威富公司 (VFC) 2021 Q1 法說會逐字稿

Greetings, and welcome to VF Corporation's First Quarter Fiscal 2021 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 VF Corporation 2021 財年第一季電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Joe Alkire, Vice President of Investor Relations.

現在，我想將會議交給主持人、投資者關係副總裁喬·阿爾凱爾 (Joe Alkire)。

Good morning, and welcome to VF Corporation's first quarter fiscal 2021 conference call.

早上好，歡迎參加 VF Corporation 2021 財年第一季電話會議。

Participants on today's call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC.

參加今天電話會議的參與者將發表前瞻性陳述。這些聲明是基於目前預期，並受不確定因素的影響，可能導致實際結果有重大差異。這些不確定性在定期提交給美國證券交易委員會的文件中詳細說明。

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

除非另有說明，今天電話會議上提到的金額將以調整後的固定美元基礎計算，我們在今天早上發布的新聞稿中對此進行了定義。我們在討論中使用調整後的不變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。您也可能會聽到我們提及符合美國公認會計準則的報告金額。新聞稿中的補充財務表可以找到 GAAP 指標與調整後金額的對帳表，其中識別和量化了所有排除的項目，並提供了管理層對這些資訊對投資者有用之處的看法。

During the fourth quarter of 2020, the company determined that the Occupational Workwear business met the held-for-sale and discontinued operations accounting criteria. 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. Unless otherwise noted, results presented on today's call are based on continuing operations.

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。因此，本公司已將職業工作服業務的相關資產和負債於上述日期報告於終止經營中，並將該業務的經營成果納入所有報告期間的終止經營中。除非另有說明，今天電話會議上呈現的結果均基於持續經營。

Joining me on today's call will be VFC Chairman, President and Chief Executive Officer, Steve Rendle; and Chief Financial Officer, Scott Roe. Following our prepared remarks, we'll open the call for questions.

參加今天電話會議的還有 VFC 董事長、總裁兼執行長史蒂夫·倫德爾 (Steve Rendle)；和財務長 Scott Roe。在我們準備好發言之後，我們將開始提問。

Steve?

史蒂夫？

Thank you, Joe, and welcome, everyone. I hope my comments this morning find you and your loved ones healthy and safe. And please bear with us again as, today, we will be conducting this call from separate locations.

謝謝喬，歡迎大家。我希望我今天早上的評論能讓您和您的親人健康平安。請再次耐心等待，因為今天我們將在不同的地點進行此通話。

I'd like to begin by taking a moment and sharing some thoughts on recent events and outrage over the issues of racial injustice and systemic discrimination that have gripped our nation. Racism and discrimination are not welcome at VF Corporation. We are a purpose-led, diverse and inclusive company, much like the consumers of our brands. VF and our brands have been championing equity, equality and belonging for a long time, whether that's through a specific support for initiatives and organizations from our individual brands or supporting dozens of minority-led and focused organizations through the VF Foundation, along with other forms of corporate support.

首先，我想花點時間分享我對最近發生的事件的看法，以及對困擾我們國家的種族不公和系統性歧視問題的憤怒。VF 公司不歡迎種族主義和歧視。我們是一家目標明確、多元化、包容性的公司，就像我們品牌的消費者一樣。VF 和我們的品牌長期以來一直倡導公平、平等和歸屬感，無論是透過對我們各個品牌的倡議和組織的特定支持，還是透過 VF 基金會支持數十個由少數族裔領導和關注的組織，以及其他形式的企業支持。

This isn't new territory for us, and our actions are woven into a culture that has been built over 100 years. We, at VF, will continue to do what's right and lead by example through not just words, but actions. As always, we remain absolutely committed to ensuring that our company is one where everyone feels welcome, supported and inspired to be exactly who they are.

這對我們來說並不是新領域，我們的行動已融入一百多年來建立的文化中。在 VF，我們將繼續做正確的事情，不僅透過言語，而且透過行動樹立榜樣。像往常一樣，我們始終致力於確保我們的公司成為一個讓每個人都感到受歡迎、受到支持和激勵的公司。

Before providing an update on the current environment and how VF is navigating the unique challenges and business disruptions presented by COVID-19 and recent protests across the globe, I want to again express my deep gratitude for the way our management team and associates around the world have come together and responded to these crises. Our teams have moved with speed, agility, determination and focus, and I'm humbled to have the opportunity to lead VF during this time.

在介紹當前環境以及 VF 如何應對 COVID-19 和最近全球抗議活動帶來的獨特挑戰和業務中斷之前，我想再次對我們的管理團隊和全球同事團結一致應對這些危機的方式表示深深的感謝。我們的團隊發展迅速、靈活、堅定且專注，我很榮幸有機會在這段時間領導 VF。

We have prepared ourselves well for times such as these. VF is built for this. Our strong brands, coupled with our purpose-led, people-first approach and our financial and supply chain disciplines and our fortress balance sheet allow us to weather any storm. I'm confident that VF will emerge in a position of strength, fueled by the clarity of our strategy and our portfolio and business model transformation, which will position us to thrive and deliver accelerated growth and value creation in the years ahead.

我們已經為這樣的時刻做好了充分的準備。VF 就是為此而建構的。我們強大的品牌，加上我們以目標為導向、以人為本的方法、我們的財務和供應鏈紀律以及我們堅固的資產負債表，使我們能夠抵禦任何風暴。我相信，在我們清晰的策略、產品組合和商業模式轉型的推動下，VF 將佔據優勢地位，這將使我們在未來幾年蓬勃發展，實現加速成長和價值創造。

And now turning to our business. Our first quarter results were better than expected, led by our international and digital platforms. Scott will go through the details in a moment. Through the end of June, with the majority of our stores reopened, we saw encouraging signals as consumer spending in core outdoor, active and athletic categories was resilient. Our business fundamentals continue to improve throughout the quarter, with particular strength in our digital business growing 81% and our China business returning to growth one quarter earlier than our expectations. This improving trend has continued in July, despite some store reclosures in some parts of the U.S.

現在來談談我們的業務。我們的第一季業績優於預期，這得益於我們的國際和數位平台。斯科特稍後會詳細介紹。截至 6 月底，隨著我們的大多數門市重新開業，我們看到了令人鼓舞的信號，因為核心戶外、活躍和運動類別的消費者支出表現出彈性。整個季度，我們的業務基本面持續改善，其中數位業務表現尤為強勁，成長了 81%，中國業務恢復成長的時間也比我們的預期提前一個季度。儘管美國部分地區有一些商店重新關閉，但 7 月這一改善趨勢仍得以延續。

We're in the midst of an unprecedented change across the retail landscape, and consumer trends and behaviors are evolving faster than ever before. Participation in outdoor activities and consumer interest in outdoor exploration is increasing. Health and wellness and the pursuit of a more active lifestyle is accelerating. Casualization is a trend likely to be a mainstay in post-COVID world. There's an elevated focus on environmental sustainability that will lead to a greater commitment to combating global climate change. And there are growing expectations for purpose-driven actions from brands to care for their local communities and address issues relevant to their consumers.

我們正處於零售業格局前所未有的變革之中，消費者趨勢和行為的變化速度比以往任何時候都快。戶外活動的參與度和消費者對戶外探險的興趣日益增加。人們對於健康和保健以及更積極的生活方式的追求正在加速。臨時工化很可能成為後疫情時代的主流趨勢。人們更加關注環境永續性，這將促使人們更加致力於應對全球氣候變遷。人們越來越期望品牌採取有針對性的行動，關心當地社區並解決與消費者相關的問題。

But these changes didn't start because of COVID. These trends were core underpinnings of the strategy we laid out in 2017 and updated last fall in Beaver Creek, and these trends have influenced our portfolio decisions over the past several years and continue to guide our acquisition agenda. However, there is no doubt that recent events will serve to accelerate these consumer behaviors, leading to a dramatic reorganization of the marketplace.

但這些變化並不是因為 COVID 而開始的。這些趨勢是我們在 2017 年制定並於去年秋天在 Beaver Creek 更新的策略的核心基礎，這些趨勢影響了我們過去幾年的投資組合決策，並繼續指導我們的收購議程。然而，毫無疑問，最近發生的事件將加速這些消費者行為，導致市場發生重大重組。

Here's the good news. We believe the set of actions we laid out a few years ago have helped to reset the VF Foundation to capitalize on these new realities. We believe the portfolio we have today sits at the epicenter of the trends just outlined and is poised to capitalize on these shifts, and our brands are uniquely positioned to not only benefit from these changes in consumer value systems, but have the opportunity to drive and influence them.

這是好消息。我們相信，我們幾年前製定的一系列行動有助於重塑 VF 基金會，以利用這些新現實。我們相信，我們今天擁有的產品組合正處於剛剛概述的趨勢的中心，並且準備利用這些轉變，而我們的品牌具有獨特的優勢，不僅可以從消費者價值體系的這些變化中受益，而且有機會推動和影響這些變化。

While the COVID-19 pandemic has presented unprecedented challenges and disruption to our business, it has also presented us with the opportunity to accelerate key elements of our strategy and business and operating model transformation, and at this point, I'd like to highlight just a few.

雖然新冠肺炎疫情為我們的業務帶來了前所未有的挑戰和擾亂，但它也為我們提供了加速策略和業務及營運模式轉型關鍵要素的機會，在此，我只想強調幾點。

Beginning with our distort to Asia strategy, the Asia Pacific region and, more specifically, China, has been the lead market in the COVID-19 pandemic, and we've applied many of our learnings from China across the globe. Our business in Mainland China is strong and recovering sharply since February, with growth of 9% in the first quarter. We expect our business in Mainland China to accelerate in the mid-teens in the second quarter and achieve more than 20% growth for the full year, essentially performing in line with the growth target we presented in Beaver Creek. Highlights from China for the quarter include the opening of more than 160 partner doors, led by Vans and Dickies in the face of a challenging and uncertain retail environment, reflecting the confidence our partners have and the enduring strength of our brands. More than 35% digital growth versus low single-digit growth for all apparel and footwear categories.

從我們的亞洲策略開始，亞太地區，更具體地說是中國，一直是 COVID-19 疫情的主要市場，我們已將在中國學到的許多經驗應用到全球各地。我們在中國大陸的業務表現強勁，自2月以來急劇復甦，第一季成長了9％。我們預計，中國大陸的業務將在第二季加速成長，全年實現 20% 以上的成長，基本上與我們在 Beaver Creek 提出的成長目標一致。本季中國區的亮點包括，面對充滿挑戰和不確定性的零售環境，我們以 Vans 和 Dickies 為首，開設了 160 多家合作夥伴門市，這反映了我們合作夥伴的信心以及我們品牌的持久實力。數位化成長超過 35%，而所有服裝和鞋類類別的成長率僅為個位數。

The acquisition of 8 million new consumers who are now interacting with VF brands on Tmall and the introduction of a new growth platform in pilot with Alibaba and Tencent, providing VF brands' access to millions of new consumers, in addition to ongoing data and analytics support.

獲得了 800 萬新消費者，他們目前正在天貓上與 VF 品牌互動，並與阿里巴巴和騰訊合作試點新的成長平台，為 VF 品牌提供接觸數百萬新消費者的機會，並提供持續的數據和分析支援。

Moving to digital and our hyper-digital business model transformation. Our global digital business increased more than 80% in the first quarter led by 115% growth in the Americas region and nearly 90% growth across our big 4 brands. As a result of this strong performance, we expect growth in digital of more than 40% for the year and, coupled with our pure-play digital wholesale business, we expect our digital penetration to be more than 25% of fiscal '21 revenue.

走向數位化以及我們的超數位商業模式轉型。我們第一季的全球數位業務成長了 80% 以上，其中美洲地區成長了 115%，四大品牌的成長接近 90%。由於業績表現強勁，我們預計今年數位業務的成長將超過 40%，再加上我們的純數位批發業務，我們預計數位業務滲透率將達到 21 財年收入的 25% 以上。

Within digital, our consumer-centric strategy recognizes that transactional activity is only one measure of success. We are increasingly focused on engagement metrics, consumer capture and consumer lifetime value. Highlights from our digital for the quarter include: buy online, pickup in store and ship from store capabilities have fully launched in the vast majority of our stores in the U.S. The North Face will launch BOPUS and ship-from-store in EMEA in August. And BOPUS and ship-from-store for Timberland in the U.S. and the EMEA is underway. Curb-side functionality is being piloted in both the Americas and EMEA. We activated the deferred payment option in our U.S. retail locations. We achieved more than 30% growth with Zalando and Asos, 2 of our largest digital wholesale partners globally.

在數位領域，我們以消費者為中心的策略認識到交易活動只是衡量成功的標準之一。我們越來越關注參與度指標、消費者吸引和消費者生命週期價值。本季我們數位業務的亮點包括：線上購買、店內取貨和店內出貨功能已在美國絕大多數商店全面推出。 The North Face 將於 8 月在歐洲、中東和非洲地區推出 BOPUS 和店內出貨服務。此外，Timberland 在美國和 EMEA 地區的 BOPUS 和店內出貨服務正在進行中。路邊停車功能正在美洲和歐洲、中東和非洲地區試行。我們在美國零售店啟動了延期付款選項。我們與全球最大的兩家數位批發合作夥伴 Zalando 和 Asos 實現了 30% 以上的成長。

We experienced double-digit growth in Vans app downloads versus last quarter. The Vans Family loyalty program surpassed 12 million members. We've seen loyalty translate into higher purchase frequency and higher average order value, resulting in 35% greater spend from Vans Family loyalty members relative to nonmembers.

與上一季相比，Vans 應用程式下載量實現了兩位數成長。Vans Family 忠誠度計畫會員數已超過 1,200 萬。我們發現忠誠度轉化為更高的購買頻率和更高的平均訂單價值，導致 Vans Family 忠誠會員的支出比非會員高出 35%。

Digital engagement accelerated for The North Face as well. Social channel growth exploded during the quarter, roughly doubling the total number of social followers. All key engagement measures were up 20% to 30% driven by our athlete storytelling series, summer base camp program, AllTrails partnership and the strong support for the brand's COVID-19 and Black Lives Matter response. New customer acquisition increased 275%, strongly supported by the health care first responder initiative. The North Face loyalty program increased more than 20%, and we saw significant increases in brand awareness from the key 18- to 35-year-old demographic, and our customer penetration migrated toward a younger female consumer.

The North Face 的數位參與度也得到了提升。本季度，社群管道呈現爆炸性成長，社群追蹤者的總數大約增加了一倍。在我們的運動員故事系列、夏季大本營計劃、AllTrails 合作夥伴關係以及對品牌對 COVID-19 和 Black Lives Matter 響應的大力支持的推動下，所有關鍵參與度措施均上漲了 20% 至 30%。在醫療急救人員計畫的大力支持下，新客戶獲取量增加了 275%。The North Face 的忠誠度計畫成長了 20% 以上，我們發現 18 至 35 歲主要消費群體的品牌知名度顯著提高，而且我們的客戶滲透率正在向更年輕的女性消費者轉移。

We are clearly encouraged by the trends in our digital business and the early results we are seeing from recent investments, but I want to stress that we are early in our digital journey. VF has a massive opportunity to invest and extend our digital advantage. On our last call, we highlighted that 90% of the strategic investments in this year's plan were focused on our digital transformation. Digitalization applies across all aspects of consumers' lives, not just how they shop, but how they engage with brands.

我們的數位業務趨勢和近期投資的早期成果顯然令我們感到鼓舞，但我想強調的是，我們的數位化之旅才剛開始。VF 擁有巨大的投資機會並擴大我們的數位優勢。在上次電話會議上，我們強調今年計畫中 90% 的策略性投資都集中在數位轉型上。數位化適用於消費者生活的各個層面，不僅包括他們的購物方式，還包括他們與品牌的互動方式。

We have accelerated our thinking and actions around our digital initiatives in response to the current environment. We know that with our powerful brand portfolio, strengthening our digital enterprise capabilities will fuel accelerated, sustainable growth and returns as we emerge from this crisis.

為了應對當前的環境，我們加快了圍繞數位化計劃的思考和行動。我們知道，憑藉我們強大的品牌組合，加強我們的數位企業能力將在我們擺脫這場危機的過程中推動加速、可持續的成長和回報。

I'd like to spend a few minutes and provide a little color on some of our most critical initiatives. We're working on the digitization of our entire value chain, from design and manufacturing through distribution, while developing a 360-degree view of our consumer to support seamless, customized integration across all touch points. This is all developing through the perspective of the consumer journey, which our Chief Digital Officer covered during our Investor Day last fall.

我想花幾分鐘時間簡單介紹一下我們的一些最重要的舉措。我們致力於實現從設計、製造到分銷的整個價值鏈的數位化，同時開發對消費者的360度視角，以支援跨所有接觸點的無縫、客製化整合。這一切都是從消費者旅程的視角來發展的，我們的首席數位長在去年秋天的投資者日期間談到了這一點。

We are increasingly leveraging product and consumer data as a differentiator, using our analytics engine to create more individualized experiences, engaging consumers, while providing product development insights. Demand chain analytics investment across our platform will allow our brands to understand what is trending in what channels, with the goal of making our digital marketing more timely, relevant and contextual.

我們越來越多地利用產品和消費者數據作為差異化因素，使用我們的分析引擎來創造更個人化的體驗，吸引消費者，同時提供產品開發見解。我們平台上的需求鏈分析投資將使我們的品牌了解哪些管道中存在哪些趨勢，目的是使我們的數位行銷更加及時、相關且更具情境性。

We're working toward more focused product lines, using our consumer understanding to work with greater agility to simplify and streamline a more frequent flow of consumer-relevant products.

我們致力於打造更專注的產品線，利用我們對消費者的了解，更靈活地簡化和優化與消費者相關的產品的更頻繁的流動。

We continue to elevate the future role of the store, focused on creating authentic brand experiences, injecting energy and providing a platform for new product stories, while offering the omnichannel capabilities, which are increasingly becoming table stakes at retail.

我們將繼續提升商店的未來角色，專注於創造真實的品牌體驗，為新產品故事注入活力並提供平台，同時提供全通路功能，這些功能正日益成為零售業的必備條件。

These are important initiatives that have the potential to drive a step function change in our digital transformation. I look forward to sharing additional details in the months ahead.

這些都是重要的舉措，有可能推動我們的數位轉型發生重大變化。我期待在未來幾個月分享更多細節。

Lastly, as you may have seen, Barron's and Calvert Research and Management reranked their annual list of the 100 most sustainable companies, placing a greater weighting on social responsibility actions, including those in response to COVID-19. This reranking led VF from a commendable number 21 on the original 2020 list to being named #1 overall. This recognition is an honor that gives us great pride, and it further cements our position as a company that sets high standards and leads by example, not to win awards, but because it's the right thing to do.

最後，正如您可能已經看到的，《巴倫周刊》和卡爾弗特研究與管理公司重新排名了他們年度最具可持續性 100 家公司榜單，更加重視社會責任行動，包括應對 COVID-19 的行動。此次重新排名使 VF 從 2020 年原始榜單上值得稱讚的第 21 位升至總體排名第一。這項認可讓我們深感自豪，也進一步鞏固了我們作為一家樹立高標準、以身作則的公司的地位，我們不是為了贏得獎項，而是因為這是正確的做法。

To close, while much has changed since our 2017 Investor Day, our long-term strategic vision remains intact, as the key pillars of our long-range growth plan have only been made more urgent by current events. Our brands are well positioned in a large and growing outdoor, active and athletic markets, and the consumer trend serving as the basis of our strategy have only accelerated in the current environment.

最後，雖然自 2017 年投資者日以來發生了許多變化，但我們的長期策略願景仍然保持不變，因為當前事件使我們長期成長計畫的關鍵支柱變得更加緊迫。我們的品牌在龐大且不斷成長的戶外、活躍和運動市場中佔據有利地位，作為我們策略基礎的消費趨勢在當前環境下僅能加速發展。

Looking ahead, I believe that truly purpose-led brands and companies like ours will fare better than others when this situation is over. That's because we make principal decisions based on what's right for people and our planet, whether it's elevating our actions to combat global climate change or having to tear down the structures of systemic racism that target the Black community and other people of color. VF will always lead with purpose and act with integrity. And by continuing to foster a sense of community with our consumers during these trying times, we're positioning VF and our brands for a brighter future, purpose-led and performance-driven. It's in our DNA.

展望未來，我相信，當這種情況結束後，像我們這樣真正有目標的品牌和公司將比其他公司表現得更好。這是因為我們根據人類和地球的利益做出主要決定，無論是提升我們的行動以應對全球氣候變化，還是必須打破針對黑人社區和其他有色人種的系統性種族主義結構。VF 將始終以目標引領、誠信行事。透過在這些艱難時期繼續與消費者培養一種社區意識，我們將 VF 和我們的品牌定位為更光明的未來，以目標為導向、以績效為驅動。它存在於我們的 DNA 中。

And now I'll turn it over to Scott.

現在我將把發言權交給史考特。

Thanks, Steve, and good morning, everyone. I hope you and your families are all healthy and safe.

謝謝，史蒂夫，大家早安。我希望您和您的家人都健康、平安。

The pace of change across the retail landscape and within VF is unlike anything I've seen during my career. Who could have ever imagined a quarter in which VF revenue declined 47%? These are truly unbelievable times, but with great change comes great opportunity, and VF is well positioned to take full advantage of the seismic shifts rippling across apparel, footwear and retail.

零售業領域和 VF 內部的變化速度是我職業生涯中從未見過的。誰能想到 VF 的營收在一個季度內會下降 47%？這確實是令人難以置信的時代，但巨大的變化帶來了巨大的機遇，而 VF 已準備好充分利用服裝、鞋類和零售業的巨大變化。

Before jumping into the details of our first quarter performance, I want to remind you of our approach to these unusual times. We've taken bold actions to protect the enterprise, including securing adequate liquidity in the face of uncertainty, aggressively rightsizing inventory buys and expenses to conserve cash and refocusing our investments and efforts against those brands, channels and regions where we have relative advantage, including digital and China. Collectively, these actions gave us the ability and confidence to put people first and avoid furloughs, to meet all of our obligations, to preserve the dividend and to continue to invest in those capabilities that we believe will put us in an advantaged position upon emergence from this crisis.

在詳細介紹我們第一季的業績之前，我想提醒大家我們應對這些不尋常時期的方法。我們採取了大膽的行動來保護企業，包括在不確定性的情況下確保充足的流動性，積極調整庫存購買和支出以節省現金，並重新將我們的投資和精力集中在我們具有相對優勢的品牌、渠道和地區，包括數位和中國。總的來說，這些行動使我們有能力和信心以人為本、避免休假、履行我們的所有義務、保留紅利並繼續投資於那些我們認為將使我們在擺脫這場危機後處於有利地位的能力。

So let's go a bit deeper to update our progress in a few of these areas, starting with the strength of the balance sheet. Fiscal discipline and balance sheet flexibility are a bedrock of VF's 121-year legacy. VF entered this crisis with a fortress balance sheet and strong liquidity. And as a result of the liquidity and capital structure actions we executed earlier this year, coupled with prudent management of and focus on our expenses, working capital and CapEx investments, we entered the quarter with approximately $2.8 billion of cash and short-term investments, in addition to $2.2 billion remaining under VF's revolving credit facility.

因此，讓我們更深入地了解我們在這些領域的進展，首先從資產負債表的實力開始。財務紀律和資產負債表彈性是 VF 121 年歷史的基石。VF 憑藉穩健的資產負債表和強勁的流動性進入了這場危機。由於我們今年稍早執行的流動性和資本結構行動，加上對我們的費用、營運資本和資本支出投資的審慎管理和關注，我們在本季度開始時擁有約 28 億美元的現金和短期投資，此外 VF 的循環信貸額度下還剩餘 22 億美元。

While our recent actions may ultimately prove conservative, they're a clear testament of VF's balance sheet flexibility and financial strength. The firepower we have provides us with significant flexibility and optionality as we navigate the ongoing disruption caused by the pandemic and to take advantage of the opportunities it presents. It allows us to remain on the offensive and continue to invest in our strategic priorities, while pursuing our acquisition agenda.

雖然我們最近的行動最終可能被證明是保守的，但它們清楚地證明了 VF 的資產負債表靈活性和財務實力。我們擁有的強大火力為我們提供了極大的靈活性和可選性，讓我們能夠應對疫情造成的持續破壞並利用疫情帶來的機會。它使我們能夠保持攻勢，並在執行收購計劃的同時繼續投資於我們的策略重點。

Moving on to supply chain flexibility, inventory management and operational rigor. The sophistication and scale of our global supply chain, coupled with our operational discipline, are hallmarks of VF and a source of competitive advantage, particularly during times of uncertainty and marketplace disruption. As the pandemic began to scale globally, our operational leaders mobilized quickly to thoroughly assess inventory positions and make meaningful reductions in a rigorous and thoughtful demand-supply matching process. Importantly, our inventory was up 2% at the end of the first quarter, which was better than expected due to a combination of higher revenue, timing of receipts and, in some cases, supply delays.

轉向供應鏈彈性、庫存管理和營運嚴謹性。我們全球供應鏈的複雜性和規模，加上我們的營運紀律，是 VF 的標誌和競爭優勢的源泉，尤其是在不確定和市場混亂時期。隨著疫情開始在全球蔓延，我們的營運領導迅速行動起來，徹底評估庫存狀況，並透過嚴格而周到的供需匹配流程大幅削減庫存。重要的是，我們的庫存在第一季末增加了 2％，這好於預期，因為收入增加、收貨時間加快以及在某些情況下供應延遲等因素共同造成了這一結果。

While these supply delays did cost us some revenue in the quarter, most notably in the Vans brand, they don't give us concern on a full year basis and will begin to normalize over the next several months. And remember, we expect our inventory to decline on a year-over-year basis throughout the remainder of the year.

雖然這些供應延遲確實導致我們在本季度損失了一些收入，最明顯的是 Vans 品牌，但從全年來看，這並不會給我們帶來擔憂，並將在未來幾個月內開始恢復正常。請記住，我們預計今年剩餘時間內我們的庫存將同比下降。

While we expect lower inventory levels, we preserved investment in product innovation and newness across our brands. And it's important to remember that our brands have a relatively high percentage of core product. We maintained an active and transparent dialogue with our key partners and strategic suppliers, as we work together on forward purchase commitments and product assortments. We continue to collaborate with key retail partners regarding appropriate levels of future inventory, considering the evolving environment.

雖然我們預期庫存水準會下降，但我們仍保留對各品牌產品創新和新品的投資。需要記住的是，我們的品牌的核心產品比例相對較高。我們與主要合作夥伴和策略供應商保持積極透明的對話，共同製定遠期採購承諾和產品組合。考慮到不斷變化的環境，我們將繼續與主要零售合作夥伴合作，確定適當的未來庫存水準。

Throughout these conversations, our focus is undeniably on the long-term health and sustainability of VF, our brands and our partners. Remember, we've said from the beginning that we're focused on emerging from this year in a healthy position, even at the cost of short-term sales and gross margin. Q1 results are very encouraging and give us confidence that we're well on our way to achieving that objective.

在整個對話過程中，我們無疑關注的是 VF、我們的品牌和合作夥伴的長期健康和永續性。請記住，我們從一開始就說過，我們專注於今年實現健康發展，即使是以短期銷售額​​和毛利率為代價。Q1 的結果非常令人鼓舞，讓我們有信心順利實現這一目標。

Lastly, I'd like to spend a few minutes on our digital performance and the accelerated mix shift we see happening in our business as a result of COVID. VF's D2C digital business grew 81% in the quarter and accounted for 35% of total revenue. The growth in our digital business was broad-based, both geographic region and by brand. By region, digital in the Americas increased 115%, Europe increased 56% and Asia increased almost 40%. By brand, digital increased 89% in Vans, 124% in The North Face, 63% in Timberland and 45% in Dickies.

最後，我想花幾分鐘談談我們的數位表現，以及由於 COVID 的影響，我們的業務中正在發生的加速組合轉變。VF 的 D2C 數位業務本季成長了 81%，佔總營收的 35%。我們的數位業務成長範圍廣泛，既包括地理區域，也包括品牌。按地區劃分，美洲數位業務成長了 115%，歐洲成長了 56%，亞洲成長了近 40%。按品牌劃分，Vans 數位化銷售額成長了 89%，The North Face 成長了 124%，Timberland 成長了 63%，Dickies 成長了 45%。

As Steve highlighted in his opening remarks, we're seeing strong momentum across our digital platform, resulting in deeper engagement. The investments we've been prioritizing in digital over the past several years continue to show strong returns, which give us confidence to continue in our path towards digital transformation.

正如史蒂夫在開幕詞中所強調的那樣，我們看到整個數位平台發展勢頭強勁，從而帶來了更深入的參與。過去幾年來，我們一直優先在數位化領域進行的投資持續獲得強勁回報，這讓我們有信心繼續走在數位轉型的道路上。

Now turning to a summary of our first quarter results. Revenue declined 47% versus the prior year, better than our expectations, driven by our international and digital platforms. Reopening plans were delayed in the Americas relative to our initial expectations. However, once stores opened, our performance was largely better than expected. We saw a steady improvement throughout the quarter in both Europe and Asia, and China returned to positive growth sooner than expected. Although Q1 is our smallest quarter, we're pleased with our execution. Based on the trends we're seeing, we're optimistic, as we move through the remaining summer months and into early fall, but more on that in a moment.

現在來總結一下我們的第一季業績。由於我們的國際和數位平台的推動，收入較上年下降了 47％，但比我們的預期好。與我們最初的預期相比，美洲的重新開放計畫被推遲了。然而，一旦商店開業，我們的業績就大大好於預期。我們看到歐洲和亞洲在本季都出現了穩定改善，中國也比預期更早恢復了正成長。儘管第一季是我們業績最小的季度，但我們對我們的表現感到滿意。根據我們所看到的趨勢，我們感到樂觀，因為我們正在度過剩下的夏季並進入初秋，但稍後我們將對此進行更多討論。

So you may be wondering, in light of a 47% decline in revenue and a step back in reopening plans in certain parts of the globe, why we have confidence in the forward trajectory and underlying fundamentals of our business. So allow me to spend a few minutes on the key performance indicators we are monitoring, which we believe represent the true underlying health of our brands and our business and reflect the large growth opportunity in front of us.

因此，您可能會想，鑑於收入下降了 47% 並且全球某些地區重新開放計劃出現倒退，為什麼我們對業務的未來發展軌跡和基本面充滿信心。因此，請容許我花幾分鐘介紹我們正在監控的關鍵績效指標，我們相信這些指標代表了我們的品牌和業務的真正潛在健康狀況，並反映了我們面前的巨大成長機會。

Consumer spending globally in outdoor, active and athletic categories remains resilient. These markets are large, growing, structurally attractive, and spending in these categories will continue to be positively influenced by consumer trends, such as outdoor participation, health and wellness and casualization. VF owns some of the most powerful brands that participate in these categories, and our portfolio is well positioned to benefit.

全球消費者在戶外、運動和運動類別的支出仍然保持強勁。這些市場規模龐大、不斷成長、結構具有吸引力，而且這些類別的支出將繼續受到戶外參與、健康保健和休閒化等消費趨勢的正面影響。VF 擁有參與這些​​類別的一些最強大的品牌，我們的投資組合非常適合從中受益。

Our business in July continued to sequentially improve, with revenue down less than 25% led by significant improvement at Vans and Dickies. We expect our Dickies brand to return to mid-single-digit growth in the second quarter, and we expect our Vans brand to be down less than 15%. We expect sequential improvement across nearly all brands in our portfolio.

7 月份，我們的業務繼續環比改善，由於 Vans 和 Dickies 的業績大幅改善，收入下降不到 25%。我們預計 Dickies 品牌將在第二季恢復中位數個位數成長，我們預計 Vans 品牌的降幅將低於 15%。我們預計我們投資組合中的幾乎所有品牌都會出現連續的改善。

Greater China increased 3% in the quarter, including 9% in the Mainland, inflecting to growth one quarter sooner than we expected. China has been the lead market in the COVID pandemic, and we view it as a strong leading indicator in terms of overall performance and shape of recovery. We expect mid-teen growth in our Mainland China business in Q2, with more than 20% growth planned for the full year.

大中華區本季成長了 3%，其中大陸成長了 9%，比我們預期的提前一個季度成長。中國一直是新冠疫情中的領先市場，我們認為它是整體表現和復甦形態的強勁領先指標。我們預計第二季中國大陸業務將實現中等程度的成長，全年計劃成長 20% 以上。

Our D2C digital business increased 81% in the first quarter, and we expect more than 40% digital growth for the full year. The performance of our digital platform, along with the investments we're making to continue to drive a more accelerated shift in our digital transformation, are starting to pay off. We are drawing new consumers to our brand franchises and building even stronger connections and affinity with our loyal customers.

我們的D2C數位業務在第一季成長了81％，我們預計全年數位業務成長率將超過40％。我們的數位平台的性能以及我們為繼續推動數位轉型更快轉變而進行的投資開始獲得回報。我們正在吸引新的消費者加入我們的品牌特許經營，並與我們的忠實客戶建立更牢固的聯繫和親和力。

And lastly, I'd like to provide a little color on recent performance and sell-through trends in our largest accounts. Generally, when the wholesale doors were opened, we saw strong demand. For example, in the U.S. wholesale, where doors were opened, Vans' sell-through was up high single digits. Our brand's retail inventories were well positioned. Specifically, The North Face and Timberland inventory levels are in sync with forward revenue projections, while Vans retail inventories are below historical levels. So we're clearly optimistic about the early signs we're seeing in our business.

最後，我想稍微介紹一下我們最大帳戶的近期表現和銷售趨勢。通常，當批發市場開放時，我們就會看到強勁的需求。例如，在美國批發市場，Vans 的銷售量就成長了個位數。我們品牌的零售庫存定位良好。具體來說，The North Face 和 Timberland 的庫存水準與未來收入預測同步，而 Vans 的零售庫存低於歷史水準。因此，我們對業務中看到的早期跡象顯然持樂觀態度。

Now let me give you some color on the state of our business from a geographic standpoint. In the Americas, at the end of June, we were operating with roughly 75% of our own stores open, and our wholesale partners had reopened the majority of their stores. However, the recent rise in COVID cases across certain parts of the U.S. has led to isolated store reclosures. As we sit today, roughly 80% of our own stores are open in the region.

現在讓我從地理角度向您介紹我們的業務狀況。在美洲，截至 6 月底，我們約有 75% 的自有商店已開業，我們的批發合作夥伴也已重新開設了大部分商店。然而，最近美國部分地區新冠病例增加，導致部分商店重新關閉。截至目前，我們大約 80% 的門市都在該地區開業。

Throughout the quarter, we continued to see strong conversion and sequential improvements in traffic trends, although regional inconsistencies and capacity issues brought about by new store safety measures presented some challenges.

在整個季度中，我們繼續看到客流量趨勢的強勁轉換和連續改善，儘管新店安全措施帶來的區域不一致和容量問題帶來了一些挑戰。

In Europe, we've seen a gradual reopening across countries and sequential improvement in the region as the quarter progressed. At the end of June, more than 90% of our stores were open. However, isolated virus outbreaks continue to cause disruption. As we sit today, nearly all of our stores are open. Across Europe, most markets performed above expectations.

在歐洲，隨著本季的發展，我們看到各國逐步重新開放，並且該地區的情況持續改善。截至6月底，我們90%以上的門市已經開業。然而，孤立的病毒爆發繼續造成破壞。截至今天，我們幾乎所有的商店都已開門營業。在整個歐洲，大多數市場的表現都超乎預期。

Our business saw strong digital performance throughout the quarter, including continued momentum from our key digital wholesale partners. We continue to invest behind our digital capabilities and are working closely with key partners, such as Zalando and Asos, to help fuel continued acceleration in Europe.

整個季度，我們的業務都表現出色，其中包括主要數位批發合作夥伴的持續成長勢頭。我們將繼續投資於我們的數位化能力，並與 Zalando 和 Asos 等主要合作夥伴密切合作，以推動我們在歐洲的持續加速發展。

In Asia, consumer confidence and the economic recovery outlook is currently stronger than in the other regions. As of June, all of VF D2C stores had resumed operations across all markets. We've seen a continual gradual recovery in China, Korea grew 30%, while the rest of APAC showed more modest improvement.

在亞洲，消費者信心和經濟復甦前景目前強於其他地區。截至 6 月，VF D2C 門市已在所有市場恢復營業。我們看到中國經濟持續逐步復甦，韓國成長了 30%，而亞太地區其他地區的經濟改善幅度則較為溫和。

So with that as a backdrop in mind, I'd like to cover just a few other components of our first quarter results. Gross margin contracted 220 basis points to 54.1%, which was better than expected, as the positive impact of mix shift was offset by the impacts of a highly promotional marketplace.

因此，考慮到這一背景，我想介紹一下我們第一季業績的其他幾個組成部分。毛利率收縮 220 個基點至 54.1%，優於預期，因為產品組合轉變的正面影響被高度促銷的市場的影響所抵消。

We're pleased with the progress we've made in rightsizing our inventory a little more quickly than we had planned without resorting to excessive discounting. Further, the continued acceleration of our digital transformation will continue to provide favorable structural gross margin mix benefits as we move forward.

我們很高興看到我們在合理調整庫存方面取得了進展，比我們計劃的要快一些，而且沒有採取過度折扣的措施。此外，隨著我們數位轉型的持續加速，我們將在未來繼續提供有利的結構性毛利率組合效益。

Total SG&A declined over 20%, as we managed our investment and discretionary spending in light of the current environment. That said, we continue to preserve and prioritize investments in our strategic priorities, specifically D2C and digital, including digitally focused demand creation, data and analytics and technology, while reexamining every aspect of our structural overhead, in light of the rapidly changing marketplace and our portfolio and business model transformations.

由於我們根據當前環境管理投資和可自由支配的開支，銷售、一般及行政開支總額下降了 20% 以上。儘管如此，我們將繼續保持並優先考慮我們的策略重點，特別是 D2C 和數位領域的投資，包括以數位為重點的需求創造、數據和分析以及技術，同時根據快速變化的市場和我們的投資組合和商業模式轉型，重新審視我們結構性開銷的各個方面。

Turning to capital allocation. While share repurchases remain a key element of our long-term plan and TSR algorithm, our share repurchase program remains frozen for the time being, as we prioritize liquidity, the dividend and M&A optionality over the near term. And speaking of our dividend, it remains an integral part of our ongoing TSR model, and we remain committed to our dividend, of course, subject to Board approval.

轉向資本配置。雖然股票回購仍然是我們長期計劃和 TSR 演算法的關鍵要素，但我們的股票回購計劃暫時保持不變，因為我們優先考慮短期流動性、股息和併購可選性。說到股息，它仍然是我們正在進行的 TSR 模型的一個組成部分，我們仍然致力於派發股息，當然，這需要董事會批准。

Switching now to the divestiture of our Occupational Workwear portfolio, a quick update. Our process remains active and on schedule. We remain in conversations with a large number of interested buyers and remain confident that we'll be in a position to share more specifics over the coming months as the process unfolds.

現在轉到我們職業工作服產品組合的剝離，進行快速更新。我們的進程仍然活躍並且按計劃進行。我們仍在與大量有興趣的買家進行對話，並堅信隨著流程的展開，我們將能夠在未來幾個月內分享更多細節。

Regarding our outlook for the balance of fiscal 2021, while our results for the quarter were better than expected, and we're optimistic about recent trends across the business, we believe it's still too early to provide a formal outlook for the year given the continued uncertainty of the duration and severity of the pandemic. As we've said today, we remain confident in our free cash flow outlook of at least $600 million through a combination of operating earnings, working capital management and lower CapEx. We continue to expect to exit fiscal 2021 with our revolver undrawn and a cash balance of at least $3 billion, resulting in net leverage of less than 3x.

關於我們對 2021 財年餘額的展望，雖然我們本季度的業績好於預期，並且我們對整個業務的近期趨勢感到樂觀，但我們認為，鑑於疫情持續時間和嚴重程度的持續不確定性，現在提供今年的正式展望還為時過早。正如我們今天所說的，我們仍然對透過營業收入、營運資本管理和較低的資本支出相結合的方式實現至少 6 億美元的自由現金流前景充滿信心。我們仍然預計，在 2021 財年結束時，我們的循環信貸尚未動用，現金餘額至少為 30 億美元，使淨槓桿率低於 3 倍。

Remember, the expected proceeds from the sale of the Occupational Work business would provide us with an additional source of cash and liquidity.

請記住，出售職業工作業務的預期收益將為我們提供額外的現金和流動資金來源。

And finally, based on our July performance and current visibility, we expect Q2 revenue to be down less than 25%, which includes the impact of stores that have recently reclosed, primarily in the U.S. market.

最後，根據我們 7 月的業績和目前的狀況，我們預計第二季營收將下降不到 25%，其中包括最近重新關閉的商店的影響，主要是在美國市場。

So to wrap things up, we set out this year with 2 goals: one, to protect the enterprise and manage the now; and two, taking actions and making investments to prepare for the next. And while it's still early, we're seeing positive proof points that give us confidence that we're on the right track.

總而言之，我們今年設定了兩個目標：一是保護企業和管理當前；二是採取行動並進行投資，為下一步做好準備。儘管還處於早期階段，但我們已經看到了積極的證據，讓我們相信我們走在正確的道路上。

With one quarter in the books, we're modestly ahead of our expectation with respect to revenue, earnings, cash and liquidity, and we continue to make investments against our key strategic priorities. The underlying momentum of our brand portfolio and our balance sheet strength give me confidence in our ability to capitalize on growth opportunities, both organically and inorganically, and drive accelerated growth in the near term.

經過一個季度的經營，我們的收入、收益、現金和流動性均略高於我們的預期，並且我們將繼續根據我們的關鍵策略重點進行投資。我們品牌組合的潛在發展動能和資產負債表的實力使我相信我們有能力利用有機和無機成長機會並在短期內推動加速成長。

We will continue to focus on key strategic choices around the transformation to our retail-centric, digitally led enterprise. The combination of all these levers, coupled with the diversified TSR model, will place VF in an advantaged position.

我們將繼續專注於以零售為中心、數位化主導的企業轉型的關鍵策略選擇。所有這些槓桿的結合，再加上多樣化的 TSR 模型，將使 VF 處於有利地位。

And with that, we can now open the line and take your questions.

現在，我們就可以開通熱線並回答您的問題了。

(Operator Instructions) Our first question today is from Laurent Vasilescu of Exane BNP Paribas.

（操作員指示）我們今天的第一個問題來自法國巴黎銀行證券部的 Laurent Vasilescu。

I think you mentioned July was down less than 25%, I think, in line with your 2Q revenue guide. Are you assuming that August and September improve? Or are there any onetime factors that we should consider? Is it like back-to-school? Or is it just some of the reclosures that you've seen in the Americas? Any context on that would be very helpful.

您曾提及 7 月的降幅不到 25%，這與您的第二季營收指南一致。您認為八月和九月的情況會好轉嗎？或有哪些一次性因素值得我們考慮？就像回到學校一樣嗎？或者這只是您在美洲看到的一些重新封閉的情況？任何有關此情況的資訊都會非常有幫助。

Yes. Maybe I'll start there. Yes, so the underlying trend, Laurent, continues to improve sequentially. Remember, we talked about some supply, some inbound delays relative to Vans from a wholesale standpoint in Q1. I mean we're talking about a matter of weeks here. So as that pushed into Q2, that's part of the reason, as we've seen those timing delays have actually now shift in the month of July, and that boosted a little bit. But as we go through the quarter, we continue -- we expect to see continued sequential improvement. By the way, that's true for the balance of the year and not just for the second quarter.

是的。也許我會從那裡開始。是的，所以基本趨勢，Laurent，繼續連續改善。請記住，我們在第一季從批發的角度談論了一些供應和相對於 Vans 的一些到貨延遲。我的意思是我們談論的是幾週的事情。因此，隨著時間推移到第二季度，這就是部分原因，因為我們已經看到這些時間延遲實際上已經在 7 月發生了變化，並且有所增加。但隨著我們度過這個季度，我們預計會看到持續的持續改善。順便說一句，這不僅針對第二季度，而且針對全年都是如此。

Okay. Very helpful. And then, Scott, I think on the gross margin, it's always very helpful to have the slides, that 220 bps adjusted. The rate decline of 430, I think you mentioned it was driven by promotions. How do we think about mix and rate, how they evolved over the coming quarters, especially considering your inventory situation is in pretty good shape?

好的。非常有幫助。然後，斯科特，我認為就毛利率而言，調整 220 個基點的幻燈片總是非常有幫助的。價格下降 430，我想您提到這是由於促銷活動推動的。我們如何看待組合和比率，它們在未來幾季將如何發展，特別是考慮到您的庫存狀況非常好？

And then one small housekeeping question. I saw on the cash flow, you have about $700 million in purchases of short-term investments. Just curious to know the decision factor on that would be very helpful.

然後還有一個小小的問題。我看到現金流顯示，您購買了約 7 億美元的短期投資。只是好奇想知道這個決定因素是否會非常有幫助。

Yes. Got it. So a little bit on the gross margin. What we saw in the quarter and then the evolution. So in Q1, we did -- one of the swing factors is FX. So remember, we talked about FX is going to be a negative as we look at the full year, somewhere around 50 bps or so, 50, 60 bps for the full year. But in the first quarter, given the substantial changes in the business conditions in light of COVID, we had some ineffective hedges, which rolled off, which, actually, because they were in the money, created a positive in Q1. That will reverse through the balance of the year. And in Q2, we'll see that swing the other way from a negative impact from FX.

是的。知道了。毛利率有一點影響。我們在本季看到了什麼以及它的發展。所以在第一季度，我們確實發現其中一個影響因素是外匯。所以請記住，我們討論過外匯將出現負成長，從全年來看，大約在 50 個基點左右，全年為 50、60 個基點。但在第一季度，鑑於新冠疫情導致的商業環境發生了重大變化，我們進行了一些無效的對沖，這些對沖實際上由於是盈利的，為第一季度帶來了正收益。這將透過全年的餘額來扭轉。在第二季度，我們將看到外匯帶來的負面影響向另一個方向轉變。

And then as we think about promotions, those are going to gradually improve as we move through the year. And in fact, as we think about the full year margins in the fourth quarter, we would expect to be nearing flat to growth compared to the prior year. So hopefully, that gives you a little bit of shape of how we expect that to evolve.

然後，當我們考慮促銷時，這些促銷活動將會隨著一年的推移而逐步改善。事實上，當我們考慮第四季度的全年利潤率時，我們預計與上年相比利潤率將接近持平或成長。所以希望這能讓您稍微了解一下我們預期的發展。

As it relates to the short-term investment, these are truly short-term investments. I mean liquidity protection is our #1 goal here. And we've made sure that these are very short-tenured investments, just chasing a little bit more yield. We're not used to having as much cash on the balance sheet, and so trying to get a little bit of return, while not at all giving any concern about short-term cash availability or liquidity. That's all that's about.

就短期投資而言，這些確實是短期投資。我的意思是流動性保護是我們的首要目標。我們確保這些都是短期投資，只追求多一點點的利益。我們不習慣在資產負債表上擁有如此多的現金，因此試圖獲得一點回報，而完全不擔心短期現金的可用性或流動性。這就是全部內容了。

The next question is from Matthew Boss of JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

Steve, maybe on top line progression, what -- I guess, what level of visibility do you have today on the time line that you've laid out for top line stabilization in Europe by the third quarter and North America by the fourth quarter?

史蒂夫，也許在營收進度方面，你對你所製定的第三季歐洲營收穩定、第四季北美營收穩定時間表有什麼預期？

Well, what we can see is certainly our forward wholesale order books. I think we talked last call about the reduction that we saw there, but to Scott's comments, the continued collaborative work that we do with our key wholesale partners. And when doors are open, we've seen really strong sell-through, so the order book visibility we have to the future is what's giving us confidence to call out that progression.

嗯，我們當然可以看到我們的遠期批發訂單簿。我想我們上次討論的是那裡看到的減少量，但對於斯科特的評論，我們繼續與主要批發合作夥伴合作。當門打開時，我們看到了非常強勁的銷售量，因此，我們對未來的訂單可見度讓我們有信心宣布這一進展。

From a D2C standpoint, we're seeing much greater penetration certainly of our digital business. That's harder to call. You don't have forward orders based there, but the confidence that we have there with our digital penetration, our brand's quick shift to engaging consumers and the resulting uptick in sentiment and loyalty that we've seen there driving the results gives us confidence that our digital business will continue to perform at the level that Scott mentioned in his call.

從 D2C 的角度來看，我們看到數位業務的滲透率正在大幅提高。這比較難回答。您在那裡沒有預購訂單，但是我們對我們的數位滲透率、我們品牌向吸引消費者的快速轉變以及由此產生的推動業績的情緒和忠誠度上升充滿信心，這使我們相信我們的數位業務將繼續保持斯科特在電話中提到的水平。

We're calling that it'd be about a 40% growth rate for the full year, which is quite a bit higher than our long-term projection, which you would expect is that's where consumers are able to transact and engage with businesses today. But we also see that when our stores are open, traffic is not at historic levels, but we are seeing really strong engagement, good conversion, and that's built into those projections as well.

我們預計全年成長率將達到 40% 左右，這比我們的長期預測高出不少，因為這正是消費者如今能夠與企業進行交易和互動的水平。但我們也看到，當我們的商店開業時，客流量並沒有達到歷史水平，但我們看到了非常強勁的參與度和良好的轉換率，這也被納入了這些預測中。

Yes, Matt, just to build on that, too. I would just point to the inventory being in good shape as well, right, which gives us -- we talk -- we gave some shape on that in the prepared remarks. But the fact that we've got -- we've made good progress against the retail inventories, getting a good supply-demand match, et cetera, that gives us some confidence as we look forward as well.

是的，馬特，也只是為了在此基礎上再接再厲。我只想指出庫存狀況也很好，對吧，這給我們 - 我們談論 - 我們在準備好的評論中對此進行了某種形式的說明。但事實上，我們在零售庫存方面取得了良好進展，實現了良好的供需匹配等，這也給了我們一些信心。

That's great color. And Scott, maybe to follow up, as you map it out today, when would be best -- or when do you see the consolidated revenue base returning to pre-pandemic levels? I think you were at $10.5 billion or more. Just kind of thinking what would be the rank order of recapture if you mapped it out today between the big 4 brands and getting back to the revenue basis that we had pre-pandemic. Any color there would be really helpful.

顏色真棒。史考特，也許可以跟進一下，正如您今天所規劃的，什麼時候最好——或者您何時認為綜合收入基礎可以恢復到疫情前的水平？我認為你的金額是 105 億美元或更多。只是在想，如果今天將四大品牌之間的收入情況繪製出來，並恢復到疫情之前的收入基礎，那麼重新奪回的排名順序會是怎樣的。任何顏色都會很有用。

Yes. I mean it's a difficult question, Matt, because none of us know the depth and severity or duration of the COVID impacts, what reclosures may or may not look like, et cetera, so I would put that in the unknowable category. But here's the way I think about it and we think about the general trajectory. So we clearly had a rebaselining of our expectations based on all the factors that we know about the closures and the contraction in the business. But as we think about forward growth rates, both from a top and bottom line, there's no reason that we can see that we wouldn't be able to achieve those long-range growth targets. So from the rebaseline's starting point, as you think about those growth rates, it really comes down to the duration and severity of reclosures and other disruptions.

是的。我的意思是，這是一個很難回答的問題，馬特，因為我們都不知道 COVID 影響的深度、嚴重程度或持續時間，也不知道重新封閉可能會是什麼樣子，或者不會是什麼樣子，等等，所以我會把它歸入不可知類別。但這是我對此的看法以及我們對整體軌蹟的看法。因此，我們根據所了解的有關關閉和業務萎縮的所有因素，明確地重新調整了我們的預期。但當我們從營收和利潤兩個角度考慮未來成長率時，我們沒有理由認為我們無法實現這些長期成長目標。因此，從重新基準的起點來看，當您考慮這些成長率時，它實際上取決於重新關閉和其他中斷的持續時間和嚴重程度。

I would just add to that, Matt, just a few things to consider. Vans, China, digital, all those factors are tracking ahead of our long-range plan. If you think about Timberland being a little bit behind, selling Occupational Work, which is positive from a -- makes us a little more growthy from an overall mix standpoint. So there's puts and takes. But as we look at it long term, that growth algorithm, we see no reason why we can't achieve that.

馬特，我只想補充一些需要考慮的事情。Vans、中國、數位化，所有這些因素都在我們的長期計劃之前。如果您認為 Timberland 有點落後，那麼出售職業工作從某種意義上來說是積極的——從整體組合角度來看，這會使我們的成長更加強勁。因此，存在得失。但從長遠來看，這種成長演算法，我們認為沒有理由無法實現這一目標。

The next question is from Sam Poser of Susquehanna.

下一個問題來自 Susquehanna 的 Sam Poser。

This is Will on for Sam. Guys, I just wanted to talk about SG&A. How are we supposed to think about SG&A for 2Q and for the balance of the year? Are we going to see the declines that we saw in 1Q? Can -- if you could put a little shape on that, that would be helpful.

這是威爾代替山姆上場。夥計們，我只是想談談銷售、一般和行政費用 (SG&A)。我們應該如何考慮第二季以及全年餘額的銷售、一般及行政費用？我們會看到第一季的下滑嗎？可以——如果你能對此進行一些調整，那將會很有幫助。

Yes, I guess, I'll take that. So if you look in Q1, if you look at the flow-through using rough numbers about 30%, and so that will give you some sense of how fixed and variable. And also remember, we're continuing to prioritize and invest in our transformation -- our digital transformation and those strategic priorities. We haven't pulled back on that.

是的，我想我會接受。因此，如果您查看 Q1，如果您使用大約 30% 的粗略數字來查看流通量，那麼這將讓您了解固定和可變的情況。還要記住，我們將繼續優先考慮並投資於我們的轉型——我們的數位轉型和那些策略重點。我們還沒有放棄這一點。

As you said, going forward, I guess I'd just take you to Q2. Remember my comments on gross margin. So gross margin is going to be a little less -- or it's going to be slightly down from what we saw in Q1. And as it relates to SG&A, we're sequentially increasing our investments in marketing throughout the year. Kind of makes sense, right? As more consumers, more doors are open, more markets are open and more consumers are there, we're continuing to increasingly lean in from a marketing standpoint and also just the timing of some of the strategic investments that I mentioned that we're prioritizing. So you can think about a flow-through in 2Q of something around 40% overall. So that 30% to 40% in the relevant range, in the current conditions is probably a good way to think about flow through for the balance of the year.

正如你所說，展望未來，我想我會帶你進入第二季。記住我對毛利率的評論。因此毛利率將會略有下降 - 或與第一季相比略有下降。就銷售、一般及行政費用而言，我們全年都在逐步增加對行銷的投資。有點道理，對吧？隨著越來越多的消費者、越來越多的大門打開、越來越多的市場開放以及越來越多的消費者出現，我們將繼續從行銷的角度不斷傾斜，同時也優先考慮我提到的一些策略投資的時機。因此，您可以想像第二季度的流通量總體約為 40%。因此，在當前條件下，相關範圍內的 30% 到 40% 可能是考慮全年餘額流通的好方法。

I would just caveat that to say if we found ourselves in a fundamentally different position, if we had massive reclosures or a considerable macro pullback, then, clearly, there's more variable levers that we can pull. At this point, we've had more of a forward-looking bullish position in terms of investments and maintaining those investments, so that we can emerge from this period in an advantaged position, in a position of strength.

我只是想提出警告，如果我們發現自己處於根本不同的境地，如果我們進行大規模的重新封閉或出現相當大的宏觀回調，那麼顯然，我們可以拉動更多的可變槓桿。此時，我們在投資和維持這些投資方面更加具有前瞻性和看漲立場，以便我們能夠在這段時期中佔據優勢地位和實力。

That's great. That's super helpful. And then -- and just one other thing. I noticed in the Americas, there was a large deceleration of the digital business in June. Is that just because T&F was reopening and dollars are shifting to the physical locations from online? And are you seeing this continue into July? Like what's the dynamic online there?

那太棒了。這非常有幫助。然後——還有另一件事。我注意到在美洲，6月數位業務大幅減速。這僅僅是因為 T&F 重新開業並且資金正在從線上轉移到實體店嗎？您認為這種情況會持續到 7 月嗎？那邊網路上的動態是怎麼樣的？

You want to grab that, Scott?

你想抓住它嗎，史考特？

Yes, sure. Well, again, I always caution us not to get too far ahead in predicting this very dynamic environment. But we -- I think it's a factor of just there's a lot of demand for our brands right now and the engagement. Steve mentioned in our last call to pivot and some of the upping our game in terms of digital engagement and how that is impacting all of our touch points from a retail standpoint, I don't think there's one reason that we see that acceleration. I think it's many factors to calling...

是的，當然。好吧，我再次提醒我們，不要對這個非常動態的環境預測得太遠。但我們 — — 我認為這是因為目前對我們的品牌的需求很大，而且參與度很高。史蒂夫在我們上次電話會議中提到了轉型以及我們在數位參與方面的一些提升，以及這如何影響我們從零售角度的所有接觸點，我認為我們看到這種加速的原因不止一個。我認為有很多因素會影響...

Scott, I was referring -- it looked like there's a big deceleration between from May down into June.

史考特，我指的是——看起來從五月到六月有一個很大的減速。

I'm sorry, you're talking about digital, specifically.

抱歉，您具體談論的是數字。

Yes, yes, yes. Digital, exactly.

是的，是的，是的。確實如此。

Sorry, I misunderstood. Yes, sure. As doors open, I'm sure, that's going to have some impact. And we would expect some moderation. But there's no doubt we've seen a step change in consumer behavior, and we don't know exactly how that's going to -- that put and take is going to moderate. But clearly, the trends that we've seen in terms of consumer behavior and online shopping has taken a step change forward and -- but it will moderate somewhat as doors open. And we have seen that, we have seen that.

抱歉，我誤會了。是的，當然。隨著大門敞開，我確信，這將產生一些影響。我們也期望能夠有所節制。但毫無疑問，我們已經看到消費者行為發生了重大變化，但我們不知道這種變化將如何進行——這種投入和產出將如何緩和。但顯然，我們在消費者行為和線上購物方面看到的趨勢已經發生了重大變化，但隨著市場的開放，這種趨勢會有所緩和。我們已經看到了這一點，我們已經看到了這一點。

The next question is from Michael Binetti of Crédit Suisse.

下一個問題來自瑞士信貸的邁克爾·比內蒂（Michael Binetti）。

I just want to ask a little bit more about Vans in the near term, and then I have another question. But can you give us a little more color on the July trends that you mentioned for Vans? I think you said between the channels in the U.S. since it has been so volatile here and you pointed to that a few times. I think you said at the wholesale doors are open, now you're seeing high single-digit trends. Do you -- any thoughts on how that reflects on market share in the quarter-to-date as we're kind of getting back open? And then any comment on D2C as you reopen?

我只是想多問一些關於 Vans 近期的情況，然後我還有一個問題。但是您能否向我們詳細介紹一下您提到的 Vans 7 月份的流行趨勢呢？我認為您說過，由於美國的局勢一直非常不穩定，而且您已經多次指出了這一點。我想您說過批發大門已經打開，現在您看到的是高個位數的趨勢。當我們重新開放市場時，您是否認為這會對本季迄今的市佔率產生什麼影響？那麼您重新開放時對 D2C 有什麼評論嗎？

And then I guess, I'd also like to know your thoughts on back-to-school. I guess anybody on the line who's got kids is kind of wondering. Are they going to go back to school? And therefore, I guess, for people that focus on the apparel and footwear industry, do they need the 2 to 3 new outfits that they usually get this time of year if they aren't going back to school? I'm just curious how you're planning and how your wholesale counterparts are planning for a fairly unknowable back-to-school period this year.

然後我想，我還想知道你對於返校的想法。我想任何有孩子的人都會有這種疑惑。他們要回學校嗎？因此，我想，對於專注於服裝和鞋類行業的人來說，如果他們不回學校，他們是否需要像每年這個時候那樣購買 2 到 3 套新衣服？我只是好奇，您和您的批發同行如何規劃今年這個相當難以預測的返校季。

Michael, I can start. And then maybe, Scott, you want to fill in, maybe some of the numbers here because I think, from a Vans perspective, Michael, the underlying momentum of the Vans brand continues to be really strong. And I think there's been some questions out there around Vans' overall strength. And I would tell you, we remain extremely confident around the long-range plan that we've laid out back in 2017 and updated in Beaver Creek.

邁克爾，我可以開始了。然後也許，斯科特，你想填寫這裡的一些數字，因為我認為，從 Vans 的角度來看，邁克爾，Vans 品牌的潛在發展勢頭仍然非常強勁。我認為人們對 Vans 的整體實力存在一些疑問。我想告訴你們，我們對 2017 年制定並在 Beaver Creek 更新的長期計劃仍然非常有信心。

In the engagement metrics that we have -- that we watch and have really been paying close attention to, guiding a lot of the Vans behaviors over the last few months is that the consumer remains extremely engaged, specifically on the content that the Vans brand has been sharing to really engage its community. As we look into July, we see a continued improvement as doors reopen and consumers engage in the bricks-and-mortar environment. But we continue to see strong results across our digital engagement in digital and sales.

在我們所觀察並密切關注的參與度指標中，過去幾個月來，指導 Vans 很多行為的因素是消費者仍然高度參與，特別是 Vans 品牌一直分享的、真正吸引社區參與的內容。展望7月，隨著經濟重新開放以及消費者重返實體店，我們看到情況持續改善。但我們在數位和銷售領域的數位化參與繼續取得強勁成果。

So I guess, the thing I'd love to leave with everybody on the call today is just the continued confidence that we have in our Vans business and the underlying momentum that the Vans brand carried into this COVID environment and how they've really used our digital platforms, our digital engagement capabilities to continue to build that one-to-one relationship with that strong and growing Vans Family part of the CLM model.

因此，我想，今天我想留給電話會議中每個人的是，我們對 Vans 業務的持續信心，以及 Vans 品牌在這種 COVID 環境中帶來的潛在發展勢頭，以及他們如何真正利用我們的數位平台和我們的數位參與能力，繼續與 CLM 模型中強大且不斷發展的 Vans 家族建立一對一的關係。

I don't know, Scott, if you want to fill in some of the numbers as well.

我不知道，史考特，你是否也想填一些數字。

Yes, yes, yes. I don't know if this helps, Michael, but as you think about the Vans business, the shape of the business, more than 50% D2C, and it's our largest retail footprint, and they've been a little disproportionately impacted as you think about COVID. 75% of brick-and-mortar revenue, D2C revenue comes from the U.S. and the U.K., which obviously have been hot spots. And when you think about the U.S. business, in particular, about 1/3 of the U.S. business and the 25% of the brand overall is in the state of California. You have Florida, Texas, Arizona, New York. These are the biggest states, the biggest footprint for Vans, and those are also some of the biggest hotspots from a COVID standpoint. So I only bring that up to say there's a lot of noise in the Vans' D2C right now given just where they operate.

是的，是的，是的。邁克爾，我不知道這是否有幫助，但是當你想到 Vans 業務時，業務形態超過 50% 是 D2C，而且這是我們最大的零售足跡，當你想到 COVID 時，它們受到了不成比例的影響。75% 的實體店收入和 D2C 收入來自美國和英國，這兩個國家顯然一直是熱點地區。特別是當你考慮美國業務時，大約 1/3 的美國業務和 25% 的品牌整體位於加州。有佛羅裡達州、德州、亞利桑那州、紐約州。這些是最大的州，也是 Vans 最大的足跡，從 COVID 的角度來看，它們也是最大的熱點。所以我提起這件事只是想說，考慮到 Vans 的營運地點，現在他們的 D2C 中存在著許多噪音。

And your question on back-to-school, Michael, I mean, that's -- I think we're all wondering, though, my children are no longer in school. So many of our employees are dealing with this, and this is really top of mind for us as an employer. And as we've really executed a people-first approach from the beginning of this, we do see it moving to the right. But where we do have back-to-stool connections, our packs business and then Vans to North Face, to a lesser degree, we do see interest in those core product categories, but we think it will move to the right. And as schools do reopen, I think that demand and that interest in the products, be it the 3 outfits you referenced, I do think families and children will continue to look for that, and we're well positioned to be able to supply that demand.

邁克爾，你問的是開學問題，我的意思是，我想我們都想知道，我的孩子們已經不再上學了。我們的許多員工都面臨這個問題，身為雇主，這確實是我們最關心的問題。由於我們從一開始就真正實行了以人為本的做法，我們確實看到它正在向右移動。但是，我們確實存在從背部到凳子的連接，我們的背包業務，然後是 Vans 和 North Face，在較小程度上，我們確實看到對這些核心產品類別的興趣，但我們認為它會向右移動。隨著學校重新開學，我認為對產品的需求和興趣，無論是您提到的 3 套服裝，家庭和孩子都會繼續尋找這些產品，我們完全有能力滿足這種需求。

Let me ask you a follow-up a little bit more of a longer-term question here. But you obviously mentioned some of the big themes, the casualization, seeking outdoors. But obviously, the biggest one we're all pretty sure will happen will be the shift of sales to e-commerce. Can you just help us think through the impact to margins in the business as you become a bigger e-commerce business? And obviously, it should be a higher gross margin. We can kind of do the math on rents versus no rents, those kinds of things. But there's been a lot of discussion about who's going to have major tailwinds to their EBIT margins as the world becomes a bigger digital purchaser in these categories. I'd love to hear your -- any help you could offer on what you think about the margin tailwinds that come online if e-commerce is going to drive more of the Beaver Creek plan than we thought.

讓我在這裡向您問一個更長期的後續問題。但您顯然提到了一些大主題，即休閒化、尋求戶外。但顯然，我們確信最大的改變就是銷售轉向電子商務。您能否幫助我們思考一下，當您成為一家規模較大的電子商務公司時，這對業務利潤率有何影響？顯然，它的毛利率應該會更高。我們可以計算一下有租金和無租金的情況，諸如此類。但隨著全球在這些類別的數位購買者人數不斷增加，人們開始討論誰將為其息稅前利潤率帶來重大推動力。如果電子商務對 Beaver Creek 計劃的推動作用超出我們的想像，那麼我很樂意聽聽您對線上利潤順風的看法。

Do you want to grab that?

你想抓住它嗎？

So I'll -- yes, I'll take that. So in isolation, there's no doubt that it's a good thing for us long term that if we continue to see digital growth outpace, which I think everybody, including us, would expect that to be true, it's our most profitable channel. And in isolation, that's a positive thing. There's also a horizon issue here in the short term. COVID-related impacts are causing us some disruption, but think about social distancing and DCs, fulfillment, those kind of things as we think about working through customer service challenges, et cetera. The good news is, we're -- our supply chain team is really good at this kind of stuff. And already, we're starting to see efficiencies. And I'm confident that, over time, we're going to figure out how to adapt to the new world. So over time, that should not be an issue. It's a bit of a challenge in the short term.

所以我會—是的，我接受。因此，單獨來看，如果我們繼續看到數位成長超過預期，毫無疑問，從長遠來看，這對我們來說是一件好事，我想包括我們在內的每個人都會期待這是真的，這是我們最賺錢的管道。從孤立的角度來看，這是一件好事。短期內這裡還存在著一個視野問題。與新冠肺炎相關的影響給我們帶來了一些幹擾，但在我們考慮解決客戶服務挑戰等方面時，我們也要考慮社交距離、配送中心、訂單履行等問題。好消息是，我們的供應鏈團隊非常擅長處理這類事情。而且我們已經開始看到效率。我相信，隨著時間的推移，我們將找到如何適應新世界的方法。因此隨著時間的推移，這應該不再是一個問題。從短期來看，這是一個不小的挑戰。

But the other thing, Michael, to remember is many of the pieces are moving here. So as we think about all of those factors together, I just always caution people, don't just isolate on one factor. But specifically answering your question, is the growth of digital a good thing from us from a margin standpoint, yes, it is a good thing for us.

但是邁克爾，要記住的另一件事是這裡有很多東西正在移動。因此，當我們將所有這些因素放在一起考慮時，我總是提醒人們，不要只孤立於一個因素。但具體回答你的問題，從利潤的角度來看數位化的成長對我們來說是件好事嗎？是的，這對我們來說是一件好事。

The next question is from Alexandra Walvis of Goldman Sachs.

下一個問題來自高盛的亞歷珊卓·沃爾維斯（Alexandra Walvis）。

You mentioned elevated promotional activity in the market and I wonder if I could dig into that a little bit more. Could you talk about the level of promotionality you're seeing in the market at the moment, perhaps commenting by brand or by distribution channel? And then any thoughts on the outlook for the promotional level as we go into back-to-school and holiday would be really interesting.

您提到市場促銷活動增多，我想知道我是否可以進一步深入探討這個問題。您能否談談目前市場上的促銷水平，例如按品牌或分銷管道進行評論？那麼，對於我們進入開學季和假期之際促銷水平的前景，任何想法都會非常有趣。

Do you want me to grab that, Scott?

你想讓我抓住它嗎，史考特？

Yes, yes. If you start, and then I'll come in on the back, if that works.

是的，是的。如果你開始了，那麼我就會從後面進來，如果可行的話。

Okay. Yes. Listen, Alex, we absolutely saw an uptick in promotional activity, especially in that April-May time frame, as inventories where the issue that so many businesses we're looking at and, honestly, consumers began to expect that. We've seen it moderate as -- especially for our business as our inventory levels have come into much greater control, and we think we would see a continued moderation.

好的。是的。聽著，亞歷克斯，我們確實看到促銷活動有所增加，特別是在 4 月至 5 月期間，因為庫存是我們正在關注的許多企業的問題，老實說，消費者也開始期待這一點。我們看到它有所緩和——特別是對於我們的業務而言，因為我們的庫存水準得到了更好的控制，而且我們認為我們會看到持續的緩和。

I do think an interesting fact to keep in mind. We've seen this in China, which for us has been really the early indicators of consumer behavior is. Our outlet business has been strong. There is consumer demand in that channel, but consumers are also looking for newness. And where there's newness, our ability to sell at full price is greatly enhanced. So there's a real economy in the marketplace. Where there's newness, full price drives when we're selling goods from prior season and less -- and more of those traditional items, there has been a consumer interest in seeing a promotional element. So I think for us, as our inventories have rightsized and we're getting that seasonal balance and seasonal flow of newness with that core product, we certainly see that promotional element lessening and putting us back in a position of more normalized type of selling prices.

我確實認為這是一個值得記住的有趣事實。我們在中國看到了這種現象，對我們來說，這確實是消費者行為的早期指標。我們的直銷業務一直表現強勁。該通路有消費者需求，但消費者也在尋求新鮮感。有了新品，我們以全價銷售的能力就大大增強了。因此，市場上存在著實體經濟。當我們銷售上一季的商品時，如果有新品，我們就會以全價出售，而傳統商品則會減少，因為消費者對促銷元素很感興趣。因此我認為對於我們來說，隨著我們的庫存規模合適，並且我們正在獲得核心產品的季節性平衡和季節性新鮮度，我們肯定會看到促銷因素減少並使我們回到更正常化的銷售價格狀態。

Yes. And really nothing to add, Alex. I was going to go there, too, relative to the focus on inventory and the fact that by getting -- taking that aggressive approach, we'll work through this in a relatively rapid manner and exit this year, hopefully, in a clean -- with clean inventories and a much more full-price business as we enter next year.

是的。真的沒什麼好補充的，亞歷克斯。我原本也打算去那裡，專注於庫存，事實上，透過採取這種積極主動的方法，我們將以相對較快的方式解決這個問題，並在今年結束時，希望在進入明年時，庫存乾淨，業務更加全價。

I mean one more question from me, if I may. You mentioned that the strengths that we're seeing broadly across the outdoor category at the moment, and we've seen that elsewhere with outdoor participation really increasing. You called out strengths in certain categories, in particular, like tent. Can you talk a little bit about the impact? Maybe any color on your sell-through trends at some of your outdoor brands during the summer period, how you're thinking about the outerwear season in that context? And then just perhaps clarify, I think The North Face number is expected to be a little weaker than the consolidated revenue growth in the upcoming quarter. Perhaps you could square that with some of the strengths that we're seeing in outdoor, so there might be some timing shift from there.

如果可以的話，我還要問一個問題。您提到我們目前在戶外類別中廣泛看到的優勢，並且我們已經看到其他地方的戶外參與確實在增加。您特別提到了某些類別的優勢，例如帳篷。您能稍微談談其影響嗎？也許您能談談夏季期間一些戶外品牌的銷售趨勢，從這個角度來說，您如何看待戶外服裝的銷售季節？然後也許需要澄清的是，我認為 The North Face 的數字預計將比下一季的綜合收入成長略弱。也許你可以將其與我們在戶外看到的一些優勢相提並論，因此可能會有一些時間上的轉變。

This is Scott. Why don't I start with more of that high level, and you come back to that final piece. Clearly, Alex, the trend to the outdoor marketplace, married with the significant uptick in consumers' attention around health and wellbeing, really positions us well with just not our North Face business, but with all of our outdoor-focused brands. And we've seen really strong engagement as we've changed the tone of our message, talking about the value of outdoors and playing up our strong commitment to sustainability.

這是斯科特。我為什麼不先從更高層次開始，然後再回到最後一部分。顯然，亞歷克斯，戶外市場的趨勢，加上消費者對健康和福祉關注度的顯著上升，不僅讓我們的 North Face 業務處於有利地位，而且讓我們所有以戶外為中心的品牌都處於有利地位。隨著我們改變了訊息傳遞的基調，開始談論戶外的價值並強調我們對永續發展的堅定承諾，我們看到了非常強烈的參與度。

In the context of North Face, we did see really strong selling of our tents, sleeping bags. And as that kind of moved through, not only our own channels, but we saw that in our specialty channels as well, consumers are now starting to look at those other items that you would use in the outdoors, outdoor footwear, outdoor apparel. And we think that lines up extremely well for where we will be in the fall as we start to bring in our insulated outerwear, our mid-layers and our -- and clearly, our rainwear and performance ski wear. And I think that's where the innovation commitment that we have for each of our brands, most notably The North Face.

就 North Face 而言，我們確實看到帳篷和睡袋的銷量非常強勁。隨著這種趨勢的蔓延，不僅在我們自己的管道，我們發現在我們的專業管道中，消費者也開始關注戶外使用的其他物品，如戶外鞋類、戶外服裝。我們認為，這與秋季我們的銷售情況非常吻合，我們將開始推出保暖外套、中層服裝，當然還有雨衣和高性能滑雪服。我認為這就是我們對每個品牌（最著名的是 The North Face）的創新承諾。

FutureLight continues to expand into more styles. Spring '20, we had Dryzzle as a new style. What was historically a $199 price point moved to $229, and we saw exceptional sell-through, specifically with women on that style, giving us confidence it is that FutureLight expands into our fall offer and it marries with some new innovations in our down and insulated categories that consumer demand is there, and that comment I made earlier about newness, positioning us in a really good place. And I think that would be true for our SmartWool, our Icebreaker brand, our Napapijri business primarily in Europe. The right level of newness, that right level of innovation giving consumers a reason to look to our brands first when they're making that choice.

FutureLight 持續拓展更多風格。2020 年春季，我們推出了 Dryzzle 這一新風格。歷史上 199 美元的價位上升到了 229 美元，而且我們看到了異常好的銷售業績，特別是女性消費者對該款式的喜愛，這讓我們有信心 FutureLight 會擴展到我們的秋季產品中，而且它與我們羽絨和保暖產品類別中的一些新創新相結合，證明了消費者的需求，而我之前關於新的評論使我們處於一個非常有利的位置。我認為這對我們主要在歐洲的 SmartWool、Icebreaker 品牌和 Napapijri 業務來說都是如此。適當的新穎度、適當的創新度讓消費者在做出選擇時有理由先考慮我們的品牌。

Yes. And Alex, I guess, to follow up on the last part of your question. I guess it was around T&F, why is it not stronger in Q2. Really, we're seeing timing-related issues. Primarily, supply delays are costing us a bit of growth as we see a little shift from Q2 into Q3. And by the way, we see this in both Timberland and The North Face. And we saw a shift from Q1 to Q2 in Vans, particularly, as we look at that supply-demand match. We see in the colder weather brands more of a Q2 to Q3 shift, which is reflected in both the Timberland and T&F forward look that we've provided. So as you look at the subsequent quarter, then you'll see relative stronger performance at some of that demand just shifts a little bit to the right.

是的。我想，亞歷克斯 (Alex) 應該繼續回答你問題的最後一部分。我猜這與 T&F 有關，為什麼在 Q2 中表現不夠強勁。確實，我們看到了與時間相關的問題。首先，供應延遲正在給我們帶來一些成長損失，因為我們看到從第二季到第三季的一點轉變。順便說一句，我們在 Timberland 和 The North Face 都看到了這一點。我們看到 Vans 從第一季到第二季發生了變化，特別是從供需匹配來看。我們看到寒冷天氣品牌在第二季到第三季的轉變更為明顯，這在我們提供的 Timberland 和 T&F 前瞻性展望中均有體現。因此，當您展望隨後的季度時，您會看到部分需求表現相對強勁，只是稍微向右移動了一點。

The next question is from Erinn Murphy of Piper Sandler.

下一個問題來自 Piper Sandler 的 Erinn Murphy。

I guess my first question is on Dickies. It definitely seemed to be the relative bright spot in the portfolio in the quarter. Can you just speak to why that was? Is it specific to the channels that it sells in or the customer? Would just love to hear a little bit more about that business.

我想我的第一個問題是關於 Dickies 的。這無疑似乎是本季投資組合中相對的亮點。你能解釋為什麼會這樣嗎？它是否特定於其銷售管道或客戶？我很想聽到更多關於該業務的資訊。

Sure. I'll start, Erinn. And Scott, if I miss anything, fill in. So our Dickies business, certainly, it carried some momentum in from our Q4. And I think we've been talking about our confidence around just how the Dickies brand and more of that lifestyle expression of workwear is really relevant in this evolving consumer marketplace. And as we entered the COVID environment, Dickies did enjoy the element of essential retail being one of their key U.S. distribution channels. And hence, we were able to continue to supply, and there was good demand throughout the quarter, and we were able to really capitalize on that here. But I think the digital engagement that Dickies has increased this -- through the COVID environment, not just here in the U.S., but in Asia and Europe, really understanding and engaging with their consumers in new innovative ways.

當然。我先開始，艾琳。斯科特，如果我遺漏了什麼，請補充。因此，我們的 Dickies 業務肯定從第四季度開始獲得了一些發展勢頭。我認為，我們一直在談論我們對 Dickies 品牌以及工作服的生活方式表達如何在不斷發展的消費市場中真正發揮作用的信心。隨著我們進入 COVID 環境，Dickies 確實享受到必需品零售元素，這是其在美國的主要分銷管道之一。因此，我們能夠繼續供應，並且整個季度的需求都很好，我們能夠真正利用這一點。但我認為，Dickies 在新冠疫情環境下增強了數位互動，不僅在美國，而且在亞洲和歐洲，以創新的方式真正了解消費者並與他們互動。

Our Dickies business in Asia was the first to provide a virtual shopping experience with curated online assortments and in-store merchants there to service that one-to-one consumer need. So really looking at innovative ways to engage our consumers and certainly supporting the frontline worker here in the U.S. just put the brand front and center with consumers, and we were able to capitalize through those distribution channels that were open.

我們的亞洲 Dickies 業務是第一個提供虛擬購物體驗的公司，透過精選的線上商品和店內商家來滿足一對一消費者的需求。因此，我們真正在尋找創新的方式來吸引消費者，當然也支持美國的第一線工作人員，把品牌放在消費者的首要位置，我們就能夠透過那些開放的分銷管道來獲取收益。

And I guess to add there, we see that continuing. We don't see that as a one quarter, one done. This brand has momentum. And the offer and the engagement with the female consumer, things we're seeing going on with our overalls and bottoms, we're really in a really strong place where this brand is taking on more than just a work approach, but that kind of that really playing on that maker shaper lifestyle aspect.

我想補充一點，我們看到這種情況還在繼續。我們不認為這一個季度就完成了。這個品牌很有發展動能。而針對女性消費者的優惠和互動，以及我們在工作服和下裝上看到的趨勢，我們確實處於一個非常強大的地位，這個品牌所採取的不僅僅是一種工作方式，而且是那種真正在發揮製造商塑造者生活方式的作用。

Got it. And I guess just to clarify that. When you think about the second quarter, up mid-single digits, is that what you're seeing in terms of POS just because you are in some of those mass channels that are trending today? And so just clarification on that. And then the second clarification just on the order book last quarter you talked to being -- talked about it being down 25% to 30% this fall. Any update to how that looks now that we're pretty close to the season?

明白了。我想這只是為了澄清這一點。當您想到第二季時，您會注意到 POS 出現了中等個位數的成長，這是不是僅僅因為您處於當今流行的某些大眾管道中？我只是想澄清一下這一點。然後第二個澄清是關於上個季度的訂單，您談到—今年秋季訂單量下降了 25％ 至 30％。現在我們已經非常接近賽季了，有沒有什麼更新的情況？

Sure. So I think on the -- on your comment around Q2, that mid-single-digit call that we have there, I mean, that is really what we see from an order book standpoint, and sell-through is improving. Could there be upside? We're prepared to service that as that comes. And more, -- not just the essential retailers, but more of the retailers coming online across the globe. We think we continue to see good opportunity for Dickies to meet or potentially exceed that long-term growth algorithm we've spoken about.

當然。因此，我認為，關於您對第二季度的評論，我們在那裡看到的中等個位數的呼籲，我的意思是，這確實是我們從訂單簿的角度看到的，並且銷售量正在提高。還會有好處嗎？我們已做好準備，將竭誠為您服務。而且—不只是必需品零售商，還有更多遍佈全球的線上零售商。我們認為，Dickies 仍有很好的機會達到或可能超越我們所說的長期成長演算法。

The order book...

訂單簿…

Steve, particularly in China, right, the China business continues to really do well. Sorry to interrupt there, but...

史蒂夫，特別是在中國，中國業務繼續表現良好。抱歉打擾一下，但是......

No, no, no problem. And in the order books, I think Scott called that out in his comments, just the collaborative approach that we have with our wholesale partners, especially our key wholesale partners across the globe, nothing to change in what that view looks like. And what we've called for the year really is reflective of the outcome of those conversations. And where there's opportunity to service demand, I think that's where our supply chain really does stand out. But we have been very thoughtful about pulling in our inventory and managing to where we see demand. And honestly, Erinn, if we leave a little bit of demand on the table, that does not bother us. This is really a long-term game that we're playing.

不不不，沒問題。在訂單中，我認為斯科特在他的評論中提到了這一點，只是我們與批發合作夥伴，特別是我們在全球範圍內的主要批發合作夥伴的合作方式，這種觀點沒有任何改變。而我們今年的呼籲實際上反映了這些對話的結果。我認為，當有滿足需求的機會時，我們的供應鏈就真正脫穎而出。但我們在調整庫存和根據需求進行管理方面非常謹慎。老實說，艾琳，如果我們留下一點需求，那並不會困擾我們。這確實是我們正在玩的長期遊戲。

And then we've got a lot of history. If you remember, the strong North Face growth years in the -- through the 2000s, we often left demand on the table when that fueled demand going into next year, which fueled stronger order books and our ability to drive what the brand was pushing from an innovation standpoint.

然後我們就有很多歷史了。如果你還記得的話，在 21 世紀的 North Face 強勁增長的幾年裡，我們經常將需求放在一邊，而這些需求會刺激明年的需求，從而推動更強勁的訂單量和我們從創新角度推動品牌發展的能力。

The next question is from Bob Drbul of Guggenheim Securities.

下一個問題來自古根漢證券的鮑伯‧德布爾（Bob Drbul）。

Just still a couple of questions for me. I think, first, I mean, on following Erinn's question. The North Face, generally, when you think about sort of fall/winter COVID weather, can you just give us a higher-level perspective on how you're planning, like your own inventory purchases around that uncertainty with more of a weather -- potentially weather-impacted business? That's my first question on The North Face.

我還有幾個問題。我認為，首先，我的意思是回答 Erinn 的問題。The North Face，一般來說，當您想到秋冬季的新冠疫情天氣時，您能否從更高層次的角度介紹一下您的計劃，例如您自己的庫存採購，以及業務可能受到天氣影響的不確定性？這是我對 The North Face 的第一個問題。

And I think the second question is just you talk about optimizing the portfolio. When you think about acquisitions, you think about your liquidity, you think about the Workwear, the potential divestiture, is that something when you think about an acquisition at this point in time, are you going to want to get rid of the -- divest the Workwear business first? Or do you think the -- everything has to clear before you guys make another move? I don't -- just if you can just give us current thoughts on how you're approaching optimizing the portfolio strategy right now.

我認為第二個問題就是您談論的最佳化投資組合。當您考慮收購時，您會考慮您的流動性，您會考慮工作服，以及潛在的資產剝離，當您此時考慮收購時，您是否會想要先擺脫——剝離工作服業務？或者你認為──在你們採取下一步行動之前，一切都必須清楚？我不知道—您能否告訴我們您目前對如何優化投資組合策略的想法。

Sure. So Scott, why don't I grab the weather impact and then if you want to take the optimized portfolio, we can kind of split it up here.

當然。那麼斯科特，我為什麼不抓住天氣影響，然後如果你想採取優化的投資組合，我們可以在這裡將其分開。

So Bob, I think as we look at The North Face opportunity, and I guess I would reflect more as I think about consumer behavior and the engagement that we see with consumers going outdoors, we don't think that's going to change as the winter months come. And I think as people have to continue to have some level of work-from-home, shelter-at-home, the desire to go outdoors, have the products that enable you to do that, and this is where the innovation and the newness is so critical, it's giving consumers a reason to improve their comfort in the outdoors.

所以鮑勃，我認為，當我們審視 The North Face 的機會時，我想我會更多地思考消費者行為以及我們看到的消費者戶外活動的參與度，我們認為，隨著冬季的到來，這種情況不會改變。我認為，由於人們必須繼續保持一定程度的在家工作、在家避難，有外出的願望，需要有能讓你做到這一點的產品，這就是創新和新穎性如此關鍵的地方，它為消費者提供了一個改善戶外舒適度的理由。

We think we're well positioned, not just with our North Face brand, but with our outdoor portfolio and the appropriate products that we have for that outdoor experience, but also that casualization play that happens more in that stay-at-home, and that would be everything from our mid-layers to our outer layers. We don't think the consumer behavior will be such that going outdoor stops. We think perhaps that trend maybe -- will be even stronger as we all desire to get out of our homes and have some outdoor experience.

我們認為，我們定位準確，不僅是因為我們有 North Face 品牌，還因為我們的戶外產品組合和適合戶外體驗的產品，而且我們的產品也更適合居家休閒的需要，包括從中間層到外層的所有產品。我們不認為消費者的行為會停止戶外活動。我們認為這種趨勢可能會更加強勁，因為我們都渴望走出家門，享受一些戶外體驗。

Yes. And Bob, as it relates to your question, if I understood it right, you're asking our portfolio actions dependent on the timing of the Occupational Work closure, if that was your question. Not necessarily. All the liquidity that we've shown you is without any proceeds from the Occupational Work business. So we've looked at our capital structure, our liquidity, our cash positions, our obligations, et cetera, and looked forward and said, "Okay. We can -- if anything we get from occupational is really additive to all those projections and we feel that we have sufficient dry powder to handle all of our obligations." And we've said we continue to look at potential acquisitions. Having said that, we're pretty far down the road in this process, and there's a lot of interest. So I said in my prepared remarks that our expectations are that in the next couple of months, we'll have something to say as it relates to Occupational Work. So hopefully, that addressed your question, Bob.

是的。鮑勃，關於你的問題，如果我理解正確的話，你是在問我們的投資組合行動取決於職業工作關閉的時間，如果這是你的問題的話。未必。我們向您展示的所有流動性均不包含來自職業工作業務的任何收益。因此，我們研究了我們的資本結構、流動性、現金狀況、債務等等，並展望未來說：「好的。我們可以——如果我們從職業中獲得的任何東西真的可以補充所有這些預測，並且我們認為我們有足夠的干火藥來履行我們的所有義務。 」並且我們表示我們會繼續尋找潛在的收購。話雖如此，我們在這個過程中已經取得了很大進展，並且引起了許多興趣。因此，我在準備好的發言中說過，我們期望在接下來的幾個月裡，我們會就職業工作發表一些看法。所以希望這能回答你的問題，鮑伯。

Our final question today comes from Adrienne Yih of Wolfe Research.

今天的最後一個問題來自 Wolfe Research 的 Adrienne Yih。

Steve, I was wondering if you can expand on your thoughts on acquisition strategy. With all the changes from COVID, have the characteristics of what makes an attractive potential target change, maybe shifting from a traditional product-based business model to either digitally native or something, a technology that can drive digital?

史蒂夫，我想知道您是否可以詳細闡述您對收購策略的想法。隨著 COVID 帶來的所有變化，具有吸引力的潛在目標的特徵是否發生了變化，也許是從傳統的基於產品的商業模式轉變為數位原生模式，或者某種可以推動數位化的技術？

And then for Scott, maybe for Scott or for both of you. Data analytics, what level of deployment are you currently at? Is it currently focused on sort of product catalog and search engine optimization? And when can we start to see the data analytics further back in the supply chain to inform you on demand forecasting?

然後對於斯科特來說，也許對於斯科特或對你們倆來說。數據分析，您目前處於哪個部署層級？它目前是否專注於產品目錄和搜尋引擎優化？我們什麼時候可以開始在供應鏈中進一步查看數據分析，以便為您提供需求預測？

Two great questions to end with. I would tell you our -- Scott, I'll start on the acquisition piece. I think our -- where we focus and where we see opportunity really does not change. The total addressable market that Scott mentioned from the outdoor, the active and the adjacencies that are around that, those core categories, that's where we see the energy in the marketplace continuing. And clearly, that is where our -- we've been evolving our portfolio as we continue to transform VF. We have talked in the past about just not looking at physical brand assets, but also looking at capabilities that could enhance or elevate our capabilities, especially in the digital area.

最後以兩個很好的問題作為結束。我會告訴你——斯科特，我將開始處理收購部分。我認為我們的關注點和看到機會的地方實際上並沒有改變。史考特提到的整個潛在市場包括戶外、活躍市場以及周圍的相關市場，也就是那些核心類別，我們看到市場活力持續增強。顯然，這就是我們在繼續改造 VF 的同時不斷改進我們的產品組合的地方。我們過去曾談到，不僅要關注實體品牌資產，還要關注能夠增強或提升我們能力的能力，特別是在數位領域。

So that is on the table, and that may not be always an acquisition, but it could be a partnership more from a capability that we look at. So nothing -- no change, in fact, and it remains the #1 choice that we have for capital allocation. But clearly, we are very focused on maintaining the health of our enterprise for the long term, so being much more, I think, focused and critical as we look at potential opportunities.

所以這是可行的，而且可能並不總是收購，但從我們考慮的能力來看，它可能是一種合作關係。所以實際上沒有任何變化，它仍然是我們資本配置的首選。但顯然，我們非常注重長期維持企業的健康，因此，我認為，當我們尋找潛在機會時，我們會更加專注和批判。

If you look at the data and analytics part of our agenda, that is a very important part of our transformation and an area that we see great opportunity to enhance really our end-to-end understanding of the value chain, so consumer insights to guide, not only the product decisions that we make, but also the experiences that we provide across the virtual and the physical environments, the demand sensing and being able to -- and build that back into our supply chain for a better product flow, all of that is on the table. And I would just, I guess, say, we are in the early stages. We have been on this transformation journey for the last 3 to 4 years. And the data and analytics and, more importantly, the insights part of our data strategy -- or our transformation is a really important part of that long-term vision that we have.

如果你看一下我們議程中的數據和分析部分，你會發現這是我們轉型的一個非常重要的部分，也是一個我們看到了巨大機會來真正增強我們對價值鏈的端到端理解的領域，因此，消費者洞察不僅可以指導我們做出的產品決策，還可以指導我們在虛擬和物理環境中提供的體驗、需求感知，並將其重新構建到我們的流動鏈中我想說的是，我們目前還處於早期階段。在過去的三、四年裡，我們一直在進行這趟轉型之旅。數據和分析，更重要的是，我們數據策略的洞察部分——或者我們的轉型，是我們長期願景中非常重要的一部分。

And today, the insights that we have for our North Face and Vans business specifically, for a consumer is really helping guide a lot of our engagement and, is in many ways, we believe helping drive those strong results that we've seen through Q1 from a digital conversion. And we'll continue to use that to drive that consumer interaction, both through the digital, but also the physical environment as things continue to open.

今天，我們對 North Face 和 Vans 業務，特別是針對消費者的洞察，確實幫助指導了我們的許多參與，在許多方面，我們相信它有助於推動我們在第一季度從數位轉型中看到的強勁業績。隨著事態的不斷開放，我們將繼續利用它來推動消費者互動，既透過數位方式，也透過實體環境。

That's all the time we have for questions today. I would like to turn the call back to Steve Rendle for closing remarks.

今天我們回答問題的時間就到此為止。我想請史蒂夫·倫德爾作最後發言。

Great. Well, thank you, everybody, for joining us. We know this has been a very busy week for you, and we appreciate you giving us time on a Friday morning.

偉大的。好吧，謝謝大家加入我們。我們知道您本周非常忙碌，因此我們非常感謝您在週五早上抽出時間給我們。

I'll just leave with a couple of really simple thoughts, and we said this in our script, but VF is built for this. Our operational and finance disciplines have put us in a very strong position to navigate the early stages of the COVID pandemic. And you can see that in our results, clearly, in our quick move to get our inventories in a strong place. We are -- our powerful brands are engaging with consumers in very unique and powerful ways. And that pivot we made early in the quarter has really put us in a strong position.

我只想說幾個非常簡單的想法，我們在腳本中提到了這一點，但 VF 就是為此而構建的。我們的營運和財務紀律使我們在應對新冠疫情的早期階段處於非常有利的地位。您可以從我們的結果中清楚地看到這一點，我們迅速採取行動，使庫存處於強勁狀態。我們強大的品牌正在以非常獨特和強大的方式與消費者互動。我們在本季初所做的調整確實讓我們處於有利地位。

We could not be more pleased with the investments we're making along our transformation agenda and where we are in that multiyear move that we've talked to you about over the last couple of years. And we're doing slightly better than we expected. And we will continue to build on that strength and focus on the areas where we've seen strong performance, specifically digital and China, to continue to drive improving results through the balance of our year.

我們對我們在轉型議程中所做的投資以及我們在過去幾年中與您討論過的多年期舉措中所取得的進展感到非常滿意。我們的表現比我們預期的要好一些。我們將繼續鞏固這一優勢，並專注於表現強勁的領域，特別是數位業務和中國市場，以在今年餘下時間繼續推動業績改善。

So thank you for joining us. We really appreciate you taking the time.

感謝您加入我們。非常感謝您抽出時間。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開您的線路。感謝您的參與。