Under Armour Inc (UA) 2026 Q2 法說會逐字稿

Good day, and welcome to the Under Armour Q2 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Under Armour 2026 年第二季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Lance Allega, Senior Vice President of Finance and Capital Markets. Please go ahead.

現在我將把會議交給財務和資本市場高級副總裁蘭斯·阿萊加 (Lance Allega)。請繼續。

Good morning, and welcome to Under Armour's fiscal 2026 second quarter earnings call. Today's call is being recorded, and a replay will be available on our investor website shortly after it ends. Joining us this morning are Kevin Plank, Under Armour's President and CEO; and Dave Bergman, our CFO.

早安，歡迎參加安德瑪2026財年第二季財報電話會議。今天的電話會議正在錄音，結束後不久即可在我們的投資者網站上收聽回放。今天早上和我們一起參加節目的有安德瑪總裁兼執行長凱文·普朗克，以及我們的財務長戴夫·伯格曼。

Before we begin, please note that certain statements made on today's call are forward-looking as defined under federal securities laws. These statements reflect management's current expectations as of November 6, 2025, and are subject to risks and uncertainties that could cause actual results to differ materially.

在開始之前，請注意，今天電話會議上所作的某些陳述屬於聯邦證券法所定義的前瞻性陳述。這些聲明反映了管理層截至 2025 年 11 月 6 日的當前預期，但存在風險和不確定性，可能導致實際結果與預期有重大差異。

For a detailed discussion of these factors, please refer to this morning's press release, filings with the SEC, including our most recent Form 10-K and Form 10-Q and other public disclosures.

有關這些因素的詳細討論，請參閱今天早上的新聞稿、向美國證券交易委員會提交的文件（包括我們最新的 10-K 表格和 10-Q 表格）以及其他公開披露資訊。

In today's call, we may reference non-GAAP financial measures. We believe these metrics offer additional insights into the underlying trends of our business when considered alongside our GAAP results.

在今天的電話會議中，我們可能會提到非GAAP財務指標。我們相信，結合我們的 GAAP 結果來看，這些指標能夠更深入地揭示我們業務的潛在趨勢。

Reconciliations of these measures to the most comparable GAAP metrics are included in today's press release and can be found on our investor website at about.underarmour.com.

今天的新聞稿中包含了這些指標與最可比較的 GAAP 指標的調整表，也可以在我們的投資者網站 about.underarmour.com 上找到。

With that, thank you for being here and for your interest in Under Armour, and I'll now turn the call over to Kevin.

那麼，感謝各位的到來以及對安德瑪的關注，現在我將把電話交給凱文。

Thanks, Lance, and thank you all for joining us this morning. Before we get started, I want to take a moment to reflect on some important news we shared this morning regarding a leadership transition. To express my deep gratitude to Dave Bergman for more than two decades of extraordinary service to Under Armour.

謝謝蘭斯，也謝謝各位今天早上收看我們的節目。在正式開始之前，我想花點時間回顧一下今天早上我們分享的關於領導層過渡的一些重要消息。我謹向戴夫‧伯格曼先生致以深深的謝意，感謝他二十多年來為安德瑪公司做出的卓越貢獻。

For 21 years, Dave has been so much more than our teammate, finance expert and CFO. He's been a true partner, a steady hand and a trusted voice.

21年來，戴夫不僅僅是我們的隊友、財務專家和財務官，他所做的遠不止這些。他一直是真正的合作夥伴，一位穩健的掌舵人，一位值得信賴的聲音。

His discipline, integrity and unwavering commitment to doing what's right for our brand, our teammates and our shareholders have shaped who we are today. His impact can be felt in every corner of the company from the strength of our business to the culture that defines us.

他的自律、正直以及對品牌、團隊成員和股東利益的堅定承諾，塑造了我們今天的模樣。從我們業務的實力到定義我們的企業文化，公司各個角落都能感受到他的影響力。

His leadership has built a foundation that will support Under Armour for years to come.

在他的領導下，安德瑪公司打下了堅實的基礎，這將為公司未來的發展奠定基礎。

As Dave transitions from his role and continues with us through the first quarter of fiscal '27 to ensure a seamless handoff, I want to sincerely thank him and not just for what he's accomplished, but for the person he's been to all of us. His legacy here will be lasting and deeply felt. Thank you, Dave.

在戴夫卸任之際，他將繼續留在我們公司，直到 2027 財年第一季結束，以確保工作順利交接。在此，我衷心感謝他，不僅感謝他所取得的成就，也感謝他一直以來對我們所有人的關愛。他在這裡留下的遺產將長久而深遠。謝謝你，戴夫。

Now at the same time, we're excited to welcome Reza Taleghani as our next Executive Vice President and Chief Financial Officer, who will join in February of 2026. Reza brings more than 25 years of global finance leadership across corporate, operational and investment banking roles.

同時，我們很高興地宣布 Reza Taleghani 將擔任我們的下一任執行副總裁兼財務官，他將於 2026 年 2 月加入我們。Reza 在企業、營運和投資銀行等領域擁有超過 25 年的全球金融領導經驗。

He joins Under Armour from Samsonite Group, where he served as EVP and CFO since 2018, leading financial and operational transformations that significantly improve profitability and efficiency. His prior experience includes senior roles at Brightstar Corp, JPMorgan and Sterling Airlines.

在他加入 Under Armour 之前，曾在 Samsonite 集團擔任執行副總裁兼首席財務官，自 2018 年以來領導了財務和營運轉型，顯著提高了盈利能力和效率。他此前曾在 Brightstar Corp、摩根大通和 Sterling Airlines 擔任高級職務。

I have every confidence that Reza's extensive experience and strategic mindset will help drive our brand and business forward, and we welcome him to the Under Armour team.

我完全相信，Reza豐富的經驗和策略思維將有助於推動我們的品牌和業務向前發展，我們歡迎他加入Under Armour團隊。

Now speaking of the team. Over the past few months, I've had the privilege of meeting our closest stakeholders across Shanghai, Hong Kong, Amsterdam, New York and Portland. The energy has been undeniable everywhere I went. The message remained consistent.

現在來說說球隊。在過去的幾個月裡，我有幸與我們在上海、香港、阿姆斯特丹、紐約和波特蘭的密切利益相關者會面。無論我走到哪裡，都能感受到那股蓬勃的活力。資訊始終如一。

Under Armour has the strategy, talent and brand power to succeed. Our partners are fully committed. Our teams are focused and our brand continues to inspire athletes worldwide.

Under Armour擁有成功的策略、人才和品牌實力。我們的合作夥伴全力以赴。我們的團隊目標明確，我們的品牌也持續激勵著世界各地的運動員。

With nearly 2,000 UA-branded stores showcasing our global reach, the road ahead is vast. Now is the time to harness the momentum, align our priorities, ignite our entrepreneurial spirit and turn potential into tangible results.

UA 品牌在全球擁有近 2000 家門市，展現了我們的全球影響力，未來的道路廣闊無垠。現在正是利用這股勢頭，調整我們的優先事項，激發我們的創業精神，並將潛力轉化為實際成果的時候。

Like the athletes we serve, we know when to push, when to pivot and when to lock in. This turnaround won't happen through force alone. It's about balance and precision. Staying focused is critical because credibility and trust are lost quickly, but regained slowly.

就像我們服務的運動員一樣，我們知道何時該奮力一搏，何時該調整方向，何時該全力以赴。這種轉變光靠武力是無法實現的。關鍵在於平衡和精準。保持專注至關重要，因為信譽和信任很容易失去，但很難重新獲得。

Whereas we say at UA, trust is built in drops and lost in buckets. And we have been busy, depositing one drop, one relationship, one product, one story at a time. Every decision, action and result shapes how our brand is perceived.

而我們在 UA 常說，信任是一點一滴累積起來的，卻會瞬間消失殆盡。我們一直忙於積蓄力量，一次投入一滴水，建立一段關係，推出一款產品，講述一個故事。每一個決定、行動和結果都會影響人們對我們品牌的認知。

Our category management model is sharpening our edge, aligning us more closely with athlete needs and boosting precision and speed across the business. We will maintain high standards, staying disciplined, accountable and continue to earn trust through performance.

我們的品類管理模式正在提升我們的優勢，使我們更貼近運動員的需求，並提高整個業務的精準度和速度。我們將保持高標準，恪守紀律，勇於承擔責任，並透過業績繼續贏得信任。

Anchored by our long-term strategy, this model keeps us focused on what matters most, winning with young athletes and making Under Armour the most trusted authentic performance brand everywhere we do business.

以我們的長期策略為基石，該模式讓我們專注於最重要的事情，即贏得年輕運動員的青睞，並使 Under Armour 成為我們開展業務的任何地方最值得信賴的正品性能品牌。

This strategy is now global, echoed in every region and market around the world with our clear category focus of training, running and sportswear, then authenticated through A or the key team sport in each region from American football, basketball, diamond sports and volleyball here in the US to football in Europe and football, basketball and volleyball in Asia.

這項策略如今已遍及全球，在世界各地的每個地區和市場都得到了體現，我們明確專注於訓練、跑步和運動服裝這一品類，並通過 A 或每個地區的關鍵團隊運動進行驗證，從美國的橄欖球、籃球、棒球和排球，到歐洲的足球，再到亞洲的足球、籃球和排球。

We deliver performance and build connection wherever athletes play. One of the clear signs our strategy is working is in product, the heartbeat of this brand. When I returned to the CEO role, I made it my priority as product has long 18 month lead times and to reignite the Under Armour edge, that's where we had to start.

無論運動員在哪裡比賽，我們都能提供卓越的競技表現並建立緊密的聯繫。我們的策略奏效的一個明顯標誌就是產品，產品是這個品牌的靈魂。當我重返CEO職位時，我把產品研發週期長達18個月作為首要任務，而要重振Under Armour的優勢，我們必須從這裡著手。

We streamlined assortments by cutting 25% of our SKUs, refocused our materials library by prioritizing fabrics we can be famous for and constantly raising the bar on design, working to bring innovation and style back to the center of what we do, which are all ingredients that made Under Armour globally famous to begin with.

我們精簡了產品系列，減少了 25% 的 SKU；重新調整了材料庫，優先考慮我們引以為傲的面料；不斷提高設計標準，努力將創新和風格帶回我們工作的核心，而這些正是安德瑪最初享譽全球的要素。

Fall/Winter '25 is when it all starts to show. A bold new design language is evident across training, running, and sportswear, confident, consistent and unmistakably UA.

2025年秋冬季，一切都開始顯現出來。訓練服、跑步服和運動服都展現出大膽的新設計語言，自信、一致，並且具有鮮明的 UA 特色。

Core apparel collections, including Heat and ColdGear, Unstoppable, Vanish, Meridian and Icon are driving momentum and beginning to drive demand with key specialty and sporting goods partners.

核心服裝系列，包括 Heat 和 ColdGear、Unstoppable、Vanish、Meridian 和 Icon，正在推動發展勢頭，並開始與主要專業和體育用品合作夥伴一起推動需求。

In footwear, we've addressed our contraction by refining our strategy and sharpening our aesthetic. We are not accepting the current state of the business.

在鞋類領域，我們透過改善策略和提升美學來應對業務萎縮。我們不能接受公司目前的經營狀況。

Our plan is straightforward, build on the franchises that are already successful and return to growth in the upcoming seasons. We're leveraging our momentum.

我們的計畫很簡單，就是鞏固現有成功球隊的實力，並在接下來的賽季中恢復成長。我們正在利用這股勢頭。

The record-breaking Velociti Elite three highlighted by Sharon Lokedi's recent New York City Marathon podium this past Sunday demonstrates our performance leadership is resonating.

上週日，Sharon Lokedi 在紐約馬拉松賽上登上頒獎台，Velociti Elite 三款賽車打破紀錄，這表明我們的性能領先地位正在產生共鳴。

SlipSpeed Echo and Nova extensions, along with our solo sportswear models are creating buzz, increasing sell-through and proving that UA can generate real demand where performance meets style.

SlipSpeed Echo 和 Nova 擴展功能，以及我們的單人運動服裝系列，正在引起轟動，提高銷量，並證明 UA 能夠在性能與時尚相結合的地方創造真正的需求。

Accessories, we're gaining renewed energy with breakout hits like the $45 StealthForm hat and $140 No Weigh backpack, driving growth across wholesale and DTC by inventing new products as well as significantly higher price points, validated by UA innovation, which reassures us that where and when we innovate, we will succeed.

在配件領域，我們憑藉 45 美元的 StealthForm 帽子和 140 美元的 No Weigh 背包等爆款產品重獲活力，透過發明新產品和大幅提高價格點，推動了批發和 DTC 業務的成長。 UA 的創新驗證了這一點，這讓我們確信，無論何時何地，只要我們進行創新，我們就會成功。

Spring, Summer '26 only gets stronger and is also filled with innovation. The $160 Velociti distance run shoe, which builds on the Velociti 3 franchise, next-generation Shadow and Magnetico football boots, the Dry Pro clone golf shoe featured on Jordan Spieth and the new No Weigh duffle, all of which build on UA franchises, especially our HeatGear Elite base layer featuring our new UA-built NEOLAST fiber technology, which replaces Lycra stretch with a more durable and groundbreaking sustainable option for athletes and the planet.

2026 年春季和夏季的趨勢只會更加強勁，並且充滿了創新。售價 160 美元的 Velociti 長跑鞋，以 Velociti 3 系列為基礎；新一代 Shadow 和 Magnetico 足球鞋；喬丹·斯皮思穿著的 Dry Pro 仿製高爾夫球鞋；以及新款 No Weigh 旅行包，所有這些都以 UA 系列為基礎，特別是我們的 HeatGear Elite 直接研發新內衣，纖維技術，以更耐用、更具突破性的可持續材料取代了萊卡彈性纖維，造福運動員和地球。

There will also be another extension of NEOLAST we will launch in the spring that we only tease with the clue of an industry quote that drives us. Whoever invents the next white or black T-shirt wins.

今年春天，我們還將推出 NEOLAST 的另一個擴充功能，目前我們只用一句激勵我們的產業名言來透露一些資訊。誰發明下一款白色或黑色T卹，誰就贏了。

Meaning master performance and elegance through something as simple as a T-shirt. It's the best expression of UA and believe we have that coming in the new year. This is what UA does best consumer-relatable innovation where we can drive positive perception and volume.

這意味著透過一件簡單的T恤衫就能展現出精湛的技藝和優雅的氣質。這是 UA 的最佳體現，相信我們在新的一年裡會實現這一點。這正是UA最擅長的－透過與消費者相關的創新來提升品牌形象和銷售量。

So speaking of volume, we're working to elevate our top 10 largest unit products by enhancing quality and design, aiming to increase price points through innovation and style that help athletes perform better.

說到銷量，我們正在努力提升銷量前 10 名產品的品質和設計，旨在透過創新和時尚來提高價格，從而幫助運動員表現得更好。

Every product detail must justify its place by providing confidence, comfort and performance that set us apart. While higher average selling prices over the long term are a fundamental goal, our progress will be about more than just numbers.

每個產品細節都必須透過提供信心、舒適性和性能來證明其存在的價值，從而使我們脫穎而出。雖然長期來看提高平均售價是根本目標，但我們的進步不僅體現在數字上。

It's about building trust and instilling pride in athletes when they wear UA as a symbol of performance and purpose.

這關乎建立信任，並讓運動員在穿著 UA 服飾時感到自豪，因為 UA 是表現和目標的象徵。

A strong example, the $75 Assert 11 running shoe, which launched just this week, with a complete Velociti run-inspired redesign, it demonstrates how far we've advanced, turning one of our most accessible models into a true performance shoe with a story instead of just price.

一個強有力的例子是售價 75 美元的 Assert 11 跑鞋，它於本週剛上市，採用了 Velociti 跑鞋的全新設計，充分展現了我們取得的進步，將我們最容易入手的鞋款之一變成了一款真正的高性能跑鞋，它不僅價格實惠，更蘊含著故事。

The [Charged+] mid-sole technology and Velociti 3 inspired design lines plus the addition of Los Angeles Dodgers back-to-back World Series champion, Freddie Freeman to support our point-of-sale visuals.

[Charged+] 中底技術和 Velociti 3 的設計靈感，再加上洛杉磯道奇隊連續兩屆世界大賽冠軍弗雷迪·弗里曼的支持，提升了我們的銷售點視覺效果。

Ensure that we can maintain a higher average selling price for this program that pushes millions of units annually, ultimately bringing more profit to the bottom line.

確保我們能夠維持該專案較高的平均售價，該專案每年可售出數百萬台設備，最終為公司帶來更多利潤。

We look to do this across our top 10 high-volume styles where each product will reflect our commitment to premium quality at every price point, so every athlete at any level can see and feel the UA difference. These launches embody everything Under Armour represents, athlete-driven innovation, bold design and performance you can truly feel.

我們希望在銷量最高的 10 種款式中實現這一點，每款產品都將體現我們對每個價位優質產品的承諾，讓各個級別的運動員都能看到和感受到 UA 的不同之處。這些新品體現了 Under Armour 的所有理念：以運動員為導向的創新、大膽的設計以及你真正能感受到的性能。

The difference now is the energy. You can sense it across the teams, fueled by belief and a shared commitment to win. We're not just back in the game.

現在的不同之處在於能量。你可以在各個團隊中感受到這種氛圍，這是由信念和對勝利的共同承諾所驅動的。我們不僅僅是重返賽場。

We're now setting our own pace, demonstrating that performance, style and a premium experience can coexist and thrive at every level.

我們現在正按照自己的步調發展，證明性能、風格和優質體驗可以在各個層面共存並蓬勃發展。

The evolution of our products reflects a transformation happening across our business worldwide with focus and disciplined marketplace management in each region driving progress. EMEA is experiencing healthy profitable growth. APAC is rebuilding back to growth over the next 12 months.

我們產品的演變反映了我們全球業務正在發生的變革，而每個地區的專注和嚴謹的市場管理則推動了這一進程。歐洲、中東和非洲地區正經歷健康且獲利的成長。亞太地區將在未來12個月內恢復成長。

And North America is a proof point we are decidedly getting behind to redirect our global trajectory and believe we have a positive line of sight. Focusing on North America and recognizing that it's not fully reflected in our financials yet.

北美就是一個例證，證明我們正在堅定地支持北美，以改變我們的全球發展軌跡，並且我們相信我們擁有積極的前景。專注於北美市場，並意識到這尚未完全反映在我們的財務數據中。

Our brand heat is increasing, which is an important milestone in our turnaround. As our product strategy accelerates, our storytelling is gaining clarity.

我們的品牌熱度正在提升，這是我們扭虧為盈過程中的一個重要里程碑。隨著我們的產品策略加速推進，我們的故事也變得更加清晰。

By blending creativity with instincts, we're enhancing our cultural edge while staying dedicated to performance. From TikTok to the sidelines, we're showing up where it matters, and it's working.

透過將創造力與直覺結合，我們在保持對績效專注的同時，增強了我們的文化優勢。從 TikTok 到賽場邊，我們都在關鍵時刻出現，而且效果顯著。

Awareness among 18 to 34 year-olds has increased from the mid-60s just six months ago to over 80% today, driven by our, We Are Football campaign and activations, which we have also delivered a significant surge in social engagement for UA.

18 至 34 歲族群的認知度已從六個月前的 60% 左右提高到如今的 80% 以上，這得益於我們的「我們是足球」活動和推廣活動，這些活動也為 UA 帶來了顯著的社交參與度提升。

From the Star-powered main film featuring NFL star Justin Jefferson, number one draft pick Cam Ward, a host of young high school NIL talent, all the way to recording artist Gunna, who also performed at the Video Music Awards.

從由 NFL 球星賈斯汀·傑弗遜、狀元秀卡姆·沃德、眾多高中 NIL 天才球員主演的明星陣容強大的主影片，到在音樂錄影帶大獎上表演的錄音藝術家 Gunna，應有盡有。

These have all contributed to related base layer sales. We Are Football wasn't just an activation. It's been a revival for us here in the states, redefining how athletes see us not just as a performance brand, but as an inspiring, aspirational one.

這些都促進了相關保暖內衣的銷售。「我們是足球」不僅僅是一次活動。這對我們來說是一次復興，它重新定義了運動員對我們的看法，我們不僅是一個性能品牌，更是一個鼓舞人心、令人嚮往的品牌。

Returning to the field this year through our NFL partnership as an official supplier of gloves and footwear has been a key part of this reset, reminding the world exactly what UA represents, performance, energy and an authentic cultural connection with the next generation of athletes.

今年，我們透過與 NFL 的合作重返賽場，成為官方手套和鞋類供應商，這是此次重塑的關鍵部分，也讓世界再次意識到 UA 代表著什麼：卓越的性能、充沛的活力以及與下一代運動員之間真正的文化聯繫。

And it's delivered big with more than 300 million impressions and 100 million video views, a number two share of voice among competitors on X, over 90% positive sentiment and awareness among 18 to 34 year-olds at its highest level since 2022, now sitting in the 80s.

而且它取得了巨大的成功，獲得了超過 3 億次的曝光量和 1 億次的視頻觀看量，在 X 平台上的市場份額排名第二，在 18 至 34 歲人群中的正面評價超過 90%，認知度也達到了 2022 年以來的最高水平，目前已超過 80%。

Besides generating buzz, it also boosted sales. Organic engagement surpassed expectations by promoting our HeatGear Baselayer story and increasing its share of ua.com franchise visits from 6% to 31%.

除了引發熱議，它還促進了銷售。透過推廣我們的 HeatGear Baselayer 產品故事，自然互動超出了預期，並將其在 ua.com 特許經營訪問量中的份額從 6% 提高到 31%。

This led to double-digit growth in sales for the category. The VMA's activation with Gunna also caused a fivefold rise in social media mentions and a notable increase in purchase consideration among young athletes.

這使得該品類的銷售額實現了兩位數的成長。VMA 與 Gunna 的合作也導致社群媒體提及量增加了五倍，並顯著提高了年輕運動員的購買意願。

At Under Armour, our currency is product and our voice is amazing story articulated through powerful imagery and film where we bring our brand to life.

在 Under Armour，我們的貨幣是產品，我們的聲音是透過強而有力的圖像和影片來表達的精彩故事，從而將我們的品牌生動地展現出來。

For a deeper look at the momentum behind our transformation, please visit our investor relations page today to explore recent product and storytelling highlights that demonstrate how our brand is growing stronger every day. I think this is incredibly effective and recommended strongly.

如需深入了解我們轉型背後的動力，請立即造訪我們的投資者關係頁面，探索近期產品和故事亮點，了解我們的品牌如何日益壯大。我認為這非常有效，強烈推薦。

The combination of sharper products, stronger storytelling and a renewed sense of purpose is revitalizing confidence in Under Armour and redefining how athletes perceive us.

更優質的產品、更精彩的故事和煥然一新的使命感相結合，正在重振人們對 Under Armour 的信心，並重新定義運動員對我們的看法。

We're rebuilding conviction and cultural relevance with the next generation, regaining trust and energy across the marketplace. So what's different? We're connecting more deeply than ever.

我們正在重建下一代的信念和文化影響力，重拾市場信任和活力。那麼，差別在哪裡？我們之間的聯繫比以往任何時候都更加緊密。

We're adding attitude and personality to everything we create, applying a brand lens to every product, touch point and story. Our products need to perform and speak, reflecting the mindset of today's athlete relentless, confident and ready to compete.

我們為所有創造物注入態度和個性，將品牌視角應用於每個產品、每一個接觸點和每一個故事。我們的產品需要具備卓越的性能和強大的影響力，體現當今運動員永不放棄、充滿自信、隨時準備比賽的心態。

That's what we mean when we say our products personify performance. Every fabric, fit and finish must convey our unique DNA. When athletes put on UA, they're not just wearing gear, they're underscoring belief.

這就是我們所說的，我們的產品體現了卓越的性能。每一種布料、版型和工藝都必須體現我們獨特的品牌基因。運動員穿上 UA 裝備，不只是穿戴裝備，更是在強調一種信念。

That's the connection we're creating between product and emotion, brand and identity. You'll continue to see us get sharper with personifying our product, giving them individual personality and trust with athletes like our ColdGear Mock has done when it gets cold.

這就是我們正在建立的產品與情感、品牌與身分認同之間的連結。您將會看到我們不斷改進產品人格化設計，賦予產品獨特的個性，並像我們的 ColdGear Mock 在寒冷天氣下一樣贏得運動員的信任。

That builds a relationship with our consumer, become familiar with and recommend as well as repeat purchase from us season after season. This is our industry's version of recurring revenue, and it is top of mind here at UA, consistency and confidence.

這有助於與消費者建立聯繫，讓他們熟悉並推薦我們的產品，並年復一年地重複購買。這就是我們產業中的經常性收入，也是 UA 最重視的：穩定性和信心。

Within our North American direct-to-consumer business, we continue balancing pricing discipline with a dynamic consumer environment while making further progress in enhancing our shopping experience. Our new content management system for e-commerce improves content flexibility and supports modern tools like TikTok, shoppable reels and product compare.

在北美直接面向消費者的業務中，我們繼續在價格紀律和動態的消費者環境之間取得平衡，同時在提升購物體驗方面取得進一步進展。我們全新的電子商務內容管理系統提高了內容的靈活性，並支援 TikTok、可購物短影片和產品比較等現代工具。

Although sector demand remains tempered due to a very promotional market, our units per transaction are up nicely. And despite traffic headwinds across our sector, in our retail stores, conversion rates are increasing as we improve the shopping experience and boost productivity.

儘管由於市場促銷力度大，業界需求依然疲軟，但我們的單筆交易量卻穩步上升。儘管我們整個行業都面臨交通逆風，但隨著我們改善購物體驗和提高生產力，我們零售店的轉換率正在提高。

Factory House placements of full-price products also continue to exceed expectations. Now our North American wholesale business is undergoing a disciplined rebuild, and we are encouraged. The focus on top-to-top relationship building at our most important retailers has been key and effective.

工廠直銷店全價產品的擺放位置也持續超出預期。現在，我們的北美批發業務正在進行有條不紊的重建，我們對此感到鼓舞。我們專注於與最重要的零售商建立高層關係，這種做法非常有效。

Good news is that we're seeing positive momentum with many of these accounts in some of our core programs as we continue to sharpen our focus on stronger partnerships, more targeted assortments, elevated merchandising and a premium retail brand experience.

好消息是，隨著我們繼續加強合作、更有針對性的產品組合、更優質的商品陳列和高端零售品牌體驗，我們在一些核心項目中看到了許多客戶的積極勢頭。

All of this, of course, is centered on one goal, reigniting Under Armour's potential in the marketplace. While this part of our business remains challenged in the near term from an order standpoint, the tone has shifted as we have seen replenishment demand with the brand heat from our We Are Football campaign and even more recently with the weather turning cold.

當然，這一切都圍繞著一個目標，那就是重燃安德瑪在市場上的潛力。雖然從訂單角度來看，我們業務的這一部分在短期內仍然面臨挑戰，但隨著我們「We Are Football」活動帶來的品牌熱度，以及最近天氣轉冷，我們看到了補貨需求，這種情況已經發生了轉變。

Conversations with our major wholesale partners have moved from caution to collaboration and from hesitation to optimism. The message is clear. They see the progress, they feel the energy and they want to be part of our next chapter.

我們與主要批發合作夥伴的對話已經從謹慎轉變為合作，從猶豫轉變為樂觀。訊息很明確。他們看到了進步，感受到了活力，他們想要成為我們下一個篇章的一部分。

In ongoing discussions with these key partners, we're creating multiyear plans to bring US wholesale back to growth, aiming for stabilization during fiscal '27 and paving the way for expansion beyond. That's exactly it.

在與這些關鍵合作夥伴的持續討論中，我們正在製定多年計劃，以使美國批發業務恢復成長，目標是在 2027 財年實現穩定，並為未來的擴張鋪平道路。正是如此。

This is a rebuild and reset with purpose, putting UA back on offense in North America as the brand's green shoots are becoming more consistent. So in EMEA, we're driving real momentum and doing so with style.

這是一次有目的的重建和調整，旨在讓 UA 在北美市場重回正軌，因為該品牌的復甦勢頭正變得越來越穩定。因此，在歐洲、中東和非洲地區，我們正在推動真正的成長勢頭，並且做得非常出色。

The team continues to deliver strong results quarter after quarter, driven by a clear strategy and effective execution. Our focus on creating culturally relevant brand moments is making a significant impact.

在清晰的策略和有效的執行下，團隊每季都持續取得強勁的業績。我們專注於打造與文化相關的品牌時刻，這正在產生重大影響。

Prime example is our collaboration with Mansory, which generated 38 million organic views and strengthened our premium positioning with younger, style-conscious consumers even seeing sellout online.

最好的例子就是我們與 Mansory 的合作，該合作產生了 3800 萬次自然瀏覽量，並加強了我們在年輕、注重時尚的消費者中的高端定位，甚至在網上出現了售罄的情況。

That's brand heat in action. We're carrying that momentum into fall, winter '25 with our new Be The Problem football campaign led by global ambassador and arsenal head coach, Mikel Arteta, along with a roster of top UA athletes.

這就是品牌熱度的作用。我們將這股勢頭延續到 2025 年秋冬季，推出由全球大使兼阿森納主教練米克爾·阿爾特塔領銜的全新“成為問題”足球活動，並邀請了一批頂尖的 UA 運動員參與。

Major activations in London and Paris strengthened our connection with EMEA's most passionate communities, highlighting how our brand and cultural intersect to inspire and create credibility.

我們在倫敦和巴黎的大型活動加強了我們與歐洲、中東和非洲地區最熱情社群的聯繫，突顯了我們的品牌和文化如何交融，從而激發靈感並建立信譽。

It's a powerful reminder of the opportunities ahead across run, train and sportswear, validated by regional sport authenticity through football. Behind these results is smart, disciplined growth.

這有力地提醒我們，跑步、訓練和運動服飾領域未來蘊藏著巨大的機遇，而足球所體現的區域性運動的真實性也印證了這一點。這些成果背後是穩健、有條不紊的成長。

We're seeing wholesale strength in key cities and steady gains across direct-to-consumer, all while maintaining full price discipline and tailoring our approach to each local market. Mansory and team sports stood out this quarter, boosting both energy and profitability.

我們看到重點城市的批發業務表現強勁，直接面向消費者的業務也穩步成長，同時我們始終保持嚴格的價格紀律，並根據每個當地市場的具體情況調整我們的策略。本季度，Mansory 和團隊運動表現突出，提振了公司活力和獲利能力。

This consistent performance builds confidence that our focused strategy will keep igniting relevance, fueling continued healthy growth and maintaining the Under Armour brand's momentum through the second half of the year in EMEA.

這種持續的業績增強了我們的信心，相信我們專注的策略將繼續激發相關性，推動持續健康的成長，並保持 Under Armour 品牌在 EMEA 地區下半年的發展勢頭。

So in APAC, after spending eight days on the ground with stakeholders just a few weeks ago, the takeaway is clear and today's print of down 14% does not reflect the real progress that's underway. Structural challenges are being addressed.

因此，在亞太地區，就在幾週前，我們與利益相關者進行了為期八天的實地考察，得出的結論很明確，今天公佈的下降 14% 的數據並不能反映正在進行的真正進展。結構性挑戰正在解決。

Legacy roadblocks are coming down, and we're rebuilding a premium high-integrity marketplace that aligns with Under Armour's true brand strength. Our priority is to stabilize the business and set a clear path to growth in fiscal '27 and beyond.

舊有的障礙正在被消除，我們正在重建一個與 Under Armour 真正的品牌實力相符的優質、誠信的市場。我們的首要任務是穩定業務，並為 2027 財年及以後的發展制定明確的成長路線。

The plan is in motion with the right leadership in place. We're reducing inventory through tighter buys and faster in-season decisions, strengthening purchasing discipline and managing the marketplace with greater precision to protect price and margin.

該計劃正在推進，並已配備合適的領導層。我們透過更嚴格的採購和更快的當季決策來減少庫存，加強採購紀律，並以更精準的方式管理市場，以保護價格和利潤。

To support this, we're simplifying assortments, sharpening consumer storytelling and driving full price sell-through with disciplined distribution and premium partners.

為了支持這一目標，我們正在簡化產品組合，加強消費者故事敘述，並透過嚴格的分銷和優質合作夥伴推動全價銷售。

APAC also holds a structural advantage as our second smallest region with a strong base of mono-branded stores. We can move faster than larger markets.

亞太地區作為我們第二小的地區，擁有強大的單一品牌門市基礎，因此也具有結構性優勢。我們行動速度可以比規模更大的市場更快。

Beginning in the fourth quarter, we'll be testing a new digital retail store concept with a highly immersive experience environment that brings our performance story to life.

從第四季開始，我們將測試一種新的數位零售店概念，透過高度沉浸式的體驗環境，生動地展現我們的業績故事。

In short, APAC is on a path to regaining momentum and have every confidence in the team we've built to construct a cleaner, more premium marketplace, positioning the region as a proving ground for what will scale globally. Also, the creative edge we build in APAC won't stay in APAC.

簡而言之，亞太地區正在重拾發展勢頭，我們對我們組建的團隊充滿信心，相信他們能夠建立一個更清潔、更優質的市場，並將該地區打造成為全球推廣模式的試驗場。此外，我們在亞太地區建立的創新優勢不會只限於亞太地區。

It will make Under Armour stronger everywhere we play. In closing, here's my perspective on our progress in this turnaround. We don't have a product issue.

這將使安德瑪在我們參與的任何比賽中都更加強大。最後，我想談談我對我們這次轉型進展的看法。我們沒有產品問題。

Our innovation and design are strong, as you'll see in the coming seasons how we've addressed this and we don't have a brand issue. Consumers aren't mad or rejecting Under Armour. They just haven't heard from us in a while.

我們的創新和設計實力雄厚，您將在接下來的幾季中看到我們是如何解決這個問題的，我們不存在品牌問題。消費者並沒有生氣或排斥安德瑪。他們已經有一段時間沒有收到我們的消息了。

What we do have is a storytelling opportunity. That's exactly where we're concentrating because consistent, compelling storytelling that personifies our brand turns great products into icons, athletes into advocates and moments into momentum.

我們現在擁有的是一個講故事的機會。這正是我們所關注的重點，因為持續、引人入勝的品牌故事能夠將優秀的產品變成標誌性產品，將運動員變成品牌擁護者，將精彩時刻變成品牌發展的動力。

This month marks 20 years since Under Armour went public, 20 years of grit, lessons, humility and ambition. I want to thank everyone who has contributed to this double-decade journey. Not long ago, our leadership focused solely on stability.

本月是 Under Armour 上市 20 週年，這 20 年充滿了堅韌、經驗、謙遜和雄心。我要感謝所有為這二十年的歷程做出貢獻的人。不久前，我們的領導階層只專注於穩定。

That operational discipline was essential for Under Armour to rebuild its foundation. Today, that foundation is solid, and our focus is on finding balance and pursuing growth.

這種營運紀律對於安德瑪重建其根基至關重要。如今，我們的基礎很穩固，我們的重點是尋求平衡並追求發展。

We're combining that same operational excellence with a brand-first approach because our next chapter is about unlocking the full potential of what Under Armour can become, making the most of all of our assets and resources with the wisdom gained from 20 years as a public company.

我們將這種卓越的營運能力與品牌至上的理念相結合，因為我們的下一個篇章是關於釋放 Under Armour 的全部潛力，充分利用我們作為一家上市公司 20 年來積累的所有資產和資源。

We recognize a disconnect between our $5 billion in revenue and our current market cap, and that gap drives our sense of urgency.

我們意識到我們 50 億美元的收入與我們目前的市值之間存在脫節，這種差距促使我們感到緊迫。

At the center, we have the right team, the right strategy and a clear focus on strengthening the brand through better storytelling, products, marketplace management and customer experience. True transformation happens when product and story come together.

我們的核心團隊擁有正確的策略，並明確致力於透過更好的故事敘述、產品、市場管理和客戶體驗來加強品牌。真正的改變發生在產品和故事完美融合之時。

Product fuels story and story elevates product. Together, they build lasting platforms, lead franchises and deepen consumer connection with the brand. And while there's still work to do, the momentum is real.

產品成就故事，故事提升產品。他們共同打造持久的平台，引領特許經營，並加深消費者與品牌的連結。雖然還有很多工作要做，但勢頭是實實在在的。

We're seeing progress in North America, early evidence that our balance between performance and purpose, discipline and storytelling is starting to take hold. This is the next chapter of Under Armour, confident, focused and ready to rise.

我們在北美看到了進展，初步證據表明，我們在績效與目標、紀律與故事敘述之間的平衡正在開始發揮作用。這是安德瑪的下一個篇章，充滿自信、目標明確，蓄勢待發。

With that, I'll hand it over to Dave to walk through our second quarter results and outlook for fiscal '26. Dave?

接下來，我將把麥克風交給戴夫，讓他來介紹我們第二季的業績以及 2026 財年的展望。戴夫？

Thanks, Kevin. Before I get into the financials, I want to take a moment to share some thoughts about my upcoming transition. After 21 incredible years at Under Armour and nearly nine as CFO, it feels like the right time for something new, new for me and new for Under Armour.

謝謝你，凱文。在深入探討財務狀況之前，我想花點時間分享我對即將到來的轉型的一些想法。在 Under Armour 度過了 21 年的精彩時光，並擔任了近 9 年的財務長之後，我覺得現在是時候開啟新的篇章了，對我來說是新的，對 Under Armour 來說也是新的。

Kevin and I have been discussing this for some time now, and we agreed that if we could identify and secure a great next CFO for Under Armour, I'd step down and pass the baton in a well-planned and thoughtful way.

凱文和我已經討論這個問題一段時間了，我們一致認為，如果我們能為安德瑪找到並找到一位優秀的下一任首席財務官，我就會卸任，並以精心計劃和深思熟慮的方式將接力棒交接出去。

With Reza joining the team, we're now ready to do just that. And to be clear, I absolutely believe in this brand and its future. I'm proud to be Under Armour's second largest internal shareholder.

隨著 Reza 的加入，我們現在已經準備好要實現這個目標了。需要明確的是，我絕對相信這個品牌及其未來。我很自豪能成為安德瑪第二大內部股東。

But more than that, I'm proud of the people and the purpose that make this company so special. My main focus now is helping UA and my team onboard Reza and get them fully up to speed to ensure UA can continue to thrive for years to come.

但更重要的是，我為這家公司的員工和使命感到自豪，正是他們讓這家公司如此特別。我現在的主要任務是幫助 UA 和我的團隊順利完成 Reza 的入職流程，並讓他們全面上手，以確保 UA 在未來幾年能夠繼續蓬勃發展。

Now let's get into our second quarter fiscal '26 results, where we again delivered a quarter that met or exceeded our outlook on every item as we continue to execute our turnaround. Revenue declined 5% to $1.3 billion, slightly better than the outlook we shared in August.

現在讓我們來看看 2026 財年第二季的業績，我們再次實現了每個專案都達到或超過預期的目標，我們繼續推進扭虧為盈的計劃。營收下降 5% 至 13 億美元，略優於我們 8 月發布的預期。

This result includes a 1 point benefit from timing shifts that moved some shipments from Q3 into Q2, which will normalize in the back half of the year.

這一結果包含了由於時間調整而帶來的 1 個百分點的收益，部分出貨量從第三季度轉移到了第二季度，這種情況將在下半年恢復正常。

Regional results were as follows, North America revenue decreased 8%, primarily due to a decline in our full-price wholesale business and lower e-commerce sales.

各地區的業績如下：北美地區營收下降 8%，主因是全價批發業務下滑和電子商務銷售額下降。

In EMEA, revenue increased 12% or 7% on a currency-neutral basis, continuing the healthy growth trend in the region, driven primarily by our full-price wholesale business, coupled with strong growth in our DTC channel during the quarter.

在歐洲、中東和非洲地區，營收成長了 12%，以固定匯率計算成長了 7%，延續了該地區健康的成長趨勢，這主要得益於我們的全價批發業務，以及本季 DTC 通路的強勁成長。

Revenue in APAC declined 14% on both a reported and currency-neutral basis, mainly driven by our wholesale business, while DTC decreased modestly in the second quarter. And Latin America's revenue increased 15% or 14% on a currency-neutral basis with strong growth across wholesale and DTC.

亞太地區收入按報告和固定匯率計算均下降了 14%，主要原因是批發業務受到拖累，而 DTC 業務在第二季度略有下降。拉丁美洲的營收成長了 15% 或以固定匯率計算成長了 14%，批發和 DTC 業務均實現了強勁成長。

From a channel perspective, wholesale revenue declined 6% due to lower full-price sales, partly offset by growth in the off-price channel driven by the timing of sales to third-party partners as well as an increase in distributor sales.

從通路角度來看，由於全價銷售下降，批發收入下降了 6%，但折扣通路的成長部分抵消了這一影響，這得益於向第三方合作夥伴銷售的時間安排以及分銷商銷售的增加。

Direct-to-consumer revenue declined 2%, primarily due to an 8% decrease in e-commerce sales, driven in part by efforts to more strategically manage discounts in a more promotional North American environment.

直接面向消費者的收入下降了 2%，主要原因是電子商務銷售額下降了 8%，部分原因是公司在北美促銷活動更加活躍的環境下，努力更有策略地管理折扣。

Sales within our owned and operated stores remained flat in the quarter. And licensing revenues increased 17%, driven by strength in our international business.

本季我們自營門市的銷售額保持穩定。授權收入成長了 17%，這主要得益於我們國際業務的強勁表現。

Finally, by product type, apparel revenue declined 1% with softness in run, outdoor and golf, partially offset by growth in train and sportswear.

最後，按產品類型劃分，服裝收入下降了 1%，跑步、戶外和高爾夫服裝的疲軟部分抵消了這一降幅，但火車和運動服的成長部分抵消了這一降幅。

Footwear revenue declined 16% this quarter, reflecting ongoing pressure from a challenging consumer demand environment and our deliberate efforts to recalibrate key parts of the footwear portfolio.

本季鞋類收入下降了 16%，反映出消費者需求環境持續面臨壓力，以及我們為重新調整鞋類產品組合的關鍵部分所做的刻意努力。

We believe these steps will help us improve efficiency, strengthen brand value and maximize the impact of several high potential launches planned for upcoming seasons.

我們相信這些措施將有助於我們提高效率、增強品牌價值，並最大限度地發揮計劃在未來幾季推出的幾款高潛力產品的影響力。

Accessories revenue declined 3% this quarter with decreases across most categories, partially offset by growth in sportswear, especially in headwear. Our second quarter gross margin declined 250 basis points year-over-year to 47.3%.

本季配件收入下降了 3%，大多數類別均出現下滑，但運動服裝（尤其是帽子）的成長部分抵消了這一下滑。我們第二季的毛利率年減了 250 個基點，至 47.3%。

This decline was mainly caused by 275 basis points of supply chain headwinds, primarily due to higher US tariffs and 100 basis points of combined unfavourable channel and regional mix.

這一下滑主要是由於供應鏈逆風造成的 275 個基點，主要原因是美國關稅上漲；此外，通路和區域組合不利因素也造成了 100 個基點的下滑。

This was partly offset by 50 basis points of foreign currency headwinds or tailwinds, I'm sorry, 50 basis points of pricing benefits and 25 basis points from a favourable product mix.

部分抵銷了 50 個基點的外匯匯率不利因素（或順風），抱歉，是 50 個基點的定價優勢，以及 25 個基點的有利產品組合。

Gross margin for the second quarter came in better than our expectation, thanks to less supply chain pressures, including slightly better product costs and inventory return impacts.

由於供應鏈壓力減輕，包括產品成本略有改善以及庫存退貨的影響較小，第二季的毛利率比我們的預期好。

Shifting to SG&A, which increased 12% to $582 million in the second quarter. Excluding approximately $4 million of transformation expenses related to our fiscal 2025 restructuring plan, adjusted SG&A expenses were $577 million, a 9% increase compared to the prior year.

轉而關注銷售、一般及行政費用，該費用在第二季度增長了 12%，達到 5.82 億美元。扣除與 2025 財年重組計畫相關的約 400 萬美元轉型費用後，調整後的銷售、一般及行政費用為 5.77 億美元，比上年增長 9%。

Last year's Q2 SG&A benefited from a $27 million insurance recovery, which explains about 5 points of the year-over-year increase. The rest reflects higher marketing driven by timing shifts that occurred in the back half of last year.

去年第二季銷售、一般及行政費用受惠於 2,700 萬美元的保險賠償，這解釋了年增約 5 個百分點。其餘部分則反映了去年下半年因時間調整而帶來的更高行銷投入。

On a normalized basis, adjusted SG&A was down slightly year-over-year. In the second quarter, we recorded $32 million in restructuring charges, along with $4 million in transformation-related SG&A expenses, totaling approximately $36 million in expenses and charges under our fiscal 2025 restructuring plan.

以正常水準計算，調整後的銷售、一般及行政費用較去年同期略有下降。第二季度，我們提列了 3,200 萬美元的重組費用，以及 400 萬美元的轉型相關銷售、一般及行政費用，根據我們 2025 財年的重組計劃，總計約 3,600 萬美元的費用和支出。

Since the plan's inception, we have incurred $147 million in charges and transformation expenses, of which $82 million are cash related and $65 million are noncash. We expect total charges and expenses for the plan to be up to $160 million, which will be recognized by the end of fiscal 2026.

自該計劃啟動以來，我們已產生 1.47 億美元的費用和轉型支出，其中 8,200 萬美元與現金相關，6,500 萬美元與非現金相關。我們預計該計劃的總費用和支出將高達 1.6 億美元，這將在 2026 財年末確認。

The actions executed under our plan have already delivered approximately $35 million in savings in fiscal 2025 and are on track to generate an additional $45 million in fiscal '26. Moving down the P&L. We reported operating income of $17 million in the second quarter.

根據我們的計劃採取的行動已在 2025 財年節省了約 3500 萬美元，並預計在 2026 財年再節省 4500 萬美元。向下移動損益表。第二季度，我們的營業收入為1700萬美元。

Excluding transformation expenses and restructuring charges, our adjusted operating income was $53 million, outperforming our outlook. Looking at the bottom line, our reported diluted loss per share was $0.04, while our adjusted diluted earnings per share was also $0.04 in the quarter.

不計轉型費用和重組費用，我們調整後的營業收入為 5,300 萬美元，超過了我們的預期。從最終結果來看，本季我們報告的稀釋後每股虧損為 0.04 美元，而我們調整後的稀釋後每股盈餘也為 0.04 美元。

Regarding our balance sheet, inventory at the end of Q2 was $1 billion, a 6% decrease compared to the same period last year, and our cash balance was $396 million at the end of the period.

關於我們的資產負債表，第二季末的庫存為 10 億美元，比去年同期下降了 6%；期末現金餘額為 3.96 億美元。

Additionally, during the second quarter, we used the net proceeds from the issuance of the senior notes due 2030, along with the borrowings from our revolving credit facility and cash on hand to satisfy and discharge our $600 million in senior notes due in June of 2026.

此外，在第二季度，我們利用發行 2030 年到期的優先票據所得淨收益，以及循環信貸額度中的借款和手頭現金，償還並清償了 2026 年 6 月到期的 6 億美元高級票據。

Funds were placed in a restricted investment account to cover all remaining principal and interest payments on those notes. At the end of the second quarter, we had $200 million in outstanding borrowings under our $1.1 billion revolving credit facility.

資金被存入受限投資帳戶，用於支付這些票據的所有剩餘本金和利息。第二季末，我們在 11 億美元的循環信貸額度下，未償還借款為 2 億美元。

Next, looking ahead to outlook. We expect full year revenue to decline 4% to 5% in fiscal '26, an improvement compared to fiscal '25's 9% decline.

接下來，展望未來。我們預計 2026 財年全年營收將下降 4% 至 5%，比 2025 財年 9% 的降幅有所改善。

This incorporates our expectation that North America and APAC revenues will decrease by high single-digit percentages, while business in EMEA is projected to grow by a high single-digit percentage.

這包含了我們對北美和亞太地區收入將以高個位數百分比下降的預期，而歐洲、中東和非洲地區的業務預計將以高個位數百分比成長。

For gross margin, we expect the full year rate to decline by 190 to 210 basis points, mainly due to higher US tariffs. These headwinds should be partly offset by foreign currency gains, a more favourable product mix and slight pricing benefits.

就毛利率而言，我們預計全年毛利率將下降 190 至 210 個基點，主要原因是美國關稅提高。這些不利因素應會被外匯收益、較有利的產品組合和輕微的價格優勢部分抵銷。

Amid these headwinds, we remain focused on improving SG&A efficiency. For fiscal '26, we expect adjusted SG&A to be down at a mid-single-digit rate with a goal of leveraging.

儘管面臨這些不利因素，我們仍專注於提升銷售、管理及行政費用效率。2026 財年，我們預期調整後的銷售、一般及行政費用將以中等個位數的速度下降，目標是提高槓桿率。

As such, we will continue to reduce discretionary spending and sharpen our marketing investments, ensuring that we protect and build on the brand momentum that is beginning to take hold. This translates to an expected adjusted operating income of $90 million to $105 million.

因此，我們將繼續減少可自由支配的支出，並增加行銷投入，以確保我們能夠保護和鞏固目前正在形成的品牌發展勢頭。這意味著預計調整後的營業收入為 9,000 萬美元至 1.05 億美元。

And when taken to the bottom line, we expect adjusted diluted earnings per share for fiscal '26 in the range of $0.03 to $0.05.

最終，我們預計 2026 財年調整後的稀釋每股盈餘將在 0.03 美元至 0.05 美元之間。

This outlook accounts for higher projected other expenses below operating income, mainly driven by interest expense from increased debt levels as well as a significantly higher tax rate in fiscal '26, primarily due to the interplay of an unfavourable regional mix and decreased profitability.

這項展望考慮了預計其他支出將高於營業收入，這主要是由於債務水平上升導致的利息支出增加，以及 2026 財年稅率大幅上升，這主要是由於不利的區域組合和盈利能力下降的相互作用造成的。

Next, our outlook for the third quarter of fiscal '26. We expect revenue to decline 6% to 7%. As noted earlier, this includes approximately 1 point of revenue that shifted from Q3 into Q2 due to shipment timing.

接下來，我們展望一下 2026 財年第三季。我們預計收入將下降 6% 至 7%。如前所述，這包括由於發貨時間的原因，從第三季度轉移到第二季度的約 1 個百分點的收入。

In North America, we anticipate a low double-digit decline driven by continued wholesale softness, especially in footwear. We expect EMEA to grow at a high single-digit rate, while APAC is projected to decline by a high single-digit rate, an improvement from Q2.

在北美，我們預期受批發市場持續疲軟（尤其是鞋類市場）的影響，將出現兩位數的低幅度下滑。我們預計 EMEA 地區將以接近兩位數的速度成長，而 APAC 地區預計將以接近兩位數的速度下降，較第二季有所改善。

It's important to note that our Q3 revenue outlook suggests a moderately smaller revenue decline in Q4 as we regain momentum toward a potential inflection point in fiscal '27, as Kevin noted. Moving on to gross margin.

值得注意的是，正如凱文所指出的，我們的第三季營收展望表明，隨著我們重新獲得動力，第四季營收下降幅度將略小，並有望在 2027 財年迎來潛在的轉折點。接下來分析毛利率。

We anticipate a decline of 310 to 330 basis points in the third quarter due to a full quarter impact of new US tariff costs.

我們預計第三季將下降 310 至 330 個基點，這是由於新的美國關稅成本對整個季度的影響。

Adjusted SG&A is expected to decline by a mid-single-digit percentage in the third quarter as it compares against last year when our marketing spend was distorted to the second half of the year.

經調整後的銷售、一般及行政費用預計在第三季將比去年同期下降個位數百分比，因為去年我們的行銷支出主要集中在下半年。

Additionally, we continue to focus on cost management in the current environment, supported by the increasing benefits of restructuring actions we have undertaken.

此外，在當前環境下，我們將繼續專注於成本管理，這得益於我們已採取的重組措施所帶來的日益顯著的效益。

This results in a third quarter adjusted operating income expectation that ranges from a $5 million profit to a $5 million loss, which translates to approximately $0.02 to $0.03 of adjusted loss per share.

因此，預計第三季調整後營業收入將在獲利 500 萬美元到虧損 500 萬美元之間，相當於每股調整後虧損約 0.02 美元至 0.03 美元。

In closing, we're entering this next phase with focus and discipline, executing a strategic transformation that unites sport, performance and style with the financial and operational rigor required to reignite top line growth.

最後，我們將以專注和自律的態度進入下一個階段，執行一項策略轉型，將運動、表現和風格與重振營收成長所需的財務和營運嚴謹性相結合。

Our innovation pipeline is strong, and our opportunity lies in converting that strength into brand and financial momentum through sharper storytelling, better marketplace execution and disciplined capital deployment.

我們的創新管道很強大，我們的機會在於透過更精彩的故事敘述、更好的市場執行和嚴謹的資本部署，將這種優勢轉化為品牌和財務動力。

We're grounding every decision in data, optimizing costs and prioritizing investments that drive margin expansion, operating leverage and sustainable returns.

我們以數據為依據做出每一個決定，優化成本，並優先考慮能夠推動利潤率成長、營運槓桿和可持續回報的投資。

With a clear road map and the right team in place, we intend to close the gap between our brand strength and financial performance, resetting UA to deliver consistent profitable growth and long-term shareholder value.

有了清晰的路線圖和合適的團隊，我們打算縮小品牌實力與財務表現之間的差距，重塑 UA，以實現持續獲利成長和長期股東價值。

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

現在開始接受提問。操作員？

(Operator Instructions) Jay Sole, UBS.

（操作員說明）Jay Sole，瑞銀集團。

Kevin, a lot of great information and insight in the prepared remarks. I want to ask you about North America. What makes you confident that North America will see stabilization before the end of fiscal '27? And what is your definition of stabilized for North America?

凱文，你準備的發言稿裡有很多很棒的資訊和見解。我想問你關於北美的問題。您為何確信北美經濟會在 2027 財政年度結束前趨於穩定？那麼，您如何定義北美地區的「穩定」呢？

Yeah. Thank you, Jay. We spent a lot of time thinking about this and the outlook that we provided. So stabilization for us, first of all, it means we see getting the business to where it's a plus one or two or plus or minus one or two. So in that healthy version.

是的。謝謝你，傑伊。我們花了很多時間思考這個問題以及我們提供的展望。所以對我們來說，穩定首先意味著我們希望業務能夠達到正負一、兩個百分點。所以，在這種健康版本中。

So we're pointing toward that. The way we think about what makes that reality is there's five basic points, and I'll start with structural, which is having the right team, the right operating model, business plan and go-to-market in place.

所以我們正朝著那個方向努力。我們認為實現這一目標的基本要素有五點，我先從結構方面說起，那就是擁有合適的團隊、合適的營運模式、商業計劃和市場推廣策略。

It's time for us to let those things cook and let it really play out. And I think that's where our 20 years of public company experience really will begin to shine through.

是時候讓這些事情慢慢發酵，讓事情真正發展下去了。我認為，這正是我們20年上市公司經驗真正開始發揮作用的地方。

From a product standpoint, I think there has been an incredible overall elevation that we've had in design and the deliverable innovation, meaning innovation that we can actually monetize and drive volume with. It means we've used this term driving pricing power for us.

從產品角度來看，我認為我們在設計和可交付產品創新方面取得了令人難以置信的整體提升，這意味著我們可以真正實現盈利並推動銷售成長的創新。這意味著我們已經利用這個術語來提升我們的定價權。

And that means first started by leaning on the winners, the heat and cold gears, Unstoppable pant collection, Vanish and the products that you've heard of.

這意味著首先要依靠那些成功的產品，例如冷熱裝備、Unstoppable 褲裝系列、Vanish 以及你聽說過的其他產品。

It's also the two part approach that we said to premiumize in this brand, which is our Trojan horse new innovations and things like the Velociti Elite 3, the credibility that gives us from Sharon Lokedi just hitting another podium in that shoe.

這也是我們所說的要使這個品牌高端化的兩部分方法，即我們的特洛伊木馬式創新，以及像 Velociti Elite 3 這樣的產品，還有 Sharon Lokedi 穿著這雙鞋再次登上領獎台所帶來的信譽。

It really opens the door there as well as innovation like a $45 hat or $140 backpack. We're demonstrating that the consumer is open for innovation. More importantly, they're open for innovation and higher price points from Under Armour when we deliver that.

這也確實為創新打開了大門，例如一頂 45 美元的帽子或一個 140 美元的背包。我們正在證明，消費者樂於接受創新。更重要的是，如果我們能帶來創新，他們也樂於接受 Under Armour 更高的價格。

At the same time, we've got a lot of legacy programs and things like our top 10 volume drivers that were focused on ASP, the Assert 11 example I get with not just a price point at $75, but assigning an athlete in a face like Freddie Freeman to that as well as talking about the technology with the Charged+ inside.

同時，我們有許多傳承項目，例如我們銷售排名前 10 名的產品，這些產品都專注於平均售價 (ASP)。以 Assert 11 為例，我不僅理解它 75 美元的價格定位，還理解它與 Freddie Freeman 這樣的運動員合作，以及它內建的 Charged+ 技術。

Number three would be storytelling. As I said, we don't have a brand problem. We haven't talked to the consumer in a while. And we don't believe we have a product problem. You'll see that coming through in the evolution of what the brand and how we show up at retail.

第三點是說故事。正如我所說，我們沒有品牌問題。我們已經很久沒有和消費者溝通了。我們認為我們的產品沒有問題。你會從品牌的發展演變以及我們在零售領域的呈現方式中看到這一點。

But we certainly have a story opportunity. We haven't connected those things. We put a shoe out there like the Assert. We just never told anybody why they should buy it.

但我們確實有一個報道機會。我們還沒有把這些連結起來。我們推出了一款名為 Assert 的鞋子。我們從未告訴任何人他們為什麼要買它。

We simply relied on brand heat, and that's something that can be, it wanes with the market. But the good news, it's fixable.

我們只是依靠品牌熱度，但這種熱度會隨著市場而減弱。但好消息是，這個問題可以解決。

So when we say that our currency is product and our voice is amazing story, this will be a highlight for us and why I encourage people to check out the website that we put together that just shows the content we've put up since our last call, which is pretty incredible.

所以，當我們說我們的貨幣是產品，我們的聲音是精彩的故事時，這將是我們的一大亮點，這也是為什麼我鼓勵大家去看看我們建立的網站，它展示了我們自上次電話會議以來發布的內容，這些內容非常精彩。

And that We Are Football is a great example of it that actually takes us from the subjective of, hey, we believe this is going to happen, into we can drive that through data.

We Are Football 就是一個很好的例子，它讓我們從主觀的「嘿，我們相信這件事會發生」轉變為透過數據來推動它。

As I said, our awareness scores at 18 to 34 year-olds prior to the campaign were down in the 60s about six months ago. Since running that and getting the activation, not just one major film, but all the 400 or 500 pieces of content we built around it, we drove awareness nearly 20 points from one campaign.

正如我所說，在開展這項活動之前，大約六個月前，我們在 18 至 34 歲人群中的認知度得分下降到了 60 多分。自從開展這項活動並取得成效以來，不僅僅是一部主要影片，而是我們圍繞它製作的所有 400 或 500 件內容，我們僅通過一次活動就將知名度提高了近 20 個百分點。

That is not normal. It just shows that the brand is there. It's just ready to be unleashed for us and gives us an opportunity. Four, I would say, our partner belief from our wholesalers.

這不正常。這正好說明這個品牌的存在。它已經準備好為我們釋放能量，並為我們帶來機會。第四，我認為是我們批發商對我們的信任。

We've had more top-to-tops in the last 18 months than we probably had in the previous three or four years. And that means we've been rebuilding relationships. And these conversations we're having from them over the last 18 months have moved from cautious, as I said, to collaborative.

在過去 18 個月裡，我們遇到的高層衝突可能比過去三、四年加起來還要多。這意味著我們一直在重建關係。正如我所說，在過去 18 個月裡，我們與他們進行的這些對話已經從謹慎轉向合作。

And they're doing that because we've been consistently beating plan now as we're moving forward. And plan, in some cases, is not in excess of where we were last year, but it's doing more than we said we were going to do.

他們這樣做是因為我們一直在穩步推進，並且一直超額完成計劃。在某些情況下，計劃的規模並沒有超過我們去年的水平，但卻比我們之前承諾的要大得多。

So we're earning this one drop at a time. Fifth and probably most importantly is just culturally. Our teammates have this renewed sense of energy and the metaphor of moving in this new headquarters of a little less than a year ago is great action toward that.

所以，我們只能一點一點累積。第五點，也是最重要的一點，就是文化方面。我們的團隊成員都煥發了新的活力，而不到一年前搬進新總部正是朝著這個方向邁出的重要一步。

It feels like there's a new chapter for the brand to start. And what that new chapter is, is that, yes, we'll make sure that we double down on the discipline we have as a company, but it's driving it with a brand-first lens on every decision that we make.

感覺這個品牌即將開啟新的篇章。而這新的篇章意味著，是的，我們將確保加倍努力，保持公司一貫的嚴謹作風，但我們所做的每一個決定都將以品牌為先。

That is how we'll judge how we're doing and how we're growing as a company is our commitment in making sure that we show up with something that makes somebody want to buy more shirts and shoes from Under Armour and believe that when they do, they're wearing a super power.

我們將以此來評判我們公司的發展狀況和成長速度，我們的承諾是確保我們推出的產品能夠讓人們想要購買更多 Under Armour 的襯衫和鞋子，並相信當他們購買時，他們就擁有了超能力。

So I've got the benefit of having been around the world and being able to touch a number of our teammates in the last month or so. And I can tell you the team is hungry, motivated and ready to win.

因此，我有幸週遊世界，並在過去一個月左右的時間裡接觸了許多隊友。我可以告訴你，這支隊伍充滿鬥志，幹勁十足，已經準備好贏得比賽。

Got it. Well, I mean that's super helpful. I mean it's pretty clear that the North America brand heat is increasing. There's a lot of great things happening, product storytelling. I'll pass it on, but I just want to ask one quick one.

知道了。嗯，我的意思是，這真的很有幫助。我的意思是，很明顯，北美品牌的熱度正在上升。產品故事敘述方面有很多精彩的內容正在發生。我會轉達的，但我只想問一個問題。

You mentioned NEOLAST, and it was just a quick mention. But it sounds like you're excited about what you have and what you have coming.

你提到了NEOLAST，只是簡單地提了一下。但聽起來你對現在擁有的和即將擁有的都感到很興奮。

Can you just tell us a little bit what it is, what makes it special? I know it's a little bit obscure, but I want to just ask that question before I pass it on.

您能簡單介紹一下它是什麼，它的特別之處在哪裡嗎？我知道這個問題有點冷門，但在把它轉交給別人之前，我想先問一下。

Yeah. Thank you. NEOLAST is a fiber we spent more than five years in partnership with NC State, Celanese and Under Armour. And the three way partnerships are not easy to do. From it, we've built a three story machine that from the output of that is a fiber that is completely sustainable that effectively replaces Lycra.

是的。謝謝。NEOLAST 是一種纖維，我們與北卡羅來納州立大學、塞拉尼斯和安德瑪合作超過五年，致力於研發這種纖維。三方合作並不容易實現。我們以此為基礎，建造了一台三層樓高的機器，其產出是一種完全可持續的纖維，可以有效地取代萊卡纖維。

So it gives us Lycra stretch, which is a great product, but we've built something that's actually better than it. So it's not just sustainable, but it's actually a better product.

所以它賦予了我們萊卡彈性，這是一個很棒的產品，但我們製造了比它更好的東西。所以它不僅是可持續的，而且實際上也是一種更好的產品。

And we're showcasing that with some of our upcoming HeatGear Elite and OG, and you'll see us start incorporating NEOLAST as we get the fiber up and running throughout the majority of Under Armour products, and that's going to take a little bit of time.

我們將在即將推出的 HeatGear Elite 和 OG 系列產品中展示這一點，隨著 NEOLAST 纖維在 Under Armour 大部分產品中的應用，您將會看到我們開始採用這種纖維，但這需要一些時間。

But meanwhile, we'll put it in our compression gear, which, as we all know, to the broader population, probably 5% or 6% or 7% people can walk down the street in a compression T-shirt.

但同時，我們會把它放進我們的壓縮裝備裡，眾所周知，對於廣大民眾來說，可能只有 5%、6% 或 7% 的人可以穿著壓縮 T 卹走在街上。

But as I mentioned, we also are going to be showing this some products that we think can be incredibly beautiful, including a product a shirt that we have coming out in the spring that will feature NEOLAST and I think really be important for the consumer. So we're excited about what this innovation means.

但正如我所提到的，我們也會展示一些我們認為非常漂亮的產品，包括一款我們將在春季推出的襯衫，這款襯衫採用了 NEOLAST 技術，我認為這對消費者來說非常重要。所以我們對這項創新所帶來的意義感到非常興奮。

Sam Poser, Williams Trading.

Sam Poser，威廉斯貿易公司。

I have two. One, I've been hearing a lot of really good things about what's going on, what you guys are doing in track and field, and some of that seems to be manifesting itself in running in the results in New York Marathon and so on.

我有兩個。第一，我聽到了很多關於你們在田徑運動方面所取得的成就的好消息，其中一些似乎已經體現在紐約馬拉松等比賽的成績中。

But you talk a lot about football, but I would think the track and field, running is a much bigger addressable market.

但你們談論足球很多，但我認為田徑、跑步是更大的潛在市場。

And I'm just wondering when you're increasing your voice, what you're going to do there because from what I understand, you're one of the few brands out there that sort of covers off every sport in track and field.

我只是想知道，當你擴大影響力的時候，你會怎麼做，因為據我所知，你是為數不多的幾個能夠涵蓋田徑運動中所有項目的品牌之一。

And I would think that the number of long-term athletes more are doing that abundance of those various sports going up than are playing football, while I understand football is in your DNA. So wondering what you're doing there to sort of have the voice match or exceed the products that appear to be out there?

而且我認為，從事各種其他運動的長期運動員人數比踢足球的人數要多，雖然我知道足球已經融入了你的血液。所以我想知道你們是如何讓語音效果達到甚至超過市面上現有產品的水平的？

Sure, Sam. I think it's a great unlock for us. Run as a category, we talk about the progression that we try to get through in footwear and running is certainly a category that we can win.

當然可以，山姆。我認為這對我們來說是一個巨大的突破。跑步鞋作為一個類別，我們談論的是我們努力在鞋類方面取得的進步，而跑步鞋無疑是我們能夠贏得勝利的類別。

There's nothing like having the credibility of a Sharon Lokedi, who is a former New York City Marathon winner, the reigning champion of the Boston Marathon and then just pulling another podium in New York this past weekend.

沒有什麼比擁有莎倫洛克迪這樣的信譽更令人信服的了，她曾是紐約馬拉松冠軍，是波士頓馬拉鬆的衛冕冠軍，而且就在上週末，她又在紐約馬拉松賽上登上了領獎台。

The Velociti Elite 3 is something that gives us enormous credibility in running. And again, when we say running, there's a $250 expressions like we have in the Velociti 3.

Velociti Elite 3 為我們在跑步領域贏得了巨大的信譽。再說一遍，當我們說跑步時，就像我們在 Velociti 3 中那樣，有 250 美元的表達方式。

But if you go to the website as well on investor relations, you'll see as we've been driving the story is that it's not just the $250, but we've taken that design aesthetic, and we're taking it all the way down to $160, $130, $100 and $75 price points.

但如果你造訪我們網站的投資者關係頁面，你會發現，正如我們一直在強調的，這不僅僅是 250 美元的問題，我們還採用了這種設計美學，並將價格一路下調到 160 美元、130 美元、100 美元和 75 美元。

And so yes, we believe that it drives our credibility. And with the 430 colleges that Under Armour outfits here in the United States, the nearly 3,000 high schools, it's certainly an opportunity for our track-specific product.

所以，是的，我們相信這有助於提升我們的信譽。Under Armour 在美國為 430 所大學和近 3000 所高中提供裝備，這無疑為我們的田徑專用產品帶來了機會。

But all this is about leveraging us into using this as a marketing vehicle to tell the story that when you wear Under Armour, there's a superpower included inside and will allow you to maybe someday if you dream to win the Boston Marathon. But I don't know, it might be a fallen ambition for some of us.

但這一切都是為了利用我們，將此作為行銷工具，講述這樣一個故事：當你穿上 Under Armour 時，就蘊含著一種超能力，也許有一天，如果你夢想贏得波士頓馬拉松，它就能讓你實現這個夢想。但我不知道，對我們中的一些人來說，這可能是一個無法實現的夢想。

Well, okay. I have one more, but I want to follow up on this. I'm really talking about the marketing voice. I know you're doing a lot of stuff, but like you're not running that big We Are Football campaign against that.

好吧。我還有一個問題，但我想跟進一下。我其實指的是行銷語氣。我知道你做了很多事，但你並沒有發起像「我們是足球」這樣的大型運動來反對它。

You're doing, so how do you let this broader base know? You talked about increasing your voice.

你正在這樣做，那麼如何讓更廣泛的群體知道呢？你之前提到要提高嗓門。

So that's number one. And number two, you talked about the improvement in the US business or the North American business.

這是第一點。第二，您談到了美國業務或北美業務的改善。

Can you talk a little bit about the sell-through rates and the velocity that you're seeing at full price, let's say, compared to a year ago now, I understand so more on a rate basis where and why that's giving you confidence or some specific data to that confidence?

您能否談談目前看到的全價銷售率和銷售速度，比如說，與一年前相比？我理解您更想從比率的角度來分析，以及為什麼這些比率和速度讓您有信心，或者能否提供一些具體的數據來支持您的信心？

Yeah. So first of all, as we said, our global strategy is clear. It's training, it's running, it's sportswear, but they're authenticated in each market where it gets local. So a recent deal we did here in the US, for instance, with BSN Sports, which has more than 1,400 road reps that are covering high schools and things.

是的。首先，正如我們所說，我們的全球策略很明確。它是訓練服、跑步服、運動服，但每到一個本地市場，它們都會經過認證。例如，我們最近在美國與 BSN Sports 達成了一項協議，該公司擁有 1400 多名巡迴記者，負責報導高中體育賽事等。

That's something that allows us to sell, as you say, our full complement we have for track and field from discuss to spike to weight lifting, we do a good job covering that gamut.

正如你所說，這使我們能夠銷售我們為田徑運動提供的全套裝備，從鐵餅到釘鞋再到舉重，我們在這方面做得很好。

And again, we want to be authentic there, but the volume is for us is getting to specialty run, authenticating ourselves there and allow that to be the pull that puts us into sporting goods and specialty mall retail as well. So that's the way we're thinking about it in an organized way.

再次強調，我們希望保持真實性，但對我們來說，銷售的關鍵在於進入專業零售領域，在那裡建立品牌形象，並以此為契機，將我們推向體育用品和專業商場零售市場。所以，這就是我們有系統地思考這個問題的方式。

The growth that we see is, let me move to sell-throughs. I think that the great news we have now and why we're pushing people until we don't have orders in hand, and we're saying we're pointing towards stabilization the way that we see fiscal '27.

我們看到的成長是，讓我轉到銷售轉換率。我認為我們現在取得的重大進展，以及我們為何要不斷催促大家直到手頭沒有訂單為止，都表明我們正在朝著穩定方向努力，正如我們對 2027 財年的展望。

We'll be a lot smarter in February. But meanwhile, we're having really good success at retail right now. And again, that's not showcased in the numbers. We get what that means. But what I mean is we're beating our plans.

到了二月份，我們會變得更聰明。但同時，我們目前在零售領域取得了非常好的成功。而且，這一點在數據中也反映不出來。我們明白那是什麼意思。但我的意思是，我們的進展比計劃還要好。

And in certain categories, we're seeing replenishment orders coming in and a lot more driving from, a lot more confidence from our key retail partners. The good news about that is that they're thinking about writing their fall '26 orders. They're seeing some of the success we're having in fall '25.

在某些類別中，我們看到補貨訂單不斷湧入，而且來自主要零售合作夥伴的信心也大大增強。好消息是，他們正在考慮制定 2026 年秋季的訂單。他們看到了我們在 2025 年秋季取得的一些成功。

So everything that we're just having, unfortunately, to say to you, they get to see that in a little more of a realistic way. So we're driving better gross margins with our accounts. We're not taking as many returns or at all.

所以，很遺憾，我們想對你們說的一切，你們將會以一種更現實的方式看到這一點。因此，我們的客戶毛利率正在提高。我們不再接受那麼多退貨，甚至完全不接受退貨。

And we like the trajectory of the business. So there's nothing hopeful or wishful, I think, about our tone today. I think it's very pragmatic, very thoughtful and something that just gives us great confidence in how we're thinking about the next chapter.

我們很看好這家公司的發展軌跡。所以我覺得，我們今天的語氣裡沒有任何希望或憧憬。我認為這非常務實，非常周全，也讓我們對如何開啟下一階段充滿信心。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

And Dave, congratulations, and thanks for all the help over the last 20 years. Best of luck to you.

戴夫，恭喜你，感謝你過去20年來的幫助。祝你好運。

Thanks, Bob.

謝謝你，鮑伯。

And two questions really. I think the first one is, in terms of the sports marketing portfolio, you got a really good portfolio. You've made some changes to it.

其實只有兩個問題。我認為第一點是，就體育行銷組合而言，你們擁有非常優秀的組合。你對它做了一些修改。

Can you just expand a bit just how that can work better in your storytelling approach? And then the second question is just a bit more general.

您能否詳細說明一下，這種方法如何能更好地融入您的故事敘述方式？第二個問題則比較一般一些。

But when you look at the footwear business overall, some of the challenges that you're seeing, can you just expand a bit more how you're approaching the changes that you need to make in that category?

但從整個鞋類產業來看，您面臨的一些挑戰是什麼？您能否更詳細地介紹一下您是如何應對該領域需要做出的改變的？

Yeah. Let me jump on there, Bob. First of all, you're right, is that our sports marketing stable is something that should always be dynamic, and we're constantly evaluating and reevaluating. Today's day of NIL and sort of the hyper focus that we have with even high school NIL kids.

是的。鮑勃，讓我上去試試。首先，你說得對，我們的體育行銷體系應該始終保持動態變化，我們也一直在評估和重新評估。今天是 NIL（姓名、形象和肖像權）日，我們對 NIL 的關注度甚至超過了高中 NIL 學生。

I think we did a good job in our campaign that's out and is still running, and we're not even a little more than half of the way through this campaign that you'll continue to see and hear from us.

我認為我們在已經啟動並仍在進行的競選活動中做得很好，而我們這場你們還會繼續看到和聽到我們聲音的競選活動才進行了一半多一點。

But we didn't just put Justin Jefferson or recording artist Gunna in there is that we had five NIL athletes. Three of them are five stars, the number one player in the country, the number one quarterback in the country.

但我們不僅僅是把賈斯汀·傑弗遜或歌手 Gunna 放進去，而是我們有五位 NIL 運動員。他們當中有三位是五星級球員，一位是全國排名第一的球員，一位是全國排名第一的四分衛。

So we're thinking about how we can access talent like that as well as being thoughtful about the way that we approach anybody in our portfolio. And that's the balance between is it about an athlete? Is it about a team?

所以我們正在思考如何才能獲得這樣的人才，同時也在認真考慮如何對待我們投資組合中的每個人。這就是問題的關鍵：這究竟是關於運動員的嗎？這是關於一個團隊的故事嗎？

Is it about a league? So I'd say it's constantly moving. I like our portfolio right now. I think there's always work to be done, and we'll always make sure we're being thoughtful.

這是關於聯賽的嗎？所以我覺得它一直在運動。我喜歡我們目前的投資組合。我認為總有工作要做，我們會始終確保自己考慮周全。

Let me address footwear because I do. I look at this number, and I realize that the Street is staring at minus 16%. And I want everybody, I want to make sure we put this in perspective and context is that Under Armour is a footwear brand.

讓我來談談鞋類吧，因為我確實很感興趣。我看了看這個數字，意識到華爾街正面臨 -16% 的下跌。我希望大家能夠正確看待這個問題，Under Armour 是一個鞋類品牌。

We are committed to it. We are incredibly disappointed about where it sits right now, and we find the results unacceptable.

我們對此充滿信心。我們對目前的狀況感到非常失望，我們認為這樣的結果是無法接受的。

But we're moving as a business, I guess, is part of our redirect. We're moving of going from selling just foot coverings below $100 to a forward stance in footwear.

但我想，作為一家企業，我們正在轉型，這也是我們重新調整方向的一部分。我們正在從只銷售價格低於 100 美元的鞋子，轉向在鞋類領域採取積極的姿態。

And this has come with some pain that you see in that minus 16%. But that meant we've relied on brand heat to sell shoes, and that's not how it works. We need to create the aspiration.

這也帶來了一些痛苦，正如你所看到的，下降了 16%。但這意味著我們一直依賴品牌熱度來賣鞋，但事實並非如此。我們需要創造這種願景。

We need to do that above $100, understanding that a bulk of the business is going to be done below $100, which is why we talk about things like the Assert 11 as a $75 shoe, but we're going to make sure that we can anchor that and hold that full price or that average selling price closer to the $75 we're asking for.

我們需要在 100 美元以上的價格區間內做到這一點，因為我們明白大部分業務都是在 100 美元以下完成的，所以我們才會把 Assert 11 這樣的鞋子稱為 75 美元的鞋子，但我們會確保能夠穩定這個價格，並將全價或平均售價保持在我們要求的 75 美元附近。

It's incredibly important for us. But we see Under Armour is what's our position because there's a number of good A running brands out there, but there's a number of good footwear brands.

這對我們來說極為重要。但我們認為 Under Armour 是我們的定位，因為市面上有許多優秀的 A 級跑步品牌，也有很多優秀的鞋類品牌。

But Under Armour, I think, is meant to be the equipment for your feet. We enter, we have the right to play here because of the credible performance apparel that we have.

但我認為，Under Armour 的設計初衷是為你的雙腳提供裝備。我們憑藉我們可靠的演出服，有權進入這裡比賽。

It's our reason to be in footwear. And that starts with us as entering the consumer's mindset with cleated. So on field, on court, on pitch.

這就是我們從事鞋類行業的理由。而這一切都始於我們以釘鞋的方式進入消費者的思考模式。所以，在球場上，在球場上，在球場上。

I'm talking about the Magnetico football boots. I talk about some of the things we have with American football. You look at what we're doing again with Velociti and the franchise that's running there.

我指的是Magnetico足球鞋。我談談美式足球的一些特點。看看我們和 Velociti 以及在那裡運營的特許經營權再次合作的情況。

Cleated gets us in the door and it gets us to training footwear, which is pretty small, but something where we have between our Reign 4 product as well as our new Halo Trainer that we just launched is important.

釘鞋讓我們得以進入訓練鞋市場，雖然這個市場規模很小，但我們的 Reign 4 產品以及我們剛推出的新款 Halo Trainer 都非常重要。

And probably one of the big unlocks is running, where I don't think we've taken enough advantage of the podiums at Sharon Lokedi and the success we've seen with the Velociti 3. It gives us a much bigger business.

而最大的突破點可能在於跑步，我認為我們還沒有充分利用在 Sharon Lokedi 賽道上獲得的頒獎台成績以及 Velociti 3 所取得的成功。它使我們的業務規模更大。

And that's what leads you into picking up some easier dollars like the slide business where we think we have opportunity to exploit. And if you get all these things right, you'll be able to sell sportswear and footwear, which gets them to and from the field. The good news about this is we're not starting from zero.

而這正是讓你更容易賺錢的原因，例如滑梯生意，我們認為我們有機會從中獲利。如果你能把這些都做好，你就能賣出運動服和鞋類，方便他們往返運動場。好消息是我們並非從零開始。

So we're in more of an edit mode of how do we get clear, how do we get more focused on what we're doing. I think about where we have opportunity, I mean, you can take a category like basketball that's roughly $100 million globally for us all-in.

所以我們現在更處於一種編輯模式，思考如何理清思路，如何更專注於我們正在做的事情。我一直在思考我們有哪些機會，我的意思是，你可以看看籃球這個領域，它在全球範圍內的規模大約有 1 億美元，我們全部投入其中。

And we think to ourselves, it's incredible for a $5 billion company that can't exploit that in a bigger, better way. So being under-scaled relative to the potential we have and the opportunity that we have to grow it.

我們不禁自問，一家市值 50 億美元的公司竟然無法以更大、更好的方式利用這一優勢，這簡直令人難以置信。因此，相對於我們所擁有的潛力和發展機會而言，我們的規模還不夠大。

So we're approaching that positioning as to where do we have the right to play, the right to win, and we think we can just do a little better.

所以我們正在考慮如何定位自己，在哪裡比賽，在哪裡獲勝，我們認為我們可以做得更好。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Dave, thank you again for all your help over the years, and that leads us to the questions here. I think on the first question here is around pricing elasticity. How should we think about pricing for spring, summer 2026 product?

戴夫，再次感謝你這些年來的幫助，這也引出了我們接下來要問的問題。我認為這裡的第一個問題是關於價格彈性的。我們該如何考慮2026年春夏產品的定價？

Should we assume something like mid-single digits to offset the tariff impact? And what are you seeing in terms of elasticity of demand for your consumers right now?

我們是否應該假設漲幅在個位數中段，以抵銷關稅的影響？您目前觀察到的消費者需求彈性如何？

And then the second question, I think, Dave, you were very helpful in parsing out the tariff impact for 2Q. I think you mentioned 275 basis points. Any way we should think about that number for 3Q and for the full year?

至於第二個問題，我認為戴夫，你對分析第二季關稅影響非常有幫助。我想你提到的是275個基點。我們該如何看待第三季和全年的這個數字？

Yeah, Laurent, this is Dave. Relative to pricing, it is one of the different mitigation strategies that we're driving through relative to the tariff implications. So in the short term, this year, we're really focused a lot more on kind of managing the SG&A and protecting the bottom line that way.

是的，勞倫特，這是戴夫。就定價而言，這是我們正在推行的針對關稅影響的不同緩解策略之一。因此，就短期而言，今年，我們確實更加重視控制銷售、一般及行政費用，以保護利潤。

There's a little bit of vendor cost sharing we can drive through where reasonable, also working on some production shifts where reasonable. Those can't be done overnight, though.

在合理的情況下，我們可以爭取一些供應商成本分攤，也可以在合理的情況下調整一些生產班次。但這並非一朝一夕就能完成的。

And to your point, we are pursuing some selected price increases. They're partially dependent, though, on competitor actions and consumer sentiment as well based on where we stand. And we're definitely going to be strategic in those.

正如您所說，我們正在進行一些特定價格的上漲。不過，它們在某種程度上取決於競爭對手的行動和消費者情緒，也取決於我們所處的位置。我們肯定會在這些方面採取策略性措施。

We don't expect much of that to be real visible until fiscal '27 and beyond, to your point, but it will definitely help us as we offset more of a full year impact next year on the tariff side.

正如您所說，我們預計這些影響要到 2027 財年及以後才會真正顯現出來，但這肯定會幫助我們抵消明年關稅方面更全面的全年影響。

I don't think it's going to come across as dramatic, and I don't know that we're in a position to be able to go dramatic relative to what other brands might be doing.

我不認為這會顯得很戲劇化，而且我也不知道我們是否有能力採取比其他品牌更引人注目的行動。

But we're going to be in there, and we think there's a lot of great product that have the right price to value that could warrant some of those increases, but we're going to be very prudent and strategic in how we do that.

但我們會進入這個市場，我們認為有很多物有所值的優質產品值得提價，但我們會非常謹慎和有策略地進行漲價。

But then there's also a couple of other things that we're driving through to help offset as well, being a lot smarter and more data-driven in how we look at SKU by SKU profitability and make tougher decisions about what SKUs we're going to get behind versus what ones we might wane back a little bit based on the profitability of that SKU.

但我們也透過其他一些方式來抵消這種影響，例如更加明智、更加數據驅動地看待每個 SKU 的盈利能力，並根據 SKU 的盈利能力，對哪些 SKU 值得我們大力支持，哪些 SKU 需要我們稍微減少投入，做出更艱難的決定。

And just some more diligence around that to be careful as we try and navigate some of those cost pressures. But longer term, I think we're going to be in a really good spot there.

我們還需要在這方面更加謹慎，小心應對這些成本壓力。但從長遠來看，我認為我們在那裡會處於非常有利的地位。

Relative to Q3 and Q4, yes, Q3, we're seeing down 310, 330 basis points, and that is almost entirely driven by tariffs. That number in the tariff range is probably around 300, 330 basis points.

與第三季和第四季相比，是的，第三季下降了 310 到 330 個基點，這幾乎完全是由關稅造成的。關稅範圍內的數字可能在 300 到 330 個基點左右。

So there's other minor puts and takes that are going on within that, but that's really the lion's share for Q3. Q4, just based on the mix of product and the sourcing countries that it's coming through, the tariff impact will be a little bit less in Q4, but it's still going to be the primary driver of the Q4 headwind as well.

所以其中還有其他一些小的買賣交易，但這確實是第三季的大部分交易。第四季度，僅從產品組合和採購國來看，關稅的影響在第四季度會略有減輕，但它仍然是第四季度不利因素的主要驅動因素。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

I was curious on the shape of the guidance. Previously, the commentary pointed to the second quarter as the deepest declines of the year. I recognize there's a 1-percentage-point shift. But now with the outlook for the fiscal third quarter, that looks like that could be the deepest decline.

我對導流板的形狀很好奇。先前有評論指出，第二季將是今年跌幅最大的季度。我注意到有1個百分點的變化。但現在看來，根據第三財季的展望，這可能是跌幅最大的一次。

And I was curious about the progression. What has changed over the last 90 days? And how should we think of the pathway towards the stabilization in fiscal '27?

我很好奇事態的發展。過去90天裡發生了哪些變化？那麼，我們該如何看待2027財年的穩定之路呢？

Yeah. I mean, to be honest, there's not a lot of big developments from 90 days back. There is maybe $10 million to $15 million of movement relative to Q2 and Q3.

是的。說實話，90天以來並沒有任何重大進展。與第二季和第三季相比，可能會有 1,000 萬至 1,500 萬美元的變化。

These are mainly wholesale shipments in North America and EMEA that were originally planned to go out in early Q3, and we actually had the product and the customer wanted it, and we were able to get it out in late Q2.

這些主要是北美和歐洲、中東及非洲地區的批發貨物，原計劃在第三季度初發貨，但實際上我們已經有了產品，客戶也想要，所以我們在第二季度末就發貨了。

So that was a little bit of a change versus our expectation. But outside of that, no real big changes. I think when you think about Q4, we do see that the Q4 decline will be less versus Q3.

所以這和我們預期的有點出入。但除此之外，沒有其他重大變化。我認為，當我們考慮第四季時，我們會發現第四季的下滑幅度將小於第三季。

And if you look at the math in our outlook, it does back into a pretty broad range for Q4. And one of the points within that range is flat and that stabilization that we've been talking about. So if you drill down into that, we continue to see solid growth in EMEA, which is awesome.

如果你看一下我們展望中的數學計算，你會發現第四季的預測範圍相當廣泛。而這個範圍內的一個點是平坦的，也是我們一直在談論的穩定點。所以，如果你深入分析一下，我們會發現 EMEA 地區持續保持穩健成長，這非常棒。

APAC is likely to actually be up a little bit with Q4, but that's mainly, to be honest, relative to comping a really challenged Q4 of last fiscal year in APAC. So that's something to keep in mind.

亞太地區第四季可能會略有成長，但說實話，這主要是相對於上個財年亞太地區第四季面臨的嚴峻挑戰而言的。所以這一點要記住。

And then all the points that Kevin went through on North America coming to fruition and, therefore, less pressure on North America in Q4 than previous quarters.

然後，凱文之前提到的關於北美市場的所有要點都得到了實現，因此，第四季度北美市場面臨的壓力比前幾季要小。

So again, it's the focus on stabilizing and resetting APAC, stabilizing and turning around North America and continuing to fuel the growth in EMEA, and that's what we're driving against.

所以，我們的重點仍然是穩定和重塑亞太地區，穩定和扭轉北美地區的頹勢，並繼續推動歐洲、中東和非洲地區的成長，而這正是我們努力的方向。

Appreciate that. And perhaps just a follow-up on the pricing. You pointed to embedded assumptions for the higher engineered pricing on your largest products. I was curious if you could talk about the, your approach to the balance of your product portfolio and how you're planning pricing there.

謝謝。或許還需要補充一下定價方面的問題。您指出，貴公司最大產品的較高工程定價背後存在一些隱含的假設。我想請您談談您在產品組合平衡方面的做法，以及您如何制定定價策略。

Yeah. I mean we are looking at it in a lot of different ways.

是的。我的意思是，我們正在從很多不同的角度來看待這個問題。

There are some very specific new launches that we're going to be addressing pricing on a couple of the resets, but then also even on some of our core, we do feel there's an opportunity on the kind of better and best product a little bit more than the good level product.

我們會針對一些非常具體的新產品發布進行定價調整，但同時，我們也認為，即使在我們一些核心產品中，也存在著推出更好、更優質產品的機會，而不僅僅是推出優秀產品的機會。

We want to be a little bit more careful with that consumer. But as Kevin can probably touch on, there's also a lot of exciting stuff we're doing relative to some of the new product launches that are in that good and better, best level that could have better prices associated with them.

我們希望對這位消費者更加謹慎。但正如凱文可能會提到的，我們也在做一些令人興奮的事情，例如推出一些新產品，這些產品處於良好甚至更好的水平，價格可能更優惠。

Yeah. I think just the overall elevation for the brand, this comes back with aesthetic. This comes from, just because it's an opening price point doesn't mean it can't be designed beautifully and perform for the consumer.

是的。我認為這提升了品牌的整體形象，也與美學有關。這是因為，即使價格定位較低，也不代表產品無法設計精美、性能優良，滿足消費者的需求。

So that's when we talk about things like our tech program and how we're looking to enhance that with a $25 opening price point, and we'll be moving some price there.

所以，這時我們就會談到我們的技術項目，以及我們如何以 25 美元的起價來提升它，我們也會在這方面進行一些調整。

But more importantly, we're introducing a $35 improved version that we think we'll be able to take some of that volume and walk the consumer up a bit.

但更重要的是，我們將推出一款售價 35 美元的改良版，我們認為它能夠搶佔部分市場份額，並引導消費者逐步提升消費水準。

But innovation is the answer and the way that we're going to win with the athlete. So that perception needs to come across in everything Under Armour does.

但創新才是答案，也是我們贏得運動員的關鍵。因此，這種理念需要體現在安德瑪所做的每一件事。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Kevin, Dave, I was hoping to dive a little bit deeper into the trends that you're seeing in the APAC business and the drivers and cadence of the path that you see ahead to drive some stabilization there.

Kevin，Dave，我原本希望更深入地探討一下你們在亞太地區業務中看到的趨勢，以及你們認為推動該地區走向穩定化的未來發展方向和節奏。

Yeah. Thank you. I know this is a head turner when you look at it and say, what does it mean in the minus 14. It's difficult for us to read.

是的。謝謝。我知道，當你看到它並問“-14是什麼意思”時，你會忍不住側目。我們很難閱讀。

Again, we do not accept it, and I feel like I've said that too many times today, but we're in the midst of turnaround, and this is what it looks like. And so we like where we're going.

我們再次重申，我們不接受這種情況，而且我覺得今天我已經說過太多次了，但我們正處於轉型期，這就是轉型的現狀。所以我們對未來的發展方向很滿意。

As I said, I've had the ability to spend eight days in the market visiting stores and meeting with our teams, franchisees, distributors, manufacturers and doing town halls and getting our point of view and then sitting down one by one and doing an hour with each of the key stakeholders we had, sharing our forward strategy and spending time with our team.

正如我所說，我有機會在市場上待了八天，走訪門店，與我們的團隊、加盟商、分銷商、製造商會面，舉行全體員工大會，了解我們的觀點，然後與每一位關鍵利益相關者坐下來，花一個小時的時間分享我們的未來戰略，並與我們的團隊共度時光。

Simon Pestridge, who's been awesome, who joined about a year ago, and we named him to this job about three or four months ago. So we're new in that process.

Simon Pestridge 非常出色，他大約一年前加入我們，我們大約三、四個月前任命他擔任這個職位。所以，我們在這個過程中還是新手。

Simon also announced a new head to run specifically China for us, who is a veteran pro who used to run Converse in the region as well in running China. So he is building out a rock-solid team.

Simon 也宣布了一位專門負責我們中國業務的新負責人，他是一位經驗豐富的專業人士，以前也曾代表匡威在中國地區開展業務。所以他正在打造一支實力雄厚的團隊。

But not unlike the US, we don't believe that we have a brand problem. Under Armour is effectively known as a professional brand in China. Once again, it's a story issue.

但與美國的情況類似，我們並不認為自己有品牌問題。Under Armour 在中國已被廣泛認可為專業品牌。這又是一個故事問題。

And this is just where we haven't done a great job of just tying together, a, personifying the product and then just storytelling at retail when it's a T-shirt just standing next to a price tag that says $24 or $30 or whatever the local currency is, it's not very compelling.

而這正是我們做得不夠好的地方：我們沒能好好地將產品人格化，然後在零售環節進行故事敘述。當一件 T 卹旁邊貼著 24 美元、30 美元或其他當地貨幣的價格標籤時，它就顯得不夠吸引人。

And that's when you're just relying on brand heat. And so as that has slowed, we felt sort of across the region.

而那時你只是在靠品牌熱度。隨著這種趨勢放緩，我們感覺整個地區的情況都有些不同了。

The good news is that when we look at a market like China is that it can, it's one of the fastest retail markets in the world, if not the fastest, and it gives us the ability to move, we think, pretty quickly.

好消息是，當我們審視像中國這樣的市場時，會發現它是世界上發展最快的零售市場之一，甚至可能是最快的，這使我們能夠迅速採取行動。

So the same formula and some of the lessons learned from EMEA that we implemented here in the US, pulling back on promotion, beginning with our own sites, which helps the partner sites as well and then allowing us to just look forward.

因此，我們在美國也採用了同樣的策略，並吸取了從 EMEA 學到的一些經驗教訓，減少推廣，首先從我們自己的網站開始，這也有助於合作夥伴的網站，然後讓我們能夠展望未來。

So the good news is that Simon and team is that we're viewing stabilization as we're talking about. We believe we can point towards stabilization, more specifics to come in the February call, but in fiscal '27 as well.

所以好消息是，西蒙和他的團隊認為，正如我們所討論的那樣，我們正在看待穩定問題。我們相信可以指出市場趨於穩定，更多細節將在 2 月的電話會議上公佈，但 2027 財年也會如此。

So we think this is a reset year for us to get us back to growth and moving pretty quickly. So we think the worst is behind us, and it's now for us to repurpose.

所以我們認為今年是我們的調整年，要讓我們重回成長軌道，快速發展。所以我們認為最糟糕的時期已經過去，現在需要我們重新調整方向。

This new store that we're unveiling in January, too, or hopefully, at some point there around is going to be incredibly exciting and will help feed the more than 700 doors we have in China specifically and the 1,000 over in APAC.

我們將在 1 月（或希望在那個時候）推出的這家新店將會非常令人興奮，並將有助於補充我們在中國已有的 700 多家門市以及在亞太地區的 1000 多家門市。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

This is Kelly on for Paul. I just wanted to follow up on some of the North America wholesale commentary. I guess if you're seeing improving sell-through rates this fall, do you have opportunity to potentially see upside from stronger reorder demand in the holiday quarter?

這裡是凱莉替保羅報道。我只是想就北美批發業的一些評論做一些補充說明。我想，如果今年秋天的銷售轉換率有所提高，那麼假期季節的補貨需求強勁，是否有可能帶來成長機會？

And then just in terms of the order book, you're pointing to more of a stabilization in wholesale in North America in the fourth quarter. Is that reflected in your order books?

再從訂單量來看，您指出北美批發市場在第四季趨於穩定。你的訂單記錄是否反映了這一點？

And then should we think about, given you've seen improved sell-through this fall that maybe the hope at least is that for fall 2026, you'd see order books up? Any just color there would be great.

那麼，鑑於今年秋季的銷售情況有所改善，我們是否應該考慮至少在 2026 年秋季，訂單量能夠成長？任何純色都行。

Thank you. We say stronger demand. So we're coming from, we haven't had the strongest hand, so we're basically stabilizing. I think probably the best way for me to qualify this is that we have a stable order book.

謝謝。我們認為需求更加強勁。所以，我們之前的處境並不樂觀，現在基本上是在努力穩定局面。我認為最好的解釋方式是，我們擁有穩定的訂單量。

Where in the past, we've seen a lot more returns. We've seen a lot more cancellations. We're not seeing that right now. This isn't just cold weather either. It's some of the brand heat, I believe, that we've been driving here in the US specifically.

而過去，我們看到更多的回報。我們看到取消的訂單數量大幅增加。我們目前還沒有看到這種情況。這不僅是天氣寒冷的問題。我認為，這主要是我們在美國大力推廣的品牌熱度。

The brand inconsistency, I think, is one thing is that we hadn't really come with a story, and that's why I believe the most important thing is the key relationships that we have with the key partners is they're seeing a more consistent Under Armour.

我認為品牌不一致的一個原因是，我們並沒有真正提出一個完整的品牌故事，所以我認為最重要的是，我們與主要合作夥伴的關鍵關係能夠讓他們看到一個更一致的安德瑪品牌。

They're seeing us now tying story to it. They're seeing us personify product and the premiumization that we're taking at UA is something that is resonating with them.

他們現在看到我們把故事和它連結起來了。他們看到我們將產品擬人化，而我們在 UA 採取的高端化策略引起了他們的共鳴。

Call it success, but I'll say the beating plan the beating plan that we have in fall '25. And again, understanding that we're not thrilled about this math, but it definitely sets us up.

你可以稱之為成功，但我要說的是，我們在 2025 年秋季制定的勝利計畫。再次強調，我們雖然對這種數學方法並不滿意，但它確實為我們奠定了基礎。

And one thing we think we want the core message to be is that the key business that we have today, the $5 billion business we have today, we can see line of sight to the ability for us to stabilize and hold this business and begin to move forward.

我們希望傳達的核心訊息是，我們今天擁有的關鍵業務，也就是我們今天擁有的價值 50 億美元的業務，我們已經看到了穩定和保住這項業務並開始向前發展的希望。

And that's not just building more good level product. We like the amount of good level product, but we want to focus on better and best. And that's what will help us premiumize the brand and help us, frankly, drive some of the more of the sell-through at all three levels wherever the consumer sees us.

這不僅僅是打造更多優質產品。我們喜歡現有優質產品的數量，但我們想專注於更好、最好的產品。而這將有助於我們提升品牌的檔次，坦白說，也有助於我們在消費者看到我們的任何管道，在所有三個層面上推動更多的銷售。

And Kelly, I think just pointing out too, that Q3 is a very high mix of direct-to-consumer. It's a little bit lower mix of wholesale. So even though we are seeing some favorability on replenishment orders, which is great and really points towards the future, it doesn't necessarily create a significant upside potential for Q3 or Q4.

凱利，我想也指出一點，第三季直接面向消費者的銷售佔比非常高。批發業務佔比略低。因此，儘管我們看到補貨訂單出現了一些利好，這很好，也確實預示著未來，但這並不一定意味著第三季或第四季會有顯著的成長潛力。

But obviously, we're going to keep driving and fueling, and we're excited about where those conversations are heading.

但很顯然，我們會繼續努力，不斷前進，我們對這些對話的走向感到興奮。

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

問答環節到此結束，會議也正式閉幕。感謝各位參加今天的報告會。您現在可以斷開連線了。