Under Armour Inc (UA) 2027 Q1 法說會逐字稿

Good day, and welcome to the Under Armour first-quarter 2027 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Under Armour 2027 會計年度第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把電話會議交給財務與資本市場資深副總裁 Lance Allega。請開始。

Good morning, and welcome to Under Armour's Fiscal 2027 first quarter earnings call. Today's call is being recorded, and a replay will be available on our Investor Relations website shortly after the call concludes. Joining us this morning are Kevin Plank, President and CEO; and Reza Taleghani, Chief Financial Officer.

各位早安，歡迎參加 Under Armour 2027 會計年度第一季財報電話會議。今天的電話會議將被錄音，會後不久將在我們的投資人關係網站提供重播。今天早上與會者包括總裁暨執行長 Kevin Plank，以及財務長 Reza Taleghani。

Before we begin, please note that certain statements made on today's call are forward-looking statements within the meaning of federal securities laws. These statements reflect management's current expectations as of August 7, 2026, and are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of these results and risks and uncertainties, please refer to this morning's press release and our filings with the SEC, including our most recent Forms 10-K and 10-Q and other public disclosures.

在開始之前，請注意今天電話會議中的某些陳述，依聯邦證券法之定義屬於前瞻性陳述。這些陳述反映管理層截至 2026 年 8 月 7 日的目前預期，並受風險與不確定性影響，可能導致實際結果出現重大差異。關於這些結果以及風險與不確定性的討論，請參閱今天早上的新聞稿，以及我們向 SEC 提交的文件，包括最近的 10-K 與 10-Q 表格及其他公開揭露。

During today's call, we may reference certain non-GAAP financial measures. We believe these measures provide additional insight into the underlying trends of our business and when considered alongside our GAAP results. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in today's press release and available on our Investor Relations website at about.underarmour.com.

在今天的電話會議中，我們可能會提及某些非 GAAP 財務衡量指標。我們相信，這些指標在與 GAAP 結果一併考量時，能提供對我們業務基本趨勢的額外洞見。這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表，已包含於今天的新聞稿中，並可於 about.underarmour.com 的投資人關係網站查閱。

With that, thank you for joining us this morning and for your continued interest in Under Armour. I'll now turn the call over to Kevin.

在此，感謝各位今天早上參與，並持續關注 Under Armour。接下來我把電話會議交給 Kevin。

Good morning, everyone, and thank you for joining us. Let me start with the headline. We're lowering our revenue outlook for the year while maintaining our adjusted operating income expectation. That's not the outcome we wanted on the top line, but it does reflect a business that is more disciplined and flexible than it was just a year ago.

各位早安，感謝大家加入我們。我先講重點。我們下調今年的營收展望，同時維持調整後營業利益的預期。這不是我們在營收端想看到的結果，但這也反映出，相較於一年前，我們的業務更有紀律、也更具彈性。

Consumer demand remains softer than we expected, particularly in North America and Asia Pacific. Our response isn't to chase that market lower. It's to continue simplifying the business, sharpening our product focus, improving marketplace execution and investing behind the innovation, athlete credibility and storytelling that will strengthen Under Armour over the long term.

消費者需求仍比我們預期更疲弱，尤其是在北美與亞太地區。我們的回應不是跟著市場一路往下追。而是持續簡化業務、聚焦產品、提升市場執行力，並加大對創新、運動員可信度與品牌敘事的投資，從長期來看強化 Under Armour。

90 days ago, I said we were entering the next phase of our transformation. The challenge now is convert internal progress into stronger consumer demand. That's the work in front of us, and it's what will position Under Armour for healthier growth over time. Last quarter, Sharon Lokedi won the Boston Marathon in our Velociti Elite 3 racing shoe, her second consecutive Boston victory in Under Armour.

90 天前，我說我們正進入轉型的下一階段。現在的挑戰，是把內部進展轉化為更強的消費者需求。這就是我們眼前要做的工作，也將使 Under Armour 隨時間推進實現更健康的成長。上一季，Sharon Lokedi 穿著我們的 Velociti Elite 3 競速跑鞋贏得波士頓馬拉松，這是她在 Under Armour 的第二次連續波士頓奪冠。

This quarter, Ferran Torres scored the World Cup winning goal for Spain in our Shadow Elite 4 boot. These are the moments this brand was built for, products performing on the biggest stages under the greatest pressure with the world's best athletes. They show what happens when we build from the athlete back, credible performance moments that should, can and will create stronger demand for both the literal product worn on pitch or course, but especially the commercial expressions we convert into brand demand and wearing beyond sport. They also reinforce why the progress behind the scenes matters.

本季，Ferran Torres 穿著我們的 Shadow Elite 4 足球鞋，為西班牙踢進世界盃致勝球。這些正是這個品牌為之而生的時刻：產品在最大舞台、最高壓力下，由世界頂尖運動員展現表現。它們展現了當我們以運動員為核心打造產品時會發生什麼：具可信度的性能時刻，應該、可以、也將會為球場或賽道上實際穿著的產品帶來更強需求，更重要的是，為我們轉化為商業化呈現的品牌需求，以及運動之外的穿著需求帶來更強動能。它們也再次印證，幕後的進展為何重要。

Over the past two years, we simplified the organization by removing excess weight to create greater focus and agility. Great example is our significant SKU reduction, all while strengthening the connection between product, marketing and sales, so our teams are moving with greater speed and accountability. We've also become more rigorous in how we allocate capital and manage expenses.

過去兩年，我們透過移除多餘負擔來簡化組織，以建立更高的專注度與敏捷性。一個很好的例子是我們大幅減少 SKU，同時強化產品、行銷與銷售之間的連結，讓團隊以更快速度與更高責任感推進。我們也在資本配置與費用管理上變得更嚴謹。

For instance, in the first quarter, we consolidated parts of our innovation footprint, including rightsizing our Portland office, while strengthening Baltimore and New York as hubs where decisions can move faster, product decisions sharpen and teams manage with greater intentionality. These actions are about improving the quality of the business over time, and that will be proven by execution, not by what we say today. A few years ago, we're too often managing for quantity, more products, more complexity and volume that did not always strengthen the brand.

例如在第一季，我們整併了部分創新據點，包括調整波特蘭辦公室規模，同時強化巴爾的摩與紐約作為樞紐，讓決策更快、產品決策更聚焦、團隊以更明確的意圖進行管理。這些行動是為了隨時間提升業務品質，而這將由執行來證明，而不是由我們今天說了什麼來證明。幾年前，我們太常以「量」為導向管理：更多產品、更多複雜度，以及不一定能強化品牌的銷量。

Today, we're managing for quality, fewer products with greater purpose, tighter execution and a clear reason to buy. This mandate to the organization is incredibly straightforward. We will sell so much more of so many less products at a much higher full retail price. And this mission is well underway. That focus must apply to every channel. In our DTC business, promotion has too often been the reason for consumers to shop.

今天，我們以「質」為導向管理：更少但更有目的的產品、更緊密的執行，以及清楚的購買理由。對組織的這項要求非常直接。我們將以更高的全零售價，賣出更多數量的更少產品。而這項使命已在穩步推進。這樣的聚焦必須適用於每一個通路。在我們的 DTC 業務中，促銷過去太常成為消費者購物的原因。

We're testing more full-price product in this environment. What we know is that when the product is differentiated and the value proposition is clear, the sell-through follows. In wholesale, we're taking the same approach where stronger relationships remain central to our turnaround. Since returning to the chair, I've made this a priority, and we're beginning to see it pay off in better alignment and stronger execution.

在這樣的環境下，我們正在測試更多全價商品。我們知道，當產品具差異化且價值主張清晰時，銷售動能自然會跟上。在批發通路，我們也採取同樣做法，因為更強的合作關係仍是我們扭轉局面的核心。自從我回到董事長職位以來，我把這件事列為優先事項，而我們開始看到更好的對齊與更強的執行帶來回報。

A good example is our back-to-school takeover of the fashion show set at DICK'S House of Sport Doors, which puts us front and center as you walk into these elevated presentations with a full expression of UA across men's and women's with our heat gear, icon fleece, tees and Stealth-form hats. The goal is to build more of these executions across the marketplace where differentiated product and strong storytelling can drive healthier full price demand. That brings us to the central question.

一個很好的例子是，我們在 DICK'S House of Sport 門店的時裝秀場景中進行開學季主題接管，讓我們在你走進這些升級展示時就位於最醒目的位置，完整呈現 UA 男裝與女裝，包括 HeatGear、Icon Fleece、T 恤與 Stealth-form 帽款。目標是在市場上打造更多這類執行，讓差異化產品與強而有力的敘事推動更健康的全價需求。這也帶出核心問題。

How do we turn a healthier business into stronger consumer demand? We know the brand has been too reliant on promotion. The marketplace still carries too much complexity. The issues are clear. The work is underway, and our focus is on four priorities. First, rationalize the product line so investment goes beyond the highest potential franchises and innovation platforms with a clear role in the portfolio. You can see that in the SKU reductions underway and the priority behind platforms like HeatGear, Velociti and StealthForm.

我們要如何把更健康的業務轉化為更強的消費者需求？我們知道品牌過度依賴促銷。市場上仍存在過多的複雜度。問題很清楚。工作已在進行中，而我們聚焦於四項優先事項。第一，精簡產品線，讓投資集中在最具潛力的核心系列與創新平台上，並在產品組合中扮演清晰角色。你可以從正在進行的 SKU 減量，以及對 HeatGear、Velociti 與 StealthForm 等平台的優先投入看出來。

Second, rebuild the market engine around fewer, bigger stories that connect our best products, athletes and cultural moments in a more consistent way. Sharon winning Boston and Ferran scoring on the world stage are the proof points we need to turn into a repeatable system. Third, improve commercialization so consumers can see it, understand it and buy into it across our own channels and wholesale partners, making it easier for the consumer to say yes to the UA brand. That means tighter launch planning and stronger retail and digital execution to our biggest campaigns convert.

第二，圍繞更少但更大的故事重建市場引擎，以更一致的方式連結我們最好的產品、運動員與文化時刻。Sharon 贏得波士頓，以及 Ferran 在世界舞台進球，正是我們需要轉化為可重複運作系統的證明點。第三，提升商業化能力，讓消費者能在我們自有通路與批發夥伴通路中看得到、看得懂並願意購買，讓消費者更容易對 UA 品牌說「是」。這意味著更緊密的上市規劃，以及更強的零售與數位端執行，讓我們最大的行銷活動得以轉化為銷售。

And fourth, manage inventory in the marketplace. The business operates with greater consistency and less dependency on discounting. That means being willing to walk away from lower quality volume, tighten inventory buys and reduce the amount of product that ultimately has to be cleared for promotion. We should see progress in those areas before revenue fully reaccelerates. That's the nature of this reset, improve the quality of what we make, how we sell it and how consistently the marketplace reflects the value of the brand.

第四，管理市場庫存。讓業務運作更一致，並降低對折扣的依賴。這意味著願意放棄較低品質的銷量、收緊採購量，並降低最終必須透過促銷清庫的商品數量。在營收完全重新加速之前，我們應該會先在這些領域看到進展。這就是這次重整的本質：提升我們製造什麼、如何銷售，以及市場如何一致地反映品牌價值的品質。

Against that backdrop, let me talk about both sides of what we're seeing, where the environment has become more challenging and where the playbook is beginning to show up. As the first quarter progressed, particularly from late May forward, traffic softened, especially in North America and Asia Pacific, while the marketplace became increasingly promotional. Given what we're seeing today, we've taken a more cautious view of revenue for the balance of the year. Still, this does not change our strategy. It reinforces it.

在這樣的背景下，讓我談談我們所看到的兩個面向：環境在哪些地方變得更具挑戰，以及我們的作戰手冊開始在哪些地方顯現成效。隨著第一季推進，特別是從5月下旬開始，客流轉弱，尤其在北美與亞太地區，同時市場促銷力度也愈來愈強。基於我們目前所見，我們對今年剩餘期間的營收採取更為審慎的看法。不過，這不會改變我們的策略。反而更強化了它。

Consumers are going to choose Under Armour at a premium, we must earn that through more compelling reasons to buy, the right product choices and a tighter connection between what we make and why athletes should care. One of the biggest lessons for us has been that athletes don't need more choices. They need better ones. Building on the 25% reduction we've already achieved in our fall/winter '26 assortment compared to just two years ago, we've begun targeting a further 25% SKU reduction over the next 18 months.

消費者願意以溢價選擇Under Armour，而我們必須透過更有說服力的購買理由、正確的產品取捨，以及更緊密連結「我們做什麼」與「為何運動員要在意」來贏得這份溢價。對我們而言，最大的教訓之一是：運動員不需要更多選擇。他們需要更好的選擇。在相較兩年前我們已將2026年秋冬（fall/winter '26）產品組合縮減25%的基礎上，我們已開始鎖定在未來18個月內再進一步減少25%的SKU。

That is not about doing less, it's about giving our teams room to build products that matter and concentrating investment behind the franchises and innovation platforms with the strongest potential to create separation. That focus is helping us concentrate talent and investment in the areas where Under Armour can create meaningful advantages for athletes, training, team sports, running and the innovation platforms that define our performance heritage.

這不是要做得更少，而是要讓團隊有空間打造真正重要的產品，並把投資集中在最有潛力形成差異化的核心系列（franchises）與創新平台上。這樣的聚焦正幫助我們把人才與投資集中在Under Armour能為運動員創造實質優勢的領域：訓練、團隊運動、跑步，以及定義我們性能傳承的創新平台。

We're seeing early signs this approach is working. ER base layer has remained strong across regions and channels, and velocity continues to validate our technical innovation with runners. We're also seeing encouraging reads across newer apparel concepts, which indicate where the consumer is responding. These are signals we can learn from and scale deliberately.

我們已看到這個方法正在奏效的早期跡象。ER基底層（base layer）在各地區與各通路仍維持強勁，而銷售速度（velocity）也持續驗證我們在跑者領域的技術創新。我們也在較新的服飾概念上看到令人鼓舞的回饋，顯示消費者的反應方向。這些都是我們可以學習並有節奏地擴大規模的訊號。

Best example of what this looks like when we get it right is the Bouncy Tee. What can happen when product and culture come together at retail. Launched in May, Bouncy has exceeded expectations while selling at its full $65 retail price. Alongside innovations like base layers, SlipSpeed, StealthForm Hats and the No Weigh Backpack, it shows that we know how to create products with a clear reason to command value.

最能代表我們做對時會是什麼樣子的例子，就是Bouncy Tee。當產品與文化在零售端結合時，會發生什麼。Bouncy於5月上市後表現超出預期，且以完整的65美元零售價售出。搭配基底層、SlipSpeed、StealthForm帽款以及No Weigh背包等創新產品，這證明我們知道如何打造具備明確價值主張、能夠支撐定價的產品。

The combination of new upcoming innovation and frankly, the amazing products that we already have but have not done a good enough job storytelling for yet gives us a robust platform to leverage. Now we just need to align in firing with a coordinated brand right marketing approach. Beyond these proof points, the bigger job is to build a more effective marketing engine, not just put more products in the pipeline. And for us, that starts with the products that matter most, the top 10 volume drivers I've talked about before.

即將推出的新創新，加上坦白說我們其實已經擁有、但在敘事（storytelling）上做得還不夠好的優秀產品，讓我們有一個強健的平台可以運用。現在我們只需要在執行上對齊，以協調一致、以品牌為核心的行銷方法來推進。除了這些驗證點之外，更大的工作是建立更有效的行銷引擎，而不只是把更多產品放進開發管線。對我們而言，這要從最重要的產品開始，也就是我之前提過的前10大銷量驅動品項。

Tech Tee is a great example. It's one of our largest volume programs, but candidly, it's discounted too often. So the answer is not to walk away from that business. The answer is to improve the product and reset how it shows up in the marketplace. We are refreshing Tech Tee, so it plays a better role at scale. And at the same time, we've created a more premium expression with the Helix Tee.

Tech Tee就是一個很好的例子。它是我們最大量體的計畫之一，但坦白說，它被打折的頻率太高。因此答案不是退出那門生意；答案是改善產品，並重塑它在市場上的呈現方式。我們正在更新Tech Tee，讓它在規模化上扮演更好的角色。同時，我們也以Helix Tee打造了更高端的呈現。

As Helix comes to market later this year, it will launch at $35 with a more complete UA performance story, stretch, recyclable and an outrageously quick dry time and with the marketing and retail support required to earn that premium. That is the playbook, improve the essentials that give us scale and build elevated products with a clear reason to trade up. Product strength also must show up in how we market the brand. As we take this story to our consumer, our industry is certainly taking notice.

當Helix在今年稍晚進入市場時，將以35美元上市，並帶來更完整的UA性能故事：具彈性、可回收，以及乾得快得驚人；同時也會配套必要的行銷與零售支持，以贏得這個溢價。這就是作戰手冊：提升能帶來規模的基本款（essentials），並打造具備明確升級理由的高階產品。產品力也必須反映在我們如何行銷品牌上。當我們把這個故事帶給消費者時，業界確實也正在注意到。

An example is two womenswear daily covers just this week featuring UA brand ambassadors, Wednesday with Francois Arnaud of Heated Rivalry theme wearing UA HeatGear. And just this morning, another cover showcasing Fern T's World Cup celebrity while wearing our new Bouncy Tee. The opportunity now is to make those stories travel farther and connect more consistently with consumers.

例如，就在本週有兩個女裝媒體的每日封面都出現UA品牌大使：週三是以《Heated Rivalry》主題的Francois Arnaud，身穿UA HeatGear；而就在今天早上，另一個封面則呈現Fern T的世界盃名人，身穿我們全新的Bouncy Tee。現在的機會在於，讓這些故事傳播得更遠，並更一致地與消費者建立連結。

Our goal is not to be part of every conversation. It's to show up where performance matters most and where our product gives us permission to lead. That requires tighter integration between innovation and storytelling, so consumers understand what the product does and why it matters.

我們的目標不是參與每一場對話。而是在性能最重要、且我們的產品讓我們有資格領先的地方出現。這需要在創新與敘事之間更緊密整合，讓消費者理解產品做得到什麼，以及為什麼重要。

Our marketing reset is not only about how much we spend, but how effectively we spend it and what the return ultimately is. The point is to make each dollar work harder behind a brand idea consumers can understand, remember and purchase against. On our last call, we expected marketing investment to move higher as part of rebuilding consumer pull. Since then, we've gone deeper into the plan and identified opportunities to rebalance spend, reduce waste and improve returns.

我們的行銷重置不僅關乎花多少錢，更關乎花得多有效，以及最終的回報是什麼。重點是讓每一美元都更有力地支持一個消費者能理解、記得，並願意據以購買的品牌主張。在上一次電話會議中，我們預期行銷投資會提高，作為重建消費者拉力（consumer pull）的一部分。自那之後，我們更深入檢視計畫，並找出重新平衡支出、減少浪費與提升回報的機會。

Given this amplified focus, we're taking marketing lower as a percentage of revenue this year. To be clear, this is not a retreat from the brand. It's a reset in how we invest, fewer, bigger activations, tighter ties to product and retail, clear measurement and a higher bar for funding. We believe we have the ability for significantly higher efficacy in every marketing dollar we spend and the return it brings to the brand.

基於這個更強化的聚焦，今年我們將把行銷費用占營收比重下調。需要說清楚的是，這不是對品牌的撤退。而是投資方式的重置：更少但更大型的啟動活動（activations）、與產品與零售更緊密連結、清楚的衡量機制，以及更高的資金投入門檻。我們相信，我們有能力讓每一筆行銷支出及其為品牌帶來的回報，達到顯著更高的效能。

Underneath all of this, the company is operating better. The structure is simpler, decision-making is faster and tighter prioritization is helping us respond to changing market conditions while maintaining our full year profitability outlook. So in closing, Under Armour is at its best when we build products, athletes trust in the moments that matter most.

在這一切之下，公司本身的營運也更好了。組織架構更簡化、決策更快速，而更緊密的優先順序排序正幫助我們在維持全年獲利展望的同時，回應不斷變化的市場狀況。因此最後總結，Under Armour在打造運動員於最關鍵時刻所信賴的產品時，表現最佳。

This year marks our 30th anniversary, and I know what this brand can be when performance credibility turns into consumer demand. I'm proud of our history, but I'm not satisfied with where we are today. We will not solve that by chasing unhealthy volume or buying short-term revenue. We'll solve it by editing the line, cleaning up the marketplace, sharpening our storytelling and turning our strongest assets into consistent demand. That's the work in front of us, make the brand sharper, the business cleaner and the execution more consistent.

今年是我們的30週年，我知道當性能可信度轉化為消費者需求時，這個品牌可以成為什麼樣子。我為我們的歷史感到自豪，但我對我們今天所處的位置並不滿意。我們不會透過追逐不健康的量體或購買短期營收來解決這個問題。我們會透過精簡產品線、整頓市場、強化敘事，並把我們最強的資產轉化為持續性的需求來解決。這就是我們眼前的工作：讓品牌更銳利、讓業務更乾淨、讓執行更一致。

And with that, let me turn the call over to Reza to walk you through our financial results and outlook in more detail. Reza?

接下來，讓我把電話會議交給Reza，請他更詳細地帶大家看我們的財務結果與展望。Reza？

Thanks, Kevin, and good morning to everyone. From a financial perspective, the first quarter showed the benefit of the operating control we've been building into the model. Revenue came under pressure as the period progressed, but adjusted operating income exceeded our outlook.

謝謝你，Kevin，也向各位道早安。從財務角度來看，第一季展現了我們持續導入營運控管所帶來的效益。隨著期間推進，營收承受壓力，但調整後營業利益超出我們的展望。

Starting with our first quarter fiscal '27 results, revenue declined 3% to $1.1 billion. By region, North America revenue decreased 9% with declines in wholesale due to softer spring/summer orders and traffic headwinds that put pressure on our e-commerce and retail store business. EMEA revenue increased 12% and 10% constant currency in the quarter, driven by strength in our distributor business, partially offset by slight declines in our DTC and full-price wholesale businesses.

先從我們2027財年第一季（fiscal '27）結果開始，營收下滑3%至11億美元。按地區來看，北美營收下降9%，批發（wholesale）因春夏訂單轉弱而下滑，加上客流逆風，對我們的電商與零售門市業務造成壓力。EMEA營收在本季成長12%，以固定匯率計成長10%，主要由經銷商（distributor）業務的強勁表現帶動，但部分被我們DTC與全價批發業務的小幅下滑所抵銷。

Revenue in APAC decreased 7% or 10% constant currency, reflecting greater-than-anticipated softness in China and Southeast Asia. In China, results were also affected by stock-outs in key styles and sizes as well as demand cannibalization from certain licensees that discounted aggressively in a promotional market.

亞太（APAC）營收下降7%，以固定匯率計下降10%，反映中國與東南亞的疲弱程度高於預期。在中國，業績也受到關鍵款式與尺碼缺貨（stock-outs）的影響，以及在促銷市場中，部分被某些授權商（licensees）以激進折扣所造成的需求侵蝕（demand cannibalization）。

We are addressing those issues through better inventory availability and closer alignment with licensing partners. And in Latin America, revenue increased 8%, driven by favorable foreign exchange as constant currency revenue was up 1% in the quarter. In short, North America and parts of Asia Pacific drove the pressure versus expectations, while EMEA and Latin America were more resilient in the quarter.

我們正透過提升庫存供應可得性，以及與授權合作夥伴更緊密對齊來解決這些問題。而在拉丁美洲，營收成長8%，主要受惠於有利的外匯因素；以固定匯率計，本季營收成長1%。總結來說，北美與亞太部分地區帶來了相較預期的壓力，而EMEA與拉丁美洲在本季則更具韌性。

Looking at performance by channel. Wholesale revenue decreased 2% due to declines in full-price wholesale revenue and in sales to third-party off-price channel versus the prior year. This was partially offset by growth in our distributor business. Direct-to-consumer revenue decreased 6% in the quarter with a 3% decline in our owned and operated stores and a 12% decline in e-com.

按通路來看表現。批發營收較去年同期下降2%，主因為全價批發營收下滑，以及對第三方折扣通路（off-price）的銷售較去年減少。這部分被我們經銷商業務的成長所部分抵銷。本季直面消費者（DTC）營收下降6%，其中自營門市（owned and operated stores）下降3%，電商（e-com）下降12%。

As mentioned, as the first quarter progressed, we saw increasing traffic challenges, particularly in our North America and China markets. And licensing revenue increased 2% with growth in our international business, partially offset by lower revenue in North America. By product category, apparel revenue was down 2% with declines across most sport categories.

如前所述，隨著第一季進行，我們看到客流挑戰加劇，尤其是在北美與中國市場。授權營收成長2%，受惠於國際業務成長，但部分被北美營收較低所抵銷。按產品類別來看，服裝營收下降2%，多數運動品類皆出現下滑。

This was partially offset by growth in sportswear. Footwear revenue was down 8% due to the combination of general demand softness and actions we've taken to optimize and edit our product assortment with the largest declines in team sports, sportswear and train. Increases in outdoor and golf partially offset this, while our run business was flat in the quarter. In accessories, revenue decreased 4% with softness in train, outdoor and golf, while sportswear was an area of growth.

這部分被運動休閒（sportswear）的成長所部分抵銷。鞋類營收下降8%，原因是整體需求偏弱，加上我們為優化並精簡產品組合所採取的措施；其中以團隊運動、運動休閒與訓練（train）下滑幅度最大。戶外與高爾夫的成長部分抵銷了上述影響，而跑步（run）業務本季持平。配件方面，營收下降4%，訓練、戶外與高爾夫需求偏弱，但運動休閒是成長領域。

Gross margin increased 590 basis points year-over-year to 54.1% in the first quarter. This year-over-year increase was due to 640 basis points of benefit from IEEPA tariff refunds related to cost expense in the P&L in fiscal '26 and 50 basis points of other supply chain benefits, including lower inventory reserves and product costing tailwinds. These benefits were partially offset by 50 basis points of unfavorable foreign currency impacts, 30 basis points from unfavorable regional channel and product mix and 20 basis points of pricing headwinds due to increased discounting in response to a softer, more promotional retail environment.

第一季毛利率年增590個基點至54.1%。年增主要來自：IEEPA關稅退稅帶來640個基點的利益（與2026會計年度損益表中的成本費用相關），以及其他供應鏈效益50個基點，包括較低的存貨備抵與產品成本的有利因素。上述效益部分被以下因素抵銷：不利的外匯影響50個基點、不利的區域通路與產品組合30個基點，以及因零售環境更疲弱、促銷更頻繁而提高折扣所帶來的定價逆風20個基點。

SG&A expenses increased 2% to $543 million as we continue to fund priority investments while managing our costs tightly. Excluding $2 million in transformation expenses related to our fiscal 2025 restructuring plan, adjusted SG&A expenses were 4% higher than the prior year. This came in slightly better than our outlook for a high single-digit increase. In Q1, part of the favorability reflected timing of marketing spend. We also began reducing discretionary operating expenses as we balance revenue headwinds with the necessary investments to strengthen the brand.

SG&A費用增加2%至5.43億美元，我們在持續投入優先項目的同時，仍嚴格控管成本。若排除與2025會計年度重整計畫相關的200萬美元轉型費用，調整後SG&A費用較去年增加4%。此結果略優於我們原先對「高個位數」成長的展望。第一季的部分有利因素反映了行銷支出時點差異。我們也開始降低非必要的營運費用，以在營收逆風下，仍能維持強化品牌所需的投資。

In the first quarter, we recorded $4 million in restructuring charges and along with $2 million in transformation-related SG&A, we recognized a total of $6 million under our restructuring plan. To date, we've incurred $266 million in total restructuring and transformation costs, of which $116 million is cash and $150 million is noncash. We continue to expect the total anticipated restructuring plan cost to reach approximately $305 million and for these actions to be substantially complete by December 31 of this year.

第一季我們認列400萬美元重整費用，並加上200萬美元與轉型相關的SG&A，依重整計畫合計認列600萬美元。截至目前，我們累計發生的重整與轉型成本為2.66億美元，其中1.16億美元為現金支出、1.50億美元為非現金。我們仍預期重整計畫的總預估成本約為3.05億美元，且相關措施將於今年12月31日前大致完成。

Below SG&A, first quarter operating income was $47 million. Excluding transformation expenses and restructuring charges, adjusted operating income was $52 million, exceeding our outlook of $30 million to $40 million despite a challenging revenue environment, reflecting the greater agility and cost rigor we continue to build into the operating model.

在SG&A之下，第一季營業利益為4,700萬美元。若排除轉型費用與重整費用，調整後營業利益為5,200萬美元；儘管營收環境具挑戰性，仍高於我們原先3,000萬至4,000萬美元的展望，反映我們持續在營運模式中建立更高的敏捷性與更嚴謹的成本紀律。

On the bottom line, first quarter diluted earnings per share was breakeven. Excluding transformation and restructuring charges, our adjusted diluted earnings per share for the quarter was $0.05, also ahead of the outlook range we provided in May. Importantly, these results demonstrate that we're managing the parts of the business we can control. Even in a softer environment, we delivered adjusted operating income above our outlook through tighter cost management and improved operating execution.

在最終獲利方面，第一季稀釋後每股盈餘（EPS）為損益兩平。若排除轉型與重整費用，本季調整後稀釋EPS為0.05美元，也高於我們5月提供的展望區間。重要的是，這些結果顯示我們正在管理企業中可控的部分。即使在較疲弱的環境下，我們仍透過更嚴格的成本管理與更佳的營運執行，使調整後營業利益高於展望。

Turning to the balance sheet. We ended the quarter with $1.1 billion in inventory, down 3% year-over-year and generally in line with the revenue decline. We also closed the quarter with $396 million in cash and $200 million outstanding under our revolving credit facility. During the quarter, we used restricted investments to settle the remaining principal and interest payments on the senior notes due 2026, further improving our debt profile.

接著看資產負債表。本季末存貨為11億美元，年減3%，大致與營收下滑幅度一致。季末現金為3.96億美元，循環信用額度（revolving credit facility）項下尚有2.00億美元未償餘額。本季我們使用受限制投資（restricted investments）清償2026年到期之優先票據（senior notes）剩餘本金與利息，進一步改善我們的負債結構。

We also completed an amendment to our revolving credit facility earlier this week. This was a proactive step to modernize legacy definitions in the agreement and better align the covenant package with current market practice, our global cash management structure and our seasonal operating profile while keeping the facility size unchanged. Importantly, the amendment is leverage neutral and not related to near-term funding need. We appreciate the strong partnership from our lenders throughout the process.

本週稍早我們也完成了循環信用額度的修訂。這是我們主動採取的措施，用以更新協議中的舊有定義，並使財務約束條款（covenant package）更貼近目前市場慣例、我們的全球現金管理架構與季節性營運特性，同時維持額度規模不變。重要的是，此次修訂對槓桿水準中性，且與短期資金需求無關。我們感謝貸方在整個過程中展現的強力合作夥伴關係。

With that context, let me turn to our updated fiscal '27 outlook, which reflects a softer consumer environment and more promotional marketplace, particularly in North America and parts of Asia Pacific. It also reflects the greater flexibility we now have in the operating model, which allows us to take a more cautious view of revenue while continuing to manage profitability. Based on those factors, we now expect this year's revenue to decline at a mid-single-digit rate, but we are maintaining our adjusted operating income outlook of $140 million to $160 million.

在此背景下，我接著說明我們更新後的2027會計年度展望；該展望反映較疲弱的消費環境與更具促銷性的市場，尤其在北美與亞太部分地區。同時也反映我們目前在營運模式上具備更高彈性，使我們能在持續管理獲利能力的同時，對營收採取更審慎的看法。基於上述因素，我們現在預期今年營收將以中個位數幅度下滑，但我們維持調整後營業利益展望為1.40億至1.60億美元。

In North America, we now expect revenue to decline at a mid-single-digit rate. This reflects softer traffic in a more promotional environment than we anticipated entering the year. We are prioritizing healthier revenue, managing inventory tightly and avoiding short-term volume that would pressure margins or weaken brand positioning. In EMEA, we now expect revenue to decline at a low single-digit rate in fiscal '27. The region remains highly competitive and promotional with emerging consumer headwinds in certain markets.

在北美，我們現在預期營收將以中個位數幅度下滑。這反映在比我們年初預期更具促銷性的環境下，客流較疲弱。我們將優先追求更健康的營收，嚴格管理存貨，並避免會壓縮毛利或削弱品牌定位的短期衝量。在EMEA，我們目前預期2027會計年度營收將以低個位數幅度下滑。該區域競爭仍然激烈且促銷頻繁，部分市場亦出現新興的消費逆風。

Even so, we continue to see resilience in the region, supported by strong marketplace execution and our focus on protecting the brand while keeping product elevated and aligned with our strategy. In Asia Pacific, we now expect revenue to decline at a low single-digit rate. This reflects softer consumer response in China and parts of Southeast Asia, along with a more fragmented marketplace across channels and partners. In China, we are focused on better e-commerce execution, improved inventory availability in key styles and sizes and closer alignment with licensing partners.

即便如此，我們仍看到該區域具韌性，受惠於強勁的市場執行力，以及我們在保護品牌的同時，維持產品高端化並與策略一致的聚焦。在亞太地區，我們現在預期營收將以低個位數幅度下滑。這反映中國與東南亞部分地區消費者反應較弱，以及跨通路與合作夥伴的市場更為分散。在中國，我們聚焦於更佳的電商執行、提升關鍵款式與尺碼的存貨可得性，並與授權合作夥伴更緊密對齊。

We are adjusting our outlook accordingly while continuing to build the foundation for long-term growth in the region. Across regions, our outlook reflects a more conservative revenue assumption. We are managing expenses and inventory tightly while continuing to fund the priorities to support long-term growth and brand health. On gross margin, we continue to expect expansion of approximately 220 to 270 basis points versus last year. This includes roughly 150 basis points of benefit from IEEPA tariff refunds related to expenses realized in fiscal '26.

我們將相應調整展望，同時持續為該區域的長期成長奠定基礎。在各區域，我們的展望反映更保守的營收假設。我們將嚴格管理費用與存貨，同時持續投入支持長期成長與品牌健康的優先事項。在毛利率方面，我們仍預期相較去年擴張約220至270個基點。其中包含約150個基點的IEEPA關稅退稅利益，與2026會計年度已認列的費用相關。

Excluding that benefit, we still expect gross margin to improve, supported by pricing actions, lower discounting and favorable channel mix, partially offset by supply chain pressure related to the Middle East conflict, which we continue to monitor. Additionally, given the recent tariff announcements and the rates effective as of July 24, we still believe our 10% tariff assumption from the period from July through the end of our fiscal year remains appropriate at this time. We will continue to monitor tariff policy closely and update our assumptions as the situation evolves.

若排除該項利益，我們仍預期毛利率將改善，受惠於定價措施、較低折扣與有利的通路組合；但部分會被與中東衝突相關的供應鏈壓力所抵銷，我們將持續監控。此外，考量近期關稅公告以及截至7月24日生效的稅率，我們目前仍認為，對7月至本會計年度結束期間採用10%的關稅假設仍屬適當。我們將持續密切關注關稅政策，並隨情勢演變更新我們的假設。

Given softer consumer response and its impact on our top line, we've also updated our outlook for adjusted SG&A, which we now expect to decline at a low single-digit rate versus last year. This reflects active cost actions, sharper prioritization and the more focused marketing approach Kevin described. We've already taken actions across nonmarketing expenses, and we'll continue to prioritize spending that supports long-term brand health and profitability.

鑑於消費者反應轉弱及其對營收的影響，我們也更新了調整後SG&A的展望，目前預期相較去年將以低個位數幅度下降。這反映積極的成本措施、更明確的優先順序，以及Kevin所描述更聚焦的行銷作法。我們已在非行銷費用方面採取行動，並將持續優先投入能支持長期品牌健康與獲利能力的支出。

Putting these pieces together and excluding anticipated transformation expenses and restructuring charges, our expectations for full year adjusted operating income and adjusted diluted EPS remain unchanged from our initial outlook given on May 12. We are maintaining this outlook despite lower revenue expectations, reflecting the greater operational control we've built into the business.

綜合以上各項並排除預期的轉型費用與重整費用後，我們對全年調整後營業利益與調整後稀釋每股盈餘（EPS）的預期，維持在5月12日所提供的初始展望不變。儘管營收預期下調，我們仍維持此展望，反映出我們已在業務中建立更強的營運控管。

As indicated previously, this includes approximately $70 million of benefit from the refund of IEEPA tariffs expense through the P&L in fiscal '26, partially offset by approximately $35 million of expected negative impacts related to the ongoing Middle East conflict, which we continue to monitor.

如先前所述，其中包含在2026財年透過損益表（P&L）認列、因退還IEEPA關稅費用而帶來約7,000萬美元的利益，部分被與持續中的中東衝突相關、預期約3,500萬美元的負面影響所抵銷；我們將持續監控相關情勢。

For the second quarter, we expect a more challenging consumer environment to persist, particularly in North America and parts of Asia Pacific. As such, we expect revenue to decline at a high single-digit rate, reflecting anticipated high single-digit declines in North America and Asia Pacific and low double-digit decline in EMEA.

就第二季而言，我們預期較具挑戰的消費環境將持續，尤其是在北美與亞太部分地區。因此，我們預期營收將以高個位數幅度下滑，反映北美與亞太預期高個位數下滑，以及EMEA預期低雙位數下滑。

Gross margin is expected to be in line with last year's same period result, driven by favorable product cost and pricing actions, partially offset by unfavorable foreign exchange impacts and channel mix. Adjusted SG&A is expected to decline at a low single-digit rate, driven by lower marketing spend and continued management of other discretionary SG&A. And we expect second quarter adjusted operating income of $10 million to $20 million and an adjusted diluted loss per share of $0.01 to $0.03.

毛利率預期將與去年同期結果大致一致，主要受惠於有利的產品成本與定價措施，但部分被不利的外匯影響與通路組合所抵銷。調整後銷售、一般及行政費用（SG&A）預期將以低個位數幅度下降，主要由較低的行銷支出與持續管理其他可裁量的SG&A所帶動。我們預期第二季調整後營業利益為1,000萬至2,000萬美元，調整後稀釋每股虧損為0.01至0.03美元。

To close, we are taking a more conservative view of revenue, but the cost actions and operating control in the model allow us to maintain our adjusted operating income outlook. We will manage inventory tightly, protect revenue quality and continue funding the priorities that matter most to long-term brand health and profitability.

最後，我們對營收採取更保守的看法，但模型中的成本措施與營運控管使我們得以維持調整後營業利益展望。我們將嚴格控管庫存、維護營收品質，並持續投入對長期品牌健康與獲利能力最重要的優先事項。

With that, we'll open the call for questions.

接下來，我們開放提問。

Jay Sole, UBS.

UBS的Jay Sole。

Kevin, congratulations on the Bouncy Tee. Great product, great response. Can you just talk a little bit about the intentionality behind that product because there's a plan that was in place to make that product come to life and get the response you're getting. Can you tell us about that?

Kevin，恭喜Bouncy Tee。很棒的產品、反應也很棒。你能否談談這個產品背後的刻意規劃？因為顯然有一個既定計畫讓它得以落地並獲得目前的市場回饋。可以跟我們分享一下嗎？

And then can you connect it to what you can take from those learnings from that product going forward and a little bit about your product pipeline going forward, how you can bring more innovation to the market to continue to get the kind of results you've seen with the Bouncy Tee.

另外，你能否把它連結到未來：從這個產品的經驗中，你們接下來可以汲取哪些學習？以及談談你們未來的產品管線，如何把更多創新帶到市場，延續Bouncy Tee所帶來的這種成果。

Yes. Thanks, Jay. I think the product was meant to be -- the painful thing about our industry is an 18- to 24-month go-to-market process. And as we sit here just a little beyond a couple of years back in the chair, we wanted something that would really articulate the brand and more importantly, the metaphor that we wanted to create of what we expected from all of our products. Promotion has become just too consistent, I think, out in the marketplace.

好的。謝謝你，Jay。我認為這個產品原本的用意是——我們這個產業令人痛苦的一點，是18到24個月的上市流程。而當我們坐在這裡、回到這個位置也才略超過兩年，我們希望有一個產品能真正詮釋品牌，更重要的是，能建立一個隱喻，來表達我們對所有產品的期待。我覺得市場上的促銷已經變得過於一致、過於常態化。

And so we wanted something that could really demonstrate the full price nature of Under Armour, where we put the articulation of great innovation with our NEOLAST fiber that replaces a new version of stretch that replaces liker a sustainable version for it. It brings the style and design is something that we obsessed that was relevant to the consumer. We've got a terrific business in our Heat and ColdGear business, which are our legacy franchises, but also compressions available to about 7% of the buying public. And so we thought what's something that we can put in everybody's draw that explains Under Armour.

因此我們希望有一個產品能真正展現Under Armour的全價屬性：我們以NEOLAST纖維呈現卓越創新——這是一種新的彈性版本，某種程度上可視為更具永續性的替代方案。它同時帶來風格，而設計也是我們極度講究、且對消費者具相關性的部分。我們在Heat與ColdGear這些傳統主力系列上有很好的業務表現，但壓縮衣品類大約只觸及7%的購買大眾。所以我們在想：有沒有一個產品能放進每個人的抽屜裡，並解釋什麼是Under Armour。

And frankly, this would be the way that we'd look for every product to come to market, where we're combining culture with innovation. We're telling an Under Armour branded story. We're assessing the details from the forward swept shoulders to the way the logo shows up to something that can really be different. Everyone is telling us we don't want a logo on the shirt. We think that's something we can challenge because we actually have a brand. We think that's what makes us unique.

坦白說，這也會是我們看待每一個產品上市的方式：把文化與創新結合。我們在講一個Under Armour的品牌故事。我們檢視每個細節——從前掠式肩線，到Logo呈現方式——打造真正與眾不同的東西。大家都告訴我們，他們不想要衣服上有Logo。我們認為這是我們可以挑戰的觀點，因為我們確實有一個品牌。我們認為這正是我們的獨特之處。

I think what you can count on from us is us doing this in a more consistent way, bringing things like Bouncy Tea of having the formula of, yes, the right product that speaks to the innovation of the brand, which is unique and cutting to Under Armour. Number two is the way that we bring it to market with a very simple what it is, what it does, how it makes you better, and then the retail execution.

我想你們可以期待我們更一致地這樣做，推出像Bouncy Tee這樣的產品，遵循一套公式：第一，做出能體現品牌創新、且對Under Armour而言獨特且具突破性的正確產品。第二，是我們把它帶到市場的方式——非常簡單地說清楚它是什麼、它做什麼、它如何讓你變得更好，然後再加上零售端的落地執行。

And I'll add in the cultural pieces we've done with Gunna and Parker McCollum here in the US over in APAC, where we signed the K-pop band, BOYNEXTDOOR to launch it. So we've just seen good results so far, and it's really consistent and something we think that we can build on. So hopefully, this becomes the metaphor of the plan when any time you see a product come to market, this is going to be our new bar.

我再補充我們在文化面所做的事：在美國，我們與Gunna和Parker McCollum合作；在亞太，我們簽下K-pop團體BOYNEXTDOOR來啟動上市。到目前為止我們看到不錯的成果，而且這很一致、也是我們認為可以持續加碼的方向。所以希望這能成為我們計畫的隱喻——未來任何產品上市時，你看到的都會是我們新的標準。

Got it. Makes sense. And maybe if I can ask you one more. Very interesting that changing the sales guidance, but maintaining the gross margin guidance and inventory seems under control despite the macro pressures that are out there.

了解。很合理。如果我可以再問一個問題。很有意思的是，你們調整了銷售指引，但仍維持毛利率指引，而且在外部總體壓力之下，庫存看起來也在控制之中。

Just talk about the culture change of the company to be able to have that kind of discipline on gross margin, on inventory and on expenses to be able to continue to drive the business and create products like Bouncy Tee, but not sort of fall into that trap of trying to chase business or kind of do what the other guys are doing that you know is unhealthy.

請談談公司文化的改變：如何能在毛利率、庫存與費用上維持這樣的紀律，持續推動業務並創造像Bouncy Tee這樣的產品，同時不落入那種陷阱——為了追逐業績，或去做其他競爭對手在做、但你們知道其實不健康的事情。

Yes, 30 years in business this year and 21 of them public. So we've seen this movie before. And I think we've at least been able to build a little bit of wisdom when it comes to looking at the way we want to approach the business. And so I think we're being incredibly thoughtful with the way we're thinking about the business in general.

今年是我們成立第30年，其中有21年是上市公司。所以我們以前看過這部電影。我想至少我們在如何看待並經營這門生意上，累積了一些智慧。因此，我們在整體業務思考方式上非常審慎。

And frankly, in the last 90 days, Reza, myself, our marketing team really got together and we looked at the spend that we had in marketing. And I just want to make sure people understand the decision to do this has nothing to do with leveraging our future. This is about investing in the brand, investing in the future.

坦白說，在過去90天裡，Reza、我本人以及我們的行銷團隊聚在一起，重新檢視我們的行銷支出。我想確保大家理解：做出這個決定，完全不是為了透支未來。這是為了投資品牌、投資未來。

We just believe we can increase the efficacy of the products or the stories that we're putting out there. And this isn't something we're just waiting for our product pipeline to come from either. It's that the products that we already have in the pipeline, but I believe that we can be much more efficient with the spend that we have, and that works across the business. And so we are finding leverage in the business.

我們只是相信，我們可以提升我們推出的產品或故事的效能。而且這也不是說我們只能等產品管線未來再推出什麼。而是對於我們已經在管線中的產品，我相信我們可以更有效率地使用現有支出，且這適用於整個業務。因此，我們正在在業務中找到槓桿。

We are finding opportunities. And this is not easy slugging. It's not like we just pick up this money. We have to work for it. And so I think you've got a committed team that knows that we're not just picking up dollar bills, but we're looking for nickels and dimes and pennies as well and just understanding what it means to run a great profitable business. So unfortunately, we saw some softening in consumer demand.

我們正在找出機會。而這不是輕鬆的苦幹。不是說我們隨手就能撿到這些錢。我們必須努力去爭取。所以我認為你看到的是一個投入的團隊，知道我們不只是撿地上的一美元鈔票，我們也在找五分、十分與一分硬幣，並理解經營一家優秀且高獲利企業意味著什麼。不過很遺憾地，我們確實看到消費需求出現一些走弱。

We wanted to hold the line with how we're thinking about for the consumer. We did not want to push that, make sure that we have a cleaner consumer environment out there in the marketplace. But the ability for us to do that while maintaining a stronger, more -- putting more rigor into the systems and decisions that we're making. I think you'll see that it starts in marketing. It goes across the organization. And really proud of this team and the way that we've been executing against that.

我們希望在我們對消費者的思考方式上守住底線。我們不想把它推得太過，確保市場上有一個更乾淨的消費者環境。但同時，我們也能在維持更強的表現之下——在我們所做的系統與決策中投入更多嚴謹性。我想你會看到，這從行銷開始。並且橫跨整個組織。我也為這個團隊以及我們執行這些工作的方式感到非常自豪。

Sam Poser, Williams Trading.

Sam Poser，Williams Trading。

Can you define what sportswear is because you called that out as strong, and I've got a bunch of other questions.

你能定義一下什麼是運動休閒（sportswear）嗎？因為你把那一塊點名為表現強勁，而我還有一堆其他問題。

Sam, I would say it's a product that were intended to be worn with all the performance attributes of UA, but things in a non-playing, nonfield, noncourt, non-pitch environment.

Sam，我會說那是指原本設計用來具備 UA 所有機能屬性的產品，但穿著情境是在非比賽、非球場、非場地、非球場（pitch）環境。

Does that include the Bouncy Tee? And I mean how big a part of your business is that?

那包含 Bouncy Tee 嗎？我的意思是，那在你們的業務中占多大比重？

Yes. I mean the beauty of things, and I wish I'd include this in my response to Jay, the Bouncy Tee was a product that was clearly made, as we say, for Friday night out, you can wear it under a sport coat for Saturday morning in the gym, all the performance attributes you're looking for from Under Armour or just laying around on a Sunday on a couch.

是的。我的意思是，這類產品的美妙之處——我真希望我在回覆 Jay 時也把這點講進去——Bouncy Tee 很明確是為了我們所說的「週五晚上外出」而做的產品；你也可以在週六早上去健身房時穿在運動外套裡；它具備你從 Under Armour 期待的所有機能屬性；或者週日躺在沙發上也能穿。

And so yes, it's something that actually walks the line, which is what we're focusing on right now beyond sportswear. It's that balance between brand marketing and product marketing. And frankly, as we get this right, you should not be able to tell the difference. And that's what I think we achieved with Bouncy Tee.

所以是的，它確實是一個走在界線上的產品，而這正是我們目前在運動休閒之外所聚焦的。那就是品牌行銷與產品行銷之間的平衡。坦白說，當我們把這件事做對時，你應該分辨不出差異。而我認為我們在 Bouncy Tee 上做到了。

And again, I think it sort of the -- sets the edge of what we expect to do with everything going forward. So when it's -- even if it's Under Armour Sportswear, we call ourselves the what to do brand. We're the brand when you say, that's a great looking top. It doesn't need a big blazing Under Armour logo for that to be the case. And someone says, wow, that looks great, what is it? You say it's Under Armour.

再說一次，我認為它某種程度上——為我們未來所有工作設定了邊界與標準。所以當它——即便是 Under Armour Sportswear，我們稱自己是「what to do」品牌。當你說「那件上衣真好看」時，我們就是那個品牌。不需要一個很大、很醒目的 Under Armour 標誌才能成立。當有人說「哇，那看起來很棒，是什麼？」你會說「是 Under Armour」。

The next question from them should be, oh, it's Under Armour, well, what's it do? So we want to make sure that we maintain that integrity of credibility of always being future first and making sure that innovation defines what we do, but ensuring that we bring great style to it and something that a kid can wear on a field, on a gym in a pitch, but they can also wear it out on a Friday night or to school on a Monday.

接下來他們的問題應該是：「喔，是 Under Armour，那它能做什麼？」所以我們要確保維持那種可信度與完整性：永遠以前瞻為先，並確保創新定義我們所做的一切；同時也要把很好的風格帶進來，讓孩子可以在場上、在健身房、在球場（pitch）穿，也可以在週五晚上外出或週一去上學時穿。

And then you talked about the SKU count reduction, the additional 25%. So where does that leave you focused on? Or what's being -- like where -- what is -- like how are you targeting the cuts? Are there certain categories that you're stepping away from or product franchises?

然後你提到 SKU 數量的縮減，額外再減 25%。那這會讓你們的聚焦點落在哪裡？或者說——你們是如何鎖定要砍掉哪些？是否有某些品類或產品系列你們正在退出？

And then secondly, is your -- is your goal this year basically to cut your inventory down and what your inventory is going to look like for the balance of the year and just have less out there of better product. So sales are down, that's the improvement in the margins. Like I don't know what promotions were or markdowns were as a percent of sales last year. But like what kind of decrease -- like what kind of full price selling are you anticipating versus the prior year that's built into your guidance?

第二，你們今年的目標基本上是不是要把庫存降下來？以及你們今年剩餘期間的庫存會長什麼樣子——就是市場上更少的量、但更好的產品。所以營收下滑，毛利率改善。我不知道去年促銷或折扣占銷售額的比例是多少。但在你們的指引中，相較前一年，你們預期全價銷售會提升多少——或折扣會下降多少？

So I'll start. I'll let Reza pick up on the inventory, and I'll come back. But -- so first of all, the reducing SKUs we're just removing weight from the system. Without being too colloquial, it is like a jenga house is making sure we have all the pieces that give us a sound foundation, but it also gives us the ability to remove excess weight. And that's what we feel like we're doing. It's a slow process.

我先開始回答。我會讓 Reza 接著談庫存，我再回來補充。首先，減少 SKU 我們是在把系統的負重移除。不想講得太口語，就像疊疊樂（jenga）一樣：確保我們保留能提供穩固基礎的所有積木，同時也讓我們有能力移除多餘的重量。而這就是我們覺得自己正在做的事。這是一個緩慢的過程。

When I came back, we had an extraordinary number of SKUs. And before even stepping into the chair, the mandate was to cut 25% of SKUs. So we're pleased that we've accomplished that. And as we've gotten into the work, we see that we can go deeper. And that's how we're approaching the business right now.

我回來時，我們的 SKU 數量非常驚人。甚至在我坐上這個位置之前，任務就是要把 SKU 砍掉 25%。所以我們很高興已經完成了。而隨著我們深入這項工作，我們看到還能做得更深。這就是我們目前經營業務的方式。

And again, this sort of credo that we've been continuing to say, which is selling so much more of so many less things at a much higher full retail price, that's really speaking to what we're looking for. So there is going to be some near-term trade-off, and that's part of what's reflected in our outlook.

再說一次，我們一直在重申的這個信條是：用更少的品項賣出更多的量，並以更高的全零售價格（full retail price）銷售——這正是在講我們想要的方向。所以短期內會有一些取捨，而這也反映在我們的展望之中。

But the objective is better productivity per style, cleaner inventory, stronger sell-through and healthier margins over time. So -- and also just reducing the weight from our team. We have an excellent team, but I think we've overburdened them and we've become a bit of a cap request from accounts sometimes and things where we're just trying to find another few pieces of revenue that can build into it.

但目標是：每個款式更好的生產力、更乾淨的庫存、更強的售罄（sell-through），以及隨時間推進更健康的毛利率。同時也要減輕我們團隊的負擔。我們有一個很優秀的團隊，但我認為我們讓他們負荷過重；有時我們也變得有點像是在回應客戶帳戶的各種要求，或只是想再多找幾個能帶來一些營收的品項塞進去。

So we want to remove that pressure. We want to make sure that intentionality speaks to everything we do when it comes to the brand, every product we introduced, every story that we tell and ensuring there's a red thread that not only goes to the product itself, but it carries across the globe in each of the three regions.

所以我們想移除那種壓力。我們要確保「有意圖」這件事能體現在我們做的每一件事上：品牌、我們推出的每一個產品、我們講的每一個故事；並確保有一條「紅線」不只連到產品本身，也能在三大區域的每個市場、跨全球一致延伸。

And so we think that's where we can build a lot of the leverage that we can find in the business from a marketing storytelling standpoint. And we think it will just get simpler as we increase our global commonality of styles and products that it really feels like one brand instead of three small companies running on three different continents.

因此我們認為，從行銷敘事的角度，這就是我們能在業務中建立大量槓桿的地方。而且我們也認為，當我們提升款式與產品的全球共通性時，一切會變得更簡單，讓它真正像是一個品牌，而不是三家分別在三個不同大陸運作的小公司。

And with regards to inventory, let me just start with the quarter. Q1 inventory was down 3% to $1.1 billion. That's in line with the revenue decline year-over-year. We're managing inventory really, really consistently and trying to make sure that we're in concert with whatever the external demand environment is. You'll recall on the last call, we talked about inventory, and we felt that we entered the year with a very clean inventory position.

至於庫存，我先從本季說起。第一季庫存年減 3%，至 11 億美元。這與營收年減幅度一致。我們在庫存管理上非常、非常一致，並努力確保與外部需求環境保持同步。你會記得在上一次電話會議中我們談到庫存，我們認為我們在年初進入年度時的庫存部位非常乾淨。

Most of the composition of the inventory we have is current season with active demand on it. So the aging is in really good shape. If you're looking at it as an industry matter, what I would just highlight is that you do have some peers out there that have been clearing some inventory, and so that's leading to the promotional environment that you see in certain markets.

我們目前庫存的組成大多是當季商品，而且有實際的需求在支撐。所以庫存老化狀況非常良好。如果你把它當作產業層面的議題來看，我想強調的是：確實有一些同業正在清理庫存，因此在某些市場你會看到較強的促銷環境。

For us, we feel really good about where we stand. We have some new product introductions coming in as well in the back half of the year. And so you should generally expect our inventory to trend with revenue. Obviously, there's some seasonality in there as you try to build up for holiday and other selling periods. So just bearing that in mind overall, you should expect as a full year matter for us to be in line with how the revenues are trending.

對我們而言，我們對目前的位置感到非常滿意。我們在下半年也會有一些新品上市。因此整體而言，你應該預期我們的庫存走勢大致會與營收同步。當然，因為要為假期與其他銷售檔期備貨，當中會有一些季節性因素。所以綜合來看，以全年角度而言，你應該預期我們會與營收趨勢保持一致。

Then one last question --

那最後一個問題--

Go ahead.

請說。

Well, I mean, the thing is that you're cutting your SKU count by 25% over the next 18 months, which means that you're going to have to work your way out of some of this current inventory that you have. And then you're bringing in new stuff, which I would assume at the beginning is less than what you're cutting. So theoretically, you don't want to play in the promotional environment, except for to clear that 25% of your inventory that you don't want to go forward with.

嗯，我的意思是，問題在於你們在未來18個月內將SKU數量削減25%，這表示你們必須逐步消化目前手上的部分庫存。然後你們會導入新品，我猜一開始導入的量會小於你們削減的量。所以理論上，你們不想在促銷環境中競爭，除非是為了清掉那25%你們不打算繼續保留的庫存。

So wouldn't that inherently bring the inventory levels down on a year-over-year basis fairly significantly just because you don't want to take too big a bet on the new product going forward as you liquidate the old stuff, that's the that's that see the change prior to in the productivity of the product before you put too much out there, which theoretically would lead for inventories on a year-over-year basis to be down more than sales as -- because of the liquidation and you're going to liquidate more than you're going to bring in initially. So wouldn't that inherently drive the inventories down more than in line with the sales trend?

那麼，這是否會因為你們在清理舊貨、同時又不想對未來新品下太大的賭注，而使得庫存水位在年對年基礎上相當顯著地下滑？也就是在你們把太多貨推到市場之前，先觀察產品生產力的變化；理論上，因為清庫，而且一開始你們清掉的會多於導入的量，所以年對年庫存降幅會大於銷售降幅。那麼，這是否會使庫存下降幅度本質上會比銷售趨勢更大、也就是比銷售趨勢更超前地下滑？

Yes. Sam, so let me take the first part, and I'll let Reza hop on. But I think you're helping us get to what -- I think one of the broader themes that we really wanted to convey today is that, yes, I'm really proud of the innovation pipeline that's been building up over the last couple of years. But I want to be clear is that while we have several new products we're excited to bring to market over the next 6 and 12 months, especially in things we have high confidence in, we're already making a lot of really good product. I just don't think we've done a good enough job selling it.

是的。Sam，我先回答前半段，然後讓Reza補充。但我想你正在幫我們帶到——我認為我們今天很想傳達的一個更宏觀的主題：沒錯，我對過去幾年逐步建立起來的創新產品管線感到非常自豪。但我想說清楚的是，雖然我們在未來6到12個月會有好幾個我們很期待推出的新產品，特別是我們高度有信心的品項，但其實我們已經在做很多非常好的產品。我只是覺得我們在把它賣出去這件事上做得還不夠好。

And so as we cut SKUs, we're talking about cutting the less productive SKUs and going deeper and longer in the products that actually work for us, making sure that we're in stock, making sure that we're in inventory and probably most importantly, ensuring that we actually tell a story about the products that we're building. I think that's where we've fallen down. Our dry pant at $80 is a phenomenal product, but I don't know if I've ever seen anybody explain actually what the technical benefits of it are or why someone aware or how great it looks from a style standpoint.

因此，當我們削減SKU時，我們談的是砍掉生產力較低的SKU，並在真正對我們有效的產品上做得更深、更長，確保我們有貨、確保我們有庫存，而可能最重要的是，確保我們真的把我們打造的產品故事講清楚。我認為這正是我們做得不夠的地方。我們80美元的防水長褲是一個非常出色的產品，但我不確定我是否曾看過有人真正解釋它的技術性優勢是什麼，或為什麼有人會穿它，或從風格角度看它有多好看。

Yes. I understand the question in terms of how you're looking at it, but you have to realize when we set the target, we were saying over 18 months. The natural sales cycle that we have on these SKUs will allow us to work through that inventory. And if you're looking at it overall, we are saying that we're looking at bringing in more full-price product, but we expect volumes to be backing that.

是的。我理解你提問的角度，但你必須意識到，當我們設定目標時，我們說的是18個月的期間。我們這些SKU的自然銷售週期會讓我們得以消化那部分庫存。而如果你從整體來看，我們說的是我們會導入更多全價商品，但我們預期會有相應的銷量來支撐。

So if you're looking at it in terms of an absolute number, we're expecting that those new full-price products that are going to be coming in, along with the natural cadence of the other purchasing that we have will offset the nonproductive or less productive SKUs that we have. So there is a tail in terms of the SKUs that we have, where there's just a lot of stuff that we're looking at cutting off that long tail and working through that in a natural course.

所以如果你以絕對數字來看，我們預期即將導入的那些新全價產品，加上我們其他採購的自然節奏，將會抵消我們現有的非生產性或較低生產性的SKU。因此，在我們現有SKU中存在一個「長尾」，有很多品項；我們希望砍掉那段很長的尾巴，並在自然的過程中把它消化掉。

So it's not that you have to get rid of it all at once. You can do that in the natural sales cycle. But as the new purchases come in that offset that, those will individually kind of build at a bigger level and then you're selling to Kevin's point, so much more, so much less.

所以並不是你必須一次把它全部清掉。你可以在自然銷售週期中完成。但當新的採購進來並抵消那部分時，這些新品各自會在更高的水位上逐步建立起來，然後如Kevin所說，你們賣得會更多、而且折扣會少得多。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Just a couple of questions, if I could. I guess the first one, when you think about the outlook today versus what you gave us 90 days, specifically on the revenue side, so from like slightly down to down mid-single, can you just give us some buckets around the changes during that period just in the dollars or the percentages or something along those lines would be helpful. I guess the second question, just higher level, Kevin, when you think about marketing overall, like what is the brand focused on today in marketing specifically?

如果可以的話，我有幾個問題。我想第一個，當你們思考今天的展望相較於90天前給我們的指引，特別是在營收端，從「小幅下滑」到「下滑中個位數」，你們能否就這段期間的變化提供一些拆分（以金額、百分比或類似方式）？這樣會很有幫助。第二個問題，較高層次的，Kevin，當你思考整體行銷時，品牌目前在行銷上具體聚焦的是什麼？

Thanks, Bob. Let me take a cut at this. So number one, I want to be clear that we're not happy about having to modify our top line, but we do think it's a responsible move as we just look at the brand health and what we're doing is that we're not just building a company, we are building a brand. And as we negotiate through the turnaround, we're facing a pretty tough consumer demand backdrop.

謝謝，Bob。我來試著回答。第一，我想先說清楚，我們並不樂見必須調整營收端，但我們認為這是負責任的作法，因為我們在看品牌健康度以及我們正在做的事情時，我們不只是打造一家公司，我們是在打造一個品牌。而在我們推進轉型的過程中，我們正面對相當艱困的消費需求背景。

And in spite of that, we're making good progress in the business and especially the brand. I'm proud of the team and how our ability to be able to demonstrate our management agility right now by maintaining the full year profitability outlook, though, because this is not a sign of leveraging our future.

即便如此，我們在業務上、尤其在品牌上仍取得不錯的進展。我為團隊感到自豪，也為我們目前展現管理敏捷性的能力感到自豪——因為我們維持了全年獲利展望——但這並不是在透支我們的未來。

And I've said that a few times because I want to make sure that message is heard. We can responsibly maintain our OI while being more surgical with how we deploy the SG&A dollars, specifically within marketing. But what we saw was as we came out of the beginning of the year, we saw that traffic deteriorated more than expected in the US and APAC, specifically around mid- to late May, and the traffic trends just precipitously got weaker across retail and e-com.

我已經講過幾次，因為我想確保這個訊息被聽見。我們可以在更精準地配置SG&A費用、特別是在行銷上的投入方式之下，負責任地維持我們的營業利益（OI）。但我們看到的是，從年初走出來之後，美國與亞太地區的來客流量惡化幅度超出預期，特別是在5月中下旬左右，零售與電商的流量趨勢都急遽轉弱。

So the outlook reflects that current demand conditions and I think more importantly, the disciplined marketplace management we're going to take toward it. We also saw some competitive discounting happening and more than some, particularly over in Europe and the UK, especially.

因此，這份展望反映了當前的需求狀況，我認為更重要的是，也反映了我們將採取的有紀律的市場管理方式。我們也看到一些競爭性的折扣行為，而且不只是一些，尤其是在歐洲與英國那邊特別明顯。

And while not perfect, we did hold the line on broader promotions ourselves. And so making sure that we can do this, we will be changing the tires as we're driving. And so I want people to understand as we think about that. It's a theme you'll consistently hear from us. What we're doing about it is we're bringing a balanced approach, intentionality, reducing promotions while increasing full price product exposure with UA innovation and compelling story.

雖然不是完美，但我們自己確實在更廣泛的促銷上守住了底線。因此，為了確保我們能做到這點，我們會一邊開車一邊換輪胎。我希望大家在思考這件事時能理解。這會是你們持續從我們這裡聽到的主題。我們的作法是採取平衡的策略、有意識地降低促銷，同時透過UA的創新與有說服力的故事，提高全價商品的曝光。

That means, I think on our web, we've been promotional too often, ensuring that we're highlighting those full-price products, creating a new environment for the consumer to be able to see us with trading them out of being a promotion-only buyer for our existing consumers, while we hunt for new consumers at the same time. So we're not going to chase the market down. We've got great confidence in the product pipeline that we're building, and we're doing a better job articulating why so many of our current products deserve to trade at full price.

這表示，我認為在我們的網站上，我們過於頻繁地做促銷；我們要確保凸顯那些全價商品，為消費者創造一個新的環境，讓他們能看到我們，並讓既有消費者從「只在促銷時購買」轉變過來，同時我們也在尋找新客。所以我們不會跟著市場一路往下追。我們對正在建立的產品管線非常有信心，而且我們也會更清楚地闡述，為什麼我們目前許多產品值得以全價成交。

So the bottom line, the outlook revenue change, but the strategy is not. We're balancing near-term revenue opportunities with actions that will strengthen the long-term brand health and focus on that. And yes, we get it. As we say all of this, there are brands who are clearly winning in this environment. So some of this sits on us, but we believe the work we're doing right now positions us for long-term premium, which our definition of is selling at full price. That's our launch and our major target.

所以重點是：營收展望有變，但策略沒有變。我們在平衡短期營收機會的同時，也採取能強化長期品牌健康度的行動，並聚焦於此。是的，我們理解。當我們說這些時，確實有品牌在這樣的環境中明顯勝出。所以其中一部分責任在我們身上，但我們相信我們現在所做的工作，能讓我們在長期維持高端定位；而我們對「高端」的定義，就是以全價銷售。這是我們的出發點，也是我們的主要目標。

From a marketing standpoint, I got to tell you is I think that we can improve the size of the red thread that's built at Under Armour, meaning consistency across the regions, the way that we show up in the marketplace, the way that we show up amongst -- across categories, whether it's running training or sportswear, team sports, whatever is important. But I am really proud of our team.

從行銷的角度來看，我得告訴你，我認為我們可以把 Under Armour 所建立的那條「紅線」做得更粗一些，也就是在各區域之間更一致：我們在市場上的呈現方式、我們在各品類之間的呈現方式——不論是跑步、訓練或運動休閒、團隊運動，任何重要的領域。但我真的為我們的團隊感到非常自豪。

The marketing stable, and I will call them that, that we've assembled is pretty impressive from Sharon's win back in April for the second time of being a repeat champion in Boston, demonstrates our team can build Formula 1 race cars for underfoot. But now we've got to commercialize that velocity platform to actual price points.

我們所組建的行銷「陣容」（我就這麼稱呼它）相當令人印象深刻；Sharon 在四月於波士頓第二次奪冠、成為衛冕冠軍，證明我們的團隊能打造出像一級方程式賽車般的「腳下」產品。但現在我們必須把那個速度平台商業化，落到實際的價格帶上。

Again, on the marketing, and I'm going to combine marketing and sports marketing here, too, but we showed up with five starters at MLB All-Star weekend in Philadelphia, wearing UA cleats and gloves with Bryce Harper hosting in Philly. The entertainment side, the Gunna Parker McCollum and Bouncy Tee, the BOYNEXTDOOR coming from K-Pop. we're demonstrating the entertainment side of our business.

再談行銷——我也會把行銷與運動行銷一起談——我們在費城舉行的 MLB 全明星週末有五位先發球員亮相，穿著 UA 的釘鞋並戴著手套，由 Bryce Harper 在費城擔任主辦。在娛樂面向，Gunna、Parker McCollum 和 Bouncy Tee，以及來自 K-Pop 的 BOYNEXTDOOR。我們正在展現我們業務的娛樂面向。

From a collab front, we had in the last several months, including Paris Fashion Week, we had Marine Serre, Feng Chen Wang as well as we had our collab with 424 when all the global footballers from around the world showed up for World Cup. We had our nine athletes were wearing UA Leather. So we're demonstrating we've got some range there. Marina Mabrey and the WMB All-Star game, our Dodge Hellcat collab that saw product blow out.

在聯名合作方面，過去幾個月（包括巴黎時裝週）我們與 Marine Serre、Feng Chen Wang 合作，此外在世界盃期間，當全球各地的足球員齊聚時，我們也與 424 進行聯名。我們有九位運動員穿著 UA Leather。因此我們正在證明我們的觸及範圍相當廣。Marina Mabrey 與 WMB 全明星賽，以及我們與 Dodge Hellcat 的聯名合作，產品一推出就被搶購一空。

And we've got all this on our Investor Relations side as well because I do think we're showing up in a very important way. We just want to make sure it's more coordinated. The rivalry, Francois Carnaud, wearing HeatGear for when it's hot. The last two goals in the World Cup were scored by UA boots.

而在投資人關係（Investor Relations）這一端，我們也有這些內容，因為我確實認為我們以非常重要的方式在市場上亮相。我們只是希望它能更協調一致。The rivalry，Francois Carnaud，在炎熱時穿著 HeatGear。世界盃最後兩顆進球是穿著 UA 球靴踢進的。

Pedro Porro for Spain and the semifinal over France and then Ferran Torres scoring the only goal in the final. We followed that up with Fern starring in our restless campaign that launched in Europe immediately following World Cup with what footballers do in the off-season. That was shopped months before, anticipating the hype for Ferra, and I think our team deserves an enormous amount of credit there.

西班牙的 Pedro Porro 在對上法國的準決賽，以及 Ferran Torres 在決賽踢進唯一一球。接著我們讓 Fern 擔任我們「restless」企劃的主角，該企劃在世界盃結束後立即於歐洲推出，呈現足球員在休賽季會做些什麼。那支內容在數月前就已拍攝完成，是為了提前押注 Ferra 的熱度，我認為我們的團隊在這方面值得極大的肯定。

And then, of course, all that, just as we get ready heading into fall with our college teams, including Notre Dame, taking the American Football Field, a brand-new collegiate partnership with Georgia Tech that kicks off in just a few weeks and then back on field with the NFL at official gleet and glove supplier.

然後，當然，隨著我們準備迎接秋季、我們的大學球隊（包括聖母大學）踏上美式足球場，我們與喬治亞理工學院的全新大學合作夥伴關係也將在幾週後啟動，接著我們也會以 NFL 官方釘鞋與手套供應商的身分回到賽場。

So we'll continue to be visible and we'll win with this consumer and continue to bring them to Under Armour. But I'm proud of the way our marketing is working. It's not -- our marketing isn't broken. We just need to get it more alignment with the product that we're bringing to market and making sure that these moments of winning on pitch, on court, on the field, et cetera, they're converting into commercial sales force. So the brand is playing offense. We're excited about the marketing is about to kick off in another three, four weeks here. But yes, if you get a chance, please take a look at the Investor Relations site.

因此我們會持續保持能見度，並在這位消費者身上取得勝利，持續把他們帶到 Under Armour。但我為我們行銷的運作方式感到自豪。我們的行銷並沒有壞掉。我們只是需要讓它與我們推向市場的產品更一致，並確保這些在球場、在球場（court）、在場地等的勝利時刻，能轉化為商業銷售動能。所以品牌正在主動進攻。我們對於大約再過三、四週即將啟動的行銷活動感到興奮。不過是的，如果你有機會，請到投資人關係網站看一下。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

I was hoping to get a little bit more color on your updated outlook in North America. How much of the pullback in revenues in the second quarter is strategic and proactive? And how much of this is a reflection of the macro and traffic trend that you're seeing quarter-to-date?

我希望能更了解你們對北美最新展望的更多細節。第二季營收回落有多少是策略性且主動的？又有多少反映了你們截至目前為止所看到的總體環境與客流趨勢？

Have you seen any cancellations in wholesale orders? And then maybe stepping back, is that back half improvement that you're forecasting a function of a change in the proactive and strategic pullbacks? Is it a function of stronger confidence in new product launches? Or are you assuming a change in macro trend in the back half?

你們有看到任何批發訂單的取消嗎？另外，退一步看，你們所預測的下半年改善，是因為主動且策略性縮減的幅度有所改變嗎？是因為對新品上市更有信心嗎？還是你們假設下半年總體趨勢會有所變化？

Why don't I take that one, Kevin. So in terms of where North America is right now and if you look at the numbers that we're forecasting for Q2, the trends that we're seeing from the macro level consumer are working their way into Q2 specifically. So that sort of trend is continuing right now.

Kevin，這題我來回答。就北美目前的狀況而言，如果你看我們對第二季（Q2）的預測數字，我們從總體層面看到的消費者趨勢，正在具體反映到第二季。所以那樣的趨勢目前仍在延續。

So that's where we set the expectation for the next quarter. As we look at the back half of the year, we do have some product launches that we've alluded to that are coming. The -- from a wholesale standpoint, those -- the early sell-in for that is productive in terms of what we're seeing.

因此我們也據此設定了下一季的預期。至於下半年，我們確實有一些先前提到、即將推出的產品上市。——從批發角度來看，這些產品的早期鋪貨（sell-in）就我們所見是有成效的。

So we are expecting improvement versus the first half run rate in North America because of these product launches, some key retail partner initiatives that we have, which Kevin talked about as well with DICK'S and others on the script and continued marketplace discipline. I do want to re-highlight that as we look at the revenue environment, we're being very disciplined around not chasing the market down in an overly promotional environment.

因此，因為這些新品上市、我們與一些關鍵零售夥伴的合作計畫（Kevin 也提到與 DICK'S 及其他夥伴在規劃中的項目），以及持續的市場紀律，我們預期北美相較上半年營運速率會有所改善。我也想再次強調，面對目前的營收環境，我們非常自律，不會在過度促銷的環境中一路追著市場往下走。

So we are maintaining our gross margin outlook for that reason. We want to make sure that we're continuing to elevate the brand as the year goes on. And so as we look at the back half, we have to balance that. And we do expect that the new product launches that we have will bear fruit in terms of helping us premiumize as well. But that's how we look at it in terms of Q2 versus the back half of the year.

因此我們也基於這個原因維持毛利率展望。我們希望確保在今年接下來的時間裡持續提升品牌。所以在看下半年時，我們必須在這之間取得平衡。我們也預期這些新品上市將會帶來成果，並在協助我們提升高端化（premiumize）方面發揮作用。這就是我們看待第二季與下半年差異的方式。

Great. And then just one follow-up on the SG&A spend. That control is really nice to see. Can you quantify some of those buckets of savings versus your prior outlook? How much is from marketing? And how much needs to be reintroduced into the cost structure as we look into next year, such as incentive comp or other drivers?

了解。另外再追問一題關於 SG&A 費用。看到你們的控管真的很不錯。你能否量化一下，相較於先前展望，各項節省的費用大概落在哪些桶（項目）？有多少來自行銷？以及展望明年時，有多少需要重新納入成本結構，例如獎酬激勵（incentive comp）或其他驅動因素？

Yes, we are managing SG&A very, very tightly. But -- and this is a very big but, we are making the investments we need to do to continue to premiumize the brand. So when you're seeing the savings coming through, it's just showing a lot greater operational discipline. Let's start with the fact that we've had a restructuring plan, which is bearing fruit. So you have run rate savings that work their way into this year because of that.

是的，我們對 SG&A 的管理非常、非常嚴格。但是——而且這是一個很大的「但是」——我們仍在進行必要的投資，以持續推動品牌高端化。所以你看到的節省，反映的是更強的營運紀律。先從我們有一項重整計畫談起，它正在產生成效。因此你會看到因該計畫而帶入今年的常態化節省（run rate savings）。

We've taken additional actions in Q1 as well. We talked about Portland rationalization on the call just now. So as I think about the different buckets of SG&A, if I'm working my way down to operating income, the first thing that I'll start with is, obviously, there's a revenue decline that we're talking about, but we are maintaining our view on gross margin. And then when you get over to SG&A, we're looking at the different -- there's a variable component of it that will obviously naturally flex that will come down.

我們在第一季也採取了額外行動。我們剛才在電話會議中也談到波特蘭據點的精簡（rationalization）。因此當我思考 SG&A 的不同桶（項目），並一路往下看到營業利益時，我首先會從——很明顯地——我們正在談的營收下滑開始，但我們仍維持對毛利率的看法。接著到 SG&A，我們會看不同——其中有一部分是變動性費用，會自然隨之調整、並且下降。

And then in terms of the fixed SG&A components of it, there's compensation expense, which we're managing very, very tightly right now coming into the year as well as -- and that will bear fruit into next year as well. And then the marketing component of it, it will still be within the range that we indicated on the previous call of 10% to 11%. But as you're looking at it, because you're looking at the revenue environment coming down as well as you apply that against that, that will naturally flex down as well, even if you're on the lower end of that range.

接著就其固定的 SG&A 組成而言，包含薪酬費用；我們目前在進入年度時對這部分管理得非常、非常嚴格，而且——這也會在明年開始顯現成效。再來是行銷的部分，它仍會落在我們在上一通電話中所提到的 10% 到 11% 的區間內。但當你這樣看時，因為你同時看到營收環境也在下滑，並把該比例套用在較低的營收基礎上，它自然也會隨之下調，即使你落在該區間的低端也是如此。

But as Kevin said, and I do want to just reemphasize this point, even the marketing spend, as we've gone through it, if we're looking at what is actually reaching ultimate consumers and eyeballs, we are being very disciplined around making sure that we don't end up cutting that portion of it. There are other line items in marketing that we're looking at in terms of some of the commissions that we're paying in terms of other things that we could just simply be a lot smarter around, and that's where we're focused.

但正如 Kevin 所說，我也想再次強調這一點：即便是行銷支出，當我們逐項檢視時，如果我們看的是實際觸及最終消費者與曝光眼球的部分，我們會非常自律，確保不會把那一塊砍掉。行銷裡還有其他科目我們正在檢視，例如我們支付的一些佣金，以及其他我們其實可以更聰明處理的項目，而我們的重點就在那裡。

Simeon Siegel, Guggenheim Partners.

Simeon Siegel，Guggenheim Partners。

This is John Elias on for Simeon. I'm actually wearing the HBO right now, so please don't cut that SKU out. My question is on your outlook, which holds the operating income steady even with revenue being revised down. Can you just help us understand what's driving that?

我是代 Simeon 發言的 John Elias。我現在其實正穿著 HBO，所以拜託不要把那個 SKU 砍掉。我的問題是關於你們的展望：即使營收下修，營業利益仍維持不變。你們能否協助我們理解，是什麼在驅動這件事？

Yes. I mean we just talked about the SG&A component of it, which obviously, as you're looking at the outlook, again, just to go through the different line items of it. Gross margin is remaining the same as what we said previously. So that line item in terms of the percentage, we're maintaining the guidance on that.

是的。我的意思是，我們剛剛談到 SG&A 的部分；顯然，當你看展望時，再次把各個科目逐一走過。毛利率維持與我們先前所說相同。因此就百分比這個科目而言，我們維持原先的指引。

As I look at SG&A, we are basically saying that we're going to do better than what we said on the last call in terms of SG&A as a percentage of sales. So that helps offset some of it. The other thing is, bear in mind, we overdelivered on Q1. And so if you bake that into the fact that you're looking at the rest of the year, we delivered 52% versus a range when we were saying it was 30% to 40%. And so that overdeliverance obviously helps us in terms of building some cushion for the remainder of the year as well.

再看 SG&A，我們基本上是在說：就 SG&A 佔銷售額的百分比而言，我們會比上一通電話所說的表現更好。所以這有助於抵消其中一部分影響。另外請記住，我們在第一季表現超出預期。因此如果把這點納入並看今年剩餘期間，我們交出了 52%，而當時我們說的區間是 30% 到 40%。而這樣的超額達成，顯然也有助於我們在今年剩餘期間建立一些緩衝。

Laurent Vasilescu, BNP Paribas.

Laurent Vasilescu，法國巴黎銀行（BNP Paribas）。

Kevin, I wanted to follow up. I thought it was very helpful color that you provided on traffic softening since May. I think you called out to Bob and the audience that you really called out Europe. But I wanted to follow up on North America and China commentary. Curious to know what you're seeing in those two markets.

Kevin，我想追問一下。你提到自 5 月以來客流轉弱的說明，我覺得非常有幫助。我想你特別對 Bob 和聽眾點出了歐洲。但我想就北美和中國的評論再追問。想了解你在這兩個市場看到什麼情況。

Obviously, North America is easier to tell what's happening here. But are the traffic trends getting worse over the last two months? And if that's the case, how would you unpack it for both North America and China?

顯然，北美這邊比較容易看出正在發生什麼。但過去兩個月的客流趨勢是否變得更糟？如果是的話，你會如何拆解北美與中國兩邊的情況？

Yes. Thank you, Laurent. Yes, the promotional environment in North America, first of all, traffic, the backdrop, as I talked about earlier, we have seen it. I don't know if we're ready to call stabilize. It's -- we're working through the environment right now. And so I think we have a pretty good understanding of what that's going to look like going forward, but we're just leaving ourselves the optionality to make sure that we can be reactive.

是的。謝謝你，Laurent。是的，北美的促銷環境——首先是客流、整體背景，如我先前提到的，我們確實看到了。我不確定我們是否已準備好說它已經穩定。這——我們正在穿越目前的環境。因此我認為我們對未來會長什麼樣子有相當不錯的理解，但我們仍保留一些彈性，確保我們能夠即時反應。

The marketplace has become increasingly promotional, especially where our peers are clearing inventory, et cetera. We still think there's a bit of consumer uncertainty, especially at some of the lower ends where we sort of find the middle income places, that's where the traffic challenges have really been picking up.

市場變得愈來愈促銷導向，特別是在同業清理庫存等情況下。我們仍認為消費者存在一些不確定性，尤其是在較低端的區隔——也就是我們大致落在中等收入帶的那些地方——那裡的客流挑戰確實變得更明顯。

In DTC, we participated somewhat more than planned early in Q1 to address the soft traffic, but we pulled back because buying short-term traffic through deeper discounts, it wasn't going to help us build sustainable demand. So we want to be really thoughtful, but that's why we're putting the emphasis on marketing.

在 DTC 方面，我們在第一季初期為了因應疲弱的客流，參與促銷的程度比原先規劃稍多一些，但我們後來收斂了，因為透過更深折扣去購買短期流量，並不會幫助我們建立可持續的需求。所以我們希望非常審慎，這也是為什麼我們把重點放在行銷上。

And when I say that, it's not a wishful hope. It's really a belief that we can be thoughtful by not just performance marketing, but making sure it's something that will ring true for us. In APAC, for us, it remains early in the recovery. And again, I talk about global continuity or commonality amongst the products and the SKUs we're selling so we can start leveraging some of the overall storytelling that we're putting together with them.

而我這麼說，並不是一廂情願的期待。我們真正相信，我們可以更有策略：不只是做成效型行銷（performance marketing），也要確保它是能與我們品牌產生共鳴的內容。在亞太地區（APAC），對我們而言，復甦仍處於早期。同樣地，我談到全球的一致性或共通性——我們所銷售的產品與 SKU 之間的共通性——讓我們能開始運用我們正在打造的整體敘事來放大效益。

But we've seen some softness in coming out of particularly China and Southeast Asia have been the two places between the US, APAC or China and Southeast Asia is where we've seen a lot of the sort of hesitation from consumers. So the e-commerce with less promotions, better visuals and content, we're focused on retail elevation, inventory management is something that you want to be smart about right now.

但我們確實看到一些疲弱，特別是來自中國與東南亞；在美國、亞太或中國與東南亞之間，中國與東南亞是我們看到消費者猶豫較多的兩個地方。因此在電商方面，較少促銷、更好的視覺與內容；我們也聚焦於零售端的升級，而庫存管理是你現在需要更聰明處理的一件事。

But we're really shifting from chasing revenue to real disciplined marketplace execution and stronger long-term brand health. So we've had great leadership in China between Simon and our Head of China as well is Carol Chen. She's an industry pro and just gets it. So I think we've got the right eyes on the business right now.

但我們正真正從追逐營收，轉向更自律的市場執行，以及更強的長期品牌健康度。因此我們在中國有很好的領導團隊，包括 Simon，以及我們的中國負責人 Carol Chen。她是產業老手，完全懂這個市場。所以我認為我們現在對這門業務有正確的視角在看。

We think we can -- we think we're doing a pretty good job managing through any of the headwinds or the backdrop that we're seeing. But there's work to be done. We think we can impact that a bit with our doing better storytelling.

我們認為我們可以——我們認為我們在管理我們所看到的任何逆風或整體背景方面做得相當不錯。但仍有工作要做。我們認為透過把品牌敘事做得更好，我們可以在一定程度上改善這些狀況。

Very helpful, Kevin. And then, Reza, I just wanted to follow up on the revised annual guide with regards to revenues and gross margins. I recognize you're not ready to guide for 3Q. But for the audience, any way you can kind of shape the second half of the year in terms of revenues and gross margins?

非常有幫助，Kevin。接著 Reza，我想就你們針對營收與毛利率所修訂的全年指引再追問一下。我知道你們還沒準備好提供第三季指引。但就聽眾而言，你能否大致勾勒一下下半年在營收與毛利率方面的走勢？

Should we assume that they're kind of somewhat equal? Or are there dynamics at play with the order books that would make it more 3Q or 4Q weighted? Any color there would be very helpful for the audience.

我們是否應該假設兩季大致相當？或者訂單簿（order book）是否有一些動態，會讓它更偏向第三季或第四季？任何補充說明都會對聽眾很有幫助。

Thanks, Laurent. If you do the math, obviously, we're not giving guidance for Q3 and Q4 at this stage. But if you just do the math based on what you're seeing in the first half of the year versus the second half, there is a slight difference between the two. So they're not completely equally weighted, but it's not like you have a massive hockey stick or anything like that, that's happening on the back half on the revenue line. In terms of gross margins, I'm just going to repeat it again that we are trying to basically maintain discipline.

謝謝你，Laurent。如果你做一下數學，顯然我們在這個階段不會提供第三季與第四季的指引。但如果你只是根據你在上半年相對於下半年所看到的情況來計算，兩者之間會有些微差異。所以它們並不是完全平均分布，但也不是說下半年在營收線上會出現非常誇張的「曲棍球桿」式跳升之類的情況。至於毛利率，我再重申一次：我們基本上是努力維持紀律。

On the last call, we talked about price increases that are going in. That should have some offset and improvement on the back half of the year in terms of gross margins as we look at that. And then the SG&A, we're just managing it super, super tight. And so some of it is marketing, as we talked about, but it's every line item. I mean we really are -- you have to bear in mind when we're looking at a $305 million restructuring plan, that does have run rate benefits that work their way into it. So that's what's allowing us to maintain our view on operating income.

在上一通電話會議中，我們談到正在進行的漲價措施。就我們觀察而言，這應該會在今年下半年對毛利率帶來一些抵銷與改善。至於SG&A，我們只是把控得非常、非常嚴。因此其中一部分是行銷，如同我們談過的，但其實是每一個費用科目。我的意思是，當我們在看一項3.05億美元的重組計畫時，你必須記住，這確實會帶來執行率（run rate）上的效益，並逐步反映進來。所以這就是讓我們能夠維持對營業利益看法的原因。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

First, it's definitely a follow-up. But as you just look at the sales -- the weaker demand trajectory that you're telegraphing here, are you seeing that across products? I mean the point I'm trying to -- you've been introducing new products. I mean is the demand for those newer products also weaker in this environment? Or is it the weakness more relegated to the kind of legacy type products?

首先，這確實是追問。但就你們在此釋放的訊息來看，銷售——也就是較疲弱的需求走勢——你們是在各產品線都看到這種情況嗎？我的意思是，我想要——你們一直在推出新產品。在這樣的環境下，這些較新的產品需求也同樣偏弱嗎？還是說疲弱主要集中在比較偏傳統、既有的產品類別？

Yes. Let me start, Brian. Thank you. we're just beginning to roll out some of the product innovations. I think if we want to talk about progress, a year, let alone six months ago, we were talking about a hat and a backpack, the ability for us to add apparel to that narrative. And what you'll hear in the coming quarters too is where we start talking about footwear that can be premium. The way we want to think about it, though, is it's not just we need more reasons for the consumer to want to shop Under Armour.

是的。Brian，我先開始回答。謝謝。我們才剛開始推出一些產品創新。我想如果要談進展，一年前、甚至六個月前，我們談的還是帽子和背包；而現在，我們能把服飾也納入這個敘事之中。而你在接下來幾個季度也會聽到我們開始談到高端（premium）鞋類。不過我們希望這樣思考：不只是我們需要更多理由讓消費者想要去買Under Armour。

We need more reasons for them to want to walk in our store, walk to our section of a retail store. And so that's going to come from new innovation. But again, this isn't just us waiting for the pipeline. I believe that we do have great product right now. I believe that in more cases than not, we've been transacting with product and product quality that is significantly in a product-to-value ratio, significantly favoring the product that we're building. So I believe we can command higher prices. We just have to explain that to the consumer.

我們需要更多理由讓他們願意走進我們的門市，或走到零售店裡我們的專區。因此這將來自新的創新。但再說一次，這不只是我們在等待產品管線成熟。我相信我們現在就有很棒的產品。我相信在多數情況下，我們在交易時所提供的產品與品質，在「產品對價值比」（product-to-value ratio）上，明顯更有利於我們所打造的產品。所以我相信我們可以要求更高的價格。我們只是必須把這點向消費者說清楚。

And so that's why you continue to hear this emphasis on storytelling and what we're doing to articulate that. We're going to do a better job, again, using Bouncy Tee as sort of setting the edge for us as a metaphor of the way that we see bringing a product to market with that kind of intentionality.

因此你會持續聽到我們強調說故事，以及我們如何把這些內容表達出來。我們會做得更好；同樣地，我們會以Bouncy Tee作為某種「立起標竿」的例子，作為一個隱喻，來說明我們如何以那種程度的用心把產品推向市場。

And that will drive traffic. It's driving traffic to our site. It's bringing people to like things like the Bouncy continue to be our number one most repeatable products. So someone comes and buys one, they come back a week later and buy three more. So we want to make sure that we're creating that kind of environment. The world doesn't need another capable apparel and footwear manufacturer. The world needs a hope and a dream to feel something from the products, and that's where the Under Armour brand comes in. So we're going to deliver more of that.

而那將帶動人流。它正在為我們的網站帶來流量。它也讓像Bouncy這類產品持續成為我們最具重複購買性的第一名產品。所以有人來買一件，一週後又回來再買三件。因此我們要確保我們正在打造那樣的環境。這個世界不需要另一家有能力的服飾與鞋類製造商。這個世界需要一個希望與夢想，讓人能從產品中感受到某些東西，而這就是Under Armour品牌的角色。所以我們會提供更多這樣的內容。

That's helpful. And then a follow-up to that. So I just want to make sure I understand this correctly. So with regard to marketing spend through the, I guess, the balance of the current year, are you pulling back on marketing spend? Is it a reallocation? How should we think about just that, I guess, that spend dynamic?

這很有幫助。接著再追問一下。我只是想確認我理解正確。關於今年剩餘期間的行銷支出，我想問：你們是在縮減行銷支出嗎？還是重新分配？我們應該如何理解這個支出動態？

So what we are looking at is we have said that we're going to be within a range of 10% to 11% for the year. So that range still holds, but you should expect to be at the lower end of that range by the time we get to the end of the year. So -- and then we're also looking at the revenue guidance coming down. So basically, if you apply those two metrics together, it does mean that it's a reduction in absolute dollars of marketing that are going to be working their way into SG&A.

我們目前的看法是：我們先前說過，今年行銷費用會落在10%到11%的區間。這個區間仍然成立，但你應該預期到年底時會落在該區間的低端。另外，我們也在看營收指引下修。所以基本上，把這兩個指標一起看，確實意味著計入SG&A的行銷絕對金額會下降。

So yes. But the component parts of that, if you look at marketing, it includes things like sports marketing assets, it includes production costs, includes commissions that you're paying to agencies and then you have performance marketing, et cetera. We're very, very focused on that reduction coming from those activities that just get us to be much more efficient. And there is a lot of room with a $0.5 billion budget to be able to do that. And so we're looking at it and saying, what are those initiatives that are going to drive full price sales?

所以，是的。但如果你看行銷的組成，它包含像是運動行銷資產、製作成本、支付給代理商的佣金，然後還有成效型行銷（performance marketing）等等。我們非常、非常專注於讓這個縮減來自那些能讓我們更有效率的活動。以5億美元的預算規模來看，確實有很大的空間可以做到這點。因此我們在檢視並問自己：哪些計畫能推動正價（full price）銷售？

What are those brand-enhancing initiatives, and we're going to continue to invest behind those. And there's a lot of campaigns that are coming in the back half of the year. So we feel very confident that we're not impacting the marketing spend that's really driving revenues, but we're just being much more efficient in terms of how we go to market.

哪些是能提升品牌的計畫，我們會持續在這些方面投入。而且今年下半年會有很多行銷活動推出。所以我們非常有信心，我們並沒有影響到真正能帶動營收的行銷支出；我們只是以更有效率的方式進入市場。

Brian, I was just going to add, if you just think about it colloquially, if we ask you how much you thought we spent in marketing, I'm not sure the number you would come up with would be $0.5 billion. So we want to reconcile that feeling with the reality of how we show up at retail in the marketplace, et cetera. So our teams have done great jobs. We're just a 30-year-old business. We're making sure that we're looking at everything.

Brian，我只是想補充一下：如果用比較口語的方式想，假如我們問你覺得我們在行銷上花了多少錢，我不確定你會想到的數字會是5億美元。所以我們想把那種感受，和我們在零售端、市場上呈現的實際狀況等做一個對照與調整。所以我們的團隊做得很棒。我們畢竟是一家30年的公司。我們要確保我們把所有事情都重新檢視一遍。

And so that's why we feel that we have the opportunity. We're going to go in deeper and make sure that it's not just a click down, but it's going 2 and 3 clicks down, zero-based budgeting, all that, the usual things. But we can get sharper on our -- what we're taking with production and a few other things we can leverage that across the regions. And so we don't feel like this is a step back in marketing. We think like it's just sharpening our pencil.

因此這也是為什麼我們覺得有這個機會。我們會更深入，不只是往下點一下，而是往下點兩層、三層；零基預算（zero-based budgeting）等等，這些常見作法。但我們可以在製作端的投入，以及其他一些事情上做得更精準，並把這些做法在各區域之間加以槓桿化。因此我們不覺得這是行銷上的退縮。我們覺得這只是把鉛筆削得更尖。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

I wanted to ask on the capital structure. You're now clean of the $600 million notes. Can you share your plans for cash generation of the business to fund operations and planned reliance on the updated revolver? And then also, have you banked the IEEPA refund already?

我想就資本結構提問。你們現在已經清償了6億美元的票據（notes）。你們能否分享公司未來的現金創造計畫，用以支應營運，以及對更新後循環信貸（revolver）的預期依賴程度？另外，你們是否已經把IEEPA退稅入帳了？

Why don't I take that, Kevin. So the IEEPA refunds have come in. So if you're looking at what we reported in Q1, the majority of those have come in, and you'll see there's a little bit more that's going to work its way into Q2, but most of the IEEPA refunds have already been received. You'll see it on the cash on the balance sheet when you look at the Q.

Kevin，這題我來回答吧。IEEPA退稅款已經入帳。所以如果你看我們在第一季（Q1）所揭露的內容，其中大部分已經收到；你也會看到還有一小部分會在第二季（Q2）反映進來，但大多數IEEPA退稅已經收到了。當你看Q的資產負債表時，你會在現金項目上看到它。

As we're thinking about the capital structure overall, we feel really, really good about our liquidity position. We talked about the recent amendment that we did with the banks as well. That's just basically taking advantage of better market terms. So I think overall, in terms of balance sheet liquidity, we feel that we're in a very strong position to run the business. We continue to be very focused on net working capital as well.

當我們從整體資本結構來思考時，我們對自身的流動性狀況感到非常、非常有信心。我們也談到了近期與銀行完成的修訂。那基本上就是把握更有利的市場條件。因此我認為整體而言，就資產負債表的流動性來看，我們覺得自己處於非常強勁的位置，足以支撐業務運營。我們也持續非常專注於淨營運資本。

We've already talked about inventory, et cetera. On the last call, we talked about just general CapEx. So if you're thinking about kind of free cash flow generation of the business, we feel very good about the continued progress we're doing there. We're forecasting that we're going to be free cash flow positive this year. Obviously, the IEEPA tariff refunds helped that. And then it comes to the question of really capital allocation going forward. I would tell you that our primary focus is investing behind the business.

我們已經談過庫存等事項。在上一次電話會議中，我們談到了整體資本支出（CapEx）。因此如果你在思考公司自由現金流的產生能力，我們對在這方面持續取得的進展感到非常樂觀。我們預測今年將實現自由現金流轉正。顯然，IEEPA 關稅退稅對此有所幫助。接著就來到未來資本配置的問題。我可以告訴你，我們的首要重點是加大對業務的投資。

We've talked a lot about marketing. That's probably the number one area we want to make sure that we're investing behind. Innovation has always been a focus, so nothing has really changed there, but just the efficacy of marketing is probably the biggest one. There's no M&A on the horizon. That's just not in the DNA of where we need to be, et cetera. So if that was kind of the follow-up question, I'll just proactively take that off the table as well.

我們談了很多行銷。那可能是我們最希望確保加大投入的第一大領域。創新一直是重點，因此那方面其實沒有什麼改變，但行銷的效能可能是最關鍵的一點。目前沒有任何併購（M&A）計畫。那並不符合我們需要前進的方向與基因等等。所以如果那是後續追問，我也先主動把這個可能性排除。

I appreciate that. I'll go in a different direction on the follow-up. I wanted to ask about the environment in EMEA and Europe. As we think about that being promotional, but improving as the year progresses, can you share how you're servicing the marketplace at wholesale and then your promotional stance in your own DTC?

了解，謝謝。我換個方向追問。我想請教 EMEA 與歐洲的市場環境。當我們認為那邊促銷氛圍仍在，但會隨著年度推進而改善時，你能否分享你們在批發通路如何服務市場，以及在自有 DTC（直面消費者）通路的促銷立場？

Yes. There's a lot happening in Europe, and it's been a real stalwart for us is that we've actually taken a lot of lessons of success that we've taken from Europe and applied across the globe is how we're thinking about it right now. Our strategy has been clear. And so I think that's led to some of the positive growth that we've had there.

是的。歐洲正在發生很多事情，而它一直是我們非常穩健的支柱；我們目前的思考方式是，實際上我們把在歐洲取得的許多成功經驗，應用到全球各地。我們的策略一直很清晰。因此我認為這也帶動了我們在那裡取得的一些正向成長。

But what we're seeing is we're definitely seeing a challenged consumer, particularly in the UK right now. It's a very price-sensitive consumer that we're finding and how we show up in the product that we're building for them. We feel like we can just be a bit sharper. So we don't want to chase that bottom, which is somewhat reflected in the revenue outlook caution that we have. But Europe is a very complicated place. We've got terrific partners there between the Sports Direct, the JDs, the El Corte Inglés and glasses.

但我們看到的是，消費者確實面臨壓力，尤其是目前英國。我們發現那是一位對價格非常敏感的消費者，而這也影響我們為他們打造產品時的呈現方式。我們覺得自己可以做得更精準一些。因此我們不想去追逐最低價位的競爭，這也在某種程度上反映在我們對營收展望的審慎態度上。但歐洲是一個非常複雜的市場。我們在那裡有很棒的合作夥伴，包括 Sports Direct、JD、El Corte Inglés，以及眼鏡通路。

Our wholesale partnerships are critical for us there. But it's been a tough sled the last 6 months as competitors are very aggressive, which has increased the promotional environment. So we're playing the long game. We're not chasing, speaks into why we're being cautious with the revenue, but we're protecting and growing the brand as a priority. So it's things where we think we can be better. The market is just a bit tough. So that's what's giving and again, pushing towards some of the caution.

我們在那裡的批發合作關係對我們至關重要。但過去 6 個月走得很艱難，因為競爭對手非常激進，導致促銷環境加劇。所以我們在打長期戰。我們不會追著跑，這也說明了為什麼我們對營收保持審慎，但我們會把保護並成長品牌作為優先事項。因此有些地方我們認為可以做得更好。市場確實有點艱難。所以這就是造成、也再次推動我們採取較為審慎態度的原因。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Kevin Plank for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Kevin Plank 先生，請他做結語。

Thank you, operator. So just to be clear, this is a turnaround, and there's never a straight line, but I just want to make sure that there's no mistake. We are making progress. It starts with product, and we know how to do this. But frankly, as you've heard us emphasize about marketing, a T-shirt or a shoe without a story, it's just a T-shirt or a shoe. So we're focusing on our storytelling.

謝謝，接線員。我想先說清楚，這是一場轉型，而轉型從來不是一條直線，但我想確保沒有任何誤解。我們正在取得進展。一切從產品開始，而我們知道該怎麼做。但坦白說，正如你們聽到我們強調行銷：一件沒有故事的 T 恤或一雙沒有故事的鞋，就只是 T 恤或鞋。所以我們正專注於講好我們的故事。

The success that we've seen with things like Bouncy, that gives us great positive that the consumer is ready to return to Under Armour to make sure that they will pay full price for us and we give them that proposition and tell them the story, give them the innovation and give them great style that has the versatility that I think only an Under Armour can bring.

我們在像 Bouncy 這類產品上看到的成功，給了我們很大的正向訊號：消費者已準備好回到 Under Armour，願意以正價購買我們的產品——前提是我們提供那樣的價值主張並把故事講清楚，帶給他們創新，並提供兼具多元穿搭性的優秀風格，而我認為這是只有 Under Armour 才能帶來的。

So I'm proud of the way that our teams are showing up in moments that matter, winning marathons and World Cups, but we need to translate that into more commercial success, especially as it relates to footwear. The removing SKUs is something we're really proud of. The additional SKUs, we believe will add weight. It's not an easy thing to do. It gives our sales team some pause for sure.

因此，我為我們的團隊在關鍵時刻的表現感到自豪——贏得馬拉松與世界盃——但我們需要把這些轉化為更多商業上的成功，尤其是在鞋類方面。精簡 SKU 這件事是我們非常自豪的。我們相信新增的 SKU 會增加負擔。這並不容易做到。這確實也會讓我們的銷售團隊有所顧慮。

But we just think we can be more clear. We can be more intentional with the products that we're selling, and that's what we plan on doing. And that SKU reduction, it leads us to putting this architecture of good, better, best of being clear about it. And that doesn't always mean just taking SKUs out, too. We're just thinking about the business. We're building a brand, not just a company.

但我們認為我們可以更清晰。我們可以更有目的性地選擇要銷售的產品，而這正是我們計畫要做的。而 SKU 的縮減，會引導我們建立「好、更好、最好」的產品架構，並把它清楚地呈現出來。而且這也不總是意味著只把 SKU 拿掉。我們是在從整體上思考這門生意。我們是在打造一個品牌，而不只是經營一家公司。

And so the architecture of how we show up through good, better and best products, it's not always eliminating. In some instances, we'll have 9 or 10 or 12 products for one particular category. In other instance, we see opportunity in making better and best for things that are really close to us. So I think you'll see us fill this architecture out that isn't just about cutting, but we will be adding in things that can be meaningful for the business.

因此，我們以「好、更好、最好」產品來呈現的架構，不一定總是刪減。在某些情況下，某個特定品類我們可能會有 9、10 或 12 個產品。在其他情況下，我們看到機會，針對與我們非常貼近的領域去打造更好與最好的產品。所以我認為你們會看到我們把這個架構補齊；它不只是關於削減，我們也會加入一些對業務具有意義的內容。

But from the day I walked into by the end of '28, we're forecasting roughly a 40% overall plus overall drop in SKUs, which is something we're really proud of. If I had to end it just for our team listening as well, execution is our opportunity. It's our number one priority, creating a leaner company and ensuring accountability. We're getting our footing. We're ready to play offense. And we understand today isn't ideal. We're exactly where we want to be, but we really like the direction where we're going. So with that, thank you, operator, and everyone, have a good day.

但從我走進來的那一天起，到 2028 年底，我們預測整體 SKU 將大約下降 40% 以上，這是我們非常自豪的一件事。如果我要用一句話作結、也對正在收聽的團隊說：執行力就是我們的機會。這是我們的第一優先事項——打造更精實的公司並確保問責。我們正在站穩腳步。我們已準備好轉守為攻。我們也明白今天並不理想。我們還沒有完全到達我們想要的位置，但我們非常喜歡我們前進的方向。因此，謝謝接線員，也祝各位有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。