威富公司 (VFC) 2017 Q4 法說會逐字稿

Greetings, and welcome to the VF Corporation Fourth Quarter 2017 Earnings Conference Call.

您好，歡迎參加 VF Corporation 2017 年第四季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Mr. Joe Alkire, Vice President of Investor Relations.

現在我很高興向您介紹您的主持人，投資者關係副總裁喬·阿爾基爾先生。

Thank you.

謝謝你。

You may begin.

你可以開始了。

Good morning, and welcome to VF Corporation's Fourth Quarter 2017 Earnings Call.

早上好，歡迎參加 VF Corporation 2017 年第四季度財報電話會議。

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

今天電話會議的參與者將做出前瞻性陳述。

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

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

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

這些不確定性在定期提交給 SEC 的文件中有詳細說明。

Unless otherwise noted, amounts referred to on today's call will be in adjusted and currency-neutral terms, which we define in the press release that was issued this morning.

除非另有說明，今天電話會議中提及的金額將採用調整後的貨幣中性條款，我們在今天上午發布的新聞稿中對此進行了定義。

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

我們在討論中使用調整後和貨幣中性的金額作為領先數字，因為我們相信它們更準確地代表了我們業務的真實運營績效和基本結果。

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

您可能還會聽到我們提到報告的金額，這些金額符合美國公認會計原則。

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

GAAP 措施與調整後和貨幣中性金額的調節可以在新聞稿中包含的補充財務表格中找到，這些表格識別和量化了所有被排除的項目，並提供了管理層對這些信息為何對投資者有用的看法。

During the fourth quarter of 2017, the company reached the decision to sell its Nautica brand business and determined that it met the held-for-sale and discontinued operations accounting criteria.

2017年第四季度，公司決定出售其Nautica品牌業務，並確定其符合持有待售和終止經營的會計準則。

Accordingly, the company has classified the assets and liabilities of the Nautica brand business as held-for-sale and included the results of this business in discontinued operations for all periods presented.

因此，公司已將 Nautica 品牌業務的資產和負債分類為持有待售，並將該業務的業績納入所有呈報期間的終止經營業務。

During the second quarter of 2017, the company completed the sale of its Licensed Sports Group, or LSG business.

在 2017 年第二季度，該公司完成了其特許體育集團或 LSG 業務的出售。

In conjunction with the LSG divestiture, VF executed its plan to exit the licensing business, which comprises the LSG and JanSport brand collegiate businesses.

在剝離 LSG 的同時，VF 執行了退出許可業務的計劃，其中包括 LSG 和 JanSport 品牌的大學業務。

During the third quarter of 2016, the company completed the sale of its Contemporary Brands businesses.

2016 年第三季度，公司完成了當代品牌業務的出售。

Accordingly, the company has removed the assets and liabilities of the licensing and Contemporary Brands businesses and included the operating results of these businesses in discontinued operations for all periods presented.

因此，公司已將授權業務和當代品牌業務的資產和負債剔除，並將這些業務的經營業績納入所有報告期間的已終止經營業務。

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

除非另有說明，否則今天電話會議上的結果均基於持續運營。

Joining me on today's call will be VF's Chairman and Chief Executive Officer, Steve Rendle; and Chief Financial Officer, Scott Roe.

與我一起參加今天電話會議的還有 VF 的董事長兼首席執行官 Steve Rendle；和首席財務官 Scott Roe。

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

在我們準備好的評論之後，我們將打開提問的電話。

Steve?

史蒂夫?

Thanks, Joe, and good morning, everyone.

謝謝，喬，大家早上好。

And welcome to our fourth quarter 2017 earnings call.

歡迎參加我們的 2017 年第四季度財報電話會議。

Before we get started, I'd like to address the announcement this morning that we have reached the decision to sell the Nautica brand.

在我們開始之前，我想在今天早上宣布我們已經決定出售 Nautica 品牌。

While we do not yet have a definitive agreement, we are actively engaged with several parties, and we'll update you as conditions warrant.

雖然我們尚未達成最終協議，但我們正在與多方積極合作，我們會在條件允許時向您提供最新信息。

I'd like to thank the Nautica employees for their hard work and dedication as we proceed through this process, and I'm eager for the Nautica organization to move into its next phase of growth and success.

在此過程中，我要感謝 Nautica 員工的辛勤工作和奉獻精神，我渴望 Nautica 組織進入下一個發展和成功階段。

2017 was a transformational year for VF, highlighted by bold moves, top quartile value creation and meaningful progress toward becoming a purpose-led, agile and consumer- and retail-centric organization.

2017 年對於 VF 來說是轉型的一年，其突出之處在於大膽的舉措、最高四分之一的價值創造以及在成為以目標為導向、敏捷且以消費者和零售為中心的組織方面取得的有意義的進展。

In 2017, revenue increased 7% to $11.8 billion or 4% on an organic basis.

2017 年，收入有機增長 7% 至 118 億美元或 4%。

Our big 3 brands grew at a combined rate of 8%.

我們的三大品牌以 8% 的綜合速度增長。

And on an organic basis, international increased 9%, led by strength in Europe and China.

在有機基礎上，國際增長了 9%，其中歐洲和中國的實力領先。

Direct-to-consumer increased 15%, with 30% growth in digital.

直接面向消費者的業務增長了 15%，其中數字業務增長了 30%。

And our Workwear business increased 7%.

我們的工作服業務增長了 7%。

Our fundamentals remain strong, as gross margin, a key driver of a value-creation model, improved 160 basis points to 50.5%, a record for VF.

我們的基本面依然強勁，因為作為價值創造模式的關鍵驅動因素的毛利率提高了 160 個基點至 50.5%，創下 VF 的記錄。

Adjusted EPS increased 7% to $2.98, including about $100 million of incremental investment to drive our strategy and accelerate growth.

調整後每股收益增長 7% 至 2.98 美元，其中包括約 1 億美元的增量投資，以推動我們的戰略和加速增長。

And finally, VF delivered a 43% total return to shareholders, including cash returns of $1.9 billion through dividends and share repurchases.

最後，VF 為股東帶來了 43% 的總回報，包括通過股息和股票回購獲得的 19 億美元現金回報。

As I reflect back on my first year as CEO, I'm reminded of the commitments we made 1 year ago.

當我回顧我擔任 CEO 的第一年時，我想起了一年前我們做出的承諾。

We committed to investing in digital.

我們致力於投資數字化。

And as a result, we delivered owned and wholesale digital growth of more than 25%, which accounted for 55% of our total growth.

因此，我們實現了超過 25% 的自有和批發數字增長，占我們總增長的 55%。

We committed to distort investments toward our international platform.

我們致力於扭曲對我們國際平台的投資。

And as a result, we delivered 9% growth, with international now representing more than 40% of total revenue.

因此，我們實現了 9% 的增長，國際業務現在佔總收入的 40% 以上。

We committed to focus on Workwear.

我們致力於專注於工作服。

And as a result, we consolidated our work brands into a single global platform and acquired Williamson-Dickie.

因此，我們將我們的工作品牌整合到一個單一的全球平台中，並收購了 Williamson-Dickie。

We committed to being active brand portfolio managers.

我們致力於成為積極的品牌組合經理。

And as a result, we sold LSG and are in the process of selling Nautica, and we've acquired Williamson-Dickie and reached an agreement to buy Icebreaker.

結果，我們賣掉了 LSG 並且正在出售 Nautica，我們已經收購了 Williamson-Dickie 並達成了收購 Icebreaker 的協議。

And finally, we committed to being a more consumer- and retail-centric organization.

最後，我們致力於成為一個更加以消費者和零售為中心的組織。

And as a result, we grew D2C 15%, including 12% comp growth.

結果，我們的 D2C 增長了 15%，其中包括 12% 的複合增長。

And now D2C represents more than 30% of total revenue.

而現在 D2C 佔總收入的 30% 以上。

And we directed a majority of the $100 million incremental investment at capabilities that enable our consumer-centric strategy.

我們將 1 億美元的增量投資中的大部分用於支持我們以消費者為中心的戰略的能力。

As we enter 2018, we will build on our already -- on our early momentum and deliver on our commitment as value creators, responsible corporate citizens and good stewards of our planet.

當我們進入 2018 年時，我們將在我們已經 - 在我們早期的動力基礎上再接再厲，兌現我們作為價值創造者、負責任的企業公民和地球好管家的承諾。

Our top priorities for the coming year include: protecting and enabling the explosive growth in Vans, while reenergizing growth in our Timberland and North Face brands, specifically here in North America; successfully integrating Williamson-Dickie and Icebreaker into VF; accelerate our consumer-centric transformation work, with a particular focus on increasing speed to market; and we'll drive operational efficiency and create capacity for growth to fund our strategic growth initiatives.

我們來年的首要任務包括：保護和促進 Vans 的爆炸式增長，同時重新激活 Timberland 和 North Face 品牌的增長，特別是在北美；成功地將 Williamson-Dickie 和 Icebreaker 集成到 VF 中；加快我們以消費者為中心的轉型工作，特別注重加快上市速度；我們將提高運營效率並創造增長能力，為我們的戰略增長計劃提供資金。

To support the execution of our strategy and better enable the growth of our large global brands, we have realigned the roles of our group presidents and redirected our leadership talents at our most important objectives.

為了支持我們戰略的執行並更好地促進我們大型全球品牌的發展，我們重新調整了集團總裁的角色，並將我們的領導人才重新定位到我們最重要的目標上。

Going forward, each group president will be responsible for a single geographic region and have one global brand reporting to them.

展望未來，每位集團總裁將負責一個地理區域，並擁有一個全球品牌向他們匯報。

Reshaping the portfolio is the #1 choice in our strategy, and we were very active in 2017.

重塑投資組合是我們戰略中的第一選擇，我們在 2017 年非常活躍。

Our commitment to have active -- to active portfolio management is how we position ourselves to deliver top quartile returns with an evolving portfolio of powerful brands that is strategically advantaged to win.

我們對積極主動的投資組合管理的承諾是我們如何將自己定位為通過不斷發展的強大品牌組合提供最高四分之一的回報，這些品牌在戰略上具有獲勝的優勢。

The decisions we are making cement VF's position as a value-creation company.

我們做出的決定鞏固了 VF 作為價值創造公司的地位。

Reshaping the portfolio will remain a top priority in 2018.

重塑投資組合仍將是 2018 年的重中之重。

I'd like to take a moment and recognize VF's associates around the globe.

我想花點時間認識一下 VF 在全球的員工。

The pace of change in our industry is happening at an accelerated rate.

我們行業的變革步伐正在加快。

To compete and win, our vision is to increase the metabolic rate of the entire organization and become more agile, nimble and effective in the way we work.

為了競爭和勝利，我們的願景是提高整個組織的新陳代謝率，並在我們的工作方式上變得更加敏捷、靈活和有效。

Our transformation agenda is in its early phases, but our associates have responded in typical VF fashion.

我們的轉型議程處於早期階段，但我們的員工已經以典型的 VF 方式做出了回應。

Our success is not possible without the commitment and determination of our talented leadership teams globally.

如果沒有我們全球才華橫溢的領導團隊的承諾和決心，我們就不可能取得成功。

I offer a sincere thank you, and I know we're all excited to build on our momentum and drive even stronger results.

我衷心感謝你們，我知道我們都很高興能夠繼續發展勢頭並取得更強勁的成果。

So with that, let's take a look at the fourth quarter performance.

因此，讓我們來看看第四季度的表現。

Beginning with The North Face brand.

從 The North Face 品牌開始。

Global revenue increased 6%, including a 3 percentage point benefit from the order book timing shift discussed during our prior calls.

全球收入增長了 6%，其中包括我們之前電話會議中討論的訂單簿時間變化帶來的 3 個百分點的收益。

Wholesale revenue increased 4%, and our direct-to-consumer business increased 8%, including 14% growth in digital.

批發收入增長 4%，直接面向消費者的業務增長 8%，其中數字業務增長 14%。

While growth in The North Face was below our outlook, we accelerated the timing of several initiatives to improve the quality of sales and reposition the brand back to its rightful place as the premium global outdoor lifestyle brand.

雖然 The North Face 的增長低於我們的預期，但我們加快了幾項舉措的時間，以提高銷售質量並將品牌重新定位為全球優質戶外生活方式品牌的應有地位。

During the quarter, less promotional activity, foundational investments in China to improve the marketplace and position ourselves for accelerated growth as well as aggressive efforts to clear Amazon of unauthorized dealers, impacted results.

在本季度，促銷活動減少、在中國進行基礎投資以改善市場並為加速增長做好準備，以及積極努力清除亞馬遜未經授權的經銷商，都影響了業績。

These actions continue to improve the positioning of the brand in the marketplace and are showing up in stronger margins for both us and our partners.

這些行動繼續改善品牌在市場中的定位，並為我們和我們的合作夥伴帶來更高的利潤。

In 2017, The North Face team made significant progress against our strategic growth plan, and reported numbers clearly don't tell the whole story.

2017 年，The North Face 團隊在我們的戰略增長計劃方面取得了重大進展，並且報告的數字顯然不能說明全部情況。

To put context around the underlying performance of the brand and the progress being made, excluding lower off-price sales, the impact of cleaning up the Amazon environment and the investments made in China, fourth quarter revenue growth was 8% when normalized for the order book timing shift.

為了了解品牌的基本表現和正在取得的進展，不包括低價銷售、清理亞馬遜環境的影響以及在中國進行的投資，按訂單正常化計算，第四季度收入增長為 8%書時間偏移。

By region, revenue in the Americas declined 1% as growth in direct-to-consumer and, particularly, digital was offset by a decline in wholesale due to the factors just mentioned.

按地區劃分，美洲的收入下降了 1%，原因是直接面向消費者的增長，尤其是數字業務的增長，被剛剛提到的因素導致的批發業務下滑所抵消。

The Fall 2017 release of the new Summit Series reflects The North Face brand's commitment to building the very best technical product in the world.

2017 年秋季發布的全新 Summit 系列反映了 The North Face 品牌致力於打造世界上最好的技術產品的承諾。

The new range is specifically designed for athletes through a design theory of fast, light, essential and was so impactful it inspired the world's leading alpinist, David Lama, to join our brand.

新系列專為運動員設計，採用快速、輕便、必要的設計理論，影響深遠，激發了世界領先的登山者 David Lama 加入我們的品牌。

The L5 Proprius Jacket and the L2 Proprius Fleece Hoodie are prime examples of this theory and became the core athlete choices of the latest TNF expedition to Antarctica.

L5 Proprius 夾克和 L2 Proprius Fleece 連帽衫是這一理論的主要例子，並成為最新 TNF 南極洲探險隊的核心運動員選擇。

The attention to this category will create a positive halo for the brand and influence design for the broader North Face assortment.

對這一類別的關注將為品牌創造一個積極的光環，並影響更廣泛的 North Face 產品系列的設計。

The brand also saw our Urban Exploration business expand nicely, with collaborations with Pendleton, Timberland, Vans and Supreme, coupled with strong sell-through from its new [Kryos] collection and the addition of the Asia-designed Black Series collection, which helped advance this important strategic brand extension.

該品牌還見證了我們的 Urban Exploration 業務的良好擴張，與 Pendleton、Timberland、Vans 和 Supreme 合作，加上其新 [Kryos] 系列的強勁銷售以及亞洲設計的 Black Series 系列的加入，這有助於推進這一重要的戰略品牌延伸。

In Europe, the brand's strong momentum continued, with revenue growth of 32%, marking the eighth consecutive quarter of double-digit growth in the region.

在歐洲，該品牌繼續保持強勁勢頭，收入增長 32%，標誌著該地區連續第八個季度實現兩位數增長。

Wholesale revenue increased over 40%, led by deepening strategic partnerships in the region.

在該地區深化戰略合作夥伴關係的帶動下，批發收入增長超過 40%。

Direct-to-consumer increased at a mid-teen rate, including almost 30% growth in digital.

直接面向消費者的增長速度適中，其中包括近 30% 的數字增長。

The iconic Nuptse jacket celebrated its 25th anniversary, supported by a Nuptse Forever campaign, which drove excitement in the Urban Exploration territory and buzz across Europe, with 75% growth.

標誌性的 Nuptse 夾克在 Nuptse Forever 活動的支持下慶祝了 25 週年，該活動在 Urban Exploration 領域引發了興奮，並在整個歐洲引起了轟動，增長了 75%。

Asia increased 8% in the quarter, including the negative impact of the foundational investments in China discussed previously.

亞洲在本季度增長了 8%，其中包括之前討論的中國基礎投資的負面影響。

Direct-to-consumer revenue increased 30%, driven by digital, which offset a decline in wholesale as we aggressively manage inventory in the marketplace.

在數字化推動下，直接面向消費者的收入增長了 30%，這抵消了由於我們積極管理市場庫存而導致的批發業務下滑。

2018 is off to a strong start for The North Face, and we're pleased with the progress being made to elevate the brand.

2018 年對於 The North Face 來說是一個良好的開端，我們對提升品牌所取得的進展感到高興。

It is early, but we're executing our strategy and even more confident in our 2021 growth targets.

現在還為時過早，但我們正在執行我們的戰略，並且對我們的 2021 年增長目標更有信心。

As we look to fiscal 2019, we expect growth for The North Face to be in line with the 6% to 8% range we laid out at our Investor Day.

展望 2019 財年，我們預計 The North Face 的增長將與我們在投資者日制定的 6% 至 8% 的範圍一致。

Now to Vans.

現在去范斯。

2017 was a remarkable year for our largest and fastest-growing brand, highlighted by broad-based global momentum.

2017 年對於我們規模最大、增長最快的品牌而言是非凡的一年，其廣泛的全球發展勢頭凸顯了這一點。

Congratulations to the Vans team around the world for delivering record results.

祝賀全球 Vans 團隊創造了創紀錄的成績。

The brand has become the global icon of creative expression for youth culture.

該品牌已成為全球青年文化創意表達的標誌。

Revenue for the fourth quarter increased 35%, with strength across all regions, channels and product franchises.

第四季度的收入增長了 35%，所有地區、渠道和產品專營權都表現強勁。

Revenue in the Americas increased 38%, Europe increased 31% and Asia Pacific grew 21%.

美洲收入增長 38%，歐洲增長 31%，亞太地區增長 21%。

Our wholesale and direct-to-consumer businesses both increased more than 30%, including more than 50% growth in digital.

我們的批發業務和直接面向消費者的業務均增長了 30% 以上，其中數字業務增長了 50% 以上。

A special call-out to the Vans North America direct-to-consumer team, which became VF's first $1 billion regional D2C platform.

對 Vans 北美直接面向消費者團隊的特別呼籲，該團隊成為 VF 首個價值 10 億美元的區域 D2C 平台。

The Vans North America D2C performance was incredible, with nearly 30% growth and a total comp above 20%.

Vans North America D2C 的表現令人難以置信，增長近 30%，總收入超過 20%。

A job well done.

一項工作做得很好。

Looking at product.

看著產品。

The diversity of Vans' growth and the team's not-just-one-thing mentality will sustain our strong momentum as we move into fiscal 2019.

隨著我們進入 2019 財年，Vans 增長的多樣性和團隊不只是一件事的心態將保持我們的強勁勢頭。

For the quarter, classic footwear increased more than 25%, with continued strength in Old Skool and Slip-On styles.

本季度，經典鞋類增長超過 25%，Old Skool 和 Slip-On 款式繼續走強。

Progression footwear increased more than 20%, as the new UltraRange, All Weather MTE and Pro franchises continue to perform well.

隨著新的 UltraRange、All Weather MTE 和 Pro 特許經營權繼續表現良好，Progression 鞋類增長超過 20%。

The brand also delivered double-digit growth across apparel and accessories.

該品牌還在服裝和配飾領域實現了兩位數的增長。

And our customs platform, a great example of creative expression, increased almost 200% in the quarter.

我們的海關平台是創意表達的一個很好的例子，在本季度增長了近 200%。

The Vans brand is stronger than it has ever been.

Vans 品牌比以往任何時候都強大。

Retail inventory levels are in great shape, and we remain disciplined with respect to inventory management, merchandising and assortment planning.

零售庫存水平良好，我們在庫存管理、商品銷售和分類規劃方面保持自律。

We're investing heavily to continue to fuel Vans' explosive growth.

我們正在大力投資以繼續推動 Vans 的爆炸式增長。

While the comps next year will be difficult, disciplined execution and a long track record of consistent performance give us confidence the Vans brand will deliver double-digit growth in fiscal 2019.

雖然明年的比賽會很艱難，但嚴格的執行和一貫的業績記錄讓我們相信 Vans 品牌將在 2019 財年實現兩位數的增長。

Switching to Timberland.

切換到 Timberland。

As expected, global revenue increased 8%, including a 5 percentage point benefit from the same order book timing shift that impacted The North Face brand.

正如預期的那樣，全球收入增長了 8%，其中包括從影響 The North Face 品牌的同一訂單時間轉移中受益的 5 個百分點。

Wholesale increased 6% and direct-to-consumer increased 10%, including more than 30% growth in digital.

批發增長 6%，直接面向消費者增長 10%，其中數字增長超過 30%。

In line with expectations, Timberland brand revenue in the Americas increased 5%.

與預期一致，Timberland 品牌在美洲的收入增長了 5%。

However, revenue declined 1% when normalized for the order book timing shift.

然而，當訂單簿時間轉移正常化時，收入下降了 1%。

Our diversification strategy continues to evolve as strength from non-classic footwear and apparel, both of which increased at a mid-single-digit rate, offset by softness in our core classic business.

我們的多元化戰略隨著非經典鞋類和服裝的力量不斷發展，兩者均以中個位數的速度增長，被我們核心經典業務的疲軟所抵消。

The performance of our SensorFlex and AeroCore platforms was particularly strong, increasing almost 50% in the quarter.

我們的 SensorFlex 和 AeroCore 平台的表現尤為強勁，在本季度增長了近 50%。

And our Timberland PRO business continued to generate double-digit growth, with strength from our Powertrain sport franchise.

憑藉我們的動力總成運動專營權，我們的 Timberland PRO 業務繼續實現兩位數的增長。

In Europe, Timberland brand revenue increased 14%, including a 2 percentage point benefit from the order book timing shift.

在歐洲，Timberland 品牌收入增長了 14%，其中包括訂單時間轉移帶來的 2 個百分點的收益。

Our wholesale and direct-to-consumer businesses both increased at double-digit rates, including more than 30% growth in digital.

我們的批發業務和直接面向消費者的業務均以兩位數的速度增長，其中數字業務增長超過 30%。

Our locally designed product continues to drive demand, highlighted by our new women's collection, Courmayeur Valley and Venice Park, which increased at double-digit rates.

我們本地設計的產品繼續推動需求，我們的新女裝系列、Courmayeur Valley 和 Venice Park 以兩位數的速度增長。

In men's, we had strong success with our Radford campaign and our Goose Eye waterproof parka collection.

在男裝方面，我們的 Radford 活動和 Goose Eye 防水派克大衣系列取得了巨大成功。

Timberland's Asia business increased 3%, with more than 50% growth in China, which was partially offset by softness in Japan.

Timberland 的亞洲業務增長 3%，其中中國增長超過 50%，這部分被日本的疲軟所抵消。

High teen growth in our direct-to-consumer business, driven by almost 80% growth in digital, was offset by a decline in wholesale.

在數字業務增長近 80% 的推動下，我們的直接面向消費者業務的青少年高速增長被批發業務的下降所抵消。

The ultimate winter boot, with a SensorFlex outsole, performed well in the region.

帶有 SensorFlex 外底的終極冬靴在該地區表現出色。

Timberland's performance in 2017, while not at the level we've come to expect from this powerful lifestyle brand, was in line with our expectations.

Timberland 在 2017 年的表現雖然沒有達到我們對這個強大的生活方式品牌的預期水平，但符合我們的預期。

We are thoughtfully executing against the strategy we laid out at our Investor Day.

我們正在認真執行我們在投資者日制定的策略。

And as we move into fiscal 2019, we will begin to step our way into more sustainable and diversified growth.

隨著我們進入 2019 財年，我們將開始邁向更加可持續和多元化的增長。

Over the past year, we've made significant investments and announced several organizational changes within the global Timberland brand, designed to foster more global connectivity and speed to market, drafting off the strong momentum we have in Europe and China.

在過去的一年裡，我們進行了重大投資並宣布了對全球 Timberland 品牌的幾項組織變革，旨在促進更多的全球連通性和更快的上市速度，為我們在歐洲和中國的強勁勢頭奠定基礎。

Moving to the Wrangler brand.

轉向牧馬人品牌。

As expected, global revenue increased 2%, with balanced growth across wholesale and direct-to-consumer.

正如預期的那樣，全球收入增長了 2%，批發和直接面向消費者的增長平衡。

Revenue in the Americas increased 2%, and our business in Europe grew 4%.

美洲的收入增長了 2%，我們在歐洲的業務增長了 4%。

Asia declined 7% due to ongoing weakness in India.

由於印度持續疲軟，亞洲下跌 7%。

While the destocking by a key customer is largely behind us and the initiatives put in place are showing early signs of success, visibility in the U.S. Jeanswear business remains low, and we continue to expect quarter-to-quarter variability.

雖然主要客戶的去庫存在很大程度上已經過去，並且實施的舉措顯示出成功的早期跡象，但美國牛仔服業務的知名度仍然很低，我們繼續預計季度間的波動。

That said, we were pleased with the improvement in performance during the holiday period.

也就是說，我們對假期期間業績的改善感到滿意。

And as we look to fiscal 2019, growth and profitability for the Wrangler brand in the U.S. should continue to improve.

展望 2019 財年，牧馬人品牌在美國的增長和盈利能力應該會繼續改善。

Our strategy to elevate the brand and extend more deeply into new channels such as department stores and specialty retail, continues to gain traction with core and new consumers.

我們提升品牌並更深入地擴展到百貨商店和專業零售等新渠道的戰略，繼續吸引核心消費者和新消費者。

From a digital perspective, we're seeing strength across our digital wholesale partners as well as our own wrangler.com business, which increased double digits.

從數字的角度來看，我們看到了數字批發合作夥伴以及我們自己的 wrangler.com 業務的實力，增長了兩位數。

Looking at product.

看著產品。

Collaborations with designers such as Peter Max are creating upper-tier distribution opportunities.

與 Peter Max 等設計師的合作正在創造更高層次的分銷機會。

And consumers have responded well to new innovations such as Wrangler Performance Series and Wrangler Outdoor, and our Wrangler Retro line continues to drive meaningful growth in these strategic brand extensions.

消費者對牧馬人性能係列和牧馬人戶外等新創新反應良好，我們的牧馬人復古系列繼續推動這些戰略品牌擴展的有意義的增長。

Now to the Lee brand.

現在到李品牌。

Global revenue declined 1%, as 11% growth in direct-to-consumer was offset by a low single-digit decline in wholesale.

全球收入下降 1%，因為直接面向消費者的 11% 增長被批發業務的低個位數下降所抵消。

The Lee Americas business was about flat, as high single-digit growth in men's, driven by the continued success of our Extreme Comfort Khakis and Extreme Motion denim products was offset by softness in women's.

Lee Americas 的業務基本持平，因為在我們的 Extreme Comfort Khakis 和 Extreme Motion 牛仔產品持續成功的推動下，男裝的高個位數增長被女裝的疲軟所抵消。

We are encouraged by the improvement we're beginning to see in our women's business.

我們對女性業務開始看到的進步感到鼓舞。

As we enter 2018, continued momentum in men's as well as product innovation and expanded distribution in women's should drive improved results for the Lee Americas business this year.

隨著我們進入 2018 年，男裝和產品創新的持續勢頭以及女裝分銷的擴大應該會推動 Lee Americas 業務今年取得更好的業績。

Lee Europe was up 4%, with balanced growth across wholesale and direct-to-consumer.

Lee Europe 增長 4%，批發和直接面向消費者的增長平衡。

The Sherpa Rider jacket performed particularly well in the quarter.

Sherpa Rider 夾克在本季度表現尤為出色。

In Asia, revenue declined 5% as mid-teen growth in direct-to-consumer was offset by a mid-teen decline in wholesale, due in part to ongoing challenges in India.

在亞洲，收入下降了 5%，因為直接面向消費者的中期增長被批發的中期下降所抵消，部分原因是印度的持續挑戰。

In China, the new Magma Fusion and Black Label collections delivered strong results.

在中國，新的 Magma Fusion 和 Black Label 系列取得了強勁的業績。

Now turning to Workwear.

現在轉向工作服。

Revenue increased 9% on an organic basis, making the third consecutive quarter of at least high single-digit growth.

收入有機增長 9%，連續第三個季度至少保持高個位數增長。

Timberland PRO, Bulwark and Wrangler RIGGS achieved double-digit growth, and Red Kap continue to accelerate as sector fundamentals improved.

Timberland PRO、Bulwark 和 Wrangler RIGGS 實現了兩位數的增長，隨著行業基本面的改善，Red Kap 繼續加速增長。

On a pro-forma basis, Williamson-Dickie also had a strong quarter, with 13% growth driven by strength in lifestyle, international and direct-to-consumer.

在備考基礎上，Williamson-Dickie 也有一個強勁的季度，在生活方式、國際和直接面向消費者的實力推動下實現了 13% 的增長。

It's been nearly 5 months since we acquired Williamson-Dickie, and the integration process has gone exceptionally well.

自從我們收購 Williamson-Dickie 以來已經將近 5 個月了，整合過程非常順利。

Our integration and leadership teams have worked tirelessly over the past few months, and I couldn't be more pleased with our progress.

在過去的幾個月裡，我們的整合和領導團隊不知疲倦地工作，我對我們的進步感到非常滿意。

I am confident that the creation of our Workwear platform and the acquisition of Williamson-Dickie will drive significant value for VF shareholders in the years to come.

我相信，我們的 Workwear 平台的創建和對 Williamson-Dickie 的收購將在未來幾年為 VF 股東帶來巨大的價值。

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.

謝謝，史蒂夫。

First of all, for those of you on the phone updating your models, our sincere apology for what we've done to you, acquisitions, dispositions, year-end change.

首先，對於那些在電話中更新您的模型的人，我們對我們對您所做的一切、收購、處置、年終變更表示誠摯的歉意。

We talked about increasing our metabolic rate, and nowhere do you see that more than in the results that we see right now.

我們談到了提高我們的新陳代謝率，而你在我們現在看到的結果中看到的最多。

It's been almost 1 year since we laid out a strategic plan at our Investor Day.

自我們在投資者日制定戰略計劃以來，已經快一年了。

As we reflect on the 2017 results 1 year into our 5-year plan, we know a few things to be true.

當我們在 5 年計劃的第 1 年回顧 2017 年的業績時，我們知道一些事情是真實的。

First, 2017 has been a transformational year for VF, highlighted by top quartile value creation for our shareholders.

首先，2017 年是 VF 轉型的一年，我們的股東創造了前四分之一的價值。

Second, we've seen notable acceleration in Vans Europe and D2C, which allowed us to accelerate investments while delivering our commitments to shareholders.

其次，我們已經看到 Vans Europe 和 D2C 的顯著加速，這使我們能夠加速投資，同時履行對股東的承諾。

Lastly, while not all businesses are as far along in the journey as others, we're encouraged by our overall progress.

最後，雖然並非所有企業都像其他企業一樣走得那麼遠，但我們對我們的整體進步感到鼓舞。

In fact, we're slightly ahead of where we expected to be at this point in time.

事實上，我們在這個時間點上略微領先於我們的預期。

And that gives us confidence we're on the right path.

這讓我們有信心走在正確的道路上。

Before diving into the numbers, let's review a few items that influenced our reported fourth quarter and full year results.

在深入研究數字之前，讓我們回顧一下影響我們報告的第四季度和全年業績的一些項目。

First, during the fourth quarter, we reached the decision to sell the Nautica brand and determined it met the held-for-sale and discontinued operations accounting criteria.

首先，在第四季度，我們做出了出售 Nautica 品牌的決定，並確定它符合持有待售和終止經營的會計標準。

Accordingly, the results of this business have been classified as discontinued operations and prior periods have been adjusted.

因此，該業務的業績已歸類為已終止經營業務，並對前期進行了調整。

We provided an income statement in the press release issued this morning, excluding Nautica, so you can see the full impact on our results and on the outlook we provided last October.

我們在今天上午發布的新聞稿中提供了一份損益表，不包括 Nautica，因此您可以看到對我們的業績和我們去年 10 月提供的前景的全面影響。

As a result of this decision, global Kipling results will now be reported within Outdoor & Action Sports coalition.

由於這一決定，全球 Kipling 成績現在將在戶外與極限運動聯盟中報告。

Second, as a result of recent U.S. tax legislation, we recorded a $466 million provisional net charge in the fourth quarter, which negatively impacted our fourth quarter EPS results by $1.16.

其次，由於最近的美國稅收立法，我們在第四季度錄得 4.66 億美元的臨時淨費用，這對我們第四季度的每股收益產生了 1.16 美元的負面影響。

The provisional charge comprises an approximate $500 million transition tax, payable over the next 8 years, for historical earnings generated offshore, partially offset by other items, including a favorable reevaluation of net deferred assets as a result of the lower U.S. federal tax rate.

臨時費用包括約 5 億美元的過渡稅，在未來 8 年內支付，用於海外產生的歷史收益，部分被其他項目抵消，包括由於美國聯邦稅率較低而對淨遞延資產進行有利的重新評估。

Third, we incurred approximately $16 million of pretax acquisition-related expenses associated with the Williamson-Dickie and Icebreaker transactions.

第三，我們發生了與 Williamson-Dickie 和 Icebreaker 交易相關的約 1600 萬美元的稅前收購相關費用。

These expenses negatively impacted fourth quarter EPS by about $0.03.

這些費用對第四季度每股收益產生了約 0.03 美元的負面影響。

So with that out of the way, let's review our fourth quarter and full year performance.

因此，讓我們回顧一下我們的第四季度和全年業績。

My comments going forward will focus on adjusted results excluding the items just mentioned.

我今後的評論將集中在調整後的結果上，不包括剛剛提到的項目。

Our fourth quarter results were strong as momentum continues to build across our core growth engines.

我們的第四季度業績強勁，因為我們的核心增長引擎的勢頭繼續增強。

Revenue increased 18% to $3.6 billion, well ahead of the outlook we provided last October.

收入增長 18% 至 36 億美元，遠高於我們去年 10 月提供的展望。

Excluding the impact of the Williamson-Dickie acquisition, organic revenue increased 10%, including an approximate 2 percentage point benefit from the order book timing shift we discussed during prior calls.

排除收購 Williamson-Dickie 的影響後，有機收入增長了 10%，其中包括我們在之前電話會議中討論的訂單時間轉移帶來的大約 2 個百分點的收益。

Revenue for our big 3 brands increased 15% on a combined basis, led by 35% growth in Vans.

我們三大品牌的收入合計增長了 15%，其中 Vans 增長了 35%。

The performance of Vans globally has been incredible, and we're investing heavily behind our explosive growth to fuel continued momentum.

Vans 在全球的表現令人難以置信，我們正在大力投資以支持我們的爆炸性增長，以推動持續的發展勢頭。

And just to address a question likely on your mind regarding the sustainability of Vans' growth, based on our current visibility, we expect high teen growth from Vans through the first half of this year.

只是為了解決您可能想到的關於 Vans 增長可持續性的問題，根據我們目前的知名度，我們預計今年上半年 Vans 的青少年將實現高速增長。

Our Workwear business increased 9% on an organic basis as sector fundamentals improved and we further established our work platform capabilities and connectivity.

隨著行業基本面的改善以及我們進一步建立了我們的工作平台功能和連接性，我們的工作服業務有機增長了 9%。

On a pro forma basis, Williamson-Dickie had a strong quarter, with 13% growth compared to the prior year, driven by particular strength in international and direct-to-consumer.

在備考基礎上，Williamson-Dickie 的季度表現強勁，與去年相比增長了 13%，這得益於國際和直接面向消費者的特殊實力。

Total international growth accelerated 15% on an organic basis, led by 20% growth in Europe.

在歐洲增長 20% 的帶動下，國際總增長有機地增長了 15%。

And to once again highlight the broad-based strength we're seeing across our Europe business, our big 3 brands increased more than 20% on a combined basis.

為了再次突出我們在歐洲業務中看到的廣泛實力，我們的三大品牌合計增長超過 20%。

Wholesale increased more than 20%.

批發增長超過20%。

Direct-to-consumer increased more than 14%, including more than 25% growth in digital, and we again achieved double-digit growth across every major market in Europe.

直接面向消費者的增長超過 14%，其中包括超過 25% 的數字增長，我們再次在歐洲每個主要市場實現了兩位數的增長。

China remains strong as revenue increased 10% on an organic basis, driven by continued strength in Vans direct-to-consumer and digital.

在 Vans 直接面向消費者和數字業務的持續強勁推動下，中國市場依然強勁，收入有機增長 10%。

Our direct-to-consumer business increased 16% on an organic basis, led by 25% growth in digital.

我們的直接面向消費者的業務有機增長了 16%，其中數字業務增長了 25%。

Our Outdoor & Action Sports and international businesses increased at a high teen rate.

我們的戶外和極限運動以及國際業務以青少年的高增長率增長。

With a mid-teen total comp and a low double-digit comp in our brick-and-mortar stores, our focus and investment on elevating our direct-to-consumer platform and connecting more deeply with consumers continues to generate high returns.

憑藉我們的實體店中青少年的總收入和低兩位數的收入，我們對提升直接面向消費者的平台和更深入地與消費者建立聯繫的重點和投資繼續產生高回報。

Wholesale revenue increased 6% on an organic basis, including a 3 percentage point benefit from the order book timing shift.

批發收入有機增長 6%，其中包括訂單時間轉移帶來的 3 個百分點的收益。

International wholesale remained strong, increasing at a low double-digit rate.

國際批發保持強勁，以兩位數的低速度增長。

And our digital wholesale accounts increased more than 20%.

我們的數字批發賬戶增加了 20% 以上。

Now as a reminder, our direct-to-consumer and digital wholesale businesses account for about 85% of our 2021 growth plan.

現在提醒一下，我們的直接面向消費者和數字批發業務約占我們 2021 年增長計劃的 85%。

So it's very encouraging to see the strong performance and momentum across key pillars of our strategy.

因此，看到我們戰略關鍵支柱的強勁表現和勢頭非常令人鼓舞。

We remain intensely focused on fundamentals and quality growth as evidenced by continued strength in our gross margin.

我們仍然高度關注基本面和質量增長，我們的毛利率持續強勁就證明了這一點。

Gross margin was 51.6% in the fourth quarter, up 70 basis points from the prior year.

第四季度毛利率為 51.6%，比去年同期增長 70 個基點。

Excluding the Williamson-Dickie acquisition, gross margin increased 140 basis points to 52.4%.

不包括威廉姆森-迪奇收購，毛利率增長 140 個基點至 52.4%。

Gross margin was stronger than we expected as a result of more favorable mix and better full-price sell-through, a direct result of our heightened focus on quality growth and inventory management.

由於更有利的組合和更好的全價銷售，毛利率強於我們的預期，這是我們高度關注質量增長和庫存管理的直接結果。

Gross margin expansion continues to be a significant value driver for us, providing the flexibility and opportunity to invest in our strategic growth initiatives.

毛利率擴張仍然是我們的重要價值驅動因素，為我們的戰略增長計劃提供了投資的靈活性和機會。

SG&A as a percentage of revenue was up 250 basis points to 38%, which is above the outlook we provided last October.

SG&A 佔收入的百分比上升 250 個基點至 38%，高於我們去年 10 月提供的前景。

However, in light of our stronger-than-expected revenue and gross margin performance, we reinvested an additional $35 million back into the business to drive growth into 2018 and beyond.

然而，鑑於我們強於預期的收入和毛利率表現，我們將額外的 3500 萬美元重新投資於該業務，以推動 2018 年及以後的增長。

And just to break down our SG&A a bit further, the majority of our increase was driven by investments in direct-to-consumer, demand and product creation and innovation.

為了進一步細分我們的 SG&A，我們的大部分增長是由對直接面向消費者、需求和產品創造和創新的投資推動的。

In fact, on an organic basis, our demand creation investment increased more than 20% during the fourth quarter.

事實上，在有機基礎上，我們的需求創造投資在第四季度增長了 20% 以上。

And you're beginning to see the return on that investment.

你開始看到這項投資的回報。

When coupled with higher incentive compensation compared to a weaker performance a year ago, we have accounted for the majority of the change in SG&A.

與一年前較弱的業績相比，加上更高的激勵薪酬，我們佔了 SG&A 變化的大部分。

Relative to the initial outlook we provided last February, we invested about $100 million in 2017.

相對於我們去年 2 月提供的初步展望，我們在 2017 年投資了約 1 億美元。

These investments are focused on the core tenets of our strategy, direct-to-consumer, demand and product creation, design and innovation, insights and analytics, supply chain agility, talent and technology.

這些投資集中在我們戰略的核心原則、直接面向消費者、需求和產品創造、設計和創新、洞察力和分析、供應鏈敏捷性、人才和技術。

We are transforming VF into a more digitally enabled, consumer- and retail-centric organization.

我們正在將 VF 轉變為一個更加數字化、以消費者和零售為中心的組織。

While this clearly comes at a cost in the short term, we are confident in our ability to accelerate growth and meet or exceed our long-term financial commitments laid out at our Investor Day.

雖然這顯然是在短期內付出代價的，但我們對我們加速增長並達到或超過我們在投資者日制定的長期財務承諾的能力充滿信心。

Fourth quarter adjusted operating margin declined 180 basis points to 13.6%, including a 30 basis point negative impact from changes in FX.

第四季度調整後的營業利潤率下降 180 個基點至 13.6%，包括外匯變化帶來的 30 個基點的負面影響。

Excluding the Williamson-Dickie acquisition, adjusted operating margin was 14.1%.

不包括威廉姆森-迪基收購，調整後的營業利潤率為 14.1%。

So to wrap up the P&L, adjusted EPS increased 13% to $1.01, $0.06 above the outlook we provided last October, including $0.06 of additional investment.

因此，為了結束損益，調整後的每股收益增長 13% 至 1.01 美元，比我們去年 10 月提供的展望高 0.06 美元，其中包括 0.06 美元的額外投資。

Turning to our balance sheet.

轉向我們的資產負債表。

Inventory increased 20%, including the impact of Williamson-Dickie.

庫存增加了 20%，包括 Williamson-Dickie 的影響。

On an organic basis, inventory increased 3%.

在有機基礎上，庫存增加了 3%。

Our strong cash generation allowed us to quickly reduce leverage at the end of 2017, and our leverage ratio should decline further through the first half of 2018.

我們強勁的現金生成使我們能夠在 2017 年底迅速降低杠桿率，我們的槓桿率應該會在 2018 年上半年進一步下降。

Our balance sheet has capacity for additional M&A, and it remains a top priority.

我們的資產負債表有能力進行額外的併購，這仍然是重中之重。

So to briefly highlight the full year.

因此，簡要介紹一下全年。

Revenue increased 7% to $11.8 billion or 4% on an organic basis.

收入有機增長 7% 至 118 億美元或 4%。

Our growth engines continued to accelerate throughout 2017 and finished the year with strong momentum.

我們的增長引擎在 2017 年繼續加速，並以強勁的勢頭結束了這一年。

The big 3 brands increased at a combined rate of 8%.

三大品牌合計增長 8%。

On an organic basis, international increased 9%, direct-to-consumer increased 15%, with 30% growth in digital, and Workwear increased 7%.

在有機基礎上，國際增長 9%，直接面向消費者的增長 15%，數字增長 30%，工作服增長 7%。

Our intense focus on fundamentals and quality growth led to a 180 basis point improvement in gross margin on an organic basis to 50.7%.

我們對基本面和質量增長的高度關注導致毛利率在有機基礎上提高了 180 個基點，達到 50.7%。

Adjusted EPS increased 7% to $2.98 or 6% on an organic basis, in line with the high end of the initial range we provided last February, despite an incremental $0.19 of investment.

調整後每股收益有機增長 7% 至 2.98 美元或 6%，與我們去年 2 月提供的初始範圍的高端一致，儘管投資增加了 0.19 美元。

We made meaningful progress reshaping the portfolio, returned almost $1.9 billion of cash to shareholders through share repurchases and dividends and generated a 43% total shareholder return.

我們在重塑投資組合方面取得了有意義的進展，通過股票回購和股息向股東返還了近 19 億美元的現金，並產生了 43% 的股東總回報。

That's top quartile in the S&P 500.

這是標準普爾500指數的前四分之一。

So due to a change in our fiscal year-end, our approach to forward outlook is a little different this year.

因此，由於我們財年末的變化，我們對前瞻性展望的方法今年略有不同。

Our outlook for the 3-month transition quarter ending March 2018 is as follows.

我們對截至 2018 年 3 月的 3 個月過渡季度的展望如下。

Revenue is expected to approximate $2.9 billion, up 16%, including about a $200 million contribution from Williamson-Dickie.

收入預計約為 29 億美元，增長 16%，其中包括威廉姆森-迪奇約 2 億美元的貢獻。

On an organic basis, revenue is expected to increase at a high single-digit rate, due in part to changes in FX.

在有機基礎上，預計收入將以高個位數的速度增長，部分原因是外彙的變化。

Adjusted EPS is expected to approximate $0.65, up 27%, including about $0.02 contribution from Williamson-Dickie.

調整後的每股收益預計約為 0.65 美元，增長 27%，其中威廉姆森-迪基的貢獻約為 0.02 美元。

On an organic basis, we expect adjusted earnings per share to increase more than 20%, due in part to changes in FX.

在有機基礎上，我們預計調整後的每股收益將增長 20% 以上，部分原因是外彙的變化。

Now while we will not provide a detailed outlook for fiscal 2019 until our April call, let me provide a few preliminary comments relative to how we see the year shaping up.

現在，雖然在 4 月電話會議之前我們不會提供 2019 財年的詳細展望，但讓我提供一些關於我們如何看待這一年的初步評論。

Revenue is expected to be up more than $13.2 billion, representing high single-digit growth.

收入預計將增長超過 132 億美元，實現高個位數增長。

This includes the expected contributions from the Icebreaker -- from Icebreaker and Williamson-Dickie.

這包括來自 Icebreaker 的預期貢獻——來自 Icebreaker 和 Williamson-Dickie。

Adjusted EPS is expected to be approximately $3.45, representing low double-digit growth.

調整後的每股收益預計約為 3.45 美元，呈現兩位數的低增長。

This also includes the expected contributions from Icebreaker and Williamson-Dickie.

這還包括 Icebreaker 和 Williamson-Dickie 的預期貢獻。

So in closing, we have strong momentum and our confidence is high.

所以在收盤時，我們有強勁的勢頭，我們的信心很高。

Our growth is accelerating and our core growth engines are delivering double-digit growth.

我們的增長正在加速，我們的核心增長引擎正在實現兩位數的增長。

Our fundamentals are strong, and we are aggressively investing in our largest and most profitable growth opportunities.

我們的基本面強勁，我們正在積極投資於我們最大和最有利可圖的增長機會。

We will use our early success to build on our momentum and continue to transform VF.

我們將利用我們早期的成功來鞏固我們的勢頭，並繼續改造 VF。

We will continue to reshape and evolve our portfolio to deliver top quartile returns to shareholders.

我們將繼續重塑和發展我們的投資組合，為股東帶來最高四分之一的回報。

We look forward to updating you on our progress and on the next chapter of VF's value-creation journey.

我們期待向您通報我們的進展以及 VF 價值創造之旅的新篇章。

And with that, I'll turn it back to the operator, and we'll take your questions.

有了這個，我會把它轉回給接線員，我們會回答你的問題。

(Operator Instructions) Our first question comes from the line of Chethan Mallela with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Chethan Mallela。

So I wanted to ask about the Jeanswear business.

所以我想問一下牛仔服裝業務。

I think you've cited margin pressure as relating at least in part to launching more innovation at a time when pricing in the channel is more difficult.

我認為你已經提到利潤率壓力至少部分與在渠道定價更加困難的時候推出更多創新有關。

So can you maybe provide a sense of how you're thinking about the time frame for margins to start to stabilize and maybe rebuild and if that's contingent on future pricing?

那麼，您能否提供一下您如何考慮利潤率開始穩定並可能重建的時間框架，以及這是否取決於未來的定價？

Yes, sure, this is Scott.

是的，當然，這是斯科特。

I'll take that.

我會接受的。

Yes, our -- let me just set some context that -- of what we said coming into the year.

是的，我們的 - 讓我設置一些背景 - 我們在今年所說的話。

You know that our largest customer was going through a strategic repositioning in their floor, and we did talk about putting some innovation, putting some make into the product without taking price.

你知道我們最大的客戶正在他們的地板上進行戰略重新定位，我們確實談到了一些創新，在不考慮價格的情況下將一些品牌融入產品中。

And that was a decision we made to try to defend our very large position in that retailer and indications from NPD reports and others are in that key mail business that has indeed been the case.

這是我們做出的一個決定，試圖捍衛我們在該零售商中的巨大地位，並且 NPD 報告和其他人的跡象表明，該關鍵郵件業務確實如此。

But that, frankly, is not the largest contributor to our operating margin decline this year.

但坦率地說，這並不是我們今年營業利潤率下降的最大原因。

It's really more from a deleveraging standpoint.

從去槓桿的角度來看，這確實更多。

As you think about gross margins going forward, there's always pricing pressures in that channel.

當您考慮未來的毛利率時，該渠道始終存在定價壓力。

But as the low-cost producer, we feel confident in our ability to maintain our gross margins.

但作為低成本生產商，我們對維持毛利率的能力充滿信心。

And from a cost rationalization standpoint, as we've deleveraged a little bit, that -- the team at Jeanswear is on it.

從成本合理化的角度來看，正如我們已經進行了一點去槓桿化，Jeanswear 的團隊正在努力。

They have plans in place, and I think you can appreciate we're not going to go into much detail on that.

他們已經制定了計劃，我認為您可以理解我們不會對此進行詳細介紹。

But we do see a path forward to restore profitability to Jeanswear over the long run.

但從長遠來看，我們確實看到了一條恢復牛仔褲盈利能力的道路。

And as we look into next year, we expect to see improvements in operating margin.

展望明年，我們預計營業利潤率會有所改善。

Great.

偉大的。

And then just a quick follow-up on Nautica and the announcement this morning.

然後只是對 Nautica 和今天早上的公告的快速跟進。

I know you have a relatively new management team in place there, and the performance in recent quarters had appeared to be starting to turn a little more positively.

我知道你們在那裡有一個相對較新的管理團隊，最近幾個季度的表現似乎開始變得更加積極。

So can you maybe elaborate on the thought process behind the decision to sell and why this business might be a better strategic fit for someone else and then also your priorities for the proceeds from the sale?

那麼，您能否詳細說明出售決定背後的思考過程，以及為什麼這項業務可能更適合其他人的戰略，以及您對出售收益的優先考慮？

Great.

偉大的。

So this is Steve.

這就是史蒂夫。

I'll start, Scott can finish.

我會開始，斯科特可以完成。

I would first start by saying we could not be more proud of the management team that's in place at Nautica.

我首先要說的是，我們為 Nautica 的管理團隊感到無比自豪。

Yes, we put some people in place early last year, but there was a good core team there as well.

是的，我們去年初安排了一些人，但那裡也有一支優秀的核心團隊。

But we focused intensely on improving productivity, specifically in our retail outlet channel.

但我們非常注重提高生產力，特別是在我們的零售渠道。

And the team did just fantastic work building that foundation and shoring up profitability.

團隊做了出色的工作來建立這個基礎並支撐盈利能力。

They continue to look at driving product and go-to-market strategies that would ignite growth.

他們繼續著眼於推動能夠點燃增長的產品和進入市場的戰略。

What brought us to this point of divesting of Nautica?

是什麼讓我們走到了剝離 Nautica 的地步？

We've talked a lot about the 3 lenses that we look at for our M&A activity.

我們已經談了很多關於我們在併購活動中關注的 3 個鏡頭。

There's a strategic lens, there's a financial lens and are we the right owner lens.

有一個戰略鏡頭，有一個財務鏡頭，我們是正確的所有者鏡頭。

And as we've looked continuously, this is not a one-and-done type action.

正如我們不斷觀察的那樣，這不是一次性的行動。

This is something we're doing on a very proactive, very regular basis, evaluating all brands within our portfolio.

這是我們非常積極、非常定期地做的事情，評估我們產品組合中的所有品牌。

But specific to Nautica, it just -- it became -- it came to a point where it didn't necessarily hit all of our strategic touch points.

但具體到 Nautica，它只是——它變成了——它到達了一個不一定觸及我們所有戰略接觸點的地步。

Financially, it was not in line with driving our financial aspirations.

在財務上，這與推動我們的財務願望不符。

And we came to a point where we thought perhaps it would be a better owner that could unlock the value that this brand holds.

我們到了這樣一個地步，我們認為也許它會是一個更好的所有者，可以釋放這個品牌所擁有的價值。

So really, hats off to our team putting us in a position where we can enter into the sale process and feel confident in driving a good result.

所以真的，向我們的團隊致敬，讓我們處於可以進入銷售過程並有信心取得良好結果的位置。

A follow-up, I think there was a question on the use of proceeds and how we were thinking about that.

後續行動，我認為有一個關於收益的使用以及我們如何考慮的問題。

So coming off the acquisition of WD and the upcoming Icebreaker, our first priority has been to deleverage the balance sheet and get our credit metrics back in line.

因此，在收購 WD 和即將推出的 Icebreaker 之後，我們的首要任務是去槓桿化資產負債表並使我們的信用指標恢復正常。

And that will be our priority in the short term.

這將是我們短期內的優先事項。

I think it's worth noting, though, as I said in my prepared remarks, we've seen a significant improvement around those metrics already, and we have a lot of capacity.

不過，我認為值得注意的是，正如我在準備好的評論中所說，我們已經看到圍繞這些指標的顯著改進，而且我們有很多能力。

And we expect to be kind of back in line as we get through 2018.

我們預計在 2018 年之後會重新回到原來的狀態。

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

我們的下一個問題來自 Jim Duffy 和 Stifel。

I have a high-level question and then a question on the preliminary fiscal '19 outlook.

我有一個高級別問題，然後是關於 19 財年初步展望的問題。

So now a year into the 5-year plan, results from your direct-to-consumer and international have been particularly strong.

因此，現在進入 5 年計劃的一年，直接面向消費者和國際化的成果特別強勁。

And in aggregate, maybe the U.S. wholesale a little bit lighter than you had expected.

總的來說，也許美國的批發量比你預期的要輕一些。

Add in some acquisitions, subtract some divestitures, and the mix shift is really evolving more quickly than you had foreshadowed.

加上一些收購，減去一些剝離，混合轉變的發展速度確實比你預想的要快。

Scott, can you maybe help us with an updated picture of the U.S. wholesale as a percent of the global revenue mix as we enter fiscal '19?

斯科特，當我們進入 19 財年時，您能否幫助我們了解美國批發佔全球收入組合的百分比的最新情況？

Yes.

是的。

So I don't have that at the top of my head, but the -- I guess, you're right on your general comments.

所以我沒有想到這個，但是 - 我想，你的一般評論是正確的。

I mean, we are evolving the portfolio quicker.

我的意思是，我們正在更快地發展投資組合。

And you're seeing the impact on gross margin and growth rate.

你會看到對毛利率和增長率的影響。

I guess, I'd say, as it relates to our long-range targets, we won't change them until we change them.

我想，我會說，因為它與我們的長期目標有關，我們不會改變它們，直到我們改變它們。

At some point, we'll come back and give an update.

在某個時候，我們會回來並提供更新。

I guess, we're -- you're starting to see the payoff of what we said we were going to do in terms of where our priorities are and where we're trying to reshape the portfolio and what direction away from -- if you think of that bell curve, from a distribution standpoint, continuing to minimize some of the more disruptive parts of the market and focus on the top and the bottom, and we're seeing progress there.

我想，我們 - 你開始看到我們所說的我們將要做的事情的回報，就我們的優先事項在哪裡，我們試圖在哪裡重塑投資組合以及遠離什麼方向 - 如果從分佈的角度來看，你認為鍾形曲線繼續最小化市場中一些更具破壞性的部分，並專注於頂部和底部，我們看到了那裡的進展。

And you're -- and also, you're seeing it in our gross margins from a mix standpoint.

而且你 - 而且，從混合的角度來看，你在我們的毛利率中看到了它。

So acknowledging that we're ahead of where we said we would be, at some point, we'll come forward, but we're not prepared to clean that up at this point.

所以承認我們領先於我們所說的，在某個時候，我們會挺身而出，但我們現在不准備清理它。

And Jim, we'll follow up off-line on -- specifically on your question on wholesale.

吉姆，我們將離線跟進——特別是關於你關於批發的問題。

I just don't have that top of my head.

我只是沒有那個頭頂。

Fair enough.

很公平。

And then question on the fiscal '19 outlook.

然後對 19 財年的前景提出質疑。

Recognizing that's a preliminary view, it does seem the underlying assumptions for organic growth are very modest embedded in that.

認識到這是一個初步觀點，有機增長的基本假設似乎確實非常溫和。

Can you unpack that a little bit, please?

請你把它拆開一點好嗎？

And I'm thinking about FX and the contribution of the acquisitions.

我正在考慮外彙和收購的貢獻。

Yes.

是的。

So I guess, what I would say is, the momentum that we see coming out of '17 through the stub and into '19 is essentially intact.

所以我想，我想說的是，我們看到從 17 年通過存根進入 19 年的勢頭基本上是完整的。

It's right in line with what we guided for our '19 -- or for our 2021 plan.

這完全符合我們為 '19 或 2021 年計劃所指導的內容。

Yes, we are going to see some benefit from currency, it looks like, at this point.

是的，我們將看到貨幣帶來的一些好處，看起來，在這一點上。

There's a couple of points maybe of a benefit from FX.

外匯可能有幾點好處。

But from our standpoint, the other thing is -- if you think about Vans, we talked about where we came out of '17 with our Vans growth rate.

但從我們的角度來看，另一件事是——如果你想想 Vans，我們談到了 17 年 Vans 的增長率。

We gave you some shaping.

我們給了你一些塑造。

I'd like to say we're going to continue to grow at that rate forever.

我想說我們將永遠以這種速度繼續增長。

That's probably unrealistic.

這恐怕是不現實的。

But we do see continued momentum in Vans, even if a little -- not quite as strong as what we saw in 2017.

但我們確實看到了 Vans 的持續發展勢頭，即使有一點——不像我們在 2017 年看到的那麼強勁。

So that's part of what you're seeing as you look forward into 2019.

這就是你在展望 2019 年時所看到的一部分。

Our next question comes from the line of Erinn Murphy with Piper Jaffray.

我們的下一個問題來自 Erinn Murphy 和 Piper Jaffray 的台詞。

I guess I had a question, Steve, for you on The North Face business.

我想我有一個關於 The North Face 業務的問題，Steve。

It came in, obviously, a little bit weaker than we all thought.

顯然，它比我們想像的要弱一點。

You outlined 3 kind of specific kind of impacts to the growth.

您概述了對增長的 3 種特定類型的影響。

Can you elaborate a little bit more on the Amazon piece in particular?

你能詳細說明一下亞馬遜的文章嗎？

Curious what you're learning about from your [3P test brand] there?

好奇您從那裡的 [3P 測試品牌] 中學到了什麼？

And then also I think you gave a preliminary 6% to 8% North Face growth for fiscal '19.

然後我認為你在 19 財年給出了初步的 6% 到 8% 的 North Face 增長。

Just curious kind of what's underpinning that confidence in that estimate, if it's kind of where the order books are trending?

只是好奇是什麼支撐了這種估計的信心，如果它是訂單簿的趨勢？

Just any help around how you think about the shape of that growth into next year.

關於您如何看待明年的增長形式的任何幫助。

Great.

偉大的。

So let me first, Erinn, just say, we are very confident about our North Face business.

因此，Erinn 首先讓我說，我們對我們的 North Face 業務非常有信心。

We entered last year.

我們是去年入的。

We were pretty open and honest with you all with where we saw our brand and its journey and the work that needed to be done.

我們對你們所有人都非常開放和誠實，我們在哪裡看到了我們的品牌及其旅程以及需要完成的工作。

And there's been significant work going on internal in that business, specifically around product creation, demand creation, evolving our D2C and digital platforms.

該業務內部正在進行大量工作，特別是圍繞產品創造、需求創造、發展我們的 D2C 和數字平台。

But also a big part is how we've looked at really shoring up and strengthening the brand.

但也很重要的一部分是我們如何真正支持和加強品牌。

And the work that we've done on Amazon, the work -- we've pulled back on off-price and some of the actions we're taking in Asia are all about rebuilding that strong foundation that this brand has become accustomed to operating on.

我們在亞馬遜上所做的工作，我們已經取消降價以及我們在亞洲採取的一些行動都是為了重建這個品牌已經習慣於運營的堅實基礎上。

Specific to Amazon, great partner.

特定於亞馬遜，偉大的合作夥伴。

I think we're about 5 months into what we kind of titled a test of working with them directly.

我認為我們已經進行了大約 5 個月的時間，我們將其命名為直接與他們合作的測試。

We have a dedicated key account leader and team now here in the United States really mirroring what we've done in our European platform.

我們現在在美國有一個專門的大客戶負責人和團隊，這確實反映了我們在歐洲平台上所做的事情。

But really investing the time and resources to understand Amazon better, help them understand us as a provider and a brand and then collaboratively going out to clean up the unauthorized dealers, which a tremendous amount of work went into that this fall.

但真正投入時間和資源來更好地了解亞馬遜，幫助他們了解我們作為供應商和品牌，然後合作清理未經授權的經銷商，今年秋天投入了大量工作。

I would like to just tell you we're done.

我只想告訴你我們已經完成了。

I don't think you're ever done as you're constantly policing that environment.

我不認為你已經完成了，因為你一直在監管那個環境。

But I would tell you, we have a good partner.

但我會告訴你，我們有一個很好的合作夥伴。

It's very committed to working with us in a collaborative way to bring our brand to life in this aspect of our distribution.

它非常致力於以協作的方式與我們合作，在我們分銷的這方面使我們的品牌栩栩如生。

But I'll tell you, what's giving us confidence about the 6% to 8% really are some of the product proof points that you see coming through.

但我會告訴你，讓我們對 6% 到 8% 充滿信心的真正原因是你看到的一些產品證明點。

I mentioned in my prepared remarks around Summit Series.

我在準備好的關於峰會系列的評論中提到過。

We've seen just a complete reignition of energy in the specialty channel, in our own D2C.

在我們自己的 D2C 中，我們已經在專業頻道中看到了能量的完全重新點燃。

We've seen it across the globe.

我們已經在全球範圍內看到了它。

The impact that the focus on Summit Series and very specific ideas around design, innovation, specific to performance, but really unlocking design that people are attracted to, color stories and performance features that we see having a direct impact on the balance of the line as we've really shored up the pinnacle.

專注於峰會系列的影響以及圍繞設計、創新、特定於性能的非常具體的想法，但真正解鎖了人們被吸引的設計、色彩故事和性能特徵，我們認為這些對產品線的平衡有直接影響我們確實鞏固了巔峰。

The Urban Exploration piece that is so strong in Asia.

在亞洲如此強大的城市探索作品。

We're seeing a -- a big part of our results in Europe are driven around the Urban Exploration, particularly the Black Series.

我們看到——我們在歐洲的很大一部分結果是圍繞城市探索，特別是黑色系列。

Our early reads here in the United States are equally strong.

我們在美國的早期讀物同樣強大。

The interest in collaborations with the brand is another proof point.

與品牌合作的興趣是另一個證明點。

But just as we go out and launch marketing campaigns, the online digital piece and the connections that we're getting with consumers, all of that kind of adds up to us confidently stating 6% to 8% growth rate for next year.

但是，正如我們出去開展營銷活動、在線數字產品以及我們與消費者之間的聯繫一樣，所有這些加起來讓我們自信地表示明年的增長率將達到 6% 到 8%。

Got it.

知道了。

And if I can just ask a clarification for Scott.

如果我可以為 Scott 澄清一下。

Just on the $3.45 EPS guide for fiscal '19, is that constant currency?

就在 19 財年 3.45 美元的每股收益指南上，那是不變的貨幣嗎？

Or does that -- or are you including currency in there?

或者是這樣 - 或者你是否在其中包括貨幣？

No, that's all in, Erinn.

不，就是這樣，艾琳。

And just as a reminder, too, Nautica is treated as discontinued operation.

同樣提醒一下，Nautica 被視為已停產。

So Nautica is not included in that number as well.

因此，Nautica 也不包含在該數字中。

And from an FX standpoint, just to clarify a comment I made a little earlier, so we do see some FX benefit on the top line in the transition period and the stub.

從外彙的角度來看，只是為了澄清我早些時候發表的評論，所以我們確實在過渡期和存根中看到了一些外匯收益。

As you look at fiscal 2019, it really is not much of a factor from a revenue standpoint.

當您查看 2019 財年時，從收入的角度來看，這確實不是一個很大的因素。

So my comments were related to the stub period on the earlier question.

所以我的評論與前面問題的存根期有關。

Our next question comes from Laurent Vasilescu with Macquarie Group.

我們的下一個問題來自麥格理集團的 Laurent Vasilescu。

Pretty impressive growth in EMEA.

歐洲、中東和非洲地區的增長令人印象深刻。

Can you parse out what's driving the growth in EMEA?

您能分析一下是什麼推動了 EMEA 的增長嗎？

Are there any design and marketing takeaways that can translate to driving growth in the Americas?

是否有任何設計和營銷要點可以轉化為推動美洲的增長？

And then specifically for 2019, any high-level thoughts on how we should think of the U.S. versus abroad results for '17?

然後特別是對於 2019 年，關於我們應該如何看待 17 年美國與國外結果的任何高層想法？

Yes, Laurent.

是的，勞倫特。

Let me -- I'll take the EMEA kind of what's driving that.

讓我 - 我將採取歐洲、中東和非洲地區的驅動因素。

Scott can unpack the second part of your question.

斯科特可以解開你問題的第二部分。

The growth in EMEA is really -- it's broad-based.

歐洲、中東和非洲地區的增長確實——基礎廣泛。

Every one of our businesses is doing extremely well.

我們的每一項業務都做得非常好。

We have exceptional growth coming from North Face and Vans.

我們有來自 North Face 和 Vans 的非凡增長。

But I also would call out the efforts that are going on with our Napapijri business and really the incubator concept that we've given to that brand to try out new ideas that we are able to then scale across our larger businesses.

但我也會提到我們 Napapijri 業務正在進行的努力，以及我們賦予該品牌的孵化器概念，以嘗試新的想法，然後我們能夠在更大的業務中擴展。

Some of those are around the creative brand vision work that we're doing and how that's impacting the clarity of design, not just a product, but demand creation.

其中一些是圍繞我們正在進行的創意品牌願景工作以及這如何影響設計的清晰度，而不僅僅是產品，而是需求創造。

Our Napapijri business has been growing double digits here for a few quarters and continues to show great strength.

幾個季度以來，我們的 Napapijri 業務一直在以兩位數的速度增長，並繼續顯示出強大的實力。

But more importantly, it's where we are testing new ideas that are having positive impact as we scale them to the larger brands.

但更重要的是，我們正在測試新想法，這些想法在我們將它們擴展到更大的品牌時會產生積極影響。

So Europe is really broad-based.

所以歐洲的基礎非常廣泛。

All of our brands doing extremely well.

我們所有的品牌都做得非常好。

They're focused on key account management, D2C productivity.

他們專注於大客戶管理、D2C 生產力。

And really the growth now in the digital area, not only our own platform, but with some of our partners like Zalando really it's a balanced approach to driving the European growth model.

實際上，現在數字領域的增長，不僅是我們自己的平台，還有我們的一些合作夥伴，比如 Zalando，這確實是推動歐洲增長模式的一種平衡方法。

Okay.

好的。

And any high-level thoughts for '19 -- fiscal '19 versus the U.S. and international?

對於 19 年的任何高層想法——19 財年與美國和國際的對比？

Well, we'll see that the U.S. accelerate versus the '17 rate as we see some of the recovery and progress being made that Steve mentioned earlier.

好吧，我們將看到美國與 17 年的速度相比正在加速，因為我們看到史蒂夫之前提到的一些復甦和進展。

But we do see continued strength in Europe.

但我們確實看到歐洲繼續走強。

They're really not missing a beat.

他們真的沒有錯過任何一個節拍。

I always have to point out, too, the profitability and efficient tax platform we have in Europe makes the fact that this business is growing, has momentum an even -- an even bigger weapon for us going forward.

我也必須始終指出，我們在歐洲擁有的盈利能力和高效的稅收平台使得這項業務正在增長，勢頭平穩——這是我們前進的更大武器。

Okay, great.

好，太棒了。

And then the follow-up question is, in terms of the stub quarter's guidance, I just want to be sure this is excluding Nautica.

然後後續問題是，就存根季度的指導而言，我只想確定這不包括 Nautica。

And should we assume the $427 million in revenues were evenly split by quarter and then the same thing for the EPS?

我們是否應該假設 4.27 億美元的收入按季度平均分配，然後每股收益也一樣？

And then the last question is, how much are you expecting to spend on Icebreaker?

最後一個問題是，你預計在 Icebreaker 上花多少錢？

Boy, that was a lot of questions, Laurent.

男孩，這是很多問題，洛朗。

Sorry, guys.

對不起大家。

So again, I think the first part of that was related to Nautica.

再說一次，我認為第一部分與 Nautica 有關。

So Nautica is excluded from all of our guidance and our actuals.

因此，Nautica 被排除在我們所有的指導和實際情況之外。

And I think you'll find in the materials that were provided, we laid out -- we restated historical numbers so you can see that.

我想你會在我們提供的材料中找到，我們列出了——我們重述了歷史數字，所以你可以看到。

Remind me that you had a weighting question.

提醒我你有一個加權問題。

Yes.

是的。

Is it evenly split by quarter, the revenues and the EPS contribution from Nautica?

Nautica 的收入和每股收益貢獻是否按季度平均分配？

Yes, more second-half-weighted due to their D2C business.

是的，由於他們的 D2C 業務，下半年權重更高。

So again, I think you'll find that -- off-line, we can clean that up.

再說一次，我想你會發現——離線，我們可以清理它。

But because D2C is a big part of their business, that tends to be a drag through the first part and they see relative better performance in the second half.

但由於 D2C 是他們業務的重要組成部分，這往往會拖累第一部分，而他們在下半年看到了相對更好的表現。

And then the question -- yes, yes, sorry.

然後是問題——是的，是的，對不起。

You asked a question.

你問了一個問題。

Were you asking around accretion?

你問的是吸積嗎？

Or what was the question relative to?

或者這個問題與什麼有關？

Yes.

是的。

Well, how much you expect to spend on Icebreaker?

那麼，你希望在破冰船上花多少錢？

Any high-level thoughts on EPS contribution for the year?

關於今年每股收益貢獻的任何高層想法？

Yes, so we haven't disclosed the amount on Icebreaker at this point.

是的，所以我們目前還沒有披露 Icebreaker 的數量。

The -- as you think about the contribution, it's about a $150 million business, which means our total Merino business is in that $300 million range when you include SmartWool.

- 當您考慮貢獻時，它大約是 1.5 億美元的業務，這意味著當您包括 SmartWool 時，我們的美利奴羊毛總業務在 3 億美元的範圍內。

As you can imagine, in the first year of acquisition, from an accretion standpoint, it's going to be minimal.

正如你可以想像的那樣，在收購的第一年，從增值的角度來看，這將是最小的。

But it will be accretive in year 1.

但它會在第一年增加。

Our next question comes from Sam Poser with Susquehanna International Group.

我們的下一個問題來自 Susquehanna International Group 的 Sam Poser。

I just have a couple of things.

我只有幾件事。

One, just to clarify, on The North Face and the domestic -- the U.S. wholesale business, this is a matter of cleaning up distribution.

一，澄清一下，對於 The North Face 和國內——美國的批發業務，這是一個清理分銷的問題。

And I think, Steve, when I saw you in Denver, you mentioned like some of the better guys are starting to come back to you, is that sort of what it is that some of your better accounts may have backed off because of the distribution?

而且我認為，史蒂夫，當我在丹佛見到你時，你提到一些更好的人開始回到你身邊，就是因為分佈，你的一些更好的賬戶可能已經退縮了?

And now that you're cleaning it up, you expect it to come back the other way?

現在你正在清理它，你希望它以另一種方式回來嗎？

I would -- probably, it's a couple of those.

我會 - 可能是其中的幾個。

I might characterize it slightly differently.

我可能會稍微不同地描述它。

Yes, we put a tremendous amount of effort in pulling down the promotional part of the brand that we've seen in the last 2 to 3 years.

是的，我們在過去 2 到 3 年看到的品牌宣傳部分投入了巨大的努力。

That's not only in the wholesale channel, through tighter inventory, but also within our own D2C environments, all to really put the brand back onto a much higher quality.

這不僅在批發渠道中，通過更緊縮的庫存，而且在我們自己的 D2C 環境中，所有這些都是為了讓品牌真正恢復到更高的質量。

And we're seeing the results in not only our profitability but in our partners' profitability.

我們看到的不僅是我們的盈利能力，還有我們合作夥伴的盈利能力。

I think it's fair to say that we did have some dealers kind of moderate their assortments with our brand.

我認為可以公平地說，我們確實有一些經銷商對我們的品牌進行了適度的分類。

But I would tell you, it was as much what was going on in the broader marketplace which we were part of.

但我會告訴你，這與我們參與的更廣泛市場中正在發生的事情一樣多。

We weren't the only issue within the promotional environment that hit the Outdoor industry.

我們並不是促銷環境中影響戶外行業的唯一問題。

But I would also tell you, and we've been pretty honest about this, is our product offer wasn't necessarily giving those better specialty dealers all of the reasons to invest [growth] and buy with us.

但我也想告訴你，我們對此非常誠實，我們的產品供應並不一定會給那些更好的專業經銷商提供投資 [增長] 並與我們一起購買的所有理由。

We're seeing that turn.

我們正在看到這種轉變。

I think you saw that energy in Denver.

我想你在丹彿看到了那種活力。

And it takes time to kind of refill that pipeline.

重新填充該管道需要時間。

But I think that is exactly why we remain confident and are putting that 6 to 8 percentage growth for '19 out in front of you all today.

但我認為這正是我們保持信心並將 19 年 6% 到 8% 的增長今天擺在大家面前的原因。

So Sam, if you just put some numbers around that, it would be 1 to 2 points higher if you normalize for the reductions in off-price, lower promotional activity, the cleanup of Amazon that Steve mentioned in his prepared remarks.

所以山姆，如果你只是把它放在一些數字上，如果你將折扣價的減少、促銷活動的減少、史蒂夫在他準備好的評論中提到的亞馬遜清理正常化，它會高出 1 到 2 個百分點。

So the underlying trend is a bit better.

因此，潛在趨勢要好一些。

But we're really seeing that pay off in our margins.

但我們確實看到了利潤的回報。

You saw that in our results and also really focusing on our dealer and customer profitability as well because that's really the key to that long-term growth for our business.

您在我們的業績中看到了這一點，並且也真正關注我們的經銷商和客戶盈利能力，因為這確實是我們業務長期增長的關鍵。

I've got like 2.5 things more.

我還有2.5個東西。

One, the Urban Exploration part of that business is coming to the states.

一，該業務的城市探索部分正在進入各州。

What's the timing there?

那裡的時間是什麼？

Two, how do you foresee the tax rate going forward?

二、您如何預測未來的稅率？

And three, are you -- in your preliminary guidance for fiscal '19, are you looking -- is that a situation where the investments remain strong and you expect ongoing gross margin improvement?

第三，您是否 - 在您對 19 財年的初步指導中，您是否正在尋找 - 投資保持強勁並且您期望毛利率持續改善的情況？

So Sam, I'd love to answer that tax question, but I'll let Scott go with that one, but I'll take the Urban Exploration.

所以山姆，我很想回答那個稅收問題，但我會讓斯科特去回答那個問題，但我會接受城市探索。

Some of the exciting parts of that line that are coming out of Asia, China and Japan are here today.

來自亞洲、中國和日本的這條線路的一些令人興奮的部分今天在這裡。

The Black Series is in market, and you'll see it continue to grow.

黑色系列已上市，您會看到它繼續增長。

And there'll be some really exciting aspects of some of the [Goldwyn] line, really leveraging that partnership, that you'll see coming into not only in this market but the European market as we really spend time understanding the importance of the Urban Exploration assortment.

[Goldwyn] 的某些產品線將有一些非常令人興奮的方面，真正利用這種夥伴關係，你會看到它們不僅進入這個市場，而且進入歐洲市場，因為我們真的花時間了解城市的重要性勘探品種。

What are the right offers across the different points of distribution that, that consumer shops in?

消費者購物的不同分銷點的正確優惠是什麼？

And leveraging the global product offer, not just Asia, but there's some exciting things that are coming out of Europe that we see driving that growth.

並利用全球產品供應，不僅是亞洲，還有一些來自歐洲的令人興奮的東西，我們看到這些東西推動了這種增長。

And there's things coming out of our U.S. team, the [Kryos] collection is here.

還有一些東西來自我們的美國團隊，[Kryos] 系列就在這裡。

So it's really unlocking that global design talent and tapping into what that consumer is looking for and placing the right product in the right points of distribution.

因此，它真正釋放了全球設計人才，挖掘消費者正在尋找的東西，並將正確的產品放置在正確的分銷點。

All right.

好的。

I'll take the other parts of your question.

我會回答你問題的其他部分。

So the tax rate -- maybe I'll just make a broader question because I know it's on a lot of people's mind.

所以稅率——也許我會提出一個更廣泛的問題，因為我知道它在很多人的腦海中。

Tax reform, what does that mean for us?

稅改，對我們意味著什麼？

I guess, the first answer is really complicated and a lot of moving parts, but we're comfortable enough to make the provisional -- record the provisional amounts that we talked about in the prepared remarks.

我想，第一個答案真的很複雜，而且有很多活動部件，但我們很樂意做臨時的——記錄我們在準備好的評論中談到的臨時金額。

As it relates to the ongoing rate, one thing to keep in mind is we already had a pretty attractive rate.

由於它與持續費率有關，要記住的一件事是我們已經有了一個非常有吸引力的費率。

Our rate was in the high teens and really very much benefited from our foreign rate.

我們的匯率處於十幾歲的水平，並且非常受益於我們的外國匯率。

So if you look at what tax reform did to us, our domestic earnings are getting a tax benefit from the lower -- the 21% rate.

所以如果你看看稅收改革對我們做了什麼，我們的國內收入正在從較低的稅率中獲得稅收優惠——21%的稅率。

Offshore with the GILTI and BEAT provisions, it actually is a bit of an increase for us, even though that's recorded on the U.S. side, it's related to foreign earnings.

離岸有 GILTI 和 BEAT 條款，這實際上對我們來說有點增加，即使這是在美國方面記錄的，它與外國收入有關。

And when you net it all together, it's a very modest benefit.

當你把所有的東西放在一起時，這是一個非常微不足道的好處。

It's almost back to the starting point from our overall business.

從我們的整體業務來看，這幾乎又回到了起點。

So it is modestly beneficial, but not -- doesn't move the needle much and really doesn't change anything as it relates to our long-term assumptions.

所以它是適度有益的，但不是 - 不會改變太多，也不會改變任何與我們的長期假設相關的東西。

On the other hand, the access to cash is a big deal.

另一方面，獲得現金是一件大事。

So because now that 40% of our business is offshore, it's very profitable business for us.

因此，因為現在我們 40% 的業務都在離岸，這對我們來說是非常有利可圖的業務。

The ability to repatriate that cash just got a lot easier.

匯回現金的能力變得更加容易。

And for us going forward, that's going to be a good thing.

對於我們前進，這將是一件好事。

As it relates to fiscal '19 guidance, I think there's a question about how do you think about margins and investments, right?

由於它與 19 財年的指導有關，我認為有一個問題是你如何看待利潤率和投資，對吧？

So obviously, we're not going to give guidance in detail, but a few shaping comments.

所以很明顯，我們不會給出詳細的指導，而是一些塑造性的評論。

There's no reason you shouldn't expect gross margin to continue to expand based on those mix benefits we talked about, that 40 to 50 basis points of mix.

根據我們談到的混合收益，即 40 到 50 個基點的混合，您沒有理由不期望毛利率繼續擴大。

You should be able to assume that that's going to continue.

你應該能夠假設這種情況會繼續下去。

As it relates to investments, our -- the way we think about investments is from a long-term perspective.

由於它與投資有關，我們 - 我們對投資的看法是從長期的角度來看的。

We laid out our plan in Boston.

我們在波士頓制定了我們的計劃。

We said these are the areas that we think are important, that will create a defendable long-term position of advantage for us in a very disruptive marketplace.

我們說這些是我們認為重要的領域，它們將為我們在一個非常具有破壞性的市場中創造一個可辯護的長期優勢地位。

And we're serious about investing over the long term.

我們認真對待長期投資。

And the way we're thinking about it is the shareholder gets the first bite of the apple, we're going to meet our commitments, and we are meeting our commitments according to our long-range plan.

我們考慮的方式是股東獲得第一口蘋果，我們將履行我們的承諾，並且我們正在根據我們的長期計劃履行我們的承諾。

On the other hand, where we see opportunities to advance against our investment road maps, we'll also take those opportunities.

另一方面，如果我們看到了根據我們的投資路線圖推進的機會，我們也會抓住這些機會。

So there is continued investment that will come, although we said in our long-range plan, the investment will be more front-loaded in that 5-year period and will start to be a lesser factor as you go forward.

因此，將會有持續的投資，儘管我們在我們的長期計劃中說過，在這 5 年期間，投資將更加前期，並且隨著您的前進，將開始成為一個較小的因素。

And as the top line increases, you'll start to see more leverage as time goes on.

隨著收入的增加，隨著時間的推移，您將開始看到更多的槓桿作用。

One other just housekeeping item, don't forget WD.

另一個只是家務用品，別忘了 WD。

As WD comes in next year, that is dilutive to our gross margins.

隨著 WD 明年的到來，這會稀釋我們的毛利率。

So my 40 to 50 basis points is really relative to the organic business.

所以我的 40 到 50 個基點確實與有機業務相關。

There will be some offset due to the mix of WD coming in as you saw this year.

正如您今年所看到的，由於 WD 的混合出現，將會有一些抵消。

You can assume a similar kind of impact as you annualize the impact for next year.

您可以在對明年的影響進行年度計算時假設類似的影響。

Our next question comes from Camilo Lyon with Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Camilo Lyon。

Scott, if you could just provide a little bit more color on the Nautica impact to the quarter?

斯科特，您能否就 Nautica 對本季度的影響提供更多色彩？

By my math, it's about $0.03 to what the fourth quarter would have been.

根據我的數學計算，第四季度的價格約為 0.03 美元。

And then how does that contextualize for your fiscal '19 guidance?

那麼，這對您的 19 財年指導有何背景？

I'm just trying to figure out what the apples-to-apples comparison is versus the preliminary FY '19 guidance versus what I think we have all been looking for modeling.

我只是想弄清楚蘋果與蘋果之間的比較與 19 財年的初步指導與我認為我們一直在尋找的建模。

Yes.

是的。

So your $0.03 is about right in the fourth quarter, about $140 million of revenue.

所以你的 0.03 美元在第四季度大約是正確的，大約是 1.4 億美元的收入。

And I got Joe sitting right next to me here.

我讓喬坐在我旁邊。

We're going to clean this up.

我們要清理這個。

I think in the restated -- since we're going disc ops, right, you can see in the restated numbers, you can see where we were, where we -- and where we are now.

我認為在重述 - 因為我們要進行唱片操作，對，你可以在重述的數字中看到，你可以看到我們在哪裡，我們在哪裡 - 我們現在在哪裡。

So the impact of that should be transparent by quarter.

因此，其影響應該按季度透明。

We can take that off-line if you want to clean that up a little bit.

如果您想稍微清理一下，我們可以將其離線。

But I think we've provided everything you need in order to get the answer by quarter.

但我認為我們已經提供了您需要的一切，以便按季度獲得答案。

Joe, you're welcome to add anything to that if you want.

喬，如果你願意，歡迎你添加任何東西。

No, that's right.

不，沒錯。

Okay.

好的。

And then I guess, just thinking about the commentary on North Face, the actions taken to improve the positioning of the brand.

然後我猜，想想關於 North Face 的評論，為改善品牌定位而採取的行動。

I think you said it was 1 to 2 points.

我想你說的是1到2分。

That was a global number, right, if we exclude all those numbers?

那是一個全球數字，對吧，如果我們排除所有這些數字？

If we were to back that into what the North America growth rate would have been, would you care to comment on what that could have been?

如果我們將其支持到北美的增長率，您是否願意評論那可能是什麼？

Yes, Camilo.

是的，卡米洛。

It's Joe.

是喬。

So for The North Face North America business, those impacts primarily reside in North America.

因此，對於 The North Face 北美業務而言，這些影響主要存在於北美。

So relative to the 1% decline that you see, that number would be up at a mid-single-digit rate.

因此，相對於你看到的 1% 的下降，這個數字將以中個位數的速度增長。

Got it.

知道了。

Perfect.

完美的。

And my last question.

還有我的最後一個問題。

Steve, really, it goes back to Vans and the exceptional growth that the brand has enjoyed over the last year or so.

史蒂夫，真的，這要追溯到 Vans 和該品牌在過去一年左右的非凡增長。

You talked about protecting the brand.

你談到了保護品牌。

You talked about not letting it overheat.

你談到不要讓它過熱。

What does that mean to how you're going to manage the brand into the wholesale channel and your (inaudible), right?

這對您將如何管理品牌進入批發渠道和您的（聽不清）意味著什麼，對吧？

How -- are you going to constrict some of the deliveries into the wholesale channel?

如何——你打算將一些交付限制在批發渠道中嗎？

Are you going to limit some of the inventory across the channel?

您是否要限制整個渠道的一些庫存？

Are you going to segment the style further?

你打算進一步細分風格嗎？

What do you -- how do you plan to maintain a double-digit growth rate, as you alluded to, so that this doesn't roll over like we've seen other brands do in the not-too-distant past?

你是怎麼做的——你打算如何保持兩位數的增長率，就像你提到的那樣，這樣就不會像我們在不久的過去看到的其他品牌那樣翻身？

Yes, it's a good question, Camilo.

是的，這是個好問題，卡米洛。

In my prepared comments, I talked about not one thing as part of the North -- the Vans' strategic approach to their marketplace, and its -- you can see it in the -- in how the -- where the growth is coming from, from classics, but also some of the new collections, the UltraRange, the new Mountain series.

在我準備好的評論中，我沒有談到作為北方一部分的一件事——Vans 對其市場的戰略方法，以及它——你可以從——增長的來源中看到它—— ，來自經典，也有一些新的系列，UltraRange，新的Mountain系列。

We're seeing growth in apparel.

我們看到了服裝的增長。

We see growth in the accessories.

我們看到了配件的增長。

But we're also seeing great expansion into the Customs platform.

但我們也看到海關平台的巨大擴展。

So it's a broad-based, not one thing, but an intense focus on the right amount of newness, the frequency of new drops.

所以這是一個基礎廣泛的，不是一件事，而是對適量的新事物的強烈關注，新下降的頻率。

But we've said this before, our Vans team is really the benchmark business on how they look at product segmentation across the different consumer touch points that we have to sell into.

但我們之前已經說過，我們的 Vans 團隊確實是他們如何看待我們必須銷售的不同消費者接觸點的產品細分的基準企業。

With our stores being the most premier expression of our brand, they're really evolving how they're looking at using stores and coming up with a mix of formats that play into the specific communities across the globe, but being very thoughtful in direct partnerships with those wholesale partners, placing the right amount of inventory, being very thoughtful about not having one style over-torque but really having it be a balanced approach with the right amount of newness to keep the brand moving forward each season.

由於我們的商店是我們品牌最重要的表達方式，他們確實在改變他們對使用商店的看法，並提出了適用於全球特定社區的多種形式，但在直接合作夥伴關係方面非常周到與那些批發合作夥伴一起，放置適量的庫存，非常考慮不要讓一種款式過度扭矩，而是真正讓它成為一種平衡的方法和適量的新鮮感，以保持品牌在每個季節都向前發展。

So they are the benchmark business for us.

所以他們是我們的標杆業務。

A lot of what our Vans team has learned and does we move across the entire enterprise.

我們的 Vans 團隊學到了很多東西，並且我們是否在整個企業中推廣。

Is it fair to say that you're getting a new consumer into the brand as opposed to your existing consumer that's buying multiple pairs relative to what they had been buying before?

公平地說，你正在讓一個新的消費者加入這個品牌，而不是你現有的消費者購買多雙相對於他們之前購買的產品？

And if that is true, then you guys do a ton of consumer work and understanding who that consumer is.

如果這是真的，那麼你們做了大量的消費者工作並了解消費者是誰。

How do you maintain or how do you dig deeper with that new consumer if that, in fact, is what's driving the incremental growth rate?

如果這實際上是推動增量增長率的原因，那麼您如何維持或如何深入挖掘新消費者？

There is, for sure, a new consumer entering this brand.

可以肯定的是，新的消費者進入了這個品牌。

And their -- our team's focused on that creative expressor and understanding what those touch points are and the things that are important to that consumer being able to really bring that to life in all of our digital communications, within our platform and in all the different mediums that we have available, we spend a lot of time understanding our consumer, our investments behind data and analytics, specifically in the consumer area, being able to evolve our messaging from kind of broad-based to now very individualized conversations to really make that consumer feel unique and special and being able to offer up what we believe through our data science, what that next appropriate item is for them to add to their collection of Vans product.

他們——我們的團隊專注於創意表達者，並了解這些接觸點是什麼，以及對消費者來說重要的事情，以便能夠在我們所有的數字通信、我們的平台和所有不同的領域中真正實現這一點在我們可用的媒介上，我們花了很多時間了解我們的消費者，我們在數據和分析背後的投資，特別是在消費者領域，能夠將我們的消息傳遞從基礎廣泛的對話發展到現在非常個性化的對話，以真正做到這一點消費者感到獨特和特別，能夠通過我們的數據科學提供我們相信的東西，下一個合適的項目是他們添加到他們的 Vans 產品系列中。

Our final question comes from the line of Jonathan Komp with Robert W. Baird.

我們的最後一個問題來自 Jonathan Komp 和 Robert W. Baird。

Wanted to clarify a couple of things about the commentary about the fiscal '19 outlook.

想澄清一些關於 19 財年展望的評論的事情。

The first thing, I note, Scott, you said about [$345 million].

首先，我注意到，斯科特，你說的是 [3.45 億美元]。

I just wanted to clarify the base for that.

我只是想澄清這一點。

Is it -- I think it's in the range of [$312 million], but I wanted to confirm that.

是嗎 - 我認為它在 [3.12 億美元] 的範圍內，但我想確認一下。

Yes.

是的。

Yes, you're right.

你是對的。

[$312 million] is -- you're in the ZIP Code.

[3.12 億美元] 是——你在郵政編碼區。

Okay.

好的。

My question then is that would be about 11% growth, which I know is in line with your long-term targets, but you will be having the Dickies contribution, plus, I think, maybe some favorable currency and margin impact.

那麼我的問題是，這將是大約 11% 的增長，我知道這符合您的長期目標，但您將獲得 Dickies 的貢獻，另外，我認為，可能還有一些有利的貨幣和利潤率影響。

So I just wanted to kind of drill down why the underlying growth might be below the long-term target.

所以我只是想深入了解為什麼潛在增長可能低於長期目標。

Yes.

是的。

So we'll unpack that, obviously, and give you the details.

因此，顯然，我們將對其進行解包，並為您提供詳細信息。

Currency is actually not a huge impact for the '19 number.

貨幣對 '19 數字實際上並沒有太大影響。

But I would say, when you look at the underlying organic growth, you're right.

但我想說，當你看到潛在的有機增長時，你是對的。

It is right in line with our overall long-term growth plan.

這完全符合我們的整體長期增長計劃。

And when you -- we'll give you more visibility into what exactly the contribution is from Dickies when we come back in April.

當你 - 當我們在四月回來時，我們會讓你更清楚地了解 Dickies 的貢獻。

Just -- I would just point everybody back.

只是 - 我會指出每個人都回來。

Remember where we are point in time on this 5-year plan, right?

還記得我們在這個 5 年計劃中的時間點，對嗎？

We're 1 year in.

我們1年了。

And this is a period where we talked about relatively modest growth, which we're tracking a little bit ahead.

在這個時期，我們談到了相對溫和的增長，我們正在稍微提前跟踪。

And that's true both from a top and bottom line.

從頂線和底線來看都是如此。

So that really is what's shaping our long-term view.

所以這確實是塑造我們長期觀點的因素。

We're taking a long-term view as we think about the evolution of both our earnings profile as well as the decisions that we're making.

當我們考慮我們的收益狀況的演變以及我們正在做出的決定時，我們會採取長遠的眼光。

And that will give you a pretty good guidepost as you think about what to expect going forward.

當您考慮未來的預期時，這將為您提供一個很好的指導。

Okay.

好的。

And last clarification, just if I could, on Dickies.

最後澄清一下，如果我可以的話，關於迪基斯。

On the fourth quarter itself, I think it attributed or added $0.04 in earnings.

在第四季度本身，我認為它歸因或增加了 0.04 美元的收益。

I think you had said $0.02 coming into the quarter.

我想你說過本季度是 0.02 美元。

So was that operating over-delivery?

那麼，這是否是過度交付？

Or was that some sort of tax benefit for the domestic business there?

還是那裡的國內業務有某種稅收優惠？

Or just trying to clarify what drove that and if it has any implications going forward.

或者只是試圖澄清是什麼推動了這一點，以及它是否對未來有任何影響。

It's really operating, and it says we got at a few things a little quicker than we thought.

它真的在運作，它說我們在一些事情上比我們想像的要快一些。

But from an overall standpoint, it gives us a little more confidence in our forward plans, but it's not materially different.

但從整體的角度來看，它讓我們對我們的未來計劃更有信心，但並沒有本質上的不同。

They had a good fourth quarter.

他們有一個很好的第四節。

We said international and their retail actually was very strong in the fourth quarter.

我們說國際和他們的零售實際上在第四季度非常強勁。

And that really drove a lot of it as well as getting at some cost a little bit earlier.

這確實推動了很多，並且更早地獲得了一些成本。

Thank you.

謝謝你。

Ladies and gentlemen, we have reached the end of our question-and-answer session.

女士們，先生們，我們的問答環節已經結束。

I would like to turn the call back over to Mr. Steve Rendle for any closing remarks.

我想將電話轉回給史蒂夫·倫德爾先生，以聽取任何結束語。

Great.

偉大的。

Thank you, everybody.

謝謝大家。

Just a quick recap.

只是快速回顧一下。

This -- we're coming off a transformational year for VF, highlighted by our top quartile value creation for our shareholders.

這——我們即將迎來 VF 轉型的一年，突出體現在我們為股東創造的最高四分之一價值。

We are very encouraged by our progress.

我們對我們的進步感到非常鼓舞。

I think we've been very open and transparent with where we are and where we intend to drive this enterprise.

我認為我們對我們所處的位置以及我們打算在哪裡推動這個企業一直非常開放和透明。

And today, we're slightly ahead of where we expected to be.

而今天，我們略微領先於我們的預期。

As we move forward, just be reassured that we have an intense focus on our brand portfolio: one, the shape of it, but also helping drive the brands to achieve their maximum potential with our focus around product, demand creation, elevating our D2C and our digital and leveraging our international platforms to drive growth.

在我們前進的過程中，請放心，我們非常關注我們的品牌組合：第一，它的形狀，但也有助於推動品牌發揮最大潛力，我們專注於產品、需求創造、提升我們的 D2C 和我們的數字化並利用我們的國際平台來推動增長。

We will continue to accelerate our investments around becoming more consumer- and retail-centric.

我們將繼續加快我們的投資，圍繞變得更加以消費者和零售為中心。

We see this as foundational to us evolving as an enterprise specifically for our consumers, where we come to life in our own D2C and digital platforms, but will also enable us to be an even better wholesale partner to our wholesale trade across the globe.

我們認為這是我們發展成為一家專門為消費者服務的企業的基礎，我們在自己的 D2C 和數字平台中獲得生命，但也將使我們成為全球批發貿易的更好的批發合作夥伴。

We will continue to be intently focused on operational efficiency and creating capacity for growth, while being very, very attentive delivering to our shareholder commitments.

我們將繼續專注於運營效率和創造增長能力，同時非常非常關注我們對股東的承諾。

So thank you for being with us today.

所以感謝你今天和我們在一起。

We're excited to continue our conversations in the quarters to come.

我們很高興在接下來的幾個季度繼續我們的對話。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。