威富公司 (VFC) 2020 Q4 法說會逐字稿

Greetings and welcome to the VF Corporation Fourth Quarter and Fiscal 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Joe Alkire. Please go ahead, sir.

問候並歡迎參加 VF Corporation 第四季度和 2020 財年收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興向您介紹您的主持人 Joe Alkire。請繼續，先生。

Good morning, and welcome to VF Corporation's Fourth Quarter Fiscal 2020 Conference Call. 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. 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.

早上好，歡迎參加 VF Corporation 2020 財年第四季度電話會議。今天電話會議的參與者將做出前瞻性陳述。這些陳述基於當前的預期，並受到可能導致實際結果存在重大差異的不確定性的影響。這些不確定性在定期提交給 SEC 的文件中有詳細說明。除非另有說明，否則今天電話會議中提及的金額將以調整後的固定美元為基礎，這是我們在今天上午發布的新聞稿中定義的。我們在討論中使用調整後的固定美元金額作為領先數字，因為我們相信它們更準確地代表了我們業務的真實運營績效和基本結果。您可能還會聽到我們提到報告的金額，這些金額符合美國公認會計原則。 GAAP 措施與調整後金額的對賬可以在新聞稿中包含的補充財務表格中找到，該表格確定並量化了所有排除項目，並提供管理層對這些信息為何對投資者有用的看法。

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 include the operating results of this business in discontinued operations for all periods presented.

2020年第四季度，公司確定職業工作服業務符合持有待售和終止經營的會計準則。因此，公司已報告截至上述日期已終止經營的職業工作服業務的相關資產和負債，並將該業務的經營成果包括在所有呈報期間的終止經營中。

During the first quarter of fiscal 2020, the company completed the spin-off of its Jeans business into an independent, publicly traded company under the name Kontoor Brands. Accordingly, the company has removed the assets and liabilities of the Jeans business 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.

在 2020 財年第一季度，該公司完成了將其牛仔褲業務分拆為一家名為 Kontoor Brands 的獨立上市公司。因此，截至上述日期，公司已去除牛仔褲業務的資產和負債，並將該業務的經營成果納入所有期間的終止經營業務。除非另有說明，否則今天電話會議上的結果均基於持續運營。

Joining me on today's call will be VF's 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. Steve?

與我一起參加今天電話會議的還有 VF 的董事長、總裁兼首席執行官 Steve Rendle；和首席財務官 Scott Roe。在我們準備好的評論之後，我們將打開提問的電話。史蒂夫?

Thank you, Joe, and welcome, everyone. I hope my comments this morning find you and your family safe and healthy. Please bear with us today as we are all working from separate locations.

謝謝你，喬，歡迎大家。我希望我今天早上的評論能讓您和您的家人安全健康。今天請耐心等待，因為我們都在不同的地點工作。

It is remarkable how quickly the world has changed since our last call just a few months ago. Through the first 10 months of the year, VF had a powerful momentum, tracking ahead of our long-range plan. And while COVID has profoundly impacted the world as well as our business for the last 2 months of our fiscal year, I've never been more confident in our people, our brands and our future. It's times like these that serve as a purifying fire, separating the best companies from the rest.

自從我們幾個月前的上一次電話會議以來，世界變化的速度之快令人驚嘆。今年前 10 個月，VF 勢頭強勁，領先於我們的長期計劃。儘管 COVID 在我們財政年度的最後兩個月對世界和我們的業務產生了深遠的影響，但我從未對我們的員工、我們的品牌和我們的未來充滿信心。正是這樣的時代，就像一團淨化之火，將最好的公司與其他公司區分開來。

We have prepared ourselves well for a time such as this. Our strong brands, our financial and supply chain disciplines, coupled with our fortress balance sheet, allows us to weather almost any storm. I'm confident that VF will emerge from this crisis in a position of strength, prepared to accelerate at a time when many are under tremendous financial strain and unable to adequately invest in their business.

我們已經為這樣的時刻做好了準備。我們強大的品牌、我們的財務和供應鏈紀律，加上我們堡壘般的資產負債表，使我們能夠經受住幾乎任何風暴。我相信 VF 將以強勢地位擺脫這場危機，準備在許多人面臨巨大財務壓力且無法充分投資其業務的時候加速發展。

And while COVID has appropriately been a dominant theme recently, let's not forget that 2020 has been a year of significant accomplishments for VF. To name just a few: the move to Denver; the release of science-based targets in line with our commitment to sustainability; the successful spin-off of Kontoor Brands; and the announcement of our intent to sell the Occupational Workwear business.

儘管最近 COVID 適當地成為了一個主要主題，但我們不要忘記 2020 年是 VF 取得重大成就的一年。僅舉幾例：搬到丹佛；根據我們對可持續發展的承諾，發布基於科學的目標； Kontoor Brands 的成功分拆；以及我們打算出售職業工作服業務的公告。

Even with this exceptional activity, we were managing our way to a strong year. Through the first 3 quarters of fiscal '20, we have delivered 9% organic revenue growth, more than 100 basis points of gross margin expansion and 19% organic earnings growth. Vans and The North Face, our 2 largest properties, were growing 17% and 9%, respectively, and our global D2C platform was growing at a double-digit rate, led by 20% digital growth.

即使有了這項特殊的活動，我們也正在努力邁向強勁的一年。在 20 財年的前三個季度，我們實現了 9% 的有機收入增長、超過 100 個基點的毛利率擴張和 19% 的有機收益增長。我們最大的兩家酒店 Vans 和 The North Face 分別增長了 17% 和 9%，我們的全球 D2C 平台以兩位數的速度增長，其中數字增長為 20%。

So what's giving me confidence about our future? First and foremost, our incredible community of associates: from our experienced leadership team actively managing this crisis, to our distribution center associates working tirelessly to enable our brands to continue serving their consumers. Words cannot fully express how thankful I am for the entire VF family and their infallible commitment to each other and our business.

那麼是什麼讓我對我們的未來充滿信心？首先，我們令人難以置信的員工社區：從我們經驗豐富的領導團隊積極應對這場危機，到我們的配送中心員工不知疲倦地工作以使我們的品牌能夠繼續為他們的消費者服務。言語無法完全表達我對整個 VF 大家庭以及他們對彼此以及對我們業務的無懈可擊的承諾的感激之情。

Next, the nimbleness of our enterprise, which has demonstrated once again the ability to adapt and act with agility to protect our people, protect our enterprise and preserve liquidity and to quickly pivot to those priorities, which position us to emerge in an advantaged position. And I'm thankful that we have been aggressively transforming VF into a consumer-led, retail-centric, digitally focused enterprise.

其次，我們企業的敏捷性再次證明了我們能夠適應和靈活行動以保護我們的員工、保護我們的企業和保持流動性，並迅速轉向那些使我們處於有利地位的優先事項。我很感激我們一直在積極地將 VF 轉變為以消費者為主導、以零售為中心、以數字為中心的企業。

This transformation, coupled with the renewed focus on the 3-lens approach to managing the portfolio, has honed our organizational focus and simplified our business model. Our ability to pivot in light of changing consumer and distribution environments through portfolio actions has been and will continue to be both a catalyst for growth as well as a hedge against risk. Our movement away from challenged distribution channels while focusing more deeply on the most attractive, addressable markets gives us a real advantage in an uncertain and fast-evolving world.

這種轉變，再加上重新關注管理投資組合的三鏡頭方法，磨練了我們的組織重點並簡化了我們的業務模式。我們通過投資組合行動來適應不斷變化的消費者和分銷環境的能力已經並將繼續成為增長的催化劑和對沖風險的工具。我們遠離充滿挑戰的分銷渠道，同時更深入地關注最具吸引力、可尋址的市場，這使我們在不確定和快速發展的世界中獲得了真正的優勢。

Finally, for the commitment across our organization to act as a purpose-led, performance-driven enterprise during a time of crisis. In addition to providing pay continuity to retail associates during the global lockdown and increasing hourly wages for our distribution center associates, VF has committed nearly $7 million in financial support and product donations across more than 20 different branded initiatives. And we're in the process of producing up to 3.5 million pieces of urgently needed PPE for COVID-19 relief efforts.

最後，對於我們整個組織的承諾，即在危機時期充當以目標為導向、以績效為導向的企業。除了在全球封鎖期間為零售員工提供連續性薪酬並為我們的配送中心員工增加小時工資外，VF 還承諾為 20 多個不同的品牌計劃提供近 700 萬美元的財務支持和產品捐贈。我們正在為 COVID-19 救援工作生產多達 350 萬件急需的 PPE。

Our most recent COVID-related actions are in addition to the ongoing efforts around our Made For Change initiatives, leading with science-based targets, focused on improving people's lives and planet. Using the considerable scale and resources of VF for the betterment of both people and the planet are not just the right thing to do, it's good business as we forge even deeper connections with our consumers during this time of crisis. Collectively, these characteristics position VF to not only weather this storm but to emerge as an even stronger, leaner, digitally oriented enterprise on the other side of the current pandemic.

我們最近與 COVID 相關的行動是圍繞我們為變革而做出的倡議所做的持續努力的補充，以基於科學的目標為主導，專注於改善人們的生活和地球。利用 VF 的巨大規模和資源來造福人類和地球，這不僅是正確的做法，而且在危機時期，我們與消費者建立了更深層次的聯繫，這是一件好事。總的來說，這些特徵使 VF 不僅能夠經受住這場風暴，而且在當前大流行的另一端成為一個更強大、更精簡、以數字為導向的企業。

In light of the current environment and the new world we find ourselves operating within, I'd like to spend a few minutes highlighting the key elements of how VF is managing the now as well as how we are approaching emergence from this crisis and how we intend to capitalize on the next.

鑑於當前的環境和我們發現自己在其中運作的新世界，我想花幾分鐘時間強調一下 VF 如何管理現在的關鍵要素，以及我們如何擺脫這場危機以及我們如何打算利用下一個。

Regarding the now, from the early days of the outbreak in China, we've taken a people-first approach in our COVID-19 response, prioritizing the health and safety of our people while also protecting their financial well-being. As my good friend and North Face athlete, Jimmy Chin told me, "All storms pass. It's how you weather them that matters." We have a bias for action and decisiveness to effectively manage this crisis, and I'm proud of the actions we've taken, guided by our values.

就現在而言，從中國爆發初期開始，我們就在應對 COVID-19 時採取了以人為本的方針，優先考慮我們人民的健康和安全，同時保護他們的財務狀況。作為我的好朋友和 North Face 運動員，Jimmy Chin 告訴我，“所有的風暴都會過去。重要的是你如何度過難關。”我們傾向於採取行動和果斷有效地管理這場危機，我為我們在價值觀的指導下採取的行動感到自豪。

As we've implemented measures to care for and protect our people, we've also taken several key actions to advance our Enterprise Protection Strategy. These prudent actions have helped us preserve and enhance liquidity and given us more flexibility to manage our operations through a prolonged crisis. These actions have included: reducing discretionary spending and compensation across the VF senior leadership team and our Board; proactively executing a $3 billion bond offering to establish a significant cash buffer and ensure over $5 billion of near-term liquidity; implementing a thorough and rigorous review of current inventory and forward inventory commitments; suspending our share repurchase program; collaborating closely with our most important strategic partners across the value chain; and finally, proceeding with our previously announced divestiture of VF's Occupational Workwear business as a potential source of additional cash.

在我們採取措施照顧和保護我們的員工的同時，我們還採取了幾項關鍵行動來推進我們的企業保護戰略。這些審慎的行動幫助我們保持和增強流動性，並讓我們在長期危機中更靈活地管理我們的業務。這些行動包括：減少 VF 高級領導團隊和董事會的可自由支配支出和薪酬；積極執行 30 億美元的債券發行，以建立大量現金緩衝並確保超過 50 億美元的近期流動性；對當前庫存和遠期庫存承諾進行徹底和嚴格的審查；暫停我們的股票回購計劃；與我們在整個價值鏈中最重要的戰略合作夥伴密切合作；最後，繼續我們之前宣布剝離 VF 的職業工作服業務，作為額外現金的潛在來源。

One of VF's greatest assets has always been our operational discipline and the rigor with which we manage our balance sheet. Today, that discipline and know-how are coming together to create a range of options for how we maintain and further bolster our position of strength, which Scott will cover shortly.

VF 最大的資產之一一直是我們的運營紀律和我們管理資產負債表的嚴謹性。今天，這種紀律和專業知識正在融合在一起，為我們如何保持和進一步加強我們的實力地位創造了一系列選擇，斯科特很快將對此進行介紹。

Turning to our brands, all of which remain focused on driving consumer connectivity and brand engagement during these unprecedented times. Our brand teams are, more than ever, using this unique opportunity to share best practices, key insights and learnings among our marketing and digital leaders to accelerate impact and efficiency. We have made a purposeful shift in our consumer engagement actions to employ greater empathy and compassion, connecting with consumers in the unique stay-at-home environment, we all find ourselves in. This strategic shift has resulted in stronger engagement and affinity, leading to higher consideration and conversion. I encourage you to explore our brand websites and social platforms to see this come to life: demonstrated in the North Face's health care worker and first responder initiative, coupled with the "united to move the world" program; along with Vans' Bouncing off the Walls campaign, shoebox challenge activation and Foot the Bill program; or Altra's embrace space virtual workouts; and Timberland's stay strong campaign. I'm proud of our brand's ability to maintain strong emotional connectivity with our consumers despite this disruption in the world around us.

談到我們的品牌，在這些前所未有的時期，所有這些品牌都仍然專注於推動消費者連接和品牌參與。我們的品牌團隊比以往任何時候都更多地利用這個獨特的機會在我們的營銷和數字領導者之間分享最佳實踐、關鍵見解和學習，以提高影響力和效率。我們在消費者參與行動中進行了有目的的轉變，以發揮更大的同理心和同情心，在我們都發現自己所處的獨特的居家環境中與消費者建立聯繫。這種戰略轉變導致了更強的參與度和親和力，導致更高的考慮和轉化。我鼓勵您瀏覽我們的品牌網站和社交平台，以了解這一點：在 North Face 的醫療保健工作者和急救人員倡議以及“團結起來推動世界”計劃中得到體現；連同 Vans 的 Bouncing off the Walls 活動、鞋盒挑戰激活和 Foot the Bill 計劃；或 Altra 的擁抱空間虛擬鍛煉；和 Timberland 的保持強勢運動。我為我們的品牌能夠與我們的消費者保持強烈的情感聯繫而感到自豪，儘管我們周圍的世界發生了這種混亂。

None of us knows exactly how the COVID-19 outbreak will change our world, but we're already beginning to see signs of what is to come. Unfortunately, our brands and businesses are uniquely positioned to address certain evolutions in consumer behaviors and value systems. For example, we believe people will place greater value on exploring the outdoors after spending so much time in their homes. We believe there will be an increased commitment to personal well-being and active lifestyles with health becoming a major new priority. We believe people will have a greater appreciation for the frontline workers who keep others safe and the trades people who keep our world running. We believe there will be an elevated focus on environmental sustainability that will lead to a sharper focus on combating global climate change. And with online shopping serving as a lifeline for so many consumers around the world during the pandemic, we believe the proliferation of e-commerce will be significant.

我們誰也不知道 COVID-19 爆發將如何改變我們的世界，但我們已經開始看到即將發生的事情的跡象。不幸的是，我們的品牌和業務在應對消費者行為和價值體系的某些演變方面具有獨特的優勢。例如，我們相信人們在家裡度過了這麼多時間後，會更加重視戶外活動。我們相信，隨著健康成為新的重要優先事項，人們對個人福祉和積極生活方式的承諾將會增加。我們相信，人們會更加欣賞那些保護他人安全的前線工作人員和保持世界運轉的行業人士。我們相信，人們將更加關注環境可持續性，從而更加關注應對全球氣候變化。在大流行期間，在線購物成為全球眾多消費者的生命線，我們相信電子商務的普及將意義重大。

Regardless of whether these changes are subtle or seismic, our brand teams are already working to connect even more intimately and meaningfully with consumers in a post-COVID world. Today, we're preparing for this new future and positioning our brands to set the standard for what's next.

無論這些變化是微妙的還是地震的，我們的品牌團隊已經在努力與後 COVID 世界中的消費者建立更密切和更有意義的聯繫。今天，我們正在為這個新的未來做準備，並將我們的品牌定位為未來的標準。

The long-term strategy we've introduced in 2017 has repeatedly proven that we're activating a powerful plan capable of delivering sustainable, high-quality growth and top-quartile returns, and I strongly believe that our strategy will be even more relevant in the years ahead. We've evolved and focused our strategy since it was introduced, but the key choices at the heart of it remain the same: driving and optimizing the portfolio; distorting investments toward Asia with a heightened focus on China; elevating D2C and digital; and finally, underpinning our strategy is the steady transformation of our business model to make VF more consumer-minded, retail-centric and hyper-digital in everything we do.

我們在 2017 年推出的長期戰略一再證明，我們正在啟動一項能夠實現可持續、高質量增長和前四分之一回報的強大計劃，我堅信我們的戰略將更加適用於未來的歲月。自推出以來，我們已經發展並專注於我們的戰略，但其核心的關鍵選擇保持不變：推動和優化投資組合；扭曲對亞洲的投資，更加關注中國；提升 D2C 和數字化；最後，支撐我們戰略的是我們業務模式的穩步轉型，以使 VF 在我們所做的每一件事中都更加註重消費者、以零售為中心和超數字化。

As we prepare for the next, our work is focused, amongst other things, on evolving our systems landscape and building better capabilities and tools to power our brands forward. It is focused on leveraging enterprise data and analytics with an emphasis on critical end-to-end data and digital capabilities to drive consumer engagement and loyalty. This will take on a new level of importance as digital activity and engagement continues to rise in a post-COVID world. We're also working to become increasingly agile in how our teams work together, enabling us to move faster to seize opportunities whenever and wherever they exist. It will result in a more agile and efficient operating model and organization design through the lens of our consumer-minded, retail-centric, hyper-digital transformation.

在我們為下一步做準備時，我們的工作重點是發展我們的系統環境，並建立更好的能力和工具來推動我們的品牌向前發展。它專注於利用企業數據和分析，強調關鍵的端到端數據和數字能力，以推動消費者參與度和忠誠度。隨著數字活動和參與度在後 COVID 世界中持續上升，這將具有新的重要性。我們還在努力提高團隊協作方式的敏捷性，使我們能夠更快地行動，隨時隨地抓住機會。通過我們以消費者為中心、以零售為中心的超數字化轉型，它將帶來更靈活、更高效的運營模式和組織設計。

Before passing the call over to Scott, I want to reiterate the deep gratitude I have for the incredible effort each of our 50,000 associates put in during this past year. Fiscal '20 was an unprecedented year for many of our teams even before the pandemic hit. Spinning off Jeans business, relocating associates and their families to different cities and countries and now managing through the disruption of COVID-19 has been an extraordinary ask. Our associates have been tested to the extreme, and they've responded just as you would expect, with determination and a sharp focus on getting the job done.

在將電話轉給 Scott 之前，我想再次感謝我們 50,000 名員工在過去一年中付出的巨大努力。甚至在大流行爆發之前，對於我們的許多團隊來說，20 財年都是前所未有的一年。剝離牛仔褲業務，將員工及其家人轉移到不同的城市和國家，現在通過 COVID-19 的破壞進行管理一直是一個非凡的要求。我們的員工經過了極端的考驗，他們的反應正如您所期望的那樣，決心和專注於完成工作。

But they did more than that. I'm so proud of the way our associates have rallied to help others in this time of great need, living out our purpose in a very real and meaningful way. It's been truly humbling to see how our teams have answered the call in our communities, and it gives me great hope in our collective ability to overcome this moment together, driven by the power of human spirit.

但他們做的遠不止這些。我為我們的員工在這個急需幫助的時候團結起來幫助他人的方式感到非常自豪，以一種非常真實和有意義的方式實現我們的目標。看到我們的團隊如何響應我們社區的號召，我感到非常謙卑，這讓我對我們在人類精神力量的推動下共同克服這一刻的集體能力充滿希望。

It also gives me even greater confidence that VF corporation will be better on the other side of the COVID-19 crisis. I believe that truly purpose-led brands and companies will fare better than others when this situation is over because their decisions will be principled and based on values that consumers share. By continuing to foster a sense of community with our consumers during these trying times, we are positioning VF and our brands for a bright future.

這也讓我更加相信 VF 公司在 COVID-19 危機的另一邊會做得更好。我相信，當這種情況結束時，真正以目標為導向的品牌和公司將比其他品牌和公司表現更好，因為他們的決定將是有原則的，並且基於消費者共享的價值觀。通過在這些艱難時期繼續與我們的消費者建立社區意識，我們正在為 VF 和我們的品牌定位一個光明的未來。

And with that, I'll turn it over to Scott.

有了這個，我會把它交給斯科特。

Thanks, Steve, and good morning, everyone. I'd like to start by echoing Steve's comments as I, too, share a deep sense of gratitude for the leadership team and community of associates around the globe. Both Steve and I have been part of the VF family for more than 20 years. And while I have a deep understanding of the depth and unique capabilities resonant within VF, I am nonetheless humbled by the commitment and excellence that I've witnessed as this great company continues to rise to the occasion.

謝謝，史蒂夫，大家早上好。首先，我想回應史蒂夫的評論，因為我也對全球的領導團隊和員工社區深表感激。 Steve 和我都已加入 VF 大家庭超過 20 年。雖然我對 VF 所具有的深度和獨特的能力有著深刻的理解，但我仍然對我所見證的這家偉大的公司不斷崛起的承諾和卓越感到謙卑。

This exceptional group of people is taking actions to position VF to accelerate upon emergence from the crisis. The individual and collective efforts throughout every region, brand and function are nothing short of amazing. A sincere thank you to each one of you. It's not just what you're doing but how you're doing it that inspires me personally. The commitment of our associates to each other and to the broader communities in which they work, while continuing to drive our business forward, embodies the core DNA of VF as a purpose-led, performance-driven enterprise.

這群特殊的人正在採取行動，讓 VF 在擺脫危機後加速。每個地區、品牌和功能的個人和集體努力都令人驚嘆。真誠的感謝你們每一個人。不僅是你在做什麼，而且你是如何做的，這給了我個人靈感。我們的員工對彼此以及對他們工作的更廣泛社區的承諾，同時繼續推動我們的業務向前發展，體現了 VF 作為目標導向、績效驅動的企業的核心 DNA。

Last fall, at our Investor Day in Beaver Creek, we introduced the topic of portfolio resiliency and specifically highlighted balance sheet and supply chain flexibility, fiscal discipline, diversification and investment optionality as core tenets. It received less focus at the time given the growth trajectory of our business and the economic backdrop at large. However, portfolio resiliency could not be more relevant for where we are today as we manage through what Steve referred to as the now. So I'd like to spend a few minutes providing insight and context for how we're navigating the current environment.

去年秋天，在 Beaver Creek 的投資者日，我們介紹了投資組合彈性的主題，並特別強調了資產負債表和供應鏈的靈活性、財政紀律、多元化和投資選擇性作為核心原則。考慮到我們業務的增長軌跡和整個經濟背景，它當時受到的關注較少。然而，投資組合彈性與我們今天所處的位置再相關，因為我們通過史蒂夫所說的現在進行管理。因此，我想花幾分鐘時間為我們如何駕馭當前環境提供見解和背景信息。

Let's start with balance sheet flexibility and fiscal discipline, a bedrock of VF's 121-year-old legacy. VF entered this crisis with a fortress balance sheet and strong liquidity. Prior to the outbreak, our leverage was below 2x. We were on track to returning close to $2 billion to shareholders in fiscal 2020 through share repurchases and dividends, and we had significant dry powder to execute our M&A agenda. In year 1 of our long-range plan, we were tracking well against the goal to generate more than $8 billion of free cash flow over the next 5 years.

讓我們從資產負債表靈活性和財政紀律開始，這是 VF 121 年曆史的基石。 VF 憑藉堅固的資產負債表和強大的流動性進入了這場危機。在疫情爆發之前，我們的槓桿率低於 2 倍。我們有望在 2020 財年通過股票回購和分紅向股東返還近 20 億美元，而且我們有大量的干粉來執行我們的併購議程。在我們長期計劃的第一年，我們很好地實現了在未來 5 年內產生超過 80 億美元自由現金流的目標。

Just a handful of months later, the whole world changed. Revenue across our sector froze overnight, resulting in high rates of cash burn and disruption across the retail landscape. The capital markets remained open, but there were growing concerns about the ability for even high-quality companies, such as VF, to access committed lines of credit.

僅僅幾個月後，整個世界都發生了變化。我們整個行業的收入在一夜之間凍結，導致整個零售領域的現金消耗和中斷率很高。資本市場仍然開放，但人們越來越擔心即使是 VF 等優質公司也有能力獲得承諾的信貸額度。

These are uncertain times, but in this moment of turmoil, we demonstrated both our willingness and our ability to tangibly build excess liquidity to weather the disruption caused by COVID for a prolonged period. With this in mind, we elected to raise $3 billion of longer-dated debt last month and fully repay our revolver, providing VF with more than $5 billion of immediate liquidity. While our recent actions may ultimately prove conservative, given the current uncertainty surrounding the retail sector, our actions are a clear testament of VF's balance sheet flexibility and financial strength.

這些是不確定的時期，但在這個動蕩的時刻，我們展示了我們有意願和有能力切實建立過剩流動性，以長期抵禦 COVID 造成的破壞。考慮到這一點，我們選擇在上個月籌集 30 億美元的長期債務並全額償還我們的左輪手槍，為 VF 提供超過 50 億美元的即時流動性。儘管我們最近的行動最終可能被證明是保守的，但鑑於目前圍繞零售業的不確定性，我們的行動清楚地證明了 VF 的資產負債表靈活性和財務實力。

Moving to the second dimension of our portfolio resiliency, supply chain flexibility 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 on hand and in process, assess inventory positions of key retail partners and meaningfully reduce forward inventory purchase commitments through a rigorous and thoughtful demand-supply matching process. We maintain an active and transparent dialogue with our key partners and strategic suppliers as we work together on forward purchase commitments and product assortments. We also remain in active conversations with our key retail partners as we collaborate on a thoughtful plan to clear excess inventory moving forward and the appropriate level of future inventory purchases considering the current environment.

轉向我們產品組合彈性、供應鏈靈活性和運營嚴謹性的第二個維度。我們全球供應鏈的複雜性和規模，加上我們的運營紀律，是 VF 的標誌和競爭優勢的來源，尤其是在不確定和市場混亂的時期。隨著大流行開始在全球範圍內蔓延，我們的運營領導迅速動員起來，全面評估手頭和在製品庫存，評估主要零售合作夥伴的庫存狀況，並通過嚴格和周到的供需匹配流程有效減少遠期庫存採購承諾。我們與我們的主要合作夥伴和戰略供應商保持積極和透明的對話，我們共同致力於遠期採購承諾和產品分類。我們還與我們的主要零售合作夥伴保持積極對話，因為我們合作制定了一項深思熟慮的計劃，以清除未來的過剩庫存以及考慮當前環境的未來庫存採購的適當水平。

Throughout these conversations, our focus is undeniably on the long-term health and sustainability of VF, our brands and our partners. And while many of these conversations are difficult, we have not strayed from our core values, approaching each discussion with honesty, transparency and integrity. Yet another example of how our enterprise-scale, supply chain flexibility, fiscal discipline and financial capacity, coupled with our deep-rooted history of treating each stakeholder ethically, can position VF to emerge from this crisis in an advantaged position.

在這些對話中，不可否認，我們的重點是 VF、我們的品牌和合作夥伴的長期健康和可持續性。儘管其中許多對話都很困難，但我們並沒有偏離我們的核心價值觀，以誠實、透明和正直的態度對待每一次討論。又一個例子說明了我們的企業規模、供應鏈靈活性、財政紀律和財務能力，再加上我們以道德方式對待每個利益相關者的根深蒂固的歷史，可以使 VF 在這場危機中處於有利地位。

Turning to the third dimension of portfolio resiliency, investment optionality. Optionality applies to both capital allocation as well as investment spending, both capital and expense. Our short-term capital allocation priorities have changed. While share repurchases remain a key element of our long-term plan, we are taking actions to preserve liquidity and have decided to suspend our share repo program for the time being. We do, however, remain committed to our dividend, of course, subject to Board approval. Our dividend has and will remain an integral part of our TSR algorithm over the long-term, and the recent actions we've taken to shore up liquidity give testament to our ability to continue to support the dividend.

轉向投資組合彈性的第三個維度，即投資選擇性。選擇性適用於資本分配和投資支出，包括資本和費用。我們的短期資本配置重點發生了變化。雖然股票回購仍然是我們長期計劃的一個關鍵要素，但我們正在採取行動保持流動性，並決定暫時暫停我們的股票回購計劃。然而，我們確實仍然致力於我們的股息，當然，需要董事會批准。從長遠來看，我們的股息已經並將繼續是我們 TSR 算法不可或缺的一部分，我們最近為支撐流動性而採取的行動證明了我們有能力繼續支持股息。

Regarding investment spending, we have selectively reduced discretionary spending and CapEx in light of the current environment. We have focused our remaining investments on the aspects of our strategy that we believe will be even more important growth drivers in a post-COVID world: specifically D2C and digital, including digitally focused demand creation and technology. And while it's still very early days, our April results support the general belief that digital commerce will only increase in importance.

在投資支出方面，我們根據當前環境有選擇地減少了可自由支配的支出和資本支出。我們將剩餘投資集中在我們認為在後 COVID 世界中將成為更重要的增長驅動力的戰略方面：特別是 D2C 和數字化，包括以數字化為重點的需求創造和技術。雖然現在還處於初期階段，但我們 4 月份的結果支持了人們普遍認為數字商務的重要性只會增加的觀點。

And finally, we are reexamining all structural overhead in light of a rapidly changing world. Historical analog support structures are being reimagined in a hyper-digital future. These actions will simplify the business model and increase agility, necessary traits in this fast-evolving marketplace.

最後，我們正在根據瞬息萬變的世界重新審視所有結構性開銷。在超數字化的未來，歷史上的模擬支撐結構正在被重新構想。這些行動將簡化商業模式並提高敏捷性，這是這個快速發展的市場中的必要特徵。

So wrapping up the concept of optionality, I will front run a topic I know is on any of your minds, M&A. First, with regard to our Occupational Work business, we're proceeding with our sale process. As I'm sure you've noticed in our release, this business has qualified for held-for-sale, discontinued operations accounting treatment. We remain in active conversations with prospective buyers and are confident we have a transaction completed during this fiscal year. We will keep you apprised as the process unfolds in the coming months.

因此，在結束可選性的概念之後，我將首先討論一個我知道大家都在考慮的話題，併購。首先，關於我們的職業工作業務，我們正在進行銷售流程。我相信您在我們的新聞稿中已經註意到，該業務已符合持有待售、終止經營會計處理的條件。我們與潛在買家保持積極對話，並有信心在本財年完成交易。隨著該過程在未來幾個月內展開，我們將隨時通知您。

With that said, while the strategic rationale for the divestiture is unchanged. There is no urgency to sell these assets from a financial standpoint. As is always the case, a material deterioration in market conditions could impact the ultimate timing of a transaction.

話雖如此，但剝離的戰略理由並未改變。從財務角度來看，出售這些資產並不緊迫。與往常一樣，市場狀況的重大惡化可能會影響交易的最終時間。

As it relates to potential acquisitions, we continue to actively assess strategic opportunities and believe the disruption caused by COVID could lead to an increase in M&A activity and the availability of attractive assets. While our first priority remains stabilizing our organic business, we are well positioned from a liquidity standpoint to pivot to an offensive posture when prudent.

由於它與潛在的收購有關，我們將繼續積極評估戰略機會，並相信 COVID 造成的破壞可能會導致併購活動的增加和有吸引力的資產的可用性。雖然我們的首要任務仍然是穩定我們的有機業務，但從流動性的角度來看，我們處於有利位置，可以在謹慎時轉向進攻姿態。

M&A remains our top capital allocation and strategic priority on a medium to long-term basis. The disruption underway across our sector will undoubtedly provide ample opportunities for strong companies with demonstrated M&A capabilities to create significant shareholder value through inorganic growth.

從中長期來看，併購仍然是我們的首要資本配置和戰略重點。毫無疑問，我們行業正在發生的顛覆將為具備併購能力的強大公司提供充足的機會，以通過無機增長創造顯著的股東價值。

The final element of portfolio resiliency I'd like to highlight is that of diversification. As companies across the globe report earnings, we are reminded of the advantage of running a global enterprise during this crisis. The ability to extract learnings from reopening protocols, traffic trends and consumer behaviors in our APAC region allows us to be more informed in planning for the ensuing recovery across other regions. It also gives us a several-month head start compared to mono-geography companies.

我想強調的投資組合彈性的最後一個要素是多元化。隨著全球公司報告收益，我們被提醒在這場危機中經營一家全球企業的優勢。從我們亞太地區的重新開放協議、交通趨勢和消費者行為中汲取教訓的能力使我們能夠在規劃其他地區隨後的複蘇時獲得更多信息。與單一地域的公司相比，它也讓我們領先了幾個月。

Our diversified channel footprint has also been critical, most notably our digital business. While our owned D2C digital platform is about 12% of revenue today, our total digital footprint, including digital wholesale, is closer to 20% of the business. The ability to keep these channels open during this lockdown period has been critical in our ability to continually engage with our consumers. And recent trends suggest significant growth in the digital channels are likely to mitigate some of the brick-and-mortar short calls, although it's too early to understand fully how this will evolve.

我們多元化的渠道足跡也至關重要，尤其是我們的數字業務。雖然我們自有的 D2C 數字平台目前約佔收入的 12%，但我們的總數字足跡（包括數字批發）接近業務的 20%。在此鎖定期間保持這些渠道開放的能力對於我們持續與消費者互動的能力至關重要。最近的趨勢表明，數字渠道的顯著增長可能會緩解一些實體的空頭電話，儘管現在完全了解這將如何演變還為時過早。

I want to conclude my comments on diversification by directly addressing our wholesale footprint in light of the heightened disruption we see underway in certain segments of the distribution landscape. Considering our digital wholesale and international partnership stores, roughly half of our business today is D2C and consumer facing. Of the remaining wholesale business, roughly half is through international wholesale, which was healthy and growing heading into the crisis and remains well positioned. In U.S. wholesale, which represents about 25% of total revenue, we have dramatically reduced exposure to the more structurally challenged mid-tier and department store channels, which now represent less than 5% of VF revenue in fiscal '20. The largest portion of our U.S. brick-and-mortar wholesale business sits in what we call specialty, which is primarily comprised of differentiated, healthy outdoor, active and athletic retailers. Most of these retailers have healthy and growing digital businesses of their own. Our key accounts entered this crisis strong, and we are actively working with our partners to emerge from this crisis stronger together.

鑑於我們在分銷領域的某些領域正在發生嚴重的破壞，我想通過直接解決我們的批發足跡來結束我對多元化的評論。考慮到我們的數字批發和國際合作商店，我們今天大約一半的業務是 D2C 和麵向消費者的。在剩餘的批發業務中，大約一半是通過國際批發，在危機前健康且增長，並且仍然處於有利地位。在約佔總收入 25% 的美國批發業務中，我們大幅減少了結構性挑戰更大的中端和百貨商店渠道的敞口，這些渠道現在在 20 財年佔 VF 收入的比例不到 5%。我們美國實體批發業務的最大部分屬於我們所說的專業，主要由差異化、健康的戶外、活躍和運動零售商組成。這些零售商中的大多數都擁有健康且不斷發展的數字業務。我們的主要客戶強勢進入了這場危機，我們正積極與合作夥伴一起從這場危機中變得更強大。

So to summarize, I'm confident that our balance sheet and liquidity positioning, investment optionality, supply chain flexibility and portfolio diversification position VF with the capacity to navigate the current environment and provide us with the ammunition to drive accelerated growth and returns as we begin to emerge from COVID. Our diversified TSR model with a strong commitment to the dividend, coupled with both organic and inorganic optionality delivers a unique and balanced value creation model.

總而言之，我相信我們的資產負債表和流動性定位、投資選擇權、供應鏈靈活性和投資組合多元化使 VF 有能力駕馭當前環境，並為我們提供推動加速增長和回報的彈藥。從 COVID 中脫穎而出。我們多元化的股東總回報模型以及對股息的堅定承諾，再加上有機和無機期權，提供了一個獨特而平衡的價值創造模型。

So now moving on to our fundamentals and recent business performance. Our business was showing strong momentum heading into the final months of our fiscal year as evidenced by 9% organic revenue growth and 19% organic earnings growth during the first 3 quarters of fiscal 2020. The fourth quarter, however, marked a profound change in conditions. Our Asia business was essentially shut down for 2 weeks, our European business was closed anywhere from 2 to 3 weeks, and our North American business was closed the final 2 weeks of the quarter. Unsurprisingly, our results for the fourth quarter reflect the operational impacts of the disruption just outlined.

所以現在繼續我們的基本面和最近的業務表現。進入本財年最後幾個月，我們的業務顯示出強勁的勢頭，2020 財年前三個季度的有機收入增長 9% 和有機收益增長 19% 就是明證。然而，第四季度標誌著情況發生了深刻變化.我們的亞洲業務基本上關閉了 2 週，我們的歐洲業務關閉了 2 到 3 週，我們的北美業務在本季度的最後兩週關閉。不出所料，我們第四季度的業績反映了剛剛概述的中斷對運營的影響。

Despite this disruption, we're encouraged by the trends we experienced in our digital business during the quarter, which remained operational in all 3 regions. On a global basis, Vans, The North face, Dickies and our emerging brands grew -- all grew double digits. EMEA generated low-teen digital growth led by more than 40% growth at The North Face. EMEA's digital business declined over 20% in the month of March, but reaccelerated to high-teens growth in April, led by triple-digit growth in The North Face.

儘管出現了這種中斷，但我們對本季度數字業務所經歷的趨勢感到鼓舞，該業務在所有 3 個地區仍然有效。在全球範圍內，Vans、The North face、Dickies 和我們的新興品牌都在增長——都實現了兩位數的增長。 EMEA 產生了低青少年數字增長，其中 The North Face 增長了 40% 以上。 EMEA 的數字業務在 3 月份下降了 20% 以上，但在 The North Face 的三位數增長帶動下，在 4 月份重新加速到十幾歲的增長。

The APAC region generated 19% digital growth, led by more than 20% growth in China, driven by strength at Vans and Dickies. Our digital trends in APAC were essentially a month ahead of EMEA with a significant decline in February, followed by a sharp rebound in March. With growth of more than 30%, led by vans and dickies. In April, digital normalized somewhat with growth in the high teens. The digital business in Americas grew at a low single-digit rate during Q4 as strength in Vans was offset by softer trends at The North Face. Following modest declines in February and March, we've experienced a sharp recovery in April, which has continued into May, with triple-digit growth, driven by broad-based strength across the Big 4 brands. And while it's too early to draw strong conclusions from our quarter-to-date performance, we are encouraged by the relative consistent phasing of the recovery curves across regions to date.

在 Vans 和 Dickies 實力的推動下，亞太地區實現了 19% 的數字增長，其中中國增長超過 20%。我們在亞太地區的數字趨勢基本上比 EMEA 領先一個月，2 月份顯著下降，隨後 3 月份出現大幅反彈。在貨車和 dickies 的帶動下，增長超過 30%。 4 月，隨著青少年人數的增長，數字業務有所恢復。由於 Vans 的強勢被 The North Face 的疲軟趨勢所抵消，第四季度美洲的數字業務以較低的個位數增長。在 2 月和 3 月出現小幅下滑之後，我們在 4 月經歷了急劇復甦，這種複蘇一直持續到 5 月，在四大品牌的廣泛實力的推動下實現了三位數的增長。雖然現在從我們的季度業績中得出強有力的結論還為時過早，但我們對迄今為止各地區復蘇曲線的相對一致階段感到鼓舞。

As you saw in the release this morning, due to the current marketplace uncertainties, we're not providing a formal fiscal 2021 outlook at this time. However, I can share with you how we expect our business to evolve over the course of the coming year across our 3 geographic regions and the approach we're taking to planning our business.

正如您在今天上午的新聞稿中看到的那樣，由於當前市場的不確定性，我們目前沒有提供正式的 2021 財年展望。但是，我可以與您分享我們期望我們的業務在來年在我們的 3 個地理區域中如何發展，以及我們為規劃我們的業務所採取的方法。

Through the remainder of the first quarter, we expect North America and EMEA to begin to reopen, and we expect continued steady improvement in the APAC region. We anticipate disruption across the distribution landscape, resulting in a highly promotional marketplace. We expect high-teen inventory growth in the first quarter followed by lower inventory levels on a year-over-year basis as we move through the balance of the year.

在第一季度的剩餘時間裡，我們預計北美和 EMEA 將開始重新開放，我們預計亞太地區將繼續穩步改善。我們預計整個分銷領域都會出現中斷，從而形成一個高度促銷的市場。我們預計第一季度庫存將出現高速增長，隨後隨著我們在今年餘下時間的推移，庫存水平將同比下降。

Moving into our second quarter, we expect to see sequential improvement in North America and EMEA but expect both regions to decline significantly on a year-over-year basis. We expect our APAC region to continue to accelerate. We believe promotional activity will likely remain elevated and expect disruption across the distribution landscape to continue. By the third quarter, we believe our APAC business will begin to return to a more normalized growth alongside a stabilizing North America and European marketplace as we enter the fall holiday season. We believe continued promotional activity is likely. We expect our North America and EMEA businesses to return to modest growth by the end of our fiscal year with APAC returning to more normalized growth. We believe the promotional environment will begin to moderate as the impacts of excess inventory and retail consolidation begin to stabilize.

進入第二季度，我們預計北美和歐洲、中東和非洲地區將出現連續改善，但預計這兩個地區將同比大幅下降。我們預計我們的亞太地區將繼續加速發展。我們認為促銷活動可能會保持高位，並預計整個分銷格局將繼續受到干擾。到第三季度，隨著我們進入秋季假期，我們相信隨著北美和歐洲市場的穩定，我們的亞太地區業務將開始恢復更加正常的增長。我們認為可能會繼續進行促銷活動。我們預計我們的北美和歐洲、中東和非洲業務將在本財年結束時恢復適度增長，而亞太地區將恢復更加正常的增長。我們認為，隨著庫存過剩和零售整合的影響開始穩定，促銷環境將開始緩和。

Underlying the expected evolution of our business just outlined is an acceleration of our hyper-digital transformation. As we look ahead, digital will become even more central to VF's growth and success. Our fiscal '21 investments in digital transformation, which represent about 80% of all planned strategic investment for the fiscal year, offer a springboard of how we will leap into a more advantaged future. I look forward to sharing more details as the year unfolds.

我們剛剛概述的業務預期發展的基礎是我們超數字化轉型的加速。展望未來，數字化將成為 VF 增長和成功的核心。我們在 21 財年對數字化轉型的投資約佔本財年所有計劃戰略投資的 80%，為我們如何邁向更有利的未來提供了一個跳板。隨著這一年的展開，我期待著分享更多細節。

Given the recovery expectations just outlined and the visibility we have into the current quarter, we expect revenue in the first quarter of fiscal 2021 to be down slightly more than 50%. For the full year, we expect to deliver at least $600 million of free cash flow through a combination of operating earnings, working capital management and lower CapEx. I we believe this supports a year-end liquidity position of at least $5 billion with over $3 billion of cash on hand and a net leverage ratio below 3x. These numbers exclude the potential proceeds from our Occupational Work divestiture, which could provide an additional source of liquidity.

鑑於剛剛概述的複蘇預期以及我們對本季度的可見性，我們預計 2021 財年第一季度的收入將略低於 50%。全年，我們預計通過運營收益、營運資本管理和較低的資本支出相結合，提供至少 6 億美元的自由現金流。我相信這支持至少 50 億美元的年終流動性頭寸，手頭現金超過 30 億美元，淨槓桿率低於 3 倍。這些數字不包括我們的職業工作剝離的潛在收益，這可能會提供額外的流動性來源。

So in closing, VF has navigated many crises over our 121-year history and have demonstrated willingness and ability to evolve our portfolio and strategy to stay relevant as consumer behaviors and the marketplace evolve. There is no question that the COVID-19 disruption will have lasting impacts on our sector. There will be retail casualties. This will accelerate industry consolidation. This will likely accelerate category trends, which we believe will benefit from activity-based lifestyle brands. We are witnessing the acceleration of digital commerce and the critical importance of direct consumer engagement. We also believe this environment will shine an even brighter light on corporate values and highlight the importance of purpose-led enterprises.

因此，在結束時，VF 在我們 121 年的歷史中度過了許多危機，並展示了發展我們的產品組合和戰略的意願和能力，以隨著消費者行為和市場的發展保持相關性。毫無疑問，COVID-19 中斷將對我們的行業產生持久影響。會有零售人員傷亡。這將加速行業整合。這可能會加速品類趨勢，我們認為這將受益於基於活動的生活方式品牌。我們正在見證數字商務的加速發展以及直接消費者參與的重要性。我們也相信，這種環境將使企業價值觀更加光明，並突出以目標為導向的企業的重要性。

Ultimately, we believe what we're witnessing right now is an acceleration of underlying trends, which were forming before the crisis hit; further supporting our consumer-minded, retail-centric, hyper-digital strategy; further supporting our portfolio reshaping efforts from the past 3 years; and further supporting our portfolio focus towards activity-based lifestyle brands in large, growing and structurally attractive addressable markets. The building blocks of our long-term, strategic plan are unchanged, but the pace of market and consumer evolution will undoubtedly accelerate.

最終，我們相信我們現在看到的是潛在趨勢的加速，這些趨勢在危機襲來之前就已經形成；進一步支持我們以消費者為中心、以零售為中心的超數字化戰略；進一步支持我們過去 3 年的投資組合重塑工作；並進一步支持我們的投資組合專注於在大型、增長和結構有吸引力的潛在市場中以活動為基礎的生活方式品牌。我們長期戰略規劃的基石沒有改變，但市場和消費者進化的步伐無疑會加快。

Fortunately, we've been moving down a path to transformation to this new reality for several years using portfolio moves as a catalyst. We will continue to focus our key, strategic choices around the transformation to our retail-centric, digitally led enterprise. The combination of all these levers, coupled with a diversified TSR model, will place VF in an advantaged position.

幸運的是，多年來，我們一直在利用投資組合變動作為催化劑，朝著這一新現實轉型。我們將繼續圍繞向以零售為中心、以數字化為主導的企業轉型的關鍵戰略選擇集中精力。所有這些槓桿的結合，再加上多元化的 TSR 模型，將使 VF 處於優勢地位。

So with that, we'll turn the call back to the operator and take your questions.

因此，我們會將電話轉回接線員並回答您的問題。

(Operator Instructions) Our first question today is coming from Robert Drbul from Guggenheim Securities.

（操作員說明）我們今天的第一個問題來自古根海姆證券公司的 Robert Drbul。

I guess just I was wondering if you could spend a little more time on inventory levels, I guess, by brand. And I was just wondering if you could maybe explain a little better in terms of your plans of, through the promotional environment, whether you would pack stuff away, maybe use of off-price. Just the different approaches you might take in terms of the level of promotion to sort of get the supply-demand imbalance in the coming quarters.

我想我只是想知道你是否可以在庫存水平上多花一點時間，我猜，按品牌。我只是想知道你是否可以更好地解釋一下你的計劃，通過促銷環境，你是否會收拾東西，也許使用折扣價。只是你在促銷水平方面可能採取的不同方法，以在未來幾個季度獲得供需失衡。

Sure, Bob. Scott, speaking. I'll take that one. So we've gone through, as you can imagine, a really rigorous process, demand and supply match. And as we've looked at forward demand signals, order books -- and this varies a bit depending on the brand and the geography. But in general, we're seeing forward order books, fall, winter, that are down in that 20% to 30% range, excluding APAC, which, of course, is ahead from a recovery standpoint. And so what we've done is we've -- even from a buy standpoint, gone even a little more aggressive than that, below that. Because our goal here, Bob, is to both make sure we have the right assortments and enough newness on the floor as we go through '20 -- I'm sorry, fiscal '21. But more importantly, we want to exit this year in a point of equilibrium from an inventory standpoint. And that means both our own inventory and inventory at retail.

當然，鮑勃。斯科特，說話。我會拿那個。因此，正如您可以想像的那樣，我們已經經歷了一個非常嚴格的過程，供需匹配。正如我們所看到的前瞻性需求信號和訂單——這取決於品牌和地理位置而有所不同。但總的來說，我們看到秋季和冬季的遠期訂單下降了 20% 到 30% 的範圍，不包括亞太地區，從復甦的角度來看，亞太地區當然是領先的。所以我們所做的是我們 - 即使從購買的角度來看，甚至比這更激進一點，低於那個。因為我們在這裡的目標，鮑勃，是為了確保我們在 20 財年擁有正確的分類和足夠的新鮮感——對不起，21 財年。但更重要的是，從庫存的角度來看，我們希望在今年的平衡點退出。這意味著我們自己的庫存和零售庫存。

So as a result, what we're doing is we're looking at the inventory that we own. We're aggressively taking, I would say, market-appropriate discounting to try to clear excess inventory, and we expect that to continue through the balance of the year. But we're also looking at building assortments that ensure we have enough newness, and at the same time, being a little more aggressive on the carryover side of the business in order to make sure that as we exit this year, our inventories are back in line.

因此，我們正在做的是查看我們擁有的庫存。我想說，我們正在積極採取適合市場的折扣來清理過剩的庫存，我們預計這種情況將持續到今年餘下時間。但我們也在考慮建立分類以確保我們有足夠的新品，同時在業務的結轉方面更加積極，以確保在我們今年退出時，我們的庫存又回來了排隊。

That varies by brands. If you think about our largest brand, Vans, we have relatively less seasonal goods. As you think about The North Face, there's relatively more. So in some cases, we're looking at holding inventory and building those assortments and reducing forward buys. This is also where our outlets really come into play. We reduce our forward buys for outlets and use the goods that we have on hand from a merchandising standpoint. So hopefully, that gives you some shape of how we're thinking about inventory in the situation.

這因品牌而異。如果你想想我們最大的品牌 Vans，我們的季節性商品相對較少。當您想到 The North Face 時，相對而言還有更多。因此，在某些情況下，我們正在考慮持有庫存並建立這些分類並減少遠期購買。這也是我們的網點真正發揮作用的地方。我們減少對網點的遠期購買，並從銷售的角度使用我們手頭的商品。因此，希望這能讓您了解我們在這種情況下如何考慮庫存。

(Operator Instructions) Our next question today is coming from Omar Saad from Evercore ISI.

（操作員說明）我們今天的下一個問題來自 Evercore ISI 的 Omar Saad。

I would love more detail on the digital platform you're building. I know you're talking a lot about e-commerce and digital, and the information you provided around penetration rates is also really helpful. But specifically, where are you on apps, loyalty programs, data analytical capabilities and also on omnichannel BOPUS. If we remain -- even if stores open, if we remain in a subdued traffic environment, being able to offer the consumer inventory across channels and touch points that maybe they don't want to go and spend the time in a store shopping, where are you on your capabilities for kind of omnichannel inventory management and, broadly speaking on digital. I know it's a focus, but dive in a little bit deeper there for us.

我希望能更詳細地了解您正在構建的數字平台。我知道您經常談論電子商務和數字化，您提供的有關滲透率的信息也非常有幫助。但具體來說，您在應用程序、忠誠度計劃、數據分析功能以及全渠道 BOPUS 上處於什麼位置。如果我們留下來——即使商店開張，如果我們保持在客流量低的環境中，能夠跨渠道和接觸點向消費者提供他們可能不想去商店購物的時間，在哪裡您是否具備全渠道庫存管理的能力，以及廣義上的數字化能力。我知道這是一個重點，但對我們來說更深入一點。

Omar, this is Steve. I'll start. I'd tell you, the one thing that we're -- one of the things we're most happy about is this transformation that we've been putting in place the last 2 years and really increasing our focus on our digital platform, our digital capabilities and our consumer-facing information around our data platform. So where we are is a strong position, and we're continuing to invest in our digital platform, specifically just ease of shopping, different purchase and checkout capabilities, doubling down on our mobile and, to your point, on apps. It's an area of great opportunity for us, and you can see both Vans and North Face do use those to some degree. But that's an area where we're going to double down and invest.

奧馬爾，這是史蒂夫。我會開始的。我會告訴你，我們最高興的一件事是我們在過去兩年中一直在實施的這種轉變，並真正增加了我們對數字平台的關注，我們的數字能力和我們圍繞數據平台的面向消費者的信息。因此，我們處於強勢地位，我們將繼續投資於我們的數字平台，特別是購物的便利性、不同的購買和結賬功能、在我們的移動設備和應用程序上加倍投入。這對我們來說是一個很好的機會，你可以看到 Vans 和 North Face 都在某種程度上使用了這些。但這是我們將加倍投資的領域。

Our loyalty program, our Vans business, is now up over 12 million. And our North Face business is somewhere in the, I think, 7 million to 8 million consumers in their loyalty program. And it's that level of information that's giving us insights into where our consumers are, what they're expecting and how should we be engaging with them. And we'll continue to build our consumer data platform and analytics capability to be able to really get closer, build greater engagement and affinity.

我們的忠誠度計劃，我們的 Vans 業務，現在已經超過 1200 萬。我認為，我們的 North Face 業務在他們的忠誠度計劃中有 700 萬到 800 萬消費者。正是這種信息水平讓我們深入了解消費者的位置、他們的期望以及我們應該如何與他們互動。我們將繼續建立我們的消費者數據平台和分析能力，以便能夠真正拉近，建立更大的參與度和親和力。

We've pivoted quite a bit on our kind of buy online, pick up in store, how we're thinking about buy online, return to store. And then this new notion of buy online, pick up at curb. That was not something we had in our toolkit a month ago. And in the next 2 weeks, we'll be standing that up, not only here in North America, but in Europe. So the one thing that gives me so much confidence is the agility that our organization is showing, our digital and technology team. Where we've made significant investment in people and capabilities is strengthening us in this time where consumers are pivoted so strongly towards engaging with brands online, not just on the content, but as we've seen, significant growth in our online sales, April and month-to-date. We're in a really good position, and I couldn't be happier with our decision 3 years ago to make this pivot to be more consumer-minded, retail-centric and hyper-digital in everything we do.

我們已經對在線購買、店內提貨、在線購買和返回商店的想法進行了相當多的關注。然後是這種在線購買的新概念，在路邊取貨。這不是我們一個月前在我們的工具包中擁有的東西。在接下來的兩週內，我們將堅持這一點，不僅在北美，而且在歐洲。因此，讓我充滿信心的一件事是我們的組織所展示的敏捷性，我們的數字和技術團隊。我們在人員和能力方面進行了大量投資，這正在加強我們在這個時候，消費者如此強烈地轉向在線與品牌互動，不僅僅是在內容上，而且正如我們所見，我們的在線銷售顯著增長，4 月和月初至今。我們處於一個非常好的位置，我對 3 年前我們做出的決定感到非常高興，即在我們所做的一切事情中，我們都做出了更加以消費者為中心、以零售為中心和超數字化的轉變。

And then one quick follow-up, Steve.

然後是一個快速的跟進，史蒂夫。

Yes, I know. But just real quick. Can you hear me?

是的，我知道。但真的很快。你能聽到我嗎？

Sure, Scott.

當然，斯科特。

Yes. So I just wanted to say -- just to reiterate what Steve said, we talked about focused investments. This is an area where we're not pulling back, right? We're continuing to prioritize on our investments here. So could we see more short-term profitability by cutting expenses such as this? Yes, we could. But this is an area where we're maintaining our investment, doubling down.

是的。所以我只想說——重申史蒂夫所說的話，我們談到了重點投資。這是一個我們不會退縮的領域，對吧？我們將繼續優先考慮我們在這裡的投資。那麼，我們是否可以通過削減此類費用來獲得更多的短期盈利能力？是的，我們可以。但這是我們保持投資並加倍下注的領域。

One quick follow-up. Where do you -- have you said where you see that kind of 20% overall penetration could go? And then is your digital capability, is that important when you're in discussion with potential acquisition candidates, the digital prowess you can bring to their brand franchises?

快速跟進。你在哪裡 - 你有沒有說過你認為那種 20% 的整體滲透率會去哪裡？然後是您的數字能力，當您與潛在的收購候選人討論時，您可以為他們的品牌特許經營帶來的數字能力是否重要？

Remind me, Joe, I don't think we've stated where we think it will go. That 20% is not -- is both our own as well as our wholesale digital partners. But that is where all of the energy is certainly pivoting from a consumer standpoint, and we see that becoming a much more significant part of our go-to-market strategy.

提醒我，喬，我不認為我們已經說明了我們認為它會去哪裡。那 20% 不是——既是我們自己的，也是我們的批發數字合作夥伴。但從消費者的角度來看，這肯定是所有精力都在轉向的地方，我們認為這將成為我們進入市場戰略的重要組成部分。

When we think about acquisitions, certainly, brands that would have this capability within the addressable markets that we've talked about would be certainly an advantage that we would be looking for. But we're also looking at partnerships that would bring enhanced skills, capabilities in the area of data and different parts of the analytics toolkit that we would like to get quicker time to value.

當我們考慮收購時，當然，在我們談到的目標市場中具有這種能力的品牌肯定是我們正在尋找的優勢。但我們也在尋找能夠在數據領域和分析工具包的不同部分帶來增強技能和能力的合作夥伴關係，我們希望更快地實現價值。

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

我們今天的下一個問題來自瑞士信貸的 Michael Binetti。

I want to ask a little bit on the detail on some of the slides around Vans in the D2C trends you laid out for the business in total here. I guess on the -- for the Americas D2C number in February, I know the month was warm. I know you have a lot of cold weather businesses. Could you speak to how much of the D2C comps you saw there were due to mix of North Face and Timberland? And then maybe just a little bit of color on how Vans D2C is trending in the Americas as we start to emerge here in this quarter.

我想問一些關於 Vans 的一些幻燈片的細節，這些幻燈片是你在這里為整個業務制定的 D2C 趨勢。我猜想 - 對於 2 月份的美洲 D2C 數字，我知道這個月很溫暖。我知道你們有很多寒冷天氣的生意。你能談談你看到的 D2C 組合中有多少是由 North Face 和 Timberland 混合而成的嗎？然後也許只是一點點關於 Vans D2C 在美洲的流行趨勢，因為我們在本季度開始出現在這裡。

Yes. Scott, you want to grab that?

是的。斯科特，你想抓住那個嗎？

Yes, sure. So I guess the last part of your question first, Michael. The trends have been very strong. And we laid that out in some of the pre materials that we released. Particularly in April, we've seen a big surge in our online business. In fact, we're seeing triple digits across several of our brands in different regions. So whether this trend continues, don't know. But it's very encouraging to see that -- the significant uptick.

是的，當然。所以我想首先是你問題的最後一部分，邁克爾。趨勢非常強勁。我們在發布的一些前期材料中對此進行了說明。特別是在四月份，我們的在線業務出現了大幅增長。事實上，我們在不同地區的多個品牌中都看到了三位數。所以這種趨勢是否會持續下去，不得而知。但看到這一點非常令人鼓舞——顯著上升。

And I guess, Michael, help me with your question around Vans specifically.

我想，邁克爾，請專門幫我解答關於 Vans 的問題。

Yes. Well, I know Vans had some -- was growing at extremely high-growth rates for a few years. It slowed a bit in the December quarter. And then we don't have specific Vans pieces to look at here through January and February. But the Vans -- I'm sorry, the total comps you provided in North America in February, I'm wondering how much that was impacted by some of the weather brands? See, I know it was a warm month. I'm trying to figure out how to think about what Vans is doing before February.

是的。好吧，我知道 Vans 有一些——幾年來一直以極高的增長率增長。它在 12 月季度有所放緩。然後我們在 1 月和 2 月都沒有特定的 Vans 單品可供查看。但是 Vans——對不起，你們在 2 月份在北美提供的總比賽陣容，我想知道一些天氣品牌的影響有多大？看，我知道這是一個溫暖的月份。我正試圖弄清楚如何思考 Vans 在 2 月之前所做的事情。

Yes, I understand it. I understand your question. So one thing is, remember, one thing we look in our owned business is the multiyear stack, and you're up against massive numbers in Vans a year ago. And we also talked about the soft landing of Vans. So while it's still impressive, it has moderated, I would say, but more to a level that's in line with our long-term expectations. But you're right in what you're probing at. As we look at the colder weather brands, you're seeing a bit of a drag there.

是的，我明白了。我明白你的問題。所以有一件事是，請記住，我們在自己的業務中看到的一件事是多年堆棧，而一年前你在 Vans 中遇到了巨大的數字。我們還談到了 Vans 的軟著陸。因此，雖然它仍然令人印象深刻，但它已經緩和了，我想說，但更多的是符合我們長期預期的水平。但你在探索什麼是對的。當我們查看天氣較冷的品牌時，您會發現那裡有點拖累。

And for the issues that we talked about, remember, coming into -- or leaving Q3 and coming into the fall holiday, we said, as a general statement, we were a little late and not as deep from a promotional standpoint. And our intention was to increase. We were losing some business in our own dot-com based on more attractive pricing for similar products and other -- in competing channels. And so we did address that, and we did see that trend, in a pre-COVID basis, start to really accelerate as we both became more competitive and also, were moving a lot of inventory, frankly, through the channel from a pre-COVID standpoint. And then once COVID hit, of course, all the numbers get a little difficult.

對於我們談到的問題，請記住，進入 - 或離開第三季度並進入秋季假期，我們說，作為一般性聲明，從促銷的角度來看，我們有點晚了，而且沒有那麼深入。我們的意圖是增加。基於類似產品和其他競爭渠道中更具吸引力的價格，我們在自己的 dot-com 中失去了一些業務。所以我們確實解決了這個問題，並且我們確實看到，在 COVID 之前的基礎上，這種趨勢開始真正加速，因為我們都變得更有競爭力，而且坦率地說，通過渠道從之前的渠道轉移了大量庫存新冠肺炎的立場。當然，一旦 COVID 出現，所有的數字都會變得有點困難。

But the encouraging thing to us is all brands, cold weather, Vans, all of them, we've seen a material acceleration in the month of April and so far, continuing into May. Again, I'm always cautious to say early days, let's see where this goes. But the green shoots we're seeing there are encouraging.

但對我們來說令人鼓舞的是所有品牌，寒冷的天氣，Vans，所有這些，我們都看到了 4 月份的實質性加速，到目前為止，一直持續到 5 月份。再說一次，我總是很謹慎地說早期，讓我們看看會發生什麼。但我們在那裡看到的綠芽令人鼓舞。

And Michael, I would add real -- I'd add just a couple of things real quick. As we -- Vans had a good quarter, but what's really -- and kind of giving us greater confidence is where we stand April and May. And I know you guys watch quite a bit of what goes on with our brands online. But we've spent a lot of time shifting our message to our consumers, getting much more empathetic and really trying to meet our consumers with where they are in this stay-at-home environment that we're all living in and really changing our messaging, much more purpose-led. In case of Vans, they've really upped the content around creativity. I don't know if you've seen anything about the shoebox challenge, but the submits coming in from our consumers, the user-generated content that we're able to grab from this. But really, that greater connectivity and affinity. Our April and May digital results are up really, really strong and giving us confidence that this will be a continued growth vector for Vans as we wait for our stores to come back online in the coming months.

邁克爾，我會添加真實的——我會快速添加一些東西。因為我們——Vans 有一個不錯的季度，但真正讓我們更有信心的是我們在四月和五月的表現。而且我知道你們在網上觀看了我們品牌的很多事情。但是我們花了很多時間將我們的信息傳遞給我們的消費者，變得更加善解人意，並真正嘗試在我們都生活的這個居家環境中與我們的消費者見面，並真正改變我們的消息傳遞，更以目的為導向。就 Vans 而言，他們確實提升了圍繞創意的內容。我不知道你是否看過任何關於鞋盒挑戰的內容，但是來自我們消費者的提交，我們能夠從中獲取的用戶生成的內容。但實際上，更大的連通性和親和力。我們 4 月和 5 月的數字結果非常非常強勁，讓我們相信這將成為 Vans 的持續增長載體，因為我們等待我們的商店在未來幾個月重新上線。

I guess, if I could just get one more in there. As we -- I know we've talked about before COVID, Vans margins were obviously, very, very good. Lower mid-20s is I think the way you guys have talked about them at the Analyst Day for Vans a few years ago. How did e-commerce margins compare to the overall brand margin since that's going to be a bigger focus going forward? And maybe how do the lower volumes impact the Vans D2C EBIT margins?

我想，如果我能再弄一個進去就好了。正如我們——我知道我們在 COVID 之前已經討論過，Vans 的利潤率顯然非常非常好。我認為 20 歲左右是你們幾年前在 Vans 分析師日上談論他們的方式。電子商務利潤率與整體品牌利潤率相比如何，因為這將成為未來更大的焦點？也許較低的銷量如何影響 Vans D2C EBIT 利潤率？

Yes. So as we, I think, said fairly consistently, Michael, the margins, both gross margins are going to be similar to what we see in our D2C channel. But without the 4-wall costs and just the lock approach to that, at least in our business, that dilution not really being a significant factor. It's our most profitable channel. So as we see the move to digital, that's a good thing from a mix standpoint, from a profitability standpoint.

是的。因此，我認為，正如我們一致表示的那樣，邁克爾，利潤率，兩個毛利率都將與我們在 D2C 渠道中看到的相似。但如果沒有 4 牆成本和鎖定方法，至少在我們的業務中，稀釋並不是一個重要因素。這是我們最賺錢的渠道。因此，當我們看到向數字化的轉變時，從混合的角度來看，從盈利能力的角度來看，這是一件好事。

Our next question is coming from Jonathan Komp from Baird.

我們的下一個問題來自 Baird 的 Jonathan Komp。

A bit of a follow-up question, but I want to just understand. All the detail of how you see the geographies recovering was very helpful. I'm curious at least maybe directionally, how you think about that across your brand and just thinking differences of a Vans, which has been strong and lots of momentum, versus a Timberland, which has been the opposite side of the spectrum. Any thoughts you're willing to share kind of looking forward on a relative basis?

有點後續問題，但我只想了解。您如何看待地理恢復的所有細節都非常有幫助。我很好奇，至少可能是方向性的，你是如何看待整個品牌的，只是考慮到 Vans 的差異，它一直很強大，動力很大，而 Timberland 一直是光譜的另一面。你有什麼想法願意分享一種相對的期待嗎？

So Jonathan, sorry...

所以喬納森，對不起...

Yes. Go ahead, Scott.

是的。來吧，斯科特。

I was just going to clarify your question. So you're talking about anything different by brand, by geography, anything unique. Is that -- I just wanted to understand the question.

我只是想澄清你的問題。所以你說的是品牌、地理、獨特的任何不同的東西。是嗎——我只是想理解這個問題。

Yes, not quite that broad but more trying to understand how you're thinking about the ability for the various brands to recover in a similar scenario that you laid out from a geographic standpoint, just thinking about the big brands, how you're looking as you go ahead.

是的，不是那麼廣泛，但更多的是試圖了解您如何考慮各種品牌在您從地理角度佈置的類似情況下恢復的能力，只是考慮大品牌，您的看法當你繼續前進時。

Got you. Got you.

得到你。得到你。

Sure. So I'll start, Scott. I think as you see, our Asia business is back up and running. All of our stores are open. Our partnership stores are open. And our digital business is performing extremely well. We are seeing consumer traffic improve week over week, but it is down over last year. But the results we see really are across each of our brands, finding unique ways to connect with consumers, be it online. We're doing virtual shopping events. Our Dickies brand has been real innovative in how they're thinking about connecting the virtual to the store. Those learnings are helping us understand how to activate in Europe and America as these markets come back on and we're back up with about 40% of our stores in Europe today. We have had our digital wholesale partners working with us since the onset of the COVID crisis continue to see really solid growth with them across our full brand portfolio, so really not one brand overachieving. I would tell you, our North Face business is probably the strongest in their online connectivity. And here in the Americas, we are preparing to open our stores and expect to have stores open in 5 states next week. And our D2C brands, specifically Vans, North Face, Timberland, to a lesser degree, will benefit from that.

當然。所以我要開始了，斯科特。我認為如您所見，我們的亞洲業務已恢復正常運行。我們所有的商店都營業。我們的合作商店是開放的。我們的數字業務表現非常出色。我們看到消費者流量每週都在改善，但比去年有所下降。但我們看到的結果確實貫穿於我們的每個品牌，找到了與消費者建立聯繫的獨特方式，無論是在線的。我們正在舉辦虛擬購物活動。我們的 Dickies 品牌在考慮將虛擬與商店聯繫起來的方式方面具有真正的創新性。這些經驗正在幫助我們了解如何在歐洲和美國重新活躍起來，因為這些市場正在復蘇，我們今天在歐洲擁有約 40% 的門店。自 COVID 危機爆發以來，我們的數字批發合作夥伴一直與我們合作，他們在我們的整個品牌組合中繼續看到真正穩健的增長，因此沒有一個品牌表現出色。我會告訴你，我們的 North Face 業務可能是他們在線連接中最強的。在美洲，我們正準備開設門店，預計下週將在 5 個州開設門店。我們的 D2C 品牌，特別是 Vans、North Face、Timberland，在一定程度上會從中受益。

But what's interesting, to my earlier point on the pivot on how we've shifted our marketing and the messaging and our connectivity. Our Timberland business has seen exceptional growth through April and month-to-date here online. And we find that actually extremely positive as we now -- we do know the consumers are engaged with us. They're extremely interested in the messaging as well as the products that we're offering. And I think we see really a universal growth across our portfolio as we have much more sharing and collaboration on the different approaches, different tactics that have worked first in China, and we'll bring that across each of the other regions.

但有趣的是，就我之前關於我們如何改變營銷、消息傳遞和連接性的觀點而言。我們的 Timberland 業務在 4 月和本月至今在網上取得了驚人的增長。我們發現這實際上非常積極，因為我們現在知道消費者正在與我們互動。他們對消息傳遞以及我們提供的產品非常感興趣。我認為我們看到我們的投資組合確實實現了普遍增長，因為我們在不同的方法、不同的策略上進行了更多的分享和合作，這些方法、不同的策略首先在中國起作用，我們將把它帶到其他每個地區。

Yes. I'd just add, Jonathan, as you think about China, we said it in our prepared remarks, we had the advantage of a couple of months' head start to see how consumers are reacting and what emergence looks like. And as we looked at our China business returning to growth, very broad-based and widespread across the month of April. So really encouraging sign, and that's really the basis for how we're trying to understand what this progression looks like as we think about the Europe and North American regions as well.

是的。喬納森，我想補充一下，當你想到中國時，我們在準備好的評論中說過，我們有幾個月的領先優勢，可以了解消費者的反應以及新興市場的情況。當我們看到我們的中國業務在 4 月份恢復增長時，基礎非常廣泛且廣泛。非常令人鼓舞的跡象，這確實是我們在考慮歐洲和北美地區時如何試圖了解這種進展情況的基礎。

Okay. And maybe just one follow-up on more of the expense side and protecting margin. I understand the thoughtful and unique approach that you're taking, protecting the state of the organization. I guess I just want to understand, if we think about the next several quarters still having pretty significant top line pressure, any thoughts on how kind of the downside flow through on the EBIT line might look relative to what you had in the March quarter here?

好的。也許只是對更多費用方面和保護利潤的後續行動。我理解您採取的深思熟慮和獨特的方法，以保護組織的狀態。我想我只是想了解一下，如果我們考慮接下來的幾個季度仍然有相當大的頂線壓力，任何關於息稅前利潤線上下行流動的想法可能看起來與你在 3 月季度的情況相比?

Again, I'm not giving specific guidance, but a couple of things I can say. So as you think about gross margin, in particular, I think I mentioned earlier, we will see some promotional activity as we work on moving through the inventory in the channel. So you think about the puts and takes, the structural mix benefit we think will be there for the long term and for next year, remember, we have -- from an FX standpoint, the benefit we saw from a hedging standpoint rolls off next year. So you've got to put a take there. And then promotional activity, as we saw in that evolution, will be elevated we think pretty much through the balance of the year. So that's got a little bit of pressure from a gross margin standpoint as you think about next year, not structural, not ongoing. This is more episodic as we deal through this issue. But in the next quarters, we would expect some pressure from that standpoint.

同樣，我沒有給出具體的指導，但我可以說幾件事。因此，當您特別考慮毛利率時，我想我之前提到過，當我們努力通過渠道中的庫存時，我們會看到一些促銷活動。所以你考慮一下看跌期權，我們認為長期存在的結構性組合收益，明年，請記住，從外彙的角度來看，我們從對沖的角度看到的收益明年會減少.所以你必須放在那裡。然後，正如我們在這一演變中看到的那樣，促銷活動將在今年餘下的時間裡得到提升。因此，當您考慮明年時，從毛利率的角度來看，這有一點壓力，而不是結構性的，而不是持續性的。當我們處理這個問題時，這更具偶發性。但在接下來的幾個季度，從這個角度來看，我們預計會有一些壓力。

And as you think about earnings, again, we gave you a little bit of shape of how the evolution looks, especially from a top line standpoint. I'd just remind you of a couple of things. We talked about more than $600 million of free cash flow in -- as you looked at that cash evolution walk in the materials. We also mentioned reduced CapEx. And just a reference point, we've talked about maintenance CapEx being in that 2% range, 2% of sales. We've talked about aggressive inventory management, which you can assume means that from a working capital standpoint, we should see some benefit. And the remainder of that, of course, is earnings. So that doesn't give you everything, but that will at least get you in the ZIP code as you think about how we are viewing the flow through.

當您考慮收益時，我們再次向您展示了演變的外觀，尤其是從頂線的角度來看。我只想提醒你幾件事。我們談到了超過 6 億美元的自由現金流——正如你在材料中看到的現金演變過程。我們還提到了減少資本支出。只是一個參考點，我們已經談到維護資本支出在 2% 的範圍內，佔銷售額的 2%。我們已經討論過積極的庫存管理，您可以假設這意味著從營運資金的角度來看，我們應該會看到一些好處。當然，剩下的就是收益。因此，這並不能為您提供所有信息，但當您考慮我們如何查看流程時，至少可以讓您了解郵政編碼。

Our next question is coming from Jim Duffy from Stifel.

我們的下一個問題來自 Stifel 的 Jim Duffy。

Difficult times, no doubt, but clearly, the strategy from 8 months ago seems even more relevant today. I have a few questions on the digital business. First, can you speak about the changing economics you're seeing with digital demand creation? What are the changes you're seeing in ad rates and conversion rates with store closed? And then the triple-digit North American digital growth seems to be outpacing the digital growth in other regions. Are there things that are more evolved in the North American digital business that can be accelerated in EMEA and APAC?

困難時期，毫無疑問，但很明顯，8 個月前的戰略在今天似乎更加重要。我有幾個關於數字業務的問題。首先，您能否談談您所看到的數字需求創造帶來的經濟變化？關閉商店後，您看到的廣告率和轉化率有何變化？然後三位數的北美數字增長似乎超過了其他地區的數字增長。北美數字業務中是否存在可以在歐洲、中東和非洲和亞太地區加速發展的事物？

Yes, I'll go ahead and -- I don't think we have the -- our ad rates, but let me just start real high level, Jim. We've pivoted our marketing and used a zero-based budgeting approach to how we deploy our ad dollars and pivoted all of the dollars towards more digital tactics. And clearly, that's having significant benefits to our e-commerce trend at this point.

是的，我會繼續 - 我不認為我們有 - 我們的廣告費率，但讓我開始真正的高水平，吉姆。我們已經調整了營銷方向，並使用了零基預算方法來部署我們的廣告資金，並將所有資金轉向更多的數字化策略。顯然，這對我們目前的電子商務趨勢有很大的好處。

We've seen traffic up but what we've seen even more so is conversion. As we are engaging consumers, great examples are -- is just the level of dwell that we see our Vans business with the shoebox challenge, the people coming online to create a pair of custom shoes to contribute back to Foot the Bill program that they have to support their specialty. So really looking at very different ways, improving content, improving just different programs, things to entice consumers in to participate with us.

我們已經看到流量增加了，但我們看到的更多的是轉化率。當我們吸引消費者時，很好的例子是——只是我們看到我們的 Vans 業務面臨鞋盒挑戰的停留水平，人們上網製作一雙定製鞋以回饋他們擁有的“支付賬單”計劃支持他們的專業。因此，我們真的在尋找非常不同的方式，改進內容，改進不同的程序，吸引消費者參與我們的事情。

Our North Face business, where we've probably seen the most exceptional growth over the last 3, 4 weeks, their program to support the frontline workers, specifically medical workers, has brought a tremendous increase in traffic. I think we have something like 89% of our traffic are new consumers and a very high concentration of females. Giving the brand just additional people to speak to, connect to. And really, we're not driving transaction as much as we're driving connection, engagement and affinity and bringing you through that funnel, when and if you're available, but really focused on building that much, much stronger engagement for a longer-term benefit.

我們的 North Face 業務可能在過去 3 到 4 週內實現了最顯著的增長，他們支持一線工作人員，特別是醫務人員的計劃帶來了流量的巨大增長。我認為我們有大約 89% 的流量是新消費者和非常集中的女性。為品牌提供更多可以與之交談、聯繫的人。真的，我們不是在推動交易，而是在推動聯繫、參與和親和力，並在你有空的時候和如果有空的情況下將你帶入這個渠道，而是真正專注於在更長時間內建立更強大的參與長期利益。

Our growth here in the U.S. is stronger, that's true. But our growth in Europe and Asia is right in line with where we would expect to be, and we are deploying the same tactics that we're using here and seeing that strong engagement and really looking to build that long-term affinity and continue to draw consumers into our different digital platforms.

我們在美國的增長更加強勁，這是真的。但我們在歐洲和亞洲的增長與我們的預期相符，我們正在部署我們在這裡使用的相同策略，看到了強大的參與度，並真正尋求建立長期的親和力並繼續吸引消費者進入我們不同的數字平台。

Our next question is coming from Erinn Murphy from Piper Sandler.

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

Just 2 for me. As you guys reopen stores, I'm curious if there's added costs that you need within your own stores just to ensure that the shopping experience is safe. And then what do you expect -- or how do you expect your staffing requirements to change within stores? And then the second question around product launches for fiscal 2021, I'm just curious if you've had to make any shift this year or in connect, just given the current environment?

對我來說只有2個。當你們重新開設商店時，我很好奇您是否需要在自己的商店中增加成本以確保購物體驗的安全。然後你期望什麼——或者你期望你的員工需求在商店內如何變化？然後是關於 2021 財年產品發布的第二個問題，我只是想知道，鑑於當前的環境，您今年是否必須做出任何轉變或聯繫？

Yes. Erinn, I'll start. Scott can certainly fill in the blanks here. We are very ready to begin to open our stores. As I mentioned, our stores are open in China. We've begun to open stores in Europe, and we're preparing here in the United States. Our playbook that we've been able to develop in China over the last 4 or 5 weeks is giving us a really good understanding of just what we need to be doing to assure consumers are comfortable. But equally important is that our staff feels comfortable in this new environment.

是的。愛琳，我要開始了。斯科特當然可以在這裡填補空白。我們已經準備好開始開設我們的商店。正如我所提到的，我們的商店在中國開業。我們已經開始在歐洲開店，我們正在美國做準備。我們在過去 4 或 5 週內能夠在中國開發的劇本讓我們非常了解我們需要做些什麼來確保消費者感到舒適。但同樣重要的是，我們的員工在這個新環境中感到舒適。

So there are some increased costs associated with bringing that security around, proper sanitation, the proper PPE for people to be using. We have remerchandised our stores to get that proper social distancing. And we're not -- our traffic is not what it normally is, so our staffing levels are adjusting accordingly to make sure we've got the right people, right level of service and really providing that personal one-to-one engagement. And what's really, really gratifying is the feedback we're getting from our consumers as we open is just a high degree of confidence. And they're really thankful that we're there and enjoying the opportunity to get out and engage in a very safe environment.

因此，與提供安全、適當的衛生設施和供人們使用的適當個人防護裝備相關的成本會增加一些。我們已經重新銷售我們的商店，以保持適當的社交距離。而且我們不是——我們的流量不是正常的，所以我們的人員配置水平正在相應地調整，以確保我們有合適的人員、合適的服務水平並真正提供個人一對一的參與。真正真正令人欣慰的是，我們在開業時從消費者那裡得到的反饋只是高度的信心。他們真的很感謝我們在那裡並享受有機會走出去並參與到一個非常安全的環境中。

And the second half of your question, Erinn, if you could repeat that for me?

Erinn，你的問題的後半部分，你能否為我重複一遍？

It was around product...

它是圍繞產品...

It was just on innovation, just product launches, yes.

只是創新，只是產品發布，是的。

Product launches?

產品上市？

Just so has there been any change? Have you had to change your forecast in terms of when you're launching products this year just given COVID-19 and some of the impact it's had on your inventory buys?

就這樣有什麼變化嗎？鑑於 COVID-19 以及它對您的庫存購買產生的一些影響，您是否不得不更改您今年推出產品的時間的預測？

Yes. No. Thank you. No, really, if anything, it's heightened the need to be much more retail-centric in how we think and operate our stores. And this is a big part of our transformation, the level of newness and the frequency of new reasons to engage, be it in store, online. I mentioned some of the virtual shopping tests that our Dickie's team has been doing in China, looking really for weekly reasons to engage with us. So our product offer, our new product release and collab schedules stay very much intact. And to Scott's earlier comment around the thoughtful management of forward buys and looking at our on-hand inventory, that has been done with the same eye to assuring that we have open to buy available for the right level of newness flowing into each of our brands, be it through our own D2C or with our wholesale partners as that begins to open as well.

是的。不，謝謝。不，真的，如果有的話，它增加了我們在思考和經營商店的方式上更加以零售為中心的需求。這是我們轉型的重要組成部分，無論是在商店還是在網上，新奇程度和新參與理由的頻率。我提到了我們 Dickie's 團隊一直在中國進行的一些虛擬購物測試，他們每週都在尋找與我們互動的理由。所以我們的產品報價、我們的新產品發布和合作時間表保持不變。對於斯科特早些時候關於對遠期購買的周到管理和查看我們的現有庫存的評論，這樣做的目的是確保我們可以購買可用於流入我們每個品牌的適當水平的新品，無論是通過我們自己的 D2C 還是與我們的批發合作夥伴一起開始開放。

Can I just add one thing, Erinn, that Steve asked every day, what -- do we have enough newness. There's an intense focus on newness. There's another good by-product of this process that we're going through as we're transforming the retail-centric, retail-first mindset, is also the reduction in SKUs. The offers are tighter very much from a perspective of our own retail stores, our own digital environment and how that then applies to our wholesale partners. So a lot of the rigor and discipline and focus has been on both newness and ensuring that we have a very tight assortment that makes sense from a retail environment. So there's actually a good by-product of the added discipline that comes with this constrained environment.

Erinn，我可以補充一件事嗎，Steve 每天都會問，我們有足夠的新鮮感嗎？強烈關注新事物。隨著我們正在轉變以零售為中心、以零售為先的心態，我們正在經歷這個過程的另一個很好的副產品，這也是 SKU 的減少。從我們自己的零售店、我們自己的數字環境以及如何將其應用於我們的批發合作夥伴的角度來看，這些優惠非常嚴格。因此，很多嚴謹、紀律和重點都放在了新穎性和確保我們有一個非常緊湊的分類上，這在零售環境中是有意義的。因此，這種受限環境帶來的附加學科實際上是一個很好的副產品。

Our next question today is coming from Adrienne Yih from Barclays.

我們今天的下一個問題來自巴克萊的 Adrienne Yih。

Great. Steve, I guess my first question is really sort of like more big-picture thematic. Outside the obvious shift to digital, what are the other secular consumer behaviors that you're seeing or foresee emerging post COVID? And then how does each of the 4-pillar brands stand to gain in that environment? And then, Scott, my follow-up, well, my follow-up will be on gross margin, actually.

偉大的。史蒂夫，我想我的第一個問題真的有點像更宏觀的主題。除了向數字化的明顯轉變之外，您還看到或預見到 COVID 後出現的其他世俗消費者行為是什麼？那麼，四大支柱品牌中的每一個如何在這種環境下獲得收益呢？然後，斯科特，我的後續行動，實際上，我的後續行動將是毛利率。

So great question. Clearly, the comments, the conversations we've been having about the immediate uptick in digital demand and digital connectivity. In addition to that, things that we're seeing through our analytics and conversations with consumers are some really interesting trends and trends that our portfolio is extremely well aligned against. I think one would be this appreciation for the outdoors. As people are staying at home, as people are less apt to be thinking about travel outside of their -- be it their home city or home state, this connection with the outdoors and getting back into outdoor activity nearby the house is probably one of the most significant trends, coupled with health and well-being. And we're seeing this coming out loud and clear in China with people just very focused on their individual health, the health of the climate. And clearly, our purpose-led vision and the focus of our portfolio is very strong there.

這麼好的問題。顯然，關於數字需求和數字連接的立即上升，我們一直在進行的評論和對話。除此之外，我們通過分析和與消費者的對話看到的是一些非常有趣的趨勢和趨勢，我們的產品組合與之非常吻合。我想一個人會是對戶外活動的欣賞。由於人們待在家裡，由於人們不太可能考慮到他們的家鄉或家鄉以外的地方旅行，這種與戶外的聯繫以及在房子附近重新進行戶外活動可能是其中之一最重要的趨勢，以及健康和福祉。我們看到這一點在中國大聲而清晰地表現出來，人們非常關注個人健康，氣候健康。顯然，我們以目標為導向的願景和我們投資組合的重點在那裡非常強大。

We see actually a lot of interest in supporting the frontline workers across the globe. And the work that our Dickies brand has been doing, the commitment of 3.5 million pieces of PPE for medical workers here in the states as well as supporting those workers that are keeping the infrastructure up and running. We've seen tremendous interest in supporting, and our Dickies business is reacting extremely well. So those trends across the outdoor, health and well-being, focus on the climate could not be more in line with our portfolio, the reshaping we've been doing the last 3 years. But also our deep commitment to being purpose-led, performance-driven as our way of creating value for our shareholders.

實際上，我們看到人們對支持全球一線工作人員很感興趣。我們的 Dickies 品牌一直在做的工作，承諾為各州的醫務人員提供 350 萬件 PPE，並支持那些保持基礎設施正常運行的工人。我們看到了對支持的極大興趣，我們的 Dickies 業務反應非常好。因此，戶外、健康和福祉、關注氣候的這些趨勢與我們的產品組合以及我們過去 3 年一直在進行的重塑相吻合。但我們也堅定地致力於以目標為導向、以績效為導向，以此作為我們為股東創造價值的方式。

Great. That's very helpful. So Scott, just to -- kind of digging in a little bit deeper on the patterning of the gross margin. In which quarter -- obviously, there's pressure from promotions certainly once stores open. And then as the channel partners start to liquidate inventory in the fall season, I suppose, when do you see sort of the deepest hit to gross margin, which of those quarters? Is it the September quarter? It sounds like inventory gets a little bit better.

偉大的。這很有幫助。所以斯科特，只是為了 - 有點深入挖掘毛利率的模式。在哪個季度 - 顯然，一旦商店開業，促銷肯定會有壓力。然後隨著渠道合作夥伴在秋季開始清算庫存，我想，你什麼時候看到毛利率受到最嚴重的打擊，哪個季度？是九月季嗎？聽起來庫存變得更好了。

And then in what format does it take? I understand like at your own D2C, you'll be competing on price at retail. But are you giving more vendor allowances? Are you giving lower cost on the outset as you forward book 6 months out?

然後它採用什麼格式？我知道就像在您自己的 D2C 中一樣，您將在零售價格上競爭。但是您是否給予更多供應商補貼？當您提前 6 個月預訂時，您是否在一開始就提供較低的成本？

Yes. So in terms of the shaping -- and you can get some of this in the prepared materials. We talked a little bit about the promotional environment. But for sure, in the first half, you'll see more pressure, and you'll see that start to moderate as you move through the year, although elevated for the full year, more pressure in the first half.

是的。所以在塑造方面——你可以在準備好的材料中得到一些。我們談了一點促銷環境。但可以肯定的是，在上半年，你會看到更多的壓力，並且隨著一年的過去，你會看到壓力開始緩和，儘管全年壓力有所上升，但上半年的壓力更大。

In terms of tactics, we've got a wide range of options. And I won't go into too much specifics, but generally, it's partnering with key accounts and looking at -- from discounting, gross-to-net markdowns, et cetera. On a limited basis, generally, that's how we tend to focus as opposed to wholesale returns or things like that. Those are more of the tactics we use.

在戰術方面，我們有多種選擇。我不會透露太多細節，但一般來說，它與關鍵客戶合作並著眼於——從折扣、總減價到淨減價等等。一般來說，在有限的基礎上，這就是我們傾向於關注的方式，而不是批發退貨或類似的事情。這些是我們使用的更多策略。

But one of the best weapons that we have is our outlet network. And we learned some hard lessons in the past about dumping a bunch of goods into the off-price market, third-party off-price, and you won't see us doing that. That's not to say we don't use these channels. They're good partners and they're effective ways, within reason, to clear goods. But the majority of this is going to be working with key accounts. It's going to be in our own digital dot-com, and our biggest weapon, as I said, is our outlets. And that's where, in a brand-appropriate way, we can dispose of a lot of inventory without causing channel conflicts or having things that boomerang back on us in the broader marketplace.

但我們擁有的最好的武器之一是我們的出口網絡。我們在過去學到了一些關於將一堆商品傾銷到低價市場、第三方低價市場的慘痛教訓，你不會看到我們這樣做。這並不是說我們不使用這些渠道。他們是很好的合作夥伴，並且是在合理範圍內清理貨物的有效方式。但其中大部分將與關鍵客戶合作。它將出現在我們自己的數字網絡中，正如我所說，我們最大的武器是我們的網點。這就是我們可以以適合品牌的方式處置大量庫存的地方，而不會導致渠道沖突或在更廣闊的市場上讓我們迴旋鏢。

Ladies and gentlemen, in the interest of time, our final question today comes from Camilo Lyon from BTIG.

女士們先生們，由於時間關係，我們今天的最後一個問題來自 BTIG 的 Camilo Lyon。

So just 2 questions for me. The first one, I think you mentioned in your -- in the press release this morning that you had some supply chain impacts. I was wondering if you could just delve deeper into which brands are being hurt by some of the supply chain impacts and where that stands. And if they have been resolved? And if they haven't been, when would you expect that supply chain to really resume kind of the flows that you're used to?

所以對我來說只有2個問題。第一個，我想你在今天早上的新聞稿中提到你對供應鏈產生了一些影響。我想知道您是否可以更深入地研究哪些品牌受到一些供應鏈影響的傷害，以及它的位置。如果他們已經解決了？如果他們還沒有，您希望供應鏈何時真正恢復您習慣的那種流動？

And then the second question is, you spend a lot of time, and rightly so, on the influence of the digital and the spend and the overspend on this particular channel and the importance of it. I'm curious to know what's your view? And has your view changed on what the right size, what's the right store base size going forward? And if you're anticipating closing some doors, whether as a result of maybe some mall lease rolling off, leases rolling off or just end-of-lease-life terms or anything of the sort with respect to active closures?

然後第二個問題是，你花了很多時間，這是正確的，數字和支出的影響以及這個特定渠道的超支以及它的重要性。我很想知道你的看法是什麼？您對正確尺寸的看法是否發生了變化，未來正確的商店基礎尺寸是多少？而且，如果您預計關閉一些門，無論是由於某些商場租約滾滾、租約滾滾還是只是租約到期條款或與主動關閉有關的任何事情？

No, good. Scott, I'll start. Camilo, there really are no material impacts to our supply chain. If anything, the connectivity with our key supply partners, both on the garment and footwear production, but also the materials side is where we've been spending a tremendous amount of time as we rightsized our forward purchases and really aligned our purchase and open to buy against the demand that we see today. And if those partnerships that we've built over the years that are allowing us to make these quick pivots and position ourselves to really meter, bring down our current on hand over the course of the year with the proper amount of newness. So really no impacts to any degree within our supply chain.

不好。斯科特，我要開始了。 Camilo，對我們的供應鏈確實沒有實質性影響。如果有的話，在服裝和鞋類生產以及材料方面與我們的主要供應合作夥伴的連接是我們花費大量時間的地方，因為我們正確調整了我們的遠期採購併真正調整了我們的採購併開放根據我們今天看到的需求購買。如果我們多年來建立的那些合作夥伴關係使我們能夠做出這些快速的轉變並將自己定位到真正的計量，那麼在一年中以適當的新鮮度降低我們手頭的電流。所以在我們的供應鏈中確實沒有任何程度的影響。

And then on the store base size, it's an interesting question. And well, if there's one thing we're seeing as we reopen our stores in China and most recently in Europe, is that, that local community-based retail footprint, some people would call that hyperlocal, is proving to be extremely valuable. Consumers shopping closer to home in those communities or neighborhoods that they live in. And as we think about our footprint here in the United States across our Vans, North Face and Timberland businesses, that will be something to pay attention to. Our exposure to the malls is not significant. We have about 80% of our footprint are in the A malls, and then it really tapers off to B. And then the tail sits in the C and D. So we're very well positioned where we're located. But the changing consumer behavior will be a really interesting element of the go-forward strategy that we have. Like if -- as consumers, are they going to be as comfortable coming into the store? Do they want to have a clienteling relationship where they can buy online and pick up at curb. We're ready for this. Our teams have been doing quite a bit of preparation. Our D&T team is providing the technology to be able to do that.

然後關於商店基礎規模，這是一個有趣的問題。好吧，如果我們在中國和最近在歐洲重新開設商店時看到一件事，那就是，基於本地社區的零售足跡，有些人稱之為超本地化，被證明是非常有價值的。消費者在他們居住的社區或社區離家更近的地方購物。當我們考慮我們在美國的 Vans、North Face 和 Timberland 業務的足跡時，這將是值得關注的事情。我們對商場的曝光並不重要。我們大約 80% 的足跡都在 A 購物中心，然後它真的逐漸變細到 B。然後尾巴位於 C 和 D。所以我們在我們所處的位置非常好。但不斷變化的消費者行為將成為我們前進戰略中一個非常有趣的元素。就像——作為消費者，他們是否會像走進商店一樣自在？他們是否希望建立客戶關係，可以在線購買並在路邊取貨。我們為此做好了準備。我們的團隊已經做了很多準備工作。我們的 D&T 團隊正在提供能夠做到這一點的技術。

But if there's one thing we've learned in China is the store is important. The closer it is to where you live, seems to be a growing trend. And honestly, the footprint and the size and the way that our stores connect with consumers today is very well positioned with that trend if that continues.

但如果我們在中國學到了一件事，那就是商店很重要。它離你住的地方越近，似乎是一個增長的趨勢。老實說，如果這種趨勢繼續下去，我們今天的商店與消費者聯繫的足跡、規模和方式非常適合這種趨勢。

I'd just build on that too, Camilo. We talk about this quite a bit, but we pretty aggressively manage our lease terms. And at any point in time, essentially 1/4 of the fleet, 25% is up for renewal every year. So while we're always constantly refining and updating what our footprint looks like, that also gives us a lot of opportunity as we understand better what retail evolves into, and nobody fully understands that today. We just know that it's changing and that we're continuing to adapt. Our ability to turn that fleet is pretty quick.

我也會在此基礎上再接再厲，卡米洛。我們對此進行了很多討論，但我們非常積極地管理我們的租賃條款。在任何時間點，基本上 1/4 的機隊，每年有 25% 需要更新。因此，雖然我們一直在不斷完善和更新我們的足跡，但這也給了我們很多機會，因為我們更好地了解了零售業的發展趨勢，而今天沒有人完全理解這一點。我們只知道它正在發生變化並且我們正在繼續適應。我們扭轉那支艦隊的能力非常快。

We've reached the end of our question-and-answer session. I'd like to turn the floor back over to Steve for any further or closing comments.

我們的問答環節已經結束。如果有任何進一步的或結束的評論，我想把發言權轉回給史蒂夫。

Great. Thank you, everybody, for joining us and putting up with our conversation-from-home model here. I hope it worked for everybody. I'd just like to leave you with a couple of thoughts: VF and the strong, strong history that we have is absolutely built for and prepared to navigate the times that we are in today. The strengths that we have, both on operational and financial disciplines, that have guided us over our 120-year history put us in a very strong position to manage really the foundational elements of our business. Our iconic brands and the reshaping of our portfolio that we've taken over the last 3 years puts us in a very strong position to connect with consumers in these evolving consumer and market trends. And our investments over the past 2 years to transform VF to be a more consumer-minded, retail-centric, hyper-digital enterprise and our deep, deep commitment to elevating our D2C, digital and consumer engagement through our data platforms, all are proof points that the strategy we've been working on, the actions we've been taking position us extremely well to navigate and accelerate on the other side of this crisis. And I just would really encourage you to stay connected with our brands, watch what we're doing online, the engagement strategy that we're putting in place just to kind of reinforce and give you confidence in the work that we're doing to drive our business and be prepared for acceleration on the other side. So again, thank you for joining us, and we look forward to talking to you in July.

偉大的。謝謝大家加入我們並在這裡忍受我們的在家對話模式。我希望它對每個人都有效。我只想給您一些想法：VF 和我們擁有的強大、強大的歷史絕對是為我們今天所處的時代而建立並準備好駕馭的。我們在運營和財務方面擁有的優勢指導我們走過了 120 年的歷史，這使我們處於非常有利的位置，可以真正管理我們業務的基礎要素。我們的標誌性品牌和我們在過去 3 年中接管的產品組合的重塑使我們處於非常有利的位置，可以在這些不斷變化的消費和市場趨勢中與消費者建立聯繫。我們在過去 2 年的投資將 VF 轉變為一個更加以消費者為中心、以零售為中心的超數字化企業，以及我們對通過我們的數據平台提升 D2C、數字化和消費者參與度的堅定承諾，所有這些都證明了指出我們一直在製定的戰略，我們一直在採取的行動使我們能夠很好地駕馭和加速這場危機的另一端。我真的鼓勵您與我們的品牌保持聯繫，觀看我們在網上所做的事情，我們正在實施的參與策略只是為了加強並讓您對我們正在做的工作充滿信心推動我們的業務，並為另一方面的加速做好準備。再次感謝您加入我們，我們期待在 7 月與您交談。

Thank you. That does conclude today's teleconference. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝你。今天的電話會議到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。