威富公司 (VFC) 2022 Q2 法說會逐字稿

Greetings.

問候。

Welcome to the VF Corporation Second Quarter Fiscal 2022 Conference Call.

歡迎參加 VF 公司 2022 財年第二季度電話會議。

(Operator Instructions) Please note this conference is being recorded.

（操作員說明）請注意此會議正在錄製中。

I will now turn the conference over to John Kelley, Senior Director of Corporate Development and Investor Relations.

我現在將會議轉交給企業發展和投資者關係高級總監 John Kelley。

Mr. Kelley, you may now begin.

凱利先生，您現在可以開始了。

Good morning, and welcome to VF Corporation's Second Quarter Fiscal 2022 Conference Call.

早上好，歡迎參加 VF Corporation 2022 財年第二季度電話會議。

Participants on today's call will make forward-looking statements.

今天電話會議的參與者將做出前瞻性陳述。

These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially.

這些陳述基於當前的預期，並受到可能導致實際結果存在重大差異的不確定性的影響。

These uncertainties are detailed in documents filed regularly with the SEC.

這些不確定性在定期提交給 SEC 的文件中有詳細說明。

Unless otherwise noted, amounts referred to on today's call will be on an adjusted constant dollar basis, which we defined in the press release that was issued this morning.

除非另有說明，否則今天電話會議中提及的金額將以調整後的固定美元為基礎，這是我們在今天上午發布的新聞稿中定義的。

We use adjusted constant dollar amounts as lead numbers in our discussion because we believe they more accurately represent the true operational performance and underlying results of our business.

我們在討論中使用調整後的固定美元金額作為領先數字，因為我們相信它們更準確地代表了我們業務的真實運營績效和基本結果。

You may also hear us refer to reported amounts, which are in accordance with U.S. GAAP.

您可能還會聽到我們提到報告的金額，這些金額符合美國公認會計原則。

Reconciliations of GAAP measures to adjusted amounts can be found in the supplemental financial tables included in the press release, which identify and quantify all excluded items and provide management's view of why this information is useful to investors.

GAAP 措施與調整後金額的對賬可在新聞稿中包含的補充財務表格中找到，該表格確定並量化了所有排除項目，並提供管理層對這些信息為何對投資者有用的看法。

Due to the significant impact of the coronavirus pandemic on our prior year figures, today's call will also contain certain comparisons to the same period in fiscal 2020.

由于冠狀病毒大流行對我們上一年數據的重大影響，今天的電話會議還將包含與 2020 財年同期的某些比較。

These comparisons are all on a reported dollar basis.

這些比較都是在報告的美元基礎上進行的。

On June 28, 2021, the company completed the sale of its Occupational Workwear business.

2021年6月28日，公司完成了其職業工作服業務的出售。

Accordingly, the company has reported the related held-for-sale assets and liabilities of this business as assets and liabilities of discontinued operations and included the operating results in cash flows of this business in disc ops for all periods through the date of sale.

據此，公司已將該業務的相關持有待售資產和負債作為終止經營的資產和負債列報，並將該業務的經營成果計入該業務截至銷售日的所有期間的現金流量。

Unless otherwise noted, the results presented on today's call are based on continuing operations.

除非另有說明，否則今天電話會議上的結果均基於持續運營。

Joining me on the call will be VF's Chairman, President and CEO, Steve Rendle; and EVP and CFO, Matt Puckett.

與我一起參加電話會議的還有 VF 的董事長、總裁兼首席執行官 Steve Rendle；執行副總裁兼首席財務官 Matt Puckett。

Following our prepared remarks, we'll open the call for your questions.

在我們準備好的評論之後，我們將打開您的問題的電話。

Steve?

史蒂夫?

Thank you, John, and good morning, everyone.

謝謝你，約翰，大家早上好。

Welcome to our second quarter call.

歡迎來到我們的第二季度電話會議。

As we move through the halfway point of our fiscal year, I remain encouraged by the underlying momentum across the portfolio.

當我們進入財政年度的中途時，我仍然對整個投資組合的潛在勢頭感到鼓舞。

And the broad-based nature of this strength gives me confidence that we are driving the right strategy to accelerate growth in the quarters ahead.

這種優勢的廣泛性讓我相信，我們正在推動正確的戰略，以在未來幾個季度加速增長。

Looking through pandemic-related disruption and near-term headwinds in China.

縱觀中國與大流行相關的破壞和近期不利因素。

We continue to see a healthy retail landscape, a strong consumer outlook and accelerating demand signals across our business.

我們繼續看到健康的零售格局、強勁的消費者前景以及整個業務的需求信號加速。

While the recovery has not been as linear as we had anticipated for some parts of our business, I'm proud of how our teams continue to deliver through the volatility.

雖然復甦並不像我們預期的那樣線性，但我為我們的團隊如何在波動中繼續提供服務感到自豪。

This is certainly where we excel.

這當然是我們擅長的地方。

We are focused on what we can control.

我們專注於我們可以控制的事情。

And despite a more challenging environment than we had envisioned, we were able to reaffirm our fiscal '22 revenue and earnings outlook, a clear testament to the resiliency and optionality of our model.

儘管環境比我們預想的更具挑戰性，但我們能夠重申我們的 22 財年收入和盈利前景，這清楚地證明了我們模型的彈性和可選性。

We see our business emerging in an even stronger place than before the pandemic.

我們看到我們的業務在比大流行之前更強大的地方出現。

We've accelerated our strategy to be a more digitally enabled enterprise while driving significant investment behind key capabilities to connect with our consumers.

我們加快了我們的戰略，成為一家數字化程度更高的企業，同時推動對關鍵能力的重大投資，以與我們的消費者建立聯繫。

We are driving organic growth as we elevate direct channels; distort to Asia, led by China; and accelerate our consumer-minded, retail-centric, hyper-digital business model transformation.

隨著我們提升直接渠道，我們正在推動有機增長；扭曲亞洲，以中國為首；加速我們以消費者為中心、以零售為中心的超數字化商業模式轉型。

On top of that, our #1 strategic priority to drive and optimize our portfolio has netted us significant benefits.

最重要的是，我們推動和優化我們的投資組合的第一戰略重點為我們帶來了巨大的利益。

Over the past 5 years, we have strategically evolved and simplified our portfolio from 32 brands to 12 brands, each with significant D2C and international opportunity squarely focused on large, growing addressable markets.

在過去的 5 年中，我們戰略性地發展和簡化了我們的產品組合，從 32 個品牌減少到 12 個品牌，每個品牌都擁有重要的 D2C 和國際機會，並專注於大型、不斷增長的潛在市場。

The macro trends around outdoor and active lifestyles, health and wellness, casualization and sustainability have only strengthened over the past 20 months, and our current portfolio is well positioned to benefit from these accelerating tailwinds.

在過去的 20 個月裡，圍繞戶外和積極生活方式、健康和保健、休閒化和可持續性的宏觀趨勢僅得到加強，我們目前的投資組合處於有利地位，可以從這些加速的順風中受益。

Active portfolio management remains an evergreen process, and M&A remains our top capital allocation priority.

積極的投資組合管理仍然是一個常青的過程，併購仍然是我們的首要資本配置優先事項。

This is a differentiator and a competitive advantage for VF as we continue to refine our portfolio mix to maximize exposure to the most attractive parts of the marketplace.

這是 VF 的差異化因素和競爭優勢，因為我們將繼續優化我們的產品組合，以最大限度地接觸市場中最具吸引力的部分。

We are confident that we have the right strategy, and our continued execution on each of these key strategic pillars positions VF for a stronger emergence.

我們相信我們擁有正確的戰略，並且我們對這些關鍵戰略支柱中的每一個的持續執行使 VF 更加強大。

Now moving into our Q2 results.

現在進入我們的第二季度業績。

While noisy, our second quarter results highlight ongoing progress against our strategy and reflect a healthy, accelerating underlying business with broad-based strength across our portfolio.

雖然嘈雜，但我們的第二季度業績突出了我們戰略的持續進展，並反映了健康、加速的基礎業務，在我們的投資組合中具有廣泛的實力。

I'll start with Vans, which delivered 7% growth in Q2 despite meaningful wholesale shipments pushed into Q3, representing sequential improvement in underlying demand despite a more challenging-than-anticipated operating environment.

我將從 Vans 開始，儘管第三季度的批發出貨量有意義，但該公司在第二季度實現了 7% 的增長，這表明儘管經營環境比預期更具挑戰性，但基本需求的連續改善。

The EMEA business has accelerated meaningfully during the quarter.

EMEA 業務在本季度顯著加速。

However, in the U.S., encouraging brick-and-mortar recovery trends, which had been building into July, were impacted by the Delta surge and its implications across our most important markets.

然而，在美國，持續到 7 月的令人鼓舞的實體店復甦趨勢受到三角洲激增及其對我們最重要市場的影響的影響。

This led to sharp shifts in store traffic trajectory during the peak back-to-school window.

這導致在返校高峰期，商店客流量軌跡發生了急劇變化。

Additionally, the brand faced headwinds in Asia Pacific with virus disruption across the region and a more challenging near-term consumer environment in China.

此外，該品牌在亞太地區面臨逆風，該地區的病毒破壞以及中國近期更具挑戰性的消費環境。

While Vans Americas Q2 recovery did not meet our expectations, I'm pleased with our team's response.

雖然 Vans Americas Q2 的複蘇沒有達到我們的預期，但我對我們團隊的反應感到滿意。

We're focused on what we can control.

我們專注於我們可以控制的事情。

Our retail associates are driving best-in-class conversion, up 20% relative to pre-pandemic peaks, this quarter in the Americas.

我們的零售合作夥伴正在推動本季度在美洲的一流轉化率，與大流行前的峰值相比增長了 20%。

And despite the impact of expedited freight, the Vans Americas team has brought full-priced DTC gross margins above fiscal 2020 levels, supported by discounting below pre-COVID levels.

儘管受到加急貨運的影響，Vans Americas 團隊仍將全價 DTC 毛利率提高到 2020 財年水平以上，這得益於低於 COVID 之前水平的折扣。

At the same time, leveraging our strong inventory position, we've secured additional shelf space at several key wholesale accounts for the second half.

同時，利用我們強大的庫存狀況，我們在下半年的幾個主要批發賬戶中獲得了額外的貨架空間。

So despite a more challenging operating backdrop than anticipated, we are able to hold on to the low end of our prior outlook for Vans and now expect 7% to 9% growth relative to fiscal 2020.

因此，儘管運營背景比預期更具挑戰性，但我們能夠保持之前對 Vans 前景的低端，現在預計相對於 2020 財年將增長 7% 至 9%。

We're confident in Vans' strategic choices as evidenced by improving demand signals and strong consumer engagement.

我們對 Vans 的戰略選擇充滿信心，需求信號的改善和強大的消費者參與度證明了這一點。

The September Vans core collection launch supported the fifth highest sales day on record for our Americas D2C digital business, achieving 100% sell-through within days.

9 月 Vans 核心系列的發布支持了我們美洲 D2C 數字業務有史以來第五高的銷售日，在幾天內實現了 100% 的銷售。

We're encouraged by the ongoing strength from Progression footwear lines, up 15% relative to fiscal 2020, led by UltraRange and MTE, and are pleased with the continued growth in Vans Family membership, reaching 18.5 million consumers globally.

我們對由 UltraRange 和 MTE 領銜的 Progression 鞋類產品線的持續增長感到鼓舞，相對於 2020 財年增長 15%，並對 Vans 家族成員的持續增長感到高興，全球消費者達到 1850 萬。

Our confidence in the long-term runway for Vans remains unchanged.

我們對 Vans 長期走秀的信心保持不變。

The brand came into this disruptive period exceptionally strong, and consumer engagement has remained healthy.

該品牌進入這個顛覆性時期異常強勁，消費者參與度保持健康。

The active space remains a large and growing TAM, and the casualization trend continues to present a long-term tailwind for Vans.

活躍空間仍然是一個龐大且不斷增長的 TAM，休閒化趨勢繼續為 Vans 帶來長期的順風。

And although Vans remains a very important part of our story, we must remember that VF is not just one brand.

儘管 Vans 仍然是我們故事中非常重要的一部分，但我們必須記住，VF 不僅僅是一個品牌。

We have a diversified portfolio of global brands, each with exposure to attractive TAMs with enduring tailwinds.

我們擁有多元化的全球品牌組合，每個品牌都擁有具有持久順風的有吸引力的 TAM。

We have significant shared platforms of expertise, highlighted by our international platforms and global supply chain, which are enabling broad-based profitable growth.

我們擁有重要的共享專業知識平台，尤其是我們的國際平台和全球供應鏈，這些平台實現了廣泛的盈利增長。

And as a result, our model drives ongoing capital allocation optionality to further enhance VF's growth and shareholder return profile.

因此，我們的模型推動了持續的資本配置選擇性，以進一步提高 VF 的增長和股東回報狀況。

Matt will build on many of these themes shortly, but I'd like to start with an overview of the broad-based momentum we're seeing across the portfolio.

Matt 很快將在其中許多主題的基礎上進行構建，但我想先概述一下我們在整個投資組合中看到的基礎廣泛的勢頭。

Starting with The North Face, which delivered 29% growth in Q2 despite significant wholesale shipments pushed into Q3, representing a sharp acceleration of underlying demand alongside meaningful margin improvement.

從 The North Face 開始，儘管大量批發出貨量進入第三季度，但該公司在第二季度實現了 29% 的增長，這代表了潛在需求的急劇加速以及利潤率的顯著提高。

Our International businesses are gaining share, while the underlying U.S. business had accelerated meaningfully this quarter on tight inventories, driving high-quality sales.

我們的國際業務正在獲得份額，而由於庫存緊張，基礎美國業務在本季度顯著加速，推動了高質量的銷售。

We remain encouraged by the strength across categories as TNF has been successful at balancing on- and off-mountain messaging to its consumers.

我們仍然對跨類別的實力感到鼓舞，因為 TNF 成功地平衡了對其消費者的山上和山下信息。

On-mountain platforms like FUTURELIGHT, VECTIV and the recently launched Advanced Mountain Kit, continued to drive strong sell-through and reinforce TNF's performance credibility.

FUTURELIGHT、VECTIV 和最近推出的 Advanced Mountain Kit 等山地平台繼續推動強勁的銷售並增強 TNF 的業績可信度。

Off-mountain lifestyle apparel and equipment are delivering outsized growth.

非山地生活方式的服裝和設備正在實現巨大的增長。

A strong 365-day demand persisted, led by logowear, daypacks and duffels.

在標誌服裝、背包和旅行包的帶動下，365 天的強勁需求持續存在。

We also saw strong performance from more versatile athletic-inspired product highlighted by the Wander franchise.

我們還看到 Wander 專營權突出的更多功能的運動靈感產品的強勁表現。

We are raising the outlook for TNF to 27% to 29% growth in fiscal 2022.

我們將 TNF 在 2022 財年的增長預期提高至 27% 至 29%。

We continue to believe this moment for TNF is underappreciated.

我們仍然認為 TNF 的這一時刻被低估了。

This will be a $3 billion business delivering high-teen growth relative to fiscal 2020 levels, with strong margin expansion underway.

相對於 2020 財年的水平，這將是一項價值 30 億美元的業務，實現高速增長，並且正在進行強勁的利潤率擴張。

Looking into next year, The North Face will continue to benefit from broad-based brand momentum fueled by innovation, extremely clean distribution channels, increasing year-round relevancy and ongoing tailwinds from the outdoor marketplace, supported by growing consumer interest in active, outdoor lifestyles.

展望明年，The North Face 將繼續受益於廣泛的品牌勢頭，這得益於創新、極其清潔的分銷渠道、全年相關性的提高以及戶外市場的持續順風，以及消費者對積極戶外生活方式的興趣日益增長的支持.

We, therefore, expect The North Face to be at least within its long-term plan range of high single-digit growth in fiscal 2023.

因此，我們預計 The North Face 至少在其 2023 財年高個位數增長的長期計劃範圍內。

Moving on to Dickies, which continues to build upon its incredible run, delivering 19% growth in the quarter.

繼續前進到 Dickies，它繼續在其令人難以置信的運行基礎上發展，在本季度實現了 19% 的增長。

The brand is driving their integrated marketplace strategy, supporting growth horizontally across work and work-inspired categories as well as vertically as they focus on higher tiers of distribution and bring new consumers into the brand.

該品牌正在推動其整合市場戰略，支持跨工作和受工作啟發的類別的橫向增長以及縱向增長，因為他們專注於更高層次的分銷並為品牌帶來新的消費者。

Sell-through remains elevated, and demand signals continue to be strong.

銷售量保持高位，需求信號繼續強勁。

Across the globe, the Dickies team remains focused on the key drivers of their business, expanding core workwear beyond traditional channels and leveraging the brand's authenticity to accelerate the lifestyle segment.

在全球範圍內，Dickies 團隊仍然專注於其業務的關鍵驅動力，將核心工作服擴展到傳統渠道之外，並利用品牌的真實性來加速生活方式細分市場。

Icons have been a focus for the marketing and sales teams, and the results are compelling, highlighted by the accelerated growth of the 874 work pant.

圖標一直是營銷和銷售團隊關注的焦點，其結果令人信服，尤其是 874 工作褲的加速增長。

There are several versions of this 50-year-old icon, supported by ongoing innovation, which collectively have delivered over 100% growth year-to-date.

這個擁有 50 年曆史的圖標有多個版本，並得到持續創新的支持，今年迄今為止，它們共同實現了超過 100% 的增長。

In addition to the strong growth trajectory at Dickies, we remain encouraged by the significant margin expansion runway, which accelerated in Q2 on the back of strong full-price selling and SG&A leverage.

除了 Dickies 強勁的增長軌跡外，我們仍然對利潤率的顯著擴張感到鼓舞，在強勁的全價銷售和 SG&A 槓桿的支持下，第二季度加速增長。

We're proud of the continued success at Dickies, which we feel is another underappreciated part of the story.

我們為 Dickies 的持續成功感到自豪，我們認為這是故事中另一個被低估的部分。

We are raising the outlook for Dickies to at least 20% growth in fiscal '22, representing at least 30% growth relative to fiscal '20.

我們將 Dickies 的前景提高到 22 財年至少增長 20%，相對於 20 財年至少增長 30%。

We expect the brand will approach $1 billion next year as Dickies celebrates its 100-year anniversary.

隨著 Dickies 慶祝成立 100 週年，我們預計該品牌明年將接近 10 億美元。

Next, Timberland delivered 25% growth in Q2 despite significant wholesale shipments pushed into Q3, representing an acceleration of underlying demand over the quarter.

接下來，儘管大量批發出貨量進入第三季度，但 Timberland 在第二季度實現了 25% 的增長，這表明該季度的潛在需求加速。

The Pro business remains a consistent growth driver for the brand, supported by a new campaign celebrating the skilled trades to inspire the next generation of worthy workers.

Pro 業務仍然是該品牌持續增長的動力，並得到了一項新的活動的支持，該活動慶祝熟練的行業以激勵下一代有價值的工人。

Despite historically low inventory levels, core boots and outdoor footwear continue to show strength as we head into the holiday, each growing over 40% in Q2.

儘管庫存水平處於歷史低位，但隨著我們進入假期，核心靴子和戶外鞋履繼續表現強勁，在第二季度均增長超過 40%。

Timberland continues to create and own boot culture, with the September introduction of GreenStride eco-innovation in boots for the first time.

Timberland 繼續創造和擁有靴子文化，9 月份首次在靴子中引入 GreenStride 生態創新。

The Solar Ridge Hiker launched with much fanfare in New York City and posted 50% sell-through in North America.

Solar Ridge Hiker 在紐約市大張旗鼓地推出，並在北美銷售了 50%。

Two more GreenStride drops will hit in October, driving further momentum behind this important franchise.

10 月份將再降兩次 GreenStride，推動這一重要特許經營權的進一步發展。

At the same time, the TrueCloud collection, another eco leadership story drove strong traffic and social engagement across all regions.

與此同時，TrueCloud 系列，另一個生態領導故事，在所有地區推動了強大的流量和社會參與。

We believe the Timberland brand is in a much healthier position today relative to where it was before COVID.

我們相信，與 COVID 之前相比，Timberland 品牌今天處於更健康的位置。

This leadership team has a sharpened focus on the brand's product architecture, getting back to Timberland's core of work and outdoor, sustainability and craftsmanship while increasing energy and newness.

這個領導團隊更加關注品牌的產品架構，回歸 Timberland 的工作和戶外、可持續性和工藝核心，同時增加活力和新穎性。

They have refocused strategic clarity around the target consumer and on executing the right go-to-market set of choices.

他們重新聚焦於目標消費者的戰略清晰性和執行正確的上市選擇集。

The brand is demonstrating strong marketplace discipline, reducing discounts and thoughtfully rebuilding depleted inventory while driving significant improvements in profitability.

該品牌展示了強大的市場紀律，減少折扣並深思熟慮地重建耗盡的庫存，同時推動盈利能力的顯著提高。

The integration of Supreme continues to move according to plan, and our teams are learning from this highly productive business, including how they manage product creation, building energy ahead of drops and optimizing assortment and product flow across regions with great agility.

Supreme 的整合繼續按計劃進行，我們的團隊正在從這一高產業務中學習，包括他們如何管理產品創造、提前建立能源以及以極大的敏捷性優化跨地區的分類和產品流。

Looking forward, we remain confident in the significant whitespace opportunity for this brand across geographies, with a clear opportunity to leverage VF platforms.

展望未來，我們仍然對該品牌在各個地區的重要空白機會充滿信心，並有明確的機會利用 VF 平台。

Supreme remains on track to become VF's fifth billion-dollar brand in the coming years.

Supreme 有望在未來幾年成為 VF 的第五個價值十億美元的品牌。

And lastly, when speaking to the broad-based strength across our portfolio, I'd like to briefly shine a light on our 3 Outdoor emerging brands: Smartwool, Icebreaker and Altra.

最後，在談到我們產品組合的廣泛實力時，我想簡要介紹一下我們的 3 個戶外新興品牌：Smartwool、Icebreaker 和 Altra。

This group collectively represents nearly $550 million in revenue with a mid- to high-teen growth profile longer term.

該群體的總收入接近 5.5 億美元，長期處於中高增長趨勢。

While smaller today, these brands are all profitable and are exposed to the attractive tailwinds around health and wellness; active, outdoor lifestyles and sustainability.

雖然今天規模較小，但這些品牌都盈利，並且受到健康和保健方面的吸引力；積極的戶外生活方式和可持續性。

And we're seeing it in their results.

我們在他們的結果中看到了這一點。

Smartwool brand is up nearly 60% year-to-date, representing high teens growth relative to fiscal 2020.

Smartwool 品牌今年迄今增長了近 60%，相對於 2020 財年而言，代表著青少年的高速增長。

We have accelerated investment in brand awareness campaigns, highlighting the high performance and versatility of this product while targeting an active, younger consumer.

我們加快了對品牌知名度活動的投資，突出了該產品的高性能和多功能性，同時針對活躍的年輕消費者。

We're seeing this pay off with broad-based strength across categories, led by apparel and outsized growth from new consumers.

我們看到，在服裝和新消費者的巨大增長的帶動下，跨類別的廣泛實力得到了回報。

Our other natural fiber brand, Icebreaker, has successfully relocated the core leadership team from New Zealand to our Stabio headquarters, further integrating into our EMEA platform, which will accelerate the brand's global reach.

我們的另一個天然纖維品牌 Icebreaker 已成功將核心領導團隊從新西蘭遷至 Stabio 總部，進一步融入我們的 EMEA 平台，這將加速該品牌的全球影響力。

The brand has grown nearly 30% year-to-date, with balanced growth across its largest markets in Europe and the U.S. Base layers, tees and underwear represent about 70% of Icebreaker global revenue, confirming the consumer appeal of 100% natural product in next-to-skin categories.

該品牌今年迄今已增長近 30%，其在歐洲和美國的最大市場實現平衡增長。打底衫、T 恤和內衣約佔 Icebreaker 全球收入的 70%，證實了 100% 天然產品的消費者吸引力貼身類別。

And lastly, Altra, the fastest-growing brand in our portfolio, is celebrating its 10th anniversary this year by establishing its legendary Lone Peak franchise as the #1 trail running business in the U.S. The brand has continued to build accolades from the running community with awards from Runner's World, SELF magazine, Women's Health and Outside magazine across multiple franchises.

最後，Altra 是我們投資組合中增長最快的品牌，今年慶祝其成立 10 週年，將其傳奇的 Lone Peak 特許經營權確立為美國排名第一的越野跑企業。該品牌繼續贏得跑步界的讚譽來自 Runner's World、SELF 雜誌、Women's Health 和 Outside 雜誌的多個特許經營權獎項。

Through the first half of the year, the brand has grown over 60% relative to fiscal 2020.

今年上半年，該品牌相對於 2020 財年增長了 60% 以上。

And we expect this to accelerate into the back half of the year as the brand continues to expand its presence in road running with innovative new styles and designs.

我們預計，隨著該品牌繼續以創新的新款式和設計擴大其在公路跑步領域的影響力，這一趨勢將加速到今年下半年。

We see tremendous opportunity for Altra to expand distribution domestically and internationally, leveraging its differentiated product and continued strong tailwinds for this category.

我們看到奧創利用其差異化產品和該類別持續強勁的順風擴大國內和國際分銷的巨大機會。

I see significant potential for each of these brands to deliver outsized growth in the years to come.

我認為這些品牌中的每一個都具有在未來幾年實現巨大增長的巨大潛力。

We have demonstrated the ability to scale brands into big businesses, and I have confidence that over time, these Outdoor emerging brands will become another strong component of VF's financial algorithm.

我們已經展示了將品牌擴展到大企業的能力，我有信心，隨著時間的推移，這些戶外新興品牌將成為 VF 金融算法的另一個強大組成部分。

As I conclude my prepared remarks, I'd like to remind everyone that before the pandemic our portfolio was on track to deliver high single-digit revenue growth and high teens earnings growth in fiscal 2020.

在我結束準備好的講話時，我想提醒大家，在大流行之前，我們的投資組合有望在 2020 財年實現高個位數的收入增長和青少年收入的高增長。

While we remain in a disrupted environment, I believe VF's long-term prospects are even more attractive today.

雖然我們仍處於混亂的環境中，但我相信 VF 的長期前景在今天更具吸引力。

We've accelerated our transformation strategy.

我們加快了轉型戰略。

We have further optimized our portfolio.

我們進一步優化了我們的產品組合。

And importantly, this portfolio today is capable of delivering greater broad-based strength relative to where we were before the pandemic.

重要的是，與大流行之前的情況相比，今天的這個投資組合能夠提供更廣泛的實力。

This gives us even greater confidence in our ability to drive high single-digit top line and low teens earnings growth at a minimum as we emerge as an even stronger company.

隨著我們成為一家更強大的公司，這讓我們更有信心至少推動高個位數的收入增長和較低的青少年收入增長。

And now I'll turn it over to Matt.

現在我將把它交給馬特。

Thanks, Steve.

謝謝，史蒂夫。

Good morning, everyone.

大家，早安。

I'm happy to give an update on our progress as we navigate the recovery.

在我們進行複甦的過程中，我很高興能提供有關我們進展的最新信息。

And importantly, I'm encouraged by the resiliency of our business during the first half of fiscal 2022.

重要的是，我對 2022 財年上半年業務的彈性感到鼓舞。

The environment has clearly evolved differently than we had planned in May.

環境的演變顯然與我們五月份的計劃不同。

However, our teams remain focused on what we can control, and they are delivering.

但是，我們的團隊仍然專注於我們可以控制的事情，並且他們正在交付。

The underlying top line recovery across the majority of our business has exceeded our plan, offsetting new challenges in the APAC region and ongoing disruptions across the supply chain network.

我們大部分業務的基本收入復甦超出了我們的計劃，抵消了亞太地區的新挑戰和整個供應鍊網絡的持續中斷。

Through thoughtful allocation of investment, we've been able to drive continued strategic investment spending while leveraging other parts of our SG&A base to protect earnings.

通過深思熟慮的投資分配，我們能夠推動持續的戰略投資支出，同時利用我們 SG&A 基礎的其他部分來保護收益。

As a result, I'm proud of our ability to hold on to our fiscal 2022 earnings outlook of about $3.20 despite a more challenging-than-anticipated operating environment, including an incremental headwind of about $0.09 from expedited freight.

因此，儘管經營環境比預期更具挑戰性，包括加急貨運帶來的約 0.09 美元的逆風，但我為我們能夠保持 2022 財年約 3.20 美元的盈利前景感到自豪。

This should be a strong signal that this management team is committed to leveraging the significant optionality in our model to deliver on our earnings commitment.

這應該是一個強烈的信號，表明該管理團隊致力於利用我們模型中的重要選擇權來實現我們的盈利承諾。

Before unpacking our Q2 results, I want to quickly run through the operating environment across the region and share the latest outlook for our global supply chain.

在打開我們的第二季度業績之前，我想快速瀏覽一下整個地區的運營環境，並分享我們全球供應鏈的最新前景。

Starting with the Americas region.

從美洲地區開始。

Product delays and reduced traffic during virus surges impacted the business during our highest-volume period this quarter.

病毒激增期間的產品延遲和流量減少在我們本季度的最高銷量期間影響了業務。

However, the region was able to deliver 22% organic growth in Q2, representing continued sequential underlying improvement.

然而，該地區在第二季度實現了 22% 的有機增長，這代表了持續的基本改善。

Retailers remain bullish on the upcoming holiday season, and we are focused on delivering products in time to support strong demand signals.

零售商仍然看好即將到來的假日季節，我們專注於及時交付產品以支持強勁的需求信號。

Cancellation rates remain historically low due to tight inventories.

由於庫存緊張，取消率仍處於歷史低位。

Conversion remains exceptionally strong, and we see continued reductions in promotions compared to last year, driving strong average selling prices.

轉換仍然異常強勁，與去年相比，我們看到促銷活動持續減少，推動了強勁的平均售價。

Next, the EMEA region delivered mid-teen organic growth in Q2 despite meaningful supply chain disruption, particularly for The North Face.

接下來，歐洲、中東和非洲地區在第二季度實現了中期的有機增長，儘管供應鏈出現了嚴重的中斷，尤其是 The North Face。

The underlying business continues to perform above the overall market, supported by strong performance with the key digital titan.

在關鍵數字巨頭的強勁表現的支持下，基礎業務的表現繼續高於整體市場。

This region was strong before the pandemic and has shown incredible resiliency throughout this disruptive period.

該地區在大流行之前很強大，並且在整個破壞性時期表現出令人難以置信的彈性。

Stores are showing continuous recapture of volumes despite softer street traffic in large metro areas.

儘管大都市區的街道交通較為疲軟，但商店的銷量仍在持續回升。

We are encouraged to see the brick-and-mortar DTC business for both The North Face and Vans inflect meaningfully this quarter, each returning to positive growth relative to fiscal year '20.

我們很高興看到 The North Face 和 Vans 的實體 DTC 業務在本季度發生了有意義的變化，與 20 財年相比，每個都恢復了正增長。

Recovery momentum and sustained growth are expected to accelerate throughout the year as vaccine rollouts progress.

隨著疫苗推出的進展，預計全年復蘇勢頭和持續增長將加速。

Finally, the APAC region delivered low single-digit organic growth despite a more challenging backdrop than anticipated for parts of our portfolio.

最後，儘管我們的部分投資組合面臨比預期更具挑戰性的背景，但亞太地區實現了低個位數的有機增長。

Due to a resurgence of COVID-19 across the region, economic growth and consumer confidence has softened since July.

由於 COVID-19 在整個地區的死灰復燃，自 7 月以來，經濟增長和消費者信心有所減弱。

Parts of our business in China have been further impacted by weaker digital traffic for nondomestic brands.

我們在中國的部分業務進一步受到非本土品牌數字流量疲軟的影響。

This has been more impactful for Active brands relative to Outdoor.

相對於戶外，這對 Active 品牌的影響更大。

Across the portfolio, we believe we are performing better in our respective categories versus other international brands.

在整個產品組合中，我們相信我們在各自類別中的表現優於其他國際品牌。

And while we remain bullish on the long-term opportunity in the region, these pressures have impacted our near-term outlook.

雖然我們仍然看好該地區的長期機遇，但這些壓力已經影響了我們的近期前景。

We now expect low-teen growth in China in fiscal 2022.

我們現在預計 2022 財年中國將出現低增長。

Moving on to our global supply chain.

繼續我們的全球供應鏈。

The environment remains challenging and has continued to deteriorate following our Q1 call in late July.

在我們於 7 月下旬召開第一季度電話會議後，環境仍然充滿挑戰並繼續惡化。

The resurgence of COVID-19 lockdowns in key sourcing countries, like Vietnam, have resulted in more impactful production delays.

越南等主要採購國再次實施 COVID-19 封鎖，導致生產延誤更具影響力。

And the logistics network continues to face unprecedented challenges.

物流網絡繼續面臨前所未有的挑戰。

We are experiencing increasing product delays from the supply chain disruption, which is creating meaningful quarter-to-quarter volatility in our results.

由於供應鏈中斷，我們正在經歷越來越多的產品延遲，這給我們的業績造成了有意義的季度間波動。

Let me unpack all of this in a little more detail.

讓我更詳細地解開所有這些內容。

Due to VF's large and strategically diversified sourcing footprint, our overall production capacity has remained better positioned than most, with about 85% of production operational throughout the quarter.

由於 VF 龐大且戰略性多元化的採購足跡，我們的整體產能仍然比大多數公司更好，整個季度約有 85% 的生產在運營。

Pressures have generally concentrated in the southern region of Vietnam, which represents about 10% of VF's overall sourcing mix.

壓力通常集中在越南南部地區，該地區約佔 VF 整體採購組合的 10%。

We remain confident in our ability to navigate the production environment.

我們仍然對自己駕馭生產環境的能力充滿信心。

However, the logistics network remains under increasing pressure.

然而，物流網絡仍然面臨越來越大的壓力。

Ports are generally open, but operations remain severely impacted by labor and equipment availability servicing significantly higher ship volumes.

港口通常是開放的，但運營仍然受到勞動力和設備可用性的嚴重影響，為顯著增加的船舶數量提供服務。

As a result, our dwell times at points of destination have increased significantly.

因此，我們在目的地的停留時間顯著增加。

In aggregate, supply delays are pervasive and, in some cases, have extended 8 to 10 weeks.

總體而言，供應延遲普遍存在，在某些情況下已延長 8 至 10 週。

As a result, in the most recent quarter, we had a material shift of revenue from Q2 into Q3, with more than half of this tied to Vietnam.

結果，在最近一個季度，我們的收入從第二季度到第三季度發生了重大轉變，其中一半以上與越南有關。

Despite these delays, cancellation rates have remained below historical levels, signaling strong demand and tight channel inventories.

儘管有這些延誤，但取消率仍低於歷史水平，表明需求強勁且渠道庫存緊張。

However, delays ultimately impact product availability across the marketplace.

然而，延遲最終會影響整個市場的產品可用性。

Virtually all of our brands are experiencing delayed collections, styles, and in some cases, insufficient size assortment, limiting their ability to fully meet strong demand.

幾乎我們所有的品牌都經歷了系列和款式的延遲，在某些情況下，尺碼分類不足，限制了它們完全滿足強勁需求的能力。

For example, the Supreme brand has experienced around 30% less inventory around drops.

例如，Supreme 品牌在下降前後的庫存減少了約 30%。

So despite strong sell-through trends, we are losing volume from limited supply.

因此，儘管銷售趨勢強勁，但由於供應有限，我們正在失去銷量。

This environment is where our world-class supply chain differentiates itself, highlighting the significant competitive advantage VF has created with this platform.

這種環境是我們世界級供應鏈與眾不同的地方，突出了 VF 借助該平台創造的顯著競爭優勢。

We have always maintained a diversified sourcing footprint to provide resiliency against unforeseen changes in the operating or geopolitical environment.

我們一直保持多元化的採購足跡，以應對運營或地緣政治環境中不可預見的變化。

For example, our largest market, Vietnam, only represents about 1/4 of our sourcing mix.

例如，我們最大的市場越南僅占我們採購組合的 1/4 左右。

And within Vietnam, we work with multiple partners, have a presence in multiple provinces, both between the northern and southern regions of the country, and maintain access to multiple ports.

在越南，我們與多個合作夥伴合作，在該國北部和南部地區之間的多個省份開展業務，並保持對多個港口的訪問。

Our teams are leveraging VF's scale and relationships to navigate the challenging logistics environment in the most cost-effective way.

我們的團隊正在利用 VF 的規模和關係以最具成本效益的方式駕馭充滿挑戰的物流環境。

We continue to utilize expedited freight across a large number of air providers.

我們繼續在大量航空供應商中使用加急貨運。

We have doubled our network of ocean carriers and significantly expanded the number of ports utilized across the globe.

我們的海運承運人網絡翻了一番，並顯著擴大了全球使用的港口數量。

Our commercial and supply chain teams are working closely with our key wholesale partners, increasingly using direct shipping.

我們的商業和供應鏈團隊正在與我們的主要批發合作夥伴密切合作，越來越多地使用直接運輸。

And our work indicates we're doing better than most of the competitive set at keeping product on the shelves.

我們的工作表明，在保持產品上架方面，我們比大多數競爭對手做得更好。

Our relationship with these key wholesale partners continues to strengthen with our open, transparent and timely communication throughout this dynamic situation.

我們與這些主要批發合作夥伴的關係繼續加強，我們在這種動態情況下進行公開、透明和及時的溝通。

So despite the unprecedented level of disruption across the global supply chain, our teams have been able to keep product flowing, supporting our strong holiday growth plan and allowing VF to effectively hold our revenue guide for fiscal 2022.

因此，儘管全球供應鏈出現了前所未有的中斷，我們的團隊仍然能夠保持產品流通，支持我們強大的假期增長計劃，並使 VF 有效地保持我們 2022 財年的收入指南。

Moving into some additional highlights on our second quarter.

進入我們第二季度的一些其他亮點。

Total VF revenue increased 21% to $3.2 billion despite a significant amount of orders shifted from Q2 into Q3, implying continued sequential underlying improvement for the portfolio.

儘管大量訂單從第二季度轉移到第三季度，但 VF 總收入增長了 21%，達到 32 億美元，這意味著投資組合的潛在持續改善。

For context, we estimate this shift represented a mid- to high single-digit impact to VF's Q2 growth rate relative to fiscal 2020.

就上下文而言，我們估計這種轉變對 VF 相對於 2020 財年的第二季度增長率產生了中高個位數的影響。

Our adjusted gross margin expanded 300 basis points to 53.9% due to higher full-price realization, lower markdowns, favorable mix and around 20 basis points contribution from Supreme.

由於更高的全價實現、更低的降價、有利的組合以及來自 Supreme 約 20 個基點的貢獻，我們調整後的毛利率擴大了 300 個基點至 53.9%。

When compared to prior peak gross margins in fiscal 2020, our current year gross margin was impacted by about 180 basis points headwind from incremental expedited freight and FX.

與 2020 財年之前的毛利率峰值相比，我們本年度的毛利率受到了約 180 個基點的逆風影響，主要來自於增加的加急貨運和外匯。

Excluding these 2 items, our organic gross margin in Q2 is over 100 basis points above prior peak levels, driven by favorable mix and strong underlying margin rate improvement.

排除這兩項，我們在第二季度的有機毛利率比之前的峰值水平高出 100 個基點以上，這得益於有利的組合和強勁的潛在利潤率改善。

And as a reminder, our Q2 2020 gross margin was very strong.

提醒一下，我們 2020 年第二季度的毛利率非常強勁。

So our ability to deliver this level of underlying expansion against fiscal year '20 margins is a strong testament to the health of our brands in the marketplace.

因此，我們能夠根據 20 財年的利潤率實現這一水平的潛在擴張，有力地證明了我們品牌在市場上的健康狀況。

Our SG&A ratio improved in Q2, down 100 basis points organically to 37.2% despite elevated distribution spend and continued growth in strategic investment.

儘管分銷支出增加且戰略投資持續增長，我們的 SG&A 比率在第二季度有所改善，有機下降 100 個基點至 37.2%。

This strong underlying leverage was driven by discretionary choices and is a clear reflection of the optionality within our model, supporting organic EPS growth of 60%.

這種強大的潛在槓桿是由自主選擇驅動的，清楚地反映了我們模型中的可選性，支持 60% 的有機 EPS 增長。

I am proud of our team's ability to deliver earnings of $1.11 in Q2 despite incremental expedited freight expense and significant wholesale shipment timing headwinds in the quarter, reflecting the strong underlying earnings momentum of the portfolio.

我為我們的團隊在第二季度實現 1.11 美元收益的能力感到自豪，儘管本季度貨運費用增加和批發運輸時間出現重大逆風，這反映了投資組合強勁的潛在收益勢頭。

Now a few comments on our revised fiscal 2022 outlook.

現在對我們修訂的 2022 財年展望發表一些評論。

We are holding our revenue guidance to be about $12 billion despite a weaker China outlook in the near term and a lower-than-expected back-to-school performance at Vans in the U.S. and ongoing supply chain challenges, all of this highlighting the broad-based strength across our brands and geographies.

儘管近期中國市場前景疲軟，美國 Vans 的開學表現低於預期，且供應鏈面臨持續挑戰，但我們仍將收入預期維持在 120 億美元左右，所有這些都突顯了廣泛的- 基於我們品牌和地區的實力。

Our gross margin outlook is now about 56%, including 40 basis points of incremental freight cost relative to what we had expected in July, implying an improving underlying gross margin outlook.

我們現在的毛利率前景約為 56%，包括相對於我們 7 月份的預期增加 40 個基點的運費成本，這意味著潛在的毛利率前景正在改善。

And adjusting for incremental freight and FX, our fiscal 2022 outlook implies over 100 basis points of underlying gross margin expansion relative to peak gross margins in fiscal 2020, driven by favorable mix and clean, full-price sell-through.

並根據增量運費和外匯進行調整，我們的 2022 財年展望意味著，在有利的組合和乾淨的全價銷售的推動下，相對於 2020 財年的峰值毛利率，潛在毛利率將擴大 100 個基點以上。

We are holding our operating margin outlook to around 13% for fiscal 2022 despite the incremental freight costs covered.

儘管涵蓋了增加的貨運成本，我們仍將 2022 財年的營業利潤率前景保持在 13% 左右。

As Steve said, we're focused on what we can control.

正如史蒂夫所說，我們專注於我們可以控制的事情。

And for me, SG&A control is clearly top of mind.

對我來說，SG&A 控制顯然是最重要的。

We are offsetting supply chain and distribution cost headwind with spend reduction actions while protecting strategic investment and demand creation.

我們正在通過減少支出的行動來抵消供應鍊和分銷成本的不利影響，同時保護戰略投資和需求創造。

The business is driving impressive underlying leverage, and our confidence is strong that we can continue to accelerate this over time.

該業務正在推動令人印象深刻的潛在槓桿率，我們堅信我們可以隨著時間的推移繼續加速這一進程。

Finally, as discussed, we are reaffirming our full year earnings outlook of around $3.20, despite about $0.09 of incremental costs directly attributed to the supply chain disruption, a strong testament of portfolio resiliency and the optionality of our model.

最後，正如所討論的，我們重申我們的全年盈利前景約為 3.20 美元，儘管直接歸因於供應鏈中斷的約 0.09 美元的增量成本、投資組合彈性和我們模型的可選性的有力證明。

Steve introduced an important concept, that VF is not just one brand, and I want to reiterate this as I conclude our prepared remarks.

史蒂夫介紹了一個重要的概念，即 VF 不僅僅是一個品牌，我想在結束我們準備好的評論時重申這一點。

Before the pandemic, VF was more reliant on the Vans brand.

疫情前，VF 更依賴 Vans 品牌。

Today, however, we have a much larger portion of our business performing at or above our expectations.

然而，今天，我們有很大一部分業務的表現達到或超過我們的預期。

There is broad-based momentum across the portfolio.

整個投資組合都有廣泛的動力。

VF also has powerful enterprise platforms, highlighted by our world-class supply chain, which provides a significant competitive advantage to our business.

VF 還擁有強大的企業平台，以我們的世界級供應鍊為亮點，為我們的業務提供了顯著的競爭優勢。

And lastly, VF has the capacity to drive meaningful incremental shareholder value through capital allocation optionality.

最後，VF 有能力通過資本分配的選擇性推動有意義的增量股東價值。

We've demonstrated this over the course of the pandemic by maintaining our dividend and trading our Occupational Work business for the Supreme brand.

在大流行期間，我們通過維持股息和將我們的職業工作業務換成 Supreme 品牌，證明了這一點。

And as you may have noticed in this morning's release, our share repurchase program has been reinstated, with remaining authorization to repurchase up to $2.8 billion of common stock.

正如您在今天上午的新聞稿中可能已經註意到的那樣，我們的股票回購計劃已經恢復，剩餘的授權回購高達 28 億美元的普通股。

As we have line of sight to our leverage threshold, we have this additional optionality, and we'll be opportunistic on share repurchases moving into the balance of this fiscal year.

由於我們對槓桿門檻有一定的了解，因此我們有這種額外的選擇權，我們將在股票回購進入本財年的餘額時持機會主義態度。

VF is not just one brand.

VF 不僅僅是一個品牌。

We are a diversified portfolio of strong brands, supported by world-class enterprise platforms, which we believe, at minimum, can drive high single-digit revenue growth, low teens earnings growth and provide meaningful capital allocation optionality moving forward.

我們是一個由強大品牌組成的多元化組合，由世界級的企業平台支持，我們相信，至少可以推動高個位數的收入增長、較低的青少年收益增長，並提供有意義的資本配置選擇權。

Let's open the line for your questions.

讓我們為您的問題打開線路。

(Operator Instructions) And our first question comes from the line of Matthew Boss with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

So maybe to start with Vans.

所以也許從 Vans 開始。

So global brand revenues, more or less flat to pre-pandemic in the first half of the year.

因此，全球品牌收入在今年上半年或多或少與大流行前持平。

I guess, could you just help walk through drivers behind the confidence in 7% to 9% for the year?

我想，你能不能幫助了解一下今年 7% 到 9% 的信心背後的驅動因素？

What exactly accounted for the forecast cut this year?

究竟是什麼導致了今年的預測下調？

And any change to 12% to 13% as a multiyear target?

將 12% 到 13% 作為多年目標有什麼變化嗎？

Let me just start off.

讓我開始吧。

We see nothing in the Vans strategy that would tell us that we cannot grow double digits long term.

我們在 Vans 戰略中看不到任何東西可以告訴我們，我們不能長期增長兩位數。

This brand sits in an active TAM with a very -- with attractive on a day to day, and we think only growing as this casualization megatrend accelerates.

這個品牌坐落在一個活躍的 TAM 中，每天都非常有吸引力，我們認為只會隨著這種休閒化大趨勢的加速而增長。

We've grown high teens since the acquisition.

自收購以來，我們已經成長為青少年。

That's over a decade of high teens growth.

這是十多年的青少年高速增長。

And we continue to see significant international whitespace in China, in Europe, but continue to see growth here in the U.S.

我們繼續在中國和歐洲看到重要的國際空白，但在美國繼續看到增長。

I think what gives us confidence as we look forward is we have a renewed focus on our icon management strategy.

我認為讓我們充滿信心的是，我們重新關注我們的圖標管理策略。

A proof point this quarter was the 25% growth that we saw in our SK8-Hi as they leaned into marketing that particular icon.

本季度的一個證明點是我們在 SK8-Hi 中看到了 25% 的增長，因為他們傾向於營銷該特定圖標。

And as we come through Q3 towards the back half, you'll see us begin to elevate the icons in general and really getting back into the systematic cycle of pushing the 5 key icons, while we also continue to support our Progression, which is where the Altra sits, MTE, where we've seen very strong sell-through as well as leveraging the growth in apparel, which is really opening up those multiple-wear occasions that the brand can enjoy.

隨著我們在第三季度進入後半部分，你會看到我們開始總體上提升圖標並真正回到推動 5 個關鍵圖標的系統循環，同時我們也繼續支持我們的進度，這就是Altra 坐落於 MTE，我們在那裡看到了非常強勁的銷售量，並利用了服裝的增長，這確實打開了該品牌可以享受的多種穿著場合。

We'll continue to leverage the in-store experience.

我們將繼續利用店內體驗。

That is a core element of how this brand connects with its consumers.

這是該品牌如何與消費者建立聯繫的核心要素。

And we'll continue to lean into growth here in the U.S. and Europe and look to really support our Asia teams as we focus on that China growth trajectory and getting the brand back in sync with what we know is very possible as the brand pushes the notion of creative self-expression in a very brand right, but local consumer relevancy to elevate the brand there in China.

我們將繼續關注美國和歐洲的增長，並期待真正支持我們的亞洲團隊，因為我們專注於中國的增長軌跡，並且隨著品牌推動創意自我表達的概念非常適合品牌，但當地消費者的相關性提升了品牌在中國的存在。

Hey, Matt, I'd just add a couple of things in terms of thinking about the acceleration in the back half of the year that's implied.

嘿，馬特，我只想在考慮今年下半年暗示的加速方面添加幾件事。

And this is a true statement across all of our brands.

這是我們所有品牌的真實聲明。

But certainly, there's a significant inflection in the wholesale business based on the order books.

但可以肯定的是，基於訂單簿的批發業務存在顯著變化。

And we've talked about the differences in the spring order books versus the fall order books.

我們已經討論了春季訂單簿與秋季訂單簿的區別。

And the time that those order books were placed has impacted that pretty significantly.

這些訂單的下達時間對此產生了相當大的影響。

And just to give you an example.

只是給你一個例子。

For Vans on a global basis, our wholesale business was down, call it, high single digits in the first half.

對於全球範圍內的 Vans，我們的批發業務在上半年下滑，稱之為高個位數。

We expect it's going to be up sort of low double digits in the second half.

我們預計下半年會出現兩位數的低位增長。

And again, that's supported by the order books that we have.

再一次，這得到了我們擁有的訂單簿的支持。

And we've really got visibility at this point pretty much all the way through the end of our fiscal year.

在這一點上，我們幾乎一直到我們的財政年度結束時都得到了可見性。

So that's one thing I think it's worth understanding.

所以這是我認為值得理解的一件事。

And certainly, again, it's relevant for all of our brands.

當然，這同樣適用於我們所有的品牌。

The other thing is our demand-creation efforts will accelerate from a spend standpoint in the back half of the year.

另一件事是，從今年下半年的支出角度來看，我們的需求創造努力將加速。

That's always been our plan.

這一直是我們的計劃。

And you'll see that we've got that built into our modeling from the beginning.

你會看到我們從一開始就將它內置到我們的建模中。

We did have a bit of an acceleration through back-to-school versus what we saw in the first half of the calendar year, but even more so as we move into the holidays.

與我們在日曆年上半年看到的情況相比，我們在返校期間確實有一點加速，但當我們進入假期時更是如此。

So strong demand creation investments and strong programs coming to support the business.

如此強大的需求創造投資和強大的計劃來支持業務。

And then probably the last thing, as we've said all along, we expect some continued improvement in our traffic into our large and highly productive brick-and-mortar base of business.

然後可能是最後一件事，正如我們一直所說的那樣，我們預計我們進入我們龐大且高產的實體業務基礎的流量會繼續改善。

And we've generally seen that.

我們通常已經看到了這一點。

We did see a little bit of a -- a little bit lower than our expectations in the month of August, in particular, here in the U.S. in terms of the traffic build.

我們確實看到了一點點——比我們在 8 月份的預期低一點，特別是在美國這裡的流量增長。

And we think that was certainly tied in some ways to the Delta variant and some of the new restrictions that were placed back on consumers there in that period of time.

我們認為這在某些方面肯定與 Delta 變體以及在那段時間對消費者施加的一些新限制有關。

But generally, from the beginning of this calendar year all the way through September, setting aside August, we've seen the business sequentially improve from a traffic standpoint.

但總的來說，從今年年初到 9 月，撇開 8 月不談，從流量的角度來看，我們已經看到業務連續改善。

September was our best month of the quarter.

九月是我們本季度最好的月份。

October has actually started off good.

十月其實開局不錯。

We're actually on track.

我們實際上正在走上正軌。

And honestly, we're slightly ahead of our expectations in the Americas region from a D2C perspective during the month of October.

老實說，從 10 月份的 D2C 角度來看，我們在美洲地區的預期略高於我們的預期。

So just a few more data points there for you relative to really what's supporting the acceleration implied in the outlook.

因此，相對於支持前景中隱含的加速的真正因素，您只需再提供幾個數據點。

That's great color.

這顏色真好。

Matt, maybe just as a follow-up.

馬特，也許只是作為後續行動。

On the gross margin, so the 56% for the year.

就毛利率而言，全年為 56%。

I guess, could you just break down the underlying drivers that improved in the outlook, which helped to offset the worst freight headwind?

我想，你能否分解一下前景改善的潛在驅動因素，這有助於抵消最嚴重的貨運逆風？

And just any color in the third quarter versus the fourth quarter as we think about gross margin?

當我們考慮毛利率時，第三季度與第四季度的任何顏色？

Yes, sure.

是的，當然。

So it's pretty simple, I think, in terms of the underlying drivers, Matt, that are offsetting -- yes, we continue to see some headwinds from expedited freight, and we mentioned that in our prepared remarks.

所以我認為這很簡單，就潛在的驅動因素而言，馬特正在抵消——是的，我們繼續看到加快貨運帶來的一些不利因素，我們在準備好的評論中提到了這一點。

It's underlying rate.

是基礎利率。

It's better sell-through.

更好的銷售。

And ultimately, the merchandise margins are stronger.

最終，商品利潤率更高。

And that's -- generally, we're seeing that across the board.

這就是 - 一般來說，我們全面看到了這一點。

So I think that's pretty straightforward.

所以我認為這很簡單。

As it relates to some shaping in the second half, what I would say about gross margin is we expect Q3 to be about 57% with organic expansion a little bit stronger than what we saw in Q2.

由於它與下半年的一些塑造有關，我對毛利率的看法是，我們預計第三季度將達到 57% 左右，有機擴張比我們在第二季度看到的要強一些。

And we'll continue to have some expedited freight hitting that quarter as well.

我們還將繼續在該季度實現一些加急貨運。

A lot of what went into the forecast that's different from the prior forecast is sitting in the third quarter.

與先前預測不同的許多預測都在第三季度。

Our next question is from the line of Erinn Murphy with Piper Sandler.

我們的下一個問題來自 Erinn Murphy 和 Piper Sandler。

I guess I have a question first on China.

我想我首先有一個關於中國的問題。

It did decelerate versus the last quarter, and you called out some of the COVID challenges there.

與上一季度相比，它確實減速了，您在那裡提出了一些 COVID 挑戰。

But as we take a step back, can you just share a little bit more about your confidence in the region longer term?

但是，當我們退後一步時，您能多談談您對該地區長期的信心嗎？

And then I do think you cut your APAC region outlook by about 600 basis points.

然後我確實認為你將亞太地區的前景下調了約 600 個基點。

Was that all China?

那都是中國嗎？

Or are there some other regional headwinds we need to be mindful of?

還是我們需要注意其他一些區域性不利因素？

Yes, the region issue sits squarely in China.

是的，地區問題完全在中國。

Though there have been some Delta impacts in some of the smaller markets, what we've seen is certainly an issue building here in China.

儘管在一些較小的市場中對達美航空產生了一些影響，但我們所看到的肯定是在中國形成的一個問題。

I mean there's a number of factors that are impacting our China business.

我的意思是有許多因素正在影響我們的中國業務。

First is the resurgence of COVID across the Greater China region.

首先是大中華地區新冠病毒的死灰復燃。

It really has had an impact on economic growth and, more importantly, consumer confidence.

它確實對經濟增長產生了影響，更重要的是，對消費者信心產生了影響。

And we've seen that in our store traffic coming into brick-and-mortar.

我們已經看到我們的商店流量進入實體店。

And we've also seen that challenging some of the digital titan platform traffic, where we have a big presence from a digital standpoint.

而且我們還看到挑戰了一些數字巨頭平台流量，從數字的角度來看，我們在這些平台上有很大的影響力。

And some of our legacy marketing tools, specifically key opinion leader marketing, are no longer available and having a short-term impact.

我們的一些傳統營銷工具，特別是關鍵意見領袖營銷，不再可用，並產生短期影響。

It doesn't mean long term that we won't adjust.

這並不意味著我們不會長期調整。

And in fact, we are, but that did have a short-term impact.

事實上，我們是，但這確實產生了短期影響。

But I think, importantly, what we do expect to see is a reacceleration.

但我認為，重要的是，我們確實希望看到的是重新加速。

And I think there's 3 really key reasons here.

我認為這裡有 3 個非常關鍵的原因。

Our decision to establish an even stronger structure and presence in Shanghai, something we've been working on now for many months, allows us to better understand the marketplace variables and to speak to the local consumer in a more relevant and authentic way for each one of our brands.

我們決定在上海建立更強大的結構和影響力，這是我們幾個月來一直在努力的事情，這使我們能夠更好地了解市場變量，並以更相關和更真實的方式與當地消費者交談。我們的品牌。

Our decision to hire our leader in China and expand Winnie's scope beyond just Greater China is having a very outsized impact.

我們決定聘請我們在中國的領導者並將 Winnie 的業務範圍擴展到大中華區之外，這產生了非常大的影響。

Her confidence and experience in understanding the local market, local consumers, how to engage with our key strategic partners, is certainly elevating our brands and our business' ability to understand the consumer and navigate some of these new variables that we see.

她在了解當地市場、當地消費者以及如何與我們的主要戰略合作夥伴互動方面的信心和經驗，無疑提升了我們的品牌和我們的業務了解消費者和駕馭我們所看到的一些新變量的能力。

As we stand up our brand teams in Shanghai, that local market knowledge is going to help us really bring our brand purpose, our VF purpose for our associates to bear.

當我們在上海建立我們的品牌團隊時，對當地市場的了解將幫助我們真正實現我們的品牌目標，我們的 VF 目標讓我們的員工承擔。

And we're seeing that as a really important element today as we focus on the health and well-being of our associates.

我們今天將其視為一個非常重要的元素，因為我們關注員工的健康和福祉。

There's a notion here in our brand marketing.

我們的品牌營銷中有一個概念。

We see it coming to life in North Face.

我們看到它在 North Face 中栩栩如生。

We're really putting our purpose in place and really elevating our messaging and our connections and delivery of value around health and well-being to the Chinese consumer and really looking to improve their life through engaging with our brands, the experiences that our brands enable and connecting in a much more one-to-one way.

我們確實將我們的目標落實到位，並真正提升我們的信息傳遞和聯繫，並為中國消費者提供圍繞健康和福祉的價值，並真正希望通過與我們的品牌互動來改善他們的生活，我們的品牌帶來的體驗並以更加一對一的方式連接。

We think these strategic shifts that we've been really driving over the last 12 to 18 months position us in a very strong way to navigate these new variables and get that reacceleration back into the business.

我們認為，我們在過去 12 到 18 個月中真正推動的這些戰略轉變使我們能夠以一種非常強大的方式駕馭這些新變量，並使這種重新加速重新回到業務中。

Great.

偉大的。

And then if I could -- yes.

如果可以的話——是的。

Erinn, a couple of data points there to build on Steve again.

Erinn，那裡有幾個數據點可以再次建立在史蒂夫的基礎上。

When you think about the China reduction that's implied in the guide, about 1/3 of that is coming from, let's call it, COVID-related impact, primarily demand.

當您考慮指南中暗示的中國減少時，其中大約 1/3 來自（我們稱之為）與 COVID 相關的影響，主要是需求。

I mean a little bit of supply challenges there, but primarily demand.

我的意思是那裡有一點供應挑戰，但主要是需求。

And then the rest is sort of the comment that Steve made about the consumer and what we've seen here in the short term.

然後剩下的就是史蒂夫對消費者的評論以及我們在短期內看到的情況。

And then as you said, there's certainly some COVID-related impacts across the rest of the region as we saw some lockdown measures and closed stores and just generally consumer confidence in some of those other countries that waned a bit during the quarter.

然後，正如您所說，該地區其他地區肯定會受到一些與 COVID 相關的影響，因為我們看到了一些封鎖措施和關閉商店，而且其他一些國家的消費者信心在本季度略有下降。

Maybe last thing I would say, because I think it's important, from a VF perspective, we certainly -- we didn't really change our guidance.

也許我想說的最後一件事，因為我認為這很重要，從 VF 的角度來看，我們當然 - 我們並沒有真正改變我們的指導。

We did soften the language slightly.

我們確實稍微軟化了語言。

I can tell you that's all really driven by China.

我可以告訴你，這一切都是由中國推動的。

Without that, you wouldn't have seen any change.

沒有它，您將看不到任何變化。

And I would also tell you, without what we saw occur in China, we would have not changed our Vans outlook.

我還要告訴你，如果沒有我們在中國看到的情況，我們就不會改變我們對 Vans 的看法。

Okay.

好的。

That's very helpful.

這很有幫助。

And then just if I can add one more.

然後，如果我可以再添加一個。

As we move into holiday, obviously, inventory is very clean.

隨著我們進入假期，顯然，庫存非常乾淨。

What is your promotional outlook for this holiday?

您對這個假期的促銷前景如何？

And then as we move into the early part of 2022, we'll all be, particularly in this marketplace, lapping a pretty hefty stimulus.

然後，隨著我們進入 2022 年初，我們所有人，尤其是在這個市場上，都將受到相當大的刺激。

Just curious on, do you see the promotional outlook evolving as we move into the first calendar quarter?

只是好奇，隨著我們進入第一個日曆季度，您是否看到促銷前景發生變化？

Yes, I would say we expect the promotional environment to be quite clean for the holiday time period.

是的，我想說我們預計假期期間的促銷環境會非常乾淨。

That's how we're set up and what we expect.

這就是我們的設置和我們所期望的。

And certainly inventories continue to be really lean across the marketplace.

當然，整個市場的庫存仍然非常稀少。

That's the case for our brands and, I would say, for most.

這就是我們品牌的情況，我想說，對於大多數人來說。

So we expect a really clean and lack of promotional kind of environment certainly versus historical.

因此，我們期望一個真正乾淨且缺乏促銷的環境肯定與歷史相比。

And as we think about moving into spring next year and even beyond, certainly, our view will be that the promotional environment is going to continue to be quite good.

當我們考慮明年進入春季甚至更久時，我們當然認為促銷環境將繼續保持良好狀態。

Yes, I'll remind you that our business historically is clean.

是的，我會提醒您，我們的業務歷來是乾淨的。

We don't promote a lot in our brands.

我們的品牌宣傳不多。

And that's been one of the things we've been trying to help everyone understand when you look at the 2-year compares versus some of the peer set.

當您查看 2 年與一些同行的比較時，這是我們一直試圖幫助每個人理解的事情之一。

Our business was really clean and healthy 2 years ago.

2 年前，我們的業務非常乾淨和健康。

It's that way now.

現在就是這樣。

We expect it will be next year.

我們預計會在明年。

As you think about gross margins next year, we expect margins will expand, bottom line.

當您考慮明年的毛利率時，我們預計利潤率將擴大，底線。

I think we expect margins will expand probably at least 0.5 point in line with our LRP.

我認為我們預計利潤率可能會擴大至少 0.5 個百分點，與我們的 LRP 一致。

Certainly, there's some headwinds: input cost inflationary pressures, elevated freight costs that will certainly going to continue for a period of time.

當然，也有一些不利因素：投入成本通脹壓力、運費上漲，這些肯定會持續一段時間。

But there's tailwinds as well.

但也有順風。

As I said, promotional environment remained clean.

正如我所說，促銷環境保持清潔。

We certainly would expect we're not going to see the same level of expedited freight that we've seen this year.

我們當然希望我們不會看到與今年相同的加急貨運水平。

Our mix benefit will be intact.

我們的混合收益將保持不變。

We've got continued momentum in some of the brands.

我們在一些品牌中獲得了持續的動力。

We've had opportunities to strengthen gross margins on the back of stronger brand equity.

在更強大的品牌資產的支持下，我們有機會提高毛利率。

Timberland and Dickies are examples of that.

Timberland 和 Dickies 就是這樣的例子。

And then last but certainly not least, the biggest, I think, tool in the toolbox here is pricing.

最後但同樣重要的是，我認為這里工具箱中最大的工具是定價。

And we certainly expect -- and we've talked about we're going to start to see meaningful impacts from pricing as early as our fiscal Q4 and as we think about spring '22 and even more so fall '22 of next year.

我們當然期望 - 我們已經談到我們將開始看到定價的有意義的影響，早在我們的財政第四季度，當我們考慮到 22 年春季，甚至明年 22 年秋季更是如此。

Our next question is from the line of Bob Drbul with Guggenheim.

我們的下一個問題來自古根海姆的 Bob Drbul。

I guess the first quick question is, are you thinking of changing the name of the company to Vans, given all the questions that we have on Vans?

我想第一個快速的問題是，鑑於我們對 Vans 的所有問題，您是否正在考慮將公司名稱更改為 Vans？

No.

不。

But I do have a couple of questions on Supreme, if you could.

但如果可以的話，我確實有幾個關於 Supreme 的問題。

I think you talked about Supreme missing or just missing some supply opportunities in terms of the business.

我認為您談到了 Supreme 在業務方面缺少或只是缺少一些供應機會。

Can you quantify that a little bit?

你能稍微量化一下嗎？

And just as you think about the back half of the year, do you expect to sort of get that product in?

就像您考慮今年下半年一樣，您是否希望獲得該產品？

And will you continue to sell it there?

你會繼續在那裡賣嗎？

And could you just give us an update on the international expansion plans for the Supreme business over the next 12 months?

您能否向我們介紹一下 Supreme 未來 12 個月的國際擴張計劃？

Yes.

是的。

So Supreme, Supreme has had a disproportionate impact to the supply chain disruptions that we're talking about.

因此，Supreme，Supreme 對我們正在談論的供應鏈中斷產生了不成比例的影響。

They've got an exposure into Vietnam.

他們接觸到了越南。

And if you think about the model, due to the nature of how they flow products, they don't carry forward inventory.

如果您考慮該模型，由於它們流動產品的性質，它們不會結轉庫存。

So when a particular drop is not able to be delivered on time -- yes, they have an agile model and they're able to move around.

因此，當無法按時交付特定的投遞時——是的，他們有一個敏捷的模型，他們能夠四處走動。

But the impacts that they've seen this quarter were such that it had a pretty material impact on what we were able to do in Q2.

但是他們在本季度看到的影響是如此之大，以至於它對我們在第二季度能夠做的事情產生了相當大的影響。

The good news is sell-through trends continue to be very strong.

好消息是銷售趨勢繼續非常強勁。

And we -- while we saw a decrease in inventory, we did see a continued strong interest and a clear opportunity for the brand to continue to grow.

而且我們 - 雖然我們看到庫存減少，但我們確實看到了持續的強烈興趣和品牌繼續增長的明顯機會。

But I think the supply chain interruptions are helping us all see the further benefit of the supply chain integration that is in place, that will help us help our Supreme team really diversify their footprint and focus in areas where we can help them maintain better flow.

但我認為供應鏈中斷正在幫助我們所有人看到現有供應鏈整合的進一步好處，這將幫助我們幫助我們的 Supreme 團隊真正分散他們的足跡並專注於我們可以幫助他們保持更好流動的領域。

As we think about longer term and coming into the second half, we have line of sight to delivery, the inventory required for the weekly drops.

當我們考慮長期並進入下半年時，我們可以看到交付，每週所需的庫存下降。

And that wasn't true 6 weeks ago.

6 週前情況並非如此。

So I think there's a lot of confidence here that we can recapture that momentum, and we really start to recapture that lost volume.

所以我認為這裡有很大的信心，我們可以重新奪回這種勢頭，我們真的開始重新奪回失去的交易量。

In some of the most recent drops, we've seen a really strong evidence of that demand.

在最近的一些下跌中，我們已經看到了這種需求的有力證據。

So I think, in light of this disruption, the plan that this group operates with, the agility to be able to flex continues to be a competitive advantage.

因此，我認為，鑑於這種中斷，該團隊所採用的計劃，能夠靈活應變的敏捷性仍然是一種競爭優勢。

And as they integrate into our supply chain, it will help be able to mitigate some of these impacts.

當它們融入我們的供應鏈時，將有助於減輕其中一些影響。

To your European question, our international expansion, COVID's had an impact on our team's ability to travel, begin to meet and work with our European and international team, though that work is continuing virtually.

對於您的歐洲問題，我們的國際擴張，COVID 對我們團隊的旅行、開始與我們的歐洲和國際團隊會面和合作的能力產生了影響，儘管這項工作實際上仍在繼續。

Our Supreme team needs to get into market.

我們的 Supreme 團隊需要進入市場。

The model by which they look for new stores, that really anchors the brand in new cities, has been slowed based on COVID.

他們尋找新店的模式，真正將品牌錨定在新城市的模式，已經因新冠疫情而放緩。

They've worked with our team, certainly will help them speed up that knowledge base as to hit market.

他們與我們的團隊合作，肯定會幫助他們加快知識庫進入市場的速度。

But we're certainly a few months off of what would have been a plan that we were ready to execute going to fiscal '23.

但我們肯定距離我們準備在 23 財年執行的計劃還有幾個月的時間。

But the geographic expansion potential remains very strong, a key part of our growth, and you'll see us continue to open stores, both in Europe and Asia as the teams were able to get into market.

但地域擴張潛力仍然非常強勁，這是我們增長的關鍵部分，隨著團隊能夠進入市場，你會看到我們繼續在歐洲和亞洲開設門店。

Great.

偉大的。

And I guess just a bigger question on -- you talked about wholesale shipments sort of not making the second quarter, shifting into the third.

而且我想只是一個更大的問題-您談到批發出貨量不是在第二季度，而是在第三季度。

I think you specifically called it out for Vans.

我想你是專門為 Vans 喊出來的。

Can you quantify how much of the wholesale business will shift into the third from the second?

你能量化一下有多少批發業務會從第二個轉移到第三個嗎？

Or what you missed in the second that you'll catch up in the third one?

或者你在第二個中錯過了什麼，你會在第三個中趕上？

Yes.

是的。

Sure, Bob.

當然，鮑勃。

Let me see if I can get to what you need here.

讓我看看我能不能在這裡得到你需要的東西。

So from a -- first of all, this is why we didn't provide guidance for the quarter.

因此，首先，這就是我們沒有為本季度提供指導的原因。

If I try to call the split there between Q2 and Q3 as -- we knew it was going to be a pretty volatile environment, and it certainly played out that way.

如果我試圖將 Q2 和 Q3 之間的分裂稱為 - 我們知道這將是一個非常不穩定的環境，而且它肯定會以這種方式發揮作用。

From a timing, shipment timing perspective, we said mid- to high single-digit impact to VF's organic growth in the quarter relative to fiscal '20.

從時間、出貨時間的角度來看，我們表示，相對於 20 財年，VF 在本季度的有機增長具有中到高個位數的影響。

So -- and that's really impactful across all of our businesses, certainly several points of growth for the Big 3 Brands.

所以——這對我們所有的業務都有真正的影響，對於三大品牌來說肯定是幾個增長點。

And also, as Steve just described, pretty impactful for Supreme in the quarter as well.

而且，正如史蒂夫剛剛描述的那樣，本季度對 Supreme 的影響也很大。

And this was especially true, I would say, in the U.S. and Europe and to a lesser degree, to some degree in Asia, all those small impacts there.

我想說，在美國和歐洲尤其如此，在較小程度上，在亞洲，在某種程度上，所有這些小影響。

At a brand level, Vans would have been sort of at pre-pandemic levels in the quarter.

在品牌層面，Vans 在本季度處於大流行前的水平。

And TNF and Timberland in particular would show meaningful acceleration versus where we were in Q1, adjusting for the impact of the wholesale shipment timing.

尤其是 TNF 和 Timberland 與我們在第一季度的情況相比，將顯示出有意義的加速，調整了批發發貨時間的影響。

And I think in terms of what we expect, we expect virtually all of that's going to get out the door and ship here in Q3.

而且我認為就我們的預期而言，我們預計幾乎所有這些都將在第三季度推出並出貨。

And as a result, it's one of the reasons that we've been comfortable in essentially holding our full year revenue outlook and then coupled with what we see in terms of the strong underlying momentum from a sell-through perspective.

因此，這是我們對基本上保持全年收入前景感到滿意的原因之一，然後再加上我們從銷售角度看到的強勁潛在勢頭。

The next question is from the line of Michael Binetti with Credit Suisse.

下一個問題來自瑞士信貸的 Michael Binetti。

Steve, thanks for all the color here today.

史蒂夫，感謝今天這裡的所有顏色。

I think the most helpful thing -- and I can't believe we're still here in late 2021 talking about these big coronavirus disruptions, but I guess here we are.

我認為最有幫助的事情——我不敢相信我們在 2021 年末還在這裡談論這些重大的冠狀病毒破壞，但我想我們到了。

So I really appreciate some of the commentary on the revenue and EPS outlook as you -- I can tell you're starting to look ahead to fiscal '23 already.

因此，我非常感謝您對收入和每股收益前景的一些評論——我可以告訴您，您已經開始展望 23 財年了。

And I know you spoke to North Face and Dickies outlook for 2023.

我知道你談到了 North Face 和 Dickies 對 2023 年的展望。

You gave us an overall revenue and EPS thought.

你給了我們一個整體收入和每股收益的想法。

I'm wondering if you could help us complete the picture a little bit on what you -- how you're initially thinking about Vans and Timberland for '23.

我想知道你是否可以幫助我們完成關於你的圖片——你最初是如何看待 23 年 Vans 和 Timberland 的。

And then I guess, Matt, if -- I know you just gave us a little bit of color on Bob's question on revenues in third quarter versus fourth quarter.

然後我猜，馬特，如果——我知道你剛剛就鮑勃關於第三季度與第四季度收入的問題給了我們一些色彩。

Is there any way you could just quantify what you see as the revenue dollars into the quarter or growth rates into the quarter?

有什麼方法可以量化您所看到的本季度的收入美元或本季度的增長率？

And it sounds like a lot of the wholesale snapback is in third quarter.

聽起來很多批發回彈都是在第三季度。

But we've heard some of the other athletic brands and footwear brands speak to some supply chain constraint landing in the March quarter, so your fourth quarter.

但我們聽說其他一些運動品牌和鞋類品牌在 3 月季度談到了一些供應鏈限制，所以在第四季度。

I'm just curious what you baked into the fourth quarter there.

我只是好奇你在第四季度的表現。

Great.

偉大的。

Thanks, Mike.

謝謝，邁克。

I'll start.

我會開始的。

To your question on fiscal '23, clearly, it's early for us to be able to talk about how we're looking at that.

對於你關於 '23 財政年度的問題，很明顯，我們現在談論我們如何看待這個問題還為時過早。

But I think the confidence that we have in our portfolio, which we spent a lot of time strategically evolving to where we are today, each one of our brands has the potential of achieving its long-range plan.

但我認為，我們對我們的產品組合的信心，我們花了很多時間戰略性地發展到今天的位置，我們的每個品牌都有實現其長期計劃的潛力。

And you see that happening this year with many of our brands.

你會看到今年我們的許多品牌都發生了這種情況。

Specifically to Vans, we see them getting back to low double-digit growth and being able to deliver that on a consistent basis.

特別是對於 Vans，我們看到他們恢復了兩位數的低增長，並且能夠在一致的基礎上實現這一目標。

Our North Face business is building momentum.

我們的 North Face 業務正在形成勢頭。

You've heard us really begin to talk with a lot of confidence.

你聽說我們真的開始充滿信心地交談。

The work that's been done to really strengthen that team, tighten up our merchandising strategies, get the flow between the on-mountain and off-mountain product collections, raising our outlook for the year on a 2-year basis to 16% to 18%, I think, is a proof point of that confidence.

所做的工作是為了真正加強該團隊，加強我們的銷售策略，讓山上和山下產品系列之間流動，將我們對這一年的展望在 2 年的基礎上提高到 16% 到 18% ，我認為，是這種信心的證明點。

Now Timberland is inflecting.

現在 Timberland 正在發生變化。

We see them really owning and driving that boot culture.

我們看到他們真正擁有並推動了這種引導文化。

And as we really drive our integrated marketplace strategy and the merchandise flow, the new products coming with GreenStride, TrueCloud, some of the things you see going on in the women's business, give us confidence that this business is inflecting and has great potential.

隨著我們真正推動我們的綜合市場戰略和商品流，GreenStride、TrueCloud 的新產品，以及您在女性業務中看到的一些事情，讓我們相信這項業務正在發生變化並具有巨大的潛力。

And I'll take one more point.

我再提一點。

Our Dickies business, raising our outlook as we did this year, just now to greater than 30% on a 2-year stack.

我們的 Dickies 業務，像今年一樣提高了我們的前景，現在在 2 年的堆棧中超過 30%。

This business is very unique.

這項業務非常獨特。

We saw this with -- at the point of acquisition and the way our team is really looking at, horizontally, playing out that work and work-inspired piece, but also been thinking on a vertical axis against the different distribution opportunities and moving into higher tiers of distribution with higher -- with product -- with a little bit more style, a little bit more quality of materials and opening up that lens and grabbing new consumers on a global basis.

我們看到了這一點——在收購點和我們團隊真正看待的方式，橫向地展示工作和受工作啟發的作品，但也在垂直軸上思考不同的分銷機會，並進入更高的更高的分銷層次——產品——更多的風格，更多的材料質量，打開這個鏡頭，在全球範圍內吸引新的消費者。

We have a brand that has the potential of achieving $1 billion here quickly, while at the same time becoming a benefit from an operating margin standpoint to the larger VF.

我們的品牌有可能在這裡迅速達到 10 億美元，同時從營業利潤率的角度來看，它對更大的 VF 有利。

Yes, Michael, your question on shaping of revenue.

是的，邁克爾，你關於收入塑造的問題。

So yes, I'll answer your question.

所以是的，我會回答你的問題。

Barring further supply chain disruption, but certainly contemplating what we know today and, in particular, around the flow of inventory as Vietnam ramps up, I would tell you in Q3 we expect revenue to be about $3.6 billion, including high single-digit organic growth versus fiscal year '20.

除非供應鏈進一步中斷，但當然要考慮我們今天所知道的情況，特別是隨著越南增加庫存流動，我會告訴你第三季度我們預計收入約為 36 億美元，包括高個位數的有機增長與 20 財年相比。

And let me just fill in the rest of the blanks while we're at it because I assume it's going to come up.

讓我在我們討論的時候填補其餘的空白，因為我認為它會出現。

We talked about gross margin.

我們談到了毛利率。

I'd say operating margin of about 16%, earnings of at least $1.20, inclusive of about $0.06 of incremental expedited freight versus fiscal year '20.

我會說營業利潤率約為 16%，收益至少為 1.20 美元，其中包括與 20 財年相比增加約 0.06 美元的加急運費。

Okay.

好的。

So the other $0.03 from the $0.09 then goes in the fourth quarter, it sounds like.

因此，0.09 美元中的另外 0.03 美元將進入第四季度，聽起來像是。

So a little bit of a placeholder there.

所以有一點佔位符。

Well, the $0.09 is the incremental -- from our prior outlook to this outlook.

嗯，0.09 美元是增量——從我們之前的展望到現在的展望。

That $0.06 is just to give you a sense of the difference versus the 2-year compare from an earnings standpoint.

這 0.06 美元只是為了讓您從收益的角度了解與 2 年比較的差異。

About $0.06 in that quarter is our current view.

我們目前的觀點是該季度約為 0.06 美元。

Okay.

好的。

And I guess the elephant in the room is how much is in that $3.6 billion from Squid Game.

我猜房間裡的大像是 Squid Game 的 36 億美元中有多少。

Yes.

是的。

I can't believe you made it this far in the call without a question, guys.

伙計們，我不敢相信你們在電話會議中做到了這麼遠。

I can't believe you're going to let it slide.

我不敢相信你會讓它滑落。

Yes.

是的。

Let me say this is Michael.

讓我說這是邁克爾。

Yes, Squid Game is -- we saw a nice spike -- let's -- I'd call it a small spike.

是的，Squid Game 是——我們看到了一個很好的尖峰——讓我們——我稱之為小尖峰。

But I'll promise you, this is not a Vans annual event.

但我向你保證，這不是 Vans 的年度盛會。

This certainty has helped raise some media attention that we'll leverage, to my point of us leaning into the Classics campaign.

這種確定性幫助引起了我們將利用的一些媒體關注，我認為我們傾向於經典活動。

We'll use this moment and continue to build on Vans' connection to pop culture.

我們將利用這一刻，繼續鞏固 Vans 與流行文化的聯繫。

But I think we're focused on things that we can control and the flow of new products and the benefits that has on Vans' connection to consumer.

但我認為我們專注於我們可以控制的事情，新產品的流動以及 Vans 與消費者聯繫的好處。

It's probably more where our emphasis is for sure.

這可能更多地是我們的重點所在。

Our next question is from the line of Dana Telsey with Telsey Advisory Group.

我們的下一個問題來自 Telsey 諮詢集團的 Dana Telsey。

As you talked about the wholesale business and the shift to the back half of the year, are you seeing it different by brand in terms of that shift?

當您談到批發業務和下半年的轉變時，您是否看到不同品牌在這種轉變方面有所不同？

And is it specific accounts where you talked about the strengthening and what you're seeing?

是你談到加強和你所看到的具體賬戶嗎？

And then just lastly, on price.

最後，關於價格。

Is price -- besides full price, are you seeing -- are you taking any price on any of the brands with any of the newer product that you're introducing?

價格——除了全價，你看到了嗎——你是否對任何品牌和你推出的任何新產品採取任何價格？

Dana, in terms of the shipment timing, I think it's impacting all of our brands.

Dana，就發貨時間而言，我認為它正在影響我們所有的品牌。

I would say it's most impactful for the Outdoor brand.

我想說這對戶外品牌影響最大。

And honestly, I would say the 2 brands that are probably feeling it the most are The North Face and Supreme, honestly.

老實說，老實說，我想說最能感受到它的兩個品牌是 The North Face 和 Supreme。

But all of our businesses -- and as I said, it's impacting at least several points of growth for the Big 3.

但我們所有的業務——正如我所說，它至少影響了三巨頭的幾個增長點。

And as it relates to the comments about strength and sell-through, that's broad-based really across the businesses.

由於它與關於實力和銷售量的評論有關，這在整個企業中都是廣泛的。

And I'm talking specifically about the U.S. We see it in our big brands, certainly.

我說的是美國。當然，我們在我們的大品牌中看到了它。

We're also seeing it with the emerging brands and the Outdoor emerging brands, in particular, that Steve talked about.

我們也看到了新興品牌和戶外新興品牌，特別是史蒂夫談到的。

So it's not any one place.

所以它不是任何一個地方。

Certainly, The North Face brand is really strong, and the product is moving really quickly as we can get it on to the shelves.

當然，The North Face 品牌非常強大，而且我們可以將它上架，產品的銷售速度非常快。

We're seeing significant growth in sell-through despite inventories still well below where they would have been 2 years ago.

儘管庫存仍遠低於 2 年前的水平，但我們看到銷售量顯著增長。

So it just speaks to the velocity that we're seeing from a sell-through perspective, in particular, in that brand.

所以它只是說明了我們從銷售角度看到的速度，特別是在那個品牌中。

Got it.

知道了。

Just one follow-up on the Digital business, which I think the guidance had been adjusted to 20% growth from previously 29% to 31%.

只是數字業務的一項後續行動，我認為該指導已從之前的 29% 調整為 20% 到 31% 的增長。

Is that due to the stores reopening?

是因為商店重新開張嗎？

Or is there anything you're seeing in China or the other markets given that adjustment?

或者你在中國或其他市場看到了什麼調整？

Yes, it's primarily a China impact, Dana.

是的，這主要是對中國的影響，Dana。

That's really the primary driver.

這確實是主要驅動力。

I mean there may be a couple of modest, very small changes in other parts of the business, but basically it's a China story.

我的意思是，業務的其他部分可能會有一些適度的、非常小的變化，但基本上這是一個中國的故事。

And just lastly, on the freight side, do you expect that to go into 2022 -- into calendar 2022?

最後，在貨運方面，您是否預計會進入 2022 年——進入 2022 年日曆？

Yes, we do.

是的，我們有。

We expect the freight -- yes, some of the pressures there on freight -- and I assume you're asking about cost, right?

我們預計運費 - 是的，運費方面的一些壓力 - 我假設你問的是成本，對吧？

We expect that to continue from an inflationary standpoint, moving into calendar 2022.

從通脹的角度來看，我們預計這種情況將持續到 2022 年。

Over time, I think it will begin to moderate a bit, but we're planning as if we're going to continue to see pretty meaningful increases in freight moving forward.

隨著時間的推移，我認為它會開始緩和一點，但我們正在計劃，好像我們將繼續看到未來貨運量相當有意義的增長。

Now we do expect the level of expedited freight that we've had to navigate this year because of the shutdowns and the COVID challenges in the supply chain will certainly look a lot different next year.

現在，我們確實預計，由於停工和供應鏈中的 COVID 挑戰，今年我們必須應對的加急貨運水平明年肯定會大不相同。

That's our expectation.

這是我們的期望。

But in terms of the underlying rates around freight and just the challenges of -- around capacities and those kinds of things, that we expect to continue for several quarters.

但就貨運的基本費率以及圍繞容量和此類事物的挑戰而言，我們預計這種情況將持續幾個季度。

Our next question comes from the line of Jim Duffy with Stifel.

我們的下一個問題來自 Jim Duffy 和 Stifel。

You've spoken about this a little bit as it relates to the supply chain disruptions.

您已經談到了這一點，因為它與供應鏈中斷有關。

But I'm hoping you can discuss some of the inventory flow dynamics, what that might result in, in terms of mismatches and assortments.

但我希望你能討論一些庫存流動動態，這可能會導致不匹配和分類方面的結果。

And I'm curious, is that likely to have an enduring impact?

我很好奇，這可能會產生持久的影響嗎？

Or what are the strategies to manage through that?

或者有什麼策略可以解決這個問題？

I think, long term, this isn't an issue.

我認為，從長遠來看，這不是問題。

It's really short term that our teams are having to navigate a disrupted supply chain.

我們的團隊不得不應對中斷的供應鏈，這確實是短期的。

As certain factories were shut down, others have been operating at less than max capacity, and then as we look to bring our goods onshore to the different shipping lanes.

隨著某些工廠的關閉，其他工廠的產能一直低於最大產能，然後當我們希望將我們的貨物在陸上運送到不同的航道時。

It's really a short-term issue, Jim.

這真的是一個短期問題，吉姆。

And I think we can, for the most part, get ourselves back into sync as we come through Q3 and certainly position ourselves well for spring '22 deliveries.

而且我認為，在大多數情況下，我們可以在第三季度恢復同步，並且肯定會為 22 年春季的交付做好準備。

But it's an issue that we don't typically have to deal with.

但這是我們通常不必處理的問題。

And it's really -- it's more broken assortments where you may not have every item that was planned for a floor set, either in our environments or our wholesale partners'.

真的 - 它是更破碎的分類，在我們的環境或我們的批發合作夥伴中，您可能沒有為地板套裝計劃的所有物品。

But that's where our teams swing into action.

但這就是我們的團隊開始行動的地方。

They're able to navigate what we do have to reset those assortments and get the proper amount of product as we wait for the supply chain to be able to fill back in the gaps.

當我們等待供應鏈能夠填補空白時，他們能夠導航我們必須重置這些分類並獲得適當數量的產品。

Great.

偉大的。

And I also want to ask on the Altra brand.

我也想問問奧創品牌。

Valuations of some of the comps in the marketplace represent a beacon.

市場上某些組合的估值代表了一個燈塔。

Can you maybe give us an update on the size of the Altra business and expected trajectory for that as you look out over the next year or so?

您能否向我們提供有關 Altra 業務規模的最新信息以及您在未來一年左右的預期發展軌跡？

Yes.

是的。

So Jim, I don't think I would give you sort of the exact size.

所以吉姆，我想我不會給你確切的尺寸。

I would tell you it's more than double what it was when we acquired it.

我會告訴你，它是我們獲得它時的兩倍多。

Actually, at this point, moving towards triple here fairly quickly, I would say, in that thing.

實際上，在這一點上，我會說，在那件事上相當快地向三倍移動。

And we've said that business is growing around sort of 30% or north of 30%.

我們已經說過，業務正在增長大約 30% 或超過 30%。

And as we look into sort of the near-term view, no reason to think we're not going to continue to see this brand grow certainly north of 20% to 25% over the next several years.

當我們研究某種近期觀點時，沒有理由認為我們不會繼續看到這個品牌在未來幾年內肯定會以 20% 到 25% 的速度增長。

Yes.

是的。

Jim, it has such a unique position in the market from it -- how it thinks about the foot and how the athlete's foot needs to really move through the different motions of running and trail running.

吉姆，它在市場上擁有如此獨特的地位——它是如何看待腳的，以及運動員的腳需要如何真正地通過跑步和越野跑的不同運動。

And I think that -- we're seeing that really play out.

而且我認為 - 我們正在看到它真正發揮作用。

The Lone Peak, it's no secret that it's been called out as the #1 trail running shoe here in the U.S. marketplace by multiple publications and it's the team's understanding, building on that 10-year history.

Lone Peak，它被多家出版物稱為美國市場上排名第一的越野跑鞋，這已經不是什麼秘密了，這是團隊的理解，建立在這 10 年的歷史之上。

But we're playing in a very significant TAM with a very unique brand that is scaling at a very rapid rate.

但是我們正在一個非常重要的 TAM 中進行比賽，該品牌擁有一個非常獨特的品牌，並且正在以非常快的速度擴展。

And I'm glad you picked this up because we talked about our Outdoor emerging brands, over $550 million in revenue.

我很高興你選擇了這個，因為我們談到了我們的戶外新興品牌，收入超過 5.5 億美元。

They're profitable.

他們是有利可圖的。

They're growing high teens.

他們正在成長為青少年。

And each one of them are in significant TAMs.

他們每個人都在重要的 TAM 中。

If you think about that in context of some -- what's going on in the broader marketplace and some of the IPOs that we see, we have had a history of growing brands.

如果您在某些背景下考慮這一點 - 更廣泛的市場中正在發生的事情以及我們看到的一些 IPO，我們有發展品牌的歷史。

What we've done with The North Face and Vans is -- we have the potential of doing with brands like an Altra and helping them achieve their full potential by leveraging the skills and capabilities and leveraging those aspects of our model to really help them drive their growth.

我們對 The North Face 和 Vans 所做的是——我們有可能與 Altra 等品牌合作，並通過利用技能和能力以及利用我們模型的這些方面來真正幫助他們駕駛來幫助他們充分發揮潛力他們的成長。

So I appreciate you asking the question.

所以我很感謝你提出這個問題。

We're excited about Altra and what it means, not just for the team, but for broader VF.

我們對 Altra 及其意義感到興奮，不僅對團隊，而且對更廣泛的 VF。

Our final question today will be coming from the line of Laurent Vasilescu with Exane BNP Paribas.

我們今天的最後一個問題將來自 Laurent Vasilescu 和 Exane BNP Paribas 的意見。

I wanted to ask about Dickies.

我想問一下迪基斯。

You materially raised your guidance for the brand from mid-20s growth to over 30%.

您對品牌的指導從 20 年代中期大幅提高到 30% 以上。

What's driving that?

是什麼驅動了它？

Is that driven by a particular region, product category or new distribution?

這是由特定地區、產品類別還是新分銷渠道驅動的？

And -- or is it driven by some of the entrants into the scrub business?

而且 - 或者它是由一些進入磨砂業務的進入者推動的？

And can you see this brand surpass the $1 billion mark?

你能看到這個品牌超過 10 億美元大關嗎？

Or is the TAM limited to this $1 billion target?

還是 TAM 僅限於這個 10 億美元的目標？

Laurent, I appreciate you asking the question, and you're going to get tired of this word.

Laurent，我很感謝你提出這個問題，你會厭倦這個詞的。

But Dickies' growth is broad-based.

但 Dickies 的增長基礎廣泛。

It's happening across both work and as they talk about the work-inspired or the lifestyle component of the brand, really leveraging that work element more broadly.

它發生在工作中，當他們談論品牌的工作靈感或生活方式部分時，真正更廣泛地利用了工作元素。

It's growing across all regions.

它在所有地區都在增長。

And it's growing vertically beyond its core work, but looking for new points of distribution, even into Tier 1 and Tier 0-type distribution channels.

它的垂直增長超出了其核心工作，但正在尋找新的分銷點，甚至進入第 1 層和第 0 層類型的分銷渠道。

The brand had a really interesting pop-up shop with Fred Segal during the quarter and saw significant sell-through and energy just validating this team's approach to harnessing the elements of the brand anchored to Work, extending it into that maker economy, but really building a strong community around all the aspects of creative self-expression, certainly moving into the maker piece.

該品牌在本季度與 Fred Segal 有一家非常有趣的快閃店，並且看到了顯著的銷售量和能量，這證明了該團隊利用基於 Work 的品牌元素的方法，將其擴展到創客經濟，但真正建立圍繞創造性自我表達的所有方面的強大社區，肯定會進入創客作品。

There's a SK8 element to this brand.

這個品牌有 SK8 元素。

It's always been there with the 874 work pant and really acknowledging that, speaking to that consumer, helping stretch into a new concentric circle.

它一直與 874 工作褲一起出現，並真正承認，與消費者交談，有助於延伸到一個新的同心圓。

But it's really just looking at the integrated marketplace opportunity and really leveraging the core work heritage, driving those icons.

但它實際上只是著眼於綜合市場機會，並真正利用核心工作遺產，推動這些偶像。

But you'll continue to see us evolve our product offer, higher price points, higher-quality materials and make into those higher tiers of distribution, but continuing to expand internationally in Europe and Asia and really leveraging that core work heritage that comes from the U.S. marketplace.

但您將繼續看到我們改進我們的產品供應、更高的價格點、更高質量的材料並進入更高層次的分銷，但繼續在歐洲和亞洲進行國際擴張，並真正利用來自美國市場。

Very helpful.

很有幫助。

And then the last question.

然後是最後一個問題。

Obviously, there's a lot of chatter around cotton.

顯然，棉花周圍有很多喋喋不休。

I think 10 years ago, I'm sure you were asked repeatedly about cotton.

我想 10 年前，我敢肯定你被反復問過關於棉花的問題。

Obviously, you spun out Kontoor Brands.

很明顯，你剝離了 Kontoor Brands。

But just -- if you can just remind us about your cotton exposure, just your hedging and just the contracts.

但只是——如果你能提醒我們你的棉花敞口，只是你的對沖和合約。

I don't think you buy directly cotton.

我不認為你直接買棉花。

But any thoughts on just raw material inflation broadly would be appreciated.

但是，任何關於廣義上的原材料通脹的想法都會受到讚賞。

Yes.

是的。

Laurent, I assume that one I should probably take.

Laurent，我想我應該選擇一個。

Yes, cotton, certainly, there are programs in terms of how we're buying cotton.

是的，棉花，當然，有一些關於我們如何購買棉花的計劃。

And that's all, I think, fairly straightforward and consistent with what the industry would do by and large.

這就是全部，我認為，相當簡單，並且與該行業總體上會做的事情一致。

But I think it's worth recognizing, as we've evolved our portfolio over time to be more focused on Outdoor and Active, cotton is probably less in terms of, say, the component parts of our product than it would have been historically.

但我認為值得承認的是，隨著時間的推移，我們已經將我們的產品組合發展為更加專注於戶外和活動，棉花在我們產品的組成部分方面可能比歷史上要少。

It's about 10% of VF's product cost today.

這大約是 VF 今天產品成本的 10%。

And based on what we know about the pricing as well as, again, our forward contracts, et cetera, we expect this to negatively impact our product cost somewhere between 0.5 point and 1 point in fiscal '23, very limited impact this year, really sort of immaterial.

根據我們對定價以及我們的遠期合約等的了解，我們預計這將對我們的產品成本在 23 財年的 0.5 點到 1 點之間產生負面影響，今年的影響非常有限，真的有點無關緊要。

And we're planning overall product cost inflation next year to be, let's call it, somewhere around a mid-single-digit headwind sort of in total.

我們計劃明年的整體產品成本通脹，讓我們稱之為，總體上大約是中個位數的逆風。

I think you said gross margins will still be up next year.

我想你說明年毛利率仍然會上升。

Is that still the right way to think about it despite the inflationary environment?

儘管存在通脹環境，這仍然是正確的思考方式嗎？

That's the right way to think about it.

這是正確的思考方式。

At this time, I'll turn the call over to Steve Rendle for closing remarks.

此時，我將把電話轉給史蒂夫·倫德爾（Steve Rendle）進行結束髮言。

Thank you, everybody, for joining us this morning.

謝謝大家，今天早上加入我們。

Just a few things I'd love to reiterate.

我想重申幾件事。

We're very pleased with our broad-based strength across our portfolio and, I think, more importantly, the execution of our teams, particularly in this changing and challenging environment.

我們對我們在投資組合中的廣泛實力感到非常滿意，我認為更重要的是我們團隊的執行力，特別是在這個不斷變化和充滿挑戰的環境中。

We are seeing improving outlook across the majority of our brands and regions.

我們看到我們大部分品牌和地區的前景都在改善。

And I take a lot of pride in our organization's ability to continue to adjust through these unprecedented times.

我為我們組織能夠在這些前所未有的時期繼續調整的能力感到非常自豪。

While the pieces of our business have come together slightly differently than we anticipated 6 months ago, we are delivering high single-digit organic growth versus fiscal 2020.

儘管我們業務的各個部分的組合與 6 個月前的預期略有不同，但與 2020 財年相比，我們實現了高個位數的有機增長。

It gives me a lot of confidence in the resiliency that we enjoy from the diversity of VF's business model and our ability to accelerate momentum going forward.

這讓我對我們從 VF 商業模式的多樣性以及我們加速前進動力的能力中所享有的彈性充滿信心。

So thank you for your time, and we look forward to talking to you next quarter.

因此，感謝您抽出寶貴時間，我們期待在下個季度與您交談。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。