Under Armour Inc (UAA) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Under Armour's Q1 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's call is being recorded.

美好的一天，感謝您的支持。歡迎參加 Under Armour 2024 年第一季度收益電話會議。 （操作員說明）請注意，今天的通話正在錄音。

I would now turn the call over to Lance Allega, Senior Vice President of Investment Relations and Corporate Development. Please go ahead.

我現在將電話轉給投資關係和企業發展高級副總裁蘭斯·阿萊加 (Lance Allega)。請繼續。

Thank you. Good morning, and welcome to Under Armour's First Quarter Fiscal 2024 Earnings Conference Call. Today's event is being recorded for replay. Joining us on today's call will be Under Armour President and CEO, Stephanie Linnartz; and CFO, Dave Bergman.

謝謝。早上好，歡迎參加 Under Armour 2024 財年第一季度收益電話會議。今天的事件正在錄製以供重播。 Under Armour 總裁兼首席執行官 Stephanie Linnartz 將參加今天的電話會議。和首席財務官戴夫伯格曼。

Our remarks today will contain certain forward-looking statements that reflect Under Armour management's current view of our business as of August 8, 2023. These statements may include projections for our business at the present and future quarters and fiscal years. Forward-looking statements are not guarantees of future business performance and our actual results may differ materially from those expressed or implied in the views provided today. Statements made are subject to risks and other uncertainties detailed in this morning's press release and documents filed regularly with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

我們今天的言論將包含某些前瞻性陳述，反映 Under Armour 管理層對我們截至 2023 年 8 月 8 日的業務的當前看法。這些陳述可能包括對我們當前和未來季度和財年業務的預測。前瞻性陳述並不是對未來業務業績的保證，我們的實際結果可能與今天提供的觀點中明示或暗示的結果存在重大差異。所做的聲明受到今天上午的新聞稿和定期向 SEC 提交的文件中詳述的風險和其他不確定性的影響，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

Today's discussion may also include the use of non-GAAP references. Under Armour believes these measures provide investors with a helpful perspective on underlying business trends. When applicable, these measures are reconciled to most appropriate U.S. GAAP measures, reconciliations of which, along with other pertinent information can be found in the morning's press release and at about underarmour.com.

今天的討論還可能包括非公認會計準則參考資料的使用。 Under Armour 相信這些措施為投資者提供了了解潛在業務趨勢的有用視角。在適用時，這些措施會與最合適的美國公認會計準則措施進行協調，其協調以及其他相關信息可以在上午的新聞稿和 about underarmour.com 中找到。

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

這樣，我會將電話轉給斯蒂芬妮。

Thank you, Lance, and welcome to everyone joining today's call. Having finished my first full quarter at Under Armour, I am pleased that our results were broadly in line with our expectations and that we are on track to deliver our fiscal '24 outlook. Digging further into the business and gaining a better understanding of our strength, strategies and opportunities for improvement, I am even more inspired about the power of the Under Armour brand and our ability to unlock our full potential over the long term.

謝謝蘭斯，歡迎大家參加今天的電話會議。在結束了我在 Under Armour 的第一個完整季度後，我很高興我們的業績基本符合我們的預期，並且我們正在實現 24 財年的展望。進一步深入了解業務並更好地了解我們的優勢、戰略和改進機會，我對 Under Armour 品牌的力量以及我們長期釋放全部潛力的能力更加感到鼓舞。

During the quarter, I met with athletes, customers and teammates across the U.S., Italy, France, Spain, Turkey, the Netherlands and the U.K. and I have seen firsthand the enthusiasm and passion for our brand and products. From athletes to thank us for helping them push the boundaries of what is possible in the field of sports, to our retail partners who are energized for what's to come. Our mission to make you better is front and center.

在本季度，我會見了來自美國、意大利、法國、西班牙、土耳其、荷蘭和英國的運動員、客戶和隊友，我親眼目睹了人們對我們品牌和產品的熱情和熱情。從運動員感謝我們幫助他們突破體育領域的可能界限，到我們的零售合作夥伴對未來充滿活力。我們的使命是讓您變得更好。

On our last earnings call, I laid out our Protect This House 3 or PTH 3 strategy which is centered on delivering 3 significant initiatives over the next 3 years. First is driving global brand heat with an emphasis on the U.S. Second is delivering elevated design and products with a focus on footwear, sportstyle and women; and third is driving U.S. sales while harnessing momentum in our international business.

在我們上次的財報電話會議上，我制定了我們的 Protect This House 3 或 PTH 3 戰略，該戰略的重點是在未來 3 年內實施 3 項重大舉措。首先是推動全球品牌熱度，重點是美國市場。其次是提供高品質的設計和產品，重點關注鞋類、運動風格和女性；第三是推動美國銷售，同時利用我們國際業務的勢頭。

Although these initiatives will take time to gain traction with 1 quarter behind us, I am pleased by the team's increased execution, accountability and unification around these pillars. Using fiscal '24 as a building year to focus on cost management and profitability, we are making progress across each of the PTH 3 priorities. So I'd like to spend a few minutes reviewing some highlights.

儘管這些舉措需要時間才能獲得關注，而且已經過去了 1 個季度，但我對團隊圍繞這些支柱的執行力、問責制和統一性的增強感到高興。我們將 24 財年作為重點關注成本管理和盈利能力的建設年，在 PTH 3 的每項優先事項上都取得了進展。因此，我想花幾分鐘回顧一下一些亮點。

We'll start with driving global brand heat. Crucial to this execution is strong leadership to strike an appropriate balance between top line growth, improving our strategic capabilities and maintaining cost discipline to ensure we generate the highest returns possible as we grow the Under Armour brand. In this respect, we're happy to have recently welcomed 2 new additions to our executive team. First is our key Consumer Officer, Jim Dausch whom I have the pleasure of working with for over 20 years at Marriott International. Jim is a seasoned executive with experience leading transformational strategic initiatives across product, marketing and sales and driving significant brand and consumer loyalty improvement. As a crucial operator in our effort to drive global brand heat, he's hit the ground running and I'm looking forward to the fourth tower that I know he can add to our team.

我們將從推動全球品牌熱度開始。這一執行的關鍵是強有力的領導力，以在營收增長、提高戰略能力和維持成本紀律之間取得適當的平衡，以確保我們在發展 Under Armour 品牌的過程中獲得盡可能高的回報。在這方面，我們很高興最近迎來了兩名新成員加入我們的管理團隊。首先是我們的首席消費者官 Jim Dausch，我很高興與他在萬豪國際集團共事 20 多年。 Jim 是一位經驗豐富的高管，擁有領導產品、營銷和銷售領域轉型戰略計劃以及推動品牌和消費者忠誠度顯著提高的經驗。作為我們努力推動全球品牌熱度的關鍵運營商，他已經立即投入工作，我期待著他可以為我們的團隊添加第四座塔樓。

Second, we welcome Amanda Miller as Under Armour's Chief Communications Officer. With over 20 years of experience, Amanda joins us from PayPal where she served as VP of Corporate Affairs, leading the company's multi-tiered global communication strategy. In conjunction with Jim's role in linking all of our commercial elements together, evolving how we tell our brand and product story to our athletes, consumers, the media and other stakeholders will be critical to driving global brand team. Welcome, Jim and Amanda. You have a fantastic team at Under Armour to lean on, and we're excited about the journey ahead.

其次，我們歡迎阿曼達·米勒 (Amanda Miller) 擔任 Under Armour 首席傳播官。 Amanda 擁有 20 多年的經驗，在加入我們之前，她在 PayPal 擔任公司事務副總裁，領導公司的多層次全球溝通戰略。結合吉姆在將我們所有商業元素聯繫在一起方面的作用，改進我們向運動員、消費者、媒體和其他利益相關者講述我們的品牌和產品故事的方式對於推動全球品牌團隊至關重要。歡迎，吉姆和阿曼達。 Under Armour 有一支出色的團隊可以依靠，我們對未來的旅程感到興奮。

Last month, we also announced that Lisa Collier and Colin Browne are leaving Under Armour to pursue other opportunities. Accordingly, comprehensive searches for a new Chief Product Officer and a new Chief Supply Chain Officer are underway. I want to thank Lisa and Colin for their contributions and leadership throughout their time in Under Armour.

上個月，我們還宣布 Lisa Collier 和 Colin Browne 將離開 Under Armour 去尋求其他機會。因此，正在全面尋找新的首席產品官和新的首席供應鏈官。我要感謝 Lisa 和 Colin 在 Under Armour 期間所做的貢獻和領導。

Switching gears to marketing, we saw positive results with the return of Protect This House earlier this year and continue to build on this momentum with recent activations around the Women's World Cup. The campaign has a digital emphasis and showcases 2 Under Armour's top female footballers. Kelley O'Hara from the U.S. and Alex Greenwood from England. Paying respect to -- massive impact on sports culture in the athletes mindset, their stories and motivations come together to armor up with a common goal to Protect This Health.

轉向營銷，隨著今年早些時候“保護這座房子”的回歸，我們看到了積極的成果，並通過最近圍繞女足世界杯的活動繼續鞏固這一勢頭。該活動以數字為重點，展示了 2 位 Under Armour 的頂級女足球運動員。來自美國的凱利·奧哈拉和來自英國的亞歷克斯·格林伍德。尊重運動員心態對體育文化的巨大影響，他們的故事和動機匯聚在一起，共同實現保護健康的共同目標。

Working in parallel is our premium women's Magnetico Elite 3 soccer boots, Under Armour's first cleats made with a specific cast for a woman's foot. An outstanding example of our commitment to serving female athletes from the world's most elite football stage to the local pitch.

與此同時，我們推出了優質女式 Magnetico Elite 3 足球鞋，這是 Under Armour 首款專為女性足部設計的鞋釘。這是我們致力於為從世界上最精英的足球舞台到當地球場的女運動員提供服務的承諾的傑出典範。

Further showcasing our female athletes, Under Armour held a series of events coinciding with the WNBA All-Star weekend in July, including our newest basketball athlete, Diamond Miller, along with Kelsey Plum with the Las Vegas Aces, who hosted a youth basketball camp powered by UA Next, Under Armour's youth-focused sports development camps. We also debuted Kelsey's new Earth, Wind and Fire at UA Flow Breakthru 4 sneaker at the Las Vegas Brand House. UA Next continues to be an excellent connection vehicle with the 16- to 24-year-old varsity athletes. In fact, we wrapped up its eighth iteration in June, the future 50, where 50 of the best high school American football juniors and seniors gathered for an intense 2-day experience. This included training, practice, competition and mental exercises along with engagements with Justin Jefferson of the Vikings and Kyle Hamilton of the Ravens.

為了進一步展示我們的女性運動員，Under Armour 在7 月WNBA 全明星周末期間舉辦了一系列活動，其中包括我們最新的籃球運動員戴蒙德·米勒(Diamond Miller) 以及拉斯維加斯王牌隊的凱爾西·普拉姆(Kelsey Plum)，後者主辦了青少年籃球訓練營UA Next，Under Armour 專注於青少年的運動發展營。我們還在拉斯維加斯品牌屋首次推出了 Kelsey 的全新 Earth, Wind and Fire at UA Flow Breakthru 4 運動鞋。 UA Next 仍然是與 16 至 24 歲大學運動員建立良好聯繫的工具。事實上，我們在 6 月結束了第八次迭代，即未來 50 場比賽，50 名最優秀的高中美式橄欖球三年級和四年級學生聚集在一起，進行為期 2 天的緊張體驗。這包括訓練、練習、比賽和心理鍛煉，以及與維京人隊的賈斯汀·杰斐遜和烏鴉隊的凱爾·漢密爾頓的接觸。

And speaking of football, we also recently announced that we have extended our long-term relationship with Notre Dame, which is a tremendous point of pride for Under Armour. In the decade ahead, we look forward to supporting the next generation of athletes as we co-create customized fighting Irish uniforms, footwear and apparel for the university's 26 varsity teams.

說到足球，我們最近還宣布延長了與聖母大學的長期合作關係，這對 Under Armour 來說是一個巨大的自豪。未來十年，我們期待為下一代運動員提供支持，為該大學的 26 支校隊共同打造定制的愛爾蘭格鬥制服、鞋類和服裝。

An essential theme underlying support of these brand heat moments is the importance of social media and an always-on digital presence to connect with young athletes more deeply. I am encouraged by the progress we're making here with a considerable evolution in our overall social media approach, which has led to increasingly positive results over the past 6 to 8 months. We have also been refining the content on our category-specific social handles, allowing us to target athlete groups better and increasing efforts to directly connect to product marketing and technical attributes to their everyday moments.

支持這些品牌熱度時刻的一個重要主題是社交媒體和始終在線的數字存在的重要性，以與年輕運動員進行更深入的聯繫。我對我們所取得的進展感到鼓舞，我們的整體社交媒體方法發生了相當大的變化，在過去的 6 到 8 個月裡取得了越來越積極的成果。我們還一直在完善特定類別社交手柄上的內容，使我們能夠更好地針對運動員群體，並加大力度將產品營銷和技術屬性直接連接到他們的日常生活。

I am also pleased that we continue to improve the shopping experience for Under Armour products featured in post on Instagram and TikTok, and working towards direct purchase and checkout on their platforms. Another step in enhancing our omnichannel capabilities.

我還很高興我們繼續改善 Instagram 和 TikTok 上發布的 Under Armour 產品的購物體驗，並努力在其平台上直接購買和結賬。增強我們全渠道能力的又一步。

Of course, driving brand heat must coincide with having innovative and stylish gear that athletes desire which brings me to our second priority of delivering elevated design and products focusing on footwear, sportstyle and women.

當然，推動品牌熱度必須與擁有運動員渴望的創新和時尚裝備相一致，這讓我想到了我們的第二要務，即提供專注於鞋類、運動風格和女性的高端設計和產品。

Over the past 3 months, we've begun to simplify our product lines around fewer collection groups to optimize our ability to engage and convert consumers as we continue to scale our brand. To enable this, we plan to distort investments towards a strategic handful of specific apparel and footwear collections that we will activate through improved inspirational storytelling to drive more consistent demand for key franchises.

在過去的三個月裡，我們開始圍繞更少的產品系列簡化我們的產品線，以優化我們在繼續擴大品牌規模的同時吸引和轉化消費者的能力。為了實現這一目標，我們計劃將投資轉向少數戰略性的特定服裝和鞋類系列，我們將通過改進鼓舞人心的故事講述來激活這些系列，以推動對主要特許經營權的更一致的需求。

Following a few quarters of pressure in our apparel business, our first quarter performance saw an impact from the persistent promotional environment in the challenging North American retail environment. To combat this, using our key franchise approach, we are launching a substantial update to our original HeatGear Compression Baselayer T-shirt this fall. Featured on the field of play when 2 UA teams, Notre Dame and Navy face off during college football's opening weekend in Dublin, Ireland on August 26, there is no better demonstration of the power that our innovation brings to sport.

在我們的服裝業務經歷了幾個季度的壓力之後，我們第一季度的業績受到了充滿挑戰的北美零售環境中持續促銷環境的影響。為了解決這個問題，我們將利用我們的主要特許經營方法，在今年秋天對我們原來的 HeatGear Compression Baselayer T 卹進行重大更新。 8 月 26 日，在愛爾蘭都柏林舉行的大學橄欖球開幕週末期間，Notre Dame 和 Navy 兩支 UA 球隊在賽場上展開對決，這是我們創新為體育運動帶來的力量的最佳展示。

This fall, we are also introducing an elevated Meridian legging collection with improved materials in our stores and DICK'S Sporting Goods new health of sport concept. So the next round of evolution for one of our best loved women's products. Both heat gear and Meridian will be priced to attack better and best level products, helping to advance one of our broader goals, which is to drive higher ASPs to leverage gross margin and P&L productivity better.

今年秋天，我們還在我們的商店中推出了採用改進材料的高級 Meridian 打底褲系列，並推出了 DICK'S Sporting Goods 全新健康運動概念。這是我們最喜愛的女性產品之一的下一輪演變。 Heat Gear 和 Meridian 的定價都將瞄準更好、最好水平的產品，幫助推進我們更廣泛的目標之一，即推動更高的平均售價，更好地利用毛利率和損益生產率。

There is certainly much work to be done, and it will take a few seasons to get to where we want to be. But meanwhile, this team is not standing still.

當然還有很多工作要做，需要幾個賽季才能達到我們想要的目標。但與此同時，這支球隊並沒有停滯不前。

In our footwear business, we continue building momentum with our versatile UA SlipSpeed platform. Following the initial training shoe launch in February, we recently dropped SlipSpeed Mesh, a highly breathable version for your toughest summer workouts. As one of our highest rated sneakers, SlipSpeed features a unique lightweight upper with an Iso-Chill padded interior, BOA lacing system and flow cushioning along with a quick flip heel that puts you right into recovery mode.

在我們的鞋類業務中，我們通過多功能 UA SlipSpeed 平台繼續發展勢頭。繼二月份首次推出訓練鞋之後，我們最近推出了 SlipSpeed Mesh，這是一款高度透氣的版本，適合您最艱苦的夏季鍛煉。作為我們評價最高的運動鞋之一，SlipSpeed 採用獨特的輕質鞋面，內部配有 Iso-Chill 襯墊、BOA 繫帶系統和流動緩衝系統，以及快速翻轉鞋跟，讓您立即進入恢復模式。

This fall, we have 2 launches to look forward to: a SlipSpeed collection in collaboration with Justin Jefferson and then on Halloween, we'll do a limited launch of our new UA SlipSpeed running shoe with the Valentine's Day 2024 launch, which mirrors last year's SlipSpeed rollout.

今年秋天，我們將推出 2 款值得期待的產品：與 Justin Jefferson 合作推出 SlipSpeed 系列，然後在萬聖節期間，我們將在 2024 年情人節推出限量版新款 UA SlipSpeed 跑鞋，這與去年的推出類似。 “SlipSpeed ”卷展欄。

From the next chapter of SlipSpeed to the next chapter of our best-in-class basketball shoes, the launch of Curry 11 is also expected in October. With a new futuristic design language that translates to an elevated aesthetic and vibrant color pallet, this is the first time you'll see dual density UA Flow cushioning for even more comfort and traction along with an improved upper chassis for better step in comfort. Hands down, the 11 is the most innovative standout shoe thus far in the Curry portfolio, and we are so excited to get it to market.

從 SlipSpeed 的新篇章到我們一流籃球鞋的新篇章，Curry 11 也預計將於 10 月推出。採用新的未來主義設計語言，轉化為更高的美感和充滿活力的色彩托盤，這是您第一次看到雙密度UA Flow 緩衝墊，可提供更多舒適度和牽引力，同時改進的上底盤可提供更好的踩踏舒適度。毫無疑問，Curry 11 是迄今為止庫裡產品組合中最具創新性的傑出鞋款，我們非常高興能將其推向市場。

In addition, we are continuing to amplify the Curry brand platform more meaningfully with new footwear, apparel and accessories across basketball, golf and sportstyle in the works. This expansion will also unlock new distribution opportunities at our existing retail partners and provide better consideration into places were not well represented. Activating this part of Under Armour's business is a key unlock to driving future growth.

此外，我們還將繼續通過籃球、高爾夫和運動風格領域的新鞋類、服裝和配飾，更有意義地擴大庫裡品牌平台。此次擴張還將為我們現有的零售合作夥伴釋放新的分銷機會，並更好地考慮那些沒有得到充分代表的地方。激活 Under Armour 的這一部分業務是推動未來增長的關鍵。

Another apparel example is in our sportstyle business where this fall, we are elevating our fleets offerings with premium products that amplify style and performance. Our unstoppable and essential fleece warmups aren't just about being comfy before the big game. Though it's easily, the plushest fleece you've ever felt. It's about lightweight world-class temperature management that performs above your expectations. These products will be highlighted on Justin Jefferson in North America's upcoming back-to-school for Texas Health campaign and will be available in our direct-to-consumer channels and premium wholesale locations.

另一個服裝例子是我們的運動風格業務，今年秋天，我們將通過增強風格和性能的優質產品來提升我們的車隊產品。我們勢不可擋且必不可少的抓絨熱身服不僅僅是為了在大型比賽前保持舒適。儘管它很容易，但卻是您所感受過的最柔軟的羊毛。它是輕量級的世界級溫度管理，性能超出您的預期。這些產品將在賈斯汀·杰斐遜 (Justin Jefferson) 北美即將舉行的德克薩斯州健康返校活動中重點展示，並將在我們的直接面向消費者的渠道和優質批發地點出售。

This brings me to our third strategic priority, which is to drive U.S. sales. Over the long run, we are confident that driving brand heat and delivering better design and products will reintegrate growth in our home market. Athletes are at the center of everything we do, and they are asking for better access to Under Armour products wherever and whenever they shop. That said, we're focused on determining where the best expansion opportunities exist across our wholesale and direct-to-consumer channels. While at the same time, assessing ways to optimize SKU productivity with improved segmentation to drive meaningful ASP expansion as we grow our better level products.

這讓我想到了我們的第三個戰略重點，即推動美國銷售。從長遠來看，我們有信心推動品牌熱度並提供更好的設計和產品將重新整合我們國內市場的增長。運動員是我們一切工作的中心，他們要求無論何時何地購物都能更好地獲得 Under Armour 產品。也就是說，我們的重點是確定我們的批發和直接面向消費者的渠道中存在最佳擴張機會的地方。與此同時，評估通過改進細分來優化 SKU 生產力的方法，以在我們開發更高水平的產品時推動有意義的 ASP 擴展。

Despite a tempered U.S. wholesale environment, we are focused on strengthening our retail partner relationships across our sports specialty business and being delivered in the opportunities we pursue across malls and department stores. As we work in the spring summer '24, we have plans to open new doors across these channels. So much of that work in relationship building is underway.

儘管美國批發環境嚴峻，但我們仍致力於加強我們在體育專業業務中的零售合作夥伴關係，並抓住我們在購物中心和百貨商店尋求的機會。當我們在 24 年春夏工作時，我們計劃在這些渠道上打開新的大門。建立關係的大部分工作正在進行中。

Back to our PTH 3 strategy. When we execute well on the first 2 priorities of driving global brand heat and delivering better products, we expect to enable growth in our U.S. business.

回到我們的 PTH 3 策略。當我們很好地執行推動全球品牌熱度和提供更好產品的前兩個優先事項時，我們預計將實現美國業務的增長。

Shifting to our direct-to-consumer business, we're happy to report that we launched our U.S. loyalty program, UA Rewards on July 31. Early points on the board withdraws from my experience driving higher revenue per customer, repeat business, increase direct channel engagement and brand love and loyalty. This diverse program extends our brand experience, providing consumers with early access to products are out, wellness content and athlete experiences including one lucky sweepstake winner who will meet Stephen Curry this month in Baltimore.

轉向我們的直接面向消費者的業務，我們很高興地報告，我們於7 月31 日推出了我們的美國忠誠度計劃UA Rewards。董事會的早期觀點與我推動更高每位客戶收入、重複業務、增加直接收入的經驗不符。渠道參與度以及品牌喜愛度和忠誠度。這項多元化的計劃擴展了我們的品牌體驗，讓消費者能夠儘早獲得已上市產品、健康內容和運動員體驗，其中包括一位幸運的抽獎獲獎者，他將於本月在巴爾的摩與斯蒂芬·庫裡見面。

Initially launched on our digital platform, we expect to roll this out more broadly into our retail stores this fall. This is a fantastic step forward for us, and I am confident UA Rewards will be an excellent asset in deepening connection with athletes and inspiring better sales conversion as we scale the program.

最初在我們的數字平台上推出，我們預計今年秋天將其更廣泛地推廣到我們的零售店。這對我們來說是向前邁出的一大步，我相信 UA Rewards 將成為我們深化與運動員聯繫並在我們擴大計劃時激發更好銷售轉化的寶貴資產。

As our most profitable region, we have to win in our home market of North America. Growing faster here means more future dollars to invest in products, marketing and our international business as well as increasing returns to shareholders. Now to be sure, we're not taking our eyes off our international business and are encouraged by the positive momentum we continue to see in the EMEA and Asia Pacific businesses, which each saw double-digit revenue growth during the first quarter. So balance is key in the near term as we set up for the long term.

作為我們最賺錢的地區，我們必須贏得北美本土市場。在這裡，更快的增長意味著未來有更多的資金投資於產品、營銷和國際業務，以及股東回報的增加。現在可以肯定的是，我們並沒有把目光從國際業務上移開，我們對歐洲、中東和非洲和亞太地區業務繼續看到的積極勢頭感到鼓舞，這些業務在第一季度均實現了兩位數的收入增長。因此，在我們為長期做好準備時，平衡是近期的關鍵。

In closing, we're making initial progress on our PTH 3 priorities, and I'm encouraged by the team's efforts in these early days. From leadership changes and amplifying our storytelling to driving global brand heat and optimizing our product engine to deliver ground breaking innovations that athletes (inaudible) I am confident that we will continue to methodically place ourselves a stronger position to achieve the improved growth and profitability that I know Under Armour is capable of.

最後，我們在 PTH 3 優先事項上取得了初步進展，我對團隊早期的努力感到鼓舞。從領導層變動和擴大我們的故事講述，到推動全球品牌熱度和優化我們的產品引擎，以提供運動員（聽不清）的突破性創新，我相信我們將繼續有條不紊地使自己處於更有利的地位，以實現我所期望的增長和盈利能力的提高知道Under Armour有能力。

Now I will hand the call over to Dave to go into more detail about our first quarter results.

現在我將把電話轉交給戴夫，詳細介紹我們第一季度的業績。

Thanks, Stephanie. With that, let's review the results for our first quarter of fiscal 2024, which ended June 30.

謝謝，斯蒂芬妮。接下來，讓我們回顧一下截至 6 月 30 日的 2024 財年第一季度的業績。

Our first quarter revenue was down 2% to $1.3 billion, which was in line with our outlook. Excluding the negative impact of foreign currency due to the strength of the U.S. dollar, revenue was down 1%.

我們第一季度的收入下降 2% 至 13 億美元，這符合我們的預期。剔除因美元走強而導致的外匯負面影響，收入下降了1%。

Going down into our regions. Revenue in North America was down 9%, which was roughly in line with our expectations and the result of challenges in the U.S. wholesale channel due to elevated sector-wide inventories and ongoing promotional activities, a factor we expect will ease as the year progresses. As a result, the first quarter should be the largest decline in North America this year.

深入我們的地區。北美地區的收入下降了 9%，這大致符合我們的預期，也是美國批發渠道因全行業庫存增加和持續促銷活動而面臨挑戰的結果，我們預計這一因素將隨著今年的進展而緩解。因此，第一季度應該是今年北美地區降幅最大的季度。

Revenue in EMEA grew 10% during the quarter with a solid performance in our wholesale business and strong growth in our DTC business, currency-neutral growth in EMEA was 11%.

本季度歐洲、中東和非洲地區的收入增長了 10%，批發業務表現穩健，DTC 業務強勁增長，扣除貨幣因素後，歐洲、中東和非洲地區的收入增長了 11%。

Our Asia Pacific business was up 14% during the quarter, a 21% increase on a currency-neutral basis, fueled by steady improvements in retail traffic and post-COVID normalization. Like EMEA, we also saw solid performance in our wholesale business and strength in our DTC business. And rounding it out due to favorable wholesale and DTC channel results, Latin America revenue was up 13% or up 5% on a currency-neutral basis during the quarter.

在零售流量的穩步改善和新冠疫情后的正常化的推動下，我們的亞太地區業務在本季度增長了 14%，在貨幣中性的基礎上增長了 21%。與歐洲、中東和非洲地區一樣，我們的批發業務也表現強勁，DTC 業務也實力強勁。由於批發和 DTC 渠道業績良好，本季度拉丁美洲收入增長了 13%，在貨幣中性的基礎上增長了 5%。

On a global basis, by channel, wholesale revenue was down 6% to $742 million. Increases in our distributor and all priced businesses were more than offset by lower sales to the full-price channel amid U.S. wholesale challenges. Direct-to-consumer revenue increased 4% to $544 million, driven by solid performances in our e-commerce and retail channels. Licensing revenue was down 11% in the quarter to $25 million driven by softness in our Japanese licensee and North American business.

在全球範圍內，按渠道劃分，批發收入下降 6%，至 7.42 億美元。我們的經銷商和所有定價業務的增長被美國批發挑戰期間全價渠道銷售額的下降所抵消。得益於電子商務和零售渠道的穩健表現，直接面向消費者的收入增長了 4%，達到 5.44 億美元。由於日本授權商和北美業務疲軟，本季度授權收入下降 11% 至 2500 萬美元。

By product type, apparel revenue was down 5%, driven primarily by softer sales in our training business due to the ongoing pressure in the North American wholesale environment we spoke to earlier. Footwear was up 5%, driven primarily by strength in our run business. And revenue accessories was up 1%.

按產品類型劃分，服裝收入下降了 5%，這主要是由於我們之前談到的北美批發環境持續面臨壓力，導致我們的培訓業務銷售疲軟。鞋類增長了 5%，主要是由於我們經營業務的強勁推動。配件收入增長了 1%。

Our first quarter gross margin declined 60 basis points year-over-year to 46.1%. This was driven by 300 basis points related primarily to higher promotional activity within our DTC business as we manage through prior season products as well as unfavorable pricing related to sales via our first channel. 70 basis points of negative impacts from changes in foreign currency and a combined 30 basis points from less favorable product and regional mix. These headwinds were partially offset by 320 basis points of supply chain benefits related to inbound ocean and air freight tailwinds and 20 basis points from a more favorable channel mix.

我們第一季度的毛利率同比下降 60 個基點至 46.1%。這是由於 300 個基點的推動，主要與我們的 DTC 業務中較高的促銷活動有關，因為我們通過上一季的產品進行管理，以及與通過我們的第一個渠道銷售相關的不利定價。外幣變動帶來 70 個基點的負面影響，不利的產品和區域組合帶來總計 30 個基點的負面影響。這些不利因素被與入境海運和空運相關的供應鏈效益 320 個基點以及更有利的渠道組合帶來的 20 個基點部分抵消。

Moving further down the P&L. In the first quarter, SG&A expenses were down 1% to $587 million. Operating income was $21 million in the quarter. And after tax, we realized a net income of $9 million or $0.02 of diluted earnings per share.

進一步降低損益表。第一季度，SG&A 費用下降 1%，至 5.87 億美元。該季度營業收入為 2100 萬美元。稅後，我們實現了 900 萬美元的淨利潤，即稀釋後每股收益 0.02 美元。

Next, our 2 first quarter balance sheet callouts, starting with inventory which was up 38% to $1.3 billion. This was in line with our outlook. And as a reminder, we ran leaner inventory levels through the summer of 2022 due to our constraint model and proactive cancellations of orders due to COVID-related supply challenges so this comp is elevated accordingly.

接下來是我們第二個季度的資產負債表數據，首先是庫存增加了 38%，達到 13 億美元。這符合我們的預期。提醒一下，由於我們的約束模型以及因新冠肺炎相關的供應挑戰而主動取消訂單，我們在 2022 年夏季保持了較低的庫存水平，因此該比較值相應提高。

Finally, our quarter end cash and cash equivalents were $704 million, and we had no borrowings under our $1.1 billion revolving credit facility.

最後，我們的季末現金和現金等價物為 7.04 億美元，並且我們的 11 億美元循環信貸安排下沒有借款。

Now let's turn to our fiscal '24 outlook, which remains fundamentally unchanged from the outlook we provided on May 9. But to reiterate, there is no change to our expectation that revenue should be flat to up slightly versus fiscal '23. However, we do see the regional color shaping up a little differently with North America expected to be down 3% to 4%, given the challenging environment we spoke to earlier, and our international business to be up at a low double-digit rate as momentum continues in EMEA and APAC.

現在讓我們轉向我們的24 財年展望，與我們5 月9 日提供的展望基本保持不變。但重申一下，我們的預期沒有變化，即與23 財年相比，收入應持平或略有上升。然而，考慮到我們之前談到的充滿挑戰的環境，我們確實看到區域色彩的情況略有不同，北美預計將下降3% 至4%，並且我們的國際業務將以較低的兩位數增長率增長歐洲、中東和非洲和亞太地區的勢頭仍在繼續。

Next, there is no change to our gross margin outlook which is an expected 25 to 75 basis point improvement from last year's rate of 44.9%. And we also continue to expect SG&A to be flat to up slightly. Operating income to reach $310 million to $330 million and diluted earnings per share of $0.47 to $0.51.

接下來，我們的毛利率前景沒有變化，預計比去年的 44.9% 提高 25 至 75 個基點。我們還繼續預計 SG&A 將持平或略有上升。營業收入達到 3.1 億美元至 3.3 億美元，攤薄後每股收益為 0.47 美元至 0.51 美元。

Next, I'd like to give some color on our second quarter and the second half of fiscal '24. We expect second quarter revenue to be flat to down slightly versus the prior year including a low single-digit decline in our North American business, partially offset by mid-single-digit growth in our international business. In addition, we expect the year's highest revenue growth rate to be in our fourth quarter.

接下來，我想對 24 財年第二季度和下半年進行一些介紹。我們預計第二季度收入將與上年持平或略有下降，其中北美業務出現低個位數下降，但部分被國際業務中個位數增長所抵消。此外，我們預計今年最高的收入增長率將出現在第四季度。

Next, we expect gross margin to be up approximately 100 to 150 basis points in the second quarter due to tailwinds from lower freight costs partially offset by persistent promotional activity. We expect the third quarter to have the year's smallest quarterly gross margin improvement due to anticipated actions to manage our inventory down further. All of which gets us to an expected second quarter operating income of $115 million to $135 million which translates to $0.18 to $0.21 of diluted earnings per share.

接下來，我們預計第二季度毛利率將增長約 100 至 150 個基點，原因是貨運成本下降帶來的推動作用被持續的促銷活動部分抵消。由於預計將採取進一步減少庫存的行動，我們預計第三季度的季度毛利率將出現今年最小的改善。所有這些使我們預計第二季度營業收入為 1.15 億至 1.35 億美元，相當於攤薄每股收益 0.18 至 0.21 美元。

And finally, in line with our previous outlook, we expect inventory to be up at a mid- to high single-digit percentage rate at the end of our second quarter before declining in the third quarter and being down at a mid-teen percentage rate to end fiscal '24 at approximately $1 billion.

最後，根據我們之前的展望，我們預計第二季度末庫存將出現中高個位數百分比增長，然後在第三季度下降並以中雙位數百分比下降24 財年結束時的收入約為10 億美元。

To wrap up today's prepared remarks, I underscore the confidence we have in our strategy and our improving ability to execute against our PTH 3 initiatives, which are engineered to drive revenue growth over the long term.

在結束今天準備好的發言時，我強調我們對我們的戰略以及我們不斷提高的執行 PTH 3 計劃的能力充滿信心，這些計劃旨在推動長期收入增長。

In the near term, we are identifying additional areas of COGS improvement such as supply chain efficiencies, SKU rationalization and improved segmentation opportunities to drive ASP expansion. We are also continuing to prioritize investments, particularly around our demand creation efforts to ensure that where we do choose to invest, we're providing the highest possible returns to our top line, and we are managing costs more aggressively to set us up for an even more productive P&L once revenue begins to inflect more significantly in the future. This balance of bottom line profitability in the near term with top line productivity, and improved profitability in the long term is what we are relentlessly focused on driving with a sense of urgency.

短期內，我們正在確定銷貨成本改進的其他領域，例如供應鏈效率、SKU 合理化和改進細分機會，以推動 ASP 擴張。我們還繼續優先考慮投資，特別是圍繞我們創造需求的努力，以確保在我們選擇投資的地方，我們為我們的營收提供盡可能高的回報，並且我們正在更積極地管理成本，以便為我們的目標做好準備。一旦收入在未來開始發生更顯著的變化，損益表的生產力就會更高。短期盈利能力與頂線生產力之間的平衡以及長期盈利能力的提高是我們以緊迫感不懈努力的目標。

With our first quarter in the books, the changes we are implementing in our execution against our PTH 3 strategy give me confidence that we are on the right path to creating improved value for our shareholders over the long term.

在第一季度的賬面上，我們在執行 PTH 3 戰略時所實施的改變讓我相信，我們正走在為股東長期創造更高價值的正確道路上。

With that, we'll turn it over to the operator for questions. Operator?

這樣，我們會將其轉交給操作員詢問。操作員？

(Operator Instructions) Our first question comes from Simeon Siegel of BMO.

（操作員說明）我們的第一個問題來自 BMO 的 Simeon Siegel。

Great. Thank you, everyone. Good morning. Hope you're having nice summer. Stephanie, I know it still might be early, but would love to just get your broader thoughts on the wholesale environment in North America. Maybe just your thoughts on looking further out the need for promos versus as inventory gets cleaner. That works for you and also the competitive landscape. And then, Dave, any way to quantify any of the puts and takes you just mentioned for the second quarter gross margin, but also how it flows through into the full year?

偉大的。謝謝大家。早上好。希望你度過一個愉快的夏天。斯蒂芬妮，我知道現在可能還為時過早，但很想了解您對北美批發環境的更廣泛的想法。也許只是您對進一步尋找促銷需求與庫存變得更清潔的想法。這對你和競爭格局都有效。然後，戴夫，有什麼方法可以量化您剛才提到的第二季度毛利率的任何看跌期權和看跌期權，以及它如何流入全年？

Sure. Well, Simeon, happy summer to you as well. As it relates to the wholesale environment, as we mentioned in our prepared remarks, it is -- there's a couple of things going on. There's still inflated levels of inventory that are leading to more promotional activity but as we see the year going on and as we head into next year, anticipate that things will get better and there will be less need for so much promotional activity. I think from a bigger perspective though in much longer term, we're very confident that our Protect This House 3 pillars, which are again around driving global brand heat with a focus on the U.S., delivering elevated design and product with a focus on footwear, sportstyle, women and then really driving U.S. sales while leveraging our international momentum. This is all going to come together to much better business, more business with our wholesale partners.

當然。好吧，西蒙，也祝你夏天快樂。正如我們在準備好的評論中提到的那樣，由於它與批發環境有關，因此存在一些事情。庫存水平仍然很高，這導致了更多的促銷活動，但隨著我們展望這一年以及進入明年，預計情況會好轉，對如此多的促銷活動的需求將會減少。我認為，從更長遠的角度來看，我們對“保護這個家”的三大支柱非常有信心，這些支柱再次圍繞著推動全球品牌熱度（重點是美國）、提供更高的設計和產品（重點是鞋類） 、運動風格、女性，然後在利用我們的國際勢頭的同時真正推動美國銷售。這一切都將與我們的批發合作夥伴實現更好的業務、更多的業務。

And it's also going to allow us to expand our distribution. As we focus on better product, we're going to be more disciplined about segmentation. We're going to open new doors, new partners including in the wholesale arena. So we're excited about the long-term strategy and where we're headed with our partners.

這也將使我們能夠擴大我們的分銷範圍。當我們專注於更好的產品時，我們將更加嚴格地進行細分。我們將打開新的大門、新的合作夥伴，包括在批發領域。因此，我們對長期戰略以及我們與合作夥伴的發展方向感到興奮。

And relative to inventory and gross margin, I mean, first of all, I just would kind of remind us that our inventory is in a very healthy position. We don't have a lot of older products that's making up our inventory and we are normalizing against leaner days last year. So I think we're balancing the promotions and the need to move some of our inventory very well and also kind of keeping that third-party all-price liquidation channel in that 3% to 4% range of revenue, which we feel is a reasonable level.

相對於庫存和毛利率，我的意思是，首先，我只是想提醒我們，我們的庫存處於非常健康的位置。我們沒有太多舊產品來構成我們的庫存，而且我們正在針對去年的清淡日子進行正常化。因此，我認為我們正在很好地平衡促銷和轉移部分庫存的需要，同時將第三方全價清算渠道保持在 3% 到 4% 的收入範圍內，我們認為這是一個合理水平。

And kind of how that translates to your point to Q2 and back half gross margin. In Q2, we see 100 to 150 basis point expansion, and it's really just the 2 things mainly. The lowering freight costs we continue to see and then partially offset by the promotional environment continuing to be a little bit pressured. There are some -- other smaller puts and takes for Q2, but those are the big ones.

這如何轉化為你對第二季度和後半毛利率的看法。在第二季度，我們看到 100 到 150 個基點的擴張，實際上主要是兩件事。我們繼續看到貨運成本下降，但促銷環境繼續受到一點壓力，部分抵消了貨運成本的下降。第二季度還有一些其他較小的看跌期權和看跌期權，但這些都是大的。

And then when you think about kind of the back half of the year, again, some of the similar puts and takes. But I think in the third quarter, we called this out as being one of the smaller year-over-year gross margin improvement quarters and that's really just because from a timing perspective, we're planning to do a little bit more with the third-party off channel in that quarter versus the prior year third quarter for us. And then also, we're still being a little cautious in how we plan holiday in fiscal Q3 or calendar Q4 for us. So you see some of that come into play as well.

然後，當你回想起今年下半年的情況時，你會再次想到一些類似的投入和支出。但我認為在第三季度，我們稱其為同比毛利率改善較小的季度之一，這實際上只是因為從時間角度來看，我們計劃在第三季度做更多的事情-與去年第三季度相比，我們在該季度的渠道外聚會。此外，我們對於如何計劃第三財季或第四季度的假期仍然持謹慎態度。所以你會看到其中一些因素也發揮了作用。

And then you would see better improvement year-over-year in Q4 because we get past that quarter, but then also a lot of the different costing initiatives we've been working on with our vendor base, they start to come in to play more in Q4 and then further as we go into next year.

然後，您會在第四季度看到同比更好的改善，因為我們已經過了該季度，但我們一直在與供應商合作的許多不同的成本核算計劃中，他們開始發揮更多作用在第四季度，然後在我們進入明年時進一步。

Great. That's really helpful. Just a quick follow-up on the -- to your point about the inventory health. Did you say what percent is pack and hold this quarter?

偉大的。這真的很有幫助。只是對您關於庫存健康狀況的觀點進行快速跟進。您是否說過本季度打包並持有的百分比是多少？

I mean, generally speaking, we've been starting to work that down, probably about, I would say, 1/3 of the increase in inventory year-over-year is due to pack and hold. And then we'll continue to work that down as we use that through some of our outlet stores, but also some of our in-line accounts because there's a fair amount of that, that is core product that is more feasible with nature.

我的意思是，一般來說，我們已經開始降低這一點，我想說，庫存同比增長的 1/3 可能是由於打包和持有而造成的。然後我們將繼續努力，因為我們通過我們的一些直銷店以及我們的一些在線帳戶使用它，因為有相當多的核心產品在自然中更可行。

Best of luck for the rest of the year.

祝今年剩下的時間一切順利。

Our next question comes from the line of Jay Sole of UBS.

我們的下一個問題來自瑞銀集團的 Jay Sole。

I just want to follow up on the last question a little bit first. And if you can just talk about how your order book in the U.S. wholesale business firmed up as you went through the quarter and got those orders for the holiday season. Can you talk about what -- how it trended versus your expectation? And then relative to maybe the mid-tier channel versus the more premium channel, how things develop there? That would be helpful.

我只想先跟進最後一個問題。如果您能談談您在美國批發業務中的訂單簿是如何在整個季度並獲得假日季節訂單時保持穩定的。您能談談它的趨勢與您的預期相比如何嗎？然後，相對於中端渠道與更高端的渠道，那裡的情況如何發展？那會有幫助的。

As we embarked on this year, we knew coming in that there was going to be some pressure on the buys with some of the retail partners just because of the building inventory from a lot of the brands last year. And so we saw that coming through in the orders. As we embarked on this year, I would say though that Q4 of this year -- Q3, Q4, those orders and the visibility around that did come in slightly less than what we had expected. And that's partly what's going into kind of the revision we made within revenue. So yes, we're definitely maintaining our revenues, I certainly feel very comfortable with that.

當我們今年開始時，我們知道，由於去年許多品牌的庫存增加，一些零售合作夥伴的購買將會面臨一些壓力。所以我們在訂單中看到了這一點。當我們開始今年時，我想說的是，今年第四季度——第三季度、第四季度，這些訂單和周圍的可見度確實略低於我們的預期。這也是我們對收入進行調整的部分原因。所以，是的，我們肯定會維持我們的收入，我對此感到非常滿意。

But with that order visibility for kind of Q3, Q4 on the wholesale in North America, we are tempering that a tiny bit. You see that in our update. But international, we're continuing to drive very well. And so that is coming up a tiny bit, but net-net, still back to the same answer on full -- full net revenue for us for the year.

但鑑於北美第三季度、第四季度批發訂單的可見性，我們正在稍微調整一下。您可以在我們的更新中看到這一點。但在國際上，我們繼續表現得很好。因此，這只是一點點，但淨淨，仍然回到我們今年的全部淨收入的相同答案。

Got it. And then maybe, Stephanie, just as you talk about the Protect This House 3 plan and driving global brand heat and really working on product? As over the last few months, as you've been getting more into the role, what have you seen the sort of potential of Under Armour from a gross margin perspective as you connect the strategy to the financials? I think the gross margin should be for the business.

知道了。然後，斯蒂芬妮，也許就像您談論 Protect This House 3 計劃並推動全球品牌熱度並真正致力於產品一樣？在過去的幾個月裡，隨著您對這個角色的了解越來越多，當您將戰略與財務狀況聯繫起來時，您從毛利率的角度看到了 Under Armour 的潛力嗎？我認為毛利率應該是針對業務的。

Yes. I think that -- I think we've got a lot of opportunity ahead. I think that there's both the Protect This House 3 pillars that I went through are really about driving growth on and much of that is fiscal year '24 is a building year, but see, I think the growth really begin in '25 and beyond -- fiscal year '25 and beyond. But in the short to medium term, we really are focused on driving profitability.

是的。我認為——我認為我們前面有很多機會。我認為我所經歷的“保護這座房子”三大支柱實際上都是為了推動增長，其中很大一部分是24 財年是建設性的一年，但是看，我認為增長真正開始於25 財年及以後 - - '25 財年及以後。但從短期到中期來看，我們確實專注於提高盈利能力。

I mentioned in my remarks that we're looking to drive higher ASPs. There's a lot of work being done on SKU productivity, cost of goods sold improvement. We are looking to manage costs very aggressively so we can set the P&L up for more success in the years ahead. And there's really no reason over time that we can't get back to the high 40s. So when I look out in the future, that's what I see.

我在發言中提到，我們希望提高平均售價。我們在 SKU 生產力、銷售成本改善方面做了很多工作。我們希望非常積極地管理成本，以便我們能夠為未來幾年取得更大的成功做好損益表的準備。隨著時間的推移，我們確實沒有理由不能回到 40 多歲的水平。所以當我展望未來時，這就是我所看到的。

And I'll just add a couple of thoughts to that as well. A couple of things that will continue to be in play for us is overdriving on DTC growth versus wholesale which from a mix helps the gross margin rate as we go into the next couple of years. But then also as we continue to grow and scale footwear, there's a little bit of pressure from that because our footwear gross margins are lower. But as we're growing faster there and building scale and getting smarter in how we approach our product, the gross margin is starting to improve within footwear. So that disparity is a little bit less. So it kind of starts to normalize there.

我也將添加一些想法。有幾件事將繼續對我們產生影響，那就是 DTC 的增長與批發相比，這將有助於我們進入未來幾年的毛利率。但隨著我們繼續發展和擴大鞋類產品的規模，我們也會面臨一些壓力，因為我們的鞋類產品毛利率較低。但隨著我們在那裡發展得更快，規模不斷擴大，產品生產方式也變得更加明智，鞋類的毛利率開始提高。所以這個差距稍微小一點。所以它開始正常化。

And one of the bigger things that we really jumped back into is working hard with our vendors on the product costing side and really increasing the visibility of the build-out of those costs in comparison with different vendors. And that work has been underway, and we do anticipate some of that benefit starting to come into our fiscal Q4 of this year and then even more so as we get into full year for fiscal '25.

我們真正投入的一件更重要的事情是與我們的供應商在產品成本方面努力合作，並與不同供應商相比，真正提高這些成本的可見性。這項工作已經在進行中，我們確實預計其中一些收益將開始進入今年第四財季，然後在我們進入 25 財年全年時會產生更多收益。

Our next question comes from the line of Bob Drbul of Guggenheim.

我們的下一個問題來自古根海姆的鮑勃·德布爾（Bob Drbul）。

Two questions that I have. The first one is around the pipeline, the product pipeline, Stephanie, can you just talk a lot around where you're focused on and sort of the improvements that you're making and the team that's in place to drive the new product development, new product pipeline since you joined? And the second question is, you talked about driving higher AURs or ASPs. Can you just talk like how you think the brand is priced competitively versus your peer group and sort of where those opportunities might be?

我有兩個問題。第一個是圍繞管道、產品管道，斯蒂芬妮，你能談談你關注的重點、你正在做的改進以及推動新產品開發的團隊嗎？自從您加入以來，有哪些新產品正在開發中？第二個問題是，您談到了提高 AUR 或 ASP。您能否談談您認為該品牌的定價與同行相比如何具有競爭力以及這些機會可能在哪裡？

Sure, absolutely. On the first part of your question as it relates to product. Our focus is on building out more in the better and best part of the product pyramid. A big focus, as we've discussed, is around footwear, women and sportstyle, and that is just going to help build out those parts of the product pyramid, again, better invest. And we're excited -- we're excited about the team that we have in place to be driving the innovation on the product side. And as I mentioned, we have a search underway for a new Chief Product Officer. We're continuing to look at opportunity to bring in new talent. We brought on some new designers to help us on -- particularly on footwear and sportstyle. So again, it's really going to be about driving that better and best part of the product pyramid, which I think leads to the second part of your question, which is how we're going to drive higher ASPs.

當然，絕對。關於您問題的第一部分，因為它與產品有關。我們的重點是在產品金字塔中更好和最好的部分中構建更多內容。正如我們所討論的，一個重點是鞋類、女性和運動風格，這將有助於構建產品金字塔的這些部分，再次，更好的投資。我們很興奮——我們對我們所擁有的推動產品方面創新的團隊感到興奮。正如我提到的，我們正在尋找新的首席產品官。我們正在繼續尋找引進新人才的機會。我們聘請了一些新設計師來幫助我們——特別是在鞋類和運動風格方面。再說一遍，這實際上是為了推動產品金字塔中更好、最好的部分，我認為這引出了你問題的第二部分，即我們將如何推動更高的平均售價。

I think we're going to drive higher ASPs by better product, more -- very disciplined segmentation. We're going to continue to -- on our digital sites look at opportunities to reduce overall promotional activity. So I think when you kind of put everything in the blender, a better product, more disciplined segmentation, we're going to drive higher ASPs. And again, it doesn't take much $5, $10, $15 per unit to really drive some significant top line revenue and profitability for the company. So we're very focused on that.

我認為我們將通過更好的產品、更嚴格的細分來推動更高的平均售價。我們將繼續在我們的數字網站上尋找減少總體促銷活動的機會。所以我認為，當你把所有東西都放進攪拌機時，更好的產品，更嚴格的細分，我們將推動更高的平均售價。再說一次，每個單位不需要太多 5、10、15 美元就能真正為公司帶來一些可觀的收入和盈利能力。所以我們非常關注這一點。

Our next question comes from the line of Laurent Vasilescu of BNP.

我們的下一個問題來自法國巴黎銀行 (BNP) 的洛朗·瓦西萊斯庫 (Laurent Vasilescu)。

It's Xian Siew on for Laurent. Within the North America lowered outlook, it sounds like most of the changes on the wholesale side, just -- maybe could you comment on the expectations for DTC. Has that changed at all? Or is that the same as 90 days ago?

勞倫特 (Laurent) 上場的是西安·肖 (Xian Siew)。在北美下調的前景中，聽起來大部分變化都發生在批發方面，也許您可​​以評論一下對 DTC 的預期。這有什麼改變嗎？還是和90天前一樣？

Yes, this is Dave. I would say the expectations between DTC and wholesale haven't changed very much. We haven't really updated that in the outlook that we've provided. But I would say that knowing that we adjusted North America a little bit with our expectations around Q3 and Q4 orders, that is a little bit more wholesale skewed. So from that perspective, you could probably back into DTC performing slightly better net-net for the full year that we expect and wholesale slightly worse on the full year than we expected 90 days back, but not a real big inflection there.

是的，這是戴夫。我想說，DTC 和批發商之間的期望沒有太大變化。我們還沒有在我們提供的展望中真正更新這一點。但我想說的是，我們根據對第三季度和第四季度訂單的預期對北美地區進行了一些調整，這有點批發偏差。因此，從這個角度來看，您可能會看到DTC 全年的淨淨值表現略好於我們的預期，而全年的淨淨值略低於我們90 天前的預期，但不會出現真正的大拐點。

Okay. Got it. Helpful. And then maybe could you talk a bit more about the strategy around Team Sports? You've been exiting some contracts with UCLA and now it's nice to see you renew the Notre Dame, but just how you're thinking about that overall? And maybe within that, how you think about marketing as a percent of sales going forward?

好的。知道了。有幫助。那麼也許您可以多談談團隊運動的策略嗎？你已經終止了與加州大學洛杉磯分校的一些合同，現在很高興看到你與聖母大學續約，但你總體上是如何考慮的？也許在此範圍內，您如何看待營銷佔未來銷售額的百分比？

Yes, sure, absolutely. Well, we are absolutely thrilled about our deal with Notre Dame and looking forward to a spectacular decade with the school in terms of outfitting their athletes for their 26 varsity sports, but what I'm particularly excited about in addition is the fact that we're going to be able to co-create with our athletes as we head more into sportstyle, more access to the media assets of Notre Dame.

是的，當然，絕對。好吧，我們對與聖母大學的合作感到非常興奮，並期待著與學校共同度過一個輝煌的十年，為他們的運動員配備參加26 場校隊運動的裝備，但除此之外，我特別興奮的是我們“隨著我們更多地進入運動風格，更多地接觸聖母大學的媒體資產，我們將能夠與我們的運動員共同創造。

So Under Armour is one of only a few brands in the world that has real authenticity on the field of play, the pitch, the court, you name it. So we have this authenticity and it's authenticated through great relationships like with schools like Notre Dame.

因此，Under Armour 是世界上為數不多的在賽場、球場、球場等領域具有真正真實性的品牌之一。因此，我們擁有這種真實性，並且通過與聖母大學等學校的良好關係得到驗證。

And you're going to see us also leaning into that relationship for collabs. We have exciting collab coming up on -- with when Notre Dame plays USC basketball on the women's side in Paris later this year. No better place for a collab than Paris. I mentioned in my prepared remarks, we're going to relaunch our renewed and improved version of HeatGear compression when Notre Dame plays Navy and other great UA school in Dublin later this summer. So in relationships with top sports programs, the top universities is a big part of our strategy.

你會看到我們也傾向於這種合作關係。我們即將開展激動人心的合作——今年晚些時候，聖母大學女子籃球隊將在巴黎與南加州大學女子籃球隊比賽。沒有比巴黎更適合合作的地方了。我在準備好的發言中提到，今年夏天晚些時候，當聖母大學在都柏林與海軍和其他優秀的 UA 學校比賽時，我們將重新啟動我們更新和改進的 HeatGear 壓縮版本。因此，在與頂尖體育項目的關係中，頂尖大學是我們戰略的重要組成部分。

As it relates to marketing more broadly, we -- our goal in marketing is to really hit that 16- to 24-year-old varsity team for athletes. So from a marketing perspective, that means continuing to double down in terms of digital and social. It means more storytelling. It means better use of not just our teams, but our athletes in our marketing. It means doing a better job at product marketing so connecting brand, marketing and product storytelling. So we're -- it's really being with an always-on highly digital marketing approach is really the key to how we're going to relate to that 16- to 24-year-old varsity team sport athlete.

因為它與更廣泛的營銷相關，我們的營銷目標是真正吸引 16 至 24 歲的運動員代表隊。因此，從營銷角度來看，這意味著在數字和社交方面繼續加倍努力。這意味著更多的故事講述。這意味著在營銷中不僅可以更好地利用我們的團隊，還可以更好地利用我們的運動員。這意味著更好地進行產品營銷，將品牌、營銷和產品故事聯繫起來。所以我們——始終在線的高度數字化營銷方法確實是我們如何與 16 至 24 歲的校隊運動運動員建立聯繫的關鍵。

Our next question comes from the line of Sharon Zackfia of William Blair.

我們的下一個問題來自威廉·布萊爾的莎朗·扎克菲亞。

Can you hear me?

你能聽到我嗎？

Yes, we can.

我們可以。

Awesome. I guess a follow-up on the marketing side of the equation. I know women's is a huge opportunity for you. And I'm wondering, from a marketing and a door standpoint, how you can kind of better get in contact with a female consumer to show the elevated product that you've been putting out and getting more traction there?

驚人的。我想這是營銷方面的後續行動。我知道女性對你來說是一個巨大的機會。我想知道，從營銷和門的角度來看，您如何才能更好地與女性消費者取得聯繫，以展示您一直在推出並在那裡獲得更多關注的優質產品？

Absolutely, Sharon. Yes, driving our women's business is a very big focus for me and for the team. And it does start with product. It starts with products that's always at the core of everything on the women's side. And as we lean again into sportstyle more broadly, it's about better design. It's about better fit, it's about better finishes, and more in that better and best part of the product pyramid.

當然，莎倫。是的，推動我們的女性業務是我和團隊的一個非常重要的關注點。它確實從產品開始。它從始終處於女性方面一切核心的產品開始。當我們再次更廣泛地轉向運動風格時，就需要更好的設計。它涉及更好的貼合性、更好的飾面，以及產品金字塔中更好、最好的部分。

But you point out something very important. It's equally about how we market to the female consumer. And so we're thinking about our marketing approach a bit differently, how we speak to the female consumer, which athletes and/or social influencers, et cetera, that we used. And then last but not least, you also highlighted distribution. Getting more into sports style, women, better and that product is going to open up new doors of distribution. So whether that's in the mall, specialty run, boutiques we're going to have more product on more shelves. I think that will appeal to women and to men as well for that matter. But we definitely are focusing harder on women than we ever had before and are excited about some of the things underway.

但你指出了一些非常重要的事情。同樣，這也關係到我們如何向女性消費者進行營銷。因此，我們正在以稍微不同的方式思考我們的營銷方法，我們如何與女性消費者、我們使用的運動員和/或社會影響者等交談。最後但並非最不重要的一點是，您還強調了分佈。更多地融入運動風格、女性、更好，該產品將為分銷打開新的大門。因此，無論是在商場、專賣店還是精品店，我們都會在更多的貨架上展示更多的產品。我認為這對女性和男性都有吸引力。但我們確實比以往任何時候都更加關注女性，並對正在進行的一些事情感到興奮。

I mentioned just a moment ago, the collab we're going to do in Paris later this year with the women's basketball of that of Notre Dame and USC. But we've got some other really exciting things underway that we're going to be launching later into this year and into next year.

我剛才提到，今年晚些時候我們將在巴黎與聖母大學和南加州大學的女子籃球進行合作。但我們還有一些其他真正令人興奮的事情正在進行中，我們將在今年晚些時候和明年推出。

Our next question comes from the line of Geoff Lowery of Redburn.

我們的下一個問題來自 Redburn 的 Geoff Lowery。

Just one question, please, team. Could you talk a bit more about the international performance? And in particular, what's working between apparel and footwear together with your inventories in any of the major markets? And I guess, actually, maybe just a small part B, which is -- is there a plan to take the rewards program international? Or do the scale of the individual countries not justify it at this point? Any color you could add around that would be great.

團隊，只有一個問題。您能多談談國際表現嗎？特別是，服裝和鞋類與您在主要市場的庫存之間的關係如何？我想，實際上，也許只是 B 的一小部分，即——是否有計劃將獎勵計劃推向國際？或者，目前各個國家的規模還不足以證明這一點嗎？任何你可以添加的顏色都會很棒。

Sure. Yes, we're very pleased with the momentum we're seeing in our international business. If you think about -- I'll start with EMEA, where the team is just doing a fantastic job in both our own retail and with our wholesale partners, very -- a lot of discipline around segmentation, terrific relationships with the wholesale partners. The brand in EMEA, particularly in the U.K. and Germany, the Under Armour brand is in very elevated place both with apparel and with footwear but particularly in apparel, we're doing very well in the international markets.

當然。是的，我們對國際業務的發展勢頭感到非常滿意。如果你想一想，我將從歐洲、中東和非洲地區開始，那裡的團隊在我們自​​己的零售和批發合作夥伴方面都做得非常出色，在細分方面有很多紀律，與批發合作夥伴的關係也很好。在歐洲、中東和非洲地區，特別是在英國和德國，Under Armour 品牌在服裝和鞋類方面都處於非常高的地位，特別是在服裝方面，我們在國際市場上表現非常好。

As I move to APAC, I think about we're also very strong in APAC. We're seeing that the athletes brand, kind of our brand positioning in APAC. Again, very premium, as we mentioned in our remarks, growing both in EMEA and in APAC in DTC and with our wholesale partners. So we're excited about our growth in Asia and really see over the long term, China, a big growth driver for us.

當我搬到亞太地區時，我認為我們在亞太地區也非常強大。我們看到運動員品牌，這是我們在亞太地區的品牌定位。再次強調，正如我們在評論中提到的，DTC 以及我們的批發合作夥伴在歐洲、中東和非洲地區和亞太地區都取得了增長。因此，我們對亞洲的增長感到興奮，並且從長遠來看，中國確實是我們的一個重要增長動力。

On the UA Rewards point, first of all, I am so excited that we launched UA Rewards about a little over a week ago here in the U.S. It's going to be the cornerstone of our consumer strategy. No loyalty program means anything if you don't have great products so it goes back to product. But we're going to be investing in product and our rewards program is going to allow us to -- and I know this from my past life, drives higher revenue per customer, more repeat business and higher direct channel engagement. So more stickiness to our website, our app and our own stores.

關於 UA 獎勵，首先，我很高興大約一周前我們在美國推出了 UA 獎勵，這將成為我們消費者戰略的基石。如果你沒有出色的產品，那麼忠誠度計劃就毫無意義，所以一切都會回到產品上。但我們將投資於產品，而我們的獎勵計劃將使我們能夠——我從過去的生活中知道這一點，可以提高每位客戶的收入、更多的重複業務和更高的直接渠道參與度。因此，我們的網站、應用程序和我們自己的商店的粘性更強。

We already -- we actually launched the loyalty program originally in Asia and the program is off to a great start there in China specifically. And that's where we saw some of these early wins as it relates to higher revenue per customer, more repeat business, more direct channel engagement. We saw that with our program in China. So we're bringing in here to the U.S. It's we're off to a great start. Our digital channels, we're out of the gate first, our retail stores later this summer, as I mentioned.

實際上，我們最初是在亞洲推出了忠誠度計劃，並且該計劃在中國取得了良好的開端。這就是我們看到的一些早期勝利的地方，因為它與更高的每位客戶收入、更多的回頭客業務、更直接的渠道參與有關。我們在中國的項目中看到了這一點。因此，我們將其引入美國。我們有了一個良好的開端。正如我提到的，我們的數字渠道，我們首先在今年夏天晚些時候推出了零售店。

And as it relates to expanding the rewards program over time, that is absolutely something that we'll look to because, again, it's a rewards program done well with product at the center and terrific marketing around it is going to be a growth driver for us. So more to come, but we're excited that we've got a great start here in the U.S., and as I mentioned already in China. Dave, anything?

由於它涉及到隨著時間的推移擴大獎勵計劃，這絕對是我們會關注的事情，因為，同樣，這是一個以產品為中心做得很好的獎勵計劃，圍繞它的出色營銷將成為增長動力我們。未來還會有更多，但我們很高興我們在美國有了一個良好的開端，正如我已經在中國提到的那樣。戴夫，有什麼事嗎？

No, I think its covered.

不，我認為它已經被覆蓋了。

Next question, please? Operator?

請下一個問題？操作員？

Not sure if you guys can't hear us or not. But we cannot hear the operator. So you must be experiencing technical difficulties. If you can give us 1 minute, we'll try to sort this.

不確定你們是否聽不到我們的聲音。但我們聽不到接線員的聲音。所以你一定遇到了技術困難。如果您能給我們 1 分鐘的時間，我們會盡力解決這個問題。

Pardon me, this is the operator. Can you hear me?

對不起，這是接線員。你能聽到我嗎？

Now, yes.

現在，是的。

Our next question comes from Brian Nagel from Oppenheimer.

我們的下一個問題來自奧本海默的布萊恩·內格爾。

So the question I want to ask, just with respect to supply chain and shipping costs. You mentioned here as a positive for gross margins in fiscal Q1. But how should we think about that dynamic over the next few quarters? I mean, kind of like a headwind to tailwind type shift, if you will. And then to the extent that you do benefit like others well from lower shipping costs, less supply chain disruption. Is the mindset of Under Armour that you'll let that flow through? Or would those savings be reinvested elsewhere?

所以我想問的問題只是關於供應鍊和運輸成本。您在這裡提到第一財季的毛利率是積極的。但我們應該如何看待未來幾個季度的動態？我的意思是，如果你願意的話，有點像逆風到順風的轉變。然後，您確實可以像其他人一樣從較低的運輸成本和更少的供應鏈中斷中受益。您會讓 Under Armour 的理念貫穿其中嗎？或者這些儲蓄會被再投資到其他地方嗎？

So a couple of things, Brian, this is Dave. Obviously, a lot of us experienced some pretty challenged freight costs last year and even a little bit prior to that. So it's great to see those costs coming back in check and kind of getting those pre-COVID levels and so we are seeing that as a tailwind. We will -- we expect to continue seeing that as a tailwind through the rest of this year. And then again, what's being added to that as we go further into the year, especially our Q4, is some of the product costing negotiations with the vendors in addition to that. So kind of a 2-part benefit that we're expecting to start seeing coming through even more so in our Q4.

有幾件事，布萊恩，這是戴夫。顯然，我們很多人去年甚至在此之前都經歷了一些相當有挑戰性的貨運成本。因此，很高興看到這些成本得到控制並達到新冠疫情前的水平，因此我們認為這是一個順風車。我們預計將繼續將其視為今年剩餘時間的順風車。話又說回來，隨著我們進入今年，特別是第四季度，除此之外，還增加了與供應商的一些產品成本談判。這是一個由兩部分組成的好處，我們預計在第四季度會看到更多的好處。

Relative to how we deploy that, quite frankly, we are continuing to drive and focus on profitability. So whether it be in improving our gross margin, which we will continue to drive forward next year and beyond or whether it be continuing to move forward, leveraging our SG&A next year. The majority of that we're going to be driving to the bottom line to profitability to our shareholders, but also strategically reinvesting in certain areas to make sure we're supporting our PTH 3 strategic priorities. So it's a little bit of both. Hopefully, that helps you a little bit.

坦率地說，相對於我們如何部署這一點，我們將繼續推動並專注於盈利能力。因此，無論是提高我們的毛利率，我們將在明年及以後繼續推動毛利率的提高，還是利用我們明年的銷售、管理及行政費用（SG&A）繼續前進。其中大部分我們將致力於實現股東盈利的底線，同時也在某些領域進行戰略性再投資，以確保我們支持我們的 PTH 3 戰略重點。所以兩者兼而有之。希望這對您有一點幫助。

No, that's very helpful. And then a follow-up question, I realize that this may be a bit repetitive. But we talked a lot about on this call and other calls about this improving product innovation to Under Armour. So I guess a 2-part question. I mean, first, what innovation has been introduced now? How has that been performing? But then as we're watching sort of say, the product set of Under Armour continue to evolve. Are there key points on where we should be looking for more significant innovation coming from the brand?

不，這非常有幫助。然後是一個後續問題，我意識到這可能有點重複。但我們在這次電話會議和其他電話會議上談論了很多有關 Under Armour 改進產品創新的內容。所以我想這是一個由兩部分組成的問題。我的意思是，首先，現在引入了哪些創新？表現如何？但正如我們所看到的，Under Armour 的產品系列仍在不斷發展。我們應該在哪些方面尋找來自品牌的更重要的創新？

Yes. I'll start there, Brian. So I think some of the areas where we continue to innovate would be with HOVR and Flow technology in our footwear. I mentioned that we're going to be relaunching our HeatGear compression this fall at the Notre Dame Navy game, where we will continue to have materials and fabrics in our apparel that make our athletes more productive. So much of our work in product is around technology. I mentioned to around HOVR and Flow that you see in our shoes. So we'll continue to do that.

是的。我將從這裡開始，布萊恩。因此，我認為我們繼續創新的一些領域是鞋類中的 HOVR 和 Flow 技術。我提到過，我們將在今年秋天的聖母海軍比賽中重新推出 HeatGear 壓縮裝備，我們將繼續在我們的服裝中使用能夠提高運動員工作效率的材料和麵料。我們在產品方面的大部分工作都是圍繞技術展開的。我在 HOVR 和 Flow 中提到過你在我們的鞋子中看到的。所以我們將繼續這樣做。

As it relates to new innovation in the pipeline. We've got an amazing innovation team that's focused on what's next in footwear and apparel. So more to come on that front. But it's really about making products and that athletes never knew that they need it and makes them much better at their sports.

因為它涉及管道中的新創新。我們擁有一支出色的創新團隊，專注於鞋類和服裝領域的未來發展。因此，這方面還有更多內容。但這實際上是關於製造產品，而運動員從來不知道他們需要它並讓他們在運動中表現得更好。

I think SlipSpeed, one more thing point to add. I think SlipSpeed is a great innovation, and it was really insightful, looking at something that athletes really needed. A training shoe that they could use while they were in the gym and working out and that they could convert very easily to a (inaudible) by putting the heel down. So I think SlipSpeed is an example of a recent innovation that has been quite successful and that we're going to continue to build upon as a franchise with the running shoe coming out later this year, the mass shoe that we already launched, it's terrific for that summer work out. So I think SlipSpeed is another great example of product innovation. So that's what the brands really all about.

我認為 SlipSpeed，還有一點需要補充。我認為 SlipSpeed 是一項偉大的創新，它非常有洞察力，著眼於運動員真正需要的東西。他們可以在健身房鍛煉時使用的訓練鞋，並且可以通過將腳跟放下來輕鬆轉換為（聽不清）。所以我認為 SlipSpeed 是最近一項非常成功的創新的一個例子，我們將繼續將其作為一個特許經營權，今年晚些時候將推出跑鞋，我們已經推出了大眾鞋，它非常棒為了那個夏天的鍛煉。所以我認為 SlipSpeed 是產品創新的另一個很好的例子。這就是品牌的真正意義所在。

Yes. Brian, I think Stephanie talked about on the call, the idea of focusing on franchises in general, specifically within apparel, within product and being able to link that kind of muscle back to the bone with how we go to market and drive brand heat specifically to with the PTH 3 strategy is really key, and we -- we probably have done an inconsistent job in the past at having franchises where the consumer really associates religiously with the brand and becomes evangelistic for us. So that's something we're really focused on right now. It takes time but those franchises are important. The fact that we're coming out with the Curry 11 this fall is going to be fantastic for that franchise as well. But it's really where we're focused.

是的。布萊恩，我想斯蒂芬妮在電話中談到了總體上關注特許經營的想法，特別是在服裝、產品中，並且能夠將這種力量與我們如何進入市場並專門推動品牌熱度聯繫起來。與PTH 3戰略的配合確實很關鍵，而且我們——我們過去可能在特許經營方面做得不一致，讓消費者真正與品牌產生虔誠的聯繫，並為我們傳播福音。這就是我們現在真正關注的事情。這需要時間，但這些特許經營權很重要。事實上，我們將在今年秋天推出 Curry 11，這對於這支球隊來說也將是一件非常棒的事情。但這確實是我們關注的地方。

Our next question comes from the line of Samuel Poser of Williams Trading.

我們的下一個問題來自威廉姆斯貿易公司的塞繆爾·波塞爾。

I have a handful here. Will Jim, the new CMO, will he take his knowledge of defining banners, let's say the St. Regis versus Courtyard to help define businesses within the organization? I mean -- and how long will it take for that really to start manifesting itself if that is the correct way to think about it?

我這裡有一把。新任首席營銷官吉姆（Jim）會利用他定義橫幅的知識（比如說瑞吉酒店與萬怡酒店）來幫助定義組織內的業務嗎？我的意思是——如果這是正確的思考方式的話，需要多長時間才能真正開始顯現出來？

Sure. Well, Jim, first of all, is going to be an absolutely fantastic asset for the company. He comes with -- I've worked with Jim for over 20 years, deep experience in sales, marketing, technology, operations, finance, you name it and he's worked across the whole business. And he actually spent a lot of time in brand, too, to your question about building brands. And I think what Jim is going to bring to us is experience at knowing how brands or in the case of Under Armour or underneath our umbrella of Under Armour. We've got Curry, we've got different franchises, how to really position them with consumers in a very clear crisp way.

當然。嗯，首先，吉姆將成為公司的絕對出色的資產。我與 Jim 共事了 20 多年，他在銷售、營銷、技術、運營、財務等方面擁有豐富的經驗，而且他在整個企業都工作過。對於你關於建立品牌的問題，他實際上也花了很多時間在品牌上。我認為吉姆將為我們帶來的是了解品牌的經驗，或者就 Under Armour 而言，或者在我們的 Under Armour 保護傘下。我們有庫裡，我們有不同的特許經營權，如何以非常清晰明快的方式真正將它們定位於消費者。

So you know what the value is. Lance touched on this a minute ago in his remarks, like really, really being able to do great products, franchise marketing and make each franchise very distinct with the distinct value proposition. He's going to pull that experience from Marriott International into this role.

所以你知道它的價值是什麼。蘭斯在一分鐘前在他的講話中談到了這一點，就像真的，真的能夠做出偉大的產品，特許經營營銷，並使每個特許經營權具有獨特的價值主張。他將從萬豪國際集團獲得的經驗融入到這個職位中。

I think where Jim is going to add a ton of expertise also is with UA Digital. I mean I have a real vision for our digital assets, our website, our app. They need to become the premium showcase for the brand. I mentioned earlier, reducing overall promotional activity on the site, lifting ASPs, Jim, really in this last role was responsible for amongst other things, on marriott.com and Marriott app, which, of course, are best-in-class.

我認為 Jim 將在 UA Digital 方面增加大量專業知識。我的意思是我對我們的數字資產、我們的網站、我們的應用程序有一個真正的願景。他們需要成為品牌的優質展示櫃。我之前提到過，減少網站上的整體促銷活動，提高平均售價，吉姆在最後一個角色中實際上負責 marriott.com 和萬豪應用程序上的其他事務，當然，這些都是一流的。

There is also a lot of tactical things on the digital front you need to do to have a world-class website and shop app. And we're doing those things and Jim's going to drive probably after more but improving mobile site speed on better product descriptions. We're improving our cancel rates on our site by having improvement store order management system. This is kind of -- maybe a little bit of the behind-the-scenes work that needs to be done, have a world-class website app and Jim is so [sweet] and has so much experience in this area.

要擁有世界一流的網站和商店應用程序，您還需要在數字方面做很多戰術性的事情。我們正在做這些事情，吉姆可能會推動更多，但會通過更好的產品描述來提高移動網站的速度。我們正在通過改進商店訂單管理系統來提高網站上的取消率。這可能是需要完成的一些幕後工作，擁有一個世界一流的網站應用程序，吉姆非常[可愛]並且在這方面擁有豐富的經驗。

So I'm really, really thrilled that he started. He's only 2 weeks in, and he's already hit the ground running but building out those brands and those franchises for us, absolutely, digital, marketing and beyond. So couldn't be more thrilled at Jim with us.

所以我真的非常非常興奮他開始了。他才上任兩週，就已經開始為我們打造這些品牌和特許經營權，絕對是數字、營銷等方面的。所以對吉姆和我們在一起感到非常興奮。

And then are you -- with the U.S. business, are you looking to narrow -- I mean, is part of what's going on with the U.S. business this year, sort of an activity of getting the allocations and your points of distribution more narrow in order to set a base to grow it? And then lastly, you talked a lot about some of the stuff you're doing with large big teams, but I've noticed you've done some grassroots stuff in basketball with high school athletes and HBCU athletes as well. Can you talk a little bit about what you're doing sort of the stabilized U.S. and then to grow it sort of in your own control versus not getting the orders you thought you were getting in wholesale for the back half?

然後，對於美國業務，您是否希望縮小範圍——我的意思是，這是今年美國業務的一部分，是一種讓分配和分配點更窄的活動。為了建立一個基地來成長嗎？最後，您談到了您與大型球隊所做的一些事情，但我注意到您也與高中運動員和 HBCU 運動員一起在籃球領域做了一些基層工作。你能談談你在穩定美國方面所做的事情，然後在你自己的控制下增長它，而不是沒有得到你認為你會在後半段批發的訂單嗎？

Yes. Let me start with the first part of the question about our U.S. business. I think we really have an end strategy, meaning we have a strong $6 billion base of business we want to continue to grow but we want to be much more consistent and disciplined about segmentation. So where we sell our product. And as we, again, build out more of that better and that's part of the product -- product pyramid, we're going to continue to be more and more disciplined. So we're going to continue to grow our base. We're always going to be very, very mindful about what percentage of our business ends up in lower end channels, but continue to build the higher end part of the product pyramid.

是的。讓我從有關我們美國業務的問題的第一部分開始。我認為我們確實有一個最終戰略，這意味著我們擁有 60 億美元的強大業務基礎，我們希望繼續增長，但我們希望在細分方面更加一致和嚴格。那麼我們在哪裡銷售我們的產品。當我們再次更好地構建更多產品，這是產品——產品金字塔的一部分時，我們將繼續變得越來越自律。因此，我們將繼續擴大我們的基礎。我們始終非常非常注意我們的業務最終進入低端渠道的比例，但繼續構建產品金字塔的高端部分。

On the large team versus grassroots question, I talked about Notre Dame, which would be an example on the big team front. The grassroots is simultaneously at the heart of what we're doing at Under Armour. I spoke in my prepared remarks about UA Next, that's our youth-focused sports camp and we are doing a lot with -- for example, we just wrapped up Curry Camp out west where we're going to have our Elite 24 basketball camp coming up in Atlanta and connecting with youth athletes through these events, is really, really critical.

在大團隊與草根問題上，我談到了巴黎圣母院，這將是大團隊方面的一個例子。同時，基層也是我們 Under Armour 所做工作的核心。我在準備好的發言中談到了UA Next，這是我們以青少年為中心的運動營，我們正在做很多事情- 例如，我們剛剛結束了西部的庫裡訓練營，我們將在那裡舉辦我們的Elite 24 籃球訓練營在亞特蘭大，通過這些活動與青年運動員建立聯繫，真的非常重要。

And we do -- and you also mentioned HBCUs, we continue to invest there as well in terms of hitting that 16- to 24-year-old team sport athlete. So I think our approach is twofold. It is -- of course, we're going to focus on big athletes like Steph Curry and Jordan Spieth and Justin Jefferson and big teams like Notre Dame and Navy to name just a few. But then we're also going to focus on that youth athlete at grassroot effort. So I'm super excited about that.

我們確實這麼做了——您也提到了 HBCU，我們也繼續在那裡投資，以培養 16 至 24 歲的團隊運動運動員。所以我認為我們的方法是雙重的。當然，我們將重點關注像斯蒂芬·庫裡、喬丹·斯皮思和賈斯汀·杰斐遜這樣的大運動員，以及像聖母大學和海軍這樣的大球隊。但我們也會關注基層的青年運動員。所以我對此感到非常興奮。

But Dave, anything to add on the U.S. business front?

但是戴夫，關於美國商業方面還有什麼要補充的嗎？

No. I mean I think that you've highlighted it fairly well. I mean we're pretty comfortable with our distribution other than the fact that we know that there are some expansion opportunities in the better and best categories. There's some expansion opportunities relative to sportstyle relative to women's. And all of those should be a little bit more premium as well. So when you think about where our focus is and where a lot of the bigger opportunities are for growth in the U.S., whether it be on the DTC front or whether it be on some of the more premium wholesale distribution that will come along for the ride with our expansion in the sportstyle and pushing more on the women's front and the footwear front, all of that should play well together. And I think it's more about returning to growth and doing so in those stronger areas for us that are more premium for the brand.

不，我的意思是我認為你已經很好地強調了這一點。我的意思是，除了我們知道更好和最好的類別中有一些擴展機會之外，我們對我們的發行非常滿意。與女性相比，運動風格有一些擴展機會。所有這些也應該更優質一些。因此，當你思考我們的重點在哪裡，以及在美國有哪些更大的增長機會時，無論是在 DTC 方面，還是在一些隨之而來的更優質的批發分銷方面隨著我們在運動風格方面的擴張以及在女裝和鞋類方面的更多推動，所有這些都應該能夠很好地協同工作。我認為更多的是要恢復增長，並在那些對我們來說更強大、對品牌來說更優質的領域做到這一點。

And now we'll take our last question from Matthew Boss of JPMorgan.

現在我們將回答摩根大通的馬修·博斯提出的最後一個問題。

So Stephanie, as we consider the 3 pillars of Protect This House, maybe relative to the more challenging North America backdrop today. I guess can you just elaborate on the potential time line that you see to return the brand to sustainable growth in North America? And then how best to judge sequential progress of the actions along the way?

因此，斯蒂芬妮，當我們考慮“保護這座房子”的三大支柱時，可能是相對於當今更具挑戰性的北美背景而言的。我想您能否詳細說明一下您認為該品牌在北美恢復可持續增長的潛在時間表？那麼如何最好地判斷一路上行動的順序進展呢？

Sure. Absolutely, Matt. As I've mentioned today in our last call, we're really looking at fiscal year '24 as a building year for the brand. We are absolutely certain that the PTH 3 pillars are what we need to do to drive growth for the company but they are not going to happen overnight. They're going to take some time. And it's a 3-year plan. So we're 1 quarter into a 12-quarter game here. And I think we need to just stay focused on making progress every -- every week, every month, every quarter.

當然。當然，馬特。正如我今天在上次電話會議中提到的，我們確實將 24 財年視為該品牌的建設年。我們絕對確信 PTH 3 支柱是我們推動公司增長所需要做的事情，但它們不會一蹴而就。他們需要一些時間。這是一個三年計劃。這場 12 節的比賽已經進行到 1 節了。我認為我們需要專注於每週、每月、每個季度取得進展。

I am really excited. We've had some big wins in the first quarter. I mentioned -- we signed Notre Dame, we launched UA Rewards. We had 2 terrific new executives start. We have some really exciting things on the product front, new SlipSpeed, collabs coming with Justin Jefferson and we actually have a collab coming with Stephen Curry. I didn't mention relaunch of compression. So we have a lot of wins in the first quarter, and you're going to see us building quarter after quarter with wins.

我真的很興奮。我們在第一季度取得了一些重大勝利。我提到過——我們簽下了聖母大學，我們推出了 UA 獎勵。我們有兩位出色的新高管。我們在產品方面有一些非常令人興奮的事情，新的 SlipSpeed，與賈斯汀·杰斐遜的合作，我們實際上與斯蒂芬·庫裡的合作。我沒有提到重新啟動壓縮。所以我們在第一季度取得了很多勝利，你會看到我們一個又一個季度取得勝利。

With fiscal year '24 being a year of building and then fiscal year '25 and beyond being where you start to see the growth happen. But I can't underscore enough how focused we are on while we push on our pillars and these big product items, which have the most lead time, as an example. We're going to be very, very focused on profitability, driving higher ASPs, SKU productivity, COGS improvement, et cetera. So I think we're going to march on quarter-by-quarter as we return Under Armour to growth in our home market here in the U.S.

第 24 財年是建設年，然後是第 25 財年及以後，您將開始看到增長。但我無法充分強調我們在推動我們的支柱和這些大型產品項目時的專注程度，例如，這些項目的交付時間最長。我們將非常非常關注盈利能力，推動更高的平均售價、SKU 生產率、COGS 改善等。因此，我認為，隨著 Under Armour 在美國本土市場恢復增長，我們將逐季前進。

Great. And then maybe a follow-up for Dave. Could you just elaborate on the state of active and sportswear inventory in the channel today, more so relative to 3 months ago, exactly where we stand? And then just touch on the composition and quality of your owned inventory as well.

偉大的。然後也許是戴夫的後續行動。您能否詳細說明一下今天渠道中的活躍和運動服裝庫存狀況（與 3 個月前相比），具體情況如何？然後再談談您擁有的庫存的構成和質量。

Sure, Matt. We have seen destocking from the retailers and their inventory levels appear to be getting healthier, which is good. So we do feel better going into future seasons. And so they are getting better. But I would say that not necessarily as fast as we thought which means we do expect to see some of the promotional environment sticking around a little bit longer. And I think if you think about that from a timing perspective, we remain cautious around calendar Q4 or holiday, but we generally expect inventory levels coming more balanced towards the end of this calendar year. Still a little bit of uncertainty there, but obviously something that we're watching.

當然，馬特。我們看到零售商正在去庫存，他們的庫存水平似乎變得更健康，這是好事。所以我們在進入未來的賽季時確實感覺更好。所以他們正在變得更好。但我想說，這不一定像我們想像的那麼快，這意味著我們確實希望看到一些促銷環境持續更長時間。我認為，如果你從時間角度考慮，我們在第四季度或假期期間保持謹慎態度，但我們通常預計庫存水平在今年年底會更加平衡。仍然存在一些不確定性，但顯然我們正在關註一些事情。

Relative to Under Armour's owned inventory and where we sit, we feel very comfortable with what we have. We have generally very healthy product. We don't have a lot of aged inventory within our warehouses. We've been normalizing against a really lean base, and that's why you see these higher growth rates in the beginning of the year. But if you look at inventory turns, we're still very healthy. When you look at mix of inventory, we're still very healthy. And with the pack and hold strategy, you're going to start to see the inventory growth turnaround, and that's where we were expecting to be able to land the end of the year at a high teens decrease year-over-year.

相對於 Under Armour 擁有的庫存和我們所處的位置，我們對我們擁有的庫存感到非常滿意。我們通常有非常健康的產品。我們的倉庫內沒有大量陳舊庫存。我們一直在以非常薄弱的​​基礎進行正常化，這就是為什麼你會在年初看到更高的增長率。但如果你看看庫存周轉率，我們仍然非常健康。當你看看庫存組合時，我們仍然非常健康。通過打包和持有策略，您將開始看到庫存增長的轉變，這就是我們預計能夠在年底實現同比大幅下降的情況。

So I think we're doing a good job of balancing the promotional environment and discounting with moving through our inventory and making sure that we're buying the right inventory as we finish out this year and go into next year. So I think we're in a good spot to work from here as we go forward.

因此，我認為我們在平衡促銷環境和折扣與庫存方面做得很好，並確保我們在今年結束並進入明年時購買正確的庫存。因此，我認為我們正處於一個很好的起點，可以繼續前進。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.

謝謝。女士們、先生們，今天的會議到此結束。感謝大家的參與。您現在可以斷開連接。祝你有美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。