威富公司 (VFC) 2019 Q1 法說會逐字稿

Greetings, and welcome to the VF Corporation First Quarter Fiscal 2019 Earnings Conference Call.

您好，歡迎參加 VF Corporation 2019 財年第一季度收益電話會議。

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

（操作員說明）提醒一下，正在錄製此會議。

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

我現在想把會議轉交給你的主持人，威富公司投資者關係副總裁 Joe Alkire 先生。

Please go ahead, sir.

請繼續，先生。

Good morning, and welcome to VF Corporation's First Quarter Fiscal 2019 Earnings Call.

早上好，歡迎來到威富公司 2019 財年第一季度財報電話會議。

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

今天電話會議的參與者將發表前瞻性陳述。

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向美國證券交易委員會提交的文件中有詳細說明。

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

除非另有說明，否則今天電話會議中提到的金額將根據我們今天上午發布的新聞稿中的定義進行調整。

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

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

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

您可能還會聽到我們提到報告的金額，這些金額符合美國公認會計原則。

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

GAAP 措施與調整後金額的對賬可以在新聞稿中的補充財務表中找到，這些表格確定並量化了所有排除的項目，並提供了管理層對為什麼這些信息對投資者有用的看法。

During the first quarter of fiscal '19, the company completed the sale of its Nautica brand business.

在 19 財年第一季度，公司完成了 Nautica 品牌業務的出售。

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

因此，公司將 Nautica 品牌業務的資產和負債分類為持有待售直至出售日期，並將該業務的經營成果計入所列所有期間的終止經營業務。

During the first quarter of fiscal 2018, the company completed the sale of its Licensed Sports Group, or LSG, business.

2018 財年第一季度，公司完成了其 Licensed Sports Group（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 執行了退出授權業務的計劃，該業務包括 LSG 和 JanSport 品牌合議業務。

Accordingly, the company has removed the assets and liabilities of the licensing business and included the operating results of this business in discontinued operations for all periods presented.

因此，公司已剔除許可業務的資產和負債，並將該業務的經營成果計入所有列報期間的終止經營業務。

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公佈的結果基於持續運營。

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

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。

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

在我們準備好的評論之後，我們將開始提問。

Steve?

史蒂夫？

Thank you, Joe.

謝謝你，喬。

Good morning, everyone, and welcome to our first quarter 2019 earnings call.

大家早上好，歡迎來到我們 2019 年第一季度的財報電話會議。

VF's results for the first quarter were stronger than expected, fueled by the continued broad-based acceleration in our core brands and platforms.

在我們核心品牌和平台持續廣泛加速的推動下，VF 第一季度的業績強於預期。

Our growth was balanced across geographic regions and channels as consumers globally remain resilient despite increased geopolitical uncertainty.

儘管地緣政治不確定性增加，但全球消費者仍保持彈性，因此我們的增長在各個地理區域和渠道之間保持平衡。

1.5 years into our 2021 plan, I'm pleased with the progress that we've made.

在我們 2021 年計劃實施 1.5 年後，我對我們取得的進展感到滿意。

We continue to deliver on our commitments and remain sharply focused on the foundation we're setting to position VF for sustainable, long-term growth and value creation.

我們將繼續履行我們的承諾，並始終專注於我們為 VF 的可持續、長期增長和價值創造奠定的基礎。

Taking a look at the results for the quarter.

看看本季度的結果。

Revenue increased 12% on an organic basis as our strategic growth drivers continue to fuel results.

由於我們的戰略增長動力繼續推動業績，收入有機增長 12%。

Our big 3 brands grew at a combined rate of 21% with our Vans brand delivering another exceptional quarter, up 35%, with double-digit growth across all regions, channels and product families.

我們的三大品牌以 21% 的綜合增長率增長，我們的 Vans 品牌又創造了一個非凡的季度，增長了 35%，所有地區、渠道和產品系列都實現了兩位數的增長。

The Vans brand is clearly outperforming the long-term growth targets we laid out at our Investor Day in Boston a little more than a year ago.

Vans 品牌的表現明顯優於我們一年多前在波士頓投資者日制定的長期增長目標。

We look forward to updating you on Vans' vision for its next chapter of growth at the brand's upcoming Investor Day in September.

我們期待在即將於 9 月舉行的品牌投資者日上向您介紹 Vans 對其下一個增長篇章的願景。

Momentum in The North Face brand continues to build, with 8% growth, and importantly, continued improvement in the quality of our business.

The North Face 品牌的勢頭繼續增強，增長了 8%，重要的是，我們的業務質量不斷提高。

The brand delivered strong growth in performance, women's and lifestyle products.

該品牌在性能、女性和生活方式產品方面實現了強勁增長。

The brand's She Moves Mountains campaign, which focus on the next generation of female explorers, contributed to the strong performance of our women's business.

該品牌的 She Moves Mountains 活動專注於下一代女性探險家，為我們女性業務的強勁表現做出了貢獻。

And with the launch of the Renewed program, we are piloting a circular business model that will extend the reach of our brand to new consumers through an emerging new purchase model.

隨著 Renewed 計劃的啟動，我們正在試行一種循環商業模式，通過新興的新購買模式將我們品牌的影響力擴大到新消費者。

On an organic basis, international increased 14%, led by more than 30% growth in China and 18% growth in Europe.

在有機基礎上，國際增長 14%，其中中國增長超過 30%，歐洲增長 18%。

Direct-to-consumer increased 16% with more than 30% growth in digital.

直接面向消費者的增長了 16%，其中數字增長超過 30%。

Our work segment increased 8% driven by balanced growth across nearly all brands.

在幾乎所有品牌的平衡增長的推動下，我們的工作部門增長了 8%。

And finally, jeans increased 3% as Wrangler delivered another solid quarter of growth.

最後，由於牧馬人實現了又一個穩健的增長季度，牛仔褲增長了 3%。

As a result of our strong performance in the quarter and our increased confidence in the full year, we are raising our revenue and earnings growth outlook.

由於我們在本季度的強勁表現以及我們對全年的信心增強，我們上調了收入和盈利增長前景。

Scott will cover the details in a moment.

稍後 Scott 將介紹詳細信息。

A few other highlights for the quarter.

本季度的其他一些亮點。

In May, we launched our corporate purpose and guiding principles to our 70,000 associates across the globe, and the response has been overwhelming.

5 月，我們向全球 70,000 名員工發布了企業宗旨和指導原則，反響熱烈。

VF's purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet.

VF 的宗旨是推動可持續和積極生活方式的運動，以造福人類和我們的星球。

Fueled by the deep commitment of our employees, our purpose will help unlock new opportunities for our company, while also empowering us to be a collective force for good.

在我們員工的堅定承諾的推動下，我們的目標將有助於為我們的公司釋放新的機遇，同時也使我們有能力成為一股向善的集體力量。

Together, driven by a shared purpose, we will positively impact our communities and the evolution of our business.

在共同目標的推動下，我們將共同對我們的社區和我們的業務發展產生積極影響。

We believe our purpose will help attract and retain the industry's best talent as well as provide clarity to our decisions and actions.

我們相信我們的目標將有助於吸引和留住行業最優秀的人才，並使我們的決策和行動更加清晰。

Reshaping our portfolio remains our top priority.

重塑我們的投資組合仍然是我們的首要任務。

We are committed to actively managing the shape of our business to align with our purpose and financial aspirations.

我們致力於積極管理我們的業務形態，以符合我們的宗旨和財務願望。

In early June, we formally welcomed Altra into the VF family and are working to leverage the brand's capabilities to strengthen our technical footwear platform.

6 月初，我們正式歡迎 Altra 加入 VF 大家庭，並致力於利用該品牌的能力來加強我們的技術鞋類平台。

The integration processes for both Icebreaker and Williamson-Dickie remain on track, and we're excited about the long-term opportunity for these 2 high-quality growth assets.

Icebreaker 和 Williamson-Dickie 的整合過程仍在進行中，我們對這兩項高質量增長資產的長期機會感到興奮。

So one quarter into our fiscal 2019 plan, I remain highly confident in our purpose-led, performance-driven strategy and our ability to execute and deliver on top-quartile growth and value creation for our shareholders.

因此，在我們 2019 財年計劃的四分之一之後，我仍然對我們以目標為導向、以績效為導向的戰略以及我們執行和實現最高四分之一增長和為股東創造價值的能力充滿信心。

And with that, I'll pass it to Scott.

有了這個，我會把它傳遞給斯科特。

Thanks, Steve.

謝謝，史蒂夫。

Before reviewing the highlights of our first quarter, I'd like to quickly cover the change to our segment reporting.

在回顧我們第一季度的亮點之前，我想快速介紹一下我們分部報告的變化。

In light of recent portfolio actions and organizational realignments, we've changed our reporting segments.

鑑於最近的投資組合行動和組織調整，我們改變了我們的報告部門。

We believe these new segments provide greater transparency into the growth and profitability of our portfolio.

我們相信這些新的細分市場為我們投資組合的增長和盈利能力提供了更大的透明度。

Our new segments are: Outdoor, Active, Work and Jeans.

我們的新細分市場是：戶外、運動、工作和牛仔褲。

We've outlined the brands included in each of our segments in the press release and the accompanying earnings presentation posted at our website.

我們在新聞稿中概述了我們每個細分市場中包含的品牌，並在我們的網站上發布了隨附的收益報告。

We've also included restated historical information in our press release.

我們還在新聞稿中包含了重述的歷史信息。

And my apologies once again to all of our modelers out there who are just recovering from our fiscal year-end change and portfolio actions.

我再次向剛剛從我們的財政年末變更和投資組合行動中恢復過來的所有建模人員致歉。

So moving now to first quarter results.

所以現在轉到第一季度的結果。

Revenue was stronger than expected, driven by continued broad-based acceleration in our core brands and platforms.

在我們的核心品牌和平台持續廣泛加速的推動下，收入強於預期。

On an organic basis, revenue increased 12% with balanced growth across brands, geographic regions and channels.

在有機的基礎上，收入增長了 12%，各品牌、地理區域和渠道的增長均衡。

On a combined basis, our big 3 brands increased 21% led by 35% growth in Vans and 8% growth in The North Face.

綜合來看，我們的三大品牌增長了 21%，其中 Vans 增長了 35%，The North Face 增長了 8%。

The global momentum in our Vans business remained strong, and growth is well diversified with double-digit growth in all regions, channels and product families.

我們 Vans 業務的全球發展勢頭依然強勁，增長十分多元化，所有地區、渠道和產品系列均實現兩位數增長。

Likewise, momentum in The North Face is building as the brand executes on its strategy.

同樣，隨著品牌執行其戰略，The North Face 的勢頭也在增強。

And the quality of the brand's growth is improving as evidenced by more than 20% growth in first quality wholesale in the Americas.

品牌增長的質量正在提高，美洲一級質量批發的增長超過 20% 就是證明。

While still early, we are confident that our efforts to elevate and reposition The North Face are beginning to pay off.

雖然還早，但我們相信我們提升和重新定位 The North Face 的努力正在開始取得回報。

So rounding out the big 3, Timberland delivered modest growth led by strength in Timberland PRO and Europe.

因此，除了三巨頭之外，Timberland 在 Timberland PRO 和歐洲的實力帶動下實現了適度增長。

In the Americas, the quality of our business is improving, and we're beginning to see better results in our core Classics.

在美洲，我們的業務質量正在提高，我們開始在我們的核心 Classics 中看到更好的結果。

On a regional basis, excluding the impact of acquisitions, growth was balanced, up double digits, both in the U.S. and internationally.

在區域基礎上，排除收購的影響，增長是平衡的，在美國和國際上都以兩位數增長。

Europe remains robust, delivering 18% growth; while Asia Pacific increased 14%, including more than (inaudible) growth in China.

歐洲依然強勁，實現了 18% 的增長；而亞太地區增長了 14%，其中包括超過（聽不清）中國的增長。

Our organic D2C business increased 16%, with 15% comps and more than 30% growth from digital.

我們的有機 D2C 業務增長了 16%，收入增長了 15%，數字增長超過 30%。

And lastly, wholesale increased 10% organically led by more than 20% growth from our digital wholesale partners.

最後，在我們的數字批發合作夥伴超過 20% 的增長帶動下，批發有機增長了 10%。

Gross margin was 50.5%, up 90 basis points over last year.

毛利率為 50.5%，比去年上升 90 個基點。

Organic gross margin increased 170 basis points driven by higher margins in our core growth engines and our continued focus on fundamentals and quality growth.

在我們核心增長引擎的更高利潤率以及我們對基本面和質量增長的持續關注的推動下，有機毛利率增長了 170 個基點。

As a percentage of revenue, SG&A was 41.5%, down 110 basis points versus prior year.

作為收入的百分比，SG&A 為 41.5%，比上年下降 110 個基點。

On an organic basis, SG&A as a percentage of revenue declined 40 basis points.

在有機基礎上，SG&A 佔收入的百分比下降了 40 個基點。

Investments in our strategic priorities increased at a double-digit rate.

對我們戰略重點的投資以兩位數的速度增長。

However, this was more than offset by strong leverage, given the strength of the top line.

然而，考慮到頂線的實力，這被強大的槓桿作用所抵消。

And for the full year, this algorithm continues.

在全年中，該算法仍在繼續。

Strong investment in our strategic priorities, offset by leverage elsewhere, resulting in an overall decline in our SG&A percentage.

對我們戰略重點的大力投資，被其他地方的槓桿作用所抵消，導致我們的 SG&A 百分比總體下降。

So pulling it all together, earnings per share was $0.43, including a $0.04 contribution from acquisition.

因此，綜合來看，每股收益為 0.43 美元，其中包括 0.04 美元的收購貢獻。

That's up 62% versus last year.

與去年相比增長了 62%。

Given the strength of our first quarter and increased confidence in the trajectory of our business, we are raising our full year outlook.

鑑於我們第一季度的實力以及對我們業務軌蹟的信心增強，我們正在上調全年展望。

Our fiscal 2019 outlook now includes the following: revenue is expected to be in the range of about $13.6 billion to $13.7 billion, reflecting growth of 10% to 11%.

我們的 2019 財年展望現在包括以下內容：收入預計在 136 億美元至 137 億美元之間，增長 10% 至 11%。

This includes organic growth of more than 5%.

這包括超過 5% 的有機增長。

Our updated revenue outlook also includes more than $150 million negative impact from unfavorable FX relative to the prior outlook.

我們更新後的收入展望還包括與之前的展望相比不利的外匯帶來的超過 1.5 億美元的負面影響。

For the full year, we don't expect FX to have a material impact on our growth rate.

對於全年，我們預計外匯不會對我們的增長率產生實質性影響。

By segment, Outdoor is expected to increase 6% to 8% or at a low single-digit rate on an organic basis with mid-single-digit growth expected in the second half.

按細分市場劃分，戶外活動預計將有機增長 6% 至 8% 或低個位數增長率，預計下半年將實現中等個位數增長。

Revenue for Active is expected to increase 13% to 14%.

Active 的收入預計將增長 13% 至 14%。

Work revenue is expected to increase more than 35% or at a mid-single-digit rate on an organic basis.

預計工作收入將有機增長超過 35% 或以中等個位數的速度增長。

And revenue for Jeans is expected to be about flat compared to last year.

與去年相比，牛仔褲的收入預計將持平。

Global -- Vans revenue is now expected to increase at least 15% with more than 25% growth in the first half.

全球——Vans 收入現在預計至少增長 15%，上半年增長超過 25%。

There's no change to our outlook for The North Face or Timberland.

我們對 The North Face 或 Timberland 的展望沒有變化。

International revenue is now expected to increase between 12% and 13% due to the negative FX impact just mentioned.

由於剛才提到的負面外匯影響，國際收入現在預計將增長 12% 至 13%。

Excluding FX, there is no change to our outlook for the international business.

不包括外匯，我們對國際業務的展望沒有變化。

European revenue is expected to increase 12% to 13%; Asia Pacific revenue is expected to increase 14% to 15%; and revenue in the non-U.

歐洲收入預計增長12%至13%；亞太地區收入預計增長14%至15%；和非美國的收入。

S. Americas region is expected to increase 9% to 10%.

南美洲地區預計增長9%至10%。

Direct-to-consumer revenue is now expected to increase 11% to 13% with more than 30% growth in digital.

直接面向消費者的收入現在預計將增長 11% 至 13%，其中數字業務增長超過 30%。

Gross margin is still expected to approximate 51%, and operating margin is now expected to increase 70 basis points to about 13.4% due to improved SG&A leverage.

由於 SG&A 槓桿率的提高，預計毛利率仍將接近 51%，營業利潤率目前預計將增加 70 個基點至 13.4% 左右。

Adjusted earnings per share is now expected to be in the range of $3.52 to $3.57, reflecting growth of 12% to 14%.

調整後的每股收益現在預計在 3.52 美元至 3.57 美元之間，反映出 12% 至 14% 的增長。

Our updated outlook includes a $0.06 negative impact from unfavorable FX rates relative to the prior outlook.

我們更新後的展望包括 0.06 美元的不利匯率相對於先前展望的負面影響。

For the full year, we don't expect FX to have a material impact on our earnings growth rate.

對於全年，我們預計外匯不會對我們的盈利增長率產生重大影響。

And finally, cash flow from operations is now expected to exceed $1.7 billion with CapEx of $275 million.

最後，運營現金流現在預計將超過 17 億美元，資本支出為 2.75 億美元。

So to conclude, we are pleased with the strong start to the year.

總而言之，我們對今年的強勁開局感到滿意。

Our confidence is high.

我們的信心很高。

We're executing well against our strategic growth plan, and momentum continues to build across our core growth engines and platforms.

我們的戰略增長計劃執行得很好，並且在我們的核心增長引擎和平台上繼續建立勢頭。

We are focused on transforming VF into a purpose-led, performance-driven organization.

我們專注於將 VF 轉變為以目標為導向、以績效為導向的組織。

We remain deeply committed to reshaping the portfolio and delivering superior returns to shareholders.

我們仍然堅定地致力於重塑投資組合併為股東提供卓越的回報。

And with that, I'll turn it back to the operator and open the call for your questions.

有了這個，我會把它轉回給接線員並打開你的問題的電話。

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

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

On the expense front, can you speak to drivers of SG&A leverage in the quarter?

在費用方面，您能否談談本季度 SG&A 槓桿的驅動因素？

Maybe your confidence in the back half?

也許你對後半部分有信心？

And then, Scott, any color on the front-end loaded investments that you've made and how best to think about the expense line, maybe now multiyear?

然後，Scott，關於你所做的前端負載投資的任何顏色，以及如何最好地考慮費用線，也許現在是多年？

I think that'd be really helpful.

我認為那真的很有幫助。

Sure, Matthew.

當然，馬修。

I guess, the bottom line here is it's really no change from what we've been saying.

我想，這裡的底線是我們一直在說的真的沒有改變。

Steve mentioned in his comments, we did a little better on the top line than expected in the quarter.

史蒂夫在他的評論中提到，我們在本季度的收入比預期的要好一些。

And given that this is our smallest quarter of the year, a little bit of movement on the top has probably a disproportionate percentage impact on the ratios in the quarter.

鑑於這是我們今年最小的季度，頂部的一點點變動可能會對本季度的比率產生不成比例的百分比影響。

But really, our algorithm and how you should model it, I think, going forward is the same.

但實際上，我們的算法以及你應該如何建模，我認為，未來是一樣的。

We talked about double-digit investment in our strategic priorities but with that leverage for the full year, and actually, that leverage ticked up a couple of bps, I guess, 20 bps in our implied guidance for the year.

我們談到了對我們的戰略優先事項進行兩位數的投資，但考慮到全年的槓桿率，實際上，該槓桿率在我們今年的隱含指導中上升了幾個基點，我猜是 20 個基點。

So it's really, really no change.

所以這真的，真的沒有改變。

You shouldn't look at this quarter and say something's fundamentally different.

你不應該看看這個季度並說出一些根本不同的東西。

We're really maybe just slightly better than what we thought, but the big picture remains the same.

我們真的可能只是比我們想像的稍微好一點，但大局是一樣的。

Great.

偉大的。

And then just to follow up on the gross margin, any change in the outlook for 40 to 50 basis points annual mix benefit?

然後只是跟進毛利率，40 到 50 個基點的年度混合收益前景有何變化？

And I guess, with the model approaching the 5-year plan, the 51.5%, just any structural feeling on gross margin as we think multiyear?

而且我猜，隨著模型接近 5 年計劃，即 51.5%，我們認為多年的毛利率是否有任何結構性感覺？

Yes.

是的。

So obviously, 2 years in, we -- it's better to be ahead than behind.

很明顯，兩年後，我們 - 領先總比落後好。

I just made that comment.

我剛剛發表了評論。

And yes, we have confidence in the gross margin that we laid out.

是的，我們對我們制定的毛利率有信心。

But we haven't changed that algorithm.

但是我們沒有改變那個算法。

This year, the way you should think about that, it's about 50 basis points in mix.

今年，你應該考慮的方式是混合大約 50 個基點。

And when you take in the impact of acquisitions, that's about a 20 bps negative, so that gets you to the 30 bps that takes you to the 51% that we referenced in the guidance.

當你考慮收購的影響時，這大約是 20 個基點的負面影響，這樣你就可以達到 30 個基點，從而達到我們在指南中提到的 51%。

So that's kind of right in line with what we've said.

所以這與我們所說的一致。

And, yes, listen, I think if we do a little better on gross margin, that is a key focus for our business.

而且，是的，聽著，我認為如果我們在毛利率方面做得更好一點，那將是我們業務的重點。

We talk about it -- it's kind of almost a joke internally because it comes up in every discussion that we have, and that's our checkbook for investment.

我們談論它——這在內部幾乎是一個笑話，因為它出現在我們的每一次討論中，這就是我們的投資支票簿。

And as we see that -- those margins, if they do get a little bit better, does that give us a chance to move even a little faster against our strategic priorities?

正如我們所看到的那樣 - 這些利潤率，如果它們確實變得更好一點，這是否讓我們有機會更快地針對我們的戰略重點採取行動？

It might.

它可能。

But it doesn't change our commitment to our earnings growth pattern.

但這不會改變我們對盈利增長模式的承諾。

That 16% long-term operating margin is dead in our sights.

16% 的長期營業利潤率在我們看來已經死了。

And could it evolve a little differently?

它會不會有一點不同？

It might.

它可能。

But I think the takeaway here is we're feeling good about our gross margins.

但我認為這裡的要點是我們對毛利率感覺良好。

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 與 Piper Jaffray 的對話。

I guess, Steve, for you, just bigger picture, in your prepared remarks, you talked about the consumer being resilient.

我想，史蒂夫，對你來說，更大的圖景，在你準備好的發言中，你談到了消費者的彈性。

Can you just expound upon this comment and how you're feeling about the health of the consumer as we get into the back half and into 2019, maybe just starting here with North America?

您能否闡述一下這一評論，以及您對我們進入下半年和 2019 年消費者健康狀況的看法，也許只是從北美開始？

Sure.

當然。

I think we all see that the U.S. consumer continues to be open to and motivated to interact with powerful brands, brands that they connect with, brands that provide products and experiences that are relevant to who they are.

我想我們都看到，美國消費者繼續對強大的品牌、與他們有聯繫的品牌、提供與其身份相關的產品和體驗的品牌進行互動，並願意與之互動。

I don't think we're sitting here saying that this is easy, in that everywhere we look that there's resilient consumers.

我不認為我們坐在這裡說這很容易，因為我們看到到處都有有彈性的消費者。

But we -- what we are seeing is where we have a clarity of focus on what our brands stand for, that we're bringing the best product.

但我們——我們所看到的是，我們清楚地關注我們的品牌所代表的東西，我們正在帶來最好的產品。

And more importantly, the big learnings over the last couple of years is really elevating the brand experience and connecting more emotionally with our consumers.

更重要的是，過去幾年的重要經驗確實提升了品牌體驗，並在情感上與我們的消費者建立了聯繫。

We're able to stay at the forefront of the decisions that they have and where they choose to spend their time and money.

我們能夠在他們做出的決定以及他們選擇將時間和金錢花在哪裡時保持領先地位。

We see the same to be true in Europe, and we see the same being very true in Asia.

我們在歐洲看到了同樣的情況，在亞洲也看到了同樣的情況。

And I think it's just -- as we really focus our attention against those key drivers in platforms within our portfolio, we'll continue to see our opportunity to connect and maintain those long-term loyal relationships.

而且我認為這只是 - 當我們真正將注意力集中在我們產品組合中平台的那些關鍵驅動因素上時，我們將繼續看到我們連接和維持這些長期忠誠關係的機會。

Okay.

好的。

And then just on The North Face, would love to just better understand the North American growth for the quarter.

然後就在 The North Face 上，希望能更好地了解本季度北美的增長情況。

I know it was flat, but it sounds like you're pretty pleased with the quality.

我知道它很平，但聽起來你對質量很滿意。

So maybe just expound upon kind of the confidence as you get into the back half, since it's a little bit more second half weighted.

因此，當你進入後半場時，也許只是闡述一下你的信心，因為它在下半場的權重更大一些。

And then in that, if you could speak about the new circular business model you referenced in your prepared remarks.

然後，如果你能談談你在準備好的發言中提到的新循環商業模式。

What does that entail for the brand?

這對品牌意味著什麼？

That's great.

那太棒了。

And I'm glad you picked up on that, Erinn.

我很高興你明白這一點，Erinn。

Yes, so The North Face for this quarter, as we mentioned, the business was flat, right where we thought it would be.

是的，正如我們所提到的，本季度的 The North Face 業務持平，正如我們預期的那樣。

But what's giving us so much confidence is the quality of our sales.

但讓我們如此有信心的是我們的銷售質量。

And first quality wholesale being up, such a good 20%, is just validation that the work we've been doing over the last 18 to 24 months is paying off.

首先是質量批發的增長，如此之高的 20%，只是證明我們在過去 18 到 24 個月裡所做的工作正在取得回報。

Inventories are clean.

庫存是乾淨的。

Retailers have open to buy that they're able to commit to us, commit to the new programs.

零售商已經開始購買他們能夠承諾給我們的東西，承諾新的計劃。

As the brand continues to evolve and improve the product offer across Mountain Sports, Urban Exploration, the performance piece, specifically with women's, we're just getting the opportunity to put our best products on the floor, and we're seeing really good sell-through that's giving us confidence as we move into the second half.

隨著該品牌不斷發展和改進 Mountain Sports、Urban Exploration、性能單品（尤其是女裝）的產品供應，我們才有機會展示我們最好的產品，我們看到了非常好的銷售- 這讓我們在進入下半場時充滿信心。

And from the second half, Erinn, the -- just how you think about The North Face through its Mountain Sports focus on consumer and the Urban Exploration focus to the consumer, in each case, we're -- the work that we're doing on the top end of those product offers in Mountain Sports, the Summit Series and (inaudible) collections continue to evolve, continue to get stronger.

從下半年開始，Erinn，你是如何看待 The North Face 的，通過其以消費者為中心的 Mountain Sports 和以消費者為中心的 Urban Exploration，在每種情況下，我們都是 - 我們正在做的工作在 Mountain Sports 的高端產品中，Summit 系列和（聽不清）系列繼續發展，繼續變得更強大。

And we're getting really good placement in all of the right dealers, including how we represent within our own stores and online.

我們在所有合適的經銷商中都獲得了很好的位置，包括我們如何在我們自己的商店和網上展示。

It's giving us really good confidence.

這給了我們非常好的信心。

The evolution of Urban Exploration, bringing in some of those European products that we've seen work so well under Arne's leadership here, we're seeing those resonate here in the U.S., continued strong placement and sell-through in Europe as well as Asia.

Urban Exploration 的發展，引入了一些我們已經看到在 Arne 的領導下運作良好的歐洲產品，我們看到這些產品在美國引起共鳴，在歐洲和亞洲繼續保持強勁的佈局和銷售.

To your question on the Renewed program, we are -- we're all see, consumers are changing, the way that they're buying footwear and apparel.

對於你關於 Renewed 計劃的問題，我們 - 我們都看到，消費者正在改變他們購買鞋類和服裝的方式。

And they -- we think that they're valuing quality over quantity, and they're looking for access, potentially over ownership.

他們 - 我們認為他們重視質量而不是數量，他們正在尋找訪問權限，可能超過所有權。

So with our desire to connect with our consumers and really stay at the forefront and focused on agile experimentation, we are piloting a number of different circular business model tests.

因此，出於與消費者建立聯繫並真正走在前沿並專注於敏捷實驗的願望，我們正在試行許多不同的循環商業模式測試。

In the case of Renewed, that is about refurbishing clothing that has either been worn, damaged or returned to us.

在 Renewed 的情況下，這是關於翻新已經穿過、損壞或退回給我們的衣服。

We inspect it.

我們檢查它。

We wash it.

我們洗它。

And we tune it up, get it back to the quality that it -- was initially there when we sold it the first time around.

我們對其進行調整，使其恢復到我們第一次出售時的質量。

So you have the same quality.

所以你有同樣的品質。

But the big difference is much less impact on the earth.

但最大的不同是對地球的影響要小得多。

We're piloting these programs.

我們正在試行這些計劃。

They do not have significant impact on our results.

它們對我們的結果沒有重大影響。

But what they are doing for us is giving us an understanding of is our consumer interested in our brands working in this way, is this a new growth vector that we should be exploring for the future.

但他們為我們做的是讓我們了解我們的消費者是否對我們以這種方式運作的品牌感興趣，這是我們應該為未來探索的新增長載體。

And I think the teams that are working across the brands with our corporate leadership to really explore these new business models, we think there's something very interesting here and very much in line in our journey to transform.

我認為跨品牌的團隊與我們的企業領導層合作，真正探索這些新的商業模式，我們認為這裡有一些非常有趣的東西，並且非常符合我們的轉型之旅。

I'd just like to add on -- yes, Erinn, sorry to add on, just put some numbers around your -- the first part of your question on The North Face, confidence.

我只想補充一點——是的，Erinn，很抱歉補充一點，只是在你的周圍加上一些數字——你關於 The North Face 的問題的第一部分，信心。

First of all, the demand is really showing through.

首先，需求真正顯現出來。

If you look at D2C at plus 12% and digital, I think, plus 30% in the quarter, you can see that the interest and the strength of the brand is there.

如果你看看 D2C 加上 12% 和數字，我認為，在本季度加上 30%，你可以看到品牌的興趣和實力就在那裡。

Also, while -- when our price is down and the quality is up, like Steve said, plus 20% first quality, when we look at the full year, wholesale is growing for this brand.

此外，當我們的價格下降而質量上升時，就像史蒂夫說的那樣，加上 20% 的第一質量，當我們看全年時，這個品牌的批發量正在增長。

We have visibility to the order book, and so all those things together give us confidence in the full year outlook, just to put some numbers behind that.

我們對訂單簿有可見性，因此所有這些因素加在一起讓我們對全年前景充滿信心，只是為了支持一些數字。

Our next question comes from the line of Omar Saad with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Omar Saad。

It's interesting to see you guys kind of raising the full year guidance after the first quarter.

看到你們在第一季度後提高全年指導意見很有趣。

And I'd love to kind of hear you talk about parsing out what your -- the strength you're seeing in your businesses, macro versus fundamental.

我很想听聽你談論分析你在你的企業中看到的力量，宏觀與基本面。

Obviously, there's been a broad-based reacceleration for you guys, Vans is a key example of that.

顯然，你們已經有了廣泛的再加速，Vans 就是一個重要的例子。

But you're also using digital technologies and consumer engagement really effectively.

但你也真正有效地使用了數字技術和消費者參與。

And maybe you could help us think about or understand how you think about what's driving your business in terms of broad macro consumer confidence and -- as opposed to what you're doing in your brands, using digital and creating stronger connections with consumers and greater excitement around a product, et cetera.

也許你可以幫助我們思考或了解你如何看待在廣泛的宏觀消費者信心方面推動你的業務的因素 - 與你在你的品牌中所做的相反，使用數字技術並與消費者建立更牢固的聯繫和更大的對產品的興奮等等。

And is there a way for you to kind of discern between the 2?

有沒有辦法讓您區分這兩者？

Yes.

是的。

So I'll take a first shot at this, Omar, Scott here.

所以我會首先嘗試這個，Omar，Scott 在這裡。

I would say this is really much more about our brands and less about macro.

我會說這更多的是關於我們的品牌，而不是宏觀。

I mean, the macro, from what we have seen, macro conditions have not really changed that much over the last 18 months as it relates to our consumer.

我的意思是，宏觀，從我們所看到的情況來看，過去 18 個月宏觀條件並沒有真正改變太多，因為它與我們的消費者有關。

Now obviously, there's many things going on at the macro level that are -- that we're keeping an eye on.

很明顯，在宏觀層面上發生了很多事情——我們一直在關注這些事情。

But as it relates to our consumers, we really haven't seen that much of a change.

但就我們的消費者而言，我們確實沒有看到太大的變化。

Now at some of the -- we're keeping an eye on some of the other -- some of the things happening geopolitically but so far it hasn't leaked into our business and so far we haven't really seen either an upside or a downside.

現在，在一些——我們正在關注其他一些——地緣政治上發生的一些事情，但到目前為止，它還沒有滲透到我們的業務中，到目前為止，我們還沒有真正看到好的一面或一個缺點。

What I think you're -- you are seeing is a multiyear payoff of some of the focus on fundamentals and going back to basics in the sense of our -- in our big franchises.

我認為你——你所看到的是在我們的大型特許經營中，一些對基本面的關注和回歸基本面的多年回報。

And what's happening at Vans has been a long-standing pattern, TNF we have been talking about for a couple of years, and we're seeing the payoff.

Vans 正在發生的事情一直是一個長期存在的模式，我們已經討論了幾年的 TNF，並且我們正在看到回報。

I think it's just that focus on fundamentals that stands out more than anything that's happened on a broader basis.

我認為正是對基本面的關注比在更廣泛的基礎上發生的任何事情都更加突出。

Yes.

是的。

And Omar, let me -- I'd add to that.

奧馬爾，讓我——我要補充一點。

I think last year, when we spoke to everybody in Boston, we talked about the work we'd done on what we like to call the forces of change and really, diving into the changing consumer mindset and how should we be thinking as a portfolio of brands.

我想去年，當我們在波士頓與每個人交談時，我們談到了我們在我們喜歡稱之為變革的力量方面所做的工作，實際上，深入探討了不斷變化的消費者心態以及我們應該如何思考作為一個投資組合品牌。

And it's really putting the consumer even further forward in our thinking and in every aspect of our company.

這確實讓消費者在我們的思維和我們公司的各個方面都更進一步。

And the integrated strategy that we rolled out in March that we continue to talk about, guiding our decisions, we've narrowed our focus on those things that we see being most important to putting our brands at the forefront of the consumer's mind.

以及我們在 3 月份推出的我們繼續討論的綜合戰略，指導我們的決策，我們已經縮小了對那些我們認為最重要的事情的關注，以將我們的品牌置於消費者心目中的最前沿。

And as we've continued to reshape our portfolio, we're focusing our portfolio on those brands that we can drive and are most connected to the consumer for us on this long-term journey.

隨著我們繼續重塑我們的產品組合，我們將我們的產品組合集中在那些我們可以推動的品牌上，並且在這個長期旅程中與我們的消費者聯繫最緊密。

So it is -- I think it's intense focus on a very focused set of choices, building stronger capabilities within our brands and even more deeply connecting our corporate functions to service and help enable the growth of our brands, you're starting to see the momentum build based on that focus.

所以它是——我認為它非常關註一組非常集中的選擇，在我們的品牌中建立更強大的能力，甚至更深入地將我們的公司職能與服務聯繫起來，幫助實現我們品牌的發展，你開始看到勢頭建立在這種關注的基礎上。

Yes, Omar, and just one other factor, I think, that's relevant here is the portfolio actions that we've taken, right?

是的，奧馬爾，我認為還有一個因素與此相關，那就是我們採取的投資組合行動，對吧？

In terms of bringing in and focusing on new growth vectors such as work, such as our Icebreaker, Altra platforms, moving away from some of the more disruptive parts of the market where we saw a little bit [tougher sledding].

在引進和關注新的增長載體方面，例如我們的 Icebreaker、Altra 平台等工作，遠離市場中一些更具破壞性的部分，我們在這些部分看到了一些 [更艱難的雪橇]。

And you're starting to see that mix, an improved mix, also shining through, I think, as you look at our performance.

你開始看到這種組合，一種改進的組合，我認為，當你看到我們的表現時，它也會閃耀。

Got it.

知道了。

So to that end, guys, maybe you could also, as a follow-up, talk a little bit about what you're seeing -- what you're developing, technologies and capabilities you're developing that are scalable across the portfolio?

因此，為此，伙計們，也許你也可以作為後續行動，談談你所看到的——你正在開發什麼，你正在開發的技術和功能可以在整個產品組合中擴展？

Historically, I think the company was very focused on keeping the brands separate and having kind of unique functionalities, especially in the consumer-facing side of the business.

從歷史上看，我認為該公司非常注重保持品牌獨立並具有某種獨特的功能，尤其是在面向消費者的業務方面。

As the business evolves, are you seeing more scalable opportunities in consumer-facing areas that you can leverage across multiple brands in the portfolio?

隨著業務的發展，您是否在面向消費者的領域看到了更多可擴展的機會，您可以利用這些機會跨產品組合中的多個品牌？

Is that the right way to think about it?

這是正確的思考方式嗎？

Yes.

是的。

Omar, I think that is the right way to think about it.

奧馬爾，我認為這是正確的思考方式。

And I think VF has always been focused on looking for those leverageable capabilities that we could bring to our brands.

而且我認為 VF 一直專注於尋找我們可以為我們的品牌帶來的可利用的能力。

But through this integrated strategy focus, a couple examples, certainly, would be our digital platform and the advancements that we're making there on how to use that technology more productively, how to begin to use the consumer data files that we have to more thoughtfully connect with consumers to drive that one-to-one relationship.

但是，通過這種綜合戰略重點，可以舉幾個例子，當然，我們的數字平台以及我們在如何更有效地使用該技術、如何開始使用我們必須更多地使用消費者數據文件方面取得的進步深思熟慮地與消費者建立聯繫，以推動這種一對一的關係。

It's so important, and you see that really coming to life in the Vans results.

它是如此重要，您會在 Vans 的結果中看到真正的生命。

Part of our strategy we don't talk a lot about is the vertical work that we're doing in really tearing down our go-to-market processes and product creation.

在我們的戰略中，我們沒有過多談論的部分是我們正在做的垂直工作，以真正拆除我們的上市流程和產品創造。

And with the expectation of improving speed, improving quality through lesser SKUs and more focused merchandising, that work is going on within The North Face and Timberland, and you're starting to see the results come to life there.

The North Face 和 Timberland 正致力於通過減少 SKU 和更集中的推銷來提高速度、提高質量，並且您會開始看到成果在其中實現。

I think the capabilities that we're bringing into our portfolio, the Icebreaker acquisition was very intentional.

我認為我們為我們的投資組合帶來的能力，Icebreaker 的收購是非常有意的。

That was a purpose-led acquisition to bring in natural fiber expertise that we can scale beyond just Icebreaker and SmartWool, across multiple brands in our portfolio with an even stronger connection with our consumers.

這是一項以目的為導向的收購，旨在引入天然纖維專業知識，我們可以將其擴展到 Icebreaker 和 SmartWool 之外，擴展到我們產品組合中的多個品牌，從而與我們的消費者建立更牢固的聯繫。

And then the last one is our increased attention on insights and analytics, taking what has been a strong consumer insights capability and now marrying that to an analytics capability for better decision-making, not just on the consumer-facing side but on merchandising and supply chain decision-making to just improve the quality and efficiency of the work we do.

最後一個是我們越來越關注洞察力和分析，利用強大的消費者洞察力，現在將其與分析能力結合起來，以做出更好的決策，不僅在面向消費者的方面，而且在銷售和供應方面連鎖決策只是為了提高我們所做工作的質量和效率。

And I think you know, Omar, the economics around that are these -- these are the big, we call them, enterprise-wide initiatives that were outlined in our strategy.

我想你知道，奧馬爾，圍繞這些的經濟學 - 這些是我們戰略中概述的大型，我們稱之為企業範圍的計劃。

And those are leverageable across the entire portfolio, so those are our -- we're distorting investment in those directions.

這些在整個投資組合中都是可以利用的，所以這些是我們的——我們正在扭曲這些方向的投資。

And then on the rest of the business, that's where we see leverage and where we drive leverage into the model.

然後在業務的其餘部分，這就是我們看到槓桿作用的地方，也是我們將槓桿作用引入模型的地方。

So that's the way that algorithm works.

這就是算法的工作方式。

Our next question comes from the line of Laurent Vasilescu with Macquarie Group.

我們的下一個問題來自 Macquarie Group 的 Laurent Vasilescu。

I wanted to follow up on the Vans guide of 25% for 1H '19 and then the full year guide of at least 15% growth for the year.

我想跟進 Vans 1H '19 的 25% 指南，然後是全年至少 15% 的增長指南。

That would suggest high single to low double-digit growth for 2H '19.

這將表明 19 年 2H 的高個位數到低兩位數的增長。

Is that the right way to think about it?

這是正確的思考方式嗎？

And then for last year's Investor Day, I think you guys guided for Vans longer term to grow 8% to 10%, with wholesale guided to be a low single-digit but then D2C to grow high single.

然後在去年的投資者日，我認為你們指導 Vans 長期增長 8% 到 10%，批髮指導為低個位數，但隨後 D2C 增長為高位。

How do we think about those numbers, especially on the context of the channel mix going forward?

我們如何看待這些數字，尤其是在未來渠道組合的背景下？

Yes.

是的。

On the first part of your question, Laurent, you had it, right?

關於你問題的第一部分，洛朗，你有，對吧？

I mean, kind of high single digits is where the second half is.

我的意思是，下半場是高個位數。

And again, I think as I've consistently said, hardest thing to predict in terms of the pace of this business, honestly, we really haven't seen it slow down.

再一次，我認為正如我一直所說的那樣，就這項業務的步伐而言，最難預測的是，老實說，我們真的沒有看到它放緩。

We know we're comping really big numbers.

我們知道我們正在計算非常大的數字。

A lot of this is digital and D2C, essentially half of the business go-to-market is in the D2C area.

其中很多是數字和 D2C，基本上有一半的業務進入市場是在 D2C 領域。

So we know it will moderate at some point, and that's where we're at, at this point, although, frankly, we haven't seen that occur yet.

所以我們知道它會在某個時候緩和，這就是我們目前所處的位置，儘管坦率地說，我們還沒有看到這種情況發生。

And Omar -- I mean, Laurent, I'm sorry, what I'd say, what you see going on right now is, in our opinion is Vans is seeking its natural level as a top provider of active lifestyle footwear.

奧馬爾——我的意思是，洛朗，對不起，我要說的是，你現在看到的是，在我們看來，Vans 正在尋求其作為活躍生活方式鞋類頂級供應商的自然水平。

So this growth, although exceptional, this brand has been growing in the teens since VF acquired it in 2004.

因此，這種增長雖然異常，但自 VF 於 2004 年收購該品牌以來，該品牌一直在成長。

And their focus on franchise management, bringing new products offers, we're seeing really good results with items like the UltraRange, some of the new apparel offer as the brand expands and offers more choices to the consumers that have been with the brand for a very long time and the new consumers that are coming.

他們專注於特許經營管理，帶來新產品，我們看到像 UltraRange 這樣的產品取得了非常好的效果，隨著品牌的擴張，一些新的服裝產品為已經與該品牌合作了一段時間的消費者提供了更多選擇很長一段時間和即將到來的新消費者。

We're looking forward to our September meeting in Costa Mesa where you all can meet Doug and his team more personally and hear from them on what is driving this growth and what we believe to be that reset of a long-term strategy that is very well founded in a strong understanding of their consumer and a very disciplined approach to managing that brand.

我們期待 9 月在科斯塔梅薩舉行的會議，屆時大家可以更深入地了解 Doug 和他的團隊，並聽取他們的意見，了解是什麼推動了這種增長，以及我們認為長期戰略的重置是非常重要的。建立在對消費者的深刻理解和管理該品牌的非常有紀律的方法之上。

Okay, very helpful.

好的，很有幫助。

And then as a follow-up, Greater China, that was a key message at the Investor Day last year.

然後作為後續行動，大中華區，這是去年投資者日的關鍵信息。

It was up 45%, and then I think 31% on an organic basis.

它增長了 45%，然後我認為有機增長了 31%。

I think you guys originally guided for Greater China to grow up -- grow high teens for the fiscal year.

我認為你們最初指導大中華區成長 - 本財年成長為青少年。

Is that still the case?

現在還是這樣嗎？

Anything changing within the Greater China market that we should consider with regards to this momentum?

關於這種勢頭，我們應該考慮大中華區市場有什麼變化嗎？

Well, I guess, what's changed is we're running a little ahead of our long-range guidance.

好吧，我想，改變的是我們比我們的長期指導提前了一點。

But at this point, we're not updating that.

但在這一點上，我們不會更新它。

We're really encouraged by the strength that we're seeing in China.

我們對在中國看到的力量感到非常鼓舞。

We know that, that's -- it's one of our declared strategic priorities, and so we're -- it's nice to see that performance.

我們知道，那是——這是我們宣布的戰略重點之一，所以我們——很高興看到這種表現。

I wouldn't isolate on one quarter though, right?

不過，我不會孤立四分之一，對吧？

So yes, it's encouraging.

所以是的，這是令人鼓舞的。

But at this point, we haven't updated that long-range outlook.

但在這一點上，我們還沒有更新長期展望。

And Laurent, just one additional point.

勞倫特，還有一點。

As we focus on becoming more retail-centric in how we think, not just for our own store and web platforms but for how we work with our wholesalers, that mentality, with our new leadership in -- and Kevin Bailey is leader of our Asia platform, you're seeing greater attention to thinking and acting like a retailer, focusing on sell-through and getting our very best products on the floor at the beginning of the season and working dynamically to make sure those products are selling through and just keep the offer fresh, balanced with just better and better marketing.

隨著我們在思考方式上變得更加以零售為中心，不僅是為了我們自己的商店和網絡平台，還有我們與批發商合作的方式，這種心態，以及我們的新領導層——凱文貝利是我們亞洲的領導者平台，你會看到更多人關注像零售商一樣思考和行動，專注於銷售並在季節開始時將我們最好的產品放在地板上，並動態工作以確保這些產品銷售通過並保持報價新鮮，與越來越好的營銷相平衡。

I think you're just seeing the proof of what is just early steps in a longer-term journey.

我認為你只是看到了長期旅程中的早期步驟的證據。

Our next question comes from the line of Michael Binetti with Crédit Suisse.

我們的下一個問題來自 Michael Binetti 與 Crédit Suisse 的對話。

And Scott, thanks for the opportunity to work on the model again.

斯科特，感謝有機會再次研究模型。

It's very helpful.

這非常有幫助。

We got pretty deep into the call before somebody jabbed me.

在有人戳我之前，我們已經深入通話了。

So just a couple of questions really quickly on the models and housekeeping, a few moving parts.

因此，關於模型和內務管理的幾個問題真的很快，一些移動部件。

It seems like D2C and digital are driving more of the revenue growth than you expected for the year.

看起來 D2C 和數字對今年收入增長的推動力超出了您的預期。

You had really strong gross margins in the first quarter, maybe above the run rate you were expecting when you gave us the initial guidance for the first half.

您在第一季度的毛利率非常強勁，可能高於您在給我們上半年的初步指導時預期的運行率。

Is there any new take from the gross margin in the year that keeps the annual at 51%?

當年的毛利率是否有任何新的變化使年率保持在 51%？

No.

不。

Other than it's early, and this is -- yes, everything you said is right, although it's relatively low retail quarter, and we got 90% of our earnings ahead of us.

除了它還早，這是——是的，你說的一切都是正確的，儘管它是相對較低的零售季度，而且我們提前獲得了 90% 的收益。

So early days, is it encouraging?

這麼早的日子，令人鼓舞嗎？

Yes.

是的。

But again, it's pretty small in the scheme of -- there's a lot of real estate ahead of us.

但同樣，它在計劃中很小——我們面前有很多房地產。

Okay.

好的。

Would you mind reorienting us with the first half guidance you gave last time, given most of these metrics were above what we were thinking for first quarter?

考慮到這些指標中的大多數都高於我們對第一季度的預期，您是否介意根據您上次給出的上半年指導重新調整我們的方向？

I think you said gross is up 20 in the first half and SG&A leveraging about -- sorry, I think it was 70, right, for the first half?

我想你說上半年總收入增長了 20，而 SG&A 的槓桿率約為 - 抱歉，我認為上半年是 70，對吧？

Yes.

是的。

Well, I guess, the bottom line is we really didn't reorient the -- or we didn't give new first half, second half guidance at this point.

好吧，我想，底線是我們真的沒有重新定位——或者我們在這一點上沒有給出新的上半場和下半場指導。

So what you have is the first quarter actuals and what we said about the year in general.

所以你所擁有的是第一季度的實際情況以及我們對這一年的總體評價。

The shape of the year is unchanged, right, with the acceleration in the back half.

今年的形狀沒有變化，對，後半段加速。

Overall, you're going to see more leverage and margin expansion.

總體而言，您將看到更多的槓桿作用和利潤率擴張。

But beyond that, we really haven't given any more detail on that, Michael.

但除此之外，我們真的沒有提供更多細節，邁克爾。

Okay, fair enough.

好吧，很公平。

And then I guess, a more fun question is, as you think about the line of sight on Vans, and I'm sure you guys spend a lot of your time answering these questions.

然後我想，一個更有趣的問題是，當你想到 Vans 上的視線時，我相信你們會花很多時間來回答這些問題。

But obviously, as we look across your coverage, it seems like we're in a bit of a fashion cycle that would very naturally include brands like Vans.

但很明顯，當我們審視你的報導時，我們似乎正處於一個時尚週期中，很自然地會包括像 Vans 這樣的品牌。

But as we do look across our coverage, I'd say there's some brands that have been through a little less durable than Vans over long -- over past cycles, and maybe we'd be worried about how they're going to comp the comp as they get into tougher compares.

但當我們審視我們的報導時，我想說有些品牌在很長一段時間內比 Vans 更耐用——在過去的周期中，也許我們會擔心他們將如何應對comp 因為他們進入更艱難的比較。

Can you help us think about how you look at managing one of your big brands that goes through a period of very strong growth like this?

你能幫我們想想你如何看待管理一個經歷瞭如此強勁增長時期的大品牌嗎？

We hear things from the channel that you guys are managing allocations into the channel pretty well.

我們從頻道聽說你們很好地管理了頻道的分配。

Is there a toolkit that you can tell us about that spoke to your confidence, you mentioned a little bit earlier about achieving its natural level here, things that you say, these are the ways we know we're playing good defense, and this isn't just overcooking in a retro logo cycle, or -- things like that, that give you confidence that, look, these are the right growth rates, these aren't retro cycle-driven growth rates that pose risk to those numbers as we get into the tough compares?

有沒有一個工具包可以告訴我們，它可以表達你的信心，你之前提到過這里達到它的自然水平，你說的話，這些是我們知道我們正在打好防守的方式，這不是只是在復古標誌週期中過度烹飪，或者 - 類似的事情，讓你相信，看，這些是正確的增長率，這些不是複古週期驅動的增長率，因為我們對這些數字構成風險進入艱難的比較？

So Michael, let me take a stab at that.

所以邁克爾，讓我試一試。

As I've mentioned earlier, Vans has been growing at a mid-teen rate since VF acquired it in 2004.

正如我之前提到的，自 VF 於 2004 年收購 Vans 以來，Vans 一直以中等水平的速度增長。

So this brand has been on a very strong solid growth trajectory.

所以這個品牌一直處於非常強勁的穩健增長軌道上。

And each year through this -- through its growth, as it gets more disciplined in how it manages its business, both financially and operationally through the -- what they've taken from our Vans -- or from our VF ownership, the strength and understanding of the consumer that the team has gained through our consumer insights and brand building focus, they just have gotten stronger and stronger, more focused on who they are and more importantly, who they are not.

每年通過這個 - 通過它的增長，因為它在如何管理其業務方面變得更加自律，無論是財務上還是運營上 - 他們從我們的 Vans 或我們的 VF 所有權中獲取的東西，實力和團隊通過我們的消費者洞察和品牌建設重點了解消費者，他們變得越來越強大，更加關注他們是誰，更重要的是，他們不是誰。

We are in an exceptional moment where we're seeing distorted growth.

我們正處於一個特殊的時刻，我們看到了扭曲的增長。

Some of that could very much be some trend, level of trend.

其中一些很可能是某種趨勢，趨勢水平。

But honestly, the way we look at it, we are resetting the rightful level of penetration that this brand has with the consumer and within the wholesale channel.

但老實說，從我們的角度來看，我們正在重置該品牌在消費者和批發渠道中的合法滲透水平。

And as you -- as we do our channel checks, you can see the brand is just taking a larger footprint, both on the footwear wall, the tables in the footwear section, but we're also now starting to place really relevant assortments of apparel.

當你 - 當我們進行渠道檢查時，你可以看到該品牌只是在鞋類牆和鞋類部分的桌子上佔據了更大的足跡，但我們現在也開始放置真正相關的分類服飾。

So that the better this brand begins to -- the better this brand understands its consumer, the more thoughtful we can be on placing the right products at the right time.

因此，這個品牌開始越好 - 這個品牌越了解其消費者，我們就越能在正確的時間放置正確的產品。

The disciplined franchise management, channel management, segmentation, just gets stronger and stronger.

紀律嚴明的特許經營管理、渠道管理、細分，越來越強大。

And it really is discipline of how that team operates.

這確實是該團隊運作方式的紀律。

You'll see that when we host you in September.

當我們在 9 月份招待您時，您就會看到這一點。

This isn't an exceptional moment of time that likely has a downward cycle in the back end.

這不是一個可能在後端出現下行週期的特殊時刻。

This is just a reset of its rightful position as one of the top footwear brands in that active lifestyle component of the consumer's choice.

這只是其在消費者選擇的積極生活方式組成部分中作為頂級鞋類品牌之一的應有地位的重置。

Our next question comes from the line of Camilo Lyon with Canaccord Genuity

我們的下一個問題來自 Camilo Lyon 與 Canaccord Genuity 的合作

If we think about the big 3 brands kind of stacked together and the progression that we're seeing in all of them, so Vans' acceleration began last year, it seems that North Face is starting to be on an accelerating path this year, is it fair to think about Timberland beginning to show its acceleration next year?

如果我們考慮一下三大品牌的疊加以及我們在所有品牌中看到的進步，那麼 Vans 的加速從去年開始，North Face 似乎今年開始走上加速的道路，是考慮 Timberland 明年開始顯示其加速發展是否公平？

And if so, what are the clues and hints that you're seeing now that would suggest that, that is, in fact, the case?

如果是這樣，您現在看到的線索和暗示是什麼表明事實就是如此？

And how do we think about that piece of the puzzle unfolding over the next 18 to 24 months?

我們如何看待未來 18 到 24 個月內展開的這塊拼圖？

Yes, Camilo, it's -- I think it's a really good way to characterize where we are in this journey.

是的，卡米洛，這是——我認為這是描述我們在這段旅程中所處位置的一種非常好的方式。

This is our diversified portfolio really showing itself and the strength behind what we have.

這是我們真正展示自己的多元化投資組合以及我們擁有的產品背後的實力。

Today, our Vans businesses is doing exceptional.

今天，我們的 Vans 業務表現出色。

Our North Face brand, we've been working on it for the last 24 months intensely on all the things that we talked about from channel cleanup, better focus around core product categories, stronger leadership in all the key areas to just bring that discipline back to one of our most powerful brands.

我們的 North Face 品牌，在過去的 24 個月裡，我們一直在努力解決我們從渠道清理、更好地關注核心產品類別、在所有關鍵領域加強領導力以恢復紀律的所有事情成為我們最強大的品牌之一。

It's accelerating.

它在加速。

Timberland is in the same journey.

Timberland 也在同樣的旅程中。

And as we line this up over time, we just see a continued improvement brand-by-brand across each of these regions.

隨著時間的推移，隨著時間的推移，我們看到每個地區的品牌都在持續改進。

I guess I would leave you with just imagine what this portfolio will look like when all of these brands are functioning at their optimum level at the same time.

我想我會讓你想像一下，當所有這些品牌同時以最佳水平運作時，這個組合會是什麼樣子。

Great.

偉大的。

Is there a way to maybe quantify how to think about the Timberland mix acceleration into next year that you'd be willing to speak to right now?

有沒有一種方法可以量化你現在願意談論的明年如何考慮 Timberland 混合加速？

Well, I think we gave you the long-term growth algorithm, which is 4 to 6, mid-single digit.

好吧，我想我們給了你長期增長算法，它是 4 到 6，中個位數。

And we talked about acceleration.

我們談到了加速。

So beyond that, Camilo, we really haven't.

所以除此之外，卡米洛，我們真的沒有。

You can expect sequential improvement as we go into next year.

隨著我們進入明年，您可以期待連續的改進。

Beyond that, we haven't really shaped it.

除此之外，我們還沒有真正塑造它。

Okay, that's fair.

好吧，這很公平。

And then just I'd be remiss if I didn't ask about the tariff discussion, your manufacturing exposure to China, your ability to divert product to other countries.

然後，如果我不問關稅討論、你在中國的製造業務、你將產品轉移到其他國家的能力，那我就是失職了。

And where does this lie in kind of the rank order of concerns in your business?

這在您的業務中的關注點排序中處於什麼位置？

And if it's not one of them, what is the chief concern that you are kind of contemplating?

如果不是其中之一，您正在考慮的主要問題是什麼？

Yes.

是的。

Scott here.

斯科特在這裡。

I'll start.

我會開始。

We would be asleep if we weren't concerned about it, right?

如果我們不關心它，我們會睡著的，對吧？

We're watching this very carefully.

我們正在非常仔細地觀察這件事。

The good news for us so far is in all of the guidance and insight that we've seen, so far, these are de minimis to us.

到目前為止，對我們來說，好消息是我們所看到的所有指導和見解，到目前為止，這些對我們來說是微不足道的。

I mean, there's some relatively extraneous categories, belts, some other accessories-type things that have had a very small impact.

我的意思是，有一些相對無關的類別、腰帶和其他一些配件類的東西影響很小。

We have a very diverse supply chain.

我們有一個非常多樣化的供應鏈。

And once we know what the rules are, sometimes the hardest part is figuring out what the rules are.

一旦我們知道規則是什麼，有時最困難的部分就是弄清楚規則是什麼。

But once it's communicated, we can adapt pretty quickly.

但是一旦傳達出來，我們就可以很快適應。

And that's the beauty of the diversification of the supply chain and frankly, the competency of our supply chain.

這就是供應鏈多元化的美妙之處，坦率地說，這就是我們供應鏈的能力。

We're really good at this stuff.

我們真的很擅長這個東西。

These guys are -- these men and women are awesome at optimizing around total landed cost, once they know the rules.

這些人 - 這些男人和女人一旦了解規則，就會非常擅長圍繞總到岸成本進行優化。

As it goes to the (inaudible), I think it's anybody's guess, right?

至於（聽不清），我認為這是任何人的猜測，對吧？

Of course, we're watching it.

當然，我們正在看。

It's an area of concern.

這是一個值得關注的領域。

It could become an issue for us in the future.

這可能會成為我們未來的一個問題。

It just depends on where the rhetoric goes -- versus -- compared to what actually gets implemented.

這僅取決於與實際實施的內容相比，花言巧語的去向。

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

我們的下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Can you talk a little bit about what you're seeing on Amazon, given some of the tests that you've put on there and how the brands you've had on there, how they are performing and what you're seeing?

你能談談你在亞馬遜上看到的東西嗎，考慮到你在那裡進行的一些測試以及你在那裡擁有的品牌，它們的表現如何以及你所看到的？

And can you give us an update on wholesale, what you're seeing both overseas and in the Americas?

你能告訴我們批發的最新情況嗎？你在海外和美洲看到了什麼？

And just any feeling on the Jeans business, how Wrangler and Lee are performing, what you're seeing in this new fashion cycle.

以及對牛仔褲業務的任何看法，Wrangler 和 Lee 的表現如何，你在這個新的時尚週期中看到了什麼。

Dana, this is Steve.

達娜，這是史蒂夫。

So on the Amazon question, yes, we're working closely with Amazon as a strategic partner for us, both here and in Europe.

所以關於亞馬遜的問題，是的，我們正在與亞馬遜密切合作，作為我們在歐洲和歐洲的戰略合作夥伴。

We've talked in the past about dedicating a key account team.

我們過去曾討論過要成立一個大客戶團隊。

In fact, we're now placing people in Seattle, just getting deeper knowledge and understanding of how the Amazon platform works and how and where does it fit into our integrated marketplace decisions, what are the right assortments, how do we work with them on managing the marketplace, so we can have the very best representation of our brands within their environment.

事實上，我們現在將人員安置在西雅圖，只是更深入地了解和了解亞馬遜平台的運作方式，以及它如何以及在何處適合我們的綜合市場決策，什麼是正確的分類，我們如何與他們合作管理市場，這樣我們就可以在他們的環境中最好地代表我們的品牌。

We're -- the test that we're -- we've been working on are working well.

我們 - 我們 - 我們一直在進行的測試運行良好。

We're pleased with the results.

我們對結果很滿意。

Our Jeans businesses, Wrangler and Lee, are some of the best-performing brand -- apparel brands within the Amazon platform and really are helping us understand a broad spectrum of how brands work within that platform.

我們的牛仔褲業務 Wrangler 和 Lee 是亞馬遜平台內表現最佳的一些服裝品牌，它們真正幫助我們廣泛了解品牌在該平台內的運作方式。

Your question on wholesale, is that more broadly just how do we see wholesale, not only here but in all the regions?

你關於批發的問題，更廣泛地說，我們如何看待批發，不僅在這裡，而且在所有地區？

Yes.

是的。

Yes.

是的。

Exactly.

確切地。

Order trends by division.

按部門排序趨勢。

Sure.

當然。

So I think what we see here in the U.S. in the domestic wholesale market is a channel that's much cleaner and more focused on putting stronger merchandise assortments in front of consumers, working, I think, more effectively with us on how to drive demand and sell-through.

所以我認為我們在美國看到的國內批發市場是一個更清潔的渠道，更專注於將更強大的商品分類呈現在消費者面前，我認為，與我們一起更有效地推動需求和銷售-通過。

I think one channel that we talk most about is the Outdoor specialty channel.

我認為我們談論最多的頻道是戶外專業頻道。

It's much cleaner than it has been.

它比以前乾淨多了。

Our inventories are much, much more in check, to the point where, really, it's our outlets that we're using to move our excesses.

我們的庫存受到更多、更多的檢查，以至於實際上，我們正在使用我們的網點來轉移過剩的庫存。

And that just gives us so much more opportunity to place new, fresh seasonal product in a more thoughtful flow to keep consumers interested.

這讓我們有更多機會以更周到的方式投放新的、新鮮的季節性產品，以保持消費者的興趣。

So I think it's really in all aspects, we see each one of the sectors, each one of the business units working better within the wholesale standpoint.

所以我認為這真的是在所有方面，我們看到每個部門，每個業務部門在批發的角度上都做得更好。

And then on Jeans, you -- I think you see an improving quarter-by-quarter results.

然後在 Jeans 上，你——我認為你看到每個季度的結果都在改善。

I think this was Wrangler's fourth quarter.

我認為這是牧馬人的第四季度。

Fourth consecutive quarter.

連續第四個季度。

Fourth consecutive quarter of showing improvement.

連續第四個季度出現改善。

Is there a Jeans cycle going on out there?

那裡有牛仔褲週期嗎？

Maybe.

或許。

I think what we see is fundamentally, our bottoms business is working very well in our Wrangler brand.

我認為我們看到的基本上是，我們的下裝業務在我們的 Wrangler 品牌中運作良好。

And as we expand into some new categories, our Outdoor category doing extremely well.

隨著我們擴展到一些新類別，我們的戶外類別表現非常出色。

And as this brand really begins to think about itself as more of a global lifestyle brand, evolving all of the appropriate new products to round out that head-to-toe offer, we're starting to see really good results.

隨著這個品牌真正開始將自己更多地視為一個全球生活方式品牌，開發所有合適的新產品以完善從頭到腳的產品，我們開始看到非常好的結果。

And just slowly but surely, the brands continue to show strength, improving strength here domestically, but more importantly, in Europe where we've seen really good growth and for our Lee business in Asia, for sure.

緩慢但肯定地是，這些品牌繼續展現實力，在國內提昇實力，但更重要的是，在歐洲，我們看到了非常好的增長，當然對於我們在亞洲的 Lee 業務也是如此。

Yes.

是的。

And just perspective on that.

只是對此的看法。

We're coming off -- if you go back a year or so, you think about destocking and some of the things that were going on more in the channel.

我們即將結束——如果你回到一年左右，你會考慮去庫存和渠道中發生的一些事情。

Good news for us is we now see stabilization of the business and even we're seeing some modest growth.

對我們來說，好消息是我們現在看到業務趨於穩定，甚至我們看到了一些適度的增長。

So that just gives us confidence that we're coming through the end of that period and really, on solid foundation as we look forward.

所以這讓我們有信心，我們正在度過那個時期的末尾，並且真的，在我們期待的堅實基礎上。

Our next question comes from the line of Jay Sole with UBS.

我們的下一個問題來自瑞銀集團的 Jay Sole。

Could you talk about just the Williamson-Dickie integration, where you are in that process?

你能談談 Williamson-Dickie 整合，你在那個過程中的位置嗎？

Have you realized the SG&A synergies?

您是否意識到 SG&A 的協同效應？

And just if you could identify maybe some of the core sales drivers, whether it's work or some of the expansion into international or lifestyle, that'd be helpful.

如果你能確定一些核心銷售驅動因素，無論是工作還是向國際或生活方式的擴張，那將是有幫助的。

Yes.

是的。

Well, I'll start at the end because you just nailed it.

好吧，我將從最後開始，因為你剛剛成功了。

International, lifestyle are some of the key areas of growth that we see and frankly, probably even underestimated it at the time of the acquisition.

國際、生活方式是我們看到的一些關鍵增長領域，坦率地說，甚至可能在收購時低估了它。

We are excited about some of the opportunities that we're seeing in Asia and internationally on the lifestyle pieces as the former management team have done a nice job at setting up that business.

我們對我們在亞洲和國際上看到的生活方式方面的一些機會感到興奮，因為前管理團隊在建立該業務方面做得很好。

And when you put it into our model and our in-country know-how, we see this as a real interesting potential opportunity going forward.

當您將其納入我們的模型和我們的國內專有技術時，我們將其視為未來真正有趣的潛在機會。

First part of your question, Jay, was around the integration.

Jay，你的問題的第一部分是關於整合的。

The short answer, it's going really well from a -- financially, we're a little -- slightly ahead of what we said at the top and bottom line.

簡短的回答是，從財務上來說，我們的表現非常好——略高於我們在頂線和底線所說的。

We -- culturally, it's been a great fit.

我們 - 在文化上，它非常適合。

We can't say enough about the quality of the WD organization.

關於 WD 組織的質量，我們怎麼說都不為過。

It's just been a really positive experience.

這是一次非常積極的經歷。

We've been really impressed by their associates, and we're feeling really good about where we're at on the Dickie's integration at this point.

他們的合作夥伴給我們留下了深刻的印象，我們對目前在 Dickie 整合方面所處的位置感到非常滿意。

It's not done, but it's going well.

這還沒有完成，但進展順利。

You mentioned SG&A synergies, and there are some SG&A synergies, but the majority, just to remind you, the majority of the synergies that we saw in this deal are on the margins side as we get the scale and purchasing power and integration into some of the manufacturing and supply chain side of our business.

你提到了 SG&A 協同效應，並且有一些 SG&A 協同效應，但大多數，只是提醒你，我們在這筆交易中看到的大部分協同效應都在利潤方面，因為我們獲得了規模和購買力以及整合到一些我們業務的製造和供應鏈方面。

That's where we saw, I think we said 2/3 to 3/4 of the benefit really comes on the margin side, gross margin.

這就是我們看到的地方，我認為我們說 2/3 到 3/4 的收益確實來自利潤率方面，即毛利率。

Got it.

知道了。

And then -- so would you say, Scott, on those gross margin benefits, are those sort of being -- are those sort of implied in the guidance for the rest of the year that you've already been able to make those changes and improvements?

然後 - 你會說，斯科特，關於那些毛利率的好處，是那些 - 那些在今年剩餘時間的指導中暗示你已經能夠做出這些改變並且改進？

Or is that something we're still working on maybe for a next year-type of situation?

還是我們仍在為明年的情況而努力？

Yes.

是的。

There's some are -- so let me put it in another way.

有一些 - 所以讓我換一種說法。

The guidance we have reflects what we see, and -- but we also said because a lot of these are in manufacturing and supply chain, they sometimes take a while to get at.

我們的指導反映了我們所看到的，而且 - 但我們也說過，因為其中很多都在製造和供應鏈中，所以有時需要一段時間才能獲得。

So we said you would see these over a couple year period, some of which you're seeing implied in the guidance right now, and then you'll see some continuing as we move forward -- in rough numbers, we said, we could double the margins of this business over a period of time, with the majority of that coming in the first 2 years.

所以我們說你會在幾年內看到這些，其中一些你現在看到的指導中暗示，然後你會看到一些在我們前進的過程中繼續 - 我們說粗略的數字，我們可以在一段時間內使這項業務的利潤翻倍，其中大部分利潤出現在頭兩年。

Our next question comes from the line of Ike Boruchow with Wells Fargo.

我們的下一個問題來自 Ike Boruchow 與 Wells Fargo 的對話。

I guess, first question, probably for Scott.

我想，第一個問題，可能是針對 Scott 的。

Going back to the Jeanswear business, can you maybe just bigger picture talk about the U.S. wholesale business and the mass business, specifically, just how you're feeling there with visibility maybe relative to the prior 6 to 12 months?

回到 Jeanswear 業務，您能否從更大的角度談談美國批發業務和大眾業務，具體來說，與之前 6 到 12 個月相比，您在那裡的知名度如何？

Yes.

是的。

I think I mentioned in a previous comment relative to one of the largest players there, that has just gone through a destocking, at least in our categories, there may be others that are affected but as it relates to us, we appear to be through the back end of that.

我想我在之前的評論中提到了那裡最大的參與者之一，它剛剛經歷了一次去庫存，至少在我們的類別中，可能還有其他人受到影響，但就我們而言，我們似乎正在經歷那個的後端。

And we -- we were really in favor of that.

而我們——我們真的很支持這一點。

We think that was a good move and good for the consumer, good for the productivity of the inventory, and we work with them and applaud them on that move.

我們認為這是一個很好的舉措，對消費者有利，對庫存的生產率有利，我們與他們合作並為他們的這一舉措鼓掌。

And we think that sets that business and that experience up positively as you look forward on a positive base.

我們認為，當您在積極的基礎上期待時，這會為該業務和體驗帶來積極的影響。

Now obviously, there's other -- there's various winners and losers that are in that space.

現在顯然，還有其他 - 在那個領域有各種贏家和輸家。

I think we are winning with the winning consumers, and if you look at our -- sorry, customers.

我認為我們正在贏得獲勝的消費者，如果你看看我們的 - 對不起，客戶。

And when you look at our forward guidance, we've not been -- we've been fairly, I think, realistic and somewhat conservative as we've looked forward, knowing that there will continue to be consolidations and store closures in some areas, and we're maximizing our relationship and our growth with those that are doing relatively better.

當你看我們的前瞻性指導時，我們並沒有——我認為，我們一直是相當現實的，而且有些保守，正如我們所期待的那樣，我們知道某些地區將繼續進行整合和關閉商店，我們正在最大限度地擴大與那些做得相對更好的人的關係和我們的成長。

We're also cautiously working with some that are not doing as well.

我們還謹慎地與一些表現不佳的公司合作。

Got it.

知道了。

And then just to switch gears to The North Face.

然後只是換檔到 The North Face。

Just kind of curious.

只是有點好奇。

It all makes total sense and it -- for the brand, the quality of sale initiatives and improving the quality of sell-through.

這一切都是有道理的——對於品牌來說，銷售計劃的質量和提高銷售質量。

I guess, my question is the U.S. wholesale in totality has been negative for a little while.

我想，我的問題是美國批發總體上有一段時間是負的。

Should that inflect at some point this year?

這應該在今年的某個時候發生變化嗎？

Should we see the U.S. wholesale channel for North Face stabilize at some point?

我們是否應該看到 North Face 的美國批發渠道在某個時候穩定下來？

And what's kind of embedded maybe in the 6% to 8% for the year from a U.S. wholesale perspective?

從美國批發的角度來看，今年可能有 6% 到 8% 的嵌入式產品是什麼？

Just trying to understand when we, from a modeling perspective, should expect that channel to get back to positive territory.

只是試圖從建模的角度了解我們何時應該期望該渠道回到積極的領域。

Yes.

是的。

You will see growth this year in wholesale.

你會看到今年批發的增長。

And again, it's really even -- what you'll see reported is it's going to be even better when you consider the quality of that growth.

再一次，它真的很均勻——你會看到報導的是，當你考慮增長的質量時，它會變得更好。

Or another way to say that, as you reduced stock price then, obviously, that puts pressure on your overall growth rate, but the underlying quality of that growth rate is better.

或者換一種說法，當你降低股價時，很明顯，這會給你的整體增長率帶來壓力，但這種增長率的潛在質量更好。

So when we grow low single digits, we have visibility to that from a wholesale standpoint, given the order book we have, and so that would be an inflection point of what you've seen over the last several quarters.

因此，當我們增長低個位數時，從批發的角度來看，考慮到我們擁有的訂單，我們可以看到這一點，因此這將是您在過去幾個季度看到的情況的轉折點。

Remember our overall algorithm, too, if you think about North America, and this would be true with North Face as well, is we're actually expecting overall, big picture, wholesale in the U.S. to be down from a brick-and-mortar standpoint.

記住我們的總體算法，同樣，如果你考慮北美，這對 North Face 也是如此，我們實際上是否期望美國的整體、大局、批發從實體店下降立場。

We are growing with the digital wholesale partners, those like Amazon and others as well as the click-through, the digital component of our retail customers.

我們正在與數字批發合作夥伴（如亞馬遜等）以及零售客戶的數字組件點擊一起成長。

So again, we're -- I think we have a realistic view of the marketplace as you look forward.

所以，我們再次 - 我認為我們對您期待的市場有一個現實的看法。

We're not ignoring the trends that we see out there.

我們並沒有忽視我們在那裡看到的趨勢。

But it's important to distinguish and remember, they're not all created equal.

但重要的是要區分並記住，它們並非生而平等。

And we see some very driving solid customers, and they're great partners to us, and we're working really well with them, and we will grow our business with them over this period of time.

我們看到一些非常強大的客戶，他們是我們的好合作夥伴，我們與他們的合作非常好，我們將在這段時間內與他們發展業務。

And Ike, I would add.

還有艾克，我想補充一下。

The focus on -- at wholesale specifically for The North Face, it's deeper focus on the key accounts that -- where we're able to really have strong in-store presentations.

專注於 - 專門針對 The North Face 的批發，它更深入地關注關鍵客戶 - 我們能夠真正擁有強大的店內展示。

We're focusing on those specialty retailers that have particularly strong positions in specific communities.

我們專注於那些在特定社區中擁有特別強大地位的專業零售商。

There continues to be ups and downs.

繼續有起有落。

And I think we've found the right partners.

我認為我們找到了合適的合作夥伴。

We know the right partners, and this is where we feel so confident about being able to place better assortments on a more frequent basis based on the lower excess inventory across those channels.

我們知道合適的合作夥伴，這就是我們非常有信心能夠基於跨這些渠道的較低過剩庫存更頻繁地放置更好的分類的地方。

The digital wholesale piece is very, very important on a global basis, partners like Zalando in Europe, Asos.

數字批發業務在全球範圍內非常非常重要，合作夥伴包括歐洲的 Zalando、Asos。

We talk a lot about Amazon as an up-and-coming integrated marketplace option for our brands, but you've got key players like Dick's Sporting Goods and Nordstrom.

我們經常談論亞馬遜作為我們品牌的一個新興的綜合市場選擇，但你有像 Dick's Sporting Goods 和 Nordstrom 這樣的主要參與者。

You've got the Moose Jaws that we focus on.

你有我們關注的 Moose Jaws。

But you also have a new strategic key account for us in Europe coming to the United States in JD Sports.

但是你在 JD Sports 也有一個新的戰略關鍵客戶，我們在歐洲來到美國。

We're excited to partner with them and find the right level of assortment to add value for our brand here in the U.S. marketplace.

我們很高興與他們合作，並找到合適的分類級別來為我們的品牌在美國市場增加價值。

So really understanding who those key accounts are, understanding what the right assortments are is really the basis of that comment around just the improved product, merchandising, decision-making and how that flows into an integrated marketplace set of decisions.

因此，真正了解那些關鍵客戶是誰，了解正確的分類是什麼，實際上是圍繞改進的產品、銷售、決策制定以及如何流入集成市場決策集的評論的基礎。

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

我們今天的最後一個問題來自 Jonathan Komp 和 Robert W. Baird 的台詞。

I want to first just kind of big picture on the guidance, if I could.

如果可以的話，我想首先在指導上做一個大局觀。

The organic revenue growth for the year looks to be in the mid-single digits.

今年的有機收入增長看起來處於中等個位數。

And I know if I look at the past few quarters, you were trending closer to the high single digits and then in the first quarter, accelerated to 10% organic growth.

而且我知道，如果我回顧過去幾個季度，您的趨勢接近高個位數，然後在第一季度加速至 10% 的有機增長。

So outside of Vans, is there any more color on what you're embedding in the guidance for the year from an organic growth perspective?

所以在 Vans 之外，從有機增長的角度來看，你在今年的指導中嵌入了什麼顏色？

Well, I think we've laid out all of our growth rates at the top brands, so you can see what our assumptions are.

好吧，我想我們已經列出了頂級品牌的所有增長率，所以你可以看到我們的假設是什麼。

Obviously, in the first half, our guidance implies relatively slower growth with acceleration in the second half.

顯然，在上半年，我們的指引暗示下半年增速相對放緩。

First quarter, Steve said it at the very beginning, we did a little bit better, albeit on a small quarter.

第一季度，史蒂夫一開始就說過，我們做得好一點，儘管是一個小季度。

So could we do a little better?

那麼我們可以做得更好嗎？

We might.

我們可能。

But at this point, one quarter in and a small quarter at that, that -- this is where we're at.

但是在這一點上，四分之一和一小四分之一，那就是我們所處的位置。

So I think what we said specifically is organic guidance, our organic top line is greater than 5%, so we said mid-single digits, you're in the ZIP Code, right?

所以我認為我們具體說的是有機指導，我們的有機頂線大於 5%，所以我們說中個位數，你在郵政編碼中，對嗎？

Probably at the top end of the mid-single digits.

可能在中間個位數的頂端。

Okay, great.

好的，太好了。

And then maybe a broader question around the segment reclassification or regrouping.

然後可能是圍繞細分市場重新分類或重組的更廣泛的問題。

I want to ask kind of big picture how much is based on backward-looking actions that you've already taken and how much might be based on kind of the forward vision for any additional portfolio reshaping, especially since when I look at the Active segment, there's 7 brands included, but Vans dominates that category, that segment today.

我想問一個大局，有多少是基於你已經採取的回顧性行動，有多少可能是基於對任何額外投資組合重塑的前瞻性願景，特別是當我查看活躍部分時，其中包括 7 個品牌，但 Vans 今天在該類別和細分市場中佔據主導地位。

And maybe there's a lack of traditional more kind of active or athletic brands within that grouping.

也許該組中缺乏傳統的更活躍或運動品牌。

So any color on kind of the motivations, forward-looking versus backward-looking, what you've done?

那麼關於動機的任何顏色，前瞻性與後視性，你做了什麼？

Yes.

是的。

I'd caution you not to get too -- not to prognosticate too much based on our segments.

我提醒你不要太過——不要根據我們的細分市場做出太多預測。

The rules are pretty clear in the guidance.

指南中的規則非常明確。

And you can even argue whether they are always logical or not, but they are what they are.

你甚至可以爭論它們是否總是合乎邏輯的，但它們就是它們。

So we -- the justification for the new segments, I think, is pretty straightforward.

所以我們 - 我認為新細分市場的理由非常簡單。

Our Outdoor Action Sports business has become so large that we felt it was good for you, the readers, to have more -- one click down, one more level of visibility rather than having that one giant segment, especially given some of the different financial characteristics of the 2 as you can see, right?

我們的戶外極限運動業務已經變得如此龐大，以至於我們覺得對您，讀者來說，擁有更多是有好處的——點擊一下，更高級別的知名度，而不是擁有一個巨大的細分市場，尤其是考慮到一些不同的財務狀況2的特點如你所見，對吧？

And really, that's the driver.

真的，那是司機。

And the guidance is companies with like characteristics are grouped together, and it's really no more or less than that.

指南是將具有相似特徵的公司組合在一起，實際上不多也不少。

Ladies and gentlemen, at this time, we've come to the end of our time allowed for questions.

女士們，先生們，此時，我們的提問時間已經結束。

I'll turn the floor back to Mr. Rendle for any closing comments.

我會將發言權轉回給 Rendle 先生聽取任何結束評論。

Great.

偉大的。

Thank you, everybody, for joining us.

謝謝大家加入我們。

We're very proud of the quarter we just put up.

我們為剛剛發布的季度感到非常自豪。

Our growth is broad-based and we're seeing acceleration across core brands and platforms.

我們的增長基礎廣泛，我們看到核心品牌和平台都在加速增長。

But I would just remind us all that this is just yet another quarter in a 5-year journey, and we're very, very happy and proud of where we are in that journey.

但我只想提醒我們所有人，這只是 5 年旅程中的又一個季度，我們非常非常高興並為我們在這段旅程中所處的位置感到自豪。

We're confident with where we're going against our long-term vision to be a purpose-led, performance-driven enterprise that delivers top-quartile value to our shareholders.

我們對我們的長期願景充滿信心，即成為一家以目標為導向、以績效為導向的企業，為我們的股東提供最高四分之一的價值。

We look forward to talking to you in the not-too-distant future.

我們期待在不久的將來與您交談。

Thanks.

謝謝。

Thank you.

謝謝。

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.

感謝您的參與。