Under Armour Inc (UAA) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Under Armour Q3 '24 Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Lance Allega, SVP Investor Relations, Treasury and Corporate Development. Please go ahead, sir.

早安，歡迎參加 Under Armour Q3 '24 電話會議。 （操作員說明）請注意，正在記錄此事件。現在我想將會議交給投資者關係、財務和企業發展高級副總裁蘭斯·阿萊加 (Lance Allega)。請繼續，先生。

Thank you. Good morning, and welcome to Under Armour's Third Quarter Fiscal 2024 Earnings Conference Call. Today's event is being recorded for replay. Joining us on today's call are Under Armour President and CEO, Stephanie Linnartz; and CFO, Dave Bergman. Our remarks today will include certain forward-looking statements that reflect Under Armour's management's current view of our business as of February 8, 2024. These statements may include projections for our business in the present and future quarters and fiscal years.

謝謝。早安，歡迎參加 Under Armour 2024 財年第三季財報電話會議。今天的事件正在錄製以供重播。參加今天電話會議的還有 Under Armour 總裁兼執行長 Stephanie Linnartz；和財務長戴夫伯格曼。我們今天的言論將包括某些前瞻性陳述，這些陳述反映了Under Armour 管理層截至2024 年2 月8 日對我們業務的當前看法。這些陳述可能包括對我們當前和未來季度以及財年業務的預測。

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. 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. Today's discussion may also include the use of non-GAAP references.

前瞻性陳述並非對未來業務績效的保證，我們的實際結果可能與所提供的觀點中明示或暗示的結果有重大差異。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。今天的討論也可能包括非公認會計準則參考資料的使用。

Under Armour believes these measures provide investors with a helpful perspective on underlying business trends. When applicable, these measures are reconciled to the most comparable U.S. GAAP measures. Reconciliations of which, along with other pertinent information can be found in this morning's press release and at about.underarmour.com. With that, I will turn the call over to Stephanie.

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。如果適用，這些措施將與最具可比性的美國公認會計準則措施進行調整。可以在今天早上的新聞稿和 about.underarmour.com 中找到這些資訊的調節以及其他相關資訊。這樣，我會將電話轉給史蒂芬妮。

Thank you, Lance, and good morning to everyone joining today's call. Let me begin by saying that despite a challenging retail environment and consumer buying behavior that was inconsistent market to market we are pleased with the results we achieved in our third quarter, with revenue in line with our November outlook and better-than-expected earnings.

謝謝蘭斯，祝所有參加今天電話會議的人早安。首先我要說的是，儘管零售環境充滿挑戰，而且消費者購買行為因市場而異，但我們對第三季度取得的業績感到滿意，收入符合我們 11 月份的前景，盈利也好於預期。

As I approach my first year at Under Armour, I am genuinely inspired by the power of the brand and our commitment to the strategies we are undertaking to unlock our full potential. Following our Protect This House 3 plan launched last spring, I am pleased with our progress in driving global demand creation and our focus on evolving and simplifying our approach to connecting with consumers.

當我在 Under Armour 工作的第一年即將到來時，我真誠地受到該品牌的力量以及我們對我們為釋放全部潛力而採取的策略的承諾的啟發。繼去年春天推出「Protect This House 3」計畫後，我對我們在推動全球需求創造方面取得的進展以及我們專注於發展和簡化與消費者聯繫的方法感到高興。

I also feel good about how our efforts are shaping up to deliver elevated design and products to the athletes we serve in nearly 100 countries around the world, strengthening our ability to drive success across our largest growth opportunities in footwear, sports style and our women's business. With respect to driving U.S. sales, this remains a multiyear journey. And candidly, we have much more work to do to become a healthier business capable of returning to growth in our largest market.

我也對我們為全球近 100 個國家/地區的運動員提供優質設計和產品的努力感到滿意，這增強了我們在鞋類、運動風格和女裝業務領域最大的成長機會中取得成功的能力。就推動美國銷售而言，這仍然是一個多年的旅程。坦白說，我們還有很多工作要做，才能成為一家更健康的企業，能夠在我們最大的市場中恢復成長。

As detailed previously, inconsistency has permeated our U.S. business over the past years in how we go to market across consumers, customers and geographies, how our product is created and delivered with a consistent design language, channel segmentation and how we show up in our owned physical and digital businesses. With a critical mass of work underway, an additional analysis that will yield more work and decision points in the months ahead, we are on right path to addressing these inconsistencies and turning them into strength.

如前所述，過去幾年來，我們的美國業務在如何跨消費者、客戶和地理進入市場、如何以一致的設計語言創建和交付我們的產品、管道細分以及我們如何在自己的品牌中展現等方面都存在不一致的情況。實體和數位業務。隨著大量的工作正在進行，額外的分析將在未來幾個月產生更多的工作和決策點，我們正走在解決這些不一致並將其轉化為力量的正確道路上。

All of this will take time, and it starts with leadership. To drive success, the right talent must be in the right places with the trust and the freedom necessary to empower execution. Bolstering our leadership was amongst my highest priorities in my first year at UA, and we've made excellent progress. Since last summer, we've added several new experienced officers to lead our product, design, consumer, supply chain and communications teams.

這一切都需要時間，而這一切都始於領導力。為了推動成功，合適的人才必須在適當的位置，並獲得執行力所需的信任和自由。在 UA 的第一年裡，加強我們的領導力是我的首要任務之一，我們已經取得了巨大的進步。自去年夏天以來，我們增加了幾位經驗豐富的新官員來領導我們的產品、設計、消費者、供應鏈和溝通團隊。

Additionally, we named a 9-year company veteran to lead our Americas region and announced the return of the UA veteran to head our EMEA business. We have also streamlined our business to be more responsive, including our marketing functions, where we recently consolidated our global and North American teams who will report to a new Chief Marketing Officer, a search that's currently underway. This unification will bring a cleaner integrated approach to empower faster decision-making to accelerate our ability to connect more deeply with consumers.

此外，我們任命了一位在公司工作了 9 年的資深人士來領導我們的美洲地區，並宣布這位 UA 資深人士回歸來領導我們的歐洲、中東和非洲業務。我們也簡化了我們的業務，以提高回應速度，包括我們的行銷職能，我們最近整合了我們的全球和北美團隊，他們將向新的行銷長報告，目前正在進行的搜尋工作。這種統一將帶來更清晰的整合方法，以加快決策速度，從而加快我們與消費者建立更深入聯繫的能力。

About 2/3 of my executive leadership team is new compared to last year and each of these leadership changes is tied directly to the inconsistencies I mentioned earlier. So we are making good progress and hitting challenges head on. The next steps are activating and empowering these teams to drive our strategic priorities, creating a future flywheel of operational excellence and execution that drives consistency back into our business.

與去年相比，我的執行領導團隊中大約有 2/3 是新的，每一次領導層變動都與我之前提到的不一致直接相關。因此，我們正在取得良好進展並面對挑戰。下一步是啟動並授權這些團隊來推動我們的策略重點，創建未來卓越營運和執行力的飛輪，從而推動我們業務的一致性。

During the third quarter, I visited our Asia Pacific region and met with our team, athletes and retail and factory partners. Like my EMEA trip, I am encouraged by the energy, passion and effort we're bringing to our daily business. I also toured many of our North American stores to evaluate the opportunities we have to leverage our full-price locations as a premium brand showcase to further build relevance with our consumers.

第三季度，我訪問了我們的亞太地區，並會見了我們的團隊、運動員以及零售和工廠合作夥伴。就像我的歐洲、中東和非洲之旅一樣，我們為日常業務帶來的活力、熱情和努力讓我深受鼓舞。我還參觀了我們的許多北美商店，以評估我們利用全價店作為優質品牌展示的機會，以進一步與消費者建立聯繫。

In the near to midterm, as we navigate a dynamic global environment, and our new leaders take time to ramp up we are focused on cost management and profitability, as we close out fiscal '24 and assess how to best to allocate our investments in the year ahead. This includes efforts to understand where and how we are putting our resources to work to drive the best possible returns and identifying which strategies will be most critical to driving demand creation over the long term, especially in North America.

在近期到中期，隨著我們在充滿活力的全球環境中前進，我們的新領導者需要時間來提升，我們將重點關注成本管理和盈利能力，因為我們將結束24 財年並評估如何最好地分配我們的投資未來一年。這包括努力了解我們在何處以及如何將資源投入到工作中以實現最佳回報，並確定哪些策略對於長期推動需求創造最為關鍵，尤其是在北美。

With more strategic deployment of our marketing resources, we continue to see positive momentum here. A great example is the Curry Brand, driven by the Curry 11 basketball shoe. And we recently launched the Dub Nation pack celebrating Stephen's commitment to the Golden State Warriors fans with unique colorways for the 11, the Curry 1 Retro and the Spawn FloTro. The Curry Brand also dropped exciting collaborations with Bruce Lee and apparel and footwear, including the new Curry SlipSpeed. And with the addition of De'Aaron Fox from the Sacramento Kings, we're looking forward to De'Aaron's first signature shoe later this year.

隨著我們行銷資源的更具策略性部署，我們繼續看到積極的勢頭。一個很好的例子是由 Curry 11 籃球鞋驅動的 Curry Brand。我們最近推出了 Dub Nation 套裝，以 11 號、Curry 1 Retro 和 Spawn FloTro 的獨特配色來慶祝史蒂芬對金州勇士隊球迷的承諾。 Curry Brand 也放棄了與李小龍以及服裝和鞋類的令人興奮的合作，包括新 Curry SlipSpeed。隨著來自薩克拉門托國王隊的德亞倫福克斯的加入，我們期待德亞倫的第一款簽名鞋在今年晚些時候問世。

In Global Football, we're leveling up our roster with some of the best up-and-coming talent at the highest levels of sport. We recently signed Mexican national team players, Sebastian Cordova, FC Barcelona's Fermín López and Real Madrid's Antonio Rüdiger. As we look to grow relevance in the world's most popular sport, this marks a significant move to bolster our presence. So we are very excited about the possibilities this brings in the years ahead.

在全球足球領域，我們正在用一些最高水平運動中最優秀的後起之秀來提升我們的陣容。我們最近簽下了墨西哥國家隊球員塞巴斯蒂安·科爾多瓦、巴塞隆納足球俱樂部的費爾曼·洛佩斯和皇家馬德里隊的安東尼奧·魯迪格。當我們希望在世界上最受歡迎的運動中提高相關性時，這標誌著我們加強影響力的重大舉措。因此，我們對這在未來幾年帶來的可能性感到非常興奮。

In American football, I want to congratulate our hometown Baltimore Ravens for a fantastic season, reaching the AFC championship game, including UA Athlete, Kyle Hamilton, who was named a first team All Pro and to the Pro Bowl in just a second year.

在美式足球方面，我要祝賀我們的家鄉巴爾的摩烏鴉隊度過了一個精彩的賽季，進入了亞足聯冠軍賽，其中包括UA 運動員凱爾·漢密爾頓，他在僅僅第二年就入選了全職業一線隊並進入了職業碗。

On the college side of the game, (inaudible) finish this season with a dominant ball win powered by Under Armour performance gear on the field and had off the field Swagger with UA SlipSpeed, Heat Gear base layer, hoodies and fleece. Adding an excellent example of our evolving approach to brand activation, was last month's UA Next All-American event in Orlando. We're the best U.S. high school volleyball and football players engaged in a week of unforgettable experiences and elite level competition.

在大學比賽方面，（聽不清楚）本賽季以場上由Under Armour 高性能裝備提供動力的壓倒性勝利結束，而場下則穿著UA SlipSpeed、Heat Gear 打底衣、連帽衫和羊毛衫Swagger。上個月在奧蘭多舉行的 UA Next All-American 活動是我們不斷發展的品牌活化方法的一個很好的例子。我們是美國最好的高中排球和橄欖球運動員，參加了為期一周的難忘經歷和精英級別的比賽。

As a Pinnacle Grassroots program, this provides the next generation of athletes an opportunity to elevate their physical and mental game. And of course, they were kitted out an amazing UA gear, like the all-new SlipSpeed Mega, a maximalist running shoe in Fire and Ice colorways and other products like Unstoppable pants, Infinite Pro running shoes and all the accessories necessary to excel at their sport.

作為 Pinnacle 草根計劃，這為下一代運動員提供了提升身體和心理水平的機會。當然，他們還配備了令人驚嘆的 UA 裝備，例如全新的 SlipSpeed Mega、火與冰配色的極簡主義跑鞋以及其他產品，例如 Unstoppable 褲子、Infinite Pro 跑鞋以及出色表現所需的所有配件運動。

With a massive social media activation, the UA Next All-American week demonstrates how we maximize the authentic connection to sports culture showcasing product innovations that make athletes better and leveraging up-and-coming influencers to generate brand buzz and engagement. We have also made significant strides across social media over the past year and continue to gain traction. During this time, our Instagram followers showed strength across all UA accounts with a significant uptick in the Curry Brand.

透過大規模的社交媒體活動，UA Next 全美週展示了我們如何最大限度地與體育文化建立真實聯繫，展示使運動員變得更好的產品創新，並利用嶄露頭角的影響者來產生品牌熱度和參與度。在過去一年裡，我們在社群媒體上也取得了重大進展，並繼續獲得關注。在此期間，我們的 Instagram 粉絲在所有 UA 帳戶中都表現出了實力，咖哩品牌顯著上升。

Likewise, our TikTok followers have also gotten stronger as have our engagement rates. This past quarter, our focus was elevating footwear and sports style and our strategic collaboration with external content creators and influencers meaningfully helped to amplify the impact of our social media content. To drive engagement and demand for the brand, we must deliver elevated design and products. With the appointment of Yassine Saidi as our Chief Product Officer, I am incredibly excited about the evolution and style for our apparel and footwear.

同樣，我們的 TikTok 粉絲也變得越來越強大，我們的參與率也越來越高。上個季度，我們的重點是提升鞋類和運動風格，我們與外部內容創作者和影響者的策略合作有意義地幫助擴大了我們社群媒體內容的影響力。為了提高品牌的參與度和需求，我們必須提供優質的設計和產品。隨著 Yassine Saidi 被任命為我們的首席產品官，我對我們服裝和鞋類的演變和風格感到非常興奮。

Joining us just last week Yassine brings nearly 20 years of industry experience from several powerhouse brands with a deep pedigree in developing authentic performance and sportswear apparel and a reputation as a significant influencer in the sneaker market.

上週剛加入我們的 Yassine 帶來了來自多個強大品牌近 20 年的行業經驗，這些品牌在開發正宗性能和運動服裝方面擁有深厚的底蘊，並在運動鞋市場享有重要影響力的聲譽。

With our Chief Product Officer and a new Head of Design in place, along with additional apparel, sneaker and branding experts, we are making significant progress in getting the right team together to ensure a balanced approach to continuing to deliver industry-leading performance innovations on pitch, field and court with an ability to attack the massive sports sell opportunity more effectively.

隨著我們的首席產品長和新設計主管以及其他服裝、運動鞋和品牌專家的就位，我們在組建合適的團隊方面取得了重大進展，以確保採取平衡的方法繼續提供行業領先的性能創新球場、球場和球場具有攻擊大規模運動的能力，可以更有效地銷售機會。

Given our product creation cycle, it will take time for this newly led team to start driving more critical mass into the equation, yet we're not hitting pause until then. We have a lot of newness to be excited about as we head into spring, summer '24, especially in apparel. Over the past few quarters, we've made substantial progress in style consolidation and leaning into premium as we started to place smaller run capsules and reposition existing products within our Sportstyle offering.

考慮到我們的產品創建週期，這個新領導的團隊需要時間才能開始推動更多的關鍵品質進入方程式，但在那之前我們不會暫停。當我們進入 24 年春夏時，我們有很多令人興奮的新鮮事，尤其是在服裝方面。在過去的幾個季度中，我們在風格整合和向高端傾斜方面取得了實質進展，因為我們開始放置更小的跑步膠囊，並在我們的運動風格產品中重新定位現有產品。

Although early, we are excited for fresh updates of our key apparel franchises to hit shelves later this spring, including the Unstoppable Air Vent, a new bag year on-trend silhouette of our classic woven pants. Additionally, an expanded line of our soft and versatile Meridian performance apparel is due out this spring. With stylist flattering products for women, including body suits and tanks that she can wear from the classroom to practice and from the gym to the office.

雖然為時過早，但我們很高興我們的主要服裝系列的全新更新將於今年春季晚些時候上架，其中包括 Unstoppable Air Vent，這是我們經典梭織褲的新包袋年度流行款式。此外，我們的柔軟多功能 Meridian 功能服裝的擴展系列將於今年春天推出。提供適合女性的造型師美化產品，包括緊身衣和背心，她可以穿著它們從教室到練習，從健身房到辦公室。

Next is an update to our iconic warm weather base layer with super light heat gear compression shirts and shorts that wick sweat from maximum performance, receiving new and improved fits, colorways and styles for more versatile occasions.

接下來是我們標誌性的溫暖氣候打底衣的更新，包括超輕保暖壓縮襯衫和短褲，可發揮最佳性能排汗，並採用新的和改進的合身、配色和款式，適合更多用途的場合。

Our retail partners are excited about this evolution and bookings for this product are strong, especially our women's products.

我們的零售合作夥伴對這一演變感到興奮，而且該產品的預訂量很大，尤其是我們的女性產品。

Speaking of our women's business, we were honored to have received 2 Women's Health Fitness Magazine awards. Our UA SmartFarm Evolution mid sports bra received the best sports bra overall and our Women's UA Reign 6 training footwear was also recognized. We are proud of these wins, which help drive more incredible momentum in this business, especially as we expand our Sportstyle offerings.

說到我們的女性業務，我們很榮幸獲得兩項《女性健康健身雜誌》獎項。我們的 UA SmartFarm Evolution 中型運動胸罩獲得了最佳運動胸罩整體獎，我們的女式 UA Reign 6 訓練鞋也獲得了認可。我們為這些勝利感到自豪，這有助於推動該業務更加令人難以置信的發展勢頭，特別是在我們擴展運動風格產品時。

Shifting to our ability to harness innovation for our athletes in the planet, I'd highlight our collaboration with Celanese, a global chemical and materials company in developing a new fiber for performance stretch fabrics called Neolast. This incredibly innovative fiber has the potential to offer our industry a high-performing, more sustainable alternative to elastane or spandex, which has recycling challenges.

談到我們為地球上的運動員利用創新的能力，我要強調我們與全球化學和材料公司塞拉尼斯的合作，開發一種名為 Neolast 的新型高性能彈性織物纖維。這種令人難以置信的創新纖維有潛力為我們的行業提供一種高性能、更永續的彈性纖維或氨綸替代品，而彈性纖維或氨綸則面臨回收挑戰。

With the first apparel products due out later this year, we believe Neolast fiber could have a transformative impact on Under Armour in the textile industry.

隨著首批服裝產品將於今年稍後推出，我們相信 Neolast 纖維可能會對 Under Armour 的紡織業產生變革性影響。

Next is footwear, which remains our single most significant growth opportunity, and we know we have a lot of work to do here. During the third quarter, our footwear business was down 7% in part due to a tougher prior year growth comparison of 25%, but also due to softer demand, primarily in North America.

接下來是鞋類，這仍然是我們最重要的成長機會，我們知道我們在這方面還有很多工作要做。第三季度，我們的鞋類業務下降了 7%，部分原因是去年成長 25%，但也因為需求疲軟（主要是北美地區）。

In the rearview, we recognized some of the inconsistencies from our past are showing up in our current results. However, we believe these challenges are near term in nature, and we continue to look forward by evolving our footwear strategies and investments to support our long-term growth expectations. Rounding out our product leadership changes, a search for a new head of footwear is also underway, further emphasizing our commitment to having the right talent to drive the right results in the years ahead.

回顧過去，我們認識到過去的一些不一致之處正在我們目前的結果中顯現出來。然而，我們相信這些挑戰本質上是近期的，我們繼續展望未來，透過發展我們的鞋類策略和投資來支持我們的長期成長預期。為了完成我們的產品領導層變化，我們也在尋找新的鞋類主管，這進一步強調了我們致力於擁有合適的人才在未來幾年推動正確結果的承諾。

Leveraging our knowledge of knits, expertise in midsoles and innovative cushioning, we have made good headway in our approach to our running footwear. As a highlight, our Velociti and Infinite running franchises are getting important updates for spring/summer '24 with base, pro and elite styles to cover our good, better, best segmentation. In this spirit, we are intensely focused on franchises identifying where we can land and partnering with our wholesale customers to scale our footwear business more effectively.

憑藉我們在針織方面的知識、中底方面的專業知識和創新的緩衝技術，我們在跑鞋方面取得了良好的進展。作為一個亮點，我們的 Velociti 和 Infinite 跑步系列將在 24 年春夏進行重要更新，包括基礎、專業和精英款式，以涵蓋我們良好、更好、最佳的細分市場。本著這種精神，我們高度關注特許經營權，確定我們可以登陸的地方，並與我們的批發客戶合作，以更有效地擴大我們的鞋類業務。

Shifting next to our Americas business and much work remains. During the third quarter, our North American business was down 12%, which I will note was in line with our expectations and reflective of a challenging wholesale environment in the U.S. and softer demand. Here, we remain focused on serving our retail partners and working with them to optimize our assortment and segmentation, ensuring greater overall consistency and profitability.

接下來轉向我們的美洲業務，還有很多工作要做。第三季度，我們的北美業務下降了 12%，我要指出的是，這符合我們的預期，並反映出美國批發環境充滿挑戰和需求疲軟。在這裡，我們仍然專注於為我們的零售合作夥伴提供服務，並與他們合作優化我們的品種和細分，確保更高的整體一致性和盈利能力。

In our North American DTC business, I'd highlight that underneath flattish results in the quarter, we are encouraged by specific operational gains made during the crucial holiday period. These included exceptional customer service scorecards, elevated talent across our fleet and significantly improved in-stock levels. Thus, our work to become a better retailer is beginning to shine through.

在我們的北美 DTC 業務中，我要強調的是，在本季業績持平的情況下，我們對關鍵假期期間取得的具體營運收益感到鼓舞。其中包括卓越的客戶服務記分卡、提高我們車隊的人才水平以及顯著提高庫存水平。因此，我們成為更好的零售商的努力開始顯現。

We are also progressing on our new full-price brand house design and are set to test a smaller, easier- to-navigate format with a more premium and curated product positioning. One of the bright spots for our North American DTC business continues to be our UA Rewards Loyalty Program with encouraging member engagement and spending trends. Our enrollment has hit nearly 3 million members, which is well ahead of the target we set for fiscal '24. Our members continue to show a higher premium purchase frequency than nonmembers in these early months.

我們也正在推進新的全價品牌屋設計，並準備測試更小、更易於導航的格式，以及更優質且精心策劃的產品定位。我們北美 DTC 業務的亮點之一仍然是我們的 UA 獎勵忠誠度計劃，鼓勵會員參與和消費趨勢。我們的會員人數已接近 300 萬，遠遠超出了我們為 24 財年設定的目標。在最初的幾個月裡，我們的會員繼續表現出比非會員更高的溢價購買頻率。

We drove engagement during the third quarter via our first-ever members week, along with 8 members-only holiday campaigns, which directly contributed to peak holiday business. We are also working to improve our digital business. Given that our North American e-commerce channel has been tempered during fiscal '24, as we turn to fiscal '25, we are exploring plans to reduce our promotional dependence to create a more premium online presence. Simply put, ua.com will become a showcase for our brand. We have done a lot of work to make our website more functional to increase conversion, but we must create a more premium shopping experience to elevate the brand.

第三季度，我們透過首個會員週以及 8 個僅限會員的假期活動提高了參與度，這直接推動了假日業務的高峰。我們也致力於改善我們的數位業務。鑑於我們的北美電子商務管道在 24 財年期間受到了影響，當我們轉向 25 財年時，我們正在探索減少促銷依賴的計劃，以創建更優質的線上形象。簡而言之，ua.com 將成為我們品牌的展示櫃。我們做了很多工作來使我們的網站更具功能性以提高轉換率，但我們必須創造更優質的購物體驗來提升品牌。

Closing out North America, we recently appointed Kara Trent to head up our largest region. Kara has been with Under Armour since 2015 and most recently led our EMEA business to consistent double-digit revenue growth during her tenure. She is an exemplary leader and an industry veteran who builds performances teams, disciplined segmentation, optimized marketing strategies and strong wholesale relationships. As she steps into this role, I am confident that she has the right skill set, demeanor and drive necessary to put this business back on a path of top line growth over the long term.

關閉北美市場後，我們最近任命卡拉特倫特 (Kara Trent) 領導我們最大的地區。 Kara 自 2015 年起加入 Under Armour，最近在其任職期間帶領我們的 EMEA 業務實現了持續兩位數的收入成長。她是一位模範領導者和行業資深人士，她建立了表演團隊、嚴格的細分、優化的營銷策略和強大的批發關係。當她擔任這一職務時，我相信她擁有適當的技能、風度和動力，可以使該業務重新走上長期收入成長的道路。

And finally, another leadership appointment is the return of 25-year industry and 9-year Under Armour veteran, Kevin Ross, who will serve as Kara's replacement in EMEA to lead that business as Senior Vice President and Managing Director. With deep experience in general management, sales team sports and product creation, we look forward to Kevin's ability to hit the ground running in one of our most successful markets.

最後，另一個領導層任命是擁有25 年行業經驗和9 年Under Armour 經驗的Kevin Ross 的回歸，他將接替Kara 在歐洲、中東和非洲地區的業務，擔任高級副總裁兼董事總經理，領導該業務。憑藉在綜合管理、銷售團隊運動和產品創造方面的豐富經驗，我們期待凱文能夠在我們最成功的市場之一中取得成功。

In summary, as we close out the fiscal year amid a dynamic market environment, we are incredibly focused on managing the business and making the hard but necessary decisions now to set ourselves up for a more promising future. In the near term, this is involved making several leadership changes engineered to address our areas of opportunity. In concert, we are committed to prudent cost management, including identifying and optimizing the investments in our business towards the highest returns.

總而言之，當我們在充滿活力的市場環境中結束本財年時，我們非常專注於管理業務並立即做出艱難但必要的決定，以便為更有希望的未來做好準備。在短期內，這涉及到進行幾項領導層變革，以應對我們的機會領域。同時，我們致力於審慎的成本管理，包括確定和優化我們的業務投資，以獲得最高回報。

Over the mid- to long-term, we are confident in our ability to drive global demand creation and elevate design and product while ensuring the trifecta of product, place and promotion, are optimized to put us on a trajectory to reignite growth and deliver improved value to our shareholders. With that, I will turn it over to Dave for his comments on the quarter and our outlook.

從中長期來看，我們對推動全球需求創造、提升設計和產品的能力充滿信心，同時確保產品、通路和促銷三重奏得到優化，使我們走上重燃成長並提供改進的軌道。為我們的股東創造價值。接下來，我將把它轉交給戴夫，請他對本季和我們的前景發表評論。

Thanks, Stephanie, and good morning, everyone. Our third quarter revenue was down 6% to $1.5 billion, which align with our outlook. On a regional basis, North America revenue declined by 12%, coming in at $915 million, which was in line with our expectations. Wholesale was down meaningfully due to challenges in our full-price business, partially offset by growth related to inventory management strategies, which included increased sales to the off-price channel.

謝謝斯蒂芬妮，大家早安。我們第三季的營收下降 6% 至 15 億美元，這與我們的預期相符。從地區來看，北美收入下降了 12%，為 9.15 億美元，符合我們的預期。由於我們的全價業務面臨挑戰，批發業務大幅下降，但部分被庫存管理策略相關的成長所抵消，其中包括折扣通路銷售的增加。

Our North American DTC business was down slightly during the quarter. EMEA revenue was up 7% to $284 million or up 2% on a currency-neutral basis. This was driven by strong growth in our DTC business related to improved traffic trends across our retail and e-commerce channels. Our EMEA wholesale business was also up during the quarter.

我們的北美 DTC 業務在本季略有下降。歐洲、中東和非洲 (EMEA) 營收成長 7%，達到 2.84 億美元，在貨幣中立的基礎上成長 2%。這是由我們的 DTC 業務的強勁成長推動的，這與我們零售和電子商務通路的流量趨勢改善有關。我們的歐洲、中東和非洲批發業務在本季也有所成長。

APAC revenue was up 7% to $212 million or up 8% on a currency-neutral basis. We saw solid sales growth within our retail stores and wholesale was also up during the quarter. China was a leading contributor to third quarter growth. And finally, our Latin American business was up 9% to $70 million in the quarter or up 3% on a currency-neutral basis.

亞太地區營收成長 7%，達到 2.12 億美元，在剔除貨幣因素的基礎上成長 8%。我們看到零售店的銷售量穩定成長，批發量在本季也有所成長。中國是第三季成長的主要貢獻者。最後，我們的拉丁美洲業務在本季成長了 9%，達到 7,000 萬美元，在貨幣中性的基礎上成長了 3%。

From a channel perspective, wholesale revenue was down 13% to $712 million, with decreases in our full price and distributor businesses, partially offset by higher sales to the off-price channel. Direct-to-consumer revenue increased by 4% to $741 million due to a 5% increase in our owned and operated store revenue and a 2% increase in our e-commerce business. And licensing revenue decreased 2% in the quarter to $29 million, driven by declines in our Japanese and North American licensee businesses.

從通路角度來看，批發收入下降了 13%，至 7.12 億美元，這是由於我們的全價和分銷業務的減少，部分被低價通路銷售額的增加所抵消。由於我們自有和經營的商店收入成長了 5%，以及電子商務業務成長了 2%，直接面向消費者的收入成長了 4%，達到 7.41 億美元。由於日本和北美被授權人業務的下滑，該季度的授權收入下降了 2% 至 2,900 萬美元。

By product type, apparel revenue was down 6%, driven primarily by declines in our train and outdoor businesses, partially offset by strength in our sideline in basketball categories. Footwear was down 7% due to a tough comparison and softer demand, primarily in North America. As a reminder, we had robust growth during the third quarter of fiscal '23 as a significant volume of footwear products that were previously delayed due to COVID-related factor constraints meaningfully hit the market. And finally, our accessories business was flat year-over-year.

按產品類型劃分，服裝收入下降了 6%，這主要是由於我們的火車和戶外業務下降所致，但部分被我們副業籃球類別的強勁增長所抵消。由於嚴峻的比較和需求疲軟（主要是在北美），鞋類下降了 7%。提醒一下，我們在 23 財年第三季實現了強勁成長，之前因新冠肺炎相關因素限製而推遲的大量鞋類產品有意義地投放市場。最後，我們的配件業務較去年同期持平。

Moving down moving the P&L. Gross margin was up 100 basis points to 45.2% during the third quarter driven by approximately 260 basis points of supply chain benefits, mainly due to lower freight costs. These tailwinds were better than our previous expectation and were responsible for most of the overdrive on gross margin. These benefits were partially offset by 140 basis points of unfavorable pricing due to increased promotional activities in our DTC business, our proactive strategy to reduce inventory through our factory houses and deeper discounts in our sales to the off-price channel along with about 20 basis points of unfavorable foreign currency impacts.

向下移動損益表。第三季毛利率成長了 100 個基點，達到 45.2%，主要由於貨運成本下降，供應鏈效益提高了約 260 個基點。這些有利因素優於我們先前的預期，是毛利率超額成長的主要原因。這些收益被 140 個基點的不利定價所部分抵消，這是由於我們的 DTC 業務促銷活動增加、我們透過工廠減少庫存的積極策略以及我們向折扣通路銷售的更大折扣以及約 20 個基點不利的外匯影響。

In the third quarter, SG&A expenses were flat year-over-year at $602 million. Excluding a $23 million litigation reserve expense, adjusted SG&A expenses were down 4% to $579 million.

第三季度，SG&A 支出與去年同期持平，為 6.02 億美元。不包括 2,300 萬美元的訴訟準備金費用，調整後的 SG&A 費用下降 4% 至 5.79 億美元。

Next, operating income was $70 million. And excluding our litigation reserve expense, our adjusted operating income was $92 million, which was above our outlook of $65 million to $75 million due to the gross margin overdrive and lower SG&A.

其次，營業收入為 7,000 萬美元。不包括我們的訴訟準備金費用，我們調整後的營業收入為 9,200 萬美元，由於毛利率超額成長和 SG&A 較低，這高於我們 6,500 萬至 7,500 萬美元的預期。

After tax, we realized a net income of $114 million or $0.26 of diluted earnings per share. Excluding a $50 million benefit from our final earnout on the sale of the MyFitnessPal platform and a $23 million litigation reserve expense along with the related tax impacts of each, adjusted net income was $84 million or $0.19 of adjusted diluted earnings per share. This came in above our third quarter outlook of $0.09 to $0.11, due to our adjusted operating income overdrive and favorability on the other expense and tax lines.

稅後，我們實現了 1.14 億美元的淨利潤，即稀釋後每股收益 0.26 美元。不包括 MyFitnessPal 平台銷售最終收益中的 5000 萬美元收益和 2300 萬美元訴訟準備金費用以及每一項的相關稅收影響，調整後淨利潤為 8400 萬美元，或調整後稀釋每股收益 0.19 美元。由於我們調整後的營業收入超額成長以及其他費用和稅收項目的優惠，這高於我們第三季預期的 0.09 美元至 0.11 美元。

Now moving on to the balance sheet. At the end of the third quarter, our inventory was down 9% to $1.1 billion as we trended towards normalized levels. This was in line with our outlook. And as we end the year, we anticipate our inventory to be down at a mid-teen percentage rate, which should put us close to $1 billion.

現在轉向資產負債表。第三季末，隨著我們趨向正常化水平，我們的庫存下降了 9% 至 11 億美元。這符合我們的預期。到年底，我們預計我們的庫存將以百分之十左右的速度下降，這將使我們的庫存接近 10 億美元。

Rounding out the quarter, our cash and cash equivalents were $1 billion, and we had no borrowings under our $1.1 billion revolving credit facility. And finally, we repurchased $25 million of Class C common stock during the third quarter. This concluded our 2-year $500 million program announced in February of 2022, thus retiring 45.6 million previously outstanding shares.

截至本季末，我們的現金和現金等價物為 10 億美元，且我們的 11 億美元循環信貸安排下沒有借款。最後，我們在第三季回購了 2,500 萬美元的 C 類普通股。我們在 2022 年 2 月宣布的為期 2 年、價值 5 億美元的計畫就此結束，淘汰了 4,560 萬股先前已發行的股票。

Next, let's turn to our full-year outlook. To start, we have tightened our revenue expectation to a 3% to 4% decline for the full year, which is within our previous range of being down 2% to 4%. The shift within the range represents continued softer wholesale revenue. Breaking this down further, we now expect revenue in North America to be down at a high single-digit rate versus the previous expectation of a 5% to 7% decline. And we now expect our international business to be up at a high single-digit rate versus the previous low double-digit rate increase.

接下來，讓我們轉向全年展望。首先，我們將全年營收預期收緊至下降 3% 至 4%，這在我們之前下降 2% 至 4% 的範圍內。該範圍內的變化表明批發收入持續疲軟。進一步細分，我們現在預計北美地區的收入將以高個位數的速度下降，而先前的預期為下降 5% 至 7%。我們現在預計我們的國際業務將以高單位數成長率成長，而之前的低兩位數成長率。

From a product perspective, we expect our apparel and footwear businesses to both be down at a low single-digit percentage rate for the full year. Next, we expect gross margin to be up 120 to 130 basis points versus our previous expectation of a 100 to 125 basis point increase. This improvement is related to supply chain benefits and lower-than-expected full-year sales to the off-price channel.

從產品角度來看，我們預計全年服裝和鞋類業務都將以較低的個位數百分比下降。接下來，我們預期毛利率將上升 120 至 130 個基點，而先前的預期為 100 至 125 個基點。這項改善與供應鏈效益以及折扣通路全年銷售額低於預期有關。

Moving down the P&L. Full year SG&A should be flat to down slightly, which is unchanged from our previous expectation. Dropping this through, our reported operating income is expected to reach $287 million to $297 million. Excluding the company's litigation reserve, adjusted operating income is expected to reach $310 million to $320 million. Putting it all together, our reported diluted earnings per share is expected to be $0.57 to $0.59, which includes a $0.12 after-tax benefit from our final earn-out on the sale of the MyFitnessPal platform and a $0.05 negative impact from our litigation reserve. Excluding these net positive impacts of $0.07, we expect adjusted diluted earnings per share to be between $0.50 and $0.52.

損益表向下移動。全年 SG&A 應持平或略有下降，這與我們之前的預期相同。拋開這一點，我們報告的營業收入預計將達到 2.87 億至 2.97 億美元。不包括公司的訴訟準備金，調整後的營業收入預計將達到3.1億美元至3.2億美元。總而言之，我們報告的攤薄每股收益預計為 0.57 美元至 0.59 美元，其中包括我們出售 MyFitnessPal 平台的最終盈利帶來的 0.12 美元稅後收益，以及我們的訴訟準備金帶來的 0.05 美元負面影響。排除這些 0.07 美元的淨正面影響，我們預計調整後的攤薄每股收益將在 0.50 美元至 0.52 美元之間。

So to close, we remain encouraged by our evolving strategies to turn our inconsistencies into strengths. At the same time, we are maintaining a cautious view of the market, and we will continue to work the levers of our P&L to deliver appropriate financial performance while positioning the company for long-term growth. That means managing our supply chain to maximize gross margin opportunities, tightening expenses, optimizing investments, focusing on cash management and making prudent capital expenditures in the near to midterm. Without question, there is much work ahead of us and we look forward to sharing more specific details on our year-end call in May, where we will provide our initial thoughts on fiscal '25.

最後，我們仍然對我們不斷發展的策略感到鼓舞，這些策略將我們的不一致之處轉化為優勢。同時，我們對市場保持謹慎的看法，我們將繼續利用損益表來實現適當的財務業績，同時為公司的長期成長做好準備。這意味著管理我們的供應鏈以最大限度地提高毛利率機會、緊縮開支、優化投資、專注於現金管理並在近中期進行審慎的資本支出。毫無疑問，我們還有很多工作要做，我們期待在 5 月的年終電話會議上分享更多具體細節，屆時我們將提供關於 25 財年的初步想法。

That said, we have confidence in our market sector and that our work will proactively set us up to return to creating value for our shareholders. And with that, we finished our prepared remarks, so I'll turn it back to the operator for Q&A. Operator?

也就是說，我們對我們的市場部門充滿信心，我們的工作將積極幫助我們重新為股東創造價值。至此，我們準備好的發言就完成了，所以我會將其交回給接線員進行問答。操作員？

Our next question comes from Simeon Siegel from BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Simeon Siegel。

Nice progress, guys. So Stephanie just wondering if you could share a little bit more on your broader color on how you're viewing North America landscape. Maybe how are you guys thinking about when you think about the proactive inventory management. I feel like you're in a good place and maybe versus competition. Just any color there. And then if we can just -- any thoughts on freight and promotions embedded in the full year guidance?

夥計們，進展不錯。史蒂芬妮想知道您是否可以分享更多關於您如何看待北美景觀的更廣泛的色彩。當您想到主動庫存管理時，也許您會怎麼想。我覺得你處於一個很好的位置，也許與競爭相比。那裡有任何顏色。然後，如果我們可以——對全年指導中包含的貨運和促銷有什麼想法嗎？

Sure. So I'll start, and then and Dave, I'm sure we'll jump in. And good morning Simeon, thanks for your question. As it relates to North America, as we highlighted in our prepared remarks, the softness in North America is largely being driven by wholesale. And as the year went on, we saw continued softness in that channel, including at-once and replenishment wholesale orders. That's a big piece of the puzzle in North America. And then if you really particularly look at the holiday time frame, there was quite a lot of promotional activity that impacted our performance and others. As it relates to inventory, I'll turn it to Dave in a second, but our inventory continues to trend to be in a much better place. For Under Armour in the industry overall, I'd say, though, that doesn't necessarily mean there'll be no promotional activity that really ties to demand. So there's not always that one-to-one correlation. I think people think could be the case. So I think we're really, really excited about the game plan we have for North America. I'd highlight, again, Kara Trent coming back to lead that business. She has a great track record from her time in EMEA. Terrific leader, terrific relationship with wholesale partners, disciplined segmentation, great targeted marketing efforts that have been driving the brand in that part of the world. And we know she's going to bring those same skills and leadership back when she starts her role in about a week here in North America. So we're excited about the work underway and our efforts around marketing, product and distribution, which I'm sure we'll get into in -- further in the Q&A. But Dave, why don't you weigh in on inventory, that specific question?

當然。我先開始，然後戴夫，我相信我們會加入進來。早上好，西蒙，謝謝你的問題。就北美而言，正如我們在準備好的評論中所強調的那樣，北美的疲軟很大程度上是由批發推動的。隨著時間的推移，我們看到該管道持續疲軟，包括一次性訂單和補貨批發訂單。這是北美的一大難題。然後，如果你真的特別關注假期時間範圍，你會發現有相當多的促銷活動影響了我們的表現和其他人。由於它與庫存有關，我將立即將其轉給戴夫，但我們的庫存繼續趨向於處於更好的位置。不過，我想說，對於安德瑪整個行業來說，這並不一定意味著不會有真正與需求相關的促銷活動。因此並不總是存在一對一的相關性。我認為人們認為可能是這樣。所以我認為我們對北美的遊戲計劃感到非常非常興奮。我要再次強調，卡拉特倫特（Kara Trent）回來領導這項業務。她在歐洲、中東和非洲地區擁有出色的業績記錄。優秀的領導者、與批發合作夥伴的良好關係、嚴格的細分、出色的針對性行銷努力一直在推動該品牌在世界各地的發展。我們知道，當她在北美開始工作大約一周後，她將帶回同樣的技能和領導。因此，我們對正在進行的工作以及我們在行銷、產品和分銷方面所做的努力感到興奮，我相信我們將在問答中進一步討論這些內容。但是戴夫，你為什麼不權衡一下庫存這個具體問題呢？

Yes. I mean I think you covered the inventory pretty well in that the market, we think, is coming back to normalization at this point, maybe a little bit longer to go, but pretty close. However, we are still seeing a fairly promotional environment out there even with the inventory levels at the retailers in a lot better place. So I think the retailers are being fairly cautious and still really trying to keep clean after a year or two of obviously having more than they wanted. So we do see some of that promotional impact on gross margin continuing a little bit. And so you asked a little bit about freight and promotion relative to our assumptions on the full-year outlook or essentially Q4. And I would say that from a freight perspective, we've seen the rates normalize pretty well at this point, and they had really stopped with the big increase in our fiscal Q4 of last year. So when we think about Q4 of this fiscal year as we finish out the year, we're kind of at a more stabilized freight rate in Q4. So that's not going to be a huge tailwind for us in Q4. However, we are starting to work more deeply with our inventory vendors and have made a lot of progress on some of the costing initiatives there, which we're seeing some of that benefit favorably for Q4 of this year. And then I did mention relative to the promotion levels, we do anticipate it continuing to be more promotional than normal for a while here. And so we're continuing to expect that in our full year forecast as well.

是的。我的意思是，我認為你很好地覆蓋了庫存，因為我們認為市場目前正在恢復正常化，可能需要更長的時間，但已經非常接近了。然而，儘管零售商的庫存水準要好得多，但我們仍然看到了相當促銷的環境。因此，我認為零售商相當謹慎，並且在明顯超過他們想要的一兩年後仍然努力保持乾淨。因此，我們確實看到促銷對毛利率的一些影響仍在繼續。因此，您詢問了一些關於與我們對全年前景或第四季度前景的假設有關的貨運和促銷的問題。我想說，從貨運的角度來看，我們已經看到費率目前已經很好地正常化，而且隨著去年第四財季的大幅增長，費率確實已經停止了。因此，當我們在今年結束時考慮本財年的第四季時，我們第四季的運費比較穩定。因此，這對我們第四季來說不會是一個巨大的推動力。然而，我們開始與我們的庫存供應商進行更深入的合作，並在一些成本核算措施上取得了很大進展，我們看到今年第四季的一些好處。然後我確實提到了相對於促銷水平，我們確實預計它會在一段時間內繼續比正常情況更加促銷。因此，我們在全年預測中也將繼續預期這一點。

Our next question comes from Jay Sole, UBS.

我們的下一個問題來自瑞銀集團的 Jay Sole。

My question just a little bit on Europe. If you could just maybe touch on that business, how the wholesale channel there is looking if it's different than sort of the comments that you made about the U.S.? And then Stephanie, I'd love to hear a little bit more about the product innovation pipeline, what you see coming over the next couple of quarters and really into the Olympics perhaps. Would love to hear your view on that.

我的問題只是關於歐洲。如果您可以談論該業務，如果它與您對美國的評論不同，那裡的批發管道看起來如何？然後斯蒂芬妮，我很想聽聽更多有關產品創新管道的信息，以及您在接下來的幾個季度中看到的內容，甚至可能真正進入奧運會。很想聽聽您對此的看法。

Yes. Sure, of course. As it relates to EMEA, in Europe, we are -- that is -- continues to be a strong market for us. The brand is doing very well there. That being said, we mentioned this in the remarks, we're seeing a little bit of cooling there with the consumer, particularly in Eastern Europe and some of our distributor markets. But again, the European market, particularly in England and Spain and France, is very strong for us. Let me touch on product, and I'll let Dave jump in on Europe as well. But on the product side, I mean, we have a lot to be excited about. With Yassine just started last week, but we're super excited to have him as our new Chief Product Officer. And of course, as we've shared with you about 5 months ago, John Varvatos joined us as our new Chief Design Officer, and there's just a lot of exciting things happening on both the apparel side and the footwear side. So let me hit a couple of things that we're excited about on the apparel side. We continue to see a lot of traction with our Meridian product for women, where we're really winning with women is in legs -- or sorry, it's bottoms and tops and particularly with bras. We're having a lot of success there. I mentioned that we've got some exciting new things coming with our Unstoppable franchise that's really going to be terrific. And our core base layer really has some new upgrades in terms of fit and colorways and we're excited about that on the apparel side. On the footwear side, we have some real traction with Curry and the Curry 11, excited about what's happening with our running footwear, in particular, with our Velociti Elite and Infinite franchises. As a quick reminder, the Velociti Elite running shoe was worn by last year's New York City's Marathon winner, Sharon Lokedi. She wore again this year and came in third place with only a couple of seconds off the top spot, which is remarkable. So that Velociti running shoe is a real winner at the highest levels of performance and running. And then on the Infinite shoe, we've really reimagined the HOVR technology, which is incredible cushioning. And so we have a base, pro and elite level with that shoe really hitting that segmentation of good, better and best. So we're excited about that. But we're just getting started. Again, Yassine just started last week and we've got an amazing team here that's put -- has some great innovation pipeline, but we're excited to see what Yassine in partnership with the new head of footwear when he fills that position, that search is underway, and of course, with our design talent. So we're excited with what we've got in the product pipeline. I will say it's worth noting that it will take time, though. When we think about the product creation cycle in terms of any real mass of new product, I think we're looking at spring/summer 25-plus just given the product creation cycle that we're dealing with. But Dave, do you want to jump in with any additional color on Europe?

是的。當然，當然。就歐洲、中東和非洲而言，在歐洲，我們仍然是一個強大的市場。該品牌在那裡做得很好。話雖這麼說，我們在評論中提到了這一點，但我們看到消費者的態度有些降溫，特別是在東歐和我們的一些經銷商市場。但同樣，歐洲市場，特別是英格蘭、西班牙和法國，對我們來說非常強勁。讓我談談產品，我也會讓戴夫談談歐洲。但在產品方面，我的意思是，我們有很多值得興奮的地方。 Yassine 上週剛上任，但我們非常高興他成為我們新的首席產品長。當然，正如我們在大約 5 個月前與您分享的那樣，John Varvatos 加入我們，擔任我們的新首席設計官，服裝和鞋類方面都發生了很多令人興奮的事情。讓我談談服裝方面我們感到興奮的一些事情。我們繼續看到我們的 Meridian 女性產品具有很大的吸引力，我們真正贏得女性青睞的是腿部——或者抱歉，是下裝和上裝，尤其是胸罩。我們在那裡取得了巨大的成功。我提到我們的《勢不可擋》系列帶來了一些令人興奮的新東西，這真的很棒。我們的核心基礎層在合身性和配色方面確實有一些新的升級，我們對此在服裝方面感到興奮。在鞋類方面，我們對 Curry 和 Curry 11 有一些真正的吸引力，我們對我們的跑鞋，特別是我們的 Velociti Elite 和 Infinite 系列所發生的事情感到興奮。快速提醒一下，去年紐約市馬拉松冠軍 Sharon Lokedi 所穿的 Velociti Elite 跑鞋。今年她再次穿著，以僅落後第一名幾秒鐘的成績獲得第三名，這非常了不起。因此，Velociti 跑鞋是最高水準表現和跑步的真正贏家。然後在 Infinite 鞋上，我們真正重新設計了 HOVR 技術，這是令人難以置信的緩衝效果。所以我們有一個基礎、專業和精英級別的鞋子，真正達到了好、更好和最好的細分。所以我們對此感到興奮。但我們才剛開始。同樣，Yassine 上週剛開始工作，我們這裡有一支出色的團隊，擁有一些出色的創新管道，但我們很高興看到 Yassine 在填補該職位時與新的鞋類主管合作，搜索正在進行中，當然，還有我們的設計人才。因此，我們對產品線中的產品感到非常興奮。我想說，值得注意的是，這需要時間。當我們根據新產品的實際數量來考慮產品創建週期時，我認為我們正在考慮 25 年以上的春夏季節，因為我們正在處理的產品創建週期。但是戴夫，你想加入任何其他有關歐洲的色彩嗎？

I mean I think the only thing maybe that I would point out is we have a lot of strength moving forward in Europe, which is great to see. I think one of the points that is a little bit of pressure is just some of the Red Sea shipping disruptions do impact us a little bit there. And that is part of what went into our outlook tightening is that we see about a 1 point headwind from the Red Sea impacts, and that's primarily related to EMEA. And then obviously, there's some geopolitical challenges in that region as well that we're dealing with. So we're working through that. And that's really what I'm mentioning that 1 point headwind that's really talking about fourth quarter and how do we see it finishing out the year.

我的意思是，我認為我可能要指出的唯一一件事是，我們在歐洲有很大的前進動力，這是很高興看到的。我認為有點壓力的一點是紅海航運中斷確實對我們造成了一點影響。我們的前景趨緊的部分原因是，我們看到紅海影響帶來了 1 個百分點的逆風，這主要與歐洲、中東和非洲地區有關。顯然，我們正在應對該地區的一些地緣政治挑戰。所以我們正在解決這個問題。這就是我所說的 1 點逆風，這實際上是在談論第四季度以及我們如何看待今年的結束。

I'd add one more thing on the product side, just really quickly, I should have mentioned because it's getting a lot of traction is with our SlipSpeed Mega, which we did a soft launch at the UA All- American game, we did a soft launch there. We have a very cool activation at the Super Bowl this weekend, but the SlipSpeed Mega it's a very cool shoe that I think is really resonating with consumers. So that's another highlight on the footwear front.

我想在產品方面再補充一件事，只是很快，我應該提到，因為我們的 SlipSpeed Mega 受到了很大的關注，我們在 UA 全美比賽中進行了軟發布，我們做了一個那裡進行軟啟動。本週末我們在超級盃上推出了非常酷的活動，但 SlipSpeed Mega 是一款非常酷的鞋子，我認為它確實引起了消費者的共鳴。這是鞋類方面的另一個亮點。

Our next question comes from Laurent Vasilescu, BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

I was hoping to drill down on North America wholesale. If possible, could you possibly quantify how down North America wholesale was for the quarter or just your expectations for the year, so the audience can better understand the dynamics within this channel. Are you starting to see -- are you starting to have conversations with North American retailers regarding restocking of inventories, particularly for the back half of 2024. And then just, Dave, on that point on the Red Sea, I understand there's some delays, but can you maybe just share with the audience how you -- how much you're contracted out? And when you renegotiate your contracts with the shipping merchants?

我希望深入了解北美批發市場。如果可能的話，您能否量化本季北美批發的下降程度，或者只是您對今年的預期，以便觀眾可以更好地了解該頻道內的動態。你是否開始看到——你是否開始與北美零售商就庫存補充問題進行對話，特別是 2024 年下半年的庫存。戴夫，關於紅海的這一點，我知道有一些延誤，但您是否可以與觀眾分享一下您的外包金額是多少？當您與運輸商人重新談判合約？

Yes. So I guess a couple of things. North America wholesale is definitely a pressure point. We've talked about that. We've talked about kind of the softer orders as we saw coming in through fiscal '20 -- or fall/winter '23 and also a little bit relative to spring/summer '24. We haven't been quantifying the actual percentage for the channel within a region, but definitely is a pressure point, and we're continuing to see an experience where our DTC channels in North America are performing much better than where we are with wholesale. I think again, the retailers are being very cautious right now even though the inventory levels at retail are in a much better place. And that's why we're continuing to see some of the promotional levels as well. When you think about the Red Sea impacts, we are seeing some impacts there from shipping disruptions mainly impacting EMEA. The impact includes some increased shipping costs as well, not just some delays. And to kind of think about that, about 20% or so of our global apparel comes through that area, so it is meaningful to us. We're mitigating that through regional air freight, adjusted shipping lanes, differing forward buys, PO prioritization, et cetera. So -- and with all that, we don't really see any concerns with daily operations of our inventory vendors in that region. But again, we are estimating for Q4 about a 1 point revenue headwind because of the delays and mainly the impact on the EMEA region, and that's considered in our tightening of our outlook for the full year.

是的。所以我猜有幾件事。北美批發絕對是一個壓力點。我們已經討論過了。我們已經討論了 20 財年（或 23 財年秋季/冬季）以及與 24 財年春/夏季相比出現的訂單疲軟情況。我們還沒有量化某個區域內通路的實際百分比，但這絕對是一個壓力點，而且我們不斷看到我們在北美的 DTC 通路的表現比我們的批發通路要好得多。我再次認為，儘管零售庫存水準要好得多，但零售商現在非常謹慎。這就是為什麼我們繼續看到一些促銷等級的原因。當您考慮紅海的影響時，我們會看到運輸中斷帶來的一些影響，主要影響歐洲、中東和非洲地區。影響還包括一些運輸成本的增加，而不僅僅是一些延誤。想想看，我們全球大約 20% 左右的服裝都來自這個地區，所以這對我們來說很有意義。我們正在透過區域空運、調整航線、不同的遠期購買、採購訂單優先級等等來緩解這個問題。因此，儘管如此，我們並沒有真正看到該地區庫存供應商的日常營運有任何問題。但同樣，由於延誤以及主要是對歐洲、中東和非洲地區的影響，我們預計第四季度的收入將出現約 1 個百分點的逆風，這在我們收緊全年前景時也得到了考慮。

Our next question comes from Robert Drbul, Guggenheim.

我們的下一個問題來自古根漢的羅伯特·德布爾。

Stephanie, just I guess, a bigger picture question for you, but you've made a significant amount of new hires, new leaders since last summer, when I look at the list and think about it Chief Design Officer, Supply Chain Product Officer in Americas. When you think about all these new leaders in the organization, how should we think about the time it will take for the organization to actually absorb the leadership changes, the impacts on the culture, the execution, eventual change and field of the years ahead?

史蒂芬妮，我想，這對你來說是一個更大的問題，但自去年夏天以來，當我查看這份名單並思考首席設計官、供應鏈產品官時，你已經聘用了大量新員工、新領導者。美洲。當你想到組織中的所有這些新領導者時，我們應該如何考慮組織實際吸收領導力變化、對文化、執行、最終變化和未來幾年領域的影響所需的時間？

During my first year, my top priority was building out the right team and to build out the right team to address some of the inconsistencies and challenges that we've had in the past. And you're right, there's been a lot of change. Let me just put a little more color around it. This is -- I've been in the job for about 11 months coming up on my first year. But since last summer, we filled the following jobs. Let me just tick through them quickly. Chief Consumer Officer, Jim Dausch, season Marriott executive, a lot of experience in products, marketing, sales and brand; a new Chief Communication Officer, Amanda Miller, came from PayPal, bringing us real PR horsepower; new Chief Design Officer, John Varvatos, great experience with his own company, Ralph Lauren, Calvin Klein, Converse; a new Chief Supply Chain Officer, Shawn Curran, a 30-year veteran at the Gap who was most recently the COO at Old Navy, but held various positions at that company over the years; a new Chief Product Officer Yassine Saidi, who started again last week, as I mentioned, coming from some powerhouse brands and most recently, owning his own company, so he's got that entrepreneurial spirit. A new President of the Americas just starting Kara Trent, industry and UA veteran. We talked about how spectacular she's going to be in her new role. I mentioned that Kevin Ross will backfill Kara and EMEA, a 25-year veteran of the industry knows UA, was with us for 9 years, but experienced at Taylor Made and Yeti in addition to Under Armour. We did also -- I didn't mention this, but in my remarks, we did hire a new SVP of direct-to-consumer for the Americas last summer too Josh Denton, who came -- Under Armour veteran, who came back to us, and we have an open CMO role and a new head of footwear that I covered in my prepared remarks. So when you put all that in the blender, that is a lot of change in roughly 6 months. What's terrific is, again, these executives who all have really incredible backgrounds have hit the ground running. I'm so excited to see how well they're working together. Interestingly, Yassine and Kara work together for close to 9 years at Puma. So to have the Head of North America and the Head of Product already have a deep working relationship between the two of them is terrific. Of course, when you think about executives like Kevin Ross and Josh Denton coming back, they know UA. So this team has hit the ground running, but they do need time to settle in, get their teams organized. I should underscore too, we have amazing talent at Under Armour already that these leaders are joining. Really deep experience, particularly in terms of performance apparel, performance footwear. So we've got a great team in Under Armour. We brought these critical new roles in. Most of when you think about it on a forward-facing part of the business. I put supply chain in there, too, because we can't get things to the right place at the right time they won't be delivered to the customer. It's got quite a lot of work underway on the supply chain front under Shawn's leadership. So it's going to take some time, but to get going, but I'm confident that we have the right team, we have the right strategy and we're firing on all cylinders. So I'm excited with the amount of progress we've made on the talent front in less than a year.

在我的第一年裡，我的首要任務是建立合適的團隊，並建立合適的團隊來解決我們過去遇到的一些不一致和挑戰。你是對的，發生了很多變化。讓我在它周圍多加一點顏色。距離我第一年的工作已經過了大約 11 個月。但自去年夏天以來，我們填補了以下職位。讓我快速地勾選一下它們。首席消費者官Jim Dausch，萬豪國際集團執行官，在產品、行銷、銷售和品牌方面擁有豐富的經驗；來自 PayPal 的新任首席傳播官 Amanda Miller 為我們帶來了真正的公關馬力；新任首席設計長 John Varvatos，在自己的公司 Ralph Lauren、Calvin Klein、Converse 擁有豐富的經驗；新任首席供應鏈官 Shawn Curran 是一位在 Gap 工作了 30 年的資深人士，最近擔任 Old Navy 的首席營運官，但多年來在該公司擔任過多個職位；正如我所提到的，新任首席產品長亞辛·賽迪（Yassine Saidi）上週重新開始工作，他來自一些強大的品牌，最近擁有自己的公司，因此他具有企業家精神。新任美洲區總裁 Kara Trent 剛上任，她是業界和 UA 資深人士。我們討論了她在新角色中將表現得多麼出色。我提到凱文·羅斯(Kevin Ross) 將填補Kara 和EMEA 的空缺，他是一位擁有25 年行業經驗的資深人士，了解UA，在我們工作了9 年，除了Under Armour 之外，他還曾在Taylor Made 和Yeti 擁有豐富的經驗。我們也這樣做了——我沒有提到這一點，但在我的演講中，我們去年夏天也聘請了一位新的美洲直接面向消費者高級副總裁喬什·丹頓(Josh Denton)，他來了——Under Armour 資深人士，他回到了美國我們有一個開放的首席營銷官職位和一個新的鞋類主管，我在準備好的發言中談到了這一點。因此，當你將所有這些放入攪拌機中時，大約 6 個月內就會發生很大的變化。令人驚訝的是，這些擁有令人難以置信的背景的高階主管再次開始行動。我很高興看到他們合作得如此順利。有趣的是，Yassine 和 Kara 在 Puma 共事了近 9 年。因此，北美負責人和產品負責人兩人之間已經建立了深厚的工作關係，這是非常棒的。當然，當你想到像 Kevin Ross 和 Josh Denton 這樣的高層回來時，他們就會知道 UA。所以這個團隊已經開始運作，但他們確實需要時間適應，讓他們的團隊組織起來。我還應該強調，Under Armour 已經擁有令人驚嘆的人才，這些領導人正在加入。真正深厚的經驗，特別是在功能性服裝、功能性鞋類方面。因此，Under Armour 擁有一支出色的團隊。我們引入了這些關鍵的新角色。大多數情況下，當你考慮業務的前瞻性部分時。我也把供應鏈放在那裡，因為我們無法在正確的時間把東西送到正確的地方，它們就不會交付給客戶。在肖恩的領導下，該公司在供應鏈方面正在進行大量工作。所以這需要一些時間，但要開始，但我相信我們有合適的團隊，我們有正確的策略，我們正在全力以赴。因此，我對我們在不到一年的時間內在人才方面的進步感到興奮。

Our next question comes from Sam Poser, Williams Trading.

我們的下一個問題來自威廉斯貿易公司的 Sam Poser。

I've got 3, and I'm just going to read them all out. One, when we think forward, do we anticipate that the SG&A is going to go down? And then you mentioned the Olympics, is that going to be like pump up of investment sort of at the end of Q1 into Q2 of next year? And then two is, what's the base of -- like what's the base sales you look at for North America? Are we close to it? And then on product, it's like use of logo, you've got some good stuff going on with some of the Unstoppable apparel, the Fat Tire, the Forge 96, that really don't scream with the big UA logo and seem to be doing generally better than most out there of the non-Curry product. And I just wondered sort of directionally how you're thinking of logo use and stuff like that and maybe optimize -- exploiting some of those styles that are sort of quieter don't make the list that often, but appear to be -- have pretty good demand.

我有3本，我要把它們全部讀出來。第一，當我們展望未來時，我們是否預期 SG&A 會下降？然後您提到了奧運會，這是否會像第一季末到明年第二季的投資增加一樣？第二個問題是，基礎是什麼──例如你認為北美的基礎銷售額是多少？我們離它很近嗎？然後在產品上，就像徽標的使用一樣，Unstoppable 服裝、Fat Tire、Forge 96 等一些好東西，它們確實不會因大 UA 徽標而尖叫，而且似乎總體來說比大多數非咖哩產品做得更好。我只是想知道你是如何考慮標誌使用和類似的東西，也許是優化——利用一些比較安靜的風格並不經常出現在列表中，但似乎——有相當不錯的需求。

Yes, Sam, this is Dave. I'll take your first 2 questions, and then maybe I'll hand off to Stephanie on the logo. Relative to SG&A and going forward, obviously, this is an area that we continue to focus on. We worked hard over the past few years to become more agile from a cost structure perspective. But we do have more work to do. We understand the areas of highest returns, and we're continuing to validate those and also understand where the best investments need to go. So this is a continual work in process. We continue to drive further savings within our hiring, our incentive comp, tightening up our marketing prioritization, spending, travel and entertainment, et cetera. And we're going to continue that work as we drive into next year. So could we drive SG&A lower? Potentially and that's our focus is to be able to be as optimized as possible, and we're going to keep working with that. Relative to North America, I think your question is, how we hit kind of base sales level for North America? And I would say that's kind of a loaded question because there's a lot of decisions within that. And we know that we want to be -- continue to strive to be more premium. We know that we want to make some right choices as far as backing off some of the deeper discounts, for example, on our on our website. So all of that goes into the blender as we think forward. And as we get to our May call, we'll be getting into much more details on kind of fiscal '25 and beyond. And then as far as you mentioned the Olympics relative to SG&A. And is that going to be a heavy investment? Obviously, we're going to activate some things around the Olympics, but it is not a large investment for us, so it shouldn't be a big pop in SG&A for us in any way. Stephanie, do you want to take the third point on logo.

是的，山姆，這是戴夫。我會回答你的前兩個問題，然後也許我會將徽標問題交給史蒂芬妮。相對於 SG&A 以及未來，顯然，這是我們繼續關注的領域。在過去的幾年裡，我們努力從成本結構的角度變得更敏捷。但我們確實還有更多工作要做。我們了解回報率最高的領域，我們將繼續驗證這些領域，並了解最好的投資需要投向何處。所以這是一個持續進行中的工作。我們持續在招募、激勵薪資、加強行銷優先順序、支出、旅遊和娛樂等方面進一步節省開支。明年我們將繼續這項工作。那我們可以降低銷售管理費用 (SG&A) 嗎？潛在地，我們的重點是能夠盡可能優化，我們將繼續為此努力。相對於北美，我認為您的問題是，我們如何達到北美的基本銷售水準？我想說這是一個很沉重的問題，因為其中有很多決定。我們知道我們希望繼續努力變得更優質。我們知道，我們希望做出一些正確的選擇，例如在我們的網站上取消一些更大的折扣。因此，當我們展望未來時，所有這些都會進入攪拌機。當我們召開 5 月的電話會議時，我們將詳細介紹 25 年及以後的財務狀況。至於您提到的與 SG&A 相關的奧運會。這會是一筆巨額投資嗎？顯然，我們將圍繞奧運會啟動一些事情，但這對我們來說並不是一筆大投資，所以無論如何，這對我們來說都不應該是SG&A的大熱門。史蒂芬妮，你想談談標誌上的第三點嗎？

On the logo front, I mean, you highlighted some of our best-performing franchises when you mentioned Unstoppable, I'd put Meridian in their base layer. And I think our design teams always do a terrific job of finding the most appropriate and elegant and stylish way to place our logo and so we'll continue. That's in the very able hands of Yassine and John Varvatos as we think about logo treatment. I think there's a broader point I'd like to make, though, around where we're headed with Sportstyle because I think that, that is going to be a really important part of our story in the years to come.

在標誌方面，我的意思是，當您提到《勢不可擋》時，您強調了我們表現最好的一些特許經營權，我會將 Meridian 放在它們的基礎層中。我認為我們的設計團隊總是做得非常出色，找到了最合適、最優雅、最時尚的方式來放置我們的徽標，所以我們將繼續下去。當我們考慮標誌處理時，這一切都在 Yassine 和 John Varvatos 的出色手中。不過，我想就我們運動風格的發展方向提出一個更廣泛的觀點，因為我認為，這將是我們未來幾年故事中非常重要的一部分。

And let me define Sportstyle again. We are not trying to be anything other than authentically Under Armour, and performance is in our DNA. It always will be. So for us, Sportstyle is that intersection of performance and style and they're inextricably linked. And I think what you'll see from us and we're thinking about Sportstyle is really more of an evolution versus a revolution. And we started with Phase 1, which is remerchandising and remarketing products to demonstrate kind of that nonactive use occasion. And some of the franchises you mentioned, Unstoppable, Meridian, would be great examples of where we have an opportunity where we have great, particularly on the apparel side, Sportstyle offerings, but we need to market them differently, and we're doing that.

讓我再次定義運動風格。我們只想成為真正的 Under Armour，性能已融入我們的 DNA。永遠都是這樣。所以對我們來說，運動風格是性能和風格的交集，它們是密不可分的。我想你會從我們身上看到，我們對運動風格的思考其實更多的是一種進化而不是一場革命。我們從第一階段開始，即再銷售和再行銷產品，以展示非活躍使用場合的類型。你提到的一些特許經營權，Unstoppable，Meridian，將是很好的例子，我們有很大的機會，特別是在服裝方面，運動風格產品，但我們需要以不同的方式營銷它們，我們正在這樣做。

And then Phase 2 is really when we'll see more new product. We've already done some limited run capsules and some smaller collections or groupings of items. But again, it's not until spring/summer 25-plus where we think we'll see more mass in terms of new product, given the product creation cycle. But again, throughout all of that, our talented design teams will be figuring out the best way to place the Under Armour logo for maximum return. So again, we're excited. We're excited about where we're headed with product and including the best use of our logo.

然後第二階段我們將看到更多新產品。我們已經製作了一些限量版膠囊和一些較小的收藏或物品分組。但同樣，考慮到產品創建週期，我們認為要到 25 年以上的春夏，我們才會看到更多的新產品。但同樣，在整個過程中，我們才華橫溢的設計團隊將找出放置 Under Armour 標誌的最佳方式，以獲得最大回報。我們再次感到興奮。我們對產品的發展方向以及對我們徽標的最佳使用感到興奮。

Just one last thing. I mean, the one thing about the logo is that like on the forge and some of these other ones, they are more -- they're there, but they're more discrete. So it makes the shoe more flexible rather than having the big Under Armour logo on the side of the shoe, which then makes it more active. Having it more discrete seems to -- would make it more style regardless of what the design of the shoe is or apparel for that matter.

只是最後一件事。我的意思是，關於徽標的一件事是，就像在鍛造廠和其他一些徽標上一樣，它們更多 - 它們在那裡，但它們更加離散。因此，它使鞋子更加靈活，而不是在鞋子側面放置大的 Under Armour 標誌，從而使其更加活躍。無論鞋子或服裝的設計是什麼，讓它更加獨立似乎會使其更具風格。

Yes. Again, I think it depends on what's the particular item and what's its use. And so we'll continue to always be evolving and looking at the best way to -- like, I think, like all world-class brands, the best way to use our logo. But you gave an example with a couple of items where it was more less smaller, but I think we'll continue to evolve and work on that.

是的。同樣，我認為這取決於特定的物品是什麼及其用途。因此，我們將繼續不斷發展，尋找最好的方式——我認為，就像所有世界級品牌一樣，尋找使用我們徽標的最佳方式。但是你舉了一個例子，其中有幾個項目的尺寸更小，但我認為我們將繼續發展並致力於這一點。

Our next question comes from Jim Duffy with Stifel.

我們的下一個問題來自吉姆·達菲和斯蒂菲爾。

Stephanie, prepared remarks and comments are fairly deliberate about your subdued expectations for the North American marketplace, the timing for inflection. Can you give us some perspective on what you're hearing in your discussions with wholesale partners? What are their forward thoughts on consumer spending behavior what's the messaging on subdued orders despite what seems to be pretty well managed channel inventories? What are they asking of Under Armour at this point? And then I have a question on D2C.

史蒂芬妮，準備好的評論和評論是經過深思熟慮的，因為您對北美市場的預期較低，以及拐點的時機。您能否向我們介紹一下您在與批發合作夥伴的討論中所聽到的情況？他們對消費者支出行為的前瞻性想法是什麼，儘管通路庫存管理似乎相當良好，但訂單低迷的消息是什麼？他們現在對 Under Armour 有什麼要求？然後我有一個關於 D2C 的問題。

Yes, I'll start, and then I'll kick it over to Dave to add his perspective. And when we talked about the pressure that we're seeing in North America this year. And as we think about heading into fiscal year '25, I think we can see some anticipated continued bumpiness when I think about the fall/winter '23 order book that, of course, has an impact on the order book coming up. I should note, we're in the middle of it right now. So we're not going to comment on fiscal year '25 in any detail today. But I think it's fair to say for the first part of the year, we'll see some continued bumpiness. Dave can jump in on that. But I think what we're working very, very closely with our wholesale partners to make sure that we have the right assortment and we are continuing to work with our wholesale partners as we deliver more better and best products to make sure that we get those better and best products on their shelves. And so there -- our wholesale partners are incredibly important to us. When I think about our strategy on that side of the house, it really is all about getting more shelf space and better product in our existing partners, but then opening new doors of distribution too on the wholesale side. And that ties to having new product offerings. So that is an important part of our business. I think, again, with -- and particularly in North America with Kara, coming back to lead our charge there. She has tremendous relationships with wholesale partners. I think that's going to just further bolster our success in this area. But I know you had a question on D2C, but let me let Dave jump in on wholesale, if he wants to add any other information...

是的，我會開始，然後我會將其交給戴夫添加他的觀點。當我們談到今年我們在北美看到的壓力時。當我們考慮進入 25 財年時，我認為當我想到 23 年秋冬訂單簿時，我們可以看到一些預期的持續波動，這當然會對即將到來的訂單簿產生影響。我應該指出，我們現在正處於其中。因此，我們今天不會對 25 財年進行任何詳細評論。但我認為可以公平地說，今年上半年，我們將看到一些持續的坎坷。戴夫可以參與其中。但我認為我們正在與我們的批發合作夥伴非常非常密切地合作，以確保我們擁有正確的品種，並且我們將繼續與我們的批發合作夥伴合作，提供更多更好、最好的產品，以確保我們獲得這些產品貨架上更好、最好的產品。因此，我們的批發合作夥伴對我們來說非常重要。當我考慮我們在這方面的策略時，這實際上是為了在我們現有的合作夥伴中獲得更多的貨架空間和更好的產品，然後在批發方面也打開新的分銷之門。這與新產品的推出有關。所以這是我們業務的重要組成部分。我再次認為，尤其是在北美，卡拉會回來領導我們的衝鋒。她與批發合作夥伴有著良好的關係。我認為這將進一步促進我們在這一領域的成功。但我知道您對 D2C 有疑問，但如果戴夫想添加任何其他信息，請讓我來談談批發問題…

Yes. I mean, I think we've talked, as Stephanie mentioned around kind of the environment and the continued discounting, which is a little bit of a headwind. I would say the other thing is we're kind of finishing out the year moving into next year is, again, we are looking to try and push harder into more premium distribution. We've got some good early reads on mall penetration and new doors there, which is good. And then also, we're going to continue to edit and improve our segmentation as well as we move into next year. But again, it is a little bit bumpy out there still, and it's still a pretty promotional environment.

是的。我的意思是，我想我們已經談過，正如史蒂芬妮提到的環境和持續折扣，這有點逆風。我想說的另一件事是，我們即將結束這一年，進入明年，我們再次希望努力推動更優質的發行。我們已經獲得了一些關於購物中心滲透率和新門的良好早期讀物，這很好。然後，我們將繼續編輯和改進我們的細分，並進入明年。但同樣，市場仍然有點坎坷，而且仍然是一個相當不錯的促銷環境。

Then just quickly on the D2C. You spoke to your intent to be less promotional in North America D2C that seems to suggest you're planning for declines in fiscal '25, lapping more promotional comparison fiscal '24. Is that a fair assessment?

然後就快速上D2C。您談到了減少北美 D2C 促銷活動的意圖，這似乎表明您計劃在 25 財年減少促銷，與 24 財年進行更多促銷比較。這是一個公平的評價嗎？

Yes. So Jim, we're not going to get into details on fiscal '25 yet, but I will say as it relates to our own D2C channels. Let me start with our website and our shop app. We've made a lot of progress on the functional side of that channel, things like improving mobile speed to better search algorithms, upgrading product description pages, et cetera. So there's been a lot of great work done on improving conversion and having a more functional website and shop app. At the same time, and I think this is where you're headed, we do have plans to reduce our dependence on promotions. We need for ua.com and our shop app to be the most premium expression of our company. It's our largest storefront when you think about it. So we are going to reduce our dependency on promotions. Could that have some reduction in revenue? Yes, it could. But at the same time, it will lift ASPs, it will drive profitability and it will lead to a much better, more premium experience for our customers. So that's one piece of the D2C channel.

是的。 Jim，我們還不打算詳細討論 25 財年的細節，但我會說，因為它與我們自己的 D2C 頻道有關。讓我從我們的網站和商店應用程式開始。我們在該管道的功能方面取得了很大進展，例如提高行動速度以更好的搜尋演算法、升級產品描述頁面等等。因此，我們在提高轉換率和擁有功能更強大的網站和商店應用程式方面做了很多出色的工作。同時，我認為這就是您的目標，我們確實有計劃減少對促銷的依賴。我們需要 ua.com 和我們的商店應用程式成為我們公司最優質的表達。仔細想想，這是我們最大的店面。因此，我們將減少對促銷的依賴。這會導致收入減少嗎？是的，可以。但同時，它將提高平均售價，提高獲利能力，並為我們的客戶帶來更好、更優質的體驗。這就是 D2C 頻道的一部分。

The other part is our stores, our physical stores. I mentioned this in my prepared remarks that we have a great effort underway to reimagine the Under Armour brand health of the future, a smaller store format, curated with more premium offerings and easier to shop experience. We're going to be piloting new concept later this year with a goal to roll out more full-price brand houses in the years ahead. We know that our ratio of factory to full price brand houses is not where we want it. So there's a lot of effort underway to think about our physical space as well. And we all know that the -- those two are inextricably linked, meaning the physical and the digital. So we've got a lot of great work underway on the direct-to-consumer front, as it relates to the future.

另一部分是我們的商店，我們的實體店。我在準備好的演講中提到了這一點，我們正在付出巨大的努力來重新構想 Under Armour 品牌未來的健康狀況，縮小商店規模，提供更多優質產品和更輕鬆的購物體驗。我們將在今年稍後試行新概念，目標是在未來幾年內推出更多全價品牌產品。我們知道我們的工廠與全價品牌店的比例並不是我們想要的。因此，我們也正在付出很多努力來思考我們的實體空間。我們都知道，這兩者是密不可分的，即物理的和數位的。因此，我們在直接面向消費者方面正在進行大量出色的工作，因為這關係到未來。

Our next question comes from Tom Nikic, Wedbush. (Operator Instructions) Our next question comes from Paul Lejuez with Citi.

我們的下一個問題來自韋德布希的湯姆·尼基奇。 （操作員說明）我們的下一個問題來自花旗銀行的 Paul Lejuez。

This is Kelly on for Paul. I just wanted to dig in a little bit more on the gross margin. It looks like you're guiding up 200 basis points or so in the fourth quarter and you mentioned some costing initiatives. Just wondering if you could elaborate on that. And if there's any sort of raw material deflation that is benefiting you guys and whether that can continue into F '25? And then on the freight side, while it's no longer going to be a benefit, is there any chance with some of the Red Sea pressures that freight could become a headwind to the gross margin in the next 12 months based on what you're seeing today?

這是凱利替保羅發言。我只是想進一步了解毛利率。看來您在第四季度指導了 200 個基點左右，並且您提到了一些成本核算舉措。只是想知道您是否可以詳細說明這一點。如果有任何形式的原料通貨緊縮對你們有利，這種情況是否會持續到 F '25？然後在貨運方面，雖然不再帶來好處，但根據您所看到的情況，在紅海的一些壓力下，貨運是否有可能成為未來 12 個月毛利率的阻力今天？

Yes. Kelly, this is Dave. Relative to Q4, there are definitely a few puts and takes that we're seeing there. We do expect some continued supply chain benefits in Q4. And that's -- but that's shifting a little bit more towards the product costing initiatives that we're working on with our vendors that we're going to starting to see those benefits in this Q4 and then looking to see full year benefits next year. The freight component, obviously, we saw pretty substantial tailwinds in Q1, Q2 and Q3 of this year. But again, those have kind of normalized for Q4, so not as much of an increase year-over-year for Q4. Now to your point, relative to the Red Sea, we are seeing some increased shipping costs, but we're probably in the neighborhood of $1 million or $2 million there, not something that is significant at this point. So we're managing through that and that's all considered in our tightened outlook as well. And then a couple of the things that are going to be a little bit of headwinds for Q4, we do believe that the kind of promotional environment is going to continue a little bit longer. So that's assumed in our Q4 as a headwind and potentially a little bit of FX pressure. So those are kind of the main puts and takes as we think about Q4.

是的。凱利，這是戴夫。相對於第四季度，我們肯定會看到一些看跌期權和看跌期權。我們確實預計第四季供應鏈將繼續受益。那就是——但這更多地轉向了我們正在與供應商合作的產品成本核算計劃，我們將在第四季度開始看到這些好處，然後期待明年看到全年的好處。顯然，在貨運方面，我們在今年第一季、第二季和第三季看到了相當大的順風車。但同樣，這些在第四季已經正常化，因此第四季的年成長幅度沒有那麼大。現在就你的觀點而言，相對於紅海，我們看到運輸成本增加，但我們可能在 100 萬或 200 萬美元左右，目前這並不是什麼重要的事情。因此，我們正在解決這個問題，這也在我們收緊的前景中被考慮。然後，有幾件事將為第四季度帶來一些阻力，我們確實相信這種促銷環境將持續更長時間。因此，我們在第四季度假設這是一個逆風，並且可能會帶來一點外匯壓力。因此，當我們考慮第四季度時，這些是主要的看跌期權和看跌期權。

Got it. And just lastly for me. Any way to quantify or could you quantify for us the percentage of your off-price sales this year, particularly within North America and how that's trending relative to historical?

知道了。最後對我來說。有什麼方法可以量化，或者您能為我們量化一下你們今年的折扣銷售百分比，特別是在北美，以及相對於歷史的趨勢如何？

Yes. We've worked really hard over the last few years to really get our inventory management into a good spot and manage the off-price channel in what we feel is a pretty healthy range. And so we were targeting in the 3% to 4% of global mix of third-party liquidations and that's generally where we're running. In fact, as we finish out this year -- this fiscal year, we'll probably be at the lower end of that, 3% to 4% total mix. Relative to North America, it's not that different, but we don't really get into the mix per region per se.

是的。在過去的幾年裡，我們非常努力地工作，真正使我們的庫存管理達到一個良好的狀態，並將折扣管道管理在我們認為相當健康的範圍內。因此，我們的目標是佔全球第三方清算組合的 3% 到 4%，這通常是我們正在進行的業務。事實上，當我們今年結束時——本財年，我們可能會處於這個組合的較低水平，即 3% 到 4%。相對於北美，情況並沒有那麼不同，但我們並沒有真正進入每個地區本身的組合。

Our next question comes Alex Straton with Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞歷克斯·斯特拉頓（Alex Straton）。

This will be our last question -- so Alex, I'm just going to let everybody know this going to be the last question, so I appreciate it. But go ahead, Alex.

這將是我們的最後一個問題——亞歷克斯，我只是想讓大家知道這將是最後一個問題，所以我很感激。但繼續吧，亞歷克斯。

So Stephanie, you noted a lot of leadership changes. I just want to drill down on kind of how you think about when they can start to have an impact on the P&L from a time line perspective? And then also, in the meantime, as understanding that can't be done immediately. What are the KPIs in your view that you're watching that we should be watching for signs of some of these initiatives flowing through?

史蒂芬妮，你注意到了很多領導的變動。我只是想深入了解您如何看待它們何時可以從時間軸的角度開始對損益產生影響？同時，也要理解不能立即完成的事。您認為我們應該關注哪些關鍵績效指標（KPI），以尋找其中一些措施的實施跡象？

Sure, of course. Well, these leaders have hit the ground running. So I think they're impacting the business right away. I don't want to tick through each one of them again, but for example, I use John Varvatos is just as an example. He's been here 5 months. On day 1, he started looking at things like fit, finish, trim, color. So we're seeing the leaders have an impact on day 1, but it will take time in terms of bigger, broader impact across the business.

當然，當然。嗯，這些領導人已經立即採取行動。所以我認為他們正在立即影響業務。我不想再逐一勾選，但例如，我使用 John Varvatos 只是作為示例。他來這裡已經5個月了。第一天，他開始關注合身、飾面、剪裁、顏色等因素。因此，我們看到領導者在第一天就產生了影響，但要在整個企業產生更大、更廣泛的影響還需要時間。

In terms of the KPIs that we're going to be looking at I mean it depends on the area, but let me hit on some that we're really focused on. In terms of the the consumer and margin KPIs, we are constantly keeping an eye on our loyalty, our UA rewards sign-ups equally important activations. I mean, the loyalty program will be the backbone of our consumer strategy. It's all about customer acquisition and all about customer activation. And I mentioned some of the good progress we're having there in terms of not only sign-ups, but increased spend from our loyalty members.

就我們將要考慮的 KPI 而言，我的意思是這取決於領域，但讓我談談我們真正關注的一些。就消費者和利潤 KPI 而言，我們不斷關注我們的忠誠度，我們的 UA 獎勵註冊同樣重要。我的意思是，忠誠度計劃將成為我們消費者策略的支柱。這一切都與客戶獲取和客戶激活有關。我提到了我們在這方面取得的一些良好進展，不僅在註冊方面，而且在忠誠會員的支出增加方面。

And then on the marketing front, there's all sorts of leading and lagging indicators that we'll be looking at, and I'm sure over the course of our time with you sharing updates on things like search demand. I mentioned in my prepared remarks, some of the progress we're having with social media. We've really changed our marketing approach to be more product focused, more digital, social, always on, that's where the consumer is. And so we're always looking at the metrics on that critical marketing channel, NPS scores, increased earned media, then we'll be looking at more lagging indicators as we move forward, increased full price sales, faster sell-through of our key franchises. As we open more doors, further doors of distribution, getting into more specialty retail, seeing things like more UA sold on the aftermarket. So there's a lot of consumer metrics both leading and lagging KPIs that we'll be looking at.

然後在行銷方面，我們將關注各種領先和滯後指標，我確信在我們與您分享搜尋需求等方面的更新的過程中。我在準備好的發言中提到了我們在社群媒體方面取得的一些進展。我們確實改變了我們的行銷方式，變得更加以產品為中心，更加數位化，社交化，永遠在線，這就是消費者所在。因此，我們總是專注於關鍵行銷管道的指標、NPS 分數、贏得媒體的增加，然後隨著我們的前進，我們將關注更多滯後指標、全價銷售的增加、關鍵產品更快的銷售特許經營權。隨著我們打開更多的大門、更多的分銷大門，進入更多的專業零售領域，看到更多的 UA 在售後市場上銷售。因此，我們將關注許多領先和落後 KPI 的消費者指標。

Then we have made a lot of good progress over the past couple of years on supply chain, but this is where we still have more work to do. So we're focused on -- Dave touched on this, our cost of goods sold, SKU rationalization, better segmentation that will lead to ASP expansion. We'll be sharing more with you on our priority investments and the results there. So there's a whole host of KPIs and metrics across the business that we will be focused on and tracking and sharing with you is early indicators of how we're making progress along the way. Although -- I'll end where I started with, which is my excitement about the team we've built here, we have brought in some set fantastic executives to join our already fantastic team at Under Armour. So I couldn't be more excited and more thrilled with the team we're building here and our future. We've got a lot of great stuff underway. So thanks for your question.

過去幾年我們在供應鏈方面取得了許多良好的進展，但這也是我們還有更多工作要做的地方。因此，我們的重點是——戴夫談到了這一點，我們的銷售成本、SKU 合理化、更好的細分，這將導致 ASP 擴張。我們將與您分享更多關於我們的優先投資和結果的資訊。因此，我們將重點關注整個業務中的大量 KPI 和指標，追蹤並與您分享是我們一路走來如何取得進展的早期指標。雖然——我會從我開始的地方結束，這是我對我們在這裡建立的團隊感到興奮，我們已經引進了一些出色的高管加入我們已經很棒的 Under Armour 團隊。因此，我對我們在這裡建立的團隊和我們的未來感到無比興奮和興奮。我們正在進行很多很棒的事情。謝謝你的提問。

Our teams on the field.

我們的團隊在球場上。

Our teams on the field. That's right.

我們的團隊在球場上。這是正確的。

Thank you for attending today's call for Under Armour third quarter of fiscal 2024. This now concludes today's call. Have a great day.

感謝您參加今天關於 Under Armour 2024 財年第三季的電話會議。今天的電話會議到此結束。祝你有美好的一天。