威富公司 (VFC) 2019 Q3 法說會逐字稿

Greetings, and welcome to the VF Corporation Third Quarter 2019 Earnings Call.

您好，歡迎參加 VF Corporation 2019 年第三季度財報電話會議。

(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。

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

我現在想將會議轉交給您的主持人，VF Corporation 投資者關係和財務規劃與分析副總裁 Joe Alkire 先生。

Thank you.

謝謝你。

Please go ahead.

請繼續。

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

早上好，歡迎參加 VF Corporation 的 2019 財年第三季度財報電話會議。

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 on an adjusted constant dollar basis, which we define in the press release that was issued this morning.

除非另有說明，否則今天電話會議中提及的金額將以調整後的固定美元為基礎，我們在今天上午發布的新聞稿中對此進行了定義。

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包含的補充財務表格中找到，該表格確定並量化了所有排除項目，並提供管理層對這些信息為何對投資者有用的看法。

During the first quarter of fiscal 2019, the company completed the sale of its Nautica brand business.

在 2019 財年第一季度，該公司完成了其 Nautica 品牌業務的出售。

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

在 2018 財年第一季度，該公司完成了其許可體育集團 (LSG) 業務的出售。

In conjunction with the LSG divestiture, VF executed its plan to exit the licensing business and completed the sale of the assets of the JanSport brand collegiate business in the fourth quarter of 2017.

在剝離 LSG 的同時，VF 執行了退出許可業務的計劃，並於 2017 年第四季度完成了 JanSport 品牌大學業務資產的出售。

Accordingly, the company has included the operating results of these businesses in discontinued operations through their respective dates of sale.

因此，該公司已將這些業務的經營業績包括在其各自銷售日期的已終止業務中。

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, 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，我們將打開提問的電話。

Steve?

史蒂夫?

Thank you, Joe, and good morning, everyone.

謝謝你，喬，大家早上好。

I could not be more proud of VF's third quarter performance.

我對 VF 第三季度的表現感到無比自豪。

As I reflect back on my time as CEO, I'm reminded of the commitments we made in Boston almost 2 years ago.

當我回想起我擔任 CEO 的時光時，我想起了大約 2 年前我們在波士頓做出的承諾。

At that meeting, we stated our intention to increase the metabolic rate of the company while pursuing a specific set of strategic choices.

在那次會議上，我們表示我們打算在追求特定戰略選擇的同時提高公司的新陳代謝率。

Today, we've made significant progress against those initiatives.

今天，我們在這些舉措方面取得了重大進展。

And even in spite of the intense workload, our people delivered VF's strongest quarter in the last 2 years.

儘管工作量很大，我們的員工還是在過去 2 年中交付了 VF 最強勁的季度。

My profound thanks to the dedication and hard work of our VF associates around the globe.

我衷心感謝 VF 全球員工的奉獻和辛勤工作。

I am proud to be part of this great team.

我很自豪能成為這個偉大團隊的一員。

And I'd like to call out a few exceptional performances that we've seen over the past quarter.

我想指出我們在過去一個季度看到的一些出色表現。

The North Face made significant progress in their journey to return to their rightful leadership position as the largest, most influential global outdoor brand.

The North Face 在重返其作為最大、最具影響力的全球戶外品牌應有的領導地位的過程中取得了重大進展。

The brand's focus on purpose-led brand and product innovation is starting to gain attention and traction.

該品牌對以目標為導向的品牌和產品創新的關注開始受到關注和牽引。

My congratulations to the team.

我祝賀球隊。

This has been an intense 2-plus-year journey.

這是一個緊張的 2 年多的旅程。

And while it's not complete, we're starting to see the hard work pay off.

雖然它還沒有完成，但我們開始看到辛勤工作得到了回報。

Vans has delivered another exceptional quarter of growth, further cementing their rightful place as the #3 global sport lifestyle brand.

Vans 又實現了一個非凡的季度增長，進一步鞏固了其作為全球第三大運動生活方式品牌的應有地位。

While obviously a brand this size won't grow at these exceptional rates forever, we have great confidence in their ability to sustain double-digit growth by relying on Not Just One Thing, to drive this business to $5 billion by 2023.

雖然顯然如此規模的品牌不會永遠以如此驚人的速度增長，但我們對他們有能力通過不只是一件事保持兩位數的增長充滿信心，到 2023 年將這項業務推向 50 億美元。

Our international business remains resilient amid political uncertainty and macroeconomic pressures that we're reminded of every day.

我們每天都在提醒我們，在政治不確定性和宏觀經濟壓力下，我們的國際業務保持彈性。

Our diversified international platform continues to deliver high single-digit growth.

我們多元化的國際平台繼續實現高個位數增長。

We declared China a strategic investment priority, and it is paying off with over 20% growth in the quarter.

我們宣布中國為戰略投資重點，並在本季度實現了超過 20% 的增長。

In Europe, we've strengthened our platform and continued to broaden our brand offering, which has led us to consistent growth, tracking ahead of our long-range commitments.

在歐洲，我們加強了我們的平台並繼續擴大我們的品牌範圍，這使我們實現了持續增長，並超越了我們的長期承諾。

And finally, our investments and focus in D2C continue to pay off with yet another strong quarter of double-digit growth led by digital.

最後，我們對 D2C 的投資和關注繼續獲得回報，在數字化引領下又一個強勁的季度實現了兩位數的增長。

As we approach the VF and Kontoor brand separation, I am confident in our accelerated growth trajectory and the strategic positioning of our portfolio as we head into next year.

隨著我們接近 VF 和 Kontoor 品牌分離，我對我們的加速增長軌跡以及我們進入明年的投資組合的戰略定位充滿信心。

To address a topic that's likely on your mind, let me take a few moments on general market conditions.

為了解決您可能想到的話題，讓我花點時間了解一下一般的市場狀況。

Geopolitical and macroeconomic events continue to cause volatility in the marketplace.

地緣政治和宏觀經濟事件繼續導致市場波動。

While these events have the potential to disrupt our business and our consumers around the globe, to date, the impact to our business has been minimal.

雖然這些事件有可能擾亂我們的業務和全球消費者，但迄今為止，對我們業務的影響微乎其微。

Now we are more closely monitoring conditions in certain markets such as China and the U.K. For our businesses, the overall consumer backdrop remains quite solid.

現在，我們正在更密切地關注某些市場的狀況，例如中國和英國。對於我們的業務而言，整體消費背景仍然相當穩固。

As it relates to trade, the impact to date has been de minimis.

由於它與貿易有關，迄今為止的影響微乎其微。

We continue to monitor the situation closely and are developing contingency plans for potential outcomes.

我們將繼續密切監視局勢，並正在為可能的結果制定應急計劃。

Now let's review a few highlights from our third quarter.

現在讓我們回顧一下第三季度的一些亮點。

Revenue increased 9% on an organic basis as our growth engines continue to fuel our results.

由於我們的增長引擎繼續推動我們的業績，收入有機增長了 9%。

Excluding Kontoor Brands, the VF RemainCo portfolio increased 12%.

不包括 Kontoor Brands，VF RemainCo 投資組合增長了 12%。

Our Big 3 brands grew a combined rate of 16%, with our Vans brand delivering another exceptional quarter of 27% growth.

我們的三大品牌合計增長 16%，我們的 Vans 品牌又實現了 27% 的非凡季度增長。

Importantly, growth for the Vans brand remains well balanced across channels, geographies and product categories, and the brand continues to focus on icon management and driving a head-to-toe approach with footwear and apparel up 25% and 23%, respectively.

重要的是，Vans 品牌在渠道、地域和產品類別上的增長保持良好平衡，該品牌繼續專注於圖標管理並推動從頭到腳的方法，鞋類和服裝分別增長 25% 和 23%。

The Slip-On surpassed the Old Skool this quarter as the fastest-growing icon, as the brand relentlessly pursuits it's Not Just One Thing mentality.

Slip-On 本季度超越 Old Skool 成為增長最快的標誌，因為該品牌堅持不懈地追求它不僅僅是一件事的心態。

Momentum in The North Face brand continues to build with a 16% increase driven by double-digit growth in all channels and geographic regions.

在所有渠道和地理區域的兩位數增長的推動下，The North Face 品牌的勢頭繼續增長 16%。

The Americas business increased 15% driven by 9% growth in D2C and a 25% increase in wholesale.

在 D2C 增長 9% 和批發增長 25% 的推動下，美洲業務增長了 15%。

The actions we've taken to reposition the brand in the marketplace continue to yield results, and we are confident in the growth trajectory of this brand heading into next year.

我們為在市場上重新定位該品牌而採取的行動繼續取得成果，我們對該品牌進入明年的增長軌跡充滿信心。

Looking at product.

看著產品。

The brand saw strength from Mountain Sports, Mountain Lifestyle and Urban Exploration product territories with particular strength in outerwear, fleece and Sportswear.

該品牌從 Mountain Sports、Mountain Lifestyle 和 Urban Exploration 產品領域看到了實力，尤其是在外套、羊毛和運動服方面的實力。

Earlier this month, at the Consumer Electronics Show, The North Face unveiled FUTURELIGHT, a new breathable waterproof material set to the revolutionize the future of technical fabrics that will be available to consumers in fall 2019.

本月早些時候，在消費電子展上，The North Face 推出了 FUTURELIGHT，這是一種新型透氣防水材料，旨在徹底改變技術面料的未來，將於 2019 年秋季面向消費者推出。

FUTURELIGHT was awarded the top honor in the best emerging tech category in Digital Trends Top Tech of the CES awards.

FUTURELIGHT 在 CES 大獎的 Digital Trends Top Tech 中被授予最佳新興技術類別的最高榮譽。

Initial indications in the marketplace are promising that FUTURELIGHT will be one of the most dynamic textile innovations the Outdoor industry has seen in years.

市場上的初步跡象表明，FUTURELIGHT 將成為戶外行業多年來最具活力的紡織品創新之一。

As a result of our strong performance this quarter and our increased confidence in our growth trajectory, we are again raising our full year revenue and earnings growth outlook for fiscal 2019.

由於我們本季度的強勁表現以及我們對增長軌蹟的信心增強，我們再次提高了 2019 財年的全年收入和盈利增長前景。

Our updated outlook now includes 13% revenue growth and 20% earnings growth, or 8% revenue growth and 16% earnings growth on an organic basis.

我們更新後的展望現在包括 13% 的收入增長和 20% 的收益增長，或 8% 的收入增長和 16% 的有機收益增長。

Our updated outlook also includes $45 million of incremental growth-focused investments.

我們更新的展望還包括 4500 萬美元的增量增長型投資。

Consistent with last year, as our business outperformed our expectations, we've invested more in demand creation, our digital, data and in-store platforms, and design and innovation, all through the lens of driving our purpose-led vision.

與去年一致，由於我們的業務超出了我們的預期，我們在需求創造、我們的數字、數據和店內平台以及設計和創新方面進行了更多投資，所有這些都是通過推動我們以目標為導向的願景。

I'd like to take a moment and briefly update you on our upcoming spin-off of Kontoor Brands and the relocation of our Outdoor brands and corporate leadership teams to Denver.

我想花點時間向您簡要介紹一下我們即將分拆的 Kontoor Brands 以及我們的戶外品牌和企業領導團隊搬遷到丹佛的情況。

We are well positioned for an end of April 2019 separation.

我們已為 2019 年 4 月的分居做好準備。

Our organization, Board of Directors and external advisers continue to work diligently to ensure both VF and Kontoor are set up for a seamless transition and positioned for success.

我們的組織、董事會和外部顧問繼續努力工作，以確保 VF 和 Kontoor 都能順利過渡並為成功做好準備。

We will have more specific details regarding the separation in the coming months.

我們將在接下來的幾個月中提供有關分離的更多具體細節。

In Denver, we're in the process of creating an environment that embodies our purpose-led, performance-driven culture.

在丹佛，我們正在創造一個體現我們以目標為導向、以績效為導向的文化的環境。

The moves will commence in June and should be completed by the end of the year.

搬遷將於 6 月開始，並應在年底前完成。

While it's still early, approximately 90% of the brand and corporate leadership teams have committed to make the move so far.

雖然現在還為時尚早，但到目前為止，大約 90% 的品牌和企業領導團隊已經承諾採取行動。

We'll have line of sight to the total employee population acceptance rate by the end of the quarter.

到本季度末，我們將了解員工總數的接受率。

The upfront planning, coupled with our early acceptance results, gives us increasing confidence that this move will put us in a stronger position for the future.

前期規劃，加上我們早期的驗收結果，讓我們越來越相信這一舉措將使我們在未來處於更有利的地位。

And in summary, we remain sharply focused on executing our integrated growth strategy in transforming our business into a purpose-led, performance-driven enterprise capable of and committed to delivering superior returns to shareholders.

總而言之，我們仍然非常專注於執行我們的綜合增長戰略，將我們的業務轉變為一家能夠並致力於為股東提供卓越回報的目標導向、績效驅動的企業。

I'm even more confident in the foundation we're setting to position VF for sustainable long-term growth and value creation.

我對我們為 VF 實現可持續的長期增長和價值創造奠定的基礎更有信心。

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

有了這個，我會把它交給斯科特。

Thanks, Steve, and good morning, everyone.

謝謝，史蒂夫，大家早上好。

We are pleased to report another strong quarter with balanced growth across our largest brands and strategic platforms.

我們很高興地報告另一個強勁的季度，我們最大的品牌和戰略平台實現了平衡增長。

We continue to track ahead of the financial targets established at the beginning of the year as well as the long-range plan commitments we laid out in Boston nearly 2 years ago.

我們將繼續跟踪年初制定的財務目標以及近 2 年前我們在波士頓制定的長期計劃承諾。

We continue to invest in our strategic priorities, and we are increasingly encouraged by the returns that we're seeing.

我們繼續投資於我們的戰略重點，我們看到的回報越來越使我們感到鼓舞。

These proof points give us even more confidence that our growth trajectory is sustainable as we head into fiscal 2020.

這些證據讓我們更加相信，隨著我們進入 2020 財年，我們的增長軌跡是可持續的。

Before diving into the results for the quarter and our increased outlook for the full year, I'd like to provide a brief update on the upcoming Kontoor Brands spin-off.

在深入探討本季度的結果和我們對全年增加的展望之前，我想簡要介紹一下即將推出的 Kontoor Brands 分拆的最新情況。

We filed the initial Form 10 registration statement with the SEC in mid-December.

我們在 12 月中旬向 SEC 提交了最初的 Form 10 註冊聲明。

We remain on track for a public filing in early March.

我們仍有望在 3 月初公開提交文件。

However, the government shutdown has the potential to delay the public filing.

然而，政府關閉有可能推遲公開備案。

We will keep you posted as our time line evolves.

隨著時間線的發展，我們會及時通知您。

Both VF, or RemainCo, and Kontoor Brands will host investor roadshows in the coming months leading up to our anticipated separation date at the end of April.

VF 或 RemainCo 和 Kontoor Brands 都將在接下來的幾個月內舉辦投資者路演，直到我們預期的 4 月底分離日期。

So now let's review the results of the third quarter.

那麼現在讓我們回顧一下第三季度的業績。

Total revenue increased 10% driven by strength across our core brands, including our international and direct-to-consumer platforms.

在我們的核心品牌實力的推動下，總收入增長了 10%，包括我們的國際和直接面向消費者的平台。

Organic revenue increased 9% or 12% excluding Kontoor Brands.

不包括 Kontoor Brands，有機收入增長了 9% 或 12%。

Organic D2C revenue increased 11% with 23% growth in digital and a 12% increase in total comp sales.

有機 D2C 收入增長 11%，其中數字增長 23%，總銷售額增長 12%。

Excluding the impact of acquisitions, our store count was essentially unchanged versus a year ago.

排除收購的影響，我們的門店數量與一年前基本持平。

Our wholesale business increased 7% organically led by 35% growth in China and a high single-digit growth in the U.S. Importantly, excluding Kontoor Brands, wholesale increased at a low double-digit rate on an organic basis as we saw strong sell-through across key channels and accounts during the holiday season.

我們的批發業務有機增長 7%，其中中國增長 35%，美國實現高個位數增長。重要的是，不包括 Kontoor Brands，由於我們看到強勁的銷售，批發業務在有機基礎上以低兩位數的速度增長在假期期間跨主要渠道和帳戶。

We are well positioned as we head into fiscal 2020, and initial order book indications are strong across the portfolio.

在進入 2020 財年時，我們處於有利地位，並且整個投資組合的初始訂單指示都很強勁。

On an organic basis, growth was also balanced geographically.

在有機基礎上，增長在地域上也是平衡的。

The U.S. grew 9%, while our international business posted 8% growth led by 23% growth in China.

美國增長 9%，而我們的國際業務增長 8%，其中中國增長 23%。

Excluding the impact of acquisitions, total Asia increased 16%; Europe increased 4%; and our non-U.

剔除收購的影響，亞洲總體增長了 16%；歐洲增長 4%；和我們的非U。

S. Americas business increased 7%.

南美洲業務增長 7%。

And while the geographic mix has evolved differently, we expect high single-digit organic international growth in the second half, in line with the results of the first half.

儘管地域組合發生了不同的演變，但我們預計下半年的高個位數有機國際增長，與上半年的結果一致。

Our European growth is broad-based and strength across most brands and countries.

我們在歐洲的增長基礎廣泛，在大多數品牌和國家都有實力。

When compared to the exceptional performance in the region last year led by The North Face and Vans, growth has moderated somewhat, but it remains diversified and ahead of our long-range plan.

與去年 The North Face 和 Vans 在該地區的出色表現相比，增長有所放緩，但仍保持多元化並領先於我們的長期計劃。

We remain on track to deliver organic mid-single-digit revenue growth for Europe.

我們仍有望為歐洲實現有機的中個位數收入增長。

Excluding Kontoor Brands, our European outlook for fiscal 2019 includes high single-digit organic growth.

不包括 Kontoor Brands，我們對 2019 財年的歐洲展望包括高個位數的有機增長。

Our Big 3 brands increased at a combined rate of 16% in the third quarter.

我們的三大品牌在第三季度以 16% 的總速度增長。

Vans' strong momentum continued with 27% growth, and the business remains well diversified as balanced growth across all regions, channels and product categories continues.

Vans 的強勁勢頭繼續保持 27% 的增長，並且業務保持良好的多元化，所有地區、渠道和產品類別的平衡增長仍在繼續。

Vans' D2C business generated total comps of more than 20% led by the digital business, which accelerated to 53% growth.

Vans 的 D2C 業務在數字業務的帶動下產生了超過 20% 的總收入，增長加速至 53%。

We have, again, increased our full year outlook for Vans and now expect about 23% growth or 25% growth on a constant dollar basis for fiscal 2019.

我們再次提高了對 Vans 的全年展望，現在預計 2019 財年按固定美元計算增長約 23% 或 25%。

We are confident that the Vans brand can sustain low double-digit growth, in line with their 5-year commitment in fiscal 2020.

我們有信心 Vans 品牌能夠保持兩位數的低增長，符合他們在 2020 財年的 5 年承諾。

Our momentum in The North Face continues to build with growth of 16% led by the America's return to double-digit growth.

我們在 The North Face 的勢頭繼續增強，在美國恢復兩位數增長的帶動下增長了 16%。

The brand generated balanced growth across all regions and channels, providing further confirmation that our acceleration plan is on track.

該品牌在所有地區和渠道均實現了平衡增長，進一步證實了我們的加速計劃正在步入正軌。

The brand's D2C business increased 11% led by 20% growth in digital.

該品牌的 D2C 業務增長 11%，其中數字業務增長 20%。

Strong sell-through drove a 21% increase in our wholesale business as shipments were accelerated to meet increased consumer demand.

強勁的銷售推動我們的批發業務增長 21%，因為出貨量加快以滿足消費者需求的增長。

Sell-through across all channels was strong during the holiday season, and inventory at retail is in great shape.

假期期間所有渠道的銷售都很強勁，零售庫存狀況良好。

Given our recent performance, 2019 product pipeline and initial order book visibility, we are confident that The North Face can sustain high single-digit growth as we head into fiscal 2020.

鑑於我們最近的表現、2019 年產品線和初始訂單可見度，我們相信 The North Face 在進入 2020 財年時能夠保持高個位數增長。

The Timberland brand grew 3% driven by high single-digit growth in North America and 17% growth from digital.

Timberland 品牌在北美的高個位數增長和 17% 的數字增長推動下增長了 3%。

In North America, our diversification strategy continues to unfold with balanced growth across both Classics and non-Classics.

在北美，我們的多元化戰略繼續展開，經典和非經典的平衡增長。

Timberland PRO also remains strong with 10% growth.

Timberland PRO 也保持強勁增長 10%。

Our international business was softer than expected driven mainly by Europe due in part to unfavorable weather trends primarily impacting our Classics business.

我們的國際業務低於預期，主要受歐洲驅動，部分原因是不利的天氣趨勢主要影響了我們的經典業務。

In Asia, Timberland's China business remains strong with more than 30% growth, offset by weakness elsewhere in the region.

在亞洲，Timberland 的中國業務保持強勁增長，增長超過 30%，但被該地區其他地區的疲軟所抵消。

Looking at fiscal 2020, we expect low single-digit growth for the brand.

展望 2020 財年，我們預計該品牌將實現低個位數增長。

Finally, our Work business recorded another solid mid-single-digit organic growth quarter with balanced strength across the portfolio.

最後，我們的工作業務錄得又一個穩健的中個位數有機增長季度，整個投資組合實力均衡。

Dickies grew 6% led by nearly 20% growth in China.

Dickies 在中國增長近 20% 的帶動下增長了 6%。

We continue to make great strides in the integration, notably the further rollout of our product segmentation strategy with key accounts.

我們繼續在整合方面取得長足進步，特別是進一步推出與關鍵客戶的產品細分策略。

The Red Kap and Wrangler RIGGS brands also performed well.

Red Kap 和 Wrangler RIGGS 品牌也表現出色。

We are updating our outlook for the Work business and now expect between 5% and 6% growth for fiscal 2019, including accelerated growth in the fourth quarter, on an organic constant dollar basis.

我們正在更新我們對工作業務的展望，現在預計 2019 財年將增長 5% 至 6%，包括第四季度的加速增長，以有機不變美元為基礎。

We expect our Work portfolio to continue to generate solid mid-single-digit growth, in line with our long-range plan as we head into fiscal 2020.

我們預計我們的工作組合將繼續產生穩健的中個位數增長，符合我們進入 2020 財年的長期計劃。

Moving down the P&L.

向下移動損益表。

Gross margin expanded 60 basis points to 52.2%, as our largest fastest-growing businesses and platforms continue to drive favorable mix.

毛利率擴大 60 個基點至 52.2%，因為我們最大的增長最快的業務和平台繼續推動有利的組合。

SG&A as a percentage of revenue declined 210 basis points due to strong leverage and some phasing of expenses and investments, but more on that later.

SG&A 佔收入的百分比下降了 210 個基點，原因是槓桿作用強勁以及支出和投資的一些階段性，但稍後會更多。

Operating margin expanded 270 basis points to 16.6%.

營業利潤率擴大 270 個基點至 16.6%。

Operating income grew 28% on an organic basis, which includes the impact of a slight decline in operating profit in Kontoor Brands.

營業收入有機增長 28%，其中包括 Kontoor Brands 營業利潤略有下降的影響。

EPS increased 30% to $1.31 a share.

每股收益增長 30% 至 1.31 美元。

Of note, we repurchased $150 million of stock during the quarter using the proceeds from the sale of Reef.

值得注意的是，我們在本季度使用出售 Reef 的收益回購了 1.5 億美元的股票。

We have assumed no additional share repos for the remainder of the year.

我們假設在今年剩餘時間內沒有額外的股票回購。

Turning now to our updated outlook for 2019.

現在轉向我們對 2019 年的最新展望。

Given our strong results for the third quarter and our increased confidence in our growth outlook as we look into fiscal 2020, we expect full year revenue to now be at least $13.8 billion, representing 8% organic growth on a constant dollar basis.

鑑於我們第三季度的強勁業績以及我們在展望 2020 財年時對增長前景的信心增強，我們預計全年收入現在至少為 138 億美元，按固定美元計算，有機增長 8%。

We now expect FX to impact recorded revenue by about 130 basis points, including about a $40 million negative impact relative to the outlook we provided on our October call.

我們現在預計外匯將對記錄的收入產生約 130 個基點的影響，其中相對於我們在 10 月電話會議上提供的前景產生約 4000 萬美元的負面影響。

Excluding Kontoor Brands, our updated outlook reflects growth of about 11% on a constant dollar basis.

不包括 Kontoor Brands，我們更新後的展望反映了按固定美元計算約 11% 的增長。

Our gross margin is now expected to be at least 51%.

我們的毛利率現在預計至少為 51%。

We are expecting a full year operating margin of about 13.6%, including $45 million of incremental investment relative to the outlook we provided in October.

我們預計全年營業利潤率約為 13.6%，其中包括相對於我們 10 月份提供的前景的 4500 萬美元的增量投資。

The majority of the incremental investment will impact fourth quarter earnings.

大部分增量投資將影響第四季度的收益。

And lastly, we are again raising our full year EPS outlook to $3.73, representing 19% growth in fiscal year 2019, including about $0.09 of incremental investment and some additional pressure from FX.

最後，我們再次將全年每股收益預期上調至 3.73 美元，相當於 2019 財年 19% 的增長，其中包括約 0.09 美元的增量投資和來自外彙的一些額外壓力。

I'd like to spend a few minutes and provide some additional context relative to our revised 2019 outlook.

我想花幾分鐘時間，提供一些與我們修訂後的 2019 年展望相關的額外背景信息。

In the first half of 2019, on an organic basis, revenue and EPS increased by 8% and 19%, respectively.

2019 年上半年，收入和每股收益在有機基礎上分別增長 8% 和 19%。

Excluding Kontoor Brands, organic revenue and EPS was 11% and 25%, respectively.

不包括 Kontoor Brands，有機收入和每股收益分別為 11% 和 25%。

Our revised second half outlook includes organic revenue and EPS growth of 8% and 14% on a constant dollar basis.

我們修訂後的下半年展望包括有機收入和每股收益增長 8% 和 14%（按固定美元計算）。

Excluding Kontoor Brands, our outlook reflects 11% revenue and 20% organic earnings growth, building on the momentum from the first half.

不包括 Kontoor Brands，我們的展望反映了 11% 的收入和 20% 的有機盈利增長，這是基於上半年的勢頭。

And for you modelers out there, a little more clarity on our implied fourth quarter outlook.

對於那些建模者來說，我們隱含的第四季度前景更加清晰。

First, we'll see the largest impact of FX for the year in the fourth quarter, which will impact our growth rate by about 3.5 percentage points on the top line and 5 percentage points on the bottom line.

首先，我們將在第四季度看到全年外彙的最大影響，這將對我們的增長率產生約 3.5 個百分點的收入和 5 個百分點的利潤影響。

The divestitures of Reef and Van Moer will impact revenue and earnings comparisons by about $65 million and $0.02 of EPS.

Reef 和 Van Moer 的剝離將影響收入和收益比較約 6500 萬美元和每股收益 0.02 美元。

And the majority of the $45 million of incremental investments are in the fourth quarter.

4500 萬美元的增量投資中的大部分都在第四季度。

And finally, relative to gross margin, our implied outlook includes a slight increase for the fourth quarter.

最後，相對於毛利率，我們的隱含前景包括第四季度的小幅增長。

However, excluding Kontoor Brands, gross margin is expected to expand by at least 50 basis points.

然而，不包括 Kontoor Brands，毛利率預計將擴大至少 50 個基點。

So with a few months remaining in year 2 of our 5-year plan, we continue to execute well.

因此，在我們 5 年計劃的第 2 年還剩幾個月的時候，我們繼續執行良好。

Our momentum and increased confidence in our growth trajectory has allowed us to, again, reinvest back into our business and fuel growth while, at the same time, over-delivering on our financial commitments.

我們的勢頭和對增長軌蹟的信心增強使我們能夠再次重新投資於我們的業務並推動增長，同時超額履行我們的財務承諾。

VF, or RemainCo, is delivering high single-digit organic revenue growth and mid -- and high teens earnings growth a few years earlier than our Investor Day commits.

VF 或 RemainCo 在我們的投資者日承諾的幾年前實現了高個位數的有機收入增長和中高收入增長。

Margins are expanding, and we are investing against our strategic growth imperatives.

利潤正在擴大，我們正在根據我們的戰略增長需求進行投資。

And with more than $1.5 billion expected in free cash flow this year, our leverage metrics are essentially back in line with pre-WD acquisition levels.

今年的自由現金流預計將超過 15 億美元，我們的槓桿指標基本上與 WD 收購前的水平保持一致。

This gives us optionality to both pursue our M&A agenda and maintain superior cash returns to shareholders.

這使我們可以選擇既追求併購議程又為股東保持卓越的現金回報。

We are confident with how our portfolio is positioned today and look forward to sharing our fiscal 2020 outlook for VF RemainCo on our next call together in May.

我們對我們今天的投資組合的定位充滿信心，並期待在 5 月的下一次電話會議上分享我們對 VF RemainCo 的 2020 財年展望。

So with that, we'll open the line and take your questions.

因此，我們將打開電話並回答您的問題。

(Operator Instructions) Our first question comes from the line of Michael Binetti with Crédit Suisse.

（操作員說明）我們的第一個問題來自 Crédit Suisse 的 Michael Binetti。

I guess, just looking at third quarter, North Face, really nice to see acceleration there.

我想，看看第三節，North Face，很高興看到那裡的加速。

I was interested to see the 9% direct-to-consumer growth in contrast to the wholesale 25% growth.

我很想看到直接面向消費者的 9% 的增長與 25% 的批發增長形成鮮明對比。

And I was wondering if you could just add some context to both of those.

我想知道你是否可以為這兩者添加一些上下文。

I know with the long-range plan, you have very big D2C and obviously, digital ambitions.

我知道在長期計劃中，你有非常大的 D2C 和數字野心。

And I know the brand is well spread through a lot of the wholesale channel that you wanted to be in, in this point.

我知道這個品牌在你想進入的許多批發渠道中得到了很好的傳播，在這一點上。

In fact, I think you pulled back some over the past few years.

事實上，我認為你在過去幾年中有所回落。

How do you look at that wholesale growth rate as -- how much of that is coming from new distribution versus like door growth?

您如何看待批發增長率 - 其中有多少來自新分銷而不是類似門的增長？

Maybe just add some context to that on how you see wholesale for that business going forward, if that's maybe some of a resale as you kind of get momentum in the brand.

也許只是添加一些關於您如何看待該業務未來批發的背景，如果這可能是一些轉售，因為您在品牌中獲得了動力。

Or how should we think about that?

或者我們應該怎麼想？

Yes, Michael.

是的，邁克爾。

Scott here.

斯科特在這裡。

I'll start that at least.

至少我會開始。

The -- first of all, it's -- there is a little bit of shifting.

- 首先，它是 - 有一點轉變。

As we talked about in Q2, there's some orders that shifted to the right.

正如我們在第二季度所談到的，有一些訂單向右移動。

We also said in the prepared remarks that based on strong demand and sell-through, we saw a little bit from the fourth quarter come into the third quarter, which puts a little bit of a distortion if you just isolate on Q3's wholesale.

我們還在準備好的評論中說，基於強勁的需求和銷售，我們看到從第四季度到第三季度有一點點，如果你只孤立於第三季度的批發，這會產生一點扭曲。

And that's why we tried to show you first half, second half and give you a better -- a more balanced perspective.

這就是為什麼我們試圖向你展示上半場、下半場並給你一個更好的——更平衡的視角。

But I would say, in general, what we're seeing is not necessarily new distribution.

但我想說，總的來說，我們看到的不一定是新的發行版。

It's really seeing more velocity sell-through and maybe slightly more penetration as the brand has gained a little more momentum and heat, but not so much like opening up a new -- a big new customer or things like that.

隨著品牌獲得更多的動力和熱度，它確實看到了更快的銷售速度和滲透率，但不像開闢一個新的 - 一個新的大客戶或類似的東西。

Steve, I don't know if you want to add maybe.

史蒂夫，我不知道你是否想補充。

And I'd add to that, Michael.

我還要補充一點，邁克爾。

What you're seeing really is the result of 2, 3 years of really intense work of cleaning up the marketplace, segmenting the customer base, and now placing the appropriate products in each of their key retail partners, be it specialty to some of the large nationals.

您所看到的確實是 2 到 3 年非常緊張的工作的結果，這些工作是清理市場、細分客戶群，現在將適當的產品投放到他們的每個主要零售合作夥伴中，無論是某些特定的大國民。

You're seeing an improvement in quality of products, so that is resulting in the velocity of sell-through that prompted that pull forward of the Q4 into Q3, giving you that distortion in the wholesale number.

您看到產品質量有所提高，這導致銷售速度加快，促使第四季度進入第三季度，從而使批發數量出現扭曲。

But we continue to be very confident in our D2C numbers.

但我們仍然對我們的 D2C 數據充滿信心。

The results that we delivered this quarter are right in line with our expectations.

我們本季度交付的結果完全符合我們的預期。

We do see opportunities to improve.

我們確實看到了改進的機會。

And ideas there would be strengthening the retail environment, stronger merchandising, a more focused big seasonal stories as the product offers continue to improve in the coming seasons.

隨著產品供應在接下來的季節中不斷改善，他們的想法將是加強零售環境、更強大的營銷、更集中的大型季節性故事。

Yes, Michael, just -- I don't know if it helps, but our long-range plan on the brand from a wholesale standpoint, going back to that topic, is mid-single digits, and that's still what we see over a long period of time.

是的，邁克爾，只是 - 我不知道這是否有幫助，但我們從批發的角度來看，我們對品牌的長期計劃，回到那個話題，是中個位數，這仍然是我們看到的很長一段時間。

So I don't know if you're trying to model it going forward but yes.

因此，我不知道您是否正在嘗試對其進行建模，但是是的。

No, just curious how it's emerging with some of the growth rates above and below the long-range plan.

不，只是好奇它是如何出現在長期計劃之上和之下的一些增長率的。

But on -- I guess, looking forward on Vans, it looks like your planned, x currency, about 15% growth in fourth quarter.

但是，我想，展望 Vans，看起來像你計劃的 x 貨幣，第四季度增長約 15%。

So if we put that together with the third quarter and look at second half, it looks a lot like what you've been telling us the back half was going to look like.

所以如果我們把它和第三節放在一起看下半場，它看起來很像你一直告訴我們的後半場的樣子。

It wasn't going to slow as much as some people feared, if there's some -- I guess, some fashion element or trend element to the Old Skool, in particular.

它不會像一些人擔心的那樣放緩，如果有一些——我猜，特別是 Old Skool 的一些時尚元素或趨勢元素。

And you did add some color about the Slip-On's taking over as a bigger percent growth driver.

而且你確實為 Slip-On 成為更大百分比的增長驅動力添加了一些色彩。

I guess, you made -- you did make some comments that next year will be low double digits, in line with your long-term plan.

我猜，你做了 - 你確實做了一些評論，明年將是低兩位數，符合你的長期計劃。

Would you help us add any context you can at this point?

你能幫助我們在這一點上添加任何上下文嗎？

It seems like some of the product portfolio that's driving the growth is turning over.

似乎一些推動增長的產品組合正在轉變。

What gives you confidence?

什麼給了你信心？

Obviously, we can see that you're comping the comp here.

很明顯，我們可以看到你正在這裡作曲。

But can you help us think about how you're building up to the low doubles for next year based on where the product portfolio is going today?

但是，您能否幫助我們考慮一下您如何根據產品組合今天的發展情況為明年的低雙打做好準備？

Yes.

是的。

I guess, this is unusual at this point of the year that we would give you shaping on 2020.

我想，這在今年的這個時候是不尋常的，我們會在 2020 年給你塑造。

But the reason we did is we wanted to convey our confidence that we're not hitting a wall here or some of the things that we've heard questions back from your side of the community, not necessarily you specifically.

但我們這樣做的原因是我們希望傳達我們的信心，即我們不會在這裡碰壁，或者我們從社區的你那裡聽到的一些問題，不一定是你的具體問題。

So we look -- we see our order book.

所以我們看 - 我們看到我們的訂單簿。

We see our trends.

我們看到了我們的趨勢。

We're looking at forward.

我們正在向前看。

The consumer feedback that we're seeing in our online environment and our database show.

我們在在線環境和數據庫中看到的消費者反饋。

We have confidence in our long-range growth.

我們對我們的長期增長充滿信心。

Could it be a little better?

能不能好一點？

As I said at the very beginning of the year, it could be better.

正如我在年初所說的那樣，它可能會更好。

We really haven't seen the brand slow down materially.

我們真的沒有看到這個品牌大幅放緩。

Again, at some point, the laws of gravity do reestablish themselves.

再一次，在某些時候，萬有引力定律確實會重新建立起來。

I think the most important thing to remember is we have confidence in the long-range plan.

我認為要記住的最重要的事情是我們對長期計劃充滿信心。

And so far, we really haven't seen that slow down.

到目前為止，我們真的沒有看到這種放緩。

And we're really encouraged.

我們真的很受鼓舞。

I'm glad you picked up on that, Michael, because the resurgence of the Slip-Ons is just a proof point of not just one thing.

邁克爾，我很高興你明白了這一點，因為 Slip-Ons 的複興只是證明了這一點，而不僅僅是一件事。

And we think that's a great thing to keep in mind as you think about the forward growth trajectory of Vans.

我們認為，當您考慮 Vans 的未來增長軌跡時，請牢記這一點。

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 wanted to follow up on Europe.

我想跟進歐洲。

You talked about a little bit of moderation.

你談到了一點節制。

I was hoping you could maybe drill down by region.

我希望你可以按地區向下鑽取。

Are there any countries that you're seeing particularly lag at this point?

在這一點上，您發現有哪些國家特別落後？

And then with Vans Europe specifically, you've had 2 consecutive quarters of kind of 9% to 10% constant currency growth.

然後特別是 Vans Europe，你已經連續兩個季度實現了 9% 到 10% 的固定貨幣增長。

I know you guys have made some wholesale adjustments, but I'm just curious.

我知道你們已經進行了一些批發調整，但我只是好奇。

Is this the right way we should think about the business if you kind of think about the shaping into 2020 for Europe specifically?

如果您特別考慮到 2020 年對歐洲的影響，這是我們應該考慮業務的正確方式嗎？

Yes.

是的。

Erinn, maybe I'll start there.

Erinn，也許我會從那裡開始。

So it's true that our Europe business has moderated compared to last year.

因此，與去年相比，我們的歐洲業務確實有所放緩。

But it's also important to remember, last year grew at 12%.

但同樣重要的是要記住，去年增長了 12%。

And so we would say that you're comping a hard comp.

所以我們會說你正在演奏一個硬合成。

And even with the moderation in growth, we're still tracking at/or above our long-range plan.

即使增長放緩，我們仍在跟踪/或超過我們的長期計劃。

So we would say our business has -- is stable on a constant currency basis and still tracking ahead of our long-range commitment.

因此，我們會說我們的業務在固定貨幣基礎上保持穩定，並且仍在跟踪我們的長期承諾。

So I think it's important to keep that perspective in mind.

所以我認為牢記這一觀點很重要。

And on a higher level to your Europe comment, Erinn, we really -- we watch all the countries that we're all aware of, U.K., Italy, France, where we see particular political issues.

Erinn，在您的歐洲評論的更高層次上，我們真的 - 我們關注我們都知道的所有國家，英國，意大利，法國，我們看到了特定的政治問題。

But we really have not seen it have a dramatic impact on our business.

但我們真的沒有看到它對我們的業務產生巨大影響。

We continue to see good balanced growth and tracking right along our long-range plan.

我們繼續看到良好的平衡增長和跟踪我們的長期計劃。

And I guess -- and the other part of your question, I think, what's behind that, Erinn, is, is this kind of growth rate what we should expect for Vans in Europe?

我猜——我想你問題的另一部分，Erinn，這背後的原因是，這種增長率是我們應該對歐洲 Vans 的預期嗎？

In our recent Investor Day, we talked about high single-digit growth, and we're confident that, that is absolutely doable.

在我們最近的投資者日，我們談到了高個位數的增長，我們相信這是絕對可行的。

Right now, we're tracking, I guess, a little bit ahead of that.

現在，我們正在跟踪，我猜，有點超前。

So I'd say you should not think of a material change in trajectory of the Vans business in Europe.

所以我想說你不應該想到歐洲 Vans 業務的軌跡發生重大變化。

Okay, that's helpful.

好的，這很有幫助。

And then on Timberland, it was nice to see a pickup in North America.

然後在 Timberland 上，很高興看到北美的皮卡。

I'm curious if you could talk about some of the collaborations you've done with that brand.

我很好奇你能否談談你與那個品牌的一些合作。

It seems like it's starting to pick up a little bit.

好像開始有點起色了。

Would love to hear how that's being received.

很想听聽這是如何收到的。

And then I know Europe, you commented on weather for Timberland being a bit of the headwind there.

然後我知道歐洲，你評論說 Timberland 的天氣在那裡有點逆風。

But curious again just the product piece, how are you feeling about the receptivity there with some of the newness you've infused?

但是再次對產品感到好奇，您對那裡的接受度以及您注入的一些新穎性感覺如何？

Not surprised you picked up on Timberland's activity in collabs.

你在合作中發現 Timberland 的活動並不奇怪。

I think that's something they've all been -- they've been very good at.

我認為這是他們都做過的事情——他們一直非常擅長。

But I think what you see now is a more methodical in aligning with collabs that really help enhance and grow the brand and using the boot and finding ways to really spark greater interest in how that -- the classic category comes to life for consumers.

但我認為你現在看到的是更有條理地與真正有助於提升和發展品牌的合作，並使用靴子並找到真正激發人們對它的更大興趣的方法 - 經典類別為消費者帶來生機。

In Timberland Europe, we did see a slowdown in our business.

在 Timberland Europe，我們確實看到我們的業務放緩。

We don't -- really, we don't see that changing our long-term view of the brand.

我們沒有——真的，我們認為這不會改變我們對品牌的長期看法。

I think the positive is, to really to focus on here is the diversification strategy that we've been talking about for the last number of quarters.

我認為積極的是，真正關注這裡的是我們在過去幾個季度一直在談論的多元化戰略。

We really see that taking hold.

我們真的看到了這一點。

In Europe, our non-Classics, including women's, grew over 20% for the quarter, and we saw double-digit growth in those same categories here in North America.

在歐洲，我們的非經典款（包括女款）在本季度增長了 20% 以上，我們在北美的這些類別中也看到了兩位數的增長。

And oftentimes, we forget the power of our Timberland PRO business.

很多時候，我們忘記了 Timberland PRO 業務的力量。

That was up double digits for the quarter.

該季度增長了兩位數。

What we saw was some softness in the boot category in Europe specifically.

我們看到的是歐洲特別是靴子類別的一些柔軟度。

We do really relate that to the weather and really continuing to drive forward on the diversification strategy, the addition of Christopher Raeburn as the brand's global creative director and placing a new design director in this business.

我們確實將其與天氣聯繫起來，並真正繼續推動多元化戰略，增加 Christopher Raeburn 作為品牌的全球創意總監，並在該業務中任命新的設計總監。

We're just methodically moving along our reset plan to put this brand back in place to deliver its portion of our 5-year growth plan.

我們只是有條不紊地推進我們的重置計劃，以使這個品牌恢復原狀，以實現我們 5 年增長計劃的一部分。

Our next question comes from the line of Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

I guess, on the gross margin front, as we think beyond this year, any larger-picture change to the 40 to 50 basis point tailwind that you've been seeing from mix?

我想，在毛利率方面，正如我們認為的那樣，今年以後，你從混合中看到的 40 到 50 個基點的順風有什麼大的變化嗎？

And then is it still fair to think about the remaining margin components between product cost, pricing and FX?

然後考慮產品成本、定價和外匯之間的剩餘利潤組成部分是否仍然公平？

I think you've said in the past that that's basically a wash.

我想你過去說過這基本上是一種洗滌。

Is that kind of best to think about the mix and then the remaining component?

最好先考慮混合，然後再考慮剩餘的成分？

The short answer is yes and yes.

簡短的回答是肯定的。

The 50-plus-or-minus basis points we see and even of note, in the fourth quarter, we -- if you look at RemainCo, the 50 basis point mix we see in our implied guidance, there's a little bit of a drag from both FX and Kontoor in the overall margin.

我們看到甚至值得注意的是，在第四季度，我們看到了 50 個加或減的基點，如果你看一下 RemainCo，我們在我們的隱含指導中看到的 50 個基點組合，會有一點拖累來自 FX 和 Kontoor 的整體利潤率。

And as we look forward, again, we're not giving guidance, but we've said consistently, we see that 50 bps going forward.

當我們展望未來時，我們並沒有給出指導，但我們一直說，我們看到未來 50 個基點。

Input costs, over time, our assumption has been and history has proven, have ebbed and flowed, but pricing has at least offset that and, in some cases, given us a rate increase.

投入成本，隨著時間的推移，我們的假設和歷史已經證明，有起有落，但定價至少抵消了這一點，並且在某些情況下，給了我們加息。

So that's a long way of saying we're really -- we're still really comfortable with where we're at.

所以說我們真的很長 - 我們仍然對我們所處的位置感到非常滿意。

We're seeing good evidence of those margins falling through and expect that would be true going into next year.

我們看到了這些利潤率下降的良好證據，並預計明年會出現這種情況。

That's great.

那太棒了。

And then more from a category perspective.

然後更多的是從類別的角度來看。

On Jeanswear, can you just touch on the drivers behind the 3Q decline, the full year guide reduction there, and just how to think about this segment going forward?

關於 Jeanswear，您能否談談第三季度下滑背後的驅動因素、全年指引下調，以及如何看待這一細分市場的未來發展？

Yes.

是的。

Maybe I'll start there.

也許我會從那裡開始。

So in the third quarter, profitability was fairly flat.

所以在第三季度，盈利能力相當平淡。

If you look at the implied guidance, it suggests in the fourth quarter, there will be a pullback.

如果你看一下隱含的指導，它表明第四季度將會出現回調。

And I guess, I would say, we're going to let the Kontoor group talk about what the future looks like.

我想，我會說，我們將讓 Kontoor 小組討論未來的樣子。

But a little bit of perspective, one of our jobs, as we prepare for the spin, is to prepare this company, along with the Kontoor management, to give them a solid platform and the best opportunity for success going forward.

但是從一點角度來看，我們的工作之一，在我們為旋轉做準備時，就是讓這家公司和 Kontoor 管理層一起為他們提供一個堅實的平台和取得成功的最佳機會。

And that means we're -- frankly, we're cleaning up a few things.

這意味著我們 - 坦率地說，我們正在清理一些東西。

There's some inventory given the Sears bankruptcy that's a little elevated.

考慮到西爾斯破產，有一些庫存有點高。

We're working to get that down.

我們正在努力解決這個問題。

Or I should say, the Kontoor team is working to get that down, and they'll make progress on that by the end of the year.

或者我應該說，Kontoor 團隊正在努力解決這個問題，他們將在年底前取得進展。

Underperforming doors in certain markets where we don't see big opportunities, we're looking to rationalize.

在我們看不到大機會的某些市場中表現不佳的門，我們正在尋求合理化。

And important to note, on the supply chain, as you think about optimizing the supply chain for Kontoor going forward, we have historically had comingled products.

值得注意的是，在供應鏈上，當您考慮優化 Kontoor 未來的供應鏈時，我們歷來都有混合產品。

We're moving products into Kontoor-only plants or vice versa, VF.

我們正在將產品轉移到僅限 Kontoor 的工廠，反之亦然，VF。

And when you make those moves, you have short-term disruptions, which increase cost.

當你採取這些行動時，你會遇到短期中斷，這會增加成本。

Your efficiencies go down.

你的效率會下降。

But that's short term, and that's episodic.

但這是短期的，而且是偶發的。

That has a beginning and an end.

那有一個開始和一個結束。

And as you think about going forward, optimized focused supply chain around the unique business model of the Kontoor business is going to be better for them and will continue to be that strategic weapon that they've seen historically going forward.

當您考慮向前發展時，圍繞 Kontoor 業務的獨特商業模式優化的重點供應鏈將對他們變得更好，並將繼續成為他們在歷史上看到的戰略武器。

And, Matt, let me add.

還有，馬特，讓我補充一下。

Kontoor has, in Wrangler and Lee, 2 of the most iconic brands in America.

Kontoor 在 Wrangler 和 Lee 擁有美國最具標誌性的兩個品牌。

We've got a very experienced management team.

我們擁有一支經驗豐富的管理團隊。

We've got a supply chain that has been a historical strength, and it's evolving to be in line with where this brand sees itself going.

我們擁有一個歷史悠久的供應鏈，並且它正在不斷發展，以符合這個品牌認為自己的發展方向。

And we need to look more long term on what the brand -- what this suite of brands is capable of as we move through the work we're doing to prepare these brands to be stood up as their own separate public company.

我們需要更長遠地看待品牌 - 當我們完成我們正在做的工作以準備這些品牌成為他們自己獨立的上市公司時，這套品牌的能力。

Yes.

是的。

And, Matt, just one other perspective that may be helpful.

而且，馬特，只是另一種可能有用的觀點。

I don't know if it's behind your question.

我不知道它是否在你的問題背後。

But a lot of this short term stuff, the timing of the Sears bankruptcy, other things like that, while the timing is hard -- was not necessarily easy to predict, as we think about our model and our expectations for the business going forward, it's really unchanged.

但是很多這種短期的東西，西爾斯破產的時間，其他類似的事情，雖然時間很艱難——並不一定容易預測，因為我們考慮我們的模型和我們對未來業務的期望，它真的沒有改變。

So you got to -- I would encourage you to look past some of the short-term noise that happens in a transition like this and focus on the strength of these brands, the model, the consistency going forward, and that's really what we see going forward.

所以你必須——我會鼓勵你超越像這樣的過渡中發生的一些短期噪音，關注這些品牌的實力、模式、未來的一致性，這就是我們所看到的往前走。

And I think as you talk to Kontoor in the roadshow, those will be the themes that they develop.

我認為當你在路演中與 Kontoor 交談時，這些將是他們發展的主題。

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

我們的下一個問題來自麥格理集團的 Laurent Vasilescu。

I want to follow up on the wholesale guidance for the year.

我想跟進今年的批髮指導。

It was raised nicely from originally 9% to 10% to now 11%.

它很好地從最初的 9% 提高到 10% 到現在的 11%。

This would suggest 4Q wholesale revenue would grow in the mid-teen rate on an organic basis.

這表明第 4 季度批發收入將在有機基礎上以青少年中期的速度增長。

Is that the right way to think about it, Scott?

這是正確的思考方式嗎，斯科特？

And what are the brands that are driving that growth for the fourth quarter?

推動第四季度增長的品牌是什麼？

And then how should we think of that number as a barometer for the out quarters?

那麼我們應該如何將這個數字看作是外部季度的晴雨表呢？

Yes.

是的。

So as usual, Laurent, I think you've got it.

所以像往常一樣，勞倫特，我想你已經明白了。

You might be a little hot, but high single-digit organic growth on the organic is kind of where we would say the implied guidance would take you.

你可能有點熱，但有機的高個位數有機增長是我們會說隱含的指導會帶你去的地方。

And it's the same brands that are driving through the year, right.

是同一個品牌推動了這一年，對吧。

So Vans, The North Face are the 2 biggest drivers.

所以 Vans 和 The North Face 是兩個最大的驅動力。

We've seen good wholesale growth here with Timberland in the North America market.

我們在北美市場看到了 Timberland 的良好批發增長。

Yes, that's right.

是的，這是正確的。

Timberland North America, particularly strong, so...

Timberland 北美，特別強，所以...

And Dickies, as we've reset new product across much of their distribution, we're seeing good solid wholesale growth there as well.

還有 Dickies，因為我們在他們的大部分分銷中重新設置了新產品，我們也看到那裡的批發增長良好。

And we -- in the prepared remarks, just building on that last comment, Work we said would accelerate in the fourth quarter.

我們 - 在準備好的評論中，只是基於最後的評論，我們說工作將在第四季度加速。

And obviously, that's a predominantly wholesale business.

顯然，這主要是批發業務。

Okay, very helpful.

好的，很有幫助。

And then I wanted to shift focus on the strategic investments.

然後我想將重點轉移到戰略投資上。

I think they were up 12% in the first quarter, then up 8%, then now up 5%.

我認為他們在第一季度上漲了 12%，然後上漲了 8%，現在上漲了 5%。

I think you said in the prepared remarks you're going to increase that investment by $45 million in the fourth quarter.

我想你在準備好的評論中說過，你將在第四季度增加 4500 萬美元的投資。

How should we think about these investments for the out year for 2020?

我們應該如何看待 2020 年的這些投資？

Yes.

是的。

So again, I'd take you back to Boston and just remind you of the algorithm that we talked about.

再說一次，我會帶你回波士頓，只是提醒你我們討論過的算法。

So in general, we said we would maintain our level of investment.

所以總的來說，我們說我們會維持我們的投資水平。

As our revenue increased and we'll start to see leverage, that inflection point hit this year, and we expect to continue to see leverage as you look into next year and beyond.

隨著我們的收入增加，我們將開始看到槓桿作用，這個拐點在今年達到，我們預計在您展望明年及以後的情況下將繼續看到槓桿作用。

So that's the big picture.

這就是大局。

When we look at -- I think you should think about these incremental investments as an acceleration.

當我們看到 - 我認為你應該將這些增量投資視為加速。

It's not new initiatives.

這不是新舉措。

It's things on our road map where we see evidence of return, and we believe that by opportunistically advancing some of these investments, we can either shore up or even accelerate our top line growth.

在我們的路線圖上，我們看到了回報的證據，我們相信，通過機會主義地推進其中一些投資，我們可以支撐甚至加速我們的收入增長。

So the first commitment is to the shareholder and delivering on our commitments.

因此，第一個承諾是對股東並履行我們的承諾。

And you can and will expect leverage next year when we get to the guidance.

當我們得到指導時，你可以並且預計明年會產生槓桿作用。

The other thing I'd say is if you're looking at the quarters, and I know you're in the bowels of the model right now.

我要說的另一件事是，如果您正在查看宿舍，我知道您現在正處於模型的內部。

But that 5%, that -- of our strategic investments, that -- there's a steady state of investment around those strategic priorities.

但是，在我們的戰略投資中，這 5% 是圍繞這些戰略優先事項進行的穩定投資。

And I mentioned some phasing.

我提到了一些階段性。

There's some phasing of that baseline spending between Q3 and Q4.

第三季度和第四季度之間的基線支出有一些階段性。

And in addition, we made an incremental $45 million investment since the last time we talked 90 days ago.

此外，自 90 天前我們上次談話以來，我們增加了 4500 萬美元的投資。

So all that says there's some noise between Q3 and Q4.

所以所有這一切都表明第三季度和第四季度之間存在一些噪音。

That's why we put in the prepared materials a first half, second half because I think that's more indicative of the underlying operating trend and performance of the business and kind of takes all that noise out, so that you can really see what's going on.

這就是為什麼我們將準備好的材料放在上半場和下半場，因為我認為這更能說明潛在的運營趨勢和業務表現，並且消除了所有噪音，這樣你就可以真正看到正在發生的事情。

Our next question comes from the line of Sam Poser with Susquehanna.

我們的下一個問題來自 Sam Poser 和 Susquehanna 的台詞。

I just want to follow up.

我只是想跟進。

There was some shift of some expenses from third quarter to fourth quarter, and that's sort of, I think, excluding that $45 million.

從第三季度到第四季度，一些費用發生了一些變化，我認為這不包括那 4500 萬美元。

Yes, that's right.

是的，這是正確的。

And again, Sam, I mean, we're not getting into the quantification.

再說一次，山姆，我的意思是，我們沒有進入量化。

What I would just say to you, again, just repeating what I said to Laurent, just that's why the second half, in our opinion, is more indicative of the underlying trend of the business.

我只想對你說的話，只是重複我對勞倫特說的話，這就是為什麼我們認為下半年更能反映業務的潛在趨勢。

Remember, a year ago, you had a stub period, you had year-end change.

請記住，一年前，你有一個存根期間，你有年終變化。

There was a lot of mechanics around that create some noise as you look at quarter-to-quarter.

當您查看季度到季度時，周圍有很多機制會產生一些噪音。

That's why I would just reiterate that the second half is the best look to try to get a bead on what the trend of the business is.

這就是為什麼我要重申下半年是嘗試了解業務趨勢的最佳方式。

And then, well, I'm just going to ask the question.

然後，好吧，我只是要問這個問題。

You talked about M&A and that you're well positioned for it.

你談到了併購，並且你已經做好了準備。

And yesterday, there was a little bit of a story going around, and I wanted to know if you wanted to discuss anything regarding Manhattan Beach, California?

昨天，發生了一個小故事，我想知道你是否想討論有關加利福尼亞州曼哈頓海灘的任何事情？

I'll answer that, Sam.

我會回答的，山姆。

Obviously, M&A continues to be our #1 choice of capital allocation.

顯然，併購仍然是我們資本配置的第一選擇。

And I think you all know us well, and you've seen how we have been reshaping our portfolio to align with where we see our strengths in the larger consumer marketplace across Active, Outdoor and Work.

而且我認為你們都非常了解我們，並且你們已經看到我們如何重塑我們的產品組合，以符合我們在活動、戶外和工作等更大的消費市場中看到的優勢。

I would encourage you to remember those facts.

我會鼓勵你記住這些事實。

And when you read things in the news like that, you don't necessarily always have to believe rumors.

當你讀到這樣的新聞時，你不一定總是要相信謠言。

Okay.

好的。

And then just lastly, could you talk a little bit about sort of the momentum in North Face and the evolution of the Timberland business and sort of how you're thinking about The North Face and Timberland over the next 2 years on a growth and sort of brand positioning perspective?

最後，您能否談談 North Face 的發展勢頭和 Timberland 業務的發展，以及您如何看待 The North Face 和 Timberland 在未來 2 年的增長和排序品牌定位角度？

Sure.

當然。

I'll start.

我會開始的。

And if I leave something out, I know Scott will fill it back in.

如果我遺漏了一些東西，我知道斯科特會重新填上它。

First, on The North Face, this is -- we've been on a multiyear journey where we started first to really reset that solid foundation with management, the work we did around cleaning up our distribution, the product segmentation, the advancements behind product.

首先，在 The North Face 上，這是 - 我們經歷了多年的旅程，我們首先開始真正重置管理的堅實基礎，我們圍繞清理我們的分銷所做的工作，產品細分，產品背後的進步.

And I think now you see, really, an elevated brand voice that's pushing The North Face and their influence to the top of the conversation.

而且我認為現在您確實看到了一種提升的品牌聲音，它將 The North Face 及其影響力推到了對話的首位。

And it's really coming from their focus on being purpose-led and the guiding principles that, that leadership team has put in place.

這真的來自他們專注於目標導向和領導團隊制定的指導原則。

I think how you can think about this going forward, Sam, is that you will continue to see this brand innovate.

山姆，我認為您將如何考慮這一點，您將繼續看到這個品牌的創新。

The FUTURELIGHT product that I mentioned in my report -- prepared remarks is a great proof point of our innovation engine working on specific technologies that help differentiate our brands.

我在報告中提到的 FUTURELIGHT 產品 - 準備好的評論是我們的創新引擎致力於幫助區分我們品牌的特定技術的一個很好的證明點。

And you will begin to see a methodical cadence season by season, new platforms, new stories that continue to elevate The North Face as that lead Outdoor brand and really tipping up their influence.

您將開始逐季看到有條不紊的節奏、新的平台、新的故事，這些將繼續提升 The North Face 作為領先戶外品牌的地位，並真正提升他們的影響力。

And we've committed to the 6% to 8% growth over the 5-year period.

我們承諾在 5 年內實現 6% 到 8% 的增長。

As we said in our remarks, we see that high single digit next year.

正如我們在評論中所說，我們明年會看到這個高個位數。

The confidence that we have in the team, the strategy and how they're executing right now is what's reinforcing that.

我們對團隊、戰略以及他們現在的執行方式的信心正在加強這一點。

Timberland, it's really -- a lot of that same playbook that we've been talking about.

Timberland，它真的 - 很多我們一直在談論的相同劇本。

We've reset our management team.

我們已經重置了我們的管理團隊。

We're surrounding that team now with really good design capability and creative talent, and that will only help enhance our work on diversifying the product offer while respecting the classics, building out these new growth vectors and the diversification into these more lifestyle, women's and outerwear that will put us in a position to achieve the mid-single-digit growth that we committed to in Boston.

我們現在以非常好的設計能力和創意人才圍繞著這個團隊，這只會有助於加強我們在產品多樣化方面的工作，同時尊重經典，建立這些新的增長載體，並在更多的生活方式、女性和這將使我們能夠實現我們在波士頓承諾的中個位數增長。

I'll be honest, Sam.

老實說，山姆。

We're a little bit behind that.

我們有點落後。

But we were pretty clear what our trajectory would look like.

但我們很清楚我們的軌跡會是什麼樣子。

Vans was strong.

范斯很強。

When we spoke with you all in Boston, we committed to North Face accelerating, and following The North Face acceleration would come Timberland.

當我們在波士頓與大家交談時，我們致力於 North Face 加速，而在 The North Face 加速之後將出現 Timberland。

And we're really seeing that work nicely.

我們真的看到它工作得很好。

And with the work vector that we've committed to, delivering on its portion of our long-term growth, we really feel confident about the plan we put forward and our ability to execute that.

憑藉我們承諾的工作向量，實現了我們長期增長的一部分，我們對我們提出的計劃以及我們執行該計劃的能力充滿信心。

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

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

Just circling back on Vans.

只是在Vans上盤旋。

In prior discussions over the past year, I think the conversation around Vans was centered around managing a soft landing.

在過去一年的討論中，我認為圍繞 Vans 的討論主要集中在管理軟著陸。

This quarter seems to -- not even seems, but clearly indicates that there's still a lot of growth and demand for the brand.

本季度似乎 - 甚至看起來都沒有，但清楚地表明該品牌仍有大量增長和需求。

And I think that in that prior soft landing sort of definition, you were really actively managing the wholesale piece with the DTC piece being the wild card.

而且我認為，在之前的軟著陸定義中，您確實在積極管理批發部分，而 DTC 部分是外卡。

So the question relates to this low double-digit growth expectation that you laid out for next year.

所以這個問題與你為明年制定的兩位數的低增長預期有關。

If you could just parse out how you're thinking about those 2 channels from a growth rate contribution perspective.

如果您可以從增長率貢獻的角度解析出您是如何考慮這兩個渠道的。

Because it seems like you obviously have the ability to manage at wholesale, but it's this DTC component that continues to surprise at the upside.

因為看起來您顯然有能力進行批發管理，但正是這個 DTC 組件繼續令人驚喜。

So I'm wondering what does that DTC component correspond to in that low double-digit expectation.

所以我想知道在那個低兩位數的期望中，那個 DTC 組件對應的是什麼。

Yes.

是的。

I guess, one thing before we even get into that.

我想，在我們討論之前有一件事。

Just a reminder, since acquisition, this brand has grown at a mid-teen rate.

提醒一下，自收購以來，這個品牌以青少年的速度增長。

And you think about the forward guidance at being at a mid-teen rate, so over a very long period of time, the brand has demonstrated its ability to find that growth path -- those growth paths on a consistent basis.

而且您考慮到處於青少年中期的前瞻性指導，因此在很長一段時間內，該品牌已經證明了其找到增長路徑的能力——這些增長路徑始終如一。

Now if you think about D2C, high single to low double is what was in our long-range plan, and we still see that as the long range.

現在，如果您考慮 D2C，從高單到低雙是我們的長期計劃，我們仍然認為這是長期計劃。

Again, when we come from our current level of performance and moderate into that, law of big numbers, hard comps, eventually, we still believe that, that is the long-range growth path.

再次，當我們從目前的表現水平開始並適度進入大數定律時，最終，我們仍然相信，這是長期的增長路徑。

Again, what makes it a little hard for Steve and I to get our hands on is so far, we have not seen -- even with the extremely large size of this business, we have still not seen that moderation at this point.

再說一次，讓史蒂夫和我很難接觸到的原因是到目前為止，我們還沒有看到——即使這項業務的規模非常大，我們目前仍然沒有看到這種放緩。

And, Camilo, this is one of our -- D2C and digital are one of our key strategic choices and the investments that we're making on an annual basis and where we're able to put additional dollars behind that strategy.

而且，卡米洛，這是我們的一項——D2C 和數字化是我們的關鍵戰略選擇之一，也是我們每年進行的投資，我們能夠在該戰略背後投入額外的資金。

Vans is a large part of what's informing those investments, and those dollars are being put to work there as they are in other brands.

Vans 是這些投資的重要組成部分，這些資金正投入到那裡，就像它們在其他品牌中一樣。

But their connection with their consumer, the growth of their loyalty program, how they use that digital platform, our customs platform, it really is hard to call when you have a brand that has such an intimate connection with a very unique and specific consumer group.

但是他們與消費者的聯繫，他們忠誠度計劃的增長，他們如何使用這個數字平台，我們的海關平台，當你的品牌與一個非常獨特和特定的消費者群體有著如此密切的聯繫時，真的很難說.

And they're able to execute that both online and in-store in a way that's consistent with their overall culture.

他們能夠以符合其整體文化的方式在線和店內執行該操作。

We've modeled it to the best of our ability, and we do believe, over time, that's where it will settle in.

我們已經盡我們最大的能力對其進行了建模，我們相信，隨著時間的推移，它會安頓下來。

But right now, as this brand resets itself and it claims that #3 spot, we're really happy with the growth.

但現在，隨著這個品牌重新定位並聲稱排名第三，我們對增長感到非常滿意。

And we will continue to invest behind it because we think that is the differentiator for them, but it's also the differentiator for our larger platform of brands and how we'll be able to leverage that across our other big consumer-focused businesses.

我們將繼續對其進行投資，因為我們認為這是他們的差異化因素，但這也是我們更大的品牌平台的差異化因素，以及我們如何能夠在其他以消費者為中心的大型業務中利用這一點。

I'd just add one thing.

我只想補充一件事。

You noticed, I think I commented earlier that we unusually for this point in the year gave some shaping to next year.

你注意到了，我想我之前評論過，我們在今年的這一點上不同尋常地為明年做出了一些塑造。

And we have visibility not quite as far in footwear as we do in some of the other businesses.

而且我們在鞋類領域的知名度不如我們在其他一些業務中的知名度。

But through late spring, let's say, we can see visibility on the order book, and that gives us confidence that we're not going to see a massive slowdown from the wholesale side looking into next year.

但是到了春末，我們可以看到訂單簿上的可見性，這讓我們相信明年批發方面不會出現大幅放緩。

So that's probably one of the things behind your question.

所以這可能是你問題背後的事情之一。

Again, we do have more forward visibility.

同樣，我們確實有更多的前瞻性。

And from everything we can see, we continue to see that momentum.

從我們所看到的一切來看，我們繼續看到這種勢頭。

Just to clarify, so with that comment on the wholesale piece you just made, Scott, it seems like the implied DTC in this low double-digit expectation is actually more conservative than the rate that you've been running at.

澄清一下，斯科特，對於你剛剛發表的批發作品的評論，似乎在這個低兩位數的預期中隱含的 DTC 實際上比你一直運行的速度更保守。

Is that -- am I thinking about that correctly?

那是——我想對了嗎？

Yes, that's right.

是的，這是正確的。

So it could be better.

所以可能會更好。

Again, we're just -- we'll be back in 90 days, and give you an update.

同樣，我們只是 - 我們將在 90 天后回來，並為您提供更新。

Got it.

知道了。

And then just my second question.

然後是我的第二個問題。

You've given great color on the region and what you're watching out for from a macro perspective.

您從宏觀角度為該地區以及您要注意的內容提供了很好的色彩。

I was just hoping to get maybe some high-level color on the inventory in the channel of the Big 3 brands by region and how you feel that looks coming out of the season.

我只是希望在按地區劃分的 3 大品牌的渠道庫存中獲得一些高級顏色，以及您對本季的感覺如何。

Yes.

是的。

I guess I would just say, in general, inventories at retail and in our own are generally clean.

我想我只想說，總的來說，零售和我們自己的庫存通常是乾淨的。

And I would say, even very clean.

我會說，甚至非常乾淨。

There are a few pockets I mentioned in Kontoor inventory in our -- in the VF inventory we own is elevated from where they -- that team wants it to be, and we're taking actions to bring that in.

我在 Kontoor 庫存中提到了一些口袋——在我們擁有的 VF 庫存中，我們擁有的位置比他們高——團隊希望它成為，我們正在採取行動將其引入。

But when you look at it in the total of VF, we're happy with where we're at.

但是，當您在 VF 的總和中查看它時，我們對我們所處的位置感到滿意。

We're in good shape.

我們的狀態很好。

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 諮詢小組的 Dana Telsey。

A couple calls back, you talked about the transforming of the industry and what's happening in the apparel world.

一對夫婦回電，您談到了行業的轉型以及服裝界正在發生的事情。

And you talked about refurbished goods and how each of the different brands would be transforming itself a little bit in how they distribute goods or how they sell goods.

你談到了翻新商品，以及每個不同的品牌將如何在他們如何分銷商品或如何銷售商品方面做出一些改變。

What are you seeing there, whether it's a sustainable part, whether it's subscription, whatever it may be?

你在那裡看到了什麼，它是否是一個可持續的部分，是否是訂閱，不管它可能是什麼？

What are you seeing there?

你在那兒看到什麼？

And how are you planning?

你打算怎麼做？

And then on another note, just Workwear, any updates on Workwear and what you're seeing there in terms of demand and growth and product initiatives for next year?

然後在另一個問題上，只是工作服，關於工作服的任何更新以及您在需求和增長以及明年的產品計劃方面看到的情況？

And lastly, just components of SG&A and how they're planned.

最後，只是 SG&A 的組成部分以及它們的計劃方式。

So, Dana, I'll start with your first question on how we're looking at some of these new models that clearly, the consumer is driving across pretty much the broad global space.

所以，Dana，我將從你的第一個問題開始，關於我們如何看待這些新車型，很明顯，消費者正在跨越幾乎廣闊的全球空間。

We've had a couple pilots that we spoke to you about, North Face, most notably, looking at really taking back products, refurbishing those products and then putting them back out for sale.

我們已經與您談過幾個飛行員，North Face，最值得注意的是，他們正在考慮真正收回產品，翻新這些產品，然後將它們重新出售。

We have a couple rental pilots that have been underway with our Kipling brand, most notably in Europe.

我們的 Kipling 品牌有幾個租賃試點項目，尤其是在歐洲。

And in all cases, these have proven to be very positive, very successful in advancing our ability to work more one-on-one with our consumers.

在所有情況下，這些都被證明是非常積極的，非常成功地提高了我們與消費者進行更多一對一合作的能力。

So we will continue to expand on that.

因此，我們將繼續對此進行擴展。

It's an area where we see investment not only here within the corporate center and being able to strengthen our understanding to build partnerships that will benefit our brands, but it's also helping our brands find these places where they can connect and look for these new growth vectors beyond traditional wholesale and D2C.

在這個領域，我們不僅看到了企業中心內的投資，並且能夠加強我們對建立有利於我們品牌的合作夥伴關係的理解，而且還幫助我們的品牌找到可以聯繫的地方，並尋找這些新的增長載體超越傳統批發和D2C。

In the case of Workwear, we -- what you see happening there is really the portfolio of brands that we've assembled here.

就工作服而言，我們——你所看到的確實是我們在這裡組裝的品牌組合。

Our historical strong brands like Red Kap and Bulwark, Timberland PRO on the top end of our segmentation and in the middle sits Dickies, working on bringing innovative products both in footwear and apparel.

我們歷史悠久的強勢品牌，如 Red Kap 和 Bulwark，Timberland PRO 位於我們細分市場的頂端，而位於中間的是 Dickies，致力於在鞋類和服裝領域推出創新產品。

We've got some really interesting products around enhancing motion in apparel.

我們有一些非常有趣的產品來增強服裝的運動感。

Dickies bringing elements of stretch to their apparel.

Dickies 為他們的服裝帶來了彈性元素。

Red Kap really having been the key innovator there, partnering with some of our Outdoor brands and understanding how to bring stretch into performance apparel of bringing it to Work to enhance the workers' experience and comfort in their day-to-day life.

Red Kap 確實是那裡的關鍵創新者，與我們的一些戶外品牌合作，並了解如何將彈性帶入性能服裝，將其帶入工作，以增強工人在日常生活中的體驗和舒適度。

But I would tell you, the most important thing around Work is we see an evolving trend, not only here in North America but in Europe, of this emerging makers community.

但我要告訴你，圍繞 Work 最重要的事情是，我們看到了一個不斷發展的趨勢，不僅在北美，而且在歐洲，這個新興的創客社區。

And we are extremely well suited with our portfolio of brands to play to that consumer, to participate in how they begin to define themselves.

我們非常適合我們的品牌組合來迎合消費者，參與他們開始定義自己的方式。

And this is the area where we bring our brand-building capabilities to bear and really position ourselves, define ourselves to these consumers and place ourselves in their everyday life to enhance their experiences.

這是我們利用品牌建設能力來承擔和真正定位自己的領域，向這些消費者定義自己，並將自己置於他們的日常生活中以增強他們的體驗。

And you can really see this taking shape in much of our social media campaigns, specifically with Dickies right now, but really confident in where we are with our work evolution.

你真的可以在我們的許多社交媒體活動中看到這一點，特別是現在的 Dickies，但對我們在工作發展方面的進展非常有信心。

And I'm happy to let Scott talk to you about the SG&A question.

我很高興讓 Scott 與您討論 SG&A 問題。

It's going to be mostly around Work now.

現在它將主要圍繞工作。

Just kidding.

只是在開玩笑。

So the SG&A algorithm is really unchanged, Dana, from what we talked about in the Boston plan.

所以 SG&A 算法確實沒有改變，Dana，與我們在波士頓計劃中討論的內容不同。

There, we're focusing on distorting our investments against our strategic priorities, which we've consistently laid out, things like demand creation, data, digital technology, our global business technology, advanced manufacturing, innovation, et cetera.

在那裡，我們專注於根據我們一貫制定的戰略優先事項扭曲我們的投資，例如需求創造、數據、數字技術、我們的全球業務技術、先進製造、創新等。

And then we're getting leverage on the back end of the business.

然後我們在業務的後端獲得了影響力。

That's the power of our platforms, right?

這就是我們平台的力量，對吧？

And so when you think about continue to invest in those drivers of growth, accelerating top line and then leverage on the back end, that's how you, at the VF level, see that gross -- or sorry, the operating margin expansion through the combination of gross margin expansion and SG&A leverage.

因此，當您考慮繼續投資於這些增長驅動因素、加速收入並在後端發揮槓桿作用時，這就是您在 VF 級別上看到的毛利率——或者抱歉，通過組合擴大營業利潤率毛利率擴張和 SG&A 槓桿率。

Our last question for this morning will come from the line of Alexandra Walvis with Goldman Sachs.

我們今天上午的最後一個問題將來自高盛的亞歷山德拉沃爾維斯。

You mentioned at the beginning there that you were closely monitoring the situation in China, and you've given some helpful color on your thoughts on that market before.

您在開頭提到您正在密切關注中國的局勢，並且您之前對您對該市場的看法提供了一些有益的色彩。

Across the board, you saw pretty strong trends in that market and acceleration from the last quarter.

總體而言，您看到該市場的趨勢非常強勁，並且從上一季度開始加速。

I wonder if you could dive into that a little bit, how you're seeing the strength of the consumer, maybe how that splits across different consumer groups or areas of the country.

我想知道你是否可以深入了解一下，你如何看待消費者的力量，也許它是如何在不同的消費者群體或國家地區分裂的。

And at this stage and time, thoughts on the outlook there.

在這個階段和時間，對那裡的前景的想法。

Great.

偉大的。

Well, I'll go ahead and start, and Scott can fill in the blanks.

好吧，我會繼續開始，斯科特可以填補空白。

Where we see the consumer is really through the lens of who are our specific consumers.

我們真正看到消費者的地方是我們的特定消費者是誰。

In general, the economy, though slowing, is growing well, and our consumers, in the price points that we bring to the market, continue to resonate.

總體而言，經濟雖然放緩，但增長良好，我們的消費者在我們為市場帶來的價格點上繼續產生共鳴。

And we feel we are in a really strong position in how our brands present themselves, specifically through a lifestyle component, the products from a seasonal basis, and the price points position us very well to continue to compete, continue to grow.

而且我們覺得我們在品牌如何展示自己方面處於非常有利的地位，特別是通過生活方式組件、季節性產品和價格點，我們可以很好地繼續競爭，繼續增長。

And I would just remind you that our penetration or overall brand awareness continues to have tremendous upside.

我只想提醒您，我們的滲透率或整體品牌知名度繼續具有巨大的優勢。

And as we grow and grow our influence, we'll see those numbers grow.

隨著我們的影響力越來越大，我們會看到這些數字不斷增長。

But today, where we are, there continues to be a tremendous amount of headroom for us to grow in.

但是今天，在我們所處的位置，我們仍然有巨大的發展空間。

And just putting some numbers around that.

只是把一些數字放在那個周圍。

If you -- we saw a pretty meaningful acceleration in our China business this year, approaching high teens, approaching 20%.

如果你——我們看到今年我們的中國業務出現了非常有意義的加速，接近青少年，接近 20%。

And in fact, if you look at VF RemainCo, it's in the mid-20s this year after high single digits a year ago.

事實上，如果你看一下 VF RemainCo，它在一年前的高個位數之後，今年處於 20 年代中期。

So nice acceleration in the business, and that gives us confidence in our forward look for the region.

業務的加速非常好，這讓我們對我們對該地區的展望充滿信心。

This concludes our question-and-answer session.

我們的問答環節到此結束。

At this time, I'll turn the floor back to Mr. Rendle for any further comments.

在這個時候，我會把發言權轉回給 Rendle 先生，以徵求任何進一步的意見。

Well, thank you, everybody, for joining us today.

好吧，謝謝大家今天加入我們。

I would love to just start off by complementing and thanking our VF team across the globe.

我很想首先補充和感謝我們在全球的 VF 團隊。

We have absolutely increased our metabolic rate.

我們絕對增加了我們的新陳代謝率。

We have been doing a lot over the last 24 months to evolve and reshape ourselves into the company that you see us emerging as.

在過去的 24 個月裡，我們一直在做很多事情來發展和重塑自己，使其成為您認為我們正在崛起的公司。

And we could not do that without the talent and the commitment of our people.

如果沒有我們員工的才能和承諾，我們就無法做到這一點。

We're intently focused on executing our strategic plan.

我們專注於執行我們的戰略計劃。

We're excited to help our Kontoor colleagues position themselves to stand up as an independent publicly traded company here as we move into the second quarter and position themselves for strength but concurrently position VF to continue our transformation and our long-term growth plans.

我們很高興能幫助我們的 Kontoor 同事將自己定位為一家獨立的上市公司，因為我們進入第二季度並定位自己的實力，同時定位 VF 以繼續我們的轉型和我們的長期增長計劃。

So thank you for joining us today, and we look forward to talking to you in May.

因此，感謝您今天加入我們，我們期待在五月與您交談。

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.

感謝您的參與。