Under Armour Inc (UA) 2027 Q2 法說會逐字稿

(Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Lance Allega, Senior Vice President of Finance and Capital Markets. Please go ahead.

(接線員指示) 請注意，本活動正在錄音。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。

Thank you. Good morning, and welcome to Under Armour's fiscal 2027 second quarter earnings call. Today's call is being recorded, and a replay will be available at our investor relations website shortly after the call concludes.

謝謝。各位早安，歡迎參加 Under Armour 2027 會計年度第二季財報電話會議。今天的電話會議將錄音，會議結束後不久，重播將可於我們的投資人關係網站取得。

Joining us this morning are Kevin Plank, President and CEO; and Reza Taleghani, Chief Financial Officer. Before we begin, please note that certain statements made on today's call are forward-looking statements within the meaning of federal securities laws.

今天早上與會者包括總裁暨執行長 Kevin Plank，以及財務長 Reza Taleghani。在開始之前，請注意，今天電話會議中的某些陳述，依據聯邦證券法之定義，屬於前瞻性陳述。

These statements reflect management's current expectations as of November 6, 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, our filings with the SEC, including our most recent Forms 10-K and 10-Q and other public disclosures.

這些陳述反映管理層截至 2026 年 11 月 6 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。關於本次結果以及相關風險與不確定性的討論，請參閱今天早上發布的新聞稿、我們向 SEC 提交的文件（包括最新的 10-K 與 10-Q 表格）以及其他公開揭露資訊。

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 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.

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，當這些指標與 GAAP 結果一併考量時，能為我們業務的基本趨勢提供額外洞見。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。

They are also available on our investor relations website at about.underarmour.com. 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.

相關資料也可於我們的投資人關係網站 about.underarmour.com 查閱。那麼，感謝各位今天早上參與，並持續關注 Under Armour。接下來我把電話交給 Kevin。

Good morning, everyone, and thank you for joining us. Our focus at Under Armour is to build a stronger brand through compelling products and more consistent execution. This quarter, we delivered against our revenue expectation and exceeded our adjusted operating income outlook.

各位早安，感謝大家加入我們。Under Armour 的重點是透過具吸引力的產品與更一致的執行，打造更強的品牌。本季我們達成營收預期，並且超越調整後營業利益的展望。

We remain focused on revenue quality and profitability, putting our resources behind innovative products, aspirational storytelling and a lead execution while maintaining expense discipline. Our cleated business in American football is a good example of this.

我們仍專注於營收品質與獲利能力，把資源投入在創新產品、具企圖心的品牌敘事，以及領先的執行力，同時維持費用紀律。我們在美式足球釘鞋（cleated）業務就是很好的例子。

It grew double digits in the quarter with higher average selling prices and market share gains. In fact, Under Armour is now the number two brand in football cleats in the US (inaudible) also grew double digits. France and Spain continue to grow. These results give us confidence to back proven franchises and bring that same execution to upcoming launches.

該業務本季以雙位數成長，平均售價提高且市占率提升。事實上，Under Armour 現在已是美國足球釘鞋市場的第二大品牌，（聽不清）也以雙位數成長。法國與西班牙持續成長。這些成果讓我們更有信心支持已被驗證的主力系列，並把同樣的執行力帶到即將推出的新品上市。

This starts with a simpler company. We have deliberately evolved our leadership structure, clarified accountability and reduced competing priorities. We're concentrating resources where our performance credibility gives us the strongest opportunity to win.

這一切從更精簡的公司開始。我們刻意調整領導架構，釐清責任歸屬並降低相互競爭的優先事項。我們正把資源集中在我們具備績效可信度、最有機會勝出的領域。

Our leaders are then responsible for translating those actions and the product athletes choose stronger partner relationships and improved financial performance. Our industry is changing in how we operate 18 to 24 months from now will look different from today, but we're acting now.

接著，我們的領導者要負責把這些行動轉化為：運動員會選擇的產品、更強的合作夥伴關係，以及更佳的財務表現。我們的產業正在改變；18 到 24 個月後我們的運作方式將不同於今天，但我們現在就開始行動。

Last week, we held our supplier summit, where we worked with key manufacturing partners on shorter lead times, more efficient use of materials and faster response. Scale alone can no longer provide the advantage that once did.

上週我們舉辦供應商高峰會，與關鍵製造夥伴合作，推動更短的交期、更有效率的材料使用，以及更快速的回應。單靠規模已無法再提供過去那樣的優勢。

I believe, though, we are big enough to work with the best partners in the world yet small enough to move quickly with them, drawing on their expertise and challenging familiar ways of working. We're building a stronger operational foundation, improving the systems and processes behind our products and how we bring them to market.

不過我相信，我們的規模足以與全球最優秀的夥伴合作，同時也小到能與他們快速行動，借重其專業並挑戰既有的工作方式。我們正在建立更強的營運基礎，改善支撐產品的系統與流程，以及我們將產品推向市場的方式。

Our initial work with AI is focused on supply chain, product merchandising and marketing. Our priority is calendar compression, shorten the time from an athlete insight to a product in the market supported by a complete launch plan.

我們在 AI 的初期工作聚焦於供應鏈、商品企劃與行銷。我們的優先事項是壓縮行事曆週期，縮短從運動員洞察到產品上市的時間，並以完整的上市計畫加以支援。

We see opportunities for AI to speed decisions and reduce repetitive work, so our teams can spend more time developing products and serving athletes. We're also evaluating where asset-light models can bring in expertise and scale. We will judge those opportunities by the earnings and cash we retain and the complexity and capital requirements we can reduce.

我們看到 AI 有機會加速決策並減少重複性工作，讓團隊能投入更多時間開發產品與服務運動員。我們也在評估資產輕量化（asset-light）模式在哪些方面能帶來專業與規模。我們將以可保留的獲利與現金，以及可降低的複雜度與資本需求，來衡量這些機會。

An early example of this work is our decision to transition our youth apparel business to an expanded licensing model with Centric Brands, a long-standing partner with deep children's product and retail expertise.

這項工作的早期例子之一，是我們決定把青少年服飾業務轉為與 Centric Brands 擴大的授權模式；Centric Brands 是長期合作夥伴，具備深厚的兒童產品與零售專業。

Beginning in fall '27, the model should reduce inventory, working capital and operating complexity while delivering a consistent Under Armour product experience for young athletes. As a key entry point for consumers discovering Under Armour, this category plays an important role in building our community.

自 2027 年秋季起，該模式預期可降低庫存、營運資金與營運複雜度，同時為年輕運動員提供一致的 Under Armour 產品體驗。作為消費者認識 Under Armour 的重要入口，這個品類在建立我們社群方面扮演關鍵角色。

We're confident that this decision will help grow this business over the coming years. This partnership should give our teams more time to concentrate on the products and categories where Under Armour's capabilities can create the greatest value.

我們有信心，這項決策將有助於在未來幾年成長這項業務。這項合作也應能讓團隊把更多時間集中在 Under Armour 能力可創造最大價值的產品與品類上。

We're simplifying our product line as well, targeting a reduction of nearly 50% in SKUs from the level when I returned in 2024. We've also removed more than 60% of materials while increasing global product commonality.

我們也在精簡產品線，目標是相較我在 2024 年回歸時的水準，SKU 數量減少近 50%。同時，我們已移除超過 60% 的材料種類，並提高全球產品共通性。

Smaller assortment lets us invest more deeply in our strongest products, simplify decisions, focus our storytelling and make the offer clearer for our teams, partners and consumers. This is about taking away of the systems so we can amplify the products we make with volume and demand.

更小的產品組合讓我們能更深度投資在最強勢的產品上，簡化決策、聚焦品牌敘事，並讓我們的團隊、合作夥伴與消費者更清楚理解我們的產品主張。這是要移除系統中的冗餘，讓我們能以規模與需求放大我們所製造的產品。

That means selling so much more of so much less at full retail price. Within that focus line, we're sharpening our good, better, best offerings across price points and channels to elevate Under Armour. That means strengthening product performance and presentation at every level, giving athletes a compelling reason to choose UA at full price.

這意味著：用全價零售賣出「更少的品項、但每個品項賣得更多」。在這條聚焦產品線中，我們正強化 good、better、best 的分層，涵蓋不同價位帶與通路，以提升 Under Armour 的品牌定位。這代表在每個層級都強化產品性能與呈現，讓運動員有充分理由以全價選擇 UA。

Our essentials must deliver performance and value. Our established franchises must offer differentiated benefits and our most advanced innovation must set a higher standard for performance. All the while, we're communicating a much clearer story to the consumer as to why UA is different and better.

我們的基本款必須兼具性能與價值。我們既有的主力系列必須提供差異化效益，而我們最先進的創新必須為性能樹立更高標準。同時，我們也要向消費者傳達更清晰的故事：為什麼 UA 與眾不同、而且更好。

We're being more deliberate about design, features, pricing and distribution. So each level strengthens the brand and earns its place in the athletes closet. That opportunity reaches into our highest volume programs, including Tech T, a staple that we sell in the tens of millions, but not often enough at full price.

我們在設計、功能、定價與通路配置上將更為審慎。讓每個層級都能強化品牌，並在運動員的衣櫥中贏得一席之地。這個機會也延伸到我們最高量的計畫，包括 Tech T——這是一款我們銷量達數千萬件的主力單品，但以全價銷售的比例仍不夠高。

We're building on that work with tech Helix and upgrade launching later this month with the ambition to become one of our top 10 volume drivers over time. The Under Armour innovation team developed a completely new fabric by taking two separate polyester fibers and wrapping them into a coil construction that creates an actual Helix shape.

我們將在此基礎上推出 Tech Helix 與升級版本，預計於本月稍晚上市，並以長期成為我們前十大銷量驅動產品之一為目標。Under Armour 創新團隊透過將兩種不同的聚酯纖維纏繞成螺旋線圈結構，開發出全新布料，形成真正的 Helix 螺旋形態。

This allows the fabric to lift off the skin and provide stretch without spandex enhancing airflow and helping the fabric dry at amazing rates. It addresses the need central to Under Armour from the beginning, helping athletes feel better and perform in the heat.

這使布料能離開皮膚表面，並在不使用彈性纖維（spandex）的情況下提供延展性，提升氣流並讓布料以驚人的速度乾燥。它回應了 Under Armour 自創立以來的核心需求：幫助運動員在高溫下感覺更舒適、表現更出色。

At $35, that innovation can reach a broad athlete base and with focused marketing supporting its story, this should be a multimillion unit program for us at full price. Our focused assortment lets us invest more behind products with performance value and potential to become meaningful business contributors. Innovation is there.

以 35 美元的價格，這項創新能觸及廣大的運動員族群；若以聚焦的行銷支援其故事敘述，這對我們而言應會是一個以全價銷售、數百萬件規模的計畫。我們的聚焦產品組合讓我們能加大投資在具備性能價值、且有潛力成為重要業務貢獻者的產品上。創新就在那裡。

Our job is to explain the science clearly and connect it to what athletes feel and how they perform, earning pricing power by taking credit for the innovation we build into every UA product. We've seen what that combination could deliver with our $65 Bouncy Tee.

我們的工作是把科學原理清楚說明，並連結到運動員的實際感受與表現，透過為我們在每一件 UA 產品中打造的創新「取得應有的功勞」，來贏得定價能力。我們已在 65 美元的 Bouncy Tee 上看到這種組合可能帶來的成果。

Its launch sell-through and growing volumes across geographies are an encouraging example of consumers choosing Under Armour at full price when they understand and value the product difference. That response gives us confidence in the opportunity ahead.

其上市後的銷售去化表現，以及在各地區持續成長的銷量，是一個令人鼓舞的例子：當消費者理解並重視產品差異時，他們會以全價選擇 Under Armour。這樣的回應讓我們對未來的機會更有信心。

We're applying those lessons to tech Helix and future launches with the goal of making that success more consistent across our business.

我們正將這些經驗教訓運用到 Tech Helix 以及未來的上市計畫上，目標是讓這樣的成功在我們整體業務中更一致、更可複製。

Another example comes next month with the Armour short based on our goal to build the best compression short an athlete can wear. Compression shorts are already one of our largest volume programs, but we've traditionally served that (inaudible) with only a $35 good-level option.

另一個例子將在下個月登場：Armour 緊身短褲，源自我們打造「運動員能穿到的最佳壓縮短褲」的目標。壓縮短褲已是我們出貨量最大的產品計畫之一，但過去我們在該（聽不清）領域主要只提供一款 35 美元、屬於 good 等級的選項。

Applying our 50% SKU reduction across categories, the disciplined good, better, best architectures, not just about cutting but also about highlighting on brand opportunities and leaving room to create something better.

將我們跨品類 50% 的 SKU 精簡落實到位，並採取嚴謹的 good、better、best 產品架構，不只是刪減，更是要凸顯符合品牌定位的機會，同時保留空間去創造更好的產品。

During team sports competition, less than 10% of male athletes were a hard plastic cup because of the bulk and restriction. We saw an opportunity to address that trade-off. Our brand-new Shield form technology brings targeted growing padding into a compression short without sacrificing mobility.

在團隊運動競賽中，因為笨重與限制活動，配戴硬塑膠護襠（護具杯）的男性運動員不到 10%。我們看到了可以解決這種取捨的機會。我們全新的 Shield Form 技術，能在不犧牲靈活性的前提下，將具針對性的成型襯墊整合進壓縮短褲中。

Does not replace the protection of a hard cup but it gives athletes who otherwise go without one, an added layer of confidence. Armour shorts patent-pending design launches in December at $80 per adult and $55 per kids on ua.com and 500 DICK'S Sporting Goods stores in the US.

它無法取代硬杯的防護力，但能為原本可能不配戴護具杯的運動員，增加一層信心。Armour 短褲的專利申請中設計將於 12 月上市，成人款每件 80 美元、兒童款每件 55 美元，於 ua.com 及美國 500 家 DICK'S Sporting Goods 門市販售。

And yes, we believe the opportunity is significant over the long term as the addressable market is virtually every male athlete who plays almost any sport. We're building on the trust athletes already placing us for their first layer with the benefit they understand immediately in one single item.

是的，我們相信長期機會相當可觀，因為可觸及市場幾乎涵蓋所有從事幾乎任何運動的男性運動員。我們正建立在運動員已將我們視為第一層貼身裝備的信任之上，並透過一件單品就能立刻理解的效益，進一步強化這份信任。

Early next spring, we plan to expand the Under Armour collection with a different enhanced solution for female athletes as well. This is where Under Armour plays best, bringing differentiated innovation to a real athlete need. That is our DNA.

明年初春，我們也計畫以不同的強化解決方案，擴展 Under Armour 系列以服務女性運動員。這正是 Under Armour 最擅長的領域：以差異化創新回應真實的運動員需求。這就是我們的 DNA。

All in, the Armour short made it from concept to market inside of 10 months with the product, athlete storytelling and full marketing and retail support all developed together. That is the speed and coordination we aim to make repeatable as we compress our calendar, earn a place in athletes everyday routines and strengthen our position as the official first layer of sports.

整體而言，Armour 短褲從概念到上市僅用 10 個月完成，產品開發、運動員故事敘事，以及完整的行銷與零售支援皆同步共同打造。這就是我們希望能夠重複複製的速度與協同能力：壓縮我們的時程表，融入運動員的日常例行，並強化我們作為運動「官方第一層」的定位。

That focus on athlete needs is guiding our footwear reset as well. We're building on strength in team sports while improving design and value across the portfolio. Running offers an opportunity to expand on the performance credentials we've established with our Velocity franchise.

這種以運動員需求為核心的聚焦，也正在引導我們的鞋類重整。我們在鞏固團隊運動優勢的同時，也將提升整體產品組合的設計與價值。跑步品類提供了機會，讓我們在 Velocity 系列已建立的性能口碑上進一步擴張。

Our task is to translate that expertise into a broader segmented assortment that meets the needs of more athletes and earns its place at retail. Sharon Lokedi demonstrated those credentials with (inaudible) Marathon in October.

我們的任務是把這些專業轉化為更廣泛、分眾更清晰的產品組合，以滿足更多運動員需求，並在零售端贏得一席之地。Sharon Lokedi 於 10 月的（聽不清）馬拉松賽事中展現了這些實力。

She finished second in the Velocity Lead 3, improving her personal best by over three minutes in becoming the eighth fastest female marathoner in history. It is an exceptional achievement for Sharon and another demonstration of Under Armour footwear at the highest level.

她穿著 Velocity Elite 3 以第二名完賽，並將個人最佳成績提升超過三分鐘，成為史上第八快的女子馬拉松選手。這是 Sharon 的非凡成就，也再次證明 Under Armour 跑鞋在最高競技層級的表現。

Our work with our product teams, brings elite athlete insight into the continued evolution of our running footwear. More commercial-based execution of this $250 lead shoe will build on this momentum with upcoming expressions at more accessible price points this coming spring.

我們與產品團隊的合作，將頂尖運動員洞察帶入跑鞋的持續演進。這款售價 250 美元的 Elite 鞋款，接下來將以更偏商業化的執行延續這股動能，並於明年春季推出更親民價位的後續版本。

Across apparel and footwear, each introduction must address a specific athlete need and have defined place in line with enough depth to become a business we can build over multiple seasons.

在服飾與鞋類方面，每一次新品導入都必須回應特定的運動員需求，並在產品線中有明確定位，同時具備足夠深度，能在多個季度中發展成我們可持續打造的業務。

Building demand is central to this stage of the transformation. Over the past several months, we've established a more unified marketing model, being global creative direction, content and campaign priorities together under Simon Pestridge.

在這個轉型階段，建立需求是核心。過去幾個月，我們建立了更一致的行銷模式，將全球創意方向、內容與活動優先順序整合在一起，由 Simon Pestridge 統籌。

Simon became Chief Marketing Officer in June after overseeing our Asia Pacific business. He brings more than 30 years of global brand marketing and leadership experience, together with a direct understanding of our consumers and commercial operations.

Simon 在 6 月就任首席行銷長，此前負責我們的亞太業務。他擁有超過 30 年的全球品牌行銷與領導經驗，同時對我們的消費者與商業營運有直接且深入的理解。

Our investments moving forward will support fewer bigger campaigns, giving our strongest products in athlete stores more reach and a more recognizable Under Armour voice. Regional teams will bring those stories to life through local media, our own DTC channels and wholesale partners.

我們未來的投資將支持「更少但更大的」行銷活動，讓我們在運動員門市中的最強產品獲得更大觸及，並建立更容易辨識的 Under Armour 聲音。各區域團隊將透過在地媒體、我們自有的 DTC 通路以及批發合作夥伴，讓這些故事具體呈現。

We are aligning product inventory and retail plans earlier, so athletes can find what they see in our marketing. We will assess that work through product discovery and full price sell-through alongside reach and engagement.

我們更早對齊產品庫存與零售計畫，讓運動員能在行銷中看到什麼，就在通路上找得到什麼。我們將透過產品探索（product discovery）與正價售罄率（full price sell-through），並結合觸及與互動指標來評估這項工作。

We're also introducing a globally consistent creative platform built on the concept of this is your armor. It connects an athlete's ambition with product performance, giving our stories a recognizable Under Armour identity across sports and markets.

我們也正在導入一個全球一致的創意平台，核心概念是「This is your armor（這就是你的盔甲）」。它把運動員的企圖心與產品性能連結起來，讓我們的故事在不同運動與市場中都具備可辨識的 Under Armour 身分。

Also in marketing, starting with this month's tech Helix launch followed by the Armour short in December. We plan to introduce one major product story each month throughout the calendar year. The approach is deliberately simple, one global product priority and coordinated execution across regions and markets.

同樣在行銷方面，從本月的 Tech Helix 上市開始，接著是 12 月的 Armour 短褲。我們計畫在整個年度中，每個月推出一個主要的產品故事。這個方法刻意保持簡單：一個全球產品優先事項，並在各區域與市場協同執行。

Local teams will adopt their story for their consumers while reinforcing the same technical product benefit. Support across social, digital and retail will continue beyond launch to build recognition and demand.

各地團隊會針對其消費者調整敘事方式，同時強化相同的技術性產品利益點。在社群、數位與零售端的支援將在上市後持續延伸，以建立辨識度與需求。

This coordinated execution will come to life with athletes demonstrating the product's benefit through science, of course, also through personality and yes humor. And social content and digital education will further support that connection.

這種協同執行將透過運動員以科學方式展示產品效益而具體呈現，當然也會透過個性，甚至幽默感。而社群內容與數位教育也將進一步支持這種連結。

Dedicated retail presentations will bring that story into stores with select UK retailers joining our US launch. Our product and athlete stories are generating encouraging social engagement. From July through September, our Instagram brand account generated approximately 43 million impressions, up 55% year-over-year and 27 million video views, up 126%. Our TikTok account just crossed 1 million followers.

專屬的零售端陳列呈現將把這個故事帶進門市，部分英國零售商也將加入我們在美國的上市活動。我們的產品與運動員故事正在帶來令人鼓舞的社群互動。從 7 月到 9 月，我們的 Instagram 品牌帳號約產生 4,300 萬次曝光，年增 55%，以及 2,700 萬次影片觀看，年增 126%。我們的 TikTok 帳號剛突破 100 萬名追蹤者。

That engagement gives us useful direction for our creative work. Our focus now is converting that attention in a product consideration and purchase.

這些互動為我們的創意工作提供了有用的方向。我們現在的重點是把這些關注轉化為對產品的考慮與購買。

Alongside marketing evolving our retail concepts is a priority. Our stores most strengthen the brand and improve the productivity of our business. We're developing key city showrooms that highlight our strongest products, refining our full price stores around a clearer performance assortment.

除了行銷之外，演進我們的零售概念也是優先事項。我們的門市必須強化品牌並提升業務生產力。我們正在打造重點城市展示型門市（showrooms），凸顯我們最強的產品，同時以更清晰的性能型產品組合來優化正價門市。

And reworking our factory house locations with a more deliberate mix of full-priced product. Each format has a distinct role with assortments tailored to local athletes and shopping behavior.

並重新調整我們的 Factory House 門市據點，以更有策略的方式提高正價商品的組合比例。每一種店型都有其明確角色，商品組合會依在地運動員與購物行為量身打造。

Execution means connecting product presentation, launch support and availability, so consumers can understand the benefit and find what they came to buy. These lessons will help guide investment with an emphasis on conversion full price selling and store profitability.

執行的關鍵在於串聯商品呈現、上市支援與供貨可得性，讓消費者能理解產品效益並買到他們想買的商品。這些經驗將有助於引導投資方向，重點放在提升轉換率、正價銷售與門市獲利能力。

Our regional teams are translating these product, marketing and retail priorities into focused commercial plans. In North America, we're concentrating support behind the apparel franchises, included footwear that are performing while addressing traffic and broader sell-through pressure.

我們的區域團隊正把這些產品、行銷與零售優先事項轉化為聚焦的商業計畫。在北美，我們將資源集中支持表現強勁的服飾系列（franchises），也包括表現良好的鞋類，同時應對來客數與更廣泛的售罄壓力。

That means coordinating launches more closely with wholesale partners in our own channels, aligning inventory with demand and making our product benefits more visible at retail.

這意味著與批發合作夥伴及我們自有通路更緊密地協調上市節奏，使庫存與需求對齊，並讓我們的產品利益點在零售端更清楚可見。

Our priority is to turn strength in these businesses into more consistent performance across our largest market right here in North America. In EMEA, we're building our momentum in France and Spain, while improving e-commerce execution.

我們的優先事項，是把這些業務的優勢轉化為在我們最大市場——北美——更一致的表現。在 EMEA，我們將在法國與西班牙延續動能，同時改善電商執行。

We're connecting marketing more closely with locally relevant assortments and product availability. So consumer interest has a clearer path to purchase. In the UK, we're focused on execution with existing partners and aligning inventory and investment with current demand.

我們正讓行銷與更符合在地需求的商品組合及供貨可得性更緊密連結。讓消費者興趣有更清晰的購買路徑。在英國，我們聚焦於與既有合作夥伴的執行，並使庫存與投資與當前需求對齊。

Across the region, we're backing the markets and channels where we see opportunity, while maintaining discipline where conditions remain dynamic. In Asia Pacific, our priorities are improving productivity and product availability in China in optimizing our licensing business.

在整個區域內，我們將加碼支持看到機會的市場與通路，同時在環境仍具高度變動之處維持紀律。在亞太，我們的優先事項是提升中國市場的生產力與產品可得性，並優化我們的授權業務。

We're refining assortments in each channel. So our strongest products are supported by a better shopping experience. Carol Chen, who succeeded Simon as APAC's regional leader brings more than 30 years of brand and commercial leadership experience across Greater China, Asia and the United States.

我們正在各通路精煉商品組合。讓我們最強的產品能在更好的購物體驗下獲得支援。接替 Simon 擔任亞太區域領導人的 Carol Chen，在大中華區、亞洲及美國擁有超過 30 年的品牌與商業領導經驗。

Our mandate is to bring those priorities together into stronger marketplace execution, drawing on our understanding of local consumers and retail partners to improve the performance of the business.

我們的使命是將這些優先事項整合起來，轉化為更強的市場執行力，並運用我們對當地消費者與零售合作夥伴的理解，以提升業務表現。

Altogether, we're challenging ourselves to improve how we operate every day. from the products we build, how we create demand and serve athletes. We're setting clear priorities, acting on what we learn and directing resources to the work that can make the greatest difference. Under Armour has a long track record of solving problems for athletes.

總體而言，我們正在挑戰自己，提升每天的營運方式。從我們打造的產品、我們如何創造需求並服務運動員。我們正在設定明確的優先事項，根據所學採取行動，並將資源導向能帶來最大差異的工作。Under Armour 長期以來一直致力於為運動員解決問題。

Our responsibility is to bring that same discipline to the business, follow through on the decisions and turn product strength and stronger results. Our ambition remains high, and we'll measure progress by the results we deliver. And with that, thank you, Reza, over to you.

我們的責任是將同樣的紀律帶到業務中，貫徹決策，並把產品優勢轉化為更強的成果。我們的企圖心依然很高，我們將以交付的成果來衡量進展。說到這裡，謝謝你，Reza，接下來交給你。

Thanks, Kevin, and good morning, everyone. Turning to our second quarter fiscal '27 results. Revenue declined 7% to $1.2 billion. By region, North America revenue declined 7%, reflecting continued traffic pressure in our direct-to-consumer business and softer wholesale sell-through. Growth in select apparel franchises helped but did not fully offset broader demand pressure.

謝謝你，Kevin，各位早安。接著看我們 2027 會計年度第二季的業績。營收下滑 7% 至 12 億美元。按地區來看，北美營收下滑 7%，反映我們直營消費者（DTC）業務持續面臨客流壓力，以及批發端銷售轉弱。部分服飾系列的成長有所助益，但未能完全抵消更廣泛的需求壓力。

EMEA revenue declined 9%, retail traffic remains challenged in the UK, partly offset by growth in France and Spain. Shipment timing also remains a factor in quarterly progression, particularly in our distributor business.

EMEA 營收下滑 9%，英國零售客流仍具挑戰，法國與西班牙的成長部分抵消。出貨時點仍是季度進展的影響因素，尤其是在我們的經銷商業務中。

APAC revenue declined 9%, reflecting pressure in China in our licensing business, pockets of improvement in e-commerce and areas of wholesale resilience provided some offset. Latin America revenue increased 3%, largely due to favorable foreign exchange as revenue in the region declined 4% on a constant currency basis. Looking at performance by channel.

APAC 營收下滑 9%，反映中國授權業務承壓；電商的局部改善以及部分批發市場的韌性提供了一些抵消。拉丁美洲營收成長 3%，主要受惠於有利的外匯因素；若以固定匯率計，該地區營收下滑 4%。接著看按通路的表現。

Wholesale revenue decreased 6% to $725 million, reflecting the impact of softer full price sell-through and pressure in parts of the distributor business, partly offset by select accounts and markets. Direct-to-consumer revenue decreased 8% to $494 million, including a 7% decline in owned and operated stores and a 12% decline in e-commerce.

批發營收下滑 6% 至 7.25 億美元，反映正價銷售轉弱的影響，以及部分經銷商業務承壓；部分客戶與市場的表現提供了一些抵消。直營消費者（DTC）營收下滑 8% 至 4.94 億美元，其中自營門市下滑 7%，電商下滑 12%。

Traffic remained the primary challenge, particularly in North America, with better conversion and targeted digital initiatives providing some offset. Licensing revenue decreased 4% to $28 million, driven by a decline in North America.

客流仍是主要挑戰，尤其在北美；較佳的轉換率與針對性的數位措施提供了一些抵消。授權營收下滑 4% 至 2,800 萬美元，主要由北美下滑所致。

By product category, apparel revenue decreased 6% to $880 million HeatGear and core Vantage were areas of strength while fleece and women's bottoms were challenged.

按產品類別來看，服飾營收下滑 6% 至 8.80 億美元，HeatGear 與核心 Vantage 是強項，而刷毛（fleece）與女性下身類別表現承壓。

We saw declines across most categories, partially offset by growth in outdoor and sportswear. Where revenue decreased 11% to $234 million, with most categories down, although selected cleated businesses and run grew, providing some offset to the broader weakness in the footwear portfolio.

我們看到多數類別下滑，戶外與運動休閒（sportswear）的成長部分抵消。鞋類營收下滑 11% 至 2.34 億美元，多數類別下滑；不過部分釘鞋（cleated）業務與跑步品類成長，對鞋類產品組合的整體疲弱提供了一些抵消。

(inaudible) revenue decreased 7% to $105 million with differentiated products such as Stealth form providing encouraging signals within a softer overall environment. Gross margin was 47%, down 30 basis points.

(聽不清)營收下滑 7% 至 1.05 億美元；如 Stealth form 等差異化產品在整體偏弱的環境中釋出令人鼓舞的訊號。毛利率為 47%，下滑 30 個基點。

The year-over-year decline was due to 40 basis points of unfavorable foreign currency impacts, 35 basis points of combined unfavorable channel and regional mix and 20 basis points of unfavorable pricing, a slightly higher discounting than in the prior year more than offset the benefit of our pricing actions.

年對年下滑主要由以下因素造成：外幣影響不利 40 個基點、通路與區域組合合計不利 35 個基點，以及定價不利 20 個基點；折扣幅度較去年略高，抵消了我們定價行動帶來的效益。

These headwinds were partially offset by 55 basis points of supply chain benefits, including more favorable product costs and 10 basis points of favorable product mix. SG&A decreased 4% to $557 million, driven by lower marketing expenses and continued cost discipline across other expense categories.

上述逆風部分被供應鏈效益 55 個基點所抵消，包括較有利的產品成本，以及產品組合有利 10 個基點。SG&A 下降 4% 至 5.57 億美元，主要由行銷費用降低，以及在其他費用類別持續維持成本紀律所帶動。

Adjusted SG&A decreased 3% to $559 million, excluding $2 million in transformation expenses related to the fiscal 2025 restructuring plan and a $3 million benefit from the reversal of certain previously accrued litigation reserve expense.

調整後 SG&A 下降 3% 至 5.59 億美元，排除與 2025 會計年度重整計畫相關的 200 萬美元轉型費用，以及因回轉先前提列的部分訴訟準備費用而產生的 300 萬美元利益。

In the quarter, we recorded $13 million under the fiscal 2025 restructuring plan, including $11 million in restructuring charges and $2 million in transformation-related SG&A. Costs incurred to date totaled $280 million against the projected $305 million, with the plan expected to be substantially complete by December 31, 2026.

本季我們在 2025 會計年度重整計畫下認列 1,300 萬美元，包括 1,100 萬美元重整費用與 200 萬美元與轉型相關的 SG&A。迄今已發生成本合計 2.80 億美元，對照預估 3.05 億美元；該計畫預期將於 2026 年 12 月 31 日前大致完成。

Second quarter operating income was $15 million or $25 million adjusted for restructuring and transformation costs and the reversal of certain previously accrued litigation reserve expense. Reported and adjusted diluted loss per share were both approximately breakeven.

第二季營業利益為 1,500 萬美元；若就重整與轉型成本以及回轉先前提列的部分訴訟準備費用進行調整後，為 2,500 萬美元。報告與調整後稀釋每股虧損皆約為損益兩平。

We ended the quarter with $1.1 billion in inventory, up 4% year-over-year. The approximate $200 million reduction in our revenue outlook in August left inventory above our plan sales needs. We are reducing future buys and taking targeted sell-through actions to release working capital and strengthen liquidity with the anticipated margin impact reflected in our outlook.

本季期末庫存為 11 億美元，年增 4%。我們在 8 月將營收展望下調約 2 億美元，使庫存高於我們依計畫銷售所需的水準。我們正降低未來採購，並採取針對性的銷售推進（sell-through）行動，以釋放營運資金並強化流動性；其預期的毛利影響已反映在我們的展望中。

We ended the quarter with $285 million in cash and $190 million of borrowings under our $1.1 billion revolving credit facility. We remain focused on liquidity, working capital discipline and investments supporting our transformation.

本季期末現金為 2.85 億美元，並在我們 11 億美元的循環信用額度下借款 1.90 億美元。我們仍聚焦於流動性、營運資金紀律，以及支持轉型的投資。

Fiscal '27 capital expenditures are expected to be modestly below last year's level. Turning to our fiscal '27 outlook. We are maintaining the expectation that revenue will decline at a mid-single-digit rate.

2027 會計年度資本支出預期將略低於去年的水準。接著談 2027 會計年度展望。我們維持營收將以中個位數幅度下滑的預期。

And while current traffic and macroeconomic pressures could result in North America being down modestly more than the mid-single-digit decline we previously anticipated in that region. That potential downside is reflected within our unchanged full year outlook.

此外，當前客流與總體經濟壓力可能導致北美下滑幅度略高於我們先前在該地區預期的中個位數下滑。該潛在下行風險已反映在我們未變的全年展望之中。

For fiscal '27 gross margin, we now expect expansion of 170 to 220 basis points compared with our previous expectation of 220 to 270 basis points. This includes roughly 150 basis points of benefit from IEEPA tariff refunds related to cost expense in fiscal '26.

就 2027 會計年度毛利率而言，我們目前預期將擴張 170 至 220 個基點，低於先前預期的 220 至 270 個基點。其中包含約 150 個基點的效益，來自與 2026 會計年度成本費用相關的 IEEPA 關稅退稅。

Excluding that benefit, we expect gross margin improvement of approximately 20 to 70 basis points, supported by pricing actions lower discounting and favorable channel and product mix. A 50 basis point reduction in our gross margin outlook reflects ongoing elevated fuel and freight costs, land markdowns to improve inventory alignment and a stronger US dollar.

若排除該效益，我們預期毛利率將改善約 20 至 70 個基點，主要受定價行動、較低折扣，以及有利的通路與產品組合所支撐。我們毛利率展望下調 50 個基點，反映燃油與運輸成本持續高檔、為改善庫存匹配而進行的落地減價（land markdowns），以及美元走強。

Keep in mind, our previous outlook assumed disruption from the Middle East conflict through September 30. Those pressures have now extended into the second half. We reiterate our expectation for adjusted SG&A to decline at a low single-digit rate, reflecting lower marketing spend and active expense management by preserving priority investments.

請記得，我們先前的展望假設中東衝突造成的干擾將持續至 9 月 30 日。這些壓力如今已延伸至下半年。我們重申調整後 SG&A 預期將以低個位數幅度下滑，反映行銷支出降低，以及透過保留優先投資來積極管理費用。

Our focus is not simply on spending less, but on making our marketing dollars work harder, reducing waste and duplicated content production and deploying resources more efficiently behind priority franchises and launches to improve marketing efficacy.

我們的重點不只是少花錢，而是讓行銷預算更有效率：降低浪費與重複的內容製作，並將資源更有效地部署在優先系列與新品上市上，以提升行銷成效。

Across the business, we are simplifying operations to strengthen profitability by protecting investments essential to the transformation. The additional second half costs and planned inventory actions more than offset our second quarter operating income upside.

在整體業務上，我們正簡化營運以提升獲利能力，同時保護對轉型至關重要的投資。下半年新增成本與規劃中的庫存行動，已超過我們第二季營業利益優於預期的部分。

As such, we continue to expect full year adjusted operating income in the $140 million to $160 million range. This excludes anticipated restructuring and transformation expenses of approximately $44 million and the $3 million benefit from the litigation reserve accrual reversal and includes about $70 million of benefit from IEEAPA tariff refunds related to fiscal '26 expenses.

因此，我們仍預期全年調整後營業利益將落在 1.40 億至 1.60 億美元區間。此數字排除約 4,400 萬美元的重整與轉型費用，以及因回轉訴訟準備提列而產生的 300 萬美元利益，並包含約 7,000 萬美元的效益，來自與 2026 會計年度費用相關的 IEEAPA 關稅退稅。

This also assumes about $45 million of headwinds related to the ongoing Middle East conflict up from the $35 million we cited previously. All in, we continue to expect full year adjusted diluted earnings per share of $0.08 to $0.12.

此亦假設與持續中的中東衝突相關的逆風約 4,500 萬美元，高於我們先前提到的 3,500 萬美元。整體而言，我們仍預期全年調整後稀釋每股盈餘為 0.08 至 0.12 美元。

Turning to our third quarter. We expect revenue to decline approximately 8% to 9%. In North America, we expect a low double-digit decline, which includes about 1 point of total sale shipments that were recognized in the second quarter.

接著看第三季。我們預期營收將下滑約 8% 至 9%。在北美，我們預期將出現低雙位數下滑，其中包含約 1 個百分點的總銷售出貨已在第二季認列。

In EMEA, we expect a high single-digit decline, which includes about 5-percentage-points of distributor shipment timing moving into the fourth quarter. And in APAC, we anticipate roughly flat revenue as the business continues to stabilize.

在 EMEA，我們預期將出現高個位數的下滑，其中包含約 5 個百分點係因經銷商出貨時點延後至第四季所致。而在 APAC，我們預期營收大致持平，因為業務持續趨於穩定。

Third quarter gross margin is expected to increase 30 to 50 basis points with pricing and mix benefits partly offset by higher supply chain costs and foreign currency headwinds.

第三季毛利率預期將提升 30 至 50 個基點，定價與產品組合帶來的效益將部分被較高的供應鏈成本與外匯不利因素所抵銷。

Adjusted SG&A is expected to decline at a low single-digit rate as we continue to manage marketing towards greater productivity and discretionary expenses. For the third quarter, we expect adjusted operating income to range from a loss of $5 million to a profit of $5 million with an adjusted diluted loss per share of $0.01 to $0.03.

調整後 SG&A 預期將以低個位數幅度下降，因我們持續將行銷導向更高生產力並控管可自由裁量費用。就第三季而言，我們預期調整後營業利益區間介於虧損 500 萬美元至獲利 500 萬美元，調整後稀釋每股虧損為 0.01 至 0.03 美元。

The third quarter adjusted operating income expected anywhere around breakeven at the midpoint, our full year outlook includes a stronger fourth quarter. In North America, we expect a couple of percentage points of revenue benefit from the youth transition and a few additional points from wholesale initiatives to reduce excess inventory.

第三季調整後營業利益在中位數預期大致損益兩平，而我們的全年展望包含第四季更強勁的表現。在北美，我們預期青少年轉換（youth transition）將帶來約數個百分點的營收助益，另有幾個百分點來自批發端降低過剩庫存的措施。

In EMEA, distributor shipments shifting into the fourth quarter, account for about 5-percentage-points of improvement. That timing supports fourth quarter revenue without changing our full year demand assumption. We are expecting stronger year-over-year profitability in the fourth quarter, supported by pricing and favorable channel and product mix.

在 EMEA，經銷商出貨轉移至第四季，約占 5 個百分點的改善。該時點因素支撐第四季營收，但不改變我們對全年需求的假設。我們預期第四季年對年獲利能力將更強，並由定價以及有利的通路與產品組合所支撐。

Alongside continued expense discipline, partly offset by the external cost pressures and inventory actions mentioned earlier. In closing, our second half priorities are clear, improve inventory alignment, maintain expense discipline and preserve liquidity while supporting key launches. With that, we will open the call for questions.

同時持續維持費用紀律，但部分將被先前提及的外部成本壓力與庫存行動所抵銷。最後，我們下半年的優先事項很明確：改善庫存匹配、維持費用紀律並在支持關鍵新品上市的同時保有流動性。接下來，我們將開放提問。

(Operator Instructions) Simeon Siegel with Guggenheim.

（接線員指示）Guggenheim 的 Simeon Siegel。

Kevin, I think your excitement around the existing and upcoming product innovation definitely shines through. Could you speak to us, maybe help us understand where you think the customer might not be seeing.

Kevin，我覺得你對既有與即將推出的產品創新所展現的興奮感非常明顯。你能否談談，或許幫助我們理解，你認為消費者可能沒有看到的地方是什麼。

If we were to just take a step back, look at the overall revenues and maybe right now, more evenly, the margins, just how do you translate that excitement into the price people are willing to pay maybe the gross and operating margins the company is going to capture.

如果我們稍微退一步，看整體營收，或許也更平均地看一下利潤率，那麼你要如何把這份興奮轉化為人們願意支付的價格，以及公司最終能取得的毛利率與營業利潤率？

And just any help you can share with us on how you're thinking about the time line of the revenue reset and stabilization in North America? And then maybe can you just elaborate on that last piece, you were talking about the drivers of the confidence in the fourth, the stronger fourth quarter embedded within the full year guide?

另外，你能否分享一下你對北美營收重置與趨於穩定的時間軸是怎麼思考的？再者，你能否再多談談最後那一點：你提到全年指引中所隱含的第四季更強勁表現，你對第四季的信心驅動因素是什麼？

Simeon, thank you. Yes, there's absolutely a passion for the product here. We know that that's everything. But I think the good news is that we have a almost embarrassment of riches when it comes to product. I feel like the biggest place we've fallen out has just been in our competent storytelling.

Simeon，謝謝你。是的，我們對產品絕對充滿熱情。我們知道那就是一切。但我認為好消息是，就產品而言，我們幾乎是「富到有點尷尬」。我覺得我們最大的落差其實是在於我們是否能夠有力地講好故事。

That reflects and needs to come through, first and foremost, and we want to be clear that our priority is stabilizing and getting North America going. It's obviously, it's a bit complicated out there, and we have where we use the map differs from the terrain.

這一點必須、也需要最優先地反映並傳達出來；我們也想清楚表明，我們的優先事項是穩定並讓北美重新啟動。外部環境顯然有點複雜，而且我們使用的地圖與實際地形並不完全一致。

That is certainly something we've been dealing with. And we've been seeing some softer consumer traffic and a bit of a promotional marketplace out there. We're also seeing some of the sensitivity when we look at things like our Factory House business.

這確實是我們一直在面對的情況。我們也看到消費者來客數偏弱，以及市場上促銷氛圍較濃。同時，當我們觀察像是我們的 Factory House 業務時，也看到一些敏感度。

Let me maybe characterize this in three ways of where and how I think we're going to do this. And I think it's going to be product, it's going to be marketing, it's going to be distribution followed with how we execute on that.

我或許可以用三個面向來描述我們要在哪裡、以及如何做到這件事。我認為會是產品、行銷、通路，接著是我們如何把它們執行到位。

First of all, on the product side, we've got a force of nature in (inaudible) who's been simplifying assortments and reducing SKUs to help us just emphasize and make this focus. We're leaning in into our famous franchises, things like heat and cold gear that the consumer already knows us that we can build on.

首先在產品面，我們有一位在（聽不清）方面堪稱「自然之力」的人，正在簡化產品組合並減少 SKU，幫助我們更強調並聚焦。我們正加大投入在我們著名的系列上，例如 HeatGear 和 ColdGear，這些是消費者已經認識我們、且我們可以在其上持續打造的品類。

We've got great appetite from training, and it's something where we're looking to lean on and make sure that those products like Helix, again, at a $35 accessible price point really begin to come through for us and things like the Armour Short, which I'm happy to report just in case I'm wearing one this morning.

訓練品類的需求也很強，這是我們希望倚重的方向，並確保像 Helix 這類產品（以 35 美元的可負擔價位）真正開始為我們帶來成果；還有像 Armour Short 這樣的產品，我很高興回報一下——以防你們好奇——我今天早上就穿著一件。

Footwear is also it's something for us. It's a $1 billion business that we believe can be much larger for us as a whole. And we think you're going to see a lot more of that proof coming through in spring '27, especially the way that we storytell.

鞋類對我們而言也是一個重點。這是一個 10 億美元規模的業務，我們相信整體而言它可以做得更大。我們認為你們會在 2027 年春季看到更多證明，尤其是在我們如何講述產品故事這件事上。

And I'll say that, and I'll maybe emphasize here because I think there is that disconnect between the consumer to your question and where we are. I believe, as I say, North America is our regional priority without question to make sure we get it going.

我也想補充並在此強調，因為我認為確實存在你提到的那種消費者端與我們之間的落差。我相信，如我所說，北美毫無疑問是我們的區域優先事項，必須確保把它帶動起來。

Marketing remains our largest opportunity as a brand to turn the trajectory of our business because we have what we need. We've got leadership, we've got budget, and we absolutely have desire.

行銷仍是我們作為品牌扭轉業務走勢的最大機會，因為我們已具備所需的一切。我們有領導力、有預算，也絕對有意願。

But frankly, as we found just putting things out there and putting it Under Armour logo don't do it, meaning a shirt or a shoe without a story, it's just a shorter shoe. So we have the richest we have from innovation. I don't think there's another brand that is close.

但坦白說，我們發現只是把東西推出去、貼上 Under Armour 標誌並不夠——也就是說，一件沒有故事的上衣或一雙沒有故事的鞋，就只是一件上衣或一雙鞋。因此，我們擁有最豐富的創新。我不認為有任何其他品牌能接近。

We just need to make sure that people actually see that because every Under Armour product actually does something, we're just going to make sure that we tell you exactly what that something is.

我們只需要確保人們真的看得到這些，因為每一個 Under Armour 產品其實都能「做點什麼」；我們要做的就是確保把那個「什麼」清楚告訴大家。

The other thing, I think, as you, we're just applying this globally is I mentioned this idea of singular product launches per month, which may sound pretty unsophisticated because it's meant to be that so we can coordinate this global pitch and story that we have to making sure it comes through because we've been running basically smaller regional plays versus leveraging this incredible global brand that we have.

另外一點，我想我們正在全球範圍套用這個做法：我提到每月一次的單一重點產品上市（singular product launches per month）。這聽起來可能不太精緻，但我們就是刻意要這麼做，讓我們能協調一致的全球主張與故事，並確保它真正傳達出去；因為過去我們基本上是在做較小的區域性操作，而不是善用我們這個令人驚嘆的全球品牌。

Distribution, let me just, because I think I want to be comprehensive here. We've been working really diligently on the partnerships, especially with some of the Elite partners that we have around the world, and it's the DSG and it's the sports directs and JDs and El Corte Ingles as we go globally with it. With that focus on rebuilding our e-com approach for full price selling.

通路方面，我也想完整說明一下。我們一直非常努力經營合作夥伴關係，特別是與全球一些菁英合作夥伴，包括 DSG、Sports Direct、JD，以及我們在全球推進時的 El Corte Inglés。同時也聚焦於重建我們的電商策略，以支持全價銷售。

I mean that is that, we talk about premiumizing the brand. And it means our definition of that is making sure that we sell at full price. And finally, I guess I'd just say execution. We talked and I touch lightly on our own AI transformation that we're in. And I think that our industry actually lines and maps up perfectly for the advantage of what AI brings for us.

我的意思是，我們談到品牌高端化（premiumizing the brand）。而我們對此的定義，就是確保我們以全價銷售。最後，我想我還要提到執行。我們談過、我也稍微提到我們正在進行的 AI 轉型。我認為我們這個產業的特性，其實與 AI 能帶來的優勢非常契合。

And it's a matter of us focusing, as I said, on supply chain, merchandising and marketing, of course, but this outsized focus that we have, just making sure and one of the best things I ever heard is how can we increase or grow our business. And the answer is ship us everything that we ordered.

關鍵在於我們要如我所說，聚焦在供應鏈、商品企劃（merchandising）與行銷，當然還有我們這個超高強度的聚焦：確保把事情做好。我聽過一句我覺得很棒的話：我們要如何增加或成長我們的業務？答案是：把我們訂的貨全部出給我們。

So forecast accuracy and delivering on time in full is also a priority. So that's a long way to say it, but I guess I wanted to get, be comprehensive because to be clear, we have everything that we need, and we're just, I want you to know that our job and with myself, Reza, entire executive team, is ensuring that we've got nothing that we don't.

因此，提升預測準確度，以及準時且足量交付（on time in full）也是優先事項。所以我講得有點長，但我想要講得完整；因為要清楚的是，我們擁有所需的一切，而我希望你知道，我的工作、以及我與 Reza 和整個高階管理團隊的工作，就是確保我們不缺任何該有的東西。

Just to pick up on the point on gross margin specifically. Obviously, we're in an environment that's very promotional if you're looking at the US and UK. But as we've said just in the script that we just went through, overall, we are looking at gross margin improvement over the course of the year.

我想特別接續一下關於毛利率的重點。很明顯，如果看美國和英國，我們正處於一個促銷非常激烈的環境。但正如我們剛才在講稿中提到的，整體而言，我們預期毛利率在今年內會逐步改善。

And so in a highly promotional environment, the premiumization that we're looking at is selling more at full price, I think, is something that should ladder as we continue to build on these franchises over time.

因此在高度促銷的環境下，我們所談的高端化（premiumization），我認為就是以更多全價銷售；隨著我們持續在時間推進中打造這些系列（franchises），這應該會逐步帶來正向效益。

Jay Sole with UBS.

UBS 的 Jay Sole。

Great. Kevin, I'd love to follow up on your point about the marketing opportunity. What are some of the metrics that you're using to sort of establish how the brand is trending with consumers over the last 90 days, you talked about in social media. But I thought we love football campaign, great campaign. I love football, that was exciting.

很好。Kevin，我想追問你提到的行銷機會。你們用哪些指標來判斷過去 90 天品牌在消費者端的趨勢？你提到社群媒體方面。不過我覺得「I Thought We Love Football」活動很棒，是個很好的活動。我愛足球，那真的很令人興奮。

Kevin, you talk about that and just kind of how you're seeing the plans that you put for marketing play out the way you expect when you actually launch them and put them out there into the world. If you could give us a little update there, that would be great.

Kevin，請你談談這點，以及你如何觀察你們制定的行銷計畫在實際推出、投放到市場後，是否如你預期般發揮效果。如果你能給我們一點最新進展就太好了。

And then, Reza, maybe if we talk about the incremental 50 basis points of margin change in the guidance. If you could talk about what the biggest driver was? Was it fuel? Was it promotions, FX? If you could kind of break it down for us a little bit more, that would be really appreciated.

然後 Reza，或許我們談談指引中額外 50 個基點的毛利率變動。你能談談最大的驅動因素是什麼嗎？是燃料？是促銷、匯率（FX）？如果你能再幫我們拆解得更細一點，我會非常感謝。

Thanks, Jay. Yes. Number one, we measure marketing by how we're doing with our selling. And so I don't think that we've been doing what we need to. Metrics that we're measuring with are some of the things where we've seen great positivity is in Q2, we saw a consideration is over 19% year-over-year and brand perception up over 24%.

謝謝你，Jay。是的。第一，我們衡量行銷的方式是看我們的銷售表現。所以我不認為我們過去做到了我們需要做到的程度。我們在衡量的一些指標上，看到很正向的表現：在第二季，品牌考慮度（consideration）年增超過 19%，品牌觀感（brand perception）提升超過 24%。

You're right, the campaigns we have are things that just underscore what our center is. And so as you're thinking about marketing for the brand as a whole, everything is changing in marketing. We want to make our story much simpler to understand and again, establishing that one global brand voice, as I talked about.

你說得對，我們的活動其實是在強調我們的核心是什麼。因此當你思考整體品牌的行銷時，行銷的一切都在改變。我們希望讓我們的故事更容易理解，並再次建立我所提到的「一個全球一致的品牌聲音」。

The innovation pipeline that we have is it's extreme. It just needs to be spoken. We have not gotten there. The opportunity is telling our story more clearly and more consistently. And what we'll see from us is probably, as I said, moving to the singular product launch per month when we go through it.

我們的創新產品管線非常強。只是需要把它說出來。我們還沒有做到。機會在於把我們的故事講得更清楚、更一致。而你們將會看到我們可能如我所說，推進到每月一次的單一產品上市節奏。

It's making sure that we're not just doing brand storytelling, but we're really focusing on product storytelling. And as we say, you shouldn't be able to tell the difference when we do that.

這是要確保我們不只是做品牌故事敘述，而是更聚焦在產品故事敘述。而且如我們所說，當我們做到這點時，你不應該能看出兩者有差別。

So this is your armor is something that's going to anchor us globally and supporting what we're doing. I also just want to make sure as we think about the way that we measure we're doing, it's significantly reducing things like performance marketing.

因此「This is your armor」將成為我們在全球的錨點，並支撐我們正在做的事情。我也想確保，當我們思考衡量方式時，我們會大幅降低像是成效型行銷（performance marketing）這類投入。

You're still going to see discounts as we work on inventory, and we work through getting out in the market, but traffics being replaced by spending on our story versus just spending on getting people here. So what you'll see around things like the upcoming Helix and the Armour short is thus really emphasizing the product benefits and how that will translate to consumers.

當我們處理庫存、並推進把產品推向市場時，你仍然會看到折扣，但流量（traffic）將由「投資在我們的故事」取代，而不只是花錢把人帶進來。因此你會看到，像即將推出的 Helix 和 Armour 短褲，會更強調產品利益點，以及這將如何轉化為消費者端的價值。

Great. And with regards to the gross margin, pricing is a benefit. So pricing a favorable channel mix are on the positive side as well as some product and regional mix, but that's being more than offset by supply chain headwinds.

很好。至於毛利率，定價是正向因素。因此，定價與有利的通路組合（channel mix）是正面因素，另外還有一些產品與區域組合的助益，但這些正面因素被供應鏈逆風所大幅抵消。

So I would say the greatest negative for us is logistics freight impacts that we're looking at for the balance of the year. And there is some unfavorable FX from translation that's playing into that as well. But I would say if I had to characterize the single biggest negative would be the supply chain headwinds that we have.

所以我會說，我們最大的負面因素是我們在今年剩餘期間所面臨的物流運費影響。此外，換算（translation）帶來的一些不利匯率（FX）也會影響其中。但如果要我形容單一最大的負面因素，那就是我們面臨的供應鏈逆風。

Sam Poser with Williams Trading.

Williams Trading 的 Sam Poser。

Kevin, can you talk a little bit about sort of the evolution of these, I guess, the new franchise launches you're going to do it on a monthly basis. And you talked about how many stores the new shorts were going to with DICK'S. Can you talk about Helix, how big that is?

Kevin，你能談談這些（我想是）新系列上市的演進嗎？你說你們會以每月一次的節奏推出。你也提到新短褲會在 DICK'S 的多少家門市上架。你能談談 Helix 嗎？它的規模有多大？

Like how is that build into fiscal '28? And do you anticipate revenue growth in '28 with all the actions you're taking? And I have another question, more near-term question as well.

例如它如何納入到 2028 財年的規劃？以及在你們採取所有這些行動之後，你是否預期 2028 年會有營收成長？我還有另一個比較偏短期的問題。

Yeah, we're not getting to '28 right now, Sam, but we're just taking this thing one quarter at a time. So the franchises that we're built on it's wide ranging. So Helix, in particular, as I said, that's a multimillion unit program that we think can be a top 10 driver for us over time. So something we're really focused on. And as far as things like the Armour short, we believe we may have invented a new category there.

Sam，我們現在不談到 2028 年，但我們會一季一季地把事情做好。我們所建立的系列範圍很廣。以 Helix 來說，如我所說，這是一個數百萬件（multimillion unit）的計畫，我們認為長期來看它可以成為我們前十大驅動因素之一。所以這是我們非常聚焦的項目。至於 Armour 短褲這類產品，我們相信我們可能在那裡發明了一個新類別。

Time will tell. But more importantly, this isn't about just the new innovation pipeline we're really excited about. And if we said there's going to be 12 product launches over the next 12 months. I'd say probably five or six of them would be existing products that we already have in our pipeline. We're just not getting good enough credit for.

時間會證明一切。但更重要的是，這不只是關於我們非常興奮的新創新管線。如果我們說未來 12 個月會有 12 次產品上市。我會說其中大概有五到六個其實是我們管線中已經存在的產品。只是我們沒有獲得足夠的肯定。

So I think we want to make sure that we're amplifying that, number one, to our customers that we can meaning our retail partners to get out there and get placed in store because we need to create this premium profile for the consumer to really see and be able to believe in the brand that consumers will then have access to it because you can see these great ideas, sometimes it can be more difficult to getting it at retail.

所以我認為我們要確保把這些放大，第一，是對我們的客戶——也就是我們的零售合作夥伴——讓產品能夠在門市端上架、取得陳列，因為我們需要建立這種高端形象（premium profile），讓消費者真正看見並能相信這個品牌；接著消費者才會有機會取得它，因為你能看到這些很棒的點子，但有時在零售端買到它反而更困難。

So we have great partners. We just need to make sure we're doing a good job giving them the story and then giving them the tools to actually sell when it shows up at retail.

我們有很棒的合作夥伴。我們只是需要確保我們把故事講好，並提供他們在產品出現在零售端時，實際能賣得動的工具。

And that leads to my second sort of all related for both you and Reza. Your inventories are a bit high. You're working them down. How do you make sure when you're doing these new launches such as the Armour short that you're not being too aggressive out of the gate and don't and then run into potential inventory problems down the road. I mean how do you do this in a meaningful measured way to sort of optimize the business, but not put too much risk on it if it doesn't work.

這也帶到我的第二個問題，這與你和 Reza 都有關。你們的庫存有點偏高，正在去化。當你們做這些新上市，例如 Armour 短褲時，如何確保一開始不會過於積極，然後在未來遇到潛在的庫存問題？我的意思是，你們如何以有意義、可衡量的方式來做，既能優化業務，又不會在它若不奏效時承擔過多風險？

Why don't I start on that one? So if you're talking about the new launches specifically, obviously, we look at what the demand is coming in from the regions when we put in the buys for these different products. The other thing is these products.

這題我先回答。如果你談的是新上市本身，顯然我們會看各區域在下單採購這些不同產品時所反映的需求。另外一點是，這些產品。

If the inventory comes in and the sell-through is slower than we anticipated, it's not like it spoils out of the gate. I mean it's going to be high-quality inventory anyway, so we can manage the inventory levels through watching the sell-through and adjusting the future buys that we have for those categories.

如果庫存到貨後，銷售速度（sell-through）比我們預期慢，也不是說一開始就會報廢。我的意思是，這本來就是高品質庫存，因此我們可以透過觀察銷售速度來管理庫存水位，並調整我們在這些品類後續的採購量。

So when we're talking about kind of inventory and looking at the plus 4% that we had in this quarter, that's largely because of the revenue decline that we forecast on the last call where we took out $200 million of revenues.

所以當我們談到庫存、以及本季我們看到的約+4%增幅時，這主要是因為我們在上次電話會議中所預測的營收下滑，當時我們把營收預期下修了2億美元。

And because of that, all of that inventory was already in flight. And so we're managing through that by working through our factory partners in terms of trying to delay some shipments. Looking at basically what we can do in terms of some other wholesale strategies that we have for the back half of the year and to try to manage that as best as we can.

而因為這個原因，那些庫存其實都已經在運送途中。因此我們正透過與工廠合作夥伴協作來管理這件事，嘗試延後部分出貨。同時也在評估下半年我們在其他批發策略方面能做些什麼，並盡可能把這件事管理到最好。

And Sam, building on that is we spoke about with AI, hope will get us a lot smarter with getting closer to what the demand actually forecast for us. But coming out of a couple of weeks ago of having all of our key manufacturing partners here and working on what we can do to streamline our go-to-market is that our industry, and I think a clear message from the market is our industry just moves too slowly.

Sam，延續這點，我們也談到AI，希望它能讓我們更聰明、更貼近實際需求對我們的預測。但在幾週前我們把所有關鍵製造合作夥伴都邀來、一起討論如何精簡我們的上市策略（go-to-market）之後，我們的產業——而且我認為市場傳遞的明確訊息是——我們這個產業的節奏就是太慢了。

And as I said in my prepared remarks, the 18 to 24 month from now, I think that we'll have a much better evolved model that is something which can be more streamlined to deal with getting closer to market, being closer to the consumer and frankly, the ability to react, and we do see opportunity in certain products.

正如我在事先準備的發言中所說，我認為在18到24個月後，我們會有一個更成熟演進的模式；它能更精簡，以便更貼近市場、更貼近消費者，坦白說，也更有反應能力。而我們確實在某些產品上看到了機會。

Well, I'm sorry, one more. I mean retail buyers buy, that's what they do. They tend to go, oh, that looks cool. I'm going to buy it. And they tend, their eyes often end up being bigger than their stomach is relative to the actual consumer demand.

嗯，不好意思，再補充一點。我的意思是，零售採購就是會採購，這就是他們的工作。他們往往會覺得，喔，那看起來很酷。我就買。而且相較於實際的消費者需求，他們常常會高估需求、買得比實際能消化的還多。

So with this potential, with this increase of speed, this 10 months to market that you talked about, is there an opportunity for you to put, but I'll just use the Armour short, for example, on your website into some stores to really see consumer demand prior to counting on buyers who tend to like anything shiny new and then buy too much of it and really use your, given your increased speed, to use your own data to then really be able to measure the demand and put a check on what some of these retail buyers tend to do.

所以在這個潛力之下、在你提到的速度提升、也就是「10個月上市」的情況下，你們是否有機會把——我就以Armour短褲為例——先放到你們網站上，再放進一些門市，先真正觀察消費者需求，避免過度依賴那些往往喜歡任何閃亮新東西、然後買太多的採購？並且在你們速度提升的前提下，運用你們自己的數據來衡量需求，對零售採購常見的行為加上一道制衡？

I feel like you answered the question and then ask Sam because it's exactly what we want to be doing. We want to make sure that we can just get early reads. And so that's why we're testing things out like the athlete we're testing.

我覺得你其實已經回答了這個問題，然後再問Sam，因為這正是我們想做的事。我們希望確保能夠取得早期訊號。所以這也是為什麼我們在測試一些事情，例如我們正在做的運動員測試。

I mean, when I say storytelling, I think there are so many steps that Under Armour includes in our go-to-market that other brands don't contemplate. What we don't want to do is eliminate that, which is the athlete testing, the certifying the product, make sure it lives up to what we wanted to do.

我的意思是，當我說「說故事」（storytelling）時，我認為Under Armour在我們的上市策略（go-to-market）中包含了很多其他品牌根本不會去考量的步驟。我們不想做的是把那些刪掉——例如運動員測試、產品認證，確保它符合我們想達成的標準。

And then, of course, how is it going to be received by the market? Is it something which is a runaway hit. Is it something that we maybe want to hedge on? Is it something that we want to wait and see? Is it something that we're going to build scarcity around it.

然後，當然，市場會如何接受它？它會不會是一個爆款？它是不是我們可能想要做一些對沖（hedge）的產品？它是不是我們想先觀望的產品？它是不是我們要圍繞它打造稀缺性的產品？

So all that builds into everything we do. But yes, we're not being crazy with the buys. We just want to make sure that we have more intentional product that's required or necessary from the consumer. The world doesn't need more stuff. The world doesn't need another capable apparel or footwear manufacturing.

所以這些都融入我們做的每一件事。但沒錯，我們不會在採購上失控。我們只是想確保我們提供的是更有目的性、是消費者所需要或必要的產品。這個世界不需要更多的東西。這個世界也不需要另一家同樣有能力的服飾或鞋類製造商。

It needs a hope and a dream and it needs something that translates through that with something like the Under Armour brand, which should be an aspirational (inaudible) statements as providing solutions that athletes never knew they needed and once they try them, they can't imagine living without them.

它需要的是希望與夢想，也需要能透過像Under Armour這樣的品牌把它傳遞出去；這個品牌應該是一種令人嚮往的（聽不清）主張：提供運動員從未知道自己需要的解決方案，而一旦他們試過，就無法想像沒有它們的生活。

So making sure that we test the commercial viability of these things as they get to market and building a demand beneath that, that's what's required from us. So yes, test and learn, before we make too big a bet is the way that we're thinking about the future.

因此，確保這些產品進入市場時，我們會測試其商業可行性，並在其下方建立需求，這就是我們必須做到的。所以是的，在下太大的賭注之前先「測試並學習」（test and learn），就是我們對未來的思考方式。

Bob Drbul with BTIG.

BTIG的Bob Drbul。

You mentioned asset light. Can you give more color on what that means, how you're thinking about it? And what other areas could be up for consideration?

你提到「asset light」（輕資產）。你能多補充一些這代表什麼、你們如何思考它嗎？以及還有哪些領域可能會納入考量？

Thanks, Bob. Let me, I think it's a new phrase, and I think it's something in which our industry is screaming for because we have been built big and heavy. And I think that there's just opportunities for other partners to help us there.

謝謝你，Bob。讓我——我想這是一個新的說法，而我認為這也是我們產業迫切需要的，因為我們一直以來都建構得又大又重。我認為在這方面有機會讓其他合作夥伴來協助我們。

So the shift to asset light is about building bottom line is about building brand value for us and finding where we can evoke the most value or the most bottom line from what we're doing. As I said, as we think about how we'll evolve in the next 18 to 24 months, it's the way that we do business.

所以轉向輕資產，重點在於提升獲利（bottom line）、在於為我們建立品牌價值，並找出我們正在做的事情中，哪裡能創造最大價值或最大的獲利貢獻。如我所說，當我們思考未來18到24個月如何演進時，這會是我們做生意的方式。

So as a brand, we effectively do things, three things. We make products in factories. We market and make them compelling to consumers who want to buy them. And then we sell them at retail. It's roughly 1/3, 1/3, 1/3 of our time.

所以作為一個品牌，我們基本上做三件事。我們在工廠製造產品。我們行銷，讓產品對想買的消費者更具吸引力。然後我們在零售端把它賣出去。大概各占我們時間的1/3、1/3、1/3。

We prefer to focus more than 50% of our time on the managing and the marketing and the brand building, creating the feeling that people have for this because we have incredible partners at both the factory and at the retail level, and it's what they're really good at.

我們更希望把超過50%的時間放在管理、行銷與品牌建設上，去創造人們對這個品牌的感受；因為我們在工廠端與零售端都有非常出色的合作夥伴，而那正是他們最擅長的。

We believe our real value, it lies in the brand. And so the brand lens is that every dollar of resource spent, it must help us sell more shirts and shoes. And we think we can be the drivers of that. while putting more of this opportunity into our factory partners, more of what we've had in our traditional go-to-market in our factory partners and into our retailers.

我們相信我們真正的價值在於品牌。因此從品牌的角度來看，每一美元的資源投入，都必須幫助我們賣出更多的上衣和鞋子。我們認為我們可以成為這件事的驅動者。同時把更多機會交給我們的工廠合作夥伴，把更多我們傳統上市策略（go-to-market）中的工作交給工廠合作夥伴以及零售商。

And so that's an ongoing work in process. as our operating model and the strategic partnerships as they evolve. So 30 years of doing this. We have incredible relationships at both ends of that with the manufacturers and the retailers. So we want to work on shortening lead times. We want to work on better execution at retail.

因此這是一項持續進行中的工作。隨著我們的營運模式與策略夥伴關係不斷演進。我們做這行30年了。在兩端——製造商與零售商——我們都有非常深厚的關係。所以我們想要縮短交期（lead times）。我們想要在零售端做得更到位、執行得更好。

And what we're doing is we're testing. I mean, this move that we had with our youth business, for instance, the idea of that is what does this like if we were a bit more asset light there. We think Agility is going to be the key to this next chapter for any brand, and we want to make sure that we're demonstrating that in every way, shape or form.

而我們正在做的是測試。例如我們在青少年（youth）業務上的這個動作，其想法就是：如果我們在那裡做得更輕資產一些，會是什麼樣子。我們認為敏捷（Agility）將會是任何品牌下一個篇章的關鍵，而我們希望確保在各方面、以各種形式都能展現這一點。

And I guess a question on the footwear business. So the footwear business continues to be challenging. What do you believe is missing the mark there? And how long do you think it will take to stabilize and even return to growth?

我還有一個關於鞋類業務的問題。所以鞋類業務仍然持續充滿挑戰。你認為目前是哪裡沒有做到位？你覺得需要多久才能穩定下來，甚至回到成長？

Yes. We have a brand that is much bigger than our business. And especially when it comes to footwear, but it's still a $1 billion business for us to build on. We've got asthenic equity to build from, though, that our job is to extract the value from that, that I don't think we've done a good enough job obviously of making that come through. So delivering a clear point of view on what we want consumers to buy and then telling them why to buy it.

是的。我們的品牌規模其實遠大於我們的業務規模。尤其是在鞋類方面，但對我們而言這仍是一個可持續發展的10億美元業務。我們有品牌資產／品牌權益（brand equity）可以作為基礎來建立；而我們的工作是把其中的價值釋放出來，但顯然我們做得還不夠好，沒有讓它充分呈現。因此要提供清晰的觀點：我們希望消費者買什麼，並告訴他們為什麼要買。

As I said, we have an overwhelming amount of innovation. I think as we sharpen our design and get better, as we make a clear and better, good, better, best segmentation for products, it's something that could come through.

如我所說，我們擁有大量的創新。我認為，隨著我們精進設計並做得更好，並且針對產品做出清楚且更完善的「好／更好／最佳」分級區隔，這些成果就有機會逐步反映出來。

Meanwhile, we are seeing some signs of things that we can work on. Our run business did actually grow in Q2 for us as well. As we build out and looking at our cleated business, we mentioned becoming the number two cleated brand in American football.

同時，我們也看到一些可以著手改善的跡象。我們的跑步業務在第二季其實也有成長。隨著我們擴展並檢視我們的釘鞋業務，我們提到我們已成為美式足球領域第二大的釘鞋品牌。

It's a small category, but it's an important sign, especially as we're driving higher ASPs. So that on-field credibility, the on race course performance we're seeing from things like our Velocity platform we need to make that authenticity translate into commercial success.

這是一個小品類，但它是一個重要的訊號，特別是在我們推動更高ASP（平均售價）的同時。因此，這種場上可信度、以及我們從Velocity平台等產品在賽道上的表現所看到的實績，我們需要讓這份真實性轉化為商業上的成功。

So focusing on Team Sports, focusing on running, focusing on training. And again, it's not just waiting for the next thing in the innovation pipeline. We have plenty to work with. We need to do a better job packaging those stories into a reason that consumers need to buy it. So making these franchises actually matter for us better.

因此要聚焦團隊運動、聚焦跑步、聚焦訓練。而且再次強調，這不只是等待創新管線中的下一個產品。我們手上有很多可以運用的資源。我們需要更擅長把這些故事包裝成消費者「非買不可」的理由。因此，要讓這些系列（franchises）對我們而言真正更有意義。

Laurent Vasilescu with BNP Paribas.

BNP Paribas 的 Laurent Vasilescu。

Kevin, I wanted to follow up on your comment about the 50% SKU reduction initiative. Half of it has been completed. Curious to know if you can quantify in any way for the audience, how much this pullback represents (inaudible) dollars that then we can understand the underlying trajectory of the business. And then from a gross margin perspective, when should we start to see this initiative to kick in as a benefit to the gross margin?

Kevin，我想追問你提到的SKU減少50%的計畫。目前已完成一半。想請問你是否能以任何方式為聽眾量化：這次收縮大約代表多少（聽不清）美元，讓我們能理解業務的基本走勢。另外從毛利率角度來看，我們何時會開始看到這項計畫對毛利率帶來的效益？

So Laurent, I'll take that in two parts, and I'll just start with the first. We're seeing the benefit of this. The first thing is we can start to feel the weight coming out of the line. But from our industry of working with this traditional 18 to 24 months go to market, you're not exactly seeing it come through just yet.

Laurent，我分兩部分回答，先從第一部分開始。我們正在看到這項措施帶來的好處。第一點是，我們開始感受到產品線的「負擔」正在減輕。但以我們產業傳統的18到24個月上市週期來看，你還不會立刻看到它完全反映出來。

What we're feeling is we have our teams now working on less products, less weight in the system and getting more streamlined with putting our best people against the best product.

我們目前的感受是：團隊現在在更少的產品上投入，系統中的負擔更小，流程更精簡，並且能把我們最優秀的人才配置到最好的產品上。

And that doesn't mean just $140 or $150 plus footwear, but we're putting our best people on taking probably an overcrowded market of where our family channel or value footwear in that $70 to $90 range, making sure we've got real design there.

而這不僅僅是指140或150美元以上的鞋款；我們也把最優秀的人才投入到可能過度擁擠的市場——例如我們的家庭通路或價值型鞋款、約70到90美元價位帶——確保那裡也有真正的設計。

So in the past, that's what this good, better, best exercise has really been able to give for us is making sure that we can be clear with the product proposition we have for the consumer. And that, as we say, premiumizing mean selling at full price, regardless of the good, better or best level.

所以過去這個「好／更好／最佳」的工作，真正帶給我們的，是確保我們能向消費者清楚傳達我們的產品主張。而且如我們所說，所謂premiumizing（高端化）意味著不論是好、更好或最佳層級，都要以正價銷售。

And that's what we want to create. So getting that out of the system and more importantly, just creating that architecture of a clear proposition at good, a clear proposition at better and a clear proposition of best is much better than having six or seven styles between $70 or $80.

這就是我們想要打造的。因此，把這些從系統中梳理出去，更重要的是建立這樣的架構：在「好」有清楚的主張、在「更好」有清楚的主張、在「最佳」也有清楚的主張，這遠比在70或80美元之間塞進六、七個款式要好得多。

And so we need to make sure that we make that product proposition for the consumer just much clearer. So it will run through. And is there a revenue impact to it, the goal is that we are putting ourselves behind and focusing on these key styles and storytelling about them.

因此我們必須讓消費者的產品主張更清楚。這樣它就會逐步反映出來。至於是否有營收影響，我們的目標是把資源押注並聚焦在這些關鍵款式上，並圍繞它們進行故事行銷。

For instance, our Assert 11 that we launched over our Assert 10, which is our highest volume shoe, is something that we're driving higher ASPs. We're getting what we want.

例如，我們推出的 Assert 11（相較於 Assert 10）——這是我們銷量最高的鞋款——我們正在推動更高的ASP（平均售價），而且我們也拿到了我們想要的結果。

We're putting athlete storytelling behind it, make sure it's not just a sheer foot covering on the wall, but it actually has a reason to exist talking about the charge plus that we have in the midsole and talking about the innovation athlete support and wear.

我們也把運動員故事行銷放在它背後，確保它不只是牆上一雙單純遮腳的鞋，而是有其存在的理由：談到我們中底的 Charge Plus，談到創新、運動員支撐與耐用表現。

Yes. And just to add to that, Kevin, and to get to the gross margin point. I think part of it, Laurent, is also looking at just the quality of revenues that come from these changes as well. There is some benefit as you start to rationalize from a gross margin perspective, the different materials that you use, et cetera.

是的。我再補充一下，Kevin，也回應毛利率的問題。Laurent，我認為其中一部分也在於，從這些改變中所帶來的「營收品質」也要一併看待。當你開始做精簡時，從毛利率角度來看，隨著不同材料等的合理化，確實會帶來一些好處。

But I just finished saying that gross margin, the reduction that we just put talked about on gross margin is largely due to supply chain.

但我剛才也說過，我們這次提到的毛利率下滑，主要是由供應鏈因素所致。

So what's essentially happening is there some benefit that comes from the rationalization that you do over the 18 month cycle that you have or 24 month cycle that you have.

所以本質上發生的是：在你所擁有的18個月或24個月週期中，隨著你做合理化，確實會有一些效益出現。

But then also, we're in an environment right now that's clouded by higher freight costs and other things as well. But if you were looking at it and drilling down at that level in terms of the product costing that's coming in, there are definitely improvements that come as you rationalize on the back end.

但同時，我們目前所處的環境也被較高的運費成本以及其他因素所籠罩。不過如果你從產品成本（costing）的層面往下鑽研，隨著你在後端做合理化，確實會出現明顯的改善。

Very helpful. And then Kevin, there's one particularly large brand out West that sold in a lot of product into the North American marketplace. Curious to know what you're hearing from your key retail partners, when they think the North American marketplace will be clean?

非常有幫助。另外，Kevin，西部有一個特別大的品牌向北美市場投放了大量產品。我想了解你從主要零售夥伴那邊聽到的看法：他們認為北美市場何時會「清庫」完成？

Is that, are you hearing something like spring 2027? Or is it going to be later into fall of '27? Any comments there would be very helpful.

你聽到的是像2027年春季嗎？還是會延後到2027年秋季？任何評論都會非常有幫助。

Yes, I can't speak to what they're doing, but we certainly feel the impact of a lot of brands are clearing inventory right now. And they're not doing it to keep in the marketplace not as healthy as we would like or prefer to be which means that we just need to focus on ourselves.

是的，我無法評論他們在做什麼，但我們確實感受到很多品牌正在清理庫存的影響。而他們這麼做，並不是為了讓市場維持在我們希望或偏好的健康狀態；這意味著我們必須專注在自己身上。

And I think that's where we are of staying in the pocket, delivering doing what we said we're going to do, making sure that we do that really clear for our teams to know how to execute.

我認為這就是我們目前的做法：保持節奏、交付我們說過要做的事，並確保我們把這些要求講得非常清楚，讓團隊知道如何執行。

But yes, that applies some of the pressure and that, I think, speaks to the, where the consumer is sitting right now and a bit of a challenging macro. It makes it complicated, but it doesn't make it impossible. And so it's our job to make sure that we're cutting through from a brand lens and giving them a reason to purchase us.

但沒錯，這確實帶來一些壓力；我想這也反映出消費者目前所處的位置，以及較具挑戰的總體環境。這讓事情更複雜，但並非不可能。因此，我們的工作是確保從品牌角度脫穎而出，給消費者一個購買我們的理由。

So the sheer volume of what that means and some of the clearance places where you're finding product right now, it's where we don't want to be, but we are going to be mindful of our inventory as well. It's something which is always a hyper focus for us in this industry.

因此，這代表的量體之大，以及你現在在一些清倉通路看到的產品狀況，都是我們不想處於的位置；但我們也會同樣謹慎管理我們的庫存。在這個產業裡，這一直是我們高度聚焦的事項。

Brooke Roach with Goldman Sachs.

Goldman Sachs 的 Brooke Roach。

Kevin, I was hoping you could speak to the changes you're implementing in your North America stores to improve consumer engagement and traffic. What are you seeing in the factory stores where you've added full-priced product? And where can that initiative go from here? How do you expect that to impact traffic both near and medium term?

Kevin，我希望你能談談你們在北美門市正在推動哪些改變，以提升消費者互動與來客數。在你們把正價商品加入工廠店（factory stores）後，你看到了什麼？這項計畫接下來可以如何延伸？你預期它在短期與中期會如何影響來客數？

Yes. Thanks, Brooke. It's absolutely an initiative. We've got a lot of touch points when it comes to our Factory House business here in the US. And it's a place where we don't want that experience just to be the product proposition or the buying proposition is not just, there's a discount associated to it, but actually applying story there.

好的，謝謝你，Brooke。這絕對是一項重點計畫。就我們在美國的 Factory House 業務而言，我們有很多接觸點。我們不希望那裡的體驗只剩下產品主張或購買主張——不只是「有折扣」而已——而是要把故事也帶進去。

So the first way we started with what were previously pure outlet experiences of putting some of our premium products in there, putting our Stealth form caps into our stores at a full $45 price point.

所以我們的第一步，是在過去幾乎純粹的 outlet 體驗中，放入一些我們的高端產品，把我們的 Stealth form 帽款以45美元的正價放進門市。

And that consumer, it's not unattainable, and it allows them to start getting used to what we're trying to do to premiumize the brand, which means getting consumers to pay full price for underwear, but they need to see and understand the innovation.

而那位消費者並非遙不可及，這也讓他們開始習慣我們試圖推動品牌高端化（premiumize）的方向，也就是讓消費者願意以正價購買內衣，但前提是他們必須看見並理解這些創新。

I think the opportunity we have in our factory stores is to go deeper on the technology that sits there, sometimes that's left for just our full price distribution. And I think we have a great opportunity to increase that.

我認為我們在工廠店的機會，是更深入地呈現其中所承載的技術；有時這些內容只留給我們的正價通路。我也認為我們有很大的機會把這部分做得更強。

As I said, we're targeting double digits of what that impact will be of selling full price product in that mix at factory stores, meaning brand-new innovations that we can take advantage of the distribution footprint that we have. But yes, we're looking driving ASPs is one of the key metrics that we're using to evaluate our business on a daily, weekly, monthly, quarterly basis.

如我所說，我們的目標是在工廠店的組合中，正價商品銷售所帶來的影響要達到兩位數的占比，意指我們可以利用既有的通路版圖，導入全新創新產品。不過是的，我們正在推動提升ASP（平均售價），這是我們用來按日、按週、按月、按季評估業務表現的關鍵指標之一。

Great. And then, Reza, as a follow-up, can you unpack the fourth quarter inflection in operating margins in a little bit more detail. It looks like you'll see improvements in both the gross and the SG&A line.

很好。接著，Reza，作為追問，你能否更詳細拆解一下第四季營業利益率的拐點。看起來毛利率與SG&A（銷售、一般及行政費用）兩條線都會改善。

Could you potentially quantify the magnitude of improvement that's coming from the youth business, the proportion that's happening from timing shifts and your assumptions on the underlying base business profit improvement?

你是否可以量化一下改善幅度中，來自青少年（youth）業務的部分、來自時點移轉的部分，以及你對基礎本業獲利改善的假設？

Yes, absolutely. So there's, if you're looking at the Q4 numbers specifically, if you basically do the math around it, you'll see that there's a fair bit of moving parts, especially in our North America business.

是的，當然可以。如果你特別看第四季的數字，基本上你把它拆開來算，會看到有相當多的變動因素，尤其是在我們的北美業務。

So we have traffic and promotion that are being offset by some future product launches that we have, where we anticipate that we're going to be gaining traction. There is a couple of points that are coming from the youth transition specifically in Q4 in North America.

因此，我們的客流與促銷影響，會被我們即將推出的一些未來產品上市所抵消；我們預期這些新品會開始取得動能。其中有幾個百分點的改善，特別是在北美第四季，來自青少年業務轉型。

And then there's also a few points from wholesale initiatives that we have specifically in terms of trying to make sure that we manage our inventory levels in the final quarter of the year. I also mentioned on the call that with EMEA specifically, there's a shift of about 5 points from Q3 to Q4 for EMEA.

另外，還有幾個百分點來自我們的批發（wholesale）措施，特別是為了確保我們在年度最後一季能管理好庫存水位。我也在電話會議中提到，就EMEA而言，EMEA從第三季到第四季大約有5個百分點的移轉。

So that's working its way into those numbers as well. As you look at gross margin and if you're looking at just the overall SG&A, we've been taking a lot of SG&A actions over the course of the year. And so some of those are really bearing fruit on the back half of the year and going into next year.

因此這也會反映在那些數字裡。再看毛利率以及整體SG&A，我們在今年一整年採取了許多SG&A的行動。因此其中一些措施在下半年、並延伸到明年，開始真正產生效果。

So as you start to see the improvement in operating margin, it's a combination of those factors basically coming and working their way through the P&L as well.

所以當你開始看到營業利益率改善時，基本上就是這些因素的組合，逐步在損益表（P&L）中反映出來。

Peter McGoldrick with Stifel.

Stifel的Peter McGoldrick。

I just wanted to get some clarity around the kids licensing. Can you illuminate the economics on the new business model. So what's the existing run rate for revenue? How had that been contributing to the operating income line?

我想釐清一下兒童授權（kids licensing）。你能否說明一下新商業模式的經濟性。也就是目前的營收run rate是多少？過去它對營業利益（operating income）項目的貢獻如何？

And then what should we be thinking of like the net contribution when that has been fully transitioned. And as you pointed out that, that does have an impact on the fourth quarter, I'd be interested on the influence of the transition and how long that takes.

另外，當它完全轉換完成後，我們應該如何看待其淨貢獻？而且你提到這會影響第四季，我也想了解轉換的影響以及需要多久時間。

Well, why don't I take that one. So first of all, let's start with the fact that you absolutely remain strategic to what we're doing. It's an entry point to our brand. And this is an existing long-standing partner with us that we're looking at basically expanding the relationship with. You should know that we will still be selling it in our own DTC channels.

好，我來回答這題。首先，先從一點開始：青少年業務對我們正在做的事情絕對仍具策略性。它是進入我們品牌的入口。而這是一個與我們長期合作的既有夥伴，我們基本上是在評估擴大合作關係。你們也應該知道，我們仍會在自有DTC通路銷售。

So in terms of what we're looking at business around youth continues to go forward as well. And youth is focused on specifically this transaction is looking at North America and EMEA. And so our APAC business would be on the outside of that as well.

因此，就我們對青少年業務的規劃而言仍會持續推進。而這筆交易所聚焦的青少年業務，主要是北美與EMEA；因此我們的APAC業務將不包含在其中。

We're not going to be giving you the revenue or profit we break out today. Obviously, as we basically come forward with our May outlook May, our May call with our fiscal '28 outlook, we'll basically, we'll go through you get a sense in terms of royalties, transfer costs, inventory commitments, et cetera, that we'll do.

我們不會提供目前拆分揭露的營收或獲利數字。當然，等到我們在5月提出5月展望、以及5月的電話會議中給出2028財年的展望時，我們會說明讓你們理解權利金（royalties）、移轉成本（transfer costs）、庫存承諾等相關內容。

But overall, our objective is to retain earnings and cash contribution as the royalties basically replace the product sales that we have coming in. And obviously, it's a specialized provider in the space, so we think that, that will have a net benefit to us overall.

但整體而言，我們的目標是：當權利金逐步取代我們原本的產品銷售收入時，仍能保留獲利與現金貢獻。而且很明顯，這是一家在該領域的專業供應商，因此我們認為整體而言會為我們帶來淨效益。

And not piling on too much for that, but we're really in a test and learn. We want to know what we can do to have a more nimble organization, making sure that agility is something that defines this brand. We've been doing this a long time as we're closing out 30 years.

另外也不想在這點上講太多，但我們確實是在「測試並學習」（test and learn）。我們想知道如何打造更靈活的組織，確保敏捷性成為這個品牌的特質。我們做這行很久了，現在也即將邁入第30年。

And that means that we just need to be more thoughtful about what this next chapter looks like for us. So we're also looking for other areas where what makes sense for us are places that don't matter and they're not strategic to the brand of what it means.

這意味著，我們需要更審慎地思考下一個篇章對我們而言應該是什麼樣子。因此我們也在尋找其他領域：哪些地方對我們而言是合理的、哪些地方不重要、以及哪些並非品牌策略核心。

But youth is certainly a strategic place since that's why we think this is a really healthy balance for us and with a partner that we know and understand in some place where we can leverage and optimize drive a better bottom line.

但青少年業務當然是策略性領域；因此我們認為這是一個非常健康的平衡：與我們熟悉且了解的夥伴合作，在我們能夠槓桿化與最佳化的地方，推動更好的獲利表現。

Appreciate that. And then last one for me. Thinking about pricing as a driver in the fiscal fourth quarter, and perhaps dovetailing with the earlier commentary around the marketplace health, can you help us think about the contribution from pricing embedded mix, full price and like-for-like pricing considerations?

感謝說明。那我最後一題。談到定價作為2027財年第四季的驅動因素，並且可能呼應你先前對市場健康度的評論，你能否協助我們理解：定價所帶來的貢獻中，包含組合（mix）、正價（full price）以及同店/同口徑（like-for-like）定價等考量，各自的影響？

Yes. So overall, we're expecting gross margin to improve as we get into the quarter. We have taken pricing actions, but obviously, we're also in a highly competitive environment. We're talking about looking at some of our competitors that are trying to move a lot of inventory right now.

是的。整體而言，我們預期進入該季度後毛利率會改善。我們已採取定價行動，但很明顯我們也處於高度競爭的環境。我們看到一些競爭對手目前正試圖出清大量庫存。

So we're selling into a market right now that it's very promotional, if you look at North America and especially the UK as well.

因此我們現在面對的是一個促銷非常激烈的市場，若看北美，尤其是英國也是如此。

So while we have taken pricing actions, and we do expect some gross margin benefit to come from that on a net basis, some of that is being offset by greater promotional activity that's happening in the market. And it's across both wholesale and DTC frankly. So we're seeing it just as an overall market dynamic.

所以，雖然我們已採取定價行動，且我們確實預期在淨額基礎上會帶來一些毛利率效益，但其中一部分被市場上更強的促銷活動所抵消。坦白說，這同時發生在批發與DTC。因此我們把它視為整體市場動態。

This concludes Under Armour's second quarter fiscal 2027 earnings conference call. Thank you for attending.

Under Armour 2027財年第二季財報電話會議到此結束。感謝各位參與。