威富公司 (VFC) 2021 Q2 法說會逐字稿

Hello and welcome to the VF Corporation Second Quarter Fiscal 2021 Earnings Conference Call.

您好，歡迎參加 VF Corporation 2021 財年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It's now my pleasure to introduce your host, Joe Alkire, Vice President, Investor Relations, Corporate Development and Treasury.

現在我很高興向您介紹主持人喬·阿爾基爾 (Joe Alkire)，他是投資者關係、企業發展和財務部副總裁。

Please go ahead, sir.

請繼續，先生。

Good morning, and welcome to VF Corporation's Second Quarter Fiscal '21 Conference Call.

早上好，歡迎參加 VF Corporation '21 財年第二季電話會議。

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

今天電話會議的參與者將發表前瞻性聲明。

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

這些陳述是基於目前的預期，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向 SEC 提交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 define in the press release that was issued this morning.

除非另有說明，今天電話會議中提到的金額將以調整後的固定美元為基礎，我們在今天早上發布的新聞稿中對此進行了定義。

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主要數字，因為我們相信它們更準確地代表了我們業務的真實營運績效和基本結果。

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

您可能也會聽到我們提到根據美國公認會計原則 (U.S. GAAP) 所報告的金額。

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

GAAP 衡量指標與調整後金額的對帳可在本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，並提供了管理層對為何此資訊對投資者有用的看法。

During the fourth quarter of 2020, the company determined that the Occupational Workwear business met the held-for-sale and discontinued operations accounting criteria.

2020年第四季度，本公司認定職業工作服業務符合持有待售和終止經營的會計標準。

Accordingly, the company has reported the related assets and liabilities of the Occupational Workwear business in discontinued operations as of the date noted above and included the operating results of this business in discontinued operations for all periods presented.

因此，本公司報告了截至上述日期的已終止經營業務中職業工作服業務的相關資產和負債，並將該業務在所有列報期間的經營業績納入已終止經營業務中。

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

除非另有說明，今天電話會議上公佈的結果是基於持續經營業務。

Joining me on today's call will be VF's Chairman, President and CEO, Steve Rendle; and CFO, Scott Roe.

參加今天電話會議的還有 VF 董事長、總裁兼執行長 Steve Rendle；和財務長史考特·羅伊。

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

在我們準備好的發言之後，我們將開始提問。

Steve?

史蒂夫？

Thanks, Joe, and good morning, everyone.

謝謝喬，大家早安。

Welcome to our second quarter call.

歡迎致電我們的第二季。

As always, I hope my comments this morning find you and your loved ones healthy and safe.

一如既往，我希望我今天早上的評論能讓您和您所愛的人健康安全。

For those of you that have stayed close to the VF story, you are familiar with our now and next approach in navigating the most challenging days of the pandemic while also preparing ourselves to emerge stronger within what we believe will be a new normal environment.

對於那些密切關注VF 故事的人來說，你們熟悉我們當前和下一步的方法，以應對大流行中最具挑戰性的日子，同時也準備好在我們認為將是新常態的環境中變得更加強大。

While the global pandemic continues and certain geopolitical uncertainties persist, I believe we are officially entering the next.

儘管全球大流行仍在繼續，某些地緣政治不確定性仍然存在，但我相信我們正在正式進入下一個。

That isn't to say the challenges brought about by the global pandemic are behind us.

這並不是說全球大流行帶來的挑戰已經過去。

In fact, we expect the impact of this crisis to be prolonged, requiring us to remain agile and adaptable to whatever may come our way.

事實上，我們預計這場危機的影響將會持續下去，這要求我們保持敏捷性並適應可能發生的任何情況。

We should accept that uncertainty, change and the need to operate in an increasingly volatile world is what the next is all about, and it presents great opportunity for our company and our strong portfolio of brands.

我們應該接受，不確定性、變化以及在日益動盪的世界中運作的需求是未來的主題，這為我們公司和我們強大的品牌組合提供了巨大的機會。

Fortunately, because of the continued dedication, commitment and perseverance of our associates across the enterprise, we are entering the next from a position of strength.

幸運的是，由於整個企業員工的持續奉獻、承諾和毅力，我們正在以強大的實力進入下一個階段。

Throughout today's call, I hope you can sense that we are pleased with the stabilization and early recovery we're beginning to see across the entirety of our business.

在今天的電話會議中，我希望您能感受到我們對整個業務開始穩定和早期復甦感到滿意。

And with this confidence, we have decided to increase our dividend for the 48th consecutive year.

帶著這種信心，我們決定連續 48 年增加股利。

We are increasingly confident with our positioning as we head into the next year and the opportunity to drive our portfolio against our long-term vision and commitment to top-quartile value creation.

進入明年，我們對自己的定位越來越有信心，並有機會推動我們的投資組合實現我們的長期願景和對創造前四分之一價值的承諾。

Our success is anchored in our strong financial underpinnings evident in how we've managed the heightened uncertainty of the past 10 months.

我們的成功植根於我們強大的財務基礎，這從我們如何應對過去 10 個月的高度不確定性中可見一斑。

VF has always been known for its industry-leading operational rigor and financial discipline.

VF 一直以其業界領先的營運嚴謹性和財務紀律而聞名。

Our proactive measures to protect our people, strengthen liquidity, manage inventories and prudently control discretionary spending have allowed us to continue investing in what matters most in this environment.

我們採取積極措施保護員工、加強流動性、管理庫存和審慎控制可自由支配支出，這使我們能夠繼續投資於當前環境下最重要的事情。

The capabilities required to ensure that our consumers not only transact directly with us but that we can maintain ongoing direct relationships with them, further strengthening the affinity they have for our brands.

確保我們的消費者不僅直接與我們進行交易，而且我們能夠與他們保持持續的直接關係，進一步增強他們對我們品牌的親和力所需的能力。

We're using our position of strength to continue playing offense to ensure we are able to regain the strong momentum we had heading into the crisis.

我們正在利用我們的優勢繼續進攻，以確保我們能夠重新獲得進入危機時的強勁勢頭。

We are focusing our investments behind our transformation to become more consumer minded, retail centric and hyper-digital in everything we do.

我們將投資重點放在轉型上，以便在我們所做的一切事情上變得更加以消費者為中心、以零售為中心和超數位化。

Our investment priorities for this year balance near-term, brand-specific initiatives with longer-term, enterprise-wide platform investments that create leveraged capabilities to deliver greater value.

我們今年的投資重點是平衡近期的品牌特定計劃與長期的企業範圍平台投資，以創造槓桿能力以提供更大的價值。

These priorities were pressure-tested during the early days of the pandemic, and we quickly aligned on the right mix of priorities to maintain strong near-term momentum while we execute our plan for long-term value creation.

這些優先事項在大流行初期接受了壓力測試，我們迅速調整了正確的優先事項組合，以在執行長期價值創造計劃的同時保持強勁的近期勢頭。

The long-term strategic vision guiding our actions is not new.

指導我們行動的長期策略願景並不新鮮。

It was set in motion nearly 4 years ago with the launch of our strategy, and I'm pleased with how far we've come on our transformation journey.

它是在大約四年前隨著我們策略的啟動而啟動的，我對我們在轉型之旅中所取得的進展感到滿意。

Through thoughtful and disciplined investments in talent, digital infrastructure and ongoing strategic repositioning over the past 4 years, we have evolved VF from a wholesale-dominated business with only 5% digital revenue to a streamlined portfolio with over 40% D2C and more than 25% total digital penetration.

過去4 年，透過對人才、數位基礎設施進行深思熟慮和嚴格的投資，以及持續的策略重新定位，我們已經將VF 從僅佔5% 數位收入的批發為主的業務發展成為擁有超過40% D2C 和超過25% 的精簡產品組合總數字滲透率。

The evolution of our business has been accelerated through active portfolio management, which will continue to be our first strategic priority.

透過積極的投資組合管理，我們的業務發展加速了，這將仍然是我們的首要策略重點。

Following the divestiture of our Occupational Workwear portfolio, our operating model simplifies further to 12 brands with the greatest capacity to thrive in our hyper-digital, retail-centric enterprise, yet another milestone in VF's strategic and disciplined portfolio transformation.

在剝離我們的職業工作服產品組合後，我們的營運模式進一步簡化為12 個品牌，這些品牌最有能力在我們以零售為中心的超數位化企業中蓬勃發展，這是VF 策略性和嚴謹的產品組合轉型的又一個里程碑。

Scott will cover our Q2 results and full year outlook in more detail, but I'd like to share a few highlights around 2 of our most critical strategic pillars: digital and China.

史考特將更詳細地介紹我們第二季的業績和全年展望，但我想分享一些圍繞我們最關鍵的策略支柱的一些亮點：數位和中國。

Looking back at the building blocks of our 2024 plan, over half of VF's planned revenue and earnings growth over the 5-year period came from these 2 growth drivers.

回顧我們 2024 年計畫的組成部分，VF 五年內計畫的營收和獲利成長一半以上來自這兩個成長動力。

We knew entering this crisis that digital and China would help us weather the storm and drive accelerated growth on the other side.

我們知道，進入這場危機時，數位化和中國將幫助我們渡過難關，並推動另一邊的加速成長。

As the year has progressed, we continue to gain confidence from the momentum of these key growth engines.

隨著這一年的進展，我們繼續從這些關鍵成長引擎的動力中獲得信心。

Our digital businesses grew 42% in the quarter, with strength across regions and brands.

我們的數位業務在本季成長了 42%，在各個地區和品牌上均表現強勁。

We also continue to see strength in key digital wholesale accounts, particularly internationally.

我們也繼續看到主要數位批發帳戶的實力，尤其是國際帳戶。

Together with digital pure-play wholesale, our total digital penetration was nearly 25% in the quarter.

加上純數位批發業務，本季我們的總數位滲透率接近 25%。

I'd like to spend a few minutes unpacking our digital momentum across our largest brands.

我想花幾分鐘時間來闡述我們最大品牌的數位化勢頭。

Vans digital business grew 49% as the brand continues to engage with consumers by providing new content and activities to deepen consumer connectivity through purpose and creativity.

Vans 數位業務成長了 49%，該品牌繼續透過提供新內容和活動與消費者互動，透過目標和創造力加深消費者聯繫。

The brand's deep connection is reflected in continued improvements in loyalty and member engagement.

品牌的深厚聯繫體現在忠誠度和會員參與度的持續提高。

The portion of Vans Family members transacting on vans.com has doubled relative to Q2 last year, with loyalty members accounting for nearly half of U.S. D2C sales.

Vans Family 會員在 vans.com 上進行交易的比例較去年第二季增加了一倍，忠誠會員占美國 D2C 銷售額的近一半。

Continued advancement in the Customs platform also remains a differentiator for the brand, enabling more unique creative journeys of co-creation With Our consumers, driving significant increases in dwell time and engagement.

Customs 平台的持續進步也仍然是品牌的一個差異化因素，能夠與我們的消費者共同創造更多獨特的創意之旅，從而顯著增加停留時間和參與度。

Coming next month, Vans will be the first major global brand to offer customization on Tmall, a testament to the scale and sophistication of the Customs platform and the strength of Vans relationship with one of our most valued digital partners.

下個月，Vans 將成為第一個在天貓提供客製化服務的主要全球品牌，這證明了 Customs 平台的規模和複雜性，以及 Vans 與我們最有價值的數位合作夥伴之一的關係的強度。

The North Face also saw strong digital growth across regions, up 40% globally.

The North Face 各地區的數位成長也強勁，全球成長了 40%。

The brand continued to connect with consumers through engaging, purpose-led marketing activations, including The North Face Summer Base Camp, Walls Are Meant for Climbing and The North Face-Girl Scouts partnership.

該品牌繼續透過引人入勝、有針對性的行銷活動與消費者建立聯繫，包括 The North Face 夏令營、Walls Are Meant for Climbing 以及 The North Face 與女童子軍的合作夥伴關係。

Recent high-profile collabs, including the announcement of our first-ever collaboration with Gucci, also contributed to brand heat and engagement.

最近備受矚目的合作，包括宣布與 Gucci 的首次合作，也促進了品牌熱度和參與度。

Digital loyalty members increased over 20% as the brand continues to attract new female and younger consumer cohorts.

隨著該品牌繼續吸引新的女性和年輕消費者群體，數位忠誠度會員數量增加了 20% 以上。

Timberland's digital business increased 62% in the quarter.

Timberland 的數位業務本季成長了 62%。

In the Americas, recent high-profile influencer adoption and the Jimmy Choo collaboration contributed to strong brand interest over the quarter, driving 90% consumer acquisition growth with our data platform.

在美洲，最近備受矚目的影​​響者採用以及與 Jimmy Choo 的合作在本季度提升了品牌興趣，透過我們的數據平台推動了 90% 的消費者獲取成長。

We are encouraged by the brand's recent momentum, including the brand heat outside of just core classics.

我們對該品牌最近的勢頭感到鼓舞，包括核心經典之外的品牌熱度。

The brand delivered a successful nonclassics digital launch in China called My First Eco Kicks Madbury campaign, which drove a nearly 270% increase in traffic on Tmall during the event.

該品牌在中國成功推出了名為「My First Eco Kicks Madbury」的非經典數位行銷活動，活動期間天貓流量增加了近 270%。

And finally, Dickies generated 34% digital growth with momentum from both core Work and Work-inspired categories.

最後，Dickies 憑藉核心工作類別和受工作啟發類別的推動力，實現了 34% 的數位成長。

Brand interest accelerated in the quarter to multiyear highs, supported by engaging online maker workshops and the launch of the brand's first-ever global campaign, United by Dickies.

在線上創客研討會和品牌首個全球活動 United by Dickies 的支持下，本季品牌興趣加速升至多年來的高點。

Collectively, our big 4 brands achieved digital growth of nearly 50% this quarter.

總的來說，我們的四大品牌本季實現了近 50% 的數位成長。

The brand's continued momentum, in addition to ongoing improvements in digital consumer engagement, give us confidence in our fiscal 2021 target of greater than 40% digital growth and 25% digital penetration for the year.

該品牌的持續發展勢頭，以及數位消費者參與度的不斷提高，讓我們對 2021 財年數位成長超過 40% 和數位滲透率超過 25% 的目標充滿信心。

Moving on to China, which we continue to view as the leading indicator for the recovery path of our other regions.

接下來是中國，我們仍然將其視為其他地區復甦道路的領先指標。

Our business returned to positive growth in Mainland China last quarter and has accelerated to 19% in Q2, driving our Asia Pacific region to overall positive growth.

上季我們在中國大陸的業務恢復正成長，第二季加速至19%，帶動亞太地區整體正成長。

Consumer resilience and confidence remains strong, particularly with brands able to engage in new and effective ways through digital channels and through an elevated brick-and-mortar shopping experience.

消費者的韌性和信心仍然強勁，尤其是品牌能夠透過數位管道和提升的實體購物體驗以新的有效方式參與其中。

Our performance in China was led by 25% growth at Vans and nearly 60% growth at Dickies.

我們在中國的業績領先於 Vans 25% 的成長和 Dickies 近 60% 的成長。

We're also excited about the appointment of Winnie Ma as our first President of Greater China.

我們也很高興任命 Winnie Ma 為我們的首任大中華區總裁。

Winnie's deep experience in the region and understanding of the Chinese consumer will help us accelerate our growth strategy in this fast-paced, digitally driven marketplace.

Winnie 在該地區的豐富經驗以及對中國消費者的了解將幫助我們在這個快節奏、數位化驅動的市場中加快我們的成長策略。

China presents a tremendous opportunity for VF and our brands, and Winnie is an ideal leader to drive this growth.

中國為 VF 和我們的品牌提供了巨大的機遇，而 Winnie 是推動這一成長的理想領導者。

Moving on to the global consumer.

轉向全球消費者。

It is evident that secular trends in fitness, health and wellness, casualization and the desire to get outdoors and live an active lifestyle are accelerating.

顯然，健身、健康和保健、休閒化以及戶外活動和積極生活方式的願望正在加速發展。

Our portfolio of brands sits at the epicenter of these fundamental tailwinds, which will be a meaningful contributor to growth in the years to come.

我們的品牌組合位於這些基本推動力的中心，這將為未來幾年的成長做出有意義的貢獻。

Our consumer insights are also increasingly pointing to another fundamental change, which may be less apparent to those outside of our sector: consumers are increasingly expecting brands to use their business as a force for good.

我們的消費者洞察也越來越多地指向另一個根本性的變化，這對我們行業之外的人來說可能不太明顯：消費者越來越期望品牌利用他們的業務作為行善的力量。

Consumers are prioritizing purchases that align with their values.

消費者優先考慮符合他們價值觀的購買。

Our research shows that over 2/3 of Millennials and Gen-Z have changed their purchasing habits due to climate change.

我們的研究表明，超過 2/3 的千禧世代和 Z 世代因氣候變遷而改變了購買習慣。

And by 2027, we believe this generation will account for 2/3 of apparel and footwear revenue in the U.S. The combination of our exposure to large, growing addressable markets as well as our brand's purpose-led positioning give the VF portfolio a unique opportunity to thrive in this evolving consumer environment.

到2027 年，我們相信這一代人將占美國服裝和鞋類收入的2/3。獨特的機會在這個不斷變化的消費環境中蓬勃發展。

The VF and our brands continue to take a leadership position within our industry on matters related to inclusion, diversity and racial equity.

VF 和我們的品牌在包容性、多元化和種族平等相關議題上繼續在產業內佔據領導地位。

We recently published our second annual Inclusion & Diversity Annual Profile, which I encourage you to review on our website.

我們最近發布了第二份年度包容性和多元化年度簡介，我鼓勵您在我們的網站上查看。

Additionally, our brands are stepping up and activating their own programs to address racism and engage their consumers in the process.

此外，我們的品牌正在加緊並啟動自己的計劃來解決種族主義問題並讓消費者參與這一過程。

The Vans brand recently announced their specific commitments, and the Timberland brand just began communicating their own initiative, Operation Purpose, which focuses on 4 pillars to fight systemic racism inside the workplace and the community at large: people, community, design education and entrepreneurship.

Vans 品牌最近宣布了他們的具體承諾，Timberland 品牌剛開始傳達他們自己的倡議“運營宗旨”，該倡議側重於打擊工作場所和整個社區內系統性種族主義的四大支柱：人、社區、設計教育和創業精神。

I'm incredibly proud of the way VF and our brand teams have responded to the racial and social issues that plague our world.

我對 VF 和我們的品牌團隊應對困擾我們世界的種族和社會問題的方式感到無比自豪。

I look forward to providing continued updates on the progress and positive impact we make.

我期待著繼續提供有關我們所取得的進展和積極影響的最新資訊。

Before concluding my prepared remarks, I want to provide some additional context to the organizational structure announcement made earlier this week.

在結束我準備好的演講之前，我想為本週早些時候發布的組織結構公告提供一些額外的背景資訊。

Given our continued focus on our transformation, we're taking steps to further refine our operating model to become an integrated brand building company.

鑑於我們持續專注於轉型，我們正在採取措施進一步完善我們的營運模式，成為一家綜合品牌建立公司。

As we do this, we know that our brand's success requires differentiated approaches based on the unique profiles and opportunities.

當我們這樣做時，我們知道我們品牌的成功需要基於獨特的形象和機會的差異化方法。

To support this work, we are evolving our organizational framework and have begun to map our leadership to the structure of Core Brands and Emerging Brands.

為了支持這項工作，我們正在發展我們的組織框架，並開始將我們的領導力映射到核心品牌和新興品牌的結構。

Core Brands, traditionally referred to as our global brands, are large brands that are significant financial drivers for VF.

核心品牌傳統上稱為我們的全球品牌，是大品牌，是 VF 的重要財務驅動力。

Vans, The North Face and Timberland are VF's Core Brands today.

Vans、The North Face 和 Timberland 是當今 VF 的核心品牌。

Emerging Brands are brands that present strong potential to become a Core Brand by accelerating consumer acquisition and loyalty through differentiated growth strategies and capabilities, geographies and new categories.

新興品牌是指透過差異化的成長策略和能力、地理和新品類加速消費者獲取和忠誠度，從而展現出成為核心品牌的強大潛力的品牌。

It has become evident over time that Emerging Brands require a more agile operating model than our largest brands.

隨著時間的推移，越來越明顯的是，新興品牌需要比我們最大的品牌更靈活的營運模式。

They require a different playbook driven by an emphasis on continuous learning and testing.

他們需要一個不同的劇本，強調持續學習和測驗。

We see our Emerging Brands as being the ideal proving ground for VF in terms of consumer, product and talent strategies.

我們認為我們的新興品牌是 VF 在消費者、產品和人才策略方面的理想試驗場。

These organizational actions are an important beginning to what we're calling Project Enable, a multiyear initiative designed to enable our ability to accelerate and advance our business model transformation and position ourselves to drive long-term growth for all of our brands.

這些組織行動是我們所謂的 Project Enable 的重要開始，這是一項多年計劃，旨在使我們能夠加速和推進我們的業務模式轉型，並推動我們所有品牌的長期成長。

We'll do this by evolving the organizational designs for our enterprise-led functions and Core and Emerging Brands to ensure we have the right structures, capabilities, resources and talent in the right place to propel us forward.

為此，我們將改善企業主導職能以及核心和新興品牌的組織設計，以確保我們在正確的位置擁有正確的結構、能力、資源和人才來推動我們前進。

One of the key objectives of Enable is to deliver global cost savings of about $125 million over a 3- year period.

Enable 的主要目標之一是在 3 年內實現全球成本節省約 1.25 億美元。

These savings will be used to fuel our transformation agenda and highest-priority growth drivers.

這些節省的資金將用於推動我們的轉型議程和最優先的成長動力。

We are highly confident that these changes and our strong group of leaders will help us move forward toward this vision.

我們非常有信心，這些變化和我們強大的領導團隊將幫助我們朝著這個願景邁進。

And now I will turn it over to Scott.

現在我將把它交給史考特。

Thanks, Steve, and good morning, everyone.

謝謝史蒂夫，大家早安。

With the first half of our fiscal year behind us, I'm proud of our execution and optimistic about the stabilization and early signs of recovery we see across our business.

上半年的財年已經過去，我對我們的執行力感到自豪，並對我們在整個業務中看到的穩定和復甦的早期跡象感到樂觀。

Our year-to-date results have surpassed our internal expectations across all brands driven by our key growth pillars, digital and China.

在我們的關鍵成長支柱——數位化和中國——的推動下，我們的所有品牌今年迄今的業績都超出了我們的內部預期。

We have a great handle on inventories, both owned and across the wholesale marketplace.

我們對自有庫存和整個批發市場的庫存都有很好的處理能力。

And last but not least, we continue to see strong engagement between our brands and a relatively resilient global consumer.

最後但並非最不重要的一點是，我們繼續看到我們的品牌與相對有彈性的全球消費者之間的緊密聯繫。

We were quick to act in the early days of the pandemic to put our people first, strengthen liquidity, manage costs and tightly control inventories, thus positioning our brands to exit this period of disruption in an advantaged position.

我們在疫情初期迅速採取行動，以人為本，加強流動性，管理成本並嚴格控制庫存，從而使我們的品牌處於優勢地位，以擺脫這段混亂時期。

Our financial and operational discipline has provided VF with the ability to continue to invest in consumer engagement and product newness throughout this crisis while rolling out critical omnichannel capabilities ahead of the fall holiday season.

我們的財務和營運紀律使 VF 能夠在整個危機期間繼續投資於消費者參與度和產品新穎性，同時在秋季假期之前推出關鍵的全通路功能。

Before covering the details of our second quarter, I'd like to spend a few minutes on the current state of our business and operating environment by region.

在詳細介紹第二季的情況之前，我想花幾分鐘時間介紹我們按地區劃分的業務和營運環境的現狀。

I'll start with APAC.

我將從亞太地區開始。

China continues to lead our recovery, growing 14% in the quarter, including 19% in the mainland, as our stores were essentially open throughout the period.

中國繼續引領我們的復甦，本季成長了 14%，其中中國大陸成長了 19%，因為我們的商店在整個期間基本上都在營業。

Our relationships with partners in the regions remain strong, and we continue to expand partner doors in Mainland China, led by Dickies and Vans.

我們與各地區合作夥伴的關係依然牢固，在 Dickies 和 Vans 的帶領下，我們繼續擴大在中國大陸的合作夥伴大門。

We continue to enhance the synergies between our brands and our digital wholesale partners, continuously developing our digital ecosystem in the region to elevate the shopper experience and seamless online-to-offline integration.

我們持續增強品牌與數位批發合作夥伴之間的協同效應，不斷發展我們在該地區的數位生態系統，以提升購物者體驗和無縫的線上線下整合。

We are pleased with the steady recovery in EMEA, where most markets outperformed expectations in Q2.

我們對歐洲、中東和非洲地區的穩定復甦感到高興，大多數市場第二季的表現都超出了預期。

Our retail business returned to growth with D2C up 6%, led by 54% growth in digital as our stores have fully reopened.

我們的零售業務恢復成長，其中 D2C 成長了 6%，隨著我們的商店全面重新開業，數位業務成長了 54%。

Traffic remains depressed across countries, but we continue to see much stronger in-store conversion.

各國客流量依然低迷，但我們仍看到店內轉換率大幅提升。

During the quarter, we continued our rollout of omnichannel capabilities, activating ship from store and Buy Online Pickup In Store at Vans, Timberland and The North Face.

本季度，我們繼續推出全通路功能，在 Vans、Timberland 和 The North Face 啟動店內出貨和店內線上取貨功能。

We continue to see sell-through momentum building in the region, particularly at Vans and TNF, giving us further confidence about our positioning heading into holiday.

我們繼續看到該地區的銷售勢頭不斷增強，尤其是 Vans 和 TNF，這讓我們對假期前的定位更加充滿信心。

And finally in the Americas, we're pleased to see stores essentially fully opened for the first time since mid-March.

最後，在美洲，我們很高興看到商店自 3 月中旬以來首次基本上全面開業。

By the end of Q2, only 19 doors remained closed in L.A. County.

到第二季末，洛杉磯縣只有 19 家門仍關閉。

Traffic remains challenged.

交通仍面臨挑戰。

However, productivity was strong, and we're encouraged by continued momentum in our digital business in the region.

然而，生產力很高，我們對該地區數位業務的持續成長勢頭感到鼓舞。

Americas digital growth grew 45% in Q2 but accelerated in September to over 60% as we began to enter the critical Q3 holiday period.

美洲第二季的數位成長成長了 45%，但隨著我們開始進入關鍵的第三季假期，9 月加速至 60% 以上。

Ship from store functionality was activated across 200 Vans stores and all TNF full-price stores in late August.

8 月下旬，200 家 Vans 商店和所有 TNF 全價商店均啟用了「從商店發貨」功能。

Buy Online Pickup In Store and curbside pickup capabilities have also been implemented in certain stores with promising early results.

某些商店還實施了在線購買店內取貨和路邊提貨功能，並取得了可喜的早期成果。

We're pleased with our progress in rolling out these capabilities as consumers increasingly expect this functionality heading into the holiday season.

我們對在推出這些功能方面取得的進展感到高興，因為消費者越來越期望這些功能進入假期季節。

We're also encouraged by the performance of the Americas wholesale business during the quarter, with sell-through trends accelerating across the big 4 brands.

我們也對本季美洲批發業務的表現感到鼓舞，四大品牌的銷售趨勢加速。

Our key accounts remain healthy, and the channel inventory levels have progressed ahead of our initial planning, which should be a positive setup heading into Q3 as well as for next year's fall order book.

我們的主要客戶保持健康，通路庫存水準已經超出了我們最初的計劃，這應該是進入第三季以及明年秋季訂單的積極準備。

So moving on to other Q2 financial highlights.

接下來我們來看看第二季的其他財務亮點。

As expected, the back-to-school environment was uneven, and our brands experienced limited disruption due to the timing of inventory receipts.

正如預期的那樣，返校環境不平衡，我們的品牌由於庫存收貨時間而受到的干擾有限。

However, we were pleased with the underlying sequential improvement as the quarter progressed.

然而，隨著本季度的進展，我們對基本的連續改善感到滿意。

Total revenue declined 19%, which exceeded our expectations of down less than 25% for the quarter.

總收入下降 19%，超出了我們本季下降不到 25% 的預期。

Total D2C declined 17% driven by store closures and weaker back-to-school traffic.

由於商店關閉和返校客流量減少，D2C 總額下降了 17%。

Our own digital business grew 42% with broad-based strength across the portfolio.

我們自己的數位業務成長了 42%，整個產品組合具有廣泛的實力。

For example, our big 4 brands collectively grew 47%, and our key Emerging Brands saw over 50% digital growth this quarter.

例如，我們的四大品牌合計成長了 47%，我們的主要新興品牌本季的數位成長超過 50%。

Our brick-and-mortar wholesale business is also progressing ahead of expectations as a result of stronger-than-expected sell-through and an earlier anticipated start to holiday sell-in window.

由於銷售量強於預期以及假日銷售窗口提前開始，我們的實體批發業務的進度也超出了預期。

Our brands continue to successfully navigate some modest supply delays, which impact the cadence of our business.

我們的品牌繼續成功地應對了一些適度的供應延遲，這影響了我們的業務節奏。

As expected, gross margin contracted 350 basis points to 50.9% driven by promotional activity and a 110 basis headwind from the timing of net FX transaction activity.

如預期，由於促銷活動和淨外匯交易活動時間帶來的 110 個基點逆風，毛利率收縮了 350 個基點至 50.9%。

Mix represented a 50 basis point headwind due to wholesale timing noise, which is unique to this quarter.

由於批發時序噪音，混合代表了 50 個基點的逆風，這是本季特有的。

We still expect the mix benefit for the full year to be 2x our normal structural long-term target primarily due to our accelerated digital penetration this year.

我們仍然預計全年的混合效益將是我們正常結構性長期目標的 2 倍，這主要是由於我們今年數位化滲透率的加速。

We still expect a somewhat elevated promotional environment in the second half of the year, with margins stabilizing by year-end.

我們仍預期下半年促銷環境會有所改善，利潤率到年底將趨於穩定。

SG&A declined about 14% in Q2, supporting a roughly 40% earnings flow-through on the revenue declines, in line with our guidance from the last call.

第二季 SG&A 下降約 14%，支撐了收入下降時約 40% 的收益流動，這與我們上次電話會議的指導一致。

Consistent with our earlier comments, we're taking advantage of our position of financial stability to invest ahead of revenue to support a greater acceleration in the business.

與我們先前的評論一致，我們正在利用我們財務穩定的地位，在收入之前進行投資，以支持業務的更大加速。

Given the stability we see across the portfolio today, we expect this investment philosophy to remain in place as we enter the second half of the year.

鑑於我們今天看到的整個投資組合的穩定性，我們預計這種投資理念在進入今年下半年時將繼續存在。

Our inventories declined 10% during the quarter, slightly better than expectations.

本季我們的庫存下降了 10%，略好於預期。

We're pleased with the progress made across both owned and channel inventories through the first half of the fiscal year and are confident with our inventory positioning heading into the fall holiday period.

我們對本財年上半年自有庫存和通路庫存的進展感到滿意，並對進入秋季假期期間的庫存定位充滿信心。

As we covered in our last call, we've been thoughtful with our forward inventory commitments this year, infusing appropriate innovation and newness into our fall holiday product offerings while ensuring we exit this year in a clean and healthy position.

正如我們在上次電話會議中所提到的，我們對今年的遠期庫存承諾進行了深思熟慮，為我們的秋季假期產品注入了適當的創新和新穎性，同時確保我們今年以乾淨和健康的狀態退出。

While this may ultimately cost us sales in the current year, we believe this is the right approach given the uncertain environment and an appropriate investment in brand equity and gross margins going forward.

雖然這最終可能會損害我們今年的銷售額，但考慮到不確定的環境以及未來對品牌資產和毛利率的適當投資，我們相信這是正確的方法。

As I alluded to earlier, we continue to experience supply disruptions, which at times present shipping timing delays.

正如我之前提到的，我們繼續遇到供應中斷的情況，有時會導致運輸時間延遲。

However, we have seen sequential improvement over the course of the year and expect delivery timing to be largely normalized by year-end.

然而，我們已經看到今年以來的連續改善，並預計到年底交付時間將基本正常化。

We have plans in place to manage peak holiday deliveries and are generally pleased with our inventory levels in the marketplace today.

我們已製定計劃來管理假期高峰期的交貨，並對目前市場上的庫存水準整體感到滿意。

And we're confident in our ability to exit fiscal '21 with the appropriate inventory levels to service our forward growth plans.

我們有信心在 21 財年結束時能夠保持適當的庫存水準來滿足我們的未來成長計劃。

Our liquidity positioning remained strong with approximately $2.7 billion of cash and short-term investments, in addition to over $2.2 billion remaining undrawn on our revolver.

我們的流動性狀況仍然強勁，擁有約 27 億美元的現金和短期投資，此外我們的左輪手槍還有超過 22 億美元未動用。

We still expect to generate at least $600 million of adjusted free cash flow this year and for the sale of Occupational Work to add additional liquidity over the coming months.

我們仍預計今年將產生至少 6 億美元的調整後自由現金流，並透過出售職業工作在未來幾個月增加額外的流動性。

Our capital allocation priorities remain unchanged, supported by our robust liquidity position.

在我們強勁的流動性狀況的支持下，我們的資本配置優先事項保持不變。

We remain fully committed to our dividend, which continues to be an integral part of our TSR model and a differentiator in our space.

我們仍然完全致力於我們的股息，這仍然是我們 TSR 模型的一個組成部分，也是我們領域的差異化因素。

As you likely saw in our release, we're raising our dividend to $0.49 per share payable in December.

正如您可能在我們的新聞稿中看到的那樣，我們將 12 月的股息提高至每股 0.49 美元。

This marks VF's 48th consecutive year of dividend increases and underscores our confidence in the future.

這標誌著 VF 連續 48 年增加股息，凸顯了我們對未來的信心。

And while the dividend remains a critical part of our ongoing TSR algorithm, M&A remains our top capital allocation priority.

雖然股利仍然是我們持續的股東總回報演算法的關鍵部分，但併購仍然是我們資本配置的首要任務。

And given our excess liquidity position and the stability we observe across the business today, our confidence to execute an acquisition is clearly greater today than it was just a few months ago.

考慮到我們過剩的流動性狀況以及我們今天在整個業務中觀察到的穩定性，我們今天執行收購的信心顯然比幾個月前更大。

We will remain prudent and disciplined, guided by our 3-lens approach and focus on delivering top-quartile TSR.

我們將保持謹慎和自律，以我們的三鏡頭方法為指導，並專注於提供前四分之一的 TSR。

And as a reminder, our share repurchase program remains suspended to preserve optionality.

提醒一下，我們的股票回購計畫仍然暫停，以保留選擇性。

Moving on to our fiscal 2021 financial outlook.

接下來是我們的 2021 財年財務展望。

While the operating environment remains uncertain, our performance through the first half, coupled with increased visibility, gives us more confidence in the stability and trajectory of the business.

儘管經營環境仍存在不確定性，但我們上半年的表現以及可見度的提高使我們對業務的穩定性和發展軌跡更有信心。

We, therefore, are providing a more detailed outlook for this year, assuming no material deterioration in current business conditions due to COVID.

因此，假設當前的商業狀況不會因新冠疫情而出現實質惡化，我們將對今年提供更詳細的展望。

We expect our business to continue to sequentially improve in Q3 and return to growth in Q4.

我們預計我們的業務將在第三季繼續改善，並在第四季度恢復成長。

And for the full year, we expect revenue of at least $9 billion and adjusted EPS of at least $1.20.

我們預計全年收入至少為 90 億美元，調整後每股收益至少為 1.20 美元。

And we continue to expect adjusted cash -- free cash flow of at least $600 million.

我們仍然預計調整後的現金——自由現金流至少為 6 億美元。

Across the brands, we expect Vans to decline at a low double-digit rate, implying at least high single-digit growth in the second half.

就各個品牌而言，我們預計 Vans 將以低兩位數的速度下滑，這意味著下半年至少會出現高個位數的成長。

We also expect TNF to decline at a low double-digit rate for the year, implying low single-digit growth in the second half.

我們也預期今年 TNF 將以較低的兩位數速度下降，這意味著下半年將出現較低的個位數成長。

We forecast Timberland to decline at a high-teen rate for the year, with continued sequential improvement through the back half.

我們預計 Timberland 今年將以高雙位數的速度下降，但下半年將持續改善。

Finally, we expect Dickies to increase at a high single-digit rate in fiscal 2021, implying at least low double-digit growth in the second half.

最後，我們預計 Dickies 在 2021 財年將以高個位數成長率成長，這意味著下半年至少將達到兩位數的低成長率。

As we head into the balance of the fiscal year, several fundamentals give me confidence in the underlying health of our model and our ultimate ability to exit this crisis in an advantaged position: first, accelerating tailwinds in our core categories: Active, Outdoor and Work; second, continued broad-based momentum in China and across the digital channel driving an acceleration across our big 4 brands, coupled with continued strength in consumer engagement; third, clean inventory levels across our channels of distribution; and finally, our excess liquidity position, providing optionality both for continued organic investment and M&A.

當我們進入本財年的平衡之際，有幾個基本面讓我對我們模式的基本健康狀況以及我們以有利地位擺脫這場危機的最終能力充滿信心：首先，我們的核心類別加速順風：活躍、戶外和工作;其次，中國和整個數位管道的持續廣泛勢頭推動了我們四大品牌的加速發展，加上消費者參與度的持續強勁；第三，清理我們分銷通路的庫存水準；最後，我們的流動性過剩，為持續的有機投資和併購提供了選擇。

The strategy we laid out 1 year ago at Beaver Creek remains the playbook for success in a post-COVID world: an aggressive digital transformation focused on direct consumer engagement, concentrated exposure to growing structurally attractive addressable markets and a commitment to continuous reshaping of the brand portfolio to accelerate our strategy.

我們一年前在Beaver Creek 制定的策略仍然是後疫情時代成功的劇本：積極的數位轉型，重點是消費者的直接參與，集中接觸不斷增長的結構有吸引力的潛在市場，並致力於不斷重塑品牌投資組合來加速我們的策略。

While we don't know how much longer this current period of disruption will last, we are confident in our ability to ultimately return to our long-term algorithm on the other side of this crisis.

雖然我們不知道當前的混亂時期會持續多久，但我們相信我們有能力在這場危機的另一端最終恢復到我們的長期演算法。

So now I'll turn the call over to the operator for Q&A.

現在我將把電話轉給接線員進行問答。

(Operator Instructions) Our first question today is coming from Jonathan Komp from Baird.

（操作員說明）今天我們的第一個問題來自貝爾德 (Baird) 的喬納森·康普 (Jonathan Komp)。

I want to first ask, just given the comments about September that you made, any chance you could shape the third quarter, what you're thinking in terms of the sequential improvement, a little bit better for us.

我想先問一下，鑑於您對 9 月的評論，您是否有機會塑造第三季度，您對連續改進有何看法，這對我們來說會更好一些。

And then maybe more broadly, looking into fiscal '22, given the trajectory you're implying for the fourth quarter, can you help share any thoughts on how you're going to balance kind of the pace of the top line recovery with the need to invest but also to show a nice recovery on the bottom line and maybe tie that in with the new Project Enable dynamics that you mentioned?

然後，也許更廣泛地考慮 22 財年，考慮到您暗示的第四季度的軌跡，您能否幫助分享關於如何平衡營收復甦步伐與需求的任何想法投資，但也顯示出良好的盈利復甦，也許可以將其與您提到的新的項目啟用動態聯繫起來？

Looks like I'm right out of the box here, so happy to take that.

看來我已經擺脫了束縛，很高興能接受這一點。

So first of all, the question was around Q3 shaping for the year.

首先，問題是關於今年第三季的情況。

We didn't give specific guidance on Q3, but I'll just go through what we did say, and I think this will get you pretty close.

我們沒有就第三季給出具體指導，但我將回顧我們所說的內容，我認為這會讓您非常接近。

So the top line we talked about, at least $9 billion, implies low single-digit second half growth.

因此，我們談到的收入至少為 90 億美元，意味著下半年的低個位數成長。

And we said we would return to growth in the fourth quarter.

我們表示我們將在第四季度恢復成長。

So from that, you can imply kind of a trend line in how you balance that between Q3 and Q4.

因此，從這一點來看，您可以暗示如何平衡第三季和第四季之間的趨勢線。

As it relates to gross margins, we said they'd be about flat by the fourth quarter and progressively improving.

由於與毛利率相關，我們表示到第四季毛利率將基本持平，並逐步改善。

We talked about the mix will be there for the year, about 2x what we've seen from our normal 40 to 50 basis point structural advantage that we see from mix.

我們談到今年將出現這種混合，大約是我們從混合中看到的正常 40 至 50 個基點結構優勢的兩倍。

And promotional headwinds have begun to abate, and we'll see that continuing through the balance of the year.

促銷方面的阻力已經開始減弱，我們將看到這種情況在今年餘下的時間裡持續下去。

So that should give you some color on gross margin.

所以這應該能讓你對毛利率有所了解。

We talked about SG&A being flat in the second half, and that includes additional investments that we've made to continue the momentum and really build on the momentum as we exit from the COVID period in the back half of the year, as Steve says, the next period.

我們談到下半年的 SG&A 持平，其中包括我們為繼續這一勢頭而進行的額外投資，並在我們下半年退出新冠疫情期間真正鞏固這一勢頭，正如史蒂夫所說，下一個時期。

And finally, $1.20 from an earnings standpoint implies about a 40% flow-through for the full year.

最後，從收益的角度來看，1.20 美元意味著全年的現金流量約為 40%。

So I think within that, Jonathan, you've got a lot of the data that you need to get the shape.

所以我認為，喬納森，你已經獲得了獲得形狀所需的大量數據。

And if not, then John and Mallory can take you through that in more details.

如果沒有，那麼約翰和馬洛里可以帶您更詳細地了解這一點。

I think the second part of your question was around the desire to invest versus earnings.

我認為你問題的第二部分是關於投資慾望與利益的關係。

And again, we've given you a shape in terms of what you can expect, at least $1.20, from an earnings standpoint.

再次，我們已經為您提供了您可以預期的形狀，從收益的角度來看，至少為 1.20 美元。

Hopefully, what our prepared remarks have given you some context on is we -- while we are cutting costs in what we would call discretionary costs in the short term, we're also leaning in on our transformation agenda.

希望我們準備好的發言能夠為您提供一些背景資訊——雖然我們在短期內削減所謂的可自由支配成本的成本，但我們也傾向於我們的轉型議程。

And with that $30 million additional investment, based on the additional confidence we have, we're leaning in a little harder right now on those investments primarily around our digital transformation, digital demand creation, et cetera, that we believe are going to give us continued momentum as we exit this year and enter next year.

憑藉這 3000 萬美元的額外投資，基於我們擁有的額外信心，我們現在更加努力地致力於那些主要圍繞我們的數位轉型、數位化需求創造等的投資，我們相信這些投資將為我們帶來好處當我們退出今年並進入明年時，繼續保持勢頭。

We haven't really given you any guidance on '22.

我們還沒有真正給你任何關於 '22 的指導。

So stay tuned for that.

所以請繼續關注。

And the last question was around Enable.

最後一個問題是關於啟用的。

Steve talked about what Enable is about.

Steve 談到了 Enable 的意思。

It's really -- I don't need to repeat that in terms of not just layering on our digital investments but really repurposing and rethinking our organization fundamentally.

我不需要重複這一點，不僅是在我們的數位投資上分層，而且是從根本上重新調整和重新思考我們的組織。

And we talked about a target of $125 million over a 3-year period.

我們討論了 3 年內 1.25 億美元的目標。

What we haven't done is broken that down for you by year.

我們還沒有做的是按年份為您細分。

What you should know, though, is that as we think about the transformation, the ongoing leverage as we combine working smarter and rethinking the way in which we organize, coupled with the growth that we see longer term, will allow leverage and margin expansion over time.

不過，您應該知道的是，當我們考慮轉型時，我們將更聰明地工作和重新思考我們的組織方式結合起來，持續的槓桿作用，再加上我們看到的長期增長，將使槓桿率和利潤率擴張超過時間。

So that's probably as much as I can give you on that right now, Jonathan.

喬納森，我現在能告訴你的就這麼多了。

Our next question today is coming from Omar Saad from Evercore ISI.

今天我們的下一個問題來自 Evercore ISI 的 Omar Saad。

Steve and Scott, I wanted to ask you guys.

史蒂夫和史考特，我想問你們。

This moment we're having in Outdoor, is this a once-in-a-lifetime opportunity?

我們在戶外度過的這一刻，是千載難逢的機會嗎？

Should you guys really be accelerating your marketing given your Outdoor exposure across your brand portfolio to really take advantage of this moment in time where people are spending so much time outside?

考慮到您在品牌組合中的戶外曝光度，您真的應該加速行銷，以真正利用人們在戶外花費如此多時間的這個時刻嗎？

That's my first question.

這是我的第一個問題。

And then I also wanted to kind of ask for an update on North Face.

然後我還想詢問 North Face 的最新情況。

The management changes there, any sort of additional color around Arne, who's been important to the recovery of that business and the turnaround there?

那裡的管理層發生了變化，阿恩周圍有任何額外的色彩嗎？

And then our retailers also, are you seeing any reorders acceleration given that a lot of them had cut their orders for North Face for the fall?

然後我們的零售商也看到了重新訂購加速的情況，因為他們中的許多人都削減了 North Face 秋季的訂單？

Are you seeing any sort of retailers coming back and asking for more again?

您是否看到任何類型的零售商再次回來並要求更多？

Scott, I'll start.

史考特，我要開始了。

If I leave anything out, jump back in and fill in the blanks.

如果我遺漏了什麼，請跳回來填補空白。

So 3 questions there.

那麼有 3 個問題。

The Outdoor moment, we absolutely see, and I think you've spoken about it quite well, there is a trend towards outdoors and people's desire to get outside linked to health and wellness.

在戶外時刻，我們絕對看到了，我認為你已經說得很好，戶外運動是一種趨勢，人們渴望戶外活動與健康和保健有關。

And I think there is a moment in time.

我認為有一個時刻。

And as we came into the pandemic, the outdoor sector was in a position of growth as well, and I think this is -- really bodes well for our brands and for the sector in general as people continue to focus about that outdoor activity, health and wellness and how can they kind of take advantage of this particular moment in time.

當我們進入大流行時，戶外產業也處於成長狀態，我認為這對我們的品牌和整個產業來說確實是個好兆頭，因為人們繼續關注戶外活動、健康和健康，以及他們如何利用這個特定的時刻。

So we're very well positioned for that.

因此，我們為此做好了充分的準備。

You asked about The North Face management.

您詢問了 The North Face 的管理情況。

I'd kind of pull you up one notch.

我會把你拉上一個檔次。

In my prepared remarks, and Scott just spoke about Project Enable, as we think about our future and we think about our transformation, we find ourselves today with a smaller portfolio of brands focused on 3 very specific parts of the total addressable market that are growing.

在我準備好的演講中，斯科特剛剛談到了Project Enable，當我們思考我們的未來和我們的轉型時，我們發現今天我們的品牌組合規模較小，專注於整個潛在市場中正在增長的3個非常具體的部分。

And as we seek to simplify our structure and really focus our energy against those key aspects of our transformation, we saw an opportunity to really start on the top and best align our talent with our biggest opportunities.

當我們尋求簡化結構並真正將精力集中在轉型的這些關鍵方面時，我們看到了一個機會，可以真正從高層開始，並最好地將我們的人才與我們最大的機會結合起來。

And Arne has been a strong part of The North Face performance, and we wish him well.

Arne 一直是 The North Face 表演的重要組成部分，我們祝他一切順利。

This is really about simplifying our organization structure, putting our very best people against our biggest opportunities and really looking to leverage those key enterprise platforms that we've been investing behind, driving our Core and Emerging Brands forward.

這實際上是為了簡化我們的組織結構，讓我們最優秀的人才抓住我們最大的機會，並真正尋求利用我們一直投資的關鍵企業平台，推動我們的核心和新興品牌向前發展。

The last part of your question, Omar, was about retail reorders.

奧馬爾，你問題的最後一部分是關於零售重新訂購的。

I would tell you it's a little early, as we come into this fall holiday period, to talk about reorders.

我想告訴你，現在正值秋季假期，現在談論重新訂購還為時過早。

What we have seen is a great interest in our wholesale partners to take those initial drops of their fall order books and get those placed a little bit earlier than we may have expected.

我們看到的是，我們的批發合作夥伴對最初的秋季訂單表現出極大的興趣，並比我們預期的提前了一些。

So I think we're positioned as we enter the fall holiday period.

所以我認為，當我們進入秋季假期時，我們已經做好了定位。

We've seen good energy, start here in September, carried into October.

我們看到了良好的能量，從九月開始一直延續到十月。

And if that continues, I think there's an opportunity.

如果這種情況持續下去，我認為還有機會。

But I would just remind you that we've been very thoughtful and controlled with our inventory purchases.

但我想提醒您的是，我們對庫存採購進行了非常周到和控制。

There is not a tremendous amount or any excess inventory to service a big reorder pop.

沒有大量或任何多餘的庫存來滿足大量的重新訂購需求。

What we would expect to see is really good sell-throughs, clean inventories and positioning ourselves well for those next 2 season, spring and fall, order books that our teams are working on.

我們期望看到的是真正良好的銷售，清理庫存，並為我們團隊正在處理的下兩個季節（春季和秋季）做好準備。

The only add I would say is on one part of your question was around should we be leaning in on investments, and we are.

我要說的唯一補充是，你的問題的一部分是我們是否應該依靠投資，而我們確實這樣做了。

I mentioned the $30 million of digital.

我提到了 3000 萬美元的數位化。

And certainly, a good chunk of that is focused on The North Face as well, just to address that point.

當然，其中很大一部分也集中在 The North Face 上，只是為了解決這一點。

Our next question today is coming from Camilo Lyon from BTIG.

今天我們的下一個問題來自 BTIG 的 Camilo Lyon。

I want -- I have a couple of questions.

我想——我有幾個問題。

First, on gross margin and inventory.

首先，關於毛利率和庫存。

Scott, you talked about inventory in the channel, feeling very comfortable with that.

斯科特，您談到了渠道中的庫存，對此感到非常滿意。

Maybe just square that up with the progression of gross margin?

也許只是將其與毛利率的增長相匹配？

And why in Q4 we should expect to see flat gross margins as opposed to a little bit earlier in Q3.

以及為什麼我們預計第四季毛利率將持平，而不是第三季早些時候。

Maybe just help articulate the distinctions between those dynamics while still anticipating the promotional environment.

也許只是幫助闡明這些動態之間的區別，同時仍然預測促銷環境。

It seems like you've got your inventory in a much better place, you're comfortable with it, yet it seems like there should be a faster gross margin uptick.

看起來你的庫存在一個更好的地方，你對此感到滿意，但毛利率似乎應該有更快的上升。

And then my second question is on M&A.

我的第二個問題是關於併購。

And more specifically, we're approaching the election here within a couple of weeks.

更具體地說，我們將在幾週內舉行選舉。

If there is a Biden victory, the anticipation is that capital gains taxes will increase.

如果拜登獲勝，預計資本利得稅將會增加。

Does that incentivize you to complete a deal faster and get it done before year-end?

這是否會激勵您更快地完成交易並在年底前完成？

We'd love your thoughts on that.

我們很想聽聽您對此的想法。

Yes.

是的。

So it sounds like this one is me, Steve.

聽起來這個人就是我，史蒂夫。

Yes.

是的。

Camilo, as you think about gross margin trajectory, I guess really, just consistently from what we've said all year, we see it largely playing out the way we anticipated.

卡米洛，當你考慮毛利率軌跡時，我想，與我們全年所說的一致，我們看到它基本上按照我們預期的方式發揮作用。

So remember, those promotional activities to clear inventory, excess inventory and that inventory that was in the stores, et cetera, we said that would be accelerated in the first half and moderating throughout the year and really kind of back to "normal" by the fourth quarter.

因此，請記住，那些清理庫存、過剩庫存以及商店庫存等的促銷活動，我們說過，這些活動將在上半年加速，並在全年中放緩，並在第四季度。

And we really saw that.

我們確實看到了這一點。

If you look even in the second quarter, when you take out the transaction impact, the rest of the decline is largely due to promotional activity, and there's 200 basis points or so of that promotional impact in the second quarter.

如果你看看第二季度，當你除去交易影響時，其餘的下降主要是由於促銷活動造成的，第二季度的促銷影響大約有 200 個基點。

That number was about 500 in the first quarter, right?

第一季這個數字約為 500，對嗎？

So still high, still elevated but sequentially improved from the prior quarter, and we see that trend continuing and moderating by the end of the year, I guess, back to "normal".

所以仍然很高，仍然很高，但比上一季度有所改善，我們看到這種趨勢持續下去，並在年底放緩，我想，回到「正常」。

And that's why we've been aggressive in getting after it, right, so that we didn't have all that excess inventory either in our own warehouses or inbound or at retail.

這就是為什麼我們一直在積極追求它，對吧，這樣我們就不會在自己的倉庫、入庫或零售中出現過多的庫存。

And it's not perfect.

而且它並不完美。

I'm not saying there aren't pockets here and there.

我並不是說到處都沒有口袋。

But by and large, we're really clean by historical levels.

但總的來說，從歷史層面來看，我們確實是乾淨的。

And that bodes well for less promotion on a go-forward basis.

這預示著未來晉升的機會將會減少。

And we know that's good for brand health, and that's also good for creating demand and scarcity, which tends to bode well for the future.

我們知道這有利於品牌健康，也有利於創造需求和稀缺性，這往往是未來的好兆頭。

So that's one point.

這是一點。

The other -- another point on gross margin, again, is that mix benefit, which will continue through the balance of the year.

毛利率的另一個問題是混合效益，這種效益將持續到今年剩餘時間。

So we expect to see continually improving gross margins, again, in a "normalized" level or back to "normal" levels by the fourth quarter.

因此，我們預計毛利率將再次持續改善，達到「正常」水準或到第四季恢復到「正常」水準。

So that's how the shaping is coming together.

這就是塑造的方式。

I guess, Steve, maybe the first thing I'd say is timing -- we don't try to outguess politics in terms of timing because you can't outguess it, right?

我想，史蒂夫，也許我要說的第一件事是時機——我們不會試圖在時機方面超越政治，因為你無法超越它，對吧？

It's impossible to do.

這是不可能的。

So I'll let potential sellers speculate on whether that's going to impact their timing or not.

因此，我會讓潛在賣家推測這是否會影響他們的時機。

I don't know, Steve, if you'd add anything to that, but...

我不知道，史蒂夫，你是否願意添加任何內容，但是...

Yes.

是的。

No, not really, Camilo, other than M&A continues to be that #1 choice for capital allocation.

不，不是真的，卡米洛，除了併購之外，仍然是資本配置的第一選擇。

And as opportunities come, we're certainly prepared to act.

隨著機會的到來，我們當然準備採取行動。

But it will be disciplined.

但會受到紀律處分。

It won't really be driven by a political situation.

它不會真正受到政治局勢的驅動。

It'd be more around is it the right asset at the right time fitting into our strategy.

更重要的是它是在正確的時間提供正確的資產，符合我們的策略。

Understood.

明白了。

And Steve, if I could follow up on that.

史蒂夫，請讓我跟進。

Do you feel that you have enough visibility and confidence in the available opportunity set such that -- and in your own business, it sounds like you do -- such that you don't need to wait for a full recovery to be active on that front, that you have enough information in the discussion that you're having to engage in a transaction?

您是否認為您對可用的機會集有足夠的可見性和信心，以至於您不需要等待全面復甦就可以積極參與該機會，而在您自己的企業中，這聽起來像您所做的那樣前面，您在討論中擁有足夠的資訊來進行交易嗎？

I guess I'd answer your question this way, Camilo.

我想我會這樣回答你的問題，卡米洛。

In our -- now in the next approach, I mean, we've moved quickly against our objectives to really strengthen the foundation of our enterprise through our actions early in this pandemic.

我的意思是，在我們現在的下一個方法中，我們已經迅速朝著我們的目標邁進，透過我們在這場大流行初期的行動來真正加強我們企業的基礎。

We're sitting in a good place with ample liquidity, a business that is improving and an outlook where we see stores opened, supply beginning to meet our demand and really good connections with our consumers through our digital assets.

我們所處的位置很好，流動性充足，業務正在改善，前景良好，商店開業，供應開始滿足我們的需求，並且透過我們的數位資產與消費者建立了良好的聯繫。

Digital performance is exceeding our expectations.

數位效能超出了我們的預期。

So we're in a good position.

所以我們處於有利的位置。

We are feeling confident around the future outlook.

我們對未來的前景充滿信心。

I would tell you that we do think that this situation we find ourselves in today will be prolonged.

我想告訴你，我們確實認為我們今天所處的這種情況將會持續下去。

But with this focus on being agile and adaptable, we're in a good spot.

但由於專注於敏捷性和適應性，我們處於有利位置。

So if the right asset were to come, we're well positioned to be able to act, and I think you would absolutely see us pull the trigger.

因此，如果有合適的資產出現，我們就能夠採取行動，而且我認為您絕對會看到我們扣動扳機。

Yes.

是的。

And Camilo, just one add-on, on that is that and it also depends on what type of asset, right?

卡米洛（Camilo）只是一個附加組件，僅此而已，而且還取決於資產的類型，對嗎？

And where -- while we said we have more confidence today than we did 90 days ago, that's a fact, but it's still an uncertain environment.

雖然我們說我們今天比 90 天前更有信心，但這是事實，但環境仍然不確定。

And so the resilience and the type of asset would matter in terms of the timing from an acquisition standpoint.

因此，從收購的角度來看，資產的彈性和類型對於時機至關重要。

Our next question is coming from Michael Binetti from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的邁克爾·比內蒂。

So Scott, just one near term one on -- and then I have a longer-term question.

斯科特，只是一個近期的問題——然後我有一個長期的問題。

But on Vans, when you look at the big swings in the wholesale business quarter-to-quarter, the America wholesale business was down about 80% in the first quarter then up 10% in the second quarter.

但就 Vans 而言，當你觀察批發業務每季的大幅波動時，你會發現美國批發業務第一季下降了約 80%，第二季則成長了 10%。

You said that your customers that channel had inventories that were very low.

您說您的該通路客戶的庫存非常低。

And Steve last quarter told me you thought back-to-school was delayed, not canceled.

史蒂夫上個季度告訴我，你認為返校是推遲了，而不是取消了。

It was nice to see that, that looks like it came true.

很高興看到這一點，看起來它成真了。

But we -- it looks like September had some pent-up demand that got unleashed.

但我們——看起來九月有一些被壓抑的需求被釋放出來。

I guess anything you're seeing in October that may benefit -- in a period where we may benefit less from pent-up back-to-school?

我想你在十月份看到的任何事情都可能會受益——在這個時期，我們從被壓抑的返校中獲得的好處可能會減少？

I mean I'm really trying to figure out, what gives you confidence that there's not another deceleration ahead for Vans on the wholesale side in third quarter, fourth quarter, whenever, if the POS trends don't hold up just since we know September was a pretty meaningful pop that could have had some onetime demand in there?

我的意思是，我真的很想弄清楚，如果自 9 月份起 POS 趨勢不再持續，是什麼讓你相信 Vans 在第三季度、第四季度的批發方面不會再出現減速是一首非常有意義的流行音樂，可能會有一些一次性的需求嗎？

Yes.

是的。

So I think you kind of hit the key points in your question there, Michael.

所以我認為你擊中了問題的關鍵點，邁克爾。

But we did see -- if you'll remember, Q1, we had a relatively more difficult quarter in Q1 for Vans, and we talked about some inbound delays and that, that was timing between Q1 and Q2.

但我們確實看到了——如果你還記得，第一季度，Vans 在第一季度經歷了一個相對更困難的季度，我們談到了一些入境延誤，那是第一季度和第二季度之間的時間安排。

And indeed, we did see that come to pass.

事實上，我們確實看到了這一點。

So that's one proof point.

這就是一個證據。

Encouragingly, we saw our China business accelerate for Vans, up 25%.

令人鼓舞的是，我們看到 Vans 中國業務加速成長，成長了 25%。

Our digital was plus 50% in Q2.

我們的數字在第二季度成長了 50%。

Great proof points of the health of the business and give us confidence for the future.

業務健康發展的有力證明，讓我們對未來充滿信心。

And lastly, we did see wholesale orders move to the left, right?

最後，我們確實看到批發訂單向左移動，對吧？

And I think that's a combination of interest and demand, clean inventories.

我認為這是利益和需求以及清潔庫存的結合。

And it was encouraging to see that some of that demand on the wholesale side shifted into the quarter based on demand.

令人鼓舞的是，批發方面的部分需求根據需求轉移到了本季。

So listen, it's still an uncertain environment generally, but we continue to make progress.

所以聽著，總體來說仍然是一個不確定的環境，但我們繼續取得進展。

And it was really encouraging to us to see that -- the strength in the brand and particularly in some of those what we would say forward-looking indicators like China, like digital.

我們看到這一點確實令人鼓舞——品牌的實力，特別是我們所說的一些前瞻性指標，例如中國，例如數字。

Okay.

好的。

And then I know you reflected again today that you're not going to give us much outlook for 2022 yet, but I think you dropped some hints that some of the components, the building blocks in the 2019 Analyst Day.

然後我知道你今天再次反映，你還不打算給我們太多 2022 年的展望，但我認為你在 2019 年分析師日中暗示了一些組成部分、構建模組。

I think you feel like the algorithm is intact, but there might be some changes to the path to which you get there.

我認為你覺得演算法是完整的，但你到達那裡的路徑可能會發生一些變化。

I think you've said that a few times over the last few months.

我想你在過去幾個月已經說過好幾次了。

Maybe some initial thoughts on what you see as the same and some of the big differences in the 2024 plan.

也許您對 2024 年計劃中的相同點和一些重大差異有一些初步想法。

And if one of those is the fairly obvious fact that it's a bigger digital world ahead, maybe talk to us about how the -- a bigger digital business would impact the operating margins of the business.

如果其中之一是相當明顯的事實，即未來是一個更大的數位世界，也許可以和我們談談更大的數位業務將如何影響業務的營運利潤。

And if you plan to hold the algorithm intact, I guess that would imply if digital has positive impact to your margins, you'll find ways to reinvest some of that to get back to the same operating margin or EPS cadence.

如果你打算保持演算法完整，我想這意味著如果數位化對你的利潤產生正面影響，你會找到方法重新投資其中的一些，以恢復到相同的營運利潤或每股盈餘節奏。

Maybe just a few thoughts on how you look at the high-level plan as you go out to '22.

也許只是關於你如何看待 22 世紀高層計劃的一些想法。

Yes.

是的。

So we're not going to talk about it, but you're going to ask me about it anyway.

所以我們不會談論它，但你無論如何都會問我。

That was pretty good.

那是相當不錯了。

Right.

正確的。

That was good.

那很好。

Right.

正確的。

That was good.

那很好。

Here's the thing.

事情是這樣的。

We're not -- the problem when you isolate on one aspect of the plan without the benefit of the full context is that you don't get the full context, right?

我們不是——當你在沒有完整背景的情況下孤立計劃的一個方面時，問題是你無法獲得完整的背景，對嗎？

And so I'm always cautious, and I would always caution you guys, not to get ahead of us here, right?

所以我總是很謹慎，我總是會警告你們，不要在這裡走在我們前面，對吧？

All the factors that we see are -- give us confidence that we have the levers to pull to maintain our investment and also to maintain the margin expansion that we've committed to longer term.

我們看到的所有因素都讓我們相信，我們有能力維持我們的投資，並維持我們長期承諾的利潤率擴張。

Let's set aside that.

我們先把這個放在一邊。

We don't know exactly when this rebaselining occurs and when we're out of the COVID impact.

我們不確切知道這種重新調整何時發生以及我們何時擺脫新冠病毒的影響。

These are things that are unknowable, although the progress we've made so far has been largely in line and maybe a little better than what we expected.

這些都是不可知的事情，儘管我們迄今為止所取得的進展基本上符合我們的預期，甚至可能比我們的預期要好一些。

But a few things that we know, right?

但我們知道一些事情，對嗎？

The digital acceleration that we had been planning for has lurched forward, and that's not going to change, right?

我們一直計劃的數位化加速已經向前推進，而且這一點不會改變，對嗎？

We don't know exactly how it's all going to balance out, but we believe that the investments we're making and the fact that our digital channel is our most profitable, those are all good things and allows us, both the gross margin and the operating margin, to continue to invest back in the business.

我們不知道這一切將如何平衡，但我們相信我們正在進行的投資以及我們的數位管道是我們最有利可圖的事實，這些都是好事，使我們能夠提高毛利率和營業利潤率，以繼續投資於業務。

That was part of your question, and I would agree with you, right?

這是你問題的一部分，我同意你的觀點，對嗎？

We want to be a leader in this area, and this is what our whole transformation is about.

我們希望成為這個領域的領導者，這就是我們整個轉型的目的。

So what I would take away from it, Michael, is we have the levers -- based on the changing algorithm, we think we have the levers in place that would allow us to both continue to invest and to get the margin expansion consistent with that algorithm.

So what I would take away from it, Michael, is we have the levers -- based on the changing algorithm, we think we have the levers in place that would allow us to both continue to invest and to get the margin expansion consistent with that演算法.

And that's why I and Steve and others continue to make the comment we're -- we'll come back, we'll give you guys -- once we get some stability here in the situation, we'll come back with another Investor Day.

這就是為什麼我和史蒂夫以及其他人繼續發表評論 - 我們會回來，我們會給你們 - 一旦我們的情況穩定下來，我們會帶著另一個投資者回來天。

We'll clean all this up for you.

我們將為您清理所有這些。

But in the meantime, as you're trying to figure out what these puts and takes mean, what I would take away is we have the ability to invest and we have the ability to expand our margins and you should feel good about that long-term algorithm.

但同時，當你試圖弄清楚這些看跌期權和看跌期權意味著什麼時，我想說的是我們有能力投資，我們有能力擴大利潤，你應該對此感到滿意——術語演算法。

I'm afraid that's about as far as we can go right now, yes.

恐怕這就是我們現在所能做到的，是的。

And Michael, I would just add a little more simplistically here is we entered the crisis in a good position.

邁克爾，我只想簡單地補充一點，我們在進入危機時處於有利地位。

We had good momentum.

我們勢頭良好。

We've reshaped our portfolio with very unique and differentiated brands that are squarely planted in the parts of the market that are growing and in fact are seeing even greater headwinds.

我們透過非常獨特和差異化的品牌重塑了我們的產品組合，這些品牌直接種植在正在成長但實際上面臨更大阻力的市場部分。

We have confidence in the long-term -- in that long-term algorithm we've laid out last year in Beaver Creek.

我們對長期充滿信心——對我們去年在 Beaver Creek 制定的長期演算法充滿信心。

What's unknown, and it would -- we'll just have to have time really play this out for us, is what's the shape of the recovery.

未知的是──我們只需要有時間真正為我們解決這個問題，復甦的形式是什麼。

We're positioned to move along that path.

我們已準備好沿著這條道路前進。

The investments we've made around our transformation, the digital growth that we're seeing are really strong proof points of the strategy that we have in place.

我們圍繞轉型進行的投資以及我們所看到的數位成長確實有力地證明了我們所採取的策略。

But really it's -- it will be a timing issue related to the shape of the recovery.

但實際上，這將是一個與復甦形態相關的時間問題。

We're positioned to move well as that all starts to become more clear.

隨著一切開始變得更加清晰，我們已做好準備，一切都會順利進行。

Our next question today is coming from Matthew Boss from JPMorgan.

今天我們的下一個問題來自摩根大通的馬修·博斯。

Congrats on a nice quarter.

恭喜您度過了一個美好的季度。

Thanks, Matt.

謝謝，馬特。

Thank you.

謝謝。

Steve, so maybe to switch gears to Timberland, well ahead of forecasts this quarter.

史蒂夫，所以也許會轉向 Timberland，遠遠超出本季的預測。

What drove the better-than-expected top line?

是什麼推動營收好於預期？

And any signs that you're seeing that you believe gives you renewed confidence in a turnaround for that brand?

您認為有哪些跡象讓您對該品牌的扭轉局勢重新充滿信心？

Yes.

是的。

No, great to have that question come out, and we're really pleased with the results that we see with our Timberland brand.

不，很高興能提出這個問題，我們對 Timberland 品牌所取得的成果感到非常滿意。

The sequential improvement in this quarter is a proof point of what we've been talking to you guys about for the last number of quarters.

本季的連續改進證明了我們在過去幾季中與大家討論的內容。

The people we have in place, from Martino providing that brand leadership to the creative talent driving the product creation, our new marketing leader, I think you've seen a change in the tone and the quality of the creative.

我們現有的人員，從提供品牌領導力的馬蒂諾到推動產品創造的創意人才，我們的新行銷領導者，我認為您已經看到了創意基調和品質的變化。

And I think what you see at this particular point in time is people looking for those authentic icons that they've depended on in the past.

我認為在這個特定的時間點你看到的是人們在尋找他們過去依賴的那些真實的圖標。

But the Outdoor trend has been benefiting Timberland through the last 6 months.

但過去 6 個月，戶外趨勢一直讓 Timberland 受益。

Our Outdoor category is doing well.

我們的戶外類別表現良好。

The new release that we had here in China of the Madbury is a new, contemporary execution of Outdoor.

我們在中國發布的新版 Madbury 是戶外運動的新的、當代的表現。

The Garrison peak that you see coming here in the U.S., that's up on our line today.

你在美國看到的加里森峰，今天就在我們的線路上。

Just the -- there's a good introduction of some new styles.

只是——有一些新風格的很好的介紹。

This is part of the work that our teams have been doing.

這是我們團隊一直在做的工作的一部分。

We're seeing energy building around some of those core icons, the yellow boot, but, even more importantly, variations of that boot.

我們看到圍繞其中一些核心圖標（黃色靴子）的能量正在積聚，但更重要的是，該靴子的變體。

We've had some great influencers show up wearing our products, and I think that's just a proof of the quality and authenticity of this brand.

我們有一些偉大的影響者穿著我們的產品出現，我認為這只是這個品牌的品質和真實性的證明。

But it's early.

但現在還早。

We're encouraged and excited for our team and the work that they're doing.

我們為我們的團隊和他們所做的工作感到鼓舞和興奮。

We will continue to do the work to diversify the product offer away from -- to build on the nonclassics, to build on our women's.

我們將繼續努力使產品供應多樣化，以非經典產品為基礎，以我們的女裝產品為基礎。

Our Pro business is doing well.

我們的專業業務表現良好。

It grew low single digits in the quarter.

本季成長幅度較低。

So there's a number of proof points across the Timberland brand that continue to give us confidence that this brand has the ability to achieve its long-term growth algorithm and really driving against the new creative you see coming from a brand engagement standpoint and how that's coming to life in the products.

因此，Timberland 品牌有許多證據繼續讓我們相信，該品牌有能力實現其長期成長演算法，並真正推動您從品牌參與角度看到的新創意以及它是如何實現的賦予產品生命力。

Great.

偉大的。

And then...

進而...

Hey, Matt, can I just add one perspective here, too?

嘿，馬特，我可以在這裡也加入一個觀點嗎？

Remember, from an order book standpoint and the inventory at retail coming into the season, it was not quite as strong from a Timberland standpoint.

請記住，從訂單簿的角度和本季零售庫存的角度來看，從 Timberland 的角度來看，情況並不那麼強勁。

And so we've -- our buys and -- given the lead times have reflected that.

因此，我們的採購和交貨時間都反映了這一點。

So our ability to chase is going to be somewhat limited, but this is really positive, a really positive development for the brand.

所以我們的追趕能力將會受到一定的限制，但這確實是正面的，對品牌來說是一個非常正面的發展。

As you think about cleaning the inventories, creating some of that scarcity, people are making more money from a margin standpoint.

當你考慮清理庫存、製造一些稀缺性時，從利潤的角度來看，人們正在賺更多的錢。

All of that sets up well as you think about the future for the brand.

當你思考品牌的未來時，所有這些都很好。

And it's a change in sentiment which is really positive for Timberland right now.

這是一種情緒上的變化，這對 Timberland 目前來說確實是積極的。

Sorry to interrupt, but I think that's...

抱歉打擾，但我認為那是...

No.

不。

Absolutely, that's great color and great to hear.

當然，這顏色很棒，聽起來也很棒。

Maybe to circle back to Vans.

也許會繞回 Vans。

So you've cited a number of the accelerating tailwinds out of the pandemic, and casual is clearly one of them.

因此，您列舉了疫情帶來的一系列加速推動因素，而休閒顯然就是其中之一。

How do you think about the total addressable market for Vans multiyear?

您如何看待 Vans 多年的整體潛在市場？

Could it actually potentially be larger?

它實際上可能更大嗎？

And then just maybe circle back.

然後也許就繞回來。

What's your market share today?

您今天的市佔率是多少？

What do you think the opportunity is?

您認為機會是什麼？

Just larger picture, how would you rank the growth opportunities for the brand multiyear from here as we think about Vans?

從更大的角度來看，當我們考慮 Vans 時，您如何評價品牌多年來的成長機會？

Scott, I'll start.

史考特，我要開始了。

Yes.

是的。

Sure.

當然。

And if I -- fill in the blanks here.

如果我——填寫這裡的空白。

So I think the total addressable market, Matthew, that we see for the Vans business continues to be same.

所以我認為，馬修，我們看到 Vans 業務的總目標市場仍然是一樣的。

The active athleisure part of that marketplace is large.

市場的活躍運動休閒部分很大。

It's growing.

它正在增長。

And Vans kind of moves over into that streetwear category as well, and I think that's where the power of the messaging of creative self-expression and just the efforts that the team have taken as of late to really increase the quality of the content, how we engage with that content across social media channels and in our own environments to drive that long-term loyalty and to hear our team talk a lot about brand love, we're really in a good position to continue to grow in that active athleisure marketplace.

Vans 也進入了街頭服飾類別，我認為這就是創意自我表達的訊息傳遞的力量所在，以及團隊最近為真正提高內容品質而付出的努力，如何我們透過社群媒體管道和我們自己的環境參與這些內容，以提高長期忠誠度，並聽到我們的團隊談論很多關於品牌的熱愛，我們確實處於一個有利的位置，可以在活躍的運動休閒市場中繼續發展。

And the efforts that they've made around classics, the progression footwear, the apparel, all of that -- al that work continues to be paying dividends as we see really balanced growth across regions and across categories.

他們圍繞著經典、進步鞋類、服裝等等所做的努力——所有這些工作都將繼續帶來紅利，因為我們看到跨地區和跨類別的真正平衡增長。

And I think you see the brand continued to be very thoughtful around the product launches.

我認為你會看到該品牌在產品發布方面仍然非常周到。

The Simpsons collab that we launched just a few weeks ago was extremely successful.

我們幾週前推出的《辛普森家庭》合作非常成功。

You see some new styles, Sk8-Hi and our Ultra category up with the new MTE aspect that we come into the winter months.

您會看到一些新款式、Sk8-Hi 和我們的 Ultra 類別，以及我們進入冬季的新 MTE 方面。

So just continue to be very thoughtful around how they are creating products and matching that up with the brand position.

因此，請繼續深思熟慮他們如何創造產品並將其與品牌定位相匹配。

Market share, we don't -- I don't think we've come out and really talked about our absolute share.

市場份額，我們沒有——我認為我們還沒有真正談論過我們的絕對份額。

Scott, Joe, help me here.

史考特，喬，幫幫我。

No.

不。

No.

不。

Yes, we haven't.

是的，我們還沒有。

We haven't, Steve.

我們沒有，史蒂夫。

But we continue to think that we're growing and the opportunity to continue to acquire more consumers.

但我們仍然認為我們正在成長，並且有機會繼續吸引更多消費者。

The Vans Family membership program has been a really huge success.

Vans Family 會員計劃取得了巨大的成功。

We're approaching 13 million people as part of that.

作為其中的一部分，我們正在接觸 1300 萬人。

And 50% of our U.S. D2C sales this last quarter came through that Vans Family membership program.

上個季度我們美國 D2C 銷售額的 50% 來自 Vans Family 會員方案。

So absolutely proving that we can engage consumers, grow the number of consumers that the brand speaks to and really building that brand's family around a whole passion around creative self-expression, which is a very unique position for them in the market versus their competitive set.

這絕對證明我們可以吸引消費者，增加品牌所接觸的消費者數量，並圍繞創意自我表達的整體熱情真正建立品牌家族，這對於他們在市場上相對於競爭對手來說是一個非常獨特的地位。

The only thing I would add is this total addressable market -- and I would say markets because it's -- this brand plays across multiple areas, as Steve just mentioned, and it's one of the strengths, the broad consumer base.

我唯一要補充的是這個總的潛在市場——我會說市場，因為它是——這個品牌跨越多個領域，正如史蒂夫剛才提到的，它是優勢之一，廣泛的消費者基礎。

Everybody is trying to say, well, what does the post-COVID world look like in light of where you were before COVID?

每個人都想問，根據新冠疫情之前的情況，新冠疫情之後的世界會是什麼樣子？

And we would say the trends that we see accelerating, casualization the deep brand love and engagement, only are stronger through this period.

我們可以說，我們看到的加速趨勢、休閒化、深厚的品牌熱愛和參與度，在這段時期只會變得更加強勁。

So while that TAM was always attractive and we have a unique positioning which is both distinct but broad, if anything that's more -- even more attractive now in light of what we see changing consumer behaviors look like.

因此，儘管 TAM 始終很有吸引力，而且我們擁有獨特的定位，既獨特又廣泛，但鑑於我們看到消費者行為不斷變化，現在更具吸引力了。

Congrats again, and best of luck.

再次祝賀，祝你好運。

Thank you.

謝謝。

Our next question today is coming from Sam Poser from Susquehanna.

今天我們的下一個問題來自薩斯奎哈納的 Sam Poser。

I've got a handful.

我有一把。

I'll just make a list and then go through it.

我會列一個清單，然後仔細檢查。

On the SG&A that you said that you're expecting to be flat in, was that in dollars or as a percent of sales, Scott, in your commentary?

斯科特，在您的評論中，關於您所說的預計將持平的 SG&A，是按美元計算還是按銷售額的百分比計算？

And then...

進而...

Yes.

是的。

Yes, it was in dollars or yes, it was as a percent of sales?

是的，是美元還是銷售額的百分比？

Dollars.

美元。

Dollars, dollars.

美元，美元。

Yes, okay.

是的，好的。

Got it.

知道了。

And for the fourth quarter, in the fourth quarter, right?

第四季度，第四季度，對吧？

In the second half.

下半場。

Okay.

好的。

And then...

進而...

I don't know if you heard me right.

我不知道你沒聽錯。

Yes, I said the second half.

是的，我說的是後半部。

Yes.

是的。

Okay.

好的。

Okay.

好的。

Perfect.

完美的。

And then can -- with Vans, is -- a lot of people are concerned, is what's happening with Vans in maybe some of the way the sales are?

然後，對於 Vans，許多人會擔心，Vans 的銷售情況是否會改變？

Is this more, do you believe, more of a supply situation or a demand situation?

您認為這更多的是供應情況還是需求情況？

And then also, can you give us the status of the factories in the Dominican for Timberland?

另外，您能否介紹一下 Timberland 在多明尼加的工廠狀況？

And then lastly, is the FX transactional headwinds, the 110 basis points, is that expected to continue for the balance of the year?

最後，外匯交易逆風（110 個基點）預計會在今年餘下持續嗎？

I may have follow-ups, but yes, those questions.

我可能會有後續行動，但是是的，這些問題。

Wow, a lot of questions there, Sam.

哇，有很多問題，山姆。

Can I -- so the last one, I'll say yes, FX continuing for the balance of the year but moderating as the year goes on.

我可以——所以最後一個，我會說是的，外匯在今年餘下的時間裡繼續上漲，但隨著時間的推移而放緩。

That was one.

那是一個。

Timberland -- and Steve, I'll just rip off this, and I'm sure I may miss some.

Timberland——史蒂夫，我就抄襲這個，我確信我可能會錯過一些。

So Timberland, we made some recent announcements.

Timberland 最近發布了一些公告。

As you know, we're reducing our own manufacturing footprint, and some of the actions we've done in the DR are really related to that.

如您所知，我們正在減少自己的製造足跡，我們在災難復原中所做的一些行動確實與此相關。

I think you can assume that we've -- this is a well-thought-out strategic move, and we've got -- our supply chain team is on it.

我認為你可以假設我們已經——這是一個經過深思熟慮的策略舉措，我們的供應鏈團隊正在採取行動。

And we've got an orderly transition planned for those actions, which have been announced.

我們已經為這些行動計劃了有序過渡，這些行動已經宣布。

So that's really not different from the long-term path that we've been talking about for quite a while here.

因此，這與我們在這裡討論了很長一段時間的長期道路確實沒有什麼不同。

It's just one step in the way.

這只是其中的一步。

I'm sorry, you had a question relative to Vans, and I didn't -- can you repeat that?

抱歉，您有一個有關 Vans 的問題，而我沒有——您能再說一遍嗎？

Sure.

當然。

I wondered, there's a lot of concern about the momentum of Vans and the changing.

我想知道，人們對 Vans 的勢頭和變化有很多擔憂。

Is the Vans -- I don't know if it's weakness or perceived slowdown based on questions.

Vans 是——我不知道這是弱點還是基於問題的感知放緩。

Is this -- is Vans more of a supply issue right now where you're making sure it's very, very clean so business really can't sort of get ahead of itself?

這是——Vans 現在更多的是一個供應問題嗎？

So it's not a demand-driven issue, it's much more of a supply-driven issue?

所以這不是一個需求驅動的問題，而是供給驅動的問題？

Or is there something else there relative to the momentum of the brand?

或者有其他與品牌動能相關的因素嗎？

Yes.

是的。

Well, you guys have talked about weakness.

好吧，你們已經談到弱點了。

We never have.

我們從來沒有。

We...

我們...

No.

不。

I understand that.

我明白那個。

But people keep...

但人們一直...

Yes.

是的。

I understand.

我明白。

I just couldn't help it.

我就是忍不住。

But anyway, the -- I mean, demand is there, come on.

但無論如何，我的意思是，需求是存在的，來吧。

The engagement of our consumers around Vans has been consistent.

我們的消費者對 Vans 的參與度始終如一。

And some of the things that get commented on -- remember our plan here, which we've talked about now consistently, right?

還有一些受到評論的事情 - 還記得我們在這裡的計劃，我們現在一直在討論這個計劃，對吧？

We said we were a bit toned down early on, and we changed our marketing talent that -- what we call Project Pivot.

我們說我們一開始有點低調，我們改變了我們的行銷人才——我們稱之為「Project Pivot」。

And we moved away from some of the more transactional-related communications and bottom-of-the-funnel activations when people were going through a lot personally in their life and focused more on deep engagement with our consumers as opposed to transaction.

當人們在生活中經歷許多個人經歷時，我們放棄了一些與交易相關的溝通和漏斗底部的激活，並更多地關注與消費者的深度互動，而不是交易。

As time has gone on, we're changing that cadence both in terms of the raw amount of investment and also the tone and execution of that investment.

隨著時間的推移，我們正在改變這種節奏，包括原始投資金額以及投資的基調和執行。

So if you think -- look at things like surge in interest, of course that's going to be impacted by those actions in the short term.

因此，如果你認為——看看興趣激增之類的事情，當然會在短期內受到這些行動的影響。

But over time, we're seeing those investments increase, and you're going to see that continue to build.

但隨著時間的推移，我們看到這些投資在增加，而且你會看到投資繼續增加。

Underneath all that, we've seen consistent demand for the brand.

在這一切的背後，我們看到了對品牌的持續需求。

I'll just point you back, Sam, to digital up 50%, 70% up in the first half, China leading the way.

Sam，我只想提醒你，上半年數字成長了 50%、70%，其中中國領先。

I mean from our standpoint, this has played out largely as we expected and actually even a little bit better based on some of the demand moving to the left.

我的意思是，從我們的角度來看，這基本上符合我們的預期，而且實際上，基於一些需求向左移動，情況甚至更好一些。

That doesn't happen just because of supply.

這不僅是因為供應而發生。

That happens because of interest, right, and engagement with the brand.

這是因為興趣、權利和對品牌的參與。

So I guess what I would say is this is playing out largely as we had anticipated and, if anything, maybe slightly better.

所以我想我想說的是，事情的發展很大程度上正如我們預期的那樣，如果有的話，也許會稍微好一點。

I don't know, Steve, if there's any color you would add there, but...

我不知道，史蒂夫，你是否會在那裡添加任何顏色，但是...

Maybe on a couple of these, Sam, just to kind of build on Vans.

Sam，也許是在 Vans 的基礎上打造其中的幾款。

We have spoken about the impact that Vans has seen due to their outsized exposure to California and the store openings.

我們已經談到了 Vans 由於其在加州的巨大曝光度和新店開業而受到的影響。

That's the mix and the concentration of stores for Vans in the U.S. is unique for them and certainly we've had to navigate that.

這就是 Vans 在美國的商店組合和集中度，這對他們來說是獨一無二的，當然我們必須應對這一點。

And there were some supply delays, some due to how we quickly moved our inventory but also the impact that the pandemic had on our suppliers, who we've worked very closely with to assure their people were as safe and cared for as our own.

供應出現了一些延誤，部分原因是我們快速轉移庫存的方式，還有疫情對我們供應商的影響，我們與供應商密切合作，以確保他們的員工像我們自己的員工一樣安全和受到照顧。

But as we move through the pandemic here, we are seeing really good improvements.

但當我們度過這場大流行病時，我們看到了非常好的改善。

And we have great momentum with this brand.

我們對這個品牌的發展勢頭強勁。

I mean we're -- first half, digital growth up 70%, the Vans Family membership program continuing to grow and the ability for this team to create compelling content and continue to drive those really compelling drops.

我的意思是，上半年，數字增長了 70%，Vans Family 會員計劃持續增長，該團隊有能力創造引人注目的內容並繼續推動那些真正引人注目的下降。

Continue to feel very confident about Vans and our opportunity.

繼續對 Vans 和我們的機會充滿信心。

On the DR Timberland question, Sam, just a quick add here.

關於 DR Timberland 的問題，Sam，在此快速補充一下。

As part of our portfolio transformation as we -- KTB has -- standing up as their own public entity, the divestiture of our Occupational Workwear business, we have looked to transform that internal manufacturing footprint that we have historically maintained.

作為我們產品組合轉型的一部分，我們（KTB）作為自己的公共實體，剝離了我們的職業工作服業務，我們希望改變我們歷來維持的內部製造足跡。

I think the good news here as we do that is that internal talent that drives -- has driven those capabilities over the years will maintain their presence with us.

我認為，我們這樣做的好消息是，多年來推動這些能力的內部人才將繼續留在我們身邊。

And we've talked a lot about our third way manufacturing footprint and how we partner with our manufacturing partners across the globe.

我們已經談論了很多關於我們的第三種製造方式以及我們如何與全球製造合作夥伴合作。

That knowledge base and skill stays.

該知識庫和技能仍然存在。

But as Timberland grows, we will have a -- we'll continue to differentiate the product offer.

但隨著 Timberland 的發展，我們將繼續提供差異化的產品。

And the type of manufacturing, the type of skills required to produce these new styles is evolving, and that's what's giving us confidence as we transform our portfolio.

製造類型、生產這些新款式所需的技能類型正在不斷發展，這讓我們在轉變產品組合時充滿信心。

The need and ability to transform our supply footprint and the partners that we work with will continue to evolve.

改變我們的供應足跡和合作夥伴的需求和能力將持續發展。

So it's really a key part of our transformation.

所以這確實是我們轉型的關鍵部分。

If I just had one more thing.

如果我還有一件事就好了。

On the gross what, what -- if everything's clean and you were down 100 basis points in your gross margin in the fourth quarter of last year, why wouldn't the fourth quarter look more like, let's say, '19 -- sorry, yes, fiscal '19 levels rather than last year's level?

就毛利率而言，如果一切都很乾淨，去年第四季度的毛利率下降了 100 個基點，為什麼第四季度看起來不會更像，讓我們說，'19 - 抱歉，是的，是19財年的水平而不是去年的水平嗎？

Well, we've given you shaping, Sam.

好吧，我們已經幫你塑造了，山姆。

And while we have more visibility, we don't have perfect visibility.

雖然我們有更多的可見性，但我們並沒有完美的可見性。

So could it be better?

那麼可以更好嗎？

Maybe.

或許。

There's still a lot of moving parts.

仍然有很多活動部件。

We've got a lot of D2C that needs to happen in the second half.

我們有很多 D2C 需要在下半場進行。

And so I think you can assume that what we see today based on the trends and everything we know is what we're confident in.

所以我認為你可以假設我們今天所看到的基於趨勢和我們所知道的一切都是我們有信心的。

And that -- could it be better?

那——還能更好嗎？

Yes.

是的。

I mean could there be some negative things that happen that we can't see?

我的意思是，是否會發生一些我們看不到的負面事情？

That's possible, too.

這也是有可能的。

So that's why we ended where we did.

這就是為什麼我們結束了我們所做的事情。

Our final question today is coming from Laurent Vasilescu from Exane BNP Paribas.

我們今天的最後一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Steve, Scott, I was hoping to understand the cadence of North America versus EMEA.

史蒂夫、史考特，我希望能了解北美與歐洲、中東和非洲的節奏。

They both declined at the same rate year-over-year.

它們均以相同的速度同比下降。

How do we think about the cadence for the third quarter?

我們如何看待第三季的節奏？

I know you're not giving us the top level -- top line overall guidance for the third quarter, but should they be moving in tandem again?

我知道您沒有向我們提供第三季的最高水準整體指導，但它們是否應該再次同步發展？

And any thoughts on how Europe is playing out especially since there is some lockdown measures put in place with some countries out there?

對於歐洲的情況有何想法，尤其是在一些國家採取了一些封鎖措施的情況下？

Yes.

是的。

Maybe -- I guess the only thing I would say here is that we have generally seen Europe from a recovery standpoint slightly ahead of North America.

也許——我想我在這裡唯一要說的是，我們總體上從復甦的角度看到歐洲略領先北美。

That's notwithstanding what may happen, to the point -- the last point that you just said, Laurent.

不管可能發生什麼，就你剛才說的最後一點而言，勞倫特。

So we haven't seen a significant impact, but we watch the same news that you do.

所以我們還沒有看到重大影響，但我們看到的新聞和你們看到的一樣。

And I would say this fits in that category of the uncertainty and unknowable.

我想說這符合不確定性和不可知性的類別。

But in general, our Europe business has been a little bit ahead from a recovery standpoint than what we've seen in North America, and that would be what we assume.

但總的來說，從復甦的角度來看，我們的歐洲業務比我們在北美看到的業務要領先一些，這就是我們的假設。

You can see that in the business evolution slide, Page 29 on the deck, that we provided with the announcement and how we see it.

您可以在簡報第 29 頁的業務發展幻燈片中看到我們隨公告提供的內容以及我們的看法。

And that's really about as much color as we can give you right now, Laurent.

這確實是我們現在能為您提供的盡可能多的顏色，勞倫特。

No, that's very helpful.

不，這非常有幫助。

And then maybe on capacity constraints.

然後可能是容量限制。

I think there was a number of brand operators out there who talked about capacity constraints for this peak holiday shopping season.

我認為有很多品牌經營者都談到了這個假日購物旺季的容量限制。

Any thoughts?

有什麼想法嗎？

Is there a limitation for your digital business to grow as -- certainly just because of a higher base?

您的數位業務的成長是否有限制——當然只是因為基數較高？

Are you using 3PL?

您使用 3PL 嗎？

Any thoughts on that would be helpful as we think about DTC versus wholesale for the third quarter.

當我們考慮第三季的 DTC 與批發時，對此的任何想法都會有所幫助。

You want me to start that, Steve, or...

你想讓我開始，史蒂夫，或者…

Go ahead, Scott.

來吧，斯科特。

Yes.

是的。

Yes.

是的。

So we've -- to the best of our ability, we've prepared in light of whatever COVID restrictions we have, and we have looked at whether it be off-site storage and just different things that our supply chain has looked at looking at peak volumes.

因此，我們已經盡我們最大的能力，根據我們所擁有的任何新冠病毒限製做好了準備，我們已經研究了是否是場外存儲以及我們的供應鏈所考慮的不同事情。

And to the best of our ability and knowledge to see it, we think we're prepared.

盡我們最大的能力和知識來看，我們認為我們已經準備好了。

The -- that being said, it's an environment where things can change.

話雖這麼說，這是一個事情可以改變的環境。

And if you should have an outbreak or whatever, that we're people first.

如果爆發疫情或發生其他什麼情況，我們以人為本。

So we're not going to take any chances, and we would react to that in the event that it would happen.

所以我們不會冒險，如果發生的話我們會做出反應。

So without any unforeseen circumstances occurring, we think we're well prepared, Laurent, for the peak, and we think we'll be able to meet those objectives.

因此，如果沒有發生任何不可預見的情況，勞倫特，我們認為我們已經為高峰做好了充分準備，並且我們認為我們將能夠實現這些目標。

Now I will say this, too.

現在我也來說說這個。

Service levels aren't great in every aspect because of really things that have already happened.

由於已經發生的事情，服務水平並不是在每個方面都很好。

Our supply chain is largely back in business and operating today, but that doesn't mean that things that happened 4, 6, 8 weeks ago aren't impacting us now.

今天，我們的供應鏈已基本恢復正常運營，但這並不意味著 4、6、8 週前發生的事情現在不會對我們產生影響。

They are, right, in terms of new product deliveries being a little late, certain things that are not at the levels of stock that we would want to see.

是的，就新產品交付有點晚而言，某些事情沒有達到我們希望看到的庫存水準。

Those -- it's getting better every day.

那些——每天都在變得更好。

Again, largely, we're paying the sins of the past.

再次強調，我們正在為過去的罪付出代價。

In other words, we're back up and running today.

換句話說，我們今天已恢復正常運作。

So we're not creating new problems, we're getting out of the issues that are in the past.

因此，我們不是在製造新問題，而是在擺脫過去的問題。

But it would be wrong to give you the picture that this is normal because it's not normal.

但因為它不正常，所以給你這樣的圖片是正常的，這是錯誤的。

It's just getting better and we have better and better visibility to when those get-well dates are and how that whole supply-demand match is setting up.

情況正在變得越來越好，我們越來越清楚地了解這些康復日期是什麼時候以及整個供需匹配是如何建立的。

So with everything we can see, just to reiterate it, we've got the capacity lined up.

因此，就我們所看到的一切而言，重申一下，我們已經做好了產能準備。

We've got DC, last mile, all those things, and we believe we're prepared for this peak.

我們擁有華盛頓特區、最後一英里以及所有這些東西，我們相信我們已經為這個高峰做好了準備。

We reached the end of our question-and-answer session.

我們的問答環節結束了。

I'd like to turn the floor back over to Steve for any further or closing comments.

我想將發言權交還給史蒂夫，以徵求進一步或結束評論的意見。

Great.

偉大的。

Thank you, and thank you, everybody, for joining us this morning.

謝謝大家，謝謝大家今天早上加入我們。

I hope you're walking away with a sense of just how happy, how comfortable we are with the stabilization and early recovery that we're beginning to see across VF.

我希望您在離開時能夠感受到我們對 VF 開始看到的穩定和早期恢復感到多麼高興和舒適。

As we enter the next, I think you see us leaning in, investing behind marketing, continuing to invest behind our transformation, the confidence that we had -- our Board had to increase our dividend coming out of this quarter.

當我們進入下一個季度時，我認為您會看到我們在行銷方面進行投資，在我們的轉型方面繼續進行投資，我們有信心——我們的董事會必須增加本季度的股息。

There's many proof points that are giving us confidence as we begin to enter the next.

當我們開始進入下一個階段時，有許多證據給我們信心。

We're early.

我們還早呢

And though we are seeing signs of improvement, we will remain cautious.

儘管我們看到了改善的跡象，但我們仍將保持謹慎。

We remain agile and adaptable and really drive against those opportunities that we see coming here in the future.

我們保持敏捷性和適應性，並真正抓住我們看到的未來​​機會。

We are positioned extremely well in those parts of the markets that are growing with a very unique and differentiated portfolio supported by strong enterprise functions and regions with very specific skills that enable the success of our brands.

我們在那些不斷成長的市場中佔據了非常有利的地位，這些市場擁有非常獨特和差異化的產品組合，並得到強大的企業職能和具有非常具體技能的地區的支持，從而使我們的品牌取得了成功。

And we look forward to continuing to talk to you here in the coming quarters and wish you all a great day and stay safe.

我們期待在接下來的幾個季度繼續與您交談，並祝您度過美好的一天並保持安全。

Thank you.

謝謝。

That does conclude today's teleconference.

今天的電話會議到此結束。

You may disconnect your line at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。