Under Armour Inc (UAA) 2008 Q1 法說會逐字稿

Good day, everyone.

今天是個好日子。

Welcome to the Under Armour first quarter 2008 earnings results conference call and webcast.

歡迎來到安德瑪 2008 年第一季度收益結果電話會議和網絡直播。

Today's call is being recorded.

今天的電話正在錄音。

At this time I'd like to turn the call over to the director of investor relations, Alex Miyamoto.

此時，我想將電話轉給投資者關係總監 Alex Miyamoto。

Please go ahead.

請繼續。

Thank you and good morning, everyone.

謝謝大家，早上好。

I'd like to start by welcoming you to Under Armour's first quarter 2008 earnings call.

首先，歡迎您參加安德瑪 2008 年第一季度財報電話會議。

During the course of this conference call we'll be making projections or other forward-looking statements regarding future events or the future financial performance of the Company.

在本次電話會議期間，我們將對公司的未來事件或未來財務業績做出預測或其他前瞻性陳述。

The words estimate, intend, expect, plan, outlook or similar expressions are intended to identify forward-looking statements.

估計、打算、期望、計劃、展望或類似表達旨在識別前瞻性陳述。

We wish to caution that such statements are subject to risks and uncertainties that could cause actual events or results to differ materially.

我們希望提醒您，此類陳述存在風險和不確定性，可能導致實際事件或結果存在重大差異。

Important factors relating to our business, including factors that could cause actual results to differ from our forward-looking statements, are described in our press release and in the "Risk Factor" section of our filings with the SEC.

與我們業務相關的重要因素，包括可能導致實際結果與我們的前瞻性陳述不同的因素，在我們的新聞稿和我們向美國證券交易委員會提交的文件的“風險因素”部分中進行了描述。

The Company assumes to obligation to update forward-looking statements to reflect the events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

公司承擔更新前瞻性陳述的義務，以反映陳述作出之日後的事件或情況，或反映意外事件的發生。

Before we begin I'd like to direct you to our website, investor.underarmour.com.

在我們開始之前，我想引導您訪問我們的網站investor.underarmour.com。

There you will find this morning's press release and on our webcast page images of a number of the products and initiatives we will address on the call.

在那裡，您可以找到今天上午的新聞稿以及我們將在電話會議上討論的一些產品和計劃的網絡廣播頁面圖片。

Now I'd like to introduce the speakers and topics for this morning's call.

現在我想介紹一下今天上午電話會議的發言人和主題。

Kevin Plank, Chairman and CEO, will address the drivers of our first quarter results and our strategy for continued growth in 2008 and beyond.

董事長兼首席執行官凱文·普朗克 (Kevin Plank) 將闡述我們第一季度業績的驅動因素以及我們在 2008 年及以後的持續增長戰略。

Brad Dickerson, our Chief Financial Officer, will then discuss the Company's financial performance for the first quarter and provide an outlook on key balance sheet items.

然後，我們的首席財務官布拉德·迪克森（Brad Dickerson）將討論公司第一季度的財務業績，並對主要資產負債表項目進行展望。

Wayne Marino, Chief Operating Officer, will conclude the prepared remarks with an updated outlook for 2008 financial projections.

首席運營官韋恩·馬里諾 (Wayne Marino) 將以 2008 年財務預測的最新展望結束準備好的講話。

After that we'll have a Q&A session that will end by 9:30.

之後，我們將有一個問答環節，將於 9:30 結束。

And with that I'll turn it over to Kevin Plank.

有了這個，我會把它交給凱文普朗克。

Thank you, Alex, and good morning, everyone.

謝謝你，亞歷克斯，大家早上好。

Today I'd like to talk about industry leadership and how we are using our position as the athletic brand of this generation to ensure that we are building large scalable businesses that will help drive growth in our industry for years to come.

今天我想談談行業領導地位，以及我們如何利用我們作為這一代運動品牌的地位來確保我們正在建立大型可擴展業務，這將有助於推動我們行業未來幾年的增長。

Industry leadership for Under Armour means several things.

Under Armour 的行業領導地位意味著幾件事。

First it means being a leader in driving sales, both for Under Armour and for our retail partners.

首先，這意味著成為推動銷售的領導者，對於 Under Armour 和我們的零售合作夥伴來說都是如此。

This past quarter we continued to outpace the market in revenue growth and retail sell through.

過去一個季度，我們的收入增長和零售銷售額繼續超過市場。

I will give you the meaningful numbers on that in a moment, but know that our business is strong.

稍後我會給你一些有意義的數字，但要知道我們的業務很強大。

Second, industry leadership means understanding where market opportunities exist in driving growth in those categories, both here in the U.S., and across the globe.

其次，行業領先意味著了解推動這些類別增長的市場機會在哪裡，無論是在美國還是在全球。

And third, industry leadership means taking the athletic consumer some place new and recreating categories as we are doing with Performance Training footwear.

第三，行業領導地位意味著將運動消費者帶到新的位置並重新創建類別，就像我們對性能訓練鞋所做的那樣。

We believe the long-awaited footwear debut we're about to make this Saturday, May 3rd, will not only breathe life into the long dormant category of cross-training, but also deliver excitement to the athletic shoe category and sporting goods as a whole, the likes of which has not been seen in nearly a decade.

我們相信，我們即將在 5 月 3 日星期六進行的期待已久的鞋履首次亮相，不僅將為長期休眠的交叉訓練類別注入活力，還將為運動鞋類別和整個體育用品帶來興奮，近十年未見之類的。

For Under Armour this leadership requires the appropriate level of investments to drive industry growth and excitement, and equally important to deliver long-term benefits to our shareholders.

對於 Under Armour 而言，這種領導地位需要適當的投資水平來推動行業增長和振奮人心，同時為我們的股東帶來長期利益同樣重要。

I'd like to briefly address the first topic of driving sales growth.

我想簡要談談推動銷售增長的第一個主題。

Wayne and Brad will provide more detail later, but the key takeaway is that we continue to outperform the market in athletic apparel growth and continue to lead the shift from cotton to performance.

韋恩和布拉德稍後將提供更多細節，但關鍵的一點是，我們在運動服裝增長方面繼續跑贏市場，並繼續引領從棉花到性能的轉變。

Our apparel category grew 25% in the first quarter.

我們的服裝類別在第一季度增長了 25%。

Men's was up 20%, youth up 29%, and women's -- the Under Armour women's business was up 36%.

男裝增長 20%，青年增長 29%，女裝——Under Armour 女裝業務增長 36%。

We also reiterate that full-year 2008 revenue growth will be in the 26% to 28% range.

我們還重申，2008 年全年收入增長將在 26% 至 28% 範圍內。

Most importantly, we believe our proven ability to drive growth within existing categories and the power that our brand gives us in enter categories, such as Performance Training footwear, gives us confidence to continue to invest in the growth opportunities we see for this year and beyond.

最重要的是，我們相信我們在現有類別中推動增長的成熟能力以及我們的品牌在性能訓練鞋等進入類別中賦予我們的力量使我們有信心繼續投資於今年及以後的增長機會.

Two existing areas that we have identified as key growth drivers are women's and direct-to-consumer, which includes our outlet stores, our website and our branded store in Annapolis.

我們確定為主要增長動力的兩個現有領域是女性和直接面向消費者的領域，其中包括我們的直銷店、我們的網站和我們在安納波利斯的品牌店。

From a short term perspective I'm pleased to report that both of these two businesses showed large increases year over year in Q1.

從短期的角度來看，我很高興地報告這兩項業務在第一季度都出現了同比大幅增長。

In women's we proved once again that we are moving beyond being just the compression brand for female athletes.

在女裝方面，我們再次證明我們正在超越僅僅為女運動員提供壓縮品牌。

We believe our connection with the female team athlete and our focus on innovation has provided the opportunity for Under Armour to lead the industry.

我們相信，我們與女隊運動員的聯繫以及我們對創新的關注為 Under Armour 提供了引領行業的機會。

In Q1 we saw enthusiastic consumer response to our stronger color pallets and as strong retail sell through in women's, including some of our key fitness items retailing in the $60 plus range.

在第一季度，我們看到消費者對我們更強大的彩色托盤的熱烈反應，以及女裝的強勁零售銷售，包括我們一些零售價在 60 美元以上的主要健身產品。

Our women's training revenues were over 30% and we saw strong sell through on our sports bras.

我們的女性訓練收入超過 30%，我們的運動胸罩銷量強勁。

It's important to note that our strength in women's from a distribution perspective span across the board, from our national sporting goods retailers like Dick's Sporting Goods and the Sports Authority, to regional partners, like Modell's, Academy, and Hibbitt's, to our business at Nordstrom's.

值得注意的是，從分銷的角度來看，我們在女裝方面的實力跨越了各個領域，從我們的全國體育用品零售商，如 Dick's Sporting Goods 和體育局，到區域合作夥伴，如 Modell's、Academy 和 Hibbitt's，再到我們在 Nordstrom's 的業務。 .

Our direct-to-consumer net revenues were exceptionally strong in Q1, which we believe is a direct reflection of two key measures; the strength of our brand and the positive impact from our new prototype campaign.

我們直接面向消費者的淨收入在第一季度異常強勁，我們認為這直接反映了兩個關鍵指標；我們品牌的實力以及我們新原型活動的積極影響。

From a brand perspective we believe that 57% growth in our online revenues is tied in part to the growing loyalty of the Under Armour consumer.

從品牌角度來看，我們認為在線收入增長 57% 部分與 Under Armour 消費者忠誠度的提高有關。

Our core consumer has grown up shopping online and we recognized early last year that upgrading both our product assortment and our web capabilities was essential if we were going to continue to grow with our consumer.

我們的核心消費者已經在網上購物長大，去年年初我們認識到，如果我們要繼續與消費者一起成長，升級我們的產品分類和網絡功能是必不可少的。

Our online presence from the content for athletes to the shopping experience is a key measure for today's consumer.

從運動員的內容到購物體驗，我們的在線形像是當今消費者的關鍵衡量標準。

We have built brand loyalty on the field and we have begun to build it online, as well.

我們已經在該領域建立了品牌忠誠度，我們也開始在網上建立它。

The third area where we believe it's our responsibility to show industry leadership, and probably the most critical for our long-term growth, is in new categories.

我們認為展示行業領導地位是我們有責任的第三個領域，也可能對我們的長期增長最為關鍵，那就是新品類。

Whether it's creating the category, as we did with compression, or reinventing the category, as we are doing with Performance Training, our proven ability to bring consumers someplace new and create excitement for both our retail partners and our consumer is at the core of what we do.

無論是創建類別，就像我們對壓縮所做的那樣，還是重新發明類別，就像我們在績效培訓中所做的那樣，我們已經證明有能力為消費者帶來新的地方並為我們的零售合作夥伴和我們的消費者創造興奮是什麼的核心我們的確是。

And I think there is no better evidence of this ability than the launch this Saturday of our Performance Training footwear.

我認為沒有比本週六推出的 Performance Training 鞋履更能證明這種能力的了。

While media has been playing a major role in priming the pump for the past few months, the ground swell has been growing in true Under Armour fashion in the field.

儘管媒體在過去幾個月裡一直在推動泵的啟動方面發揮著重要作用，但在該領域中，地面膨脹一直在以真正的 Under Armour 方式增長。

It started with the Under Armour High School American football game on ABC in early January and it continued with the Under Armour Senior Bowl, the true showcase with the top NFL-bound seniors, then shortly after unveiling Under Armour footwear to more than 100 million viewers who tuned into the highest-rated Super Bowl in history we saw our web traffic more than triple any of our holiday peak periods.

它從 1 月初 ABC 的 Under Armour 高中美式橄欖球比賽開始，接著是 Under Armour 高級碗，這是與 NFL 頂級高年級學生的真正展示，然後在向超過 1 億觀眾推出 Under Armour 鞋類後不久誰收聽了歷史上收視率最高的超級碗，我們看到我們的網絡流量是我們假期高峰期的三倍多。

The intended results of the initial phase of the launch came true as our apparel sales increased online and in store as thousands preorders their pairs to make sure they wouldn't miss out come May 3rd.

發布初始階段的預期結果實現了，因為我們的服裝在網上和店內的銷售額都在增加，因為成千上萬的人預購了他們的服裝，以確保他們不會錯過 5 月 3 日。

And for all you folks on the call who preordered, thank you for your business and you'll see yours in just a few days delivered right to your doorstep.

對於所有在電話中預訂的人，感謝您的業務，您將在短短幾天內看到您的業務直接送到您家門口。

All along we've been on the road, testing the shoes with high school players at the Under Armour football combines.

一直以來，我們一直在路上，在 Under Armour 聯合足球場與高中球員一起測試這雙鞋。

These combines, held in 15 cities across the country at NFL facilities, host the same type of best athletes and team leaders who told us 18 months ago that there was a lack of true training footwear out there.

這些聯合收割機在全國 15 個城市的 NFL 設施中舉行，接待了相同類型的最佳運動員和團隊負責人，他們在 18 個月前告訴我們，那裡缺乏真正的訓練鞋。

Now we have several hundred of these athletes in every city we stop in trying out the shoes and providing invaluable feedback before heading back to the schools to spread the word about the new Under Armour training shoes.

現在，我們在每個城市都有數百名這樣的運動員，我們會停下來試鞋並提供寶貴的反饋，然後再返回學校宣傳新款 Under Armour 訓練鞋。

Meanwhile, members of senior management, myself included, are hitting the road and teching up sales staffs and the shops we've built within our biggest retail partners.

與此同時，包括我自己在內的高級管理人員正在上路，為銷售人員和我們在最大零售合作夥伴中建立的商店提供技術支持。

Sales teams as large as 100 associates or more are now armed with digital downloads of the commercials, interactive technology displays, stickers, pamphlets and posters based on one simple message to sell our very complex footwear technology.

多達 100 名或更多員工的銷售團隊現在擁有基於一條簡單信息的廣告、交互式技術展示、貼紙、小冊子和海報的數字下載，以銷售我們非常複雜的鞋類技術。

Stop training in running shoes.

停止穿跑鞋訓練。

You could probably tell how excited I am about the lunch.

你可能會說我對午餐有多興奮。

We've been building the buzz around our Performance Training footwear for five months now.

五個月來，我們一直在圍繞我們的 Performance Training 鞋類建立話題。

The commercials have been running, the message is being told on every media platform and we've connected with the kids on the field, in the gym, and throughout the campus.

廣告一直在播放，信息在每個媒體平台上傳播，我們已經與球場上、健身房和整個校園的孩子們建立了聯繫。

We didn't reinvent the cross-training category just because we saw the opportunity, we did so because it's at the heart of what we do well, and it's the right step for us in building a large scalable business.

我們重新發明交叉培訓類別並不是因為我們看到了機會，我們這樣做是因為它是我們做得好的核心，它是我們建立大型可擴展業務的正確步驟。

We have invested much to get us to this point of launching our footwear this Saturday, and we need to continue to invest if we are to realize the opportunities for growth that we see in new categories and new geographies.

我們已經投入了大量資金來讓我們在本週六推出我們的鞋類產品，如果我們要實現我們在新類別和新地區看到的增長機會，我們需要繼續投資。

You've heard me say it before, and I'll say it again; Under Armour is a growth Company, and the most exciting growth is still in front of us.

你以前聽我說過，我再說一遍； Under Armour 是一家成長型公司，最激動人心的成長還在我們面前。

We believe substantial opportunities exist in our key growth drivers of apparel, footwear, retail and international.

我們相信，我們在服裝、鞋類、零售和國際業務的主要增長動力中存在大量機會。

In apparel you just need to look at our women's business, which finished the quarter up 36% and still today only represents 26% of our total apparel business.

在服裝方面，您只需看看我們的女裝業務，該季度末增長了 36%，而今天仍然只占我們服裝總業務的 26%。

From a channel perspective we believe that there is significant white space in the mall channel.

從渠道的角度來看，我們認為商城渠道有很大的空白。

We are currently in top Finish Line doors and will be placing limited apparel assortments in a few stores within the Foot Locker group throughout 2008.

我們目前處於頂級 Finish Line 大門，並將在 2008 年全年在 Foot Locker 集團內的幾家商店中投放有限的服裝分類。

This obviously positions us for what we believe could be a differentiated apparel approach and provides us with appropriate distribution for our largest future growth engine, footwear.

這顯然使我們能夠採用我們認為可能是差異化的服裝方法，並為我們最大的未來增長引擎鞋類提供適當的分銷。

We have launched our first retail store, and we will continue to test this direct distribution in multiple venues, allowing us to be strategic with where we place the brand in the future to compliment our existing distribution.

我們已經開設了第一家零售店，我們將繼續在多個場所測試這種直接分銷，使我們能夠在未來將品牌放置在戰略上，以補充我們現有的分銷。

The best indication of our future strength is that with all of this continued growth we have only just begun to extend into other world markets.

我們未來實力的最好跡像是，隨著所有這些持續增長，我們才剛剛開始擴展到其他世界市場。

We're growing our European business authentically with the recent signings of the Welsh Rugby Union and the Hannover 96 Football Club in Germany.

隨著威爾士橄欖球聯盟和德國漢諾威 96 足球俱樂部最近的簽約，我們正在真正地發展我們的歐洲業務。

And our Japanese business, which is presently run by a licensee, seems to have just crossed the tipping point with a revenue model that we expect will grow nearly 75% this year.

我們目前由一家被許可人經營的日本業務似乎剛剛越過臨界點，我們預計今年將增長近 75% 的收入模式。

Meanwhile we've been able to move people from cotton t-shirts to Performance apparel, from regular cleats to Click-Clacks, and soon from running shoes into Performance trainers.

與此同時，我們已經能夠將人們從棉質 T 卹轉變為 Performance 服裝，從常規夾板到 Click-Clack，很快從跑鞋轉變為 Performance 運動鞋。

And the good news, the greatest opportunity I'll mention this morning is that we've done all of this without having sold a single t-shirt in China or India, or South America yet.

好消息是，我今天早上要提到的最大機會是，我們已經完成了所有這一切，但還沒有在中國、印度或南美銷售過一件 T 卹。

I'll finish by saying this.

我會說完這些。

We're cognizant of the present challenges in the U.S.

我們認識到美國目前面臨的挑戰。

retail environment.

零售環境。

That's a reality.

這是一個現實。

But with more than 95% of our current revenues coming from the U.S.

但我們目前 95% 以上的收入來自美國。

we're proud to be able to post a growth rate in excess of 25%, while simultaneously building a platform of businesses for our future, both domestically and abroad.

我們很自豪能夠實現超過 25% 的增長率，同時為我們的未來在國內外建立業務平台。

As we make the transition to become a truly global brand, we are excited about the white space that lies ahead, yet remain focused on investing in our growth drivers.

隨著我們向真正的全球品牌轉型，我們對未來的空白感到興奮，但仍專注於投資於我們的增長動力。

That means in addition to the framework, we're building outside of this country, we're counting on growth from our all of our engines and, of course, the successful launch this weekend of Performance Training footwear.

這意味著除了框架之外，我們正在這個國家之外進行建設，我們依靠我們所有引擎的增長，當然還有本週末成功推出的 Performance Training 鞋類。

Our big box sporting goods partners, like Dick's and the Sports Authority, are positioned with the shoes and based on the early feedback, we believe that the launch looks promising.

我們的大型體育用品合作夥伴，如 Dick's 和 Sports Authority，對這款鞋進行了定位，根據早期的反饋，我們認為此次發布看起來很有希望。

As we have stated in the past, the way that we will define success with our Training launch is how we are positioned at year end to enter additional footwear categories.

正如我們過去所說，我們定義 Training 發布成功的方式是我們如何在年底進入更多鞋類類別。

This is more than a campaign, more than a new product line.

這不僅僅是一場活動，不僅僅是一個新的產品線。

We believe this launch will change the athletic shoe industry forever.

我們相信此次發布將永遠改變運動鞋行業。

On a larger scale we believe we have redefined once again how athletes prepare and dress for training and competition, and it's Under Armour's duty and privilege as the industry thought leaders to deliver this Performance product to all athletes at all levels.

在更大的範圍內，我們相信我們再次重新定義了運動員為訓練和比賽做準備和著裝的方式，作為行業思想領袖，為所有級別的所有運動員提供這款 Performance 產品是 Under Armour 的責任和特權。

And with I will turn it over to Brad.

我會把它交給布拉德。

Thanks, Kevin.

謝謝，凱文。

I would now like to provide some information around our first quarter income statement as well as some key balance sheet items.

我現在想提供一些關於我們第一季度損益表以及一些關鍵資產負債表項目的信息。

First our income statement.

首先是我們的損益表。

Our net revenues for the first quarter grew 27% over the prior-year quarter.

我們第一季度的淨收入比去年同期增長了 27%。

This was largely driven by 25% growth in our apparel sales, highlighted by 36% growth specific to our women's apparel.

這主要是由於我們的服裝銷售額增長了 25%，特別是我們的女裝銷售額增長了 36%。

In April we successfully implemented a new warehouse management system in our distribution center.

4 月，我們在配送中心成功實施了新的倉庫管理系統。

As a result of the system switch, some of our customers elected to take shipments in March that were originally scheduled for the first weeks of April.

由於系統切換，我們的一些客戶選擇在 3 月接收原定於 4 月前幾週發貨的貨物。

As part of this shift, and in preparation for our upcoming launch, a small portion of our new Performance Training footwear also shipped in March.

作為這一轉變的一部分，並為我們即將推出的產品做準備，我們新的 Performance Training 鞋履的一小部分也在 3 月份發貨。

In the first quarter, gross margin decreased 110 basis points to 47.6% from 48.7% in the prior year.

第一季度，毛利率從去年的 48.7% 下降 110 個基點至 47.6%。

The gross margin decline was a result of inventory reserves, primarily on excess glove inventories identified this quarter.

毛利率下降是庫存儲備的結果，主要是本季度確定的過剩手套庫存。

In addition, the margin impact of Performance Trainers in the first quarter was more than offset by the strong growth in direct-to-consumer revenues, which had a growth rate of 77%, continues to grow at a faster rate and achieve higher gross margins than our overall business.

此外，Performance Trainers 在第一季度的利潤率影響被直接面向消費者的收入的強勁增長所抵消，增長率為 77%，繼續以更快的速度增長並實現更高的毛利率比我們的整體業務。

SG&A as a percentage of net revenues for the quarter was 44.9%, compared to 35.8% in the prior-year quarter.

SG&A 佔本季度淨收入的百分比為 44.9%，而去年同期為 35.8%。

On television, in print, and in store, our new prototype campaign has been ramping up in anticipation of our Performance Training footwear launch this Saturday.

在電視、印刷品和商店中，我們的新原型廣告活動一直在加緊進行，以期待我們本週六推出的 Performance Training 鞋履。

In line with our previously-announced plans, we are shifting a greater portion of our marketing dollars to the first half of the year to support the campaign, and this was a major driver of the year-over-year increase in SG&A.

根據我們之前宣布的計劃，我們將大部分營銷資金轉移到今年上半年以支持該活動，這是 SG&A 同比增長的主要驅動力。

Marketing increased from 11.1% of net revenues in the first quarter of last year to 17.8% this year.

營銷從去年第一季度占淨收入的 11.1% 增加到今年的 17.8%。

Also contributing to the increase in SG&A growth were increased investments in product innovation and employee equity compensation costs.

對產品創新和員工股權薪酬成本的投資增加也促成了 SG&A 增長。

Our operating income for the quarter was $4.3 million compared to $16 million in the prior year.

我們本季度的營業收入為 430 萬美元，而去年同期為 1600 萬美元。

Operating margin for the first quarter was 2.7% compared to 12.9% in the prior-year quarter.

第一季度的營業利潤率為 2.7%，而去年同期為 12.9%。

This decrease in operating margin was driven by our lower gross margins and the planned increases in SG&A as previously discussed.

營業利潤率的下降是由於我們較低的毛利率和如前所述的 SG&A 計劃增加所致。

Our effective income tax rate for the first quarter was 40.3% compared to 40.6% in the same period last year.

我們第一季度的有效所得稅率為 40.3%，而去年同期為 40.6%。

We benefited from a one-time true-up in the first quarter and expect our full-year 2008 effective income tax rate to be approximately 42.3%.

我們受益於第一季度的一次性調整，預計我們 2008 年全年的有效所得稅率約為 42.3%。

Our resulting net income for the quarter was $2.9 million, compared to $9.9 million in the same period last year.

我們本季度的淨收入為 290 萬美元，而去年同期為 990 萬美元。

First quarter diluted earnings per share was $0.06 compared to $0.20 in the prior year.

第一季度每股攤薄收益為 0.06 美元，而去年同期為 0.20 美元。

Our previous guidance was $0.03 to $0.05 in total for the first half of the year.

我們之前的上半年指引為 0.03 美元至 0.05 美元。

Now I'd like to move on to the balance sheet.

現在我想轉到資產負債表。

Total cash and cash equivalents at the end of the quarter were $17.6 million compared to $40.6 million at December 31, 2007, and $57.2 million at the end of the first quarter of 2007.

本季度末現金和現金等價物總額為 1760 萬美元，而 2007 年 12 月 31 日為 4060 萬美元，2007 年第一季度末為 5720 萬美元。

The year-over-year decrease was primarily the result of investments in inventory and capital expenditures, which I will speak about shortly.

同比下降主要是由於對庫存和資本支出的投資，我稍後會談到。

For the full-year 2008, we continue to expect cash to remain relatively flat from our 2007 year-end balance.

對於 2008 年全年，我們繼續預計現金與 2007 年末餘額相比將保持相對平穩。

Currently we continue to have full availability on our $100 million line of credit facility.

目前，我們的 1 億美元信貸額度繼續完全可用。

Net accounts receivable increased 21%, or $17.4 million on a year-over-year basis, which was below our net revenue growth for the quarter.

應收賬款淨額同比增長 21%，即 1740 萬美元，低於我們本季度的淨收入增長。

In 2008 we continue to expect net accounts receivable to grow in line with top-line growth.

2008 年，我們繼續預計應收賬款淨額將隨著收入增長而增長。

At the end of the first quarter inventory increased $167.9 million compared to $166.1 million at December 31, 2007, and $80.1 million at March 31, 2007.

與 2007 年 12 月 31 日的 1.661 億美元和 2007 年 3 月 31 日的 8010 萬美元相比，第一季度末庫存增加了 1.679 億美元。

It is worth noting that the inventory balance at the end of the first quarter included nearly $14 million of Performance Training footwear in preparation for our launch this coming Saturday.

值得注意的是，第一季度末的庫存餘額包括近 1400 萬美元的 Performance Training 鞋履，為我們下週六的發布做準備。

We expect our year-over-year inventory growth rate to decelerate as we move through the year, beginning with the second quarter.

我們預計，從第二季度開始，隨著全年的推進，我們的同比庫存增長率將放緩。

By the end of the third quarter we expect inventory growth to be in line with sales growth, and by the end of the fourth quarter, we are projecting inventory to grow at a rate below our annual sales growth for 2008.

到第三季度末，我們預計庫存增長將與銷售增長保持一致，到第四季度末，我們預計庫存增長速度將低於我們 2008 年的年度銷售增長速度。

One item to note is that although we expect our year-over-year inventory growth rate to decelerate, in the second quarter we expect our highest absolute dollar inventory balance of the year as we prepare for the start of our fall season in the third quarter.

需要注意的一點是，儘管我們預計我們的同比庫存增長率將放緩，但在我們為第三季度秋季開始做準備時，我們預計第二季度的絕對美元庫存餘額將達到今年最高.

Wayne will discuss some of our inventory initiatives in more detail shortly.

韋恩很快將更詳細地討論我們的一些庫存計劃。

As we move to capital expenditures we always like to point out that we are building the foundation for large scalable businesses.

當我們轉向資本支出時，我們總是想指出，我們正在為大型可擴展業務奠定基礎。

Our investment in capital expenditures for the first quarter was approximately $9 million.

我們第一季度的資本支出投資約為 900 萬美元。

Our full-year 2008 capital investments are still planned at approximately $40 million to $42 million and will include approximately $14 million in our branded concept shops and in-store fixtures; $10 million in upgrades and improvements to our information technology infrastructure, which is an increase over our previous estimate and includes additional SAP modules specific to inventory and financial planning as well as additional investments to our website; $5 million in upgrades and improvements to our existing distribution facilities; $10 million for the build out of new outlets and additional full-price test stores; and the remaining balance in general corporate improvements to support our growth.

我們 2008 年全年的資本投資仍計劃在約 4,000 萬美元至 4,200 萬美元之間，其中包括約 1,400 萬美元用於我們的品牌概念店和店內設備； 1000 萬美元用於升級和改進我們的信息技術基礎設施，這比我們之前的估計有所增加，其中包括針對庫存和財務規劃的額外 SAP 模塊以及對我們網站的額外投資； 500 萬美元用於升級和改進我們現有的配送設施； 1000 萬美元用於建設新的門店和額外的全價測試店；以及一般企業改進中的剩餘餘額以支持我們的增長。

Now Wayne will take you through our remaining outlook for 2008.

現在韋恩將帶您了解我們對 2008 年的剩餘展望。

Thank you, Brad, and good morning, everyone.

謝謝你，布拉德，大家早上好。

Before I discuss our outlook for 2008, I would like to spend a few minutes on our inventory strategy.

在討論我們對 2008 年的展望之前，我想花幾分鐘時間了解一下我們的庫存策略。

Kevin spoke earlier about the strength of the Under Armour brand.

凱文早些時候談到了安德瑪品牌的實力。

The brand connects with the consumer, even in the face of a difficult economic environment, and all of us in the organization are focused on protecting and growing this brand.

即使面對困難的經濟環境，該品牌也與消費者保持聯繫，我們組織中的所有人都致力於保護和發展這個品牌。

One component of this is controlling the presentation of our brand at retail.

其中一個組成部分是控制我們品牌在零售店的展示。

In order to more quickly address current and future seasonal access inventory, we have put a plan in place to sell more of the seasonal excess product through our own outlet channel.

為了更快地處理當前和未來的季節性庫存，我們制定了一項計劃，通過我們自己的奧特萊斯渠道銷售更多的季節性過剩產品。

As a result of this strategy, we have lowered our target gross margin for the outlets.

由於這一策略，我們降低了網點的目標毛利率。

Doing so allows us to move units through our existing outlet base at a faster rate, but has a negative impact on our full-year gross margin outlook in 2008.

這樣做使我們能夠以更快的速度將單位轉移到現有的網點基地，但對我們 2008 年的全年毛利率前景產生負面影響。

I should point out that our outlet gross margins are still well above our overall Company gross margins.

我應該指出，我們的網點毛利率仍然遠高於我們公司的整體毛利率。

In addition to this tactical decision to more efficiently sell our excess seasonal product, we are now planning to open nine retail outlet stores in 2008 as compared to our original plan of five stores.

除了這個更有效地銷售我們多餘的季節性產品的戰術決定外，我們現在計劃在 2008 年開設九家零售店，而我們最初的計劃是五家。

The combination of this outlet strategy, along with the initiatives we already had in place to reduce the safety stock levels on core auto-replenishment items, is expected to result in a slowdown in the rate of inventory growth as we move throughout the year.

這種奧特萊斯戰略的結合，以及我們已經採取的降低核心自動補貨項目安全庫存水平的舉措，預計將導致我們全年的庫存增長速度放緩。

In addition to these technical initiatives that I just outlined, we are at the same time putting measures in place to improve our operational efficiency.

除了我剛才概述的這些技術舉措外，我們同時也在採取措施提高我們的運營效率。

Specifically we are putting systems and processes in place to improve our production planning process.

具體來說，我們正在建立系統和流程以改進我們的生產計劃流程。

We have recently implemented an S&OP, or sales and operations planning process, that gives us added visibility and control to better manage our inventory.

我們最近實施了 S&OP 或銷售和運營計劃流程，這為我們提供了更多的可見性和控制權，以更好地管理我們的庫存。

This process allows us to better link the forecasting and sales sides of our organization with the production planning functions.

這個過程使我們能夠更好地將組織的預測和銷售方面與生產計劃功能聯繫起來。

To complement this process we are also investing from an IT infrastructure perspective.

為了補充這一過程，我們還從 IT 基礎架構的角度進行投資。

Coming off the heels of a successful warehouse management system implementation, we have also invested in SAP's inventory and financial planning modules.

在成功實施倉庫管理系統之後，我們還投資了 SAP 的庫存和財務計劃模塊。

The combination of new internal processes and new technology will help us operate faster, smarter and more efficiently as we continue to strive to be a great growth company coupled with strong operational efficiencies.

新的內部流程和新技術的結合將幫助我們更快、更智能、更高效地運營，因為我們將繼續努力成為一家具有強大運營效率的成長型公司。

We have confidence in the skills and talent of our team, and we believe the approach we are taking will not only allow us to achieve the inventory targets Brad outlined earlier, but also lead to greater inventory efficiency in 2009 and beyond.

我們對我們團隊的技能和才能充滿信心，我們相信我們所採取的方法不僅可以讓我們實現 Brad 早先提出的庫存目標，還可以在 2009 年及以後提高庫存效率。

Now I'd like to move on to our outlook for 2008.

現在我想繼續我們對 2008 年的展望。

First, I would like to remind you that our long-term growth targets remain at 20% to 25% for both our top and bottom lines.

首先，我想提醒您，我們的收入和利潤的長期增長目標都保持在 20% 到 25%。

As you can tell from our first quarter result, the Under Armour brand continues to resonate.

從我們第一季度的業績可以看出，Under Armour 品牌繼續引起共鳴。

Even with over 96% of our 2008 revenues coming from a challenging retail environment in North America, we continue to be a growth leader in our industry.

即使我們 2008 年超過 96% 的收入來自北美充滿挑戰的零售環境，我們仍然是行業增長的領導者。

We are able to do this because consumers are still trading up to Performance products and selecting our brand.

我們之所以能夠做到這一點，是因為消費者仍在購買 Performance 產品並選擇我們的品牌。

As a result, we are reiterating our 2008 full-year net revenue guidance of $765 million to $775 million, which represents 26 to 28% growth over 2007.

因此，我們重申 2008 年全年淨收入指引為 7.65 億美元至 7.75 億美元，比 2007 年增長 26% 至 28%。

The outlook for our strategic growth initiatives remains the same.

我們戰略增長計劃的前景保持不變。

We continue to expect our men's apparel business to grow in the range of our long-term growth targets of 20% to 25%.

我們繼續預計我們的男裝業務將在我們 20% 至 25% 的長期增長目標範圍內增長。

Additionally, our women's and youth businesses are expected to grow at an even faster rate, much as they did in the first quarter.

此外，我們的女性和青年業務預計將以更快的速度增長，就像第一季度一樣。

As Kevin mentioned, we are preparing for the launch of Performance Training footwear this Saturday.

正如 Kevin 所說，我們正準備在本週六推出 Performance Training 鞋履。

We continue to project this to be a one million unit program in its first year, but what is most exciting is the opportunity we see to grow this category while positioning us to introduce additional Performance footwear categories in 2009 and beyond.

我們在第一年繼續將其計劃為 100 萬件產品，但最令人興奮的是，我們看到了擴大這一類別的機會，同時使我們能夠在 2009 年及以後推出更多的高性能鞋類類別。

We remain excited about the opportunity in Europe and the progress we are making in diversifying our account base, which has grown to over 1,700 doors.

我們仍然對歐洲的機會以及我們在使我們的客戶群多樣化方面取得的進展感到興奮，該客戶群已增長到 1,700 多個門。

From a distribution perspective we continue to focus on authentic sports-specific distribution, and our goal with big box specifically is to further develop our share of shelf space with existing partners.

從分銷的角度來看，我們繼續專注於真正的體育特定分銷，我們的目標是專門針對大盒子進一步發展我們與現有合作夥伴的貨架空間份額。

Additionally, we recently announced signings with the Welsh Rugby Union and Hannover 96, a German soccer league club.

此外，我們最近宣布與威爾士橄欖球聯盟和德國足球聯賽俱樂部漢諾威 96 簽約。

These sports marketing deals are our first official kit supplier deals in Europe and they give us an authentic presence on field in two our key markets, the UK and Germany.

這些體育營銷交易是我們在歐洲的第一個官方套件供應商交易，它們使我們在我們的兩個主要市場英國和德國擁有真實的現場存在感。

Given the retail component of these deals we believe these signings are sound investments.

鑑於這些交易的零售部分，我們認為這些簽約是合理的投資。

However, some of the best reaction we have gotten is from our customers who have shared their excitement about the impact that this could have on our brand presence in Europe.

然而，我們得到的一些最佳反應來自我們的客戶，他們分享了他們對這可能對我們在歐洲的品牌影響力產生的影響感到興奮。

While our international revenue in the first quarter was impacted by one of our major accounts in the UK, we continue to expect our rate of top-line growth internationally for 2008 to outpace the Company's overall year-over-year growth rate.

雖然我們在第一季度的國際收入受到我們在英國的一個主要客戶的影響，但我們仍然預計我們 2008 年的國際收入增長率將超過公司的整體同比增長率。

I want to point out that international is -- is in an investment mode and we are willing to be patient to grow this business for the long term and be authentic.

我想指出的是，國際是 - 處於投資模式，我們願意耐心地長期發展這項業務並保持真實。

Our direct-to-consumer channel continues to be a strong performer across the board, whether you're talking about the web, outlet, or the single full-price store we have in Annapolis.

無論您是在談論網絡、奧特萊斯，還是我們在安納波利斯擁有的單一全價商店，我們的直接面向消費者的渠道仍然表現出色。

We continue to believe in the opportunity this brand has to communicate and connect directly to the consumer.

我們繼續相信這個品牌必須與消費者直接溝通和聯繫的機會。

For 2008 we are planning to test at least two additional full-price retail stores.

2008 年，我們計劃測試至少另外兩家全價零售店。

For the first half we continue to project top-line growth in line with our full-year growth targets of 26% to 28%.

上半年，我們繼續根據我們 26% 至 28% 的全年增長目標預測收入增長。

Based on the updated outlet strategy I laid out earlier, along with the gross margin detail Brad provided regarding the first quarter, we now anticipate our 2008 full-year gross margins to be approximately 50%, or 30 basis points lower than 2007.

根據我之前製定的更新後的銷售策略，以及布拉德提供的第一季度毛利率細節，我們現在預計 2008 年全年毛利率約為 50%，即比 2007 年低 30 個基點。

We expect any gross margin impact from the increase in footwear to be largely offset by the growth in direct-to-consumer business.

我們預計鞋類增長對毛利率的影響將在很大程度上被直接面向消費者業務的增長所抵消。

We will continue to make investments to drive the growth of the brand in 2008 while also investing in initiatives that will drive our long-term growth.

我們將繼續投資以推動 2008 年品牌的增長，同時也投資於能夠推動我們長期增長的計劃。

Part of what has made this Company great is our belief in the opportunity of this brand and our willingness to invest to capitalize on that opportunity, and for 2008 our plans have not changed.

使這家公司變得偉大的部分原因是我們相信這個品牌的機會以及我們願意投資以利用這個機會，2008 年我們的計劃沒有改變。

Consistent with what we have stated for the last two quarters we are still planning to invest at the high end of the 12% to 13% of net revenues for marketing in 2008.

與我們在過去兩個季度中所說的一致，我們仍計劃在 2008 年將淨收入的 12% 至 13% 的高端投資用於營銷。

This investment will support the launch of our Performance Training footwear, the installation of additional concept shops, and also encompasses our most recent college signings in the U.S.

這筆投資將支持我們推出性能訓練鞋，安裝更多概念店，還包括我們最近在美國的大學簽約。

and our professional team deals in Europe.

我們的專業團隊在歐洲進行交易。

This 12% to 13% of net revenue range, although in line with our previous outlook, is higher than 11.7% of net revenues we invested in marketing for the full year of 2007.

這 12% 到 13% 的淨收入範圍雖然與我們之前的展望一致，但高於我們在 2007 年全年投資於營銷的淨收入的 11.7%。

However, we still expect to offset much of the increased year-over-year investment in marketing by leveraging certain fixed components of our SG&A.

但是，我們仍然希望通過利用我們的 SG&A 的某些固定組件來抵消大部分同比增長的營銷投資。

Therefore, consistent with our previous outlook, we are anticipating a 40 basis point increase in SG&A as a percentage of net revenues for 2008.

因此，與我們之前的展望一致，我們預計 2008 年 SG&A 占淨收入的百分比將增加 40 個基點。

Although our top line and SG&A investment outlook remains the same, the impact of gross margins I mentioned earlier, results in a revised outlook for the income from operations.

儘管我們的收入和 SG&A 投資前景保持不變，但我之前提到的毛利率的影響導致運營收入前景的修訂。

We now believe 2008 income from operations will grow 20% to 21%, for a full-year range of $103.5 million to $104.5 million.

我們現在認為，2008 年的運營收入將增長 20% 至 21%，全年範圍為 1.035 億美元至 1.045 億美元。

For the full year we now estimate our effective tax rate to increase to 42.3%, up from the previously projected 41.6%.

對於全年，我們現在估計我們的有效稅率將從之前預測的 41.6% 增加到 42.3%。

Our weighted average diluted share count is still estimated at 50.5 to 51 million shares.

我們的加權平均稀釋股數仍估計為 50.5 至 5100 萬股。

We are excited about the future of this brand and the opportunities available to us in apparel, footwear, international and direct-to-consumer.

我們對這個品牌的未來以及我們在服裝、鞋類、國際和直接面向消費者方面的機會感到興奮。

For 2008 we will remain focused on executing our plans to drive growth, while lying the foundation for growth in 2009 and beyond.

2008 年，我們將繼續專注於執行推動增長的計劃，同時為 2009 年及以後的增長奠定基礎。

While the business environment may change, our belief in our brand opportunity does not.

雖然商業環境可能會改變，但我們對品牌機會的信念不會改變。

This belief drives our conviction to make an investment in our business each and every quarter, each and every year.

這種信念促使我們堅信每個季度、每年都對我們的業務進行投資。

At this time, Kevin, Brad, and I would like to open the call for your questions.

在這個時候，凱文、布拉德和我想打開電話問你的問題。

We ask that you limit your questions to one or two per person so we can get to as many as you as possible.

我們要求您將您的問題限制在每人一到兩個，以便我們盡可能多地為您解答。

Melissa?

梅麗莎？

Thank you.

謝謝你。

(OPERATOR INSTRUCTIONS) We'll go first to Jim Duffy with Thomas Weisel.

（操作員說明）我們將首先與 Thomas Weisel 一起去找 Jim Duffy。

Thanks, hello, everyone.

謝謝，大家好。

Good morning, Jim.

早上好，吉姆。

Morning, Jim.

早上好，吉姆。

Can you help me out and kind of itemize the factors that are resulting in the change in the gross margin guidance.

你能幫我列出導致毛利率變化的因素嗎？

As I hear you talking about your outlet revenue being higher margin and increasing the number of outlets that you're having, it's kind of counter intuitive that gross margins are going the opposite way.

當我聽到您談論您的網點收入更高的利潤並增加您擁有的網點數量時，毛利率的走勢相反，這有點違反直覺。

Yes, Jim, this is Brad.

是的，吉姆，這是布拉德。

As Wayne said, two things are really are causing that.

正如韋恩所說，有兩件事確實導致了這種情況。

One was, of course, first quarter results.

一個當然是第一季度的業績。

And two, on the outlet side it was more or less what we anticipated the outlet margins to be in our original outlook compared to our change in strategy a little bit to push more units through the outlet at a lower margin.

第二，在出口方面，與我們稍微改變策略以以較低的利潤率推動更多單位通過出口相比，我們對出口利潤率的預期或多或少與我們最初的展望相比。

So it's not more or less the year-over-year outlook on the outlet business as much as it is a change in what we expected.

因此，奧特萊斯業務的同比前景或多或少不是我們預期的變化。

Okay.

好的。

And Brad, can you detail what the write-down on the gloves was?

布拉德，你能詳細說明手套上的記錄是什麼嗎？

And where do you see the inventory reserves at the end of the first quarter?

您在哪裡看到第一季度末的庫存儲備？

Sure.

當然。

On the excess glove issue, Wayne talked about some of the initiatives that we're working through to fix our processes going forward -- continue to improve our processes going forward, and a lot of these improvements are going to have positive effect on some of these issues, like the excess gloves.

關於手套過多的問題，Wayne 談到了我們正在努力解決我們未來流程的一些舉措——繼續改進我們未來的流程，其中很多改進將對一些方面產生積極影響這些問題，就像多餘的手套。

But in this issue it was really around the fact that there were some capacity issues around our factories that manufacture these gloves and what that did was it caused us to have to order these gloves to a sales forecast that really didn't have bookings behind it at that time because of the capacity issues we were ordering well in advance.

但在這個問題上，實際上是圍繞著這樣一個事實，即我們生產這些手套的工廠周圍存在一些產能問題，而這導致我們不得不根據銷售預測訂購這些手套，而銷售預測確實沒有背後的預訂當時由於容量問題，我們提前訂購了。

As we got more visibility into the sales number and bookings that sales forecast came down after a lot of the items were built already.

隨著我們對銷售數量和預訂量有了更多的了解，在很多項目已經建成後，銷售預測下降了。

That really caused us to have some excess gloves over and above what our sales forecast was at better visibility.

這確實導致我們有一些多餘的手套，超出了我們的銷售預測更好的知名度。

Typically we would use our outlet strategy to liquidate some of this excess inventory, but this is a kind of item that doesn't really move very well through outlet so we'll continue to attempt to work the balance of these items down through our normal channels going forward.

通常我們會使用我們的出口策略來清算一些多餘的庫存，但這是一種通過出口並不能很好地移動的項目，所以我們將繼續嘗試通過我們的正常工作來減少這些項目的餘額前進的渠道。

How much was the impact in the first quarter?

一季度的影響有多大？

On the inventory?

在庫存上？

Yes.

是的。

If you think about it there's two -- three things --

如果你想一想，有兩——三件事——

On the gross margin, actually, Brad?

實際上，在毛利率上，布拉德？

And then a question on where you see the inventory reserves?

然後是關於您在哪裡看到庫存儲備的問題？

Okay.

好的。

As far as the effect on gross margin in the first quarter, pretty much the whole difference in the quarter year over year was due to this inventory reserve, because the Training footwear and the positive impact of the direct-to-consumer pretty much offset each other.

至於對第一季度毛利率的影響，幾乎整個季度的同比差異都是由於庫存儲備，因為訓練鞋和直接面向消費者的積極影響幾乎抵消了兩者其他。

That's first of all.

這是首要的。

Second of all, as far as inventory reserves go, our inventory reserves, if you remember with our outlet channel and the apparel side of the business; there's a lot less of a need for inventory reserves on our apparel business because we have a good avenue to liquidate that product.

其次，就庫存儲備而言，我們的庫存儲備，如果您還記得我們的出口渠道和業務的服裝方面的話；我們的服裝業務對庫存儲備的需求要少得多，因為我們有一個很好的途徑來清算該產品。

So most of our inventory reserves that we have right now would be for specific things that we would think would be difficult to move through our outlet channel, like the gloves.

因此，我們現在擁有的大部分庫存儲備將用於我們認為難以通過我們的出口渠道移動的特定物品，例如手套。

Jim, this is Wayne.

吉姆，這是韋恩。

Our outlet strategy has not changed.

我們的出口策略沒有改變。

The strategy is in place to move through seasonal excess inventory.

該策略已到位，以消除季節性過剩庫存。

So in the past I talked to you about our core strategy and our strategy around core has not changed.

所以過去我和你談過我們的核心戰略，我們圍繞核心的戰略沒有改變。

Our core product right now sells through at full price.

我們的核心產品現在以全價銷售。

And we've been on a plan to reduce the number of weeks of safety stock in our core product, and we're continuing to do that successfully.

我們一直在計劃減少我們核心產品的安全庫存週數，我們正在繼續成功地做到這一點。

I think one of the drivers towards reducing our inventory to lower levels that Brad mentioned by year end is achieving that initiative.

我認為布拉德在年底提到的將我們的庫存減少到較低水平的驅動力之一是實現這一舉措。

In terms of seasonal excess -- and this is one of the reasons why we don't have an inventory reserve that we would increase is because the outlet channels, that's the sole purpose of their existence, but there was the glove issue, and this glove issue was something that did come up in the quarter.

就季節性過剩而言——這是我們沒有增加庫存儲備的原因之一，因為出口渠道，這是它們存在的唯一目的，但存在手套問題，而這手套問題是本季度確實出現的問題。

We addressed it immediately.

我們立即解決了這個問題。

We feel like right now we've looked out for the year and wouldn't need to make any further adjustments to inventory reserve.

我們覺得現在我們已經為這一年做好了準備，不需要對庫存儲備做任何進一步的調整。

Okay, very good.

好的，非常好。

Thanks.

謝謝。

Okay

好的

We'll take our next question from Jeff Klinefelter with Piper Jaffray.

我們將回答 Jeff Klinefelter 和 Piper Jaffray 的下一個問題。

Yes, thank you, my question is on sourcing.

是的，謝謝，我的問題是關於採購的。

If you could just update us on your current sourcing structure?

如果您可以向我們更新您當前的採購結構？

I know a few quarters ago we were looking at shifting some of that here back over to Central South America, and just wanted to know where we stand today.

我知道幾個季度前我們正在考慮將其中的一些轉移回中南美洲，只是想知道我們今天的立場。

How much of it is actually coming in China.

實際上有多少是來自中國。

And any trends you seeing out there in the inflation of your product, either the petroleum-based nature or more importantly just inflation coming out of the countries, the FOB destinations?

以及您在產品通脹中看到的任何趨勢，無論是基於石油的性質，還是更重要的是來自國家/地區的通脹，FOB 目的地？

Jeff, hi, it's Wayne.

傑夫，嗨，我是韋恩。

First of all, good news is that for 2008 our sourcing group has locked in the prices.

首先，好消息是我們的採購團隊已經鎖定了 2008 年的價格。

So we feel very comfortable that for 2008 what we have planned, what we have forecasted is real and it's good.

因此，我們對 2008 年的計劃和預測是真實的並且很好，這讓我們感到非常自在。

2009 at this point is a little bit too early to tell, but there is -- as far as our apparel is concerned, we probably have at this point less than about 6% of our apparel comes from China.

2009 年現在說還為時過早，但就我們的服裝而言，我們目前可能只有不到 6% 的服裝來自中國。

So we're fairly diversified throughout the world, and the group will continue to look for other areas outside of the main hub of China to be able to source.

因此，我們在全球範圍內相當多元化，該集團將繼續尋找中國主要樞紐以外的其他地區能夠採購。

So we think we're pretty well position in terms of our sourcing.

因此，我們認為我們在採購方面處於有利地位。

Central and South America has been a large sourcing base for us.

中美洲和南美洲一直是我們的大型採購基地。

I think about 20% in Central and South America.

我認為在中美洲和南美洲大約有 20%。

Mexico's been about 15%.

墨西哥約為15%。

So that's how we see it and I think 2009 would be too early to call right now.

所以這就是我們的看法，我認為現在打電話給 2009 年還為時過早。

Okay.

好的。

So at this point, your product itself and your labor contracts or manufacturing contracts are locked in for the balance of '08?

所以在這一點上，你的產品本身和你的勞動合同或製造合同被鎖定為 08 年的餘額？

That's correct.

這是正確的。

Okay, and then just one other question on your women's product.

好的，然後關於您的女性產品的另一個問題。

I understand that you're having great success this year in terms of growth rates and is there anything in particular that you could point to?

我知道您今年在增長率方面取得了巨大的成功，您有什麼特別要指出的嗎？

I know you pointed out a couple of key categories, but anything else in terms of feedback from retail, changes you have made in the styling of the product, the color of the product, or any flow initiatives that they're pointing to as saying this is really helping us help you grow that category that would point to that accelerating or continuing to the balance of the year?

我知道你指出了幾個關鍵類別，但關於零售反饋、你對產品樣式所做的更改、產品顏色或他們所指的任何流程舉措方面的任何其他內容這真的是在幫助我們幫助您發展該類別，這將指向加速或持續到今年的平衡？

Hey, Jeff this is Kevin.

嘿，傑夫，這是凱文。

I think probably more than anything it's just the fact that we've been doing it for a period of time now.

我認為可能最重要的是，我們已經這樣做了一段時間。

That whole mentality that we probably began the women's business with four or five years ago of shrink it and pink it is something that we've evolved into being a legitimate women's brand.

我們可能在四五年前開始女性業務的整個心態是縮小它和粉紅色它是我們已經發展成為合法女性品牌的東西。

I think that's coming to light with the pallet that you see on the floor.

我認為您在地板上看到的托盤會揭示這一點。

And, frankly, that consumer she's always been there for us, she's just been walking over to our pad and say give me a reason to buy.

而且，坦率地說，那個消費者她一直在我們身邊，她只是走到我們的墊子前說給我一個購買的理由。

And I think when you look at the assortment that we have out on the floor right now in Q1 and which you'll see really through 2008, and especially with the addition of Suzanne Karkus, who's now on board heading up our apparel group as a whole, I think you're only going to see that get better.

而且我認為，當您查看我們目前在第一季度推出的產品系列時，您將在 2008 年真正看到，尤其是在 Suzanne Karkus 的加入下，她現在作為領導我們的服裝集團整體，我認為你只會看到它變得更好。

We were out making some account visits in the past week and the excitement on the floor is something that -- they're starting to give us that head nod that says, looks like you guys are finally starting to figure it out.

在過去的一周裡，我們進行了一些客戶訪問，現場令人興奮的是——他們開始向我們點頭表示，看起來你們終於開始弄清楚了。

So I think we're pretty proud and this isn't a one-quarter wonder.

所以我認為我們非常自豪，這不是四分之一的奇蹟。

Okay, thank you.

好的謝謝你。

We'll take our next question from Omar Saad with Credit Suisse.

我們將向瑞士信貸的奧馬爾薩德提出下一個問題。

Thanks, good morning.

謝謝，早上好。

Good morning, Omar.

早上好，奧馬爾。

Can I ask two quick housekeeping questions?

我可以問兩個快速的家政問題嗎？

One, how much with the Performance Trainer shoe shipments got pulled forward from 2Q to 1Q?

一，Performance Trainer 鞋的出貨量從 2Q 到 1Q 提前了多少？

And then could you give the inventory breakout, the core versus seasonal that you usually give?

然後你能否給出庫存突破，你通常給出的核心與季節性？

Omar, it's Brad.

奧馬爾，是布拉德。

As far as the Performance Trainers that were shipped in Q1, if you recall we said we would do about a million pairs in 2008 of Performance Trainers and the amount that shipped in Q1 was a little bit less than 10% of that.

至於第一季度出貨的性能訓練鞋，如果你還記得我們說過我們將在 2008 年生產大約一百萬雙性能訓練鞋，而第一季度出貨的數量略低於其中的 10%。

Okay.

好的。

And secondly -- I'm sorry, what was the second question again?

其次——對不起，第二個問題又是什麼？

The inventory breakout, core versus seasonal.

庫存突破，核心與季節性。

It's a metric you guys have been giving the last couple of quarters.

這是你們過去幾個季度一直在給出的指標。

Yes, pretty much -- it's pretty consistent with the previous quarters.

是的，幾乎 - 它與前幾個季度非常一致。

Okay, okay.

好吧好吧。

On the marketing spend.

關於營銷支出。

You guys actually spent a little bit less than I expected in the first quarter, but you're still looking for that third -- high end of 12% to 13% for the full year.

你們實際上在第一季度的花費比我預期的要少一點，但你們仍在尋找第三個——全年 12% 到 13% 的高端。

Can you talk about -- is it a still kind of a 60/40 first half, second half and what's the strategy there behind the Performance Trainer launch?

你能談談 - 上半場和下半場仍然是 60/40，以及 Performance Trainer 推出背後的策略是什麼？

Should we expect more coming in the coming weeks as the stuff hits the stores?

隨著這些東西進入商店，我們是否應該期待未來幾週會有更多產品出現？

And how do you think about -- if you have any launches planned for early next year, how do you ensure you've got enough investment to support those launches later on this year?

你如何看待——如果你計劃在明年初推出任何產品，你如何確保你有足夠的投資來支持今年晚些時候的這些產品推出？

Yes, Omar, I'll start off -- this is Wayne.

是的，奧馬爾，我要開始了——我是韋恩。

Just some clarity around the timing of the marketing spend.

只是對營銷支出的時間安排有些明確。

We'll be looking more at a 50/50 first half, second half and how we spend those dollars.

我們將更多地關注 50/50 的上半年、下半年以及我們如何花費這些錢。

In terms of how we'll apply those dollars in the launch, I'll let Kevin take you through the Performance Trainer and how we're going to talk that story over from early in the year until now.

至於我們將如何在發布中應用這些資金，我將讓 Kevin 帶您了解 Performance Trainer 以及我們將如何從年初到現在談論這個故事。

Omar, so what you saw was us really kick off a year-long campaign that began with Super Bowl, right?

奧馬爾，所以你看到的是我們真的開始了為期一年的競選活動，從超級碗開始，對吧？

And that wasn't something that was meant to be this is the campaign summed up in 60 seconds as much as you're starting to see that penetrate through.

這並不是本應如此，這是一場在 60 秒內總結出來的活動，正如你開始看到的那樣。

I mentioned in my script how we started with the Under Armour High School All-American game, then it's the Under Armour Senior Bowl.

我在劇本中提到了我們是如何從 Under Armour 高中全美比賽開始的，然後是 Under Armour Senior Bowl。

Now probably one of the neatest things we're doing is this 15-city Under Armour combine tour, which is basically we go to -- we've done about five of them so far.

現在可能我們正在做的最整潔的事情之一就是這個 15 座城市的 Under Armour 聯合巡演，這基本上就是我們要去的地方——到目前為止，我們已經完成了其中的五個。

But we pull off -- for instance, two weeks ago I was down in Dallas at our Dallas combine.

但是我們成功了——例如，兩週前我在達拉斯的達拉斯聯合收割機。

We're at the Dallas Cowboy's training facility in Irving, Texas.

我們在德克薩斯州歐文的達拉斯牛仔隊訓練場。

We had a little more than 200 athletes that were at this facility.

我們有 200 多名運動員在這個設施裡。

200 of the -- invite only, the top 200 to 300 high school kids in the area.

200 - 僅限受邀者，該地區排名前 200 到 300 的高中生。

And we dressed them out; give them a shirt, a pair of shorts, a pair of socks.

我們把它們打扮得漂漂亮亮；給他們一件襯衫，一條短褲，一雙襪子。

And what we bring is really the theater to this event and we're timing them the same way that the college kids do and the pros do to this combine.

我們為這次活動帶來了真正的劇院，我們正在為他們安排時間，就像大學生和專業人士對這個組合所做的那樣。

And we pull up, we've a 40-foot bus wrapped in graphics, we've got 18-wheelers that are wrapped in graphics, and really the only thing that's inside of these 18-wheelers -- they're basically empty, but it's about creating the theater that happens in and around these events.

我們停下來，我們有一輛 40 英尺長的巴士，裡面有圖形，我們有 18 輪車，裡面有圖形，而且這些 18 輪車裡面真的唯一的東西——它們基本上是空的，但它是關於創造發生在這些事件中和周圍的劇院。

So what we would do -- I think that's been something really exciting and more importantly we're getting our product on these kids, we're getting the shoes on kids' feet.

所以我們會做什麼——我認為這真的很令人興奮，更重要的是，我們正在為這些孩子提供我們的產品，我們正在為孩子們提供鞋子。

The next thing we're doing is -- that parlays, obviously, into launch this weekend.

我們要做的下一件事是 - 顯然，本週末推出。

Like I mentioned, we're actually -- we're out at stores and all of these things happening throughout really the first half of the year are positioning us I think to tell a great story, which is that stop training in running shoes.

就像我提到的那樣，我們實際上 - 我們在商店裡，所有這些事情都發生在今年上半年，我認為這是一個很好的故事，那就是停止訓練跑鞋。

Another thing that you'll see we're doing is, not only in addition to our own money is we're also -- we're partnering with some of our accounts.

你會看到我們正在做的另一件事是，除了我們自己的錢之外，我們還 - 我們正在與我們的一些賬戶合作。

One of the things we have out on TV right now is a cobranded spot with Dick's Sporting Goods promoting, again, the launch.

我們現在在電視上播出的一件事是與 Dick's Sporting Goods 的聯合品牌廣告，再次宣傳此次發布。

And you'll see that through not only what we're doing in the front half of the year, but you'll also see more of that type of cobranded marketing that'll take place in the back half of the year.

而且您不僅會通過我們在今年上半年所做的事情看到這一點，而且您還會看到更多這種類型的聯合品牌營銷將在今年下半年發生。

So really in addition to the dollars we spend, which to Wayne and to Brad's point we see staying consistent with that 12% to 13% and it will be much more balanced in that 50/50 type of balance, front half, back half.

因此，除了我們花費的美元外，在韋恩和布拉德看來，我們認為這與 12% 到 13% 保持一致，並且在前半部分和後半部分的 50/50 類型的平衡中會更加平衡。

We finally think that we'll be able to bolster not only the Training launch -- and again, we've got a launch 5/3, we've got a next iteration coming out in July, and then we've generation two product that'll be launching November of this year.

我們最終認為，我們不僅能夠支持 Training 的發布——而且，我們再次發布了 5/3，我們將在 7 月發布下一次迭代，然後是第二代將於今年 11 月推出的產品。

All of those, we feel good about having the right amount of dollars reserved and ready to launch and tell great stories around that product.

所有這些，我們對保留適量的美元並準備發布並圍繞該產品講述精彩故事感到滿意。

Okay.

好的。

In terms of moving from a 60/40 target to more of a 50/50 target, is that -- what drove that slight shift in the allocation there?

就從 60/40 目標轉向更多 50/50 目標而言，是什麼推動了那裡的分配略有變化？

Are there launches we should be thinking about for the beginning of next year, or is it just looking at a more even way to layout the communication with the consumers?

明年年初我們應該考慮推出新產品，還是只是在尋找一種更公平的方式來佈局與消費者的溝通？

Let me drive home the point is that, again, the way that we're going to define success in Training footwear is how we're positioned at year end to enter additional categories.

讓我再次強調一點，我們定義訓練鞋成功的方式是我們在年底進入其他類別的定位。

So I think that the opportunity is there for us to enter additional categories, but we're going to know a lot more after Saturday.

所以我認為我們有機會進入其他類別，但周六之後我們會知道更多。

And to be clear, as we think about success and define that, I'd say that Click-Clack was probably one of the more successful campaigns in the last five or ten years and it wasn't something that took place from the opening Saturday that we launched the product.

需要明確的是，當我們考慮成功並對其進行定義時，我想說 Click-Clack 可能是過去五到十年中最成功的活動之一，而這並不是從周六開幕式開始的我們推出了該產品。

It took four, six, and eight weeks for us to really to get a handle and for the consumer to buy in to the program.

我們花了四、六和八週的時間才真正掌握並讓消費者購買該計劃。

I just want to make sure that I set people's expectations of what -- how we're defining success is that it's really going to be into June and really the first part of July before we say, hey, how did we do?

我只是想確保我設定了人們對什麼的期望——我們如何定義成功是它真的會持續到 6 月，真的是 7 月上旬，然後我們才會說，嘿，我們做得怎麼樣？

And as we come back with the next generations of product, again that will position us.

當我們帶著下一代產品回來時，這將再次定位我們。

And yes, I think there's some other big categories out there.

是的，我認為還有其他一些大類。

And if we do things right, and as we say our focus right now is making sure Training's successful, but without question, those larger categories of running and basketball, they're out there and it's a matter of our brand being ready and most importantly the product being ready.

如果我們做對了，正如我們所說，我們現在的重點是確保訓練成功，但毫無疑問，那些更大的跑步和籃球類別，它們就在那裡，這是我們品牌準備好的問題，最重要的是產品準備就緒。

Okay, thank you.

好的謝謝你。

Thanks a lot, Omar.

非常感謝，奧馬爾。

We'll go next to Dan Wewer with Raymond James.

我們將和 Raymond James 一起去 Dan Wewer 旁邊。

Good morning.

早上好。

Question on footwear, and start off on the cleats.

關於鞋類的問題，從防滑釘開始。

If during the first quarter you shipped a little bit less than 100,000 units of Performance Trainers would that imply that cleat sales were essentially flat year over year?

如果在第一季度您的 Performance Trainers 出貨量略低於 100,000 件，這是否意味著防滑釘銷量與去年同期基本持平？

Dan this is Wayne.

丹，這是韋恩。

One of the things that we start off with is in the cleat business out at retail, we're very, very happy with how we're performing.

我們開始的一件事是在零售業的夾板業務，我們對我們的表現非常非常滿意。

Football cleats, 24%, 25% market share, baseball cleats, 14% to 15% market share.

足球鞋，24%，25%的市場份額，棒球鞋，14%到15%的市場份額。

One of the things we did after the initial launch is that as a wholesaler we shipped what we believe is a little too much product into the market and as a result we had to let the market wind down with that product to our customers.

我們在首次發布後所做的其中一件事是，作為批發商，我們向市場運送了我們認為有點過多的產品，因此我們不得不讓市場隨著該產品向我們的客戶傾斜。

Hasn't changed our position in the market as number two and we're very happy where our position is.

沒有改變我們在市場上的第二名地位，我們很高興我們的位置。

However, to be prudent and not put too much product in the marketplace we certainly have been tempering down those shipments and that's what you're seeing in Q1 as far as our cleated footwear.

但是，為了謹慎起見，不要在市場上投放太多產品，我們當然一直在減少這些出貨量，這就是您在第一季度看到的我們的防滑鞋。

But I want to really remind you that the success we've had at retail, specifically in the youth shoes, have been very good and our market share is consistent year over year.

但我真的想提醒您，我們在零售業，特別是在青年鞋方面取得的成功非常好，我們的市場份額每年都保持一致。

And, Wayne, I believe that this year you're due for a new model in football cleats.

而且，韋恩，我相信今年你應該購買新的足球鞋款。

Is that correct?

那是對的嗎？

Yes, what we typically would do is we'd one our cleats for two years, we'd have two-year styles, and so we'll introduce new models and that's the way we'll keep fresh.

是的，我們通常會做的是我們的夾板兩年，我們有兩年的款式，所以我們會推出新型號，這就是我們保持新鮮的方式。

And then the good news with that is if you have a two-year style and you put it out, there's an opportunity to have those sales run more than just one season.

然後好消息是，如果你有一個兩年的風格並且你把它推出，那麼就有機會讓這些銷售超過一個季節。

For the most -- for those shoes, for the part, that's -- that's where the cost is and you can still spin new uppers, so for instance, one of our most profitable shoes on the kids side is a product we have called the Hammer and we're using the same outsoles for same molds.

大多數情況下——對於那些鞋子，部分來說，這就是成本所在，你仍然可以紡新鞋面，例如，我們在兒童方面最賺錢的鞋子之一是我們稱之為的產品Hammer 和我們為相同的模具使用相同的外底。

We're continuing to amortize those molds, as well as we're spinning new uppers that are giving it a fresh look for kids when they come back at retail.

我們將繼續攤銷這些模具，並且我們正在紡製新的鞋面，當孩子們回到零售店時，它們會煥然一新。

Well, Kevin, I guess just one of the questions I had regarding the Performance Trainer and thinking about the performance of the football cleats and the baseball cleats is that one would think that Under Armour would have stronger competitive advantages with on-the-field cleats than off-the-field cleats.

好吧，Kevin，我想我對 Performance Trainer 以及足球鞋和棒球鞋的性能提出的問題之一是，人們會認為 Under Armour 將擁有更強大的競爭優勢比場外防滑釘。

So what do you do differently in how you allocate Performance Trainers so that we don't see this drop off in unit growth like we had cleats in the last couple of periods?

那麼，您在分配績效培訓師方面有何不同，以使我們不會像過去幾個時期那樣看到單位增長的下降？

Well, I think it starts with us beginning with a fixed and an allocated number of units.

好吧，我認為它始於我們從固定和分配數量的單位開始。

We've been pretty disciplined about that and I think our answers have been pretty consistent, as well, as to the approach we're going to take to the amount of product we're going to put in the market.

我們對此非常自律，我認為我們的答案也非常一致，以及我們將對我們將投放市場的產品數量採取的方法。

More importantly, though, you can sell a football cleat to a football player, you can't sell it to somebody who used to play or wants to play or it's -- and most people they have one pair and it sits in their closet.

不過，更重要的是，你可以把足球鞋賣給足球運動員，但不能賣給曾經踢球或想踢球的人，或者它——大多數人都有一雙，它就在他們的衣櫥裡。

We believe that not only is, A, our athlete training in a different way, but more importantly, the reason that this campaign has moved to this concept of stop training in running shoes, we believe there's a lot of people out there that are looking for, frankly, a brand like Under Armour to tell them how to train.

我們相信，A，不僅是我們的運動員以不同的方式訓練，更重要的是，這項運動之所以轉向了穿跑鞋停止訓練的概念，我們相信有很多人正在尋找坦率地說，像安德瑪這樣的品牌告訴他們如何訓練。

Again, the scenario we use is walk in to a gym and if there's ten people in there count the number of people that are training in running shoes.

同樣，我們使用的場景是走進健身房，如果那裡有 10 個人，則計算正在訓練跑鞋的人數。

And then I'd challenge you and say if it's 16-year-old kids, ask how many are doing just a linear motion like an elliptical machine or a tread mill.

然後我會挑戰你，如果是 16 歲的孩子，問問有多少人只是在做直線運動，比如橢圓機或跑步機。

These kids are training today side-to-side lateral mobility and that idea calls for a different type of shoe.

這些孩子今天正在訓練左右橫向移動性，這個想法需要不同類型的鞋子。

And so the fact is nobody knows what a training shoe is.

所以事實是沒有人知道訓練鞋是什麼。

Today's 16-year-old has no idea what cross-training even was or was it a category.

今天 16 歲的孩子甚至不知道交叉訓練是什麼，或者它是一個類別。

Again, it's been relegated to that 45-year-old who's spending $50 at Kohl's on a basic training shoe.

再一次，它被降級為那個在 Kohl's 花了 50 美元購買基本訓練鞋的 45 歲老人。

So I think our ability to redefine that space and redefine that category for today's athlete, it's something that -- again, this is only a launching point for us, that we think, A, it provides credibility in the marketplace and shows that we can sell product -- a non-cleated product to the consumer, but like I said, it also positions us to head in to additional categories as we move forward.

所以我認為我們有能力為今天的運動員重新定義這個空間並重新定義那個類別，這就是——再次，這對我們來說只是一個起點，我們認為，A，它在市場上提供了可信度，並表明我們可以向消費者銷售產品——一種非防滑產品，但就像我說的那樣，它也使我們能夠在前進的過程中進入其他類別。

Kevin, just the last question I had for you.

凱文，我問你的最後一個問題。

You noted that you were visiting with a lot of your customers in the last few weeks.

您注意到過去幾週您拜訪了很多客戶。

What are you learning about the retailer's response to the weakening economy and what they're doing with purchase orders and requests for return privileges?

您對零售商對疲軟經濟的反應以及他們對採購訂單和退貨特權要求的反應有何了解？

Well, first of all is let me reiterate that there's no question we're in a different economic environment, particularly for the Under Armour brand where 96% of what we're doing is here in the U.S., yet even with that type of headwind, we're able to put 27% growth on the board.

好吧，首先讓我重申，毫無疑問，我們處於不同的經濟環境中，特別是對於 Under Armour 品牌而言，我們所做的 96% 都在美國，但即使有這種逆風，我們能夠在董事會上實現 27% 的增長。

We're very proud of that.

我們為此感到非常自豪。

So as we look at 2008 our approach is we want to make sure that we're dealing with all of our operational issues and that's why I think you've seen some of the adjustments that have been made around inventory and our being more aggressive in 2008, as well.

因此，當我們回顧 2008 年時，我們的方法是確保我們正在處理所有運營問題，這就是為什麼我認為您已經看到圍繞庫存做出的一些調整以及我們在2008 年也是如此。

So 2008 will be a long year, but more importantly we think that we're going to get through it just fine and be able to reiterate that fact that we are a growth Company.

因此，2008 年將是漫長的一年，但更重要的是，我們認為我們會很好地度過難關，並且能夠重申我們是一家成長型公司這一事實。

Under Armour's a little unique.

Under Armour 有點獨特。

We've got a lot of different levers for growth and you're going to see that in A, what we put up in Q1 and you're going to see that again in what we put up in Q2 as we reiterate that 26% to 28% growth, and that the value and the importance that Performance Training is going to play to our growth story.

我們有很多不同的增長槓桿，你會在 A 中看到我們在第一季度提出的內容，你會在我們在第二季度提出的內容中再次看到這一點，因為我們重申 26%到 28% 的增長，以及績效培訓將在我們的成長故事中發揮的價值和重要性。

Now that makes us pretty unique.

現在，這使我們非常獨特。

Our retailers, they have made adjustments throughout the first quarter, but frankly, we think that we've seen all of the adjustments throughout the full year.

我們的零售商在整個第一季度都進行了調整，但坦率地說，我們認為我們已經看到了全年的所有調整。

The environment out there it's not that it's getting easier, but we're not necessarily seeing it getting any more difficult either.

外面的環境並不是變得更容易，但我們也不一定看到它變得更加困難。

So the thing that probably gives us greatest strength is, A, when you are out in stores and you're talking to consumers and you're watching them shop and buy, when we're hearing the excitement that's building out there for our Training program -- and frankly I think that's going to be real asset to the sporting goods channel as well is that, remember, we've got this launch is excluded to the sporting goods channel, and it's going to give a real point of differentiation of hopefully helping to driving additional foot traffic in their stores, as well.

所以可能給我們最大力量的是，A，當你在商店裡，你正在與消費者交談，你正在看著他們購物和購買，當我們聽到那里為我們的培訓而建立的興奮時計劃——坦率地說，我認為這對體育用品頻道來說也是真正的資產，記住，我們已經將這次發布排除在體育用品頻道之外，它將給出一個真正的差異化點希望也有助於增加他們商店的客流量。

And then you know again, the one thing I think we sort of glazed over was our own direct-to-consumer business, which as a total was up nearly 77% for us.

然後你又知道了，我認為我們對我們自己的直接面向消費者的業務感到驚訝的一件事，對我們來說總共增長了近 77%。

Our web business alone up 57%.

僅我們的網絡業務就增長了 57%。

Our consumer's looking, they're shopping for our brand.

我們的消費者正在尋找，他們正在購買我們的品牌。

It's not to say that we're excluded from these times, but we are doing a heck of a lot -- I think we're leading the charge when you look at the performance of Under Armour, again, and what's defined as a pretty difficult market out there.

這並不是說我們被排除在這些時代之外，而是我們做了很多事情——我認為當你再次查看 Under Armour 的表現以及被定義為漂亮的東西時，我們正在引領潮流困難的市場。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Thanks very much, Dan.

非常感謝，丹。

We'll go next to Kate McShane with Citi.

我們將和花旗一起去凱特麥克肖恩旁邊。

Hi, good morning.

早上好。

Hi, Kate.

嗨，凱特。

Not to beat a dead horse, but I'm just trying to better understand why you are pushing product through your outlets at lower prices.

不是為了打敗一匹死馬，但我只是想更好地理解為什麼你要以更低的價格通過你的商店推銷產品。

Did retailers ship back product to you during the quarter or have you seen a cancellation in orders?

零售商是否在本季度將產品退回給您，或者您是否看到訂單被取消？

Or is it just a matter of having too much inventory on the books this year?

還是只是今年的書籍庫存過多？

Kate, in is Wayne.

凱特，是韋恩。

First, retailers definitely, as Kevin said, they're being cautious with how they manage their inventory and they should.

首先，零售商肯定，正如凱文所說，他們對如何管理庫存持謹慎態度，他們應該這樣做。

For us, what we've always had is our outlet store strategy has always been to move through our seasonal excess and that hasn't changed, but the one thing in this environment today that we think is prudent is looking at our current and future seasonal excess is not to let that get backed up.

對我們來說，我們一直擁有的是我們的直銷店策略一直是通過我們的季節性過剩，這並沒有改變，但在今天的這種環境中，我們認為謹慎的一件事是著眼於我們的當前和未來季節性過剩是不要讓它得到支持。

We think it's smart to be able to move that seasonal excess through our outlets.

我們認為能夠通過我們的網點轉移季節性過剩是明智之舉。

So what we've done this year is nothing different than the past except we've accelerated that through our outlet stores.

所以我們今年所做的與過去沒有什麼不同，只是我們通過我們的直銷店加速了這一點。

Again, we're taking into account the current environment, the fact that our retailers manage their inventories a little bit tighter this year, and we're looking at a channel that protects our brand, operates at a profit, and has a higher overall margin than our business.

再次，我們考慮到當前的環境，我們的零售商今年管理他們的庫存有點緊張，我們正在尋找一個可以保護我們的品牌的渠道，以盈利為目的，並且具有更高的整體利潤超過我們的業務。

So it is a strategy for us not to hold that seasonal excess for a long amount of time and that's the driver behind it.

因此，我們的策略是不要長時間保持季節性過剩，這就是其背後的驅動力。

I think the other point is that in last call and I've talked about our strategy around core, that strategy has not changed.

我認為另一點是，在上次電話會議中，我談到了我們圍繞核心的戰略，該戰略沒有改變。

Our core inventory, which we sell through at full price in our retail stores, that strategy has been to reduce safety stock and we've been successful at reducing that safety stock for our heat gear, and in a few months we'll be successful in reducing that safety stock around our cold weather gear.

我們的核心庫存，我們在零售店以全價銷售，該策略一直是減少安全庫存，我們已經成功地減少了我們的加熱設備的安全庫存，幾個月後我們將取得成功減少我們寒冷天氣裝備周圍的安全庫存。

And the result of that core inventory strategy is really going to be impacted in the third and fourth quarter, as Brad elaborated on in our inventory levels.

正如布拉德在我們的庫存水平中詳細闡述的那樣，該核心庫存策略的結果將在第三季度和第四季度真正受到影響。

But, Kate -- this is Kevin.

但是，凱特——這是凱文。

You're not going to find -- we built these franchise businesses, we call them wheelhouse businesses here, like our $25 (inaudible) t-shirt, our $50 cold gear mock, but no, you're not going to find those basic products in white, black, and navy blue marked down either in our own retail stores or, frankly, anywhere.

你不會找到——我們建立了這些特許經營業務，我們在這裡稱它們為操舵室業務，比如我們 25 美元（聽不清）的 T 卹，我們 50 美元的冷齒輪模型，但不，你不會找到那些基本的白色、黑色和深藍色的產品在我們自己的零售店或坦率地說，在任何地方都有折扣。

These are consistent, really staples to our product line that, frankly, we just -- we have a lot of it.

這些是我們產品線的一致的，真正的主食，坦率地說，我們只是 - 我們有很多。

And so what we're doing in the outlets is we're moving through more of that seasonal product and you're not finding additional of those core basics.

因此，我們在奧特萊斯所做的是，我們正在推出更多的季節性產品，而您不會找到更多的核心基礎產品。

We're not making as much, frankly, which is -- it's a little bit tighter on some of our manufacturers, but that's what partnership's all about.

坦率地說，我們的產量並不多，這對我們的一些製造商來說有點緊張，但這就是夥伴關係的全部意義所在。

So we see, again, using 2008 to put ourselves back in line and heading into 2009, as we come out of this thing, we think we're going to be really positioned well and for strength.

因此，我們再次看到，利用 2008 年讓自己重新回到 2009 年，當我們走出這件事時，我們認為我們將真正處於有利位置並獲得實力。

Okay.

好的。

Going to some of your comments about Europe, you've said in the past that Europe is going to contribute more significantly to your business in 2009.

談到您對歐洲的一些評論，您過去曾說過，歐洲將在 2009 年對您的業務做出更大的貢獻。

Are you still expecting this and how does the macro environment change this perspective?

您是否仍然期待這一點，宏觀環境如何改變這一觀點？

And then finally, can you give us a little bit more detail behind what happened to one of your accounts in the UK that you had mentioned in your comments?

最後，您能否詳細介紹一下您在評論中提到的您在英國的一個賬戶發生了什麼？

Yes, Kate, let me just -- let me start off on that.

是的，凱特，讓我——讓我開始吧。

Again, let me reiterate for what our strategy is in Europe is and it's in three parts.

讓我再次重申我們在歐洲的戰略是什麼，它分為三個部分。

Number one, building the right team of people.

第一，建立合適的團隊。

We've got Peter Mahrer in place and, again, Peter just joined our Company in July and so as he sits here, eight, nine, ten months into his tenure we feel really good about the future for the brand.

我們已經讓 Peter Mahrer 就位，而且 Peter 在 7 月剛剛加入我們公司，所以當他坐在這裡，八、九、十個月的任期內，我們對品牌的未來感到非常好。

The second thing is building our authenticity on field.

第二件事是在現場建立我們的真實性。

The signings in Germany of Hannover 96 and the Welsh Rugby Union, these are big deals and I don't think we're giving enough, really, credit to.

漢諾威 96 和威爾士橄欖球聯盟在德國的簽約，這些都是大筆交易，我認為我們付出的真的不夠多。

Just the fact that our brand is accepted.

只是我們的品牌被接受的事實。

These aren't deals that were done because we wrote the biggest check.

這些不是因為我們開出了最大的支票而完成的交易。

These were deals that were built on relationship and really what we can bring -- our brand can bring to these sports assets.

這些交易是建立在關係之上的，也是我們真正可以帶來的——我們的品牌可以為這些體育資產帶來什麼。

And the third piece is the appropriate distribution.

第三部分是適當的分配。

Now, 2008 for us in Europe, I don't know if there's much headwind that we're feeling really on a macroeconomic standpoint coming from the UK.

現在，對於我們在歐洲的 2008 年來說，我不知道從宏觀經濟的角度來看，我們是否真的感受到來自英國的逆風。

Although it's -- or Europe in general, although it's been just primarily a pretty difficult retail environment on any front.

儘管它是 - 或整個歐洲，儘管它在任何方面都主要是一個相當困難的零售環境。

At the same time we've got positioning.

同時我們有定位。

As we said, we've expanded our door count to nearly 1,700 doors now, so we're in the places that we want to be.

正如我們所說，我們現在已經將門數擴大到近 1,700 扇門，所以我們在我們想去的地方。

And I think what you'll see is as we continue evolve our merchandising mix, and you can see us continue to evolve our European sizing, the most telling thing for me, when I was in -- when I went and did some market visits with Peter, and we were actually in Toulouse, France.

而且我認為你會看到隨著我們繼續發展我們的商品組合，你可以看到我們繼續發展我們的歐洲尺碼，對我來說最有說服力的事情是，當我在 - 當我去並做了一些市場訪問時和彼得一起，我們實際上在法國圖盧茲。

And we were in a Go Sport and we're in about 20 doors -- I think they've got about 130 or 140 stores total -- and we were testing at about 20 of their stores and just talking to the store manager there.

我們參加了 Go Sport，大約有 20 家門店——我認為他們總共有大約 130 或 140 家商店——我們在他們的大約 20 家商店進行測試，只是與那裡的商店經理交談。

There's about four or five brands that are selling performance or technical product and frankly, we don't spend a lot of money in France.

大約有四五個品牌在銷售性能或技術產品，坦率地說，我們在法國不會花很多錢。

We don't have the assets there, but we're the second-selling performance brand in that market, and literally, there's one and two and there's nobody else, and we just -- we haven't really gotten it right yet.

我們在那裡沒有資產，但我們是該市場第二暢銷的性能品牌，從字面上看，有一個和兩個，沒有其他人，我們只是 - 我們還沒有真正做到這一點。

And what I can tell you, and I guess that's why the message that I brought and as we think about our growth is the places that we haven't been as much as the places that we are, and what we're doing now, and that as we apply focus and really get our arms around Europe and particularly those markets of France, Germany and UK, I think we feel really good about the acceptance of the Under Armour brand and really what that can mean for us going forward.

我可以告訴你的，我想這就是為什麼我帶來的信息以及當我們思考我們的成長時，我們沒有去過的地方，以及我們現在正在做的事情，並且當我們集中精力並真正在歐洲，特別是法國、德國和英國的市場上投入業務時，我認為我們對 Under Armour 品牌的接受度以及這對我們未來的意義感到非常滿意。

And, Kate, this is Wayne, just to jump in.

而且，凱特，這是韋恩，只是為了跳進去。

We're not going to talk about a specific customer, but the one thing with Europe is we have to be patient and it's in the early stages and we're going to have quarterly fluctuations.

我們不會談論特定的客戶，但與歐洲有關的一件事是我們必須要有耐心，而且它還處於早期階段，我們會有季度波動。

But some of the good news for us is even having that quarterly fluctuation relating to one customer in the UK, when we signed the two teams that we did this year, we noticed a substantial pickup in revenue that makes up for that change in the UK in Q1.

但對我們來說，一些好消息甚至是與英國的一個客戶有關的季度波動，當我們簽下今年所做的兩支球隊時，我們注意到收入的大幅回升彌補了英國的這種變化在第一季度。

So there's going to be movement either way, but I think the one thing I wanted you to take away is that Europe is an investment for us.

所以無論哪種方式都會有運動，但我想我想讓你帶走的一件事是歐洲對我們來說是一項投資。

We have to be patient with it.

我們必須對此保持耐心。

It'll be an investment for 2009, but the foundation is right where we want it to be and each and every year we should start to see good strong growth coming from Europe.

這將是 2009 年的一項投資，但基礎正好在我們想要的地方，而且每年我們都應該開始看到來自歐洲的良好強勁增長。

Okay.

好的。

Thank you.

謝謝你。

You're welcome.

別客氣。

Thanks, Kate.

謝謝，凱特。

We'll take our next question from Jeffrey Edelman with UBS.

我們將向瑞銀的 Jeffrey Edelman 提出下一個問題。

Thank you, good morning.

謝謝，早上好。

Getting back to the gloves, just one question, if we think about the markdown or the reserve you took in the first quarter and then we look at the volume of accessories done first quarter, second quarter, it seems like an unusually large reserve for the amount of volume.

回到手套，只是一個問題，如果我們考慮你在第一季度的降價或儲備，然後我們看看第一季度完成的配件數量，第二季度，這似乎是一個異常大的儲備量。

Am I correct or am I missing something here?

我是正確的還是我在這裡遺漏了什麼？

Jeff, this is Brad.

傑夫，這是布拉德。

No, you're right.

不，你是對的。

What we did is we took a look at the whole year, basically, so not just the first quarter or second quarter, so we're looking out over the whole year and the excess of inventory that we have over what we projected as for sales for the year.

我們所做的是，我們基本上看了一下全年，所以不僅僅是第一季度或第二季度，所以我們正在關注全年以及我們擁有的超過我們預計的銷售量的庫存一年。

Okay, so it was over and above gloves then?

好吧，那麼它是超越手套的嗎？

There were some other smaller items, but mostly the gloves was the primary driver.

還有其他一些較小的物品，但主要是手套是主要驅動力。

But again, when we look at our excess inventory we look out 365 days, not just the current quarter or the next quarter.

但同樣，當我們查看過剩庫存時，我們會查看 365 天，而不僅僅是當前季度或下一季度。

Okay.

好的。

So when you look at gloves there's excess inventory in excess of what we project sales would be for 365 days.

因此，當您查看手套時，庫存過多，超出了我們預計 365 天的銷售量。

Okay, fine.

好的。

Secondly, are you maintaining your first half guidance of $0.03 to $0.05?

其次，您是否維持 0.03 美元至 0.05 美元的上半年指引？

Jeff, this is Wayne.

傑夫，這是韋恩。

We feel good about $0.06 in the first half of the year, so we're maintaining that top line 26% to 28%.

我們對上半年的 0.06 美元感覺良好，因此我們將收入維持在 26% 至 28% 之間。

For the first half?

上半場？

Based on our visibility today.

根據我們今天的知名度。

Okay.

好的。

And then finally, of the million shoes you expect to ship this year, how much of that will be in the second quarter and what do we look at for the back half?

最後，在你預計今年出貨的 100 萬雙鞋中，第二季度會有多少，我們對後半部分的看法是什麼？

Jeff, it's Wayne.

傑夫，是韋恩。

The way we have it set right now, we have a delivery in May and another delivery toward the end of June, so it would be about 60% of the full year would ship in Q2.

按照我們現在設定的方式，我們在 5 月交付，另一次在 6 月底交付，因此大約 60% 的全年將在第二季度發貨。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Okay.

好的。

We'll take our next question from John Shanley with Susquehanna.

我們將與 Susquehanna 一起回答 John Shanley 的下一個問題。

Thank you and good morning.

謝謝你，早上好。

Good morning, John.

早上好，約翰。

Kevin, I wonder if you can talk about the -- all the investments that you made in the team deals in Europe?

凱文，我想知道你能否談談你在歐洲團隊交易中所做的所有投資？

Can you effectively grow your European business without being in the actual football footwear business in that market?

您能否在不涉足該市場的實際足球鞋業務的情況下有效地發展您的歐洲業務？

Well, I think first of all, it's really regionally driven and that's the way that you'll see us side our assets.

嗯，我認為首先，它真的是區域驅動的，這就是你會看到我們支持我們的資產的方式。

For instance, we're not necessarily back loading our teams in one particular area and that's why ideally we were looking for an asset that we could have in Germany and ideally an asset that we could have in the UK and the greater region there.

例如，我們不一定要在一個特定地區重新加載我們的團隊，這就是為什麼理想情況下我們正在尋找我們可以在德國擁有的資產，理想情況下我們可以在英國和更大地區擁有的資產。

So we thought that those two teams were appropriate, and there's also -- there's a revenue economic model that plays on the other side.

所以我們認為這兩支球隊是合適的，而且還有一個收入經濟模式在另一邊發揮作用。

We've been in Europe now for four, nearly five years of sending sports marketing people over there.

我們已經在歐洲工作了四五年，派體育營銷人員到那裡去。

We set up our office a little more than 2.5 years ago, we just put a new president on the ground there in the last, like I said, seven, eight, nine months, and we feel that the traction is there, it's just a matter of timing.

我們在 2.5 年多一點前設立了我們的辦公室，就像我說的，七、八、九個月，我們剛剛在那里安置了一位新總統，我們覺得牽引力就在那裡，它只是一個時間問題。

Now, as much as we've been doing basically the grass roots the same way that we did here in the United States, not giving it to teams, but selling it to teams, selling it to athletes, and building up this credibility, that's taken place but it was a different environment that we walked into than we did in the U.S., where it was our idea, we were the originators, and other people have gotten in to the concept of performance.

現在，儘管我們基本上一直在做草根，就像我們在美國所做的那樣，不是給球隊，而是賣給球隊，賣給運動員，建立這種信譽，那就是發生了，但我們進入的環境與我們在美國不同，這是我們的想法，我們是創始人，其他人已經進入了表演的概念。

Now, the idea of authenticity, that bleeds through.

現在，真實性的想法，流血了。

And so when people are given a choice, we win, but we need to tell them that story.

所以當人們有選擇時，我們贏了，但我們需要告訴他們這個故事。

And so the easiest way for us to do that is that in Germany to be able to say, who's Under Armour, I've never of it before.

因此，我們做到這一點的最簡單方法是在德國能夠說，誰是安德瑪，我以前從未聽說過。

And you say have you heard of the Hannover 96 Football Club?

你說你聽說過漢諾威96足球俱樂部嗎？

We make their uniforms.

我們製作他們的製服。

And the same thing with the Welsh Rugby Union and that sort of exposure.

威爾士橄欖球聯盟和那種曝光也是如此。

So I think it's -- what we're looking for it's not only assets that can be relevant on a local basis in Europe, but also like Welsh, that's really a global deal for us that will give us great exposure through things like the six nations and rugby and really position us.

所以我認為它是——我們正在尋找的不僅是與歐洲當地相關的資產，而且像威爾士一樣，這對我們來說確實是一項全球性交易，這將使我們通過六國家和橄欖球，真正定位我們。

But yes, I do put a lot of weight on what the value of football or soccer and rugby and cricket will mean to these different regions that we'll attack over the next several years.

但是，是的，我確實非常重視足球、橄欖球、橄欖球和板球的價值對我們將在未來幾年內進攻的這些不同地區的意義。

Will you eventually have a football footwear line in Europe?

你最終會在歐洲擁有足球鞋系列嗎？

Is that your game plan?

那是你的遊戲計劃嗎？

Like I said, we're going to judge training successfully by how we're positioned in our other categories.

就像我說的，我們將通過我們在其他類別中的定位來判斷培訓是否成功。

So the thing is -- the three most important words in life or business or anything else I believe are point of view.

所以問題是——生活或商業中最重要的三個詞或我認為的其他任何事情都是觀點。

And I tie it back to every -- our brand is a story with beginnings, middles and ends, and every product that we build like a chapter in the book and each chapter needs to make sense to the one before it and the one after it.

我把它聯繫到每一個——我們的品牌是一個有開始、中間和結束的故事，我們構建的每一個產品都像書中的一章，每一章都需要對它之前的章節和之後的章節有意義.

The way that we're approaching our product entry strategy, whether it's here in the U.S.

我們接近產品進入戰略的方式，無論是在美國這裡。

or frankly any international country, is making sure that we're relevant, making sure that we have a point of view.

或者坦率地說，任何國際國家都在確保我們具有相關性，確保我們有自己的觀點。

Yes, to answer your question, I do believe that we have an opportunity to build a better football boot for the European consumer, frankly for the American soccer consumer, as well.

是的，為了回答你的問題，我相信我們有機會為歐洲消費者打造一款更好的足球鞋，坦率地說，也為美國足球消費者打造。

But again, our timing for that is dictated at the point in which we are ready with unbelievable product that has a unique point of view and differentiation to what's currently out there in the marketplace.

但同樣，我們的時機決定於我們準備好令人難以置信的產品，該產品具有獨特的觀點和與目前市場上的差異化。

So that'll all come, I believe, in good time, John, but right wear testing and product and brand will allow us to accomplish that.

所以這一切都會到來，我相信，在適當的時候，約翰，但是正確的磨損測試以及產品和品牌將使我們能夠實現這一目標。

All right, fair enough.

好吧，夠公平的。

Turning to the U.S.

轉向美國

market, the same basic question, what additional performance footwear products are you envisioning launching in 2009?

市場，同樣的基本問題，您計劃在 2009 年推出哪些額外的高性能鞋類產品？

I think Wayne mentioned that there were some products coming into the marketplace, can you give us any insight in terms of what they may be?

我認為韋恩提到有一些產品進入市場，你能給我們一些關於它們可能是什麼的見解嗎？

I don't know what Wayne was talking about but I think, again, we're pretty focused on 2008 and making sure that Training's successful.

我不知道韋恩在說什麼，但我想，再一次，我們非常專注於 2008 年並確保培訓成功。

When you think about this launch you've 5/3, 7/1, so May 3rd, July 1st and November 1st are the three innovations of gen one product, gen one color up and then generation two Under Armour training shoes that'll be in the market, and we will be coming back in 2009 again.

當你想到這次發佈時，你有 5 月 3 日、7 月 1 日，所以 5 月 3 日、7 月 1 日和 11 月 1 日是第一代產品、第一代配色和第二代 Under Armour 訓練鞋的三項創新。在市場上，我們將在 2009 年再次回來。

Look, we really believe that -- we don't like just pushing water uphill, we believe there's a real opportunity with training and we believe there's a way to get people to stop training in running shoes, and particularly for today's athlete.

看，我們真的相信——我們不喜歡只是把水推上山，我們相信訓練有一個真正的機會，我們相信有一種方法可以讓人們停止穿跑鞋訓練，尤其是對於今天的運動員。

So there's a need for this product out there.

所以有這個產品的需求。

But as we do that we believe there's also other legs of sort of a training component.

但是當我們這樣做時，我們相信還有其他一些訓練部分。

Our athlete does more than just lateral stability in a gym.

我們的運動員在健身房做的不僅僅是橫向穩定性。

They do run in a linear motion, so we think that in time, and again, given the fact our brand is ready and most importantly that the product is ready, we'll be able to enter additional categories.

它們確實以直線運動運行，所以我們認為，考慮到我們的品牌已經準備好，最重要的是產品已經準備好，我們將能夠進入其他類別。

Specifically we think that running could potentially be a possibility and that basketball could potentially be a possibility, but we haven't made any claims or set any definitive dates as to when exactly that would happen, John.

具體來說，我們認為跑步可能是一種可能性，而籃球可能是一種可能性，但我們還沒有就何時發生這種情況提出任何聲明或設定任何確定的日期，約翰。

Fair enough, thank you very much.

很公平，非常感謝。

Thanks very much.

非常感謝。

Operator, we have time for one more question.

接線員，我們有時間再問一個問題。

And we'll take our last question from Paul Swinand with Stephens, Inc.

我們將回答 Paul Swinand 和 Stephens, Inc. 的最後一個問題。

Good morning.

早上好。

I had a question on our your direct business, you said it was up 77% and the web up 50%.

我對你的直接業務有疑問，你說它增長了 77%，網絡增長了 50%。

Can you give us a little more color on the drivers there and breaking out the retail dollars?

你能給我們更多關於那裡的司機的顏色並打破零售美元嗎？

And could you also on that comment say how much of the footwear you're selling direct of the total buy?

您能否在該評論中說明您在總購買量中直接銷售的鞋類有多少？

Yes.

是的。

Hey, Paul, this is Kevin.

嘿，保羅，這是凱文。

So first of all let me start with -- not a great percentage of it is actually what's being sold direct.

所以首先讓我開始 - 實際上並不是很大一部分是直接銷售的。

We just -- A, we're not offering the footwear in our outlet channel, which again we have 18 outlets today and we only have the one full-price store in Annapolis.

我們只是 - A，我們不在我們的奧特萊斯渠道中提供鞋類，今天我們有 18 家奧特萊斯，我們在安納波利斯只有一家全價商店。

So let me come back to the first question.

所以讓我回到第一個問題。

There's three ways to think about our direct-to-consumer business, there's three parts to it.

有三種方式來思考我們的直接面向消費者的業務，它分為三個部分。

The first is our full-price retail, second is our web, and third is our outlet channel.

第一個是我們的全價零售，第二個是我們的網絡，第三個是我們的奧特萊斯渠道。

Our full-price retail, again, the strategy there is that we believe that we are underpenetrated at retail.

同樣，我們的全價零售策略是我們相信我們在零售方面的滲透率不足。

We believe there's a consumer out there who's looking and shopping for Under Armour.

我們相信有消費者正在尋找和購買 Under Armour。

In fact they don't have an opportunity to do that in some of the A malls and other properties.

事實上，他們沒有機會在某些 A 商場和其他物業中這樣做。

Our strategy as to where we want to attack and where we want to place stores, first and foremost it's not to cannibalize our existing businesses, it's not to cannibalize our existing retail partners, and that's why we continue to reiterate the fact that this is a test, and it will be so for the next two to three years for us to understand.

關於我們想要在哪裡進攻以及在哪裡開設商店，我們的策略首先不是蠶食我們現有的業務，也不是蠶食我們現有的零售合作夥伴，這就是為什麼我們繼續重申這是一個事實測試，在接下來的兩到三年裡，我們會明白。

Wayne mentioned in his script, as well, how we've committed to two additional locations this year, and hopefully we're going to learn from that, right?

韋恩在他的劇本中也提到，今年我們如何承諾另外兩個地點，希望我們能從中吸取教訓，對吧？

There're places that, frankly, the Under Armour brand cannot be brought in specifically -- Tyson's Mall is an example I use.

坦率地說，有些地方不能專門引入 Under Armour 品牌——Tyson's Mall 就是我使用的一個例子。

You can't buy Under Armour Tyson's -- Tyson's Corner, Tyson's I or Tyson's II.

你不能買 Under Armour Tyson's -- Tyson's Corner、Tyson's I 或 Tyson's II。

Now there's one or two retailers that may be carrying a few -- I think there's like a Liz that may be carrying some hats of Under Armour's, but for the most part you can't find and you can't buy our brand.

現在有一兩家零售商可能會攜帶一些——我認為就像 Liz 可能會攜帶一些 Under Armour 的帽子，但在大多數情況下你找不到也買不到我們的品牌。

We believe that our competition, on the other hand, there's multiple distribution points, ten, 12 places you buy their brand and you think about all of that opportunity that we're walking.

另一方面，我們相信我們的競爭對手有多個分銷點，有十個、十二個地方可以購買他們的品牌，並且您會考慮我們正在走的所有機會。

So, A, most importantly is the ability for us to be strategic is what we want to learn.

所以，A，最重要的是我們的戰略能力是我們想要學習的。

The second component is our web.

第二個組件是我們的網絡。

Our consumer we find more and more is young.

我們發現我們的消費者越來越年輕。

And, frankly, the information that we gather online really backs this fact up is that our consumer is young, they're growing up technical, and they shop online, and they want it -- more importantly they don't just shop online, a lot of times they're just exploring online and they're finding out what do they want to buy.

而且，坦率地說，我們在網上收集的信息真正支持了這一事實，即我們的消費者很年輕，他們在技術方面成長，他們在網上購物，他們想要——更重要的是，他們不只是在網上購物，很多時候，他們只是在網上探索，然後才知道自己想買什麼。

So being, really, a thought leader on the web business is very much important to us.

因此，真正成為網絡業務的思想領袖對我們來說非常重要。

The third component is that outlet strategy I mentioned.

第三個組成部分是我提到的出口策略。

We had 17 outlet doors at the end of 2007 and we opened our 18th one, and again, we're going to open more in the back half of this year, adding a total of nine for 2008.

2007 年底，我們有 17 家直銷店，我們開了第 18 家，今年下半年我們將再開更多，2008 年總共增加了 9 家。

So I think we feel good about what that business is going to mean.

所以我認為我們對這項業務的意義感到滿意。

And again, the idea there is we do not cut for that outlet business.

再一次，我們不為那個奧特萊斯業務而削減的想法。

Right?

正確的？

This is something we just consume our own seasonal product.

這是我們只是消費我們自己的季節性產品的東西。

Again, you're not going to see any of our core basics or core business products in that channel distribution either.

同樣，您也不會在該渠道分發中看到我們的任何核心基礎知識或核心業務產品。

Okay, thank you.

好的謝謝你。

Okay, Paul, thank you very much.

好的，保羅，非常感謝。

And that does conclude the question-and-answer session today.

這確實結束了今天的問答環節。

At this time I'd like to turn the call back to Mr.

這時我想把電話轉回給先生。

Kevin Plank for any additional or closing remarks.

凱文普蘭克的任何補充或結束語。

I just want to remind all of you to hopefully go out this Saturday -- and many of our retailers are opening up and at 8:00 a.m.

我只是想提醒大家，希望本週六出門——我們的許多零售商都在上午 8:00 開門營業。

this Saturday as well -- and be sure to pick up your $80, $90 or $100 of incredibly valued-priced Under Armour Performance Training shoes.

本週六也是如此——請務必購買價值 80 美元、90 美元或 100 美元的超值 Under Armour Performance Training 鞋。

So look forward to seeing all you great athletes training in a new way.

所以期待看到你們所有偉大的運動員以新的方式訓練。

Thanks very much.

非常感謝。

And once again that does conclude today's call.

這再次結束了今天的電話會議。

We do appreciate your participation.

我們非常感謝您的參與。

You may disconnect at this time.

此時您可以斷開連接。