinking about the business, which is I've been doing this a long time, and have the ability to come back and hopefully apply all the benefit of that experience with a bit of wisdom, a lot of humility and real understanding and empathy for our consumer, for our team and what it means to be in this business. So it's a privilege and I approach it like that every day.

是的。山姆，我先說，稅率問題讓戴夫處理。不過，我想先跟你說說我對這個行業的看法。我從事這個行業已經很久了，現在有能力回來，希望能把這段經歷的所有好處運用到實踐中，帶著一些智慧、謙遜，以及對消費者、對團隊以及從事這個行業意義的真正理解和同理心。所以，這是一種榮幸，我每天都會這樣對待它。

One of the phrases we use here is model the behavior, which means it does mean showing up for a 6:30 AM Tyba class or 6 AM boxing class, being with our team being here every day and just seeing and building this in a much better, bigger and better, more effective way.

我們在這裡使用的短語之一是模範行為​​，這意味著它意味著要參加早上 6:30 的 Tyba 課程或早上 6 點的拳擊課程，每天與我們的團隊在一起，以更好、更大、更好、更有效的方式觀察和構建這一點。

I'm really proud of the team that's been assembled here. I think it's clear. We're substantially built as we look at right now. And now it's just a matter of execution. So bringing that confidence from bringing a brand partner like Eric Liedtke to the organization and many of the other additions and hires that we've made, we painstaking have been building out the product infrastructure of the company.

我為組建的團隊感到非常自豪。我想這一點顯而易見。目前看來，我們已經基本成形。現在只剩下執行的問題了。我們帶著這份信心，將像Eric Liedtke這樣的品牌合作夥伴引入公司，以及我們之前招募的許多其他人才，一直在辛勤建立公司的產品基礎設施。

Now it's moving into the marketing function. Now that we have the three legs of the operating model, the go-to-market and the strategic business plan clearly articulated. It's a matter of execution. So as I said, it's an 18 month process in our industry, but we'll continue to execute there. So hopefully, what you feel is a bit of much calmer and clear confidence and where the business is heading. And that's why I gave that reflection I think of where we're going.

現在，它正在轉向行銷職能。現在，我們已經清楚地闡述了營運模式的三個支柱：市場進入和策略性業務計劃。接下來是執行的問題。正如我所說，在我們這個行業，這是一個18個月的過程，但我們會繼續執行。希望您能感受到更平靜和清晰的信心，以及業務的發展方向。這就是我思考我們未來發展方向的原因。

The brand improvement it feels we have metrics, as I've stated, some of the NPS scores and other things we're seeing as it relates to brand awareness and perception with the company. But you're just seeing it from these kids. I've got to tell you is that it's different, something is different.

說到品牌提升，我們感覺有一些指標，正如我之前提到的，例如一些NPS評分，以及其他與品牌知名度和公司認知度相關的指標。但你只是從這些孩子身上看到了這一點。我必須告訴你，這很不一樣，有些東西確實不一樣。

And that's where I get to apply the experience I've had doing this to just what you see and I think almost as importantly is what you feel in your gut. It feels like we're moving in the right direction. Let me just touch on order book, and I'll let Dave touch that as well. We're out now in the move for our fiscal year moving to the end of March in extending.

正是在這裡，我得以將我在這方面的經驗運用到你們所見所聞，以及我認為幾乎同樣重要的是你們內心的感受上。感覺我們正朝著正確的方向前進。我先提一下訂單簿，戴夫也講一下。我們現在正著手將財政年度延長至3月底。

So we're seeing a little bit of a greater impact as it relates to tariffs to the full fiscal year. And that's something that's had a bit of an effect as we're looking at some of our orders, and we're trying to work all this through to the bottom line.

因此，就整個財年而言，關稅的影響略有增加。我們正在審視一些訂單，這確實產生了一些影響，我們正在努力將這些影響轉化為實際收益。

We've seen some -- we've seen energy and momentum, especially with some of our sportswear products that we're bringing in. And again, the buyers and the retailers committing to things that we've won with before. Our compression base layer, anything performance in on field. We've got the innovation pipeline is really full right now, and there's a lot of energy from our customers with that. And I think we've laid out, I mean, just in footwear alone, I think we've had seven or eight launches over a 12-week span from our SlipSpeed Echo to Sportswear, Sola, the Halo collections.

我們已經看到了一些活力和發展勢頭，尤其是在我們推出的一些運動服飾產品上。而且，買家和零售商對我們先前成功推出的產品也表示了支持。例如，我們的壓縮底層，以及所有在賽場上表現優異的產品。我們現在的創新管道非常豐富，客戶也對此充滿熱情。而且，我認為我們已經佈局了，僅在鞋類領域，我們在12週內就推出了七、八款新品，從SlipSpeed Echo到Sportswear、Sola和Halo系列。

How they're selling in right now, there's a bit of wait and see. And by wait and see, I mean, people are bringing them in, but they're testing. And so we're making best where we think that we're going to win. We're going to make sure that we're in an inventory positive position to be able to service that demand, but there's nothing wrong with a little bit of scarcity too. So our order book, I'm going to let Dave get a little more color there.

他們目前的銷售情況如何，還需要一些時間觀望。我說的觀望，是指雖然有人在引進，但他們還在測試。所以我們會在我們認為能夠取得成功的領域盡力而為。我們會確保庫存充足，以滿足需求，但庫存略有不足也無妨。至於我們的訂單情況，我會讓戴夫進一步說明。

Yeah. I mean, I think that, obviously, we're only given real detail here on Q2, but we are excited about the reactions and the feedback we're seeing on the product. And I think that as we think forward, we get to the tail end of fall '25, but then more so when we get into Spring/Summer '26, which is more Q4, we think that there'll be the most strength there, and that's what we're kind of excited about as far as how we're talking with the accounts and how they're receiving the product, what they're seeing from our kind of newly developed product team and some of the partners we're working with. So that's kind of what we're looking at, at this point, but we're not at a point yet to give a lot more detail than that.

是的。我的意思是，顯然，我們目前只獲得了第二季的具體細節，但我們對產品的反應和回饋感到非常興奮。展望未來，我認為到2025年秋季末，尤其是在2026年春夏，也就是第四季度，我們認為那時的銷售動能最強勁。至於我們與客戶溝通的情況、他們對產品的接受程度、他們從我們新組成的產品團隊以及一些合作夥伴那裡看到的情況，我們對此感到興奮。所以，這就是我們目前關注的重點，但目前我們還不能透露更多細節。

I would say from a tax rate perspective, there is a lot going on within taxes. And I think maybe if I try and simplify it as much as possible, at a high level, we're paying taxes and we're incurring tax expense in the foreign jurisdictions where we're making income there, which -- that makes sense.

我想說，從稅率的角度來看，稅收涉及很多方面。我想，如果我盡量簡化，從宏觀層面來看，我們在產生收入的外國司法管轄區繳納稅款，並產生稅費，這很合理。

But when you think about the additional tariff costs, et cetera, that we have this year, we actually won't make money in the US this year, so that expected loss is there, but we can't actually take the benefit of those US losses from a tax perspective because they're actually being absorbed by US GILTI tax regulations, which basically requires us to use our domestic losses to offset our earnings first. So it's a little bit of a double negative there that we're dealing with, but it all kind of is attributed to the lower profitability this year that we will grow out of as we move forward beyond this year.

但是，考慮到我們今年面臨的額外關稅成本等等，我們今年實際上在美國不會盈利，所以預期損失是存在的，但從稅收角度來看，我們實際上無法從這些美國損失中獲益，因為它們實際上被美國GILTI稅收法規吸收了，這基本上要求我們先用國內損失來抵消我們的收益。所以我們面臨的情況有點像是雙重負面，但這一切都歸因於今年獲利能力的下降，隨著我們今年以後的發展，獲利能力將逐漸恢復。

Thanks. And just one last thing. I heard for the great fund that you guys -- your -- are you looking at different channels? Are you getting good response in different channels of distribution? And you've signed that one rapper Guna, I heard there might be some other sort of even more prominent rapper on the horizon. Can you give us any color there?

謝謝。還有最後一件事。我聽說你們在籌備這個大基金的時候，你們在考慮不同的發行管道嗎？你們在不同的發行管道上反應良好嗎？你們已經簽下了說唱歌手古納（Guna），我聽說可能還會有其他更出色的說唱歌手。能透露一下具體情況嗎？

Yeah. We've got a lot of things in flight right now, Sam. So that's the good news. As I said, our phone is ringing. So I want to make sure as well that when we're -- I'm sort of trying to articulate like where the brand is or where we sit, I tend to come with a North American brand, but the momentum that we've seen in EMEA of sort of where Under Armour is positioned there, I think we're probably the top brand in France, and we've really built a great foundation the UK as well through our European strategy, but the brand is just working.

是的。我們現在有很多事情要做，山姆。這是個好消息。就像我說的，我們的電話響了。所以我也想確保，當我們——我正在努力闡明品牌的定位或我們的位置時，我傾向於選擇北美品牌，但我們在歐洲、中東和非洲地區看到的勢頭，以及安德瑪在那裡的定位，我認為我們可能是法國的頂級品牌，而且我們透過歐洲戰略在英國也建立了良好的基礎，但品牌正在穩步發展。

And that's what gives us probably even greater confidence that the play we're running here now is what EMEA was running four or five years ago. And so there's great things on the horizon to come for. So we just got to head down, just keep chopping wood. But the team feels that there's great confidence here. Thank you.

這可能讓我們更有信心，我們現在在這裡的策略和四、五年前歐洲、中東和非洲地區（EMEA）的策略一樣。所以，未來一定會有偉大的事情發生。所以我們只需要埋頭苦幹，繼續砍柴。但團隊感覺這裡充滿信心。謝謝。

Thank you.

謝謝。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Hey, good morning. Thanks for taking my question. So the question I want to ask, and I guess bigger picture. But clearly, you're executing this reposition against a very fluid macro competitive backdrop. But as you and the team have been pushing this forward, dealing with some of these challenges, are there any key course corrections that you've made so far that you've started to see results from those?

嘿，早安。感謝您回答我的問題。我想問的是一個更宏觀的問題。顯然，您是在非常動蕩的宏觀競爭背景下進行這一重新定位的。在您和團隊推進這項進程、應對其中的一些挑戰的過程中，您是否做了一些關鍵的調整，並開始看到成效？

I'd start with, Brian, is that I think that overall theme, if you ask me to sum it up, which is selling so much more, so much less and so much higher full retail price. It's our commitment to doing that in the -- with the right partners is that we're not trying to eat the whole elephant at once we are taking this in bites.

布萊恩，首先我想說的是，如果你讓我總結一下，我認為整體主題就是銷售量大幅提升，價格大幅下降，但零售價卻大幅上漲。我們致力於與合適的合作夥伴合作，我們不會試圖一次吞掉整個產品，而是一步步慢慢來。

We are dealing with a dynamic and fluid environment as you said. But we'd be doing this anyway, whether it's tariffs or whatever else is happening. I think this is, frankly, the right component as we've looked at other turnarounds, what people have done in strategic transformations.

正如您所說，我們正面臨一個充滿活力和變化的環境。但無論關稅或其他因素如何，我​​們都會這樣做。坦白說，我認為這是正確的做法，因為我們借鑒了其他企業扭轉局面的經驗，以及他們在策略轉型中所採取的措施。

There's nothing else to do, but just slow down, focus on your core, do it better. As I said, we're in the SKU reduction, we're in materials reduction and just getting people giving -- making the toolkit smaller. So there's not as many questions as to how we're trying to build this next chapter for. So we're focused on the controllables, doing all the right things that we can, but it's not magic. And I say that not as -- I'm not asking you to wait years upon years.

沒有別的事可做，只能放慢腳步，專注於核心業務，做得更好。正如我所說，我們正在減少庫存單位（SKU），減少材料，讓人們貢獻——讓工具包變得更小。所以，關於我們如何建構下一個篇章的問題並不多。我們專注於可控因素，盡我們所能做所有正確的事情，但這並非魔法。我這麼說，並不是──我並不是要你年復一年地等待。

But I think again, month 16 of an 18 month industry go-to-market process, I think it's -- we're not that far away. We've got work to do, but you'll start seeing it where the math will start to back up what we're doing. We can't point to it today and it's not prudent for us to do. We just say, again, have our head down and just marching forward.

但我再次思考，在為期18個月的產業上市過程中，現在已經過了16個月，我認為──我們離目標並不遙遠。我們還有很多工作要做，但你最終會看到，最終的財務數據會支持我們正在做的事情。我們現在不能指望它，這樣做也不明智。我們只能再次強調，埋頭苦幹，繼續前進。

That's helpful. And then the follow-up question to that for me is you talked a lot about today about really focusing on the brand and reestablishing the brand. Is the operational structure of Under Armour right now? Or should we expect some additional operational changes as well?

這很有幫助。接下來的問題是，您今天談了很多關於真正專注於品牌和重塑品牌的問題。 Under Armour 目前的營運結構是這樣的嗎？或者我們應該期待一些額外的營運變革？

No, that's what's been put in place. As I said in February, we implemented our operating model, which is category management, followed by showing you what the go-to-market and it's a very sort of commercial version of what that go-to-market looks like, utilizing that No Weigh backpack, which Elite product, number one. Clear story telling to be able to communicate that to the sales force and how they can sell that into accounts, making sure that the POP is correct and the way we sell it through.

不，這就是我們目前的做法。正如我二月所說，我們實施了我們的營運模式，即品類管理，然後向大家展示如何進入市場，這是一個非常商業化的市場進入模式，首先利用的是No Weigh背包，也就是Elite系列產品。清晰的敘事能讓銷售人員清楚了解產品如何銷售給客戶，確保POP廣告和銷售方式的準確性。

And then finally, the execution of how we're brand building around it, which I think everybody continues to ask about is that is the willingness from the consumer to be there. And that's what we're finding in some of these premium price points products that we're putting out there really seem to be working for us.

最後，關於我們如何圍繞這個目標進行品牌建設，我想每個人都在不斷詢問，那就是消費者的購買意願。我們發現，我們推出的一些高價產品確實對我們很有效。

The strategy wise for us, it's just about -- again, I think execution is probably the topic of the day for us to lean on and get after. And then finally, it's the strategic business plan. Those three legs are in place. The foundation is there. It's a matter of us just running that through the model right now.

就策略而言，對我們來說，關鍵在於——我再次強調，我認為執行力可能是我們目前最需要依靠和努力的。最後，是策略商業計劃。這三個支柱已經到位，基礎已經打好。現在我們只需要透過模型來運行它。

So the GMs are really excited about. We got -- we have four great leaders here that are running our business and they're reporting into Eric, and it's someone with experience, you've seen it before with a lot of Under Armour UA integral knowledge combined with expertise from the outside. So we're doing this ourselves, meaning it's just industry experience that's driving this for us.

所以總經理們真的非常興奮。我們有四位優秀的領導者負責我們的業務，他們向埃里克匯報，埃里克經驗豐富，你以前見過他，他對 Under Armour UA 有著深入的了解，並結合了外部的專業知識。所以，我們自己做這件事，這意味著我們完全依靠產業經驗來推動這件事。

Got it. Appreciate all the colors. Thanks.

明白了。欣賞所有的顏色。謝謝。

Thank you.

謝謝。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey, thanks guys. I wanted to understand the second quarter North America sales decline a little bit better? And how we got to that down low double digits? Is that always what the order book looked like? Did you see some cancellations? If so you seeing more on the apparel side or footwear? And also curious if any way cancellation, you didn't see them were tied to price increases that you tried to take that the retailer sort of pulled back from? Thanks

嘿，謝謝大家。我想更深入地了解第二季北美銷售額的下滑情況？我們是如何做到的？訂單量一直都是這樣嗎？你們看到一些訂單取消了嗎？如果有的話，你們看到的訂單取消更多是服裝還是鞋類？另外，你們有沒有發現訂單取消與價格上漲有關？你們試圖讓零售商降低價格，但最終卻遭到了拒絕。謝謝。

Yeah, Paul, this is Dave. I'd say a couple of things there. We did speak before about the harder Spring/Summer '25 order book that we've been dealing with, and that's definitely out there. On the Factory House side and on the also brand house side, we've seen traffic definitely trail off. And we think a lot of that has been tied to the timing of the developments and the tariff environment and some of the uncertainty that's out there in the market.

是的，保羅，我是戴夫。我想說幾點。我們之前確實談到2025春夏訂單量越來越大，這肯定是存在的。無論是工廠店還是品牌店，我們的客流量都明顯下降了。我們認為這很大程度上與發展時機、關稅環境以及市場上的一些不確定性有關。

And then from an e-commerce perspective, it's been pretty promotional, and we're trying not to play into that as much as we took so many good steps forward last year. So there's a lot of different pieces to that, I would say that's coming into play.

從電商的角度來看，這確實起到了促銷的作用，我們盡量不去過度投入，因為去年我們已經取得了很多積極的進展。所以，我認為有很多不同的因素正在發揮作用。

And that's something that we're continuing to kind of navigate, and we want to stay true to the strategy. We don't want to divert from that. We understand that creates some extra pressure as we step through Q2, but we're going to navigate through that.

我們正在繼續探索這個問題，我們希望堅持既定的策略。我們不想偏離這個戰略。我們理解這會在第二季帶來一些額外的壓力，但我們會努力克服。

And I think when you look at the product breakdown, there are more headwinds in footwear than in apparel, and we saw that in Q1, and we expect that will continue in Q2. Again, as we go further into the back half of the year, we see that starting to turn the other way as we get more of the new product out there, and there's a lot of new excitement around that product. So we think that, that should be more of a temporary situation as far as the lag on footwear more than apparel.

我認為，從產品細分來看，鞋類業務面臨的阻力比服裝業務更大，我們在第一季就看到了這一點，預計第二季這種情況還會持續下去。同樣，隨著下半年的進一步推進，隨著更多新產品的推出，以及圍繞新產品的許多新亮點，我們看到情況開始出現逆轉。因此，我們認為，就鞋類業務落後於服裝業務而言，這應該只是暫時現象。

Got it. And then just with the elevation strategy, have you already started to take prices up on like-for-like items? And what has been your wholesale partner response to that?

明白了。那麼，就提升策略而言，你們已經開始提高同類商品的價格了嗎？你們的批發夥伴對此有何反應？

So I'd say a couple of things there. We have worked through some specific and targeted price increases. More of that's going to be around some of our new product launches or relaunches. And then as we think about further down the road, and this is why we talked about more of it being a benefit in fiscal '27 is where we might be able to drive through some more holistic price increases more from a brand perspective on price levels. As we see a lot of our competitors in the space moving into that as well. We believe there will be an opportunity to do that.

所以我想說幾件事。我們已經制定了一些具體的、有針對性的漲價方案。其中更多的提價將圍繞著一些新產品的發布或重新發布。然後，我們會考慮更長遠的未來，這也是我們之前提到在2027財年，漲價將帶來更多好處的原因，屆時我們或許能夠從品牌角度推動一些更全面的價格上漲。我們看到很多競爭對手也正在進入這個領域。我們相信，我們有機會這樣做。

Again, that's not something that we can move through as quickly as far as how it could benefit fiscal '26. So there'll be some benefits in fiscal '26 that are more targeted and specific. And I think the accounts are okay with that. As we step into fiscal '27, there will be some broader benefits from the pricing changes. And based on what we're seeing in the market from other brands, we're believing that that's going to be fairly accepted.

再說一次，關於它對26財年有何益處，我們無法快速推進。因此，26財年會有一些更有針對性和更具體的益處。我認為帳目對此表示滿意。隨著我們進入27財年，價格調整將帶來更廣泛的益處。根據我們在市場上看到的其他品牌的表現，我們相信這些益處會被公平地接受。

Thank you. Good luck.

謝謝。祝你好運。

Thank you.

謝謝。

Thanks, Paul.

謝謝，保羅。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning, and thank you for taking our questions. Kevin, as you think about the execution of the North America transformation, has anything changed in this current macro backdrop that shakes your confidence in your ability to deliver that on a medium-term basis?

早安，感謝您回答我們的問題。凱文，當您考慮執行北美轉型計劃時，當前的宏觀背景是否發生了一些變化，讓您對中期實現目標的能力產生了信心？

And then for Dave, can you just parse the comments on the DTC a little bit more in North America specifically? What actions do you have in place that can help move the needle with your customers in both e-com and brick-and-mortar post moving through some of this pressure that you're seeing in the second quarter? Thank you.

然後對於戴夫，您能否具體分析一下關於北美DTC的評論？您採取了哪些措施來幫助您的電商和實體店客戶緩解第二季面臨的壓力？謝謝。

Yeah. Thanks, Brooke. I think that we're relatively confident with what we're seeing. And that means, again, some of the outlook in near term and I think that confidence is something is reflecting through to our retailers and some of the performance that we're seeing. So the softer traffic trend is certainly affecting across all channels for us, especially here in North America. But there's clearly -- again, as I stated earlier, there's clearly momentum that we're seeing with some of our products is particularly around our core with base layer and other things that we're pushing out there.

是的。謝謝，布魯克。我認為我們對目前的情況相對有信心。這意味著，短期前景，我認為這種信心正在反映在我們的零售商和我們所看到的一些業績上。因此，客流量疲軟的趨勢肯定會影響我們所有的管道，尤其是在北美地區。但顯然——正如我之前所說，我們在某些​​產品上看到了明顯的成長勢頭，尤其是在我們的核心產品，例如基本產品和我們正在推廣的其他產品。

You've got these one-off sort of glimpses of light that we're seeing in some of the new sportswear offerings, but that's a new trade for the consumer. They haven't really expected and seen us there. So we're coming out and launching things like the new Sola collection, Halo, the new (inaudible) Tech, which is something in an urban environment, which is doing really well for us in some of our more targeted city stores that we have. But we're also showing them things like the collaboration we did with the car manufacturer MANSORY in Global Football.

我們在一些新的運動服飾產品中看到了一些獨特的亮點，但這對消費者來說是一個全新的領域。他們之前並沒有真正預料到我們會出現在那裡。所以我們推出了一些產品，像是新的Sola系列、Halo，以及新的（聽不清楚）Tech系列，這些都是針對城市環境的產品，在我們一些目標城市門市中表現非常出色。我們也向他們展示了一些產品，例如我們與汽車製造商MANSORY在Global Football的合作。

And I think you're starting to see just aspects of the brand that people haven't seen before, and it's showing up in a new way in a new place. That underpinned by our core getting stronger. It's something that we think is the Halo that should help us. And so while we're not ready to give that in terms of outlook of how that will inflect on the business immediately, we're doing well with the business. I think that's where we continue to do what we said we're going to do and just marching forward.

我認為你開始看到品牌中一些人們從未見過的方面，而且它正以新的方式在新的地方展現出來。這得益於我們核心業務的不斷增強。我們認為 Halo 應該會對我們有幫助。因此，雖然我們還沒有準備好預測這將如何影響業務，但我們的業務發展良好。我認為，我們會繼續實踐承諾，繼續前進。

And I want to say that with more confidence than fingers crossed. There's real context of what we're seeing in some of the NPS scores and some of the other indicators that we have around awareness and perception for the brand. So you're feeling it, and we're just starting to see that in the sell-through. So one space at a time, one foot in front of the other is how we're marching to North America.

我想說的是，我比祈禱更有信心。我們從一些NPS評分以及其他一些關於品牌知名度和認知度的指標中看到了真實的情況。所以，你們感受到了，我們也才剛開始在銷售中看到這一點。所以，我們一步一腳印，一步一腳印地向北美進軍。

And Brooke, I think when you think about the DTC front, the two big pieces are really factory house and e-com for us. Brand House is pretty small, as you know. And the bigger pressure that we're seeing is really going to be more on the e-comm side, and that has to do with the level of promotions in the market right now.

布魯克，我認為，說到DTC（直接面向消費者）業務，對我們來說，最重要的兩部分實際上是工廠和電商。你知道，品牌商的規模相當小。我們看到的更大壓力實際上更多來自電商方面，這與目前市場的促銷水平有關。

And we'll have to play in that to a degree but we're really trying to hold the line and not really lose the ground and the improvements that we drove through strategically last year, and that is creating some of that extra pressure on e-comm.

我們必須在一定程度上參與其中，但我們確實在努力守住底線，不失去去年戰略上的進展和改進，這給電子商務帶來了一些額外的壓力。

I think some of the additional marketing efforts that are coming through and some of the campaigns that Kevin mentioned are going to help us better in the back half of the year relative to e-com, but Q2 is still going to be pretty tough there.

我認為正在進行的一些額外的營銷努力和凱文提到的一些活動將在下半年幫助我們在電子商務方面取得更好的成績，但第二季度仍然會相當艱難。

On Factory House, we've seen the decreased traffic and that's been really retail in total for us, Brand House and Factory House. We've been combating that with some of the assortments that we have. We've been adding some of our full price product to draw consumers in a little bit more as well just because there's not as many access points for them to get to the brand since we don't have many Brand House stores.

在 Factory House，我們發現客流量有所下降，這對我們、Brand House 和 Factory House 來說，整體零售業務來說確實有所下滑。我們一直在透過現有產品來應對這個問題。我們也增加了一些正價商品，以吸引更多消費者，因為我們沒有太多 Brand House 門市，導致消費者接觸品牌產品的管道不多。

And so we've been able to actually combat a good bit of that through better conversion. So the Factory House impact on Q2 is less really than the e-com impact, but we're going to keep driving against that and improving as we go through the back half of the year.

因此，我們實際上已經能夠透過提高轉換率來應對其中很大一部分的影響。因此，工廠車間對第二季度的影響實際上小於電商的影響，但我們將繼續努力應對，並在下半年不斷改進。

Thank you so much.

太感謝了。

Thank you, Brooke Roach.

謝謝你，布魯克羅奇。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good morning. Kevin, Dave, thanks for all the color this morning. I know, Kevin, you talked about a lowered expectation on FY26, largely driven by tariffs and North American demand. And I know you're not prepared to guide for 2H revenues, can we assume North America's 2Q guide of down low double-digit continues into 2H? Or could we see further pressure on consumers in North America as they start to see a broad-based inflation across the marketplace?

早安. Kevin、Dave，感謝你們今早的精彩報導。 Kevin，我知道你們提到了2026財年的預期下調，這主要是受關稅和北美需求的影響。我知道你們還沒準備好下半年的營收預期，我們能假設北美第二季低兩位數的預期會延續到下半年嗎？或者，隨著北美市場開始出現普遍的通膨，我們是否會面臨更大的壓力？

Yeah, I think that there could be a little bit of that, and we've built that into our expectations internally. But again, I think that with a lot of the relationships that Kevin and the sales teams have been driving a lot of the new product that's being shown and the excitement around that new product, we feel that we're going to be able to kind of drive against that as best we can.

是的，我認為可能會有一點這樣的情況，而且我們已經在內部預期中考慮到了這一點。但我想，鑑於Kevin和銷售團隊建立的良好關係，以及新產品的展示和市場對新產品的熱情，我們覺得我們能夠盡力應對這種情況。

So I don't know that you should expect a bigger deterioration in North America in the back half. If anything, as we get further into Q4 we would expect a little bit of improvement there, mainly driven by product and some of the impacts of the improved and prioritized marketing that we're doing.

所以，我認為北美市場下半年的下滑幅度不會更大。如果有什麼不同的話，那就是隨著第四季度的進一步推進，我們預計北美市場會略有改善，這主要得益於產品以及我們正在進行的改進和優先行銷策略帶來的一些影響。

Very helpful. And it's good to hear about the NPS scores. I wanted to ask the second question. Gross margin guide for 2Q to down $340 million to $360 million. Can you unpack that a little bit more for the audience? Like how much is tariffs embedded in that? I think that's one of the two drivers of the pressure -- and should we assume that kind of pressure rate overall on gross margins for the second half to get to the commentary around profitability being half of what it was last year. Thank you very much.

非常有幫助。很高興聽到NPS評分。我想問第二個問題。第二季的毛利率預期下降了3.4億至3.6億美元。您能否為各位聽眾進一步解釋？比如，關稅在其中佔了多少？我認為這是造成壓力的兩個因素之一——我們是否應該假設這種壓力會整體影響下半年的毛利率，從而得出獲利能力僅為去年同期一半的結論？非常感謝。

Sure. When you think about the biggest driver is definitely the supply chain headwinds, and that's probably in the neighborhood of 300-ish basis points, 200 of that or 2/3 of that we mentioned is really the direct tariff cost impacts. And then there's some other pieces of product costing, inventory returns and things like that, that comes into play there.

當然。最大的驅動因素肯定是供應鏈阻力，大概在300個基點左右，其中200個基點，或者我們提到的三分之二，實際上是直接關稅成本的影響。此外，還有一些其他因素，例如產品成本、庫存回報等等，也會對價格產生影響。

Then there's smaller impacts relative to channel mix. We are doing -- or expecting a little bit higher liquidation this year than last year with third parties, still staying within that 3% to 4% operating mix, but definitely maybe on the higher end where we used to be on the lower end of that. So that's a little bit of a headwind as we think about the quarter.

相對於通路組合而言，影響較小。我們預計今年第三方業務的清算額會比去年略高，但仍保持在3%到4%的營運組合範圍內，但肯定會比去年高一些，而我們之前一直處於低位。所以，考慮到本季的情況，這對我們來說是一個小小的阻力。

And then on the positive side, we do see FX benefits. And then we also see some favorable pricing changes that we would be starting to drive through. And some of that is even on the liquidation itself, even though the channel might be a little bit higher, we actually think with the product we have, we'll be able to get a little bit better pricing.

從正面的一面來看，我們確實看到了外匯方面的好處。此外，我們還看到了一些有利的定價變化，這些變化我們將開始推動。其中一些變化甚至體現在清算本身上，儘管通路價格可能會略高一些，但我們實際上認為，憑藉我們現有的產品，我們將能夠獲得更優惠的定價。

Those are really smaller impacts. I would say the big one is obviously the tariff costs. And then as we think about full year, that 200 basis point comment, really is the full year comment as well. And when we look at other puts and takes outside of that, there isn't a lot going on. When you think about regions, there could be a small headwind there just because APAC and North America declines and they're higher gross margin regions for us.

這些影響確實較小。我想說，最大的影響顯然是關稅成本。然後，當我們考慮全年時，那200個基點的預期，實際上也是全年預期。當我們考慮除此之外的其他收益和收益時，並沒有太多變化。說到地區，可能會有一些小的阻力，因為亞太地區和北美的業績下滑，而這些地區對我們來說是毛利率較高的地區。

But then on the flip side, with footwear growing or footwear challenged a little bit more than apparel, that mix actually helps gross margin a little bit. So there's some smaller puts and takes there. But in general, the big factor is the year-over-year 200 basis point hit on the tariff costs that we're estimating currently.

但另一方面，由於鞋類業務的成長，或者說鞋類業務面臨的挑戰比服裝業務略大，這種組合實際上對毛利率略有提升。所以，這其中存在一些較小的利弊。但總的來說，最大的因素是我們目前估計的關稅成本年增了200個基點。

Very helpful. Best of luck. Good. Thanks. Cool.

非常有幫助。祝你好運。很好。謝謝。太棒了。

Thanks.

謝謝。

Thanks, Laurent.

謝謝，洛朗。

And this does conclude our question-and-answer session as well as today's conference. Thank you for attending today's presentation, and you may now disconnect your lines.

今天的問答環節和記者會到此結束。感謝各位出席今天的演講，現在您可以掛斷電話了。