威富公司 (VFC) 2023 Q1 法說會逐字稿

Greetings. Welcome to the VF Corporation First Quarter Fiscal 2023 Conference Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Allegra Perry, Vice President of Investor Relations. Thank you. You may begin.

問候。歡迎參加 VF Corporation 2023 財年第一季度電話會議。 （操作員說明）請注意，本次會議正在錄製中。我現在將把會議轉交給您的主持人，投資者關係副總裁 Allegra Perry。謝謝你。你可以開始了。

Good afternoon, and welcome to VF Corporation's First Quarter Fiscal 2023 Conference Call. Participants on today's call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC.

下午好，歡迎參加 VF Corporation 2023 財年第一季度電話會議。今天電話會議的參與者將做出前瞻性陳述。這些陳述基於當前的預期，並受到可能導致實際結果存在重大差異的不確定性的影響。這些不確定性在定期提交給 SEC 的文件中有詳細說明。

Unless otherwise noted, amounts referred to on today's call will be on an adjusted constant dollar basis, which we've defined in the press release that was issued this afternoon and which we use as lead numbers in our discussion because we believe they more accurately represent the true operational performance and underlying results of our business.

除非另有說明，否則今天電話會議中提到的金額將以調整後的固定美元為基礎，我們在今天下午發布的新聞稿中定義了這一點，我們在討論中將其用作領先數字，因為我們相信它們更準確地代表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. 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.

您可能還會聽到我們提到報告的金額，這些金額符合美國公認會計原則。 GAAP 措施與調整後金額的對賬可以在新聞稿中包含的補充財務表格中找到，該表格確定並量化了所有排除項目，並提供管理層對這些信息為何對投資者有用的看法。

On June 28, 2021, the company completed the sale of its Occupational Workwear business. Accordingly, the company has reported the operating results and cash flows of this business and discontinued operations for all periods through the date of the sale. Unless otherwise noted, results on today's call are based on continuing operations.

2021年6月28日，公司完成了其職業工作服業務的出售。因此，公司已報告了該業務的經營成果和現金流量，並在銷售日期之前的所有期間終止了業務。除非另有說明，今天電話會議的結果基於持續運營。

Joining me on the call will be VF's Chairman, President and Chief Executive Officer, Steve Rendle; and EVP and Chief Financial Officer, Matt Puckett. This quarter's earnings presentation has been designed as a visual aid to our prepared remarks. You have the option to follow along via the slide window in the webcast portal. The presentation is also available to download on our website.

與我一起參加電話會議的還有 VF 的董事長、總裁兼首席執行官 Steve Rendle；執行副總裁兼首席財務官 Matt Puckett。本季度的收益報告旨在為我們準備好的評論提供視覺幫助。您可以選擇通過網絡廣播門戶中的幻燈片窗口跟隨。該演示文稿也可在我們的網站上下載。

Following our prepared remarks, we'll open the call for questions. I'll now hand over to Steve.

在我們準備好的評論之後，我們將打開提問的電話。我現在將交給史蒂夫。

Good afternoon, everyone, and thank you for joining our first quarter fiscal '23 earnings call. I'll take you through an operational update of our business, which will be followed by a review of our financial performance by our CFO, Matt Puckett.

大家下午好，感謝您參加我們的 23 財年第一季度財報電話會議。我將帶您了解我們業務的運營更新，隨後我們的首席財務官 Matt Puckett 將審查我們的財務業績。

I want to start by addressing the evolution of the macro environment since we last met in mid-May. Excluding China, consumer health is generally good across our markets, although I won't be the first person to point out that sentiment has softened leading to changing behavior amongst consumers, who are being forced to be more choiceful and cautious in their spending in the near term.

我想先談談自我們上次於 5 月中旬會面以來宏觀環境的演變。除中國外，我們市場的消費者健康狀況總體良好，儘管我不會是第一個指出情緒減弱導致消費者行為發生變化的人，他們被迫在消費時更加謹慎和謹慎。短期。

From our point of view, we see this being largely confined to the value end of the marketplace, where VF has very little exposure. To date, we've seen limited impact on the mid- to higher-end consumer, where the majority of our brands are positioned in terms of demographic and distribution. We have a strong and resilient family of brands that are well positioned within their respective segments. And across the VF portfolio, we have a greater number of high-performing brands today than ever before.

從我們的角度來看，我們認為這主要局限於市場的價值端，而 VF 的風險敞口很小。迄今為止，我們看到對中高端消費者的影響有限，我們的大部分品牌都定位於人口和分銷方面。我們擁有一個強大而有彈性的品牌家族，在各自的細分市場中處於有利地位。在 VF 產品組合中，我們今天擁有比以往任何時候都多的高績效品牌。

Our TAMs are healthy and maintain good momentum, and we remain underpenetrated in certain areas, with the opportunity to gain further share in growing markets. We are continuing to invest in our brands, enabling the creation of innovative products and capabilities to drive enhanced consumer engagement and loyalty across all touch points. We're working closely with our retail partners to drive sell-through and ensure our family of brands remains at the forefront of consumers' minds.

我們的 TAM 健康並保持良好勢頭，我們在某些領域的滲透率仍然不足，有機會在不斷增長的市場中獲得更多份額。我們將繼續投資於我們的品牌，創造創新的產品和能力，以提高所有接觸點的消費者參與度和忠誠度。我們正在與我們的零售合作夥伴密切合作，以推動銷售，並確保我們的品牌系列始終處於消費者心目中的最前沿。

Through our well-established strategic platforms and capabilities, we are mitigating headwinds faced across the marketplace and the persistent impact of COVID in China while reinforcing our competitive advantages. Amidst this backdrop, we delivered a healthy top line performance in Q1, achieving revenue of $2.3 billion, up 7% on a constant dollar basis, ahead of our initial expectations.

通過我們完善的戰略平台和能力，我們正在緩解整個市場面臨的不利因素以及 COVID 在中國的持續影響，同時加強我們的競爭優勢。在這種背景下，我們在第一季度實現了健康的頂線業績，實現了 23 億美元的收入，按固定美元計算增長了 7%，超出了我們最初的預期。

And in fact, excluding China, the business grew low double digits. Our Big 4 Brands grew 6% in aggregate, led by The North Face and Timberland. The remainder of the portfolio grew 16%. And lastly, before I go into more details on the brands, I'd like to highlight that we remain committed to returning cash to shareholders with our dividend, which amounted to $194 million in the quarter.

事實上，不包括中國，該業務增長了兩位數。在 The North Face 和 Timberland 的帶領下，我們的四大品牌總體增長了 6%。投資組合的其餘部分增長了 16%。最後，在我詳細介紹品牌之前，我想強調的是，我們仍然致力於通過本季度達到 1.94 億美元的股息向股東返還現金。

I'll start with Vans. I'd like to take a minute to update you on the work underway, then go into the details of the brand's performance. Behind the scenes, our teams are diligently working to address the key headwinds we've identified. First, on China, which was largely in line with our cautious expectations, reflecting macro challenges and COVID disruption. Driving energy and engagement, Vans opened its first owned Taiwan store in June, along with a brand mobile app.

我將從 Vans 開始。我想花一點時間向您介紹正在進行的工作，然後詳細介紹該品牌的表現。在幕後，我們的團隊正在努力解決我們發現的主要不利因素。首先，關於中國，這在很大程度上符合我們的謹慎預期，反映了宏觀挑戰和 COVID 破壞。推動活力和參與度的 Vans 於 6 月開設了第一家台灣自營店，並推出了品牌移動應用程序。

We launched a new collaboration with Brain Dead, which sold out completely in the first hour. Our 618 shopping event was expanded onto the Douyin and [Duwu] platforms and rose by mid-single digits versus last year. Finally, we partnered with Tencent on 58 virtual products for Phase 1 of our Metaverse activation and in 4 days, achieved 43 million impressions.

我們與 Brain Dead 展開了新的合作，在第一個小時內就完全售罄。我們的 618 購物活動擴展到了抖音和【獨舞】平台，與去年相比增長了中個位數。最後，我們與騰訊合作開發了 58 個虛擬產品，用於元界激活的第一階段，並在 4 天內獲得了 4300 萬次展示。

We remain confident of the long-term growth opportunity Vans has in China. Second, we're seeing early signs of positive response from customers on our ongoing efforts to rebuild our core Classics strategy and energy around our 5 icons. The Classic Since Forever campaign is showing improved ROI in the first 2 months with over 25 million views globally. Phase 2 of the campaign launched with support from Anderson Paak, Vans music influencer, including live appearances in London stores and a live performance at our House of Vans venue.

我們對 Vans 在中國的長期增長機會充滿信心。其次，我們看到客戶對我們圍繞 5 個圖標重建核心經典戰略和活力的持續努力的積極反應的早期跡象。經典以來的永恆活動在前 2 個月顯示出更高的投資回報率，全球觀看次數超過 2500 萬。該活動的第二階段在 Vans 音樂影響者 Anderson Paak 的支持下啟動，包括在倫敦商店的現場表演和在 Vans 之家場地的現場表演。

The first signature product drops on our U.S. online platform sold out in 24 hours. Brand heat has begun to show some bright spots. We saw nearly 8% growth in Vans Family members versus Q4, reaching nearly 24 million members globally, which represents a 41% increase versus last year. We also generated strong sell-through of Sailor Moon and Stranger Things collaborations, including exclusive online customs prereleases.

我們美國在線平台上的第一款簽名產品在 24 小時內售罄。品牌熱度已經開始顯現一些亮點。我們看到 Vans 家族成員與第四季度相比增長了近 8%，全球成員達到近 2400 萬，與去年相比增長了 41%。我們還促成了美少女戰士和 Stranger Things 合作的強勁銷售，包括獨家在線海關預發布。

Our Stranger Things collaboration was the second biggest customs launch since Harry Potter, and the in-line product will launch in early September. We hosted prelaunch events for our new Pinnacle business unit at Paris Fashion Week with top-tier accounts, including (inaudible) event and a Twitch live stream of the Brain Dead launch. The Joe Freshgoods Pinnacle collabs sold through quickly with 3x average sales price in resale market.

我們的 Stranger Things 合作是繼哈利波特之後的第二大海關發布會，在線產品將於 9 月初推出。我們在巴黎時裝週上為我們的新 Pinnacle 業務部門舉辦了發布前活動，其中包括（聽不清）活動和 Brain Dead 發布的 Twitch 直播。 Joe Freshgoods Pinnacle 聯名款在轉售市場上以 3 倍的平均售價迅速售罄。

The second drop is coming in holiday. Finally, in our Americas D2C business, we're working through a set of agile actions to capture and optimize traffic and drive higher conversion, such as front-of-store merchandising updates and quick floor set changes. We're seeing a positive initial response across key product styles. We continue to monitor our customer satisfaction levels where we are scoring above the peer set.

第二次下降將在假期到來。最後，在我們的美洲 D2C 業務中，我們正在通過一系列靈活的行動來捕捉和優化流量並推動更高的轉化率，例如店面商品更新和快速的樓層設置更改。我們在關鍵產品樣式中看到了積極的初步反應。我們繼續監控我們的客戶滿意度水平，我們的得分高於同行。

Vans Q1 sales declined by 4%. Excluding China, global sales were up 4%. As mentioned, a number of targeted actions are being implemented at Vans under the leadership of Kevin Bailey. While our financial performance is not yet where we'd like it to be, we are encouraged by the work underway to reignite momentum. The brand is healthy, which is clearly evident when we launch truly innovative product as indicated with the recent global collaborations, all of which resonated with our consumers and generated high rates of sell-through.

Vans Q1 銷售額下降了 4%。不包括中國，全球銷售額增長了 4%。如前所述，在 Kevin Bailey 的領導下，Vans 正在實施一些有針對性的行動。雖然我們的財務表現尚未達到我們希望的水平，但我們為重燃動力的正在進行的工作感到鼓舞。該品牌是健康的，這一點在我們推出真正創新的產品時顯而易見，正如最近的全球合作所表明的那樣，所有這些都引起了我們的消費者的共鳴並產生了高銷售率。

We continue to see strong growth in our Vans Family membership where members have higher frequency in rates of spend. Overall, we're encouraged with the early progress being made with actions underway and confident in a brand's long-term prospects to reignite growth.

我們繼續看到 Vans Family 會員的強勁增長，其中會員的消費頻率更高。總體而言，我們對正在採取的行動取得的早期進展感到鼓舞，並對品牌重新點燃增長的長期前景充滿信心。

The North Face had another outstanding quarter, with sales up 37%, representing broad-based growth across regions and channels. Growth during the quarter was fueled by our 365 product initiatives with warm weather apparel and accessories as well as rainwear, generating strong performances.

The North Face 又一個出色的季度，銷售額增長了 37%，代表了跨地區和渠道的廣泛增長。本季度的增長得益於我們的 365 項產品計劃，包括溫暖的天氣服裝和配飾以及雨衣，產生了強勁的表現。

Collaborations continue to drive brand heat, including the members only to Earth Day inspired collaboration, which drove high digital sell-throughs in the U.S. and EMEA. Our return-to-travel lines also performed well, including bags and luggage, and we saw early positive performance for our packs business for back-to-school. Our marketing campaigns are clearly resonating with our consumers.

合作繼續推動品牌熱度，包括僅受地球日啟發的成員合作，這推動了美國和歐洲、中東和非洲地區的高數字銷售。我們的返程旅行產品線也表現良好，包括行李箱和行李箱，我們看到了返校包裝業務的早期積極表現。我們的營銷活動顯然引起了消費者的共鳴。

Starting with our Full Circle Everest Expedition, which promoted access to the outdoors with over 5 billion impressions. Our pride campaign was well received and allowed us to broaden our reach and welcome new consumers to the brand. And The North Face ranked #1 in presale revenue for the outdoor category during the all-important 618 China shopping holiday. We continue to see growth in our XPLR Pass loyalty program as we celebrated its 1-year anniversary with over 900,000 sign-ups translating to 50% growth year-over-year.

從我們的 Full Circle 珠穆朗瑪峰探險開始，該探險以超過 50 億次展示促進了戶外活動。我們的驕傲活動受到好評，使我們能夠擴大影響範圍並歡迎新消費者加入該品牌。在至關重要的 618 中國購物假期期間，The North Face 在戶外類別的預售收入中排名第一。我們慶祝 XPLR Pass 忠誠度計劃成立 1 週年之際，我們繼續看到增長，註冊人數超過 900,000，同比增長 50%。

Finally, we are thrilled to have welcome Nicole Otto as our new brand President during the quarter, following a successful transition period. She brings with her a deep understanding of the consumer engagement strategies and a wealth of industry experience. As a proven innovator and future-focused leader, she steps in at an opportune time with strong product pipelines positioning the team to further drive our strategies.

最後，在成功過渡期之後，我們很高興在本季度歡迎 Nicole Otto 擔任我們的新品牌總裁。她帶來了對消費者參與策略的深刻理解和豐富的行業經驗。作為一位久經考驗的創新者和著眼於未來的領導者，她適時介入，擁有強大的產品線，使團隊能夠進一步推動我們的戰略。

The positive inflection of Timberland continued in Q1 with another quarter of double-digit sales growth, up 14%, driven by strong performances in EMEA and Asia Pacific. We're sharpening our consumer focus and accelerating a launch culture to attract new consumers to the Timberland brand and is paying off as we see success stories from the elevation of our iconic boat shoes globally with Generation Boat to the creation of a footwear design and innovation experience inside Fortnite.

在歐洲、中東和非洲和亞太地區的強勁表現的推動下，Timberland 的積極轉折在第一季度繼續實現了兩位數的銷售額增長，增長了 14%。我們正在加強我們對消費者的關注並加速推出文化以吸引新的消費者加入 Timberland 品牌，並且我們看到成功案例從我們的標誌性船鞋在全球範圍內與 Generation Boat 的提升到鞋類設計和創新的創造在 Fortnite 中體驗。

Our commitment to product innovation and craftsmanship continues to serve us well. Our Q1 growth was driven by men's footwear, led by outdoor across lifestyle hike, trekkers and seasonal executions like trail-ready sandals. Apparel was also strong, especially lightweight outerwear and logo tees with apparel as a whole accounting for 20% of quarterly sales. We continue to drive eco innovation with a focus on circularity and building a greener future. On Earth Day, we introduced the Timberloop Trekker, our first footwear product that can be disassembled and recycled at the end of its journey.

我們對產品創新和工藝的承諾繼續為我們服務。我們第一季度的增長是由男士鞋履推動的，其中以戶外生活方式遠足、徒步旅行和季節性執行（如適合越野的涼鞋）為主導。服裝也很強勁，尤其是輕質外套和標誌 T 卹，服裝整體佔季度銷售額的 20%。我們繼續推動生態創新，重點關注循環性和建設更綠色的未來。在地球日，我們推出了 Timberloop Trekker，這是我們的第一款鞋類產品，可以在旅程結束時進行拆卸和回收。

We also expanded our Timberloop take-back program from the U.S. to include the U.K., France, Italy and Germany. In PRO, we saw excitement around our first collaboration with Samuel Adams with a limited edition work boots selling out in 1 week. Initiatives like these are key to connecting new and existing consumers from work to weekend. Across the board, we're excited about the trajectory of the Timberland brand and its opportunities for future growth.

我們還從美國擴大了 Timberloop 回收計劃，包括英國、法國、意大利和德國。在 PRO 中，我們看到了與 Samuel Adams 首次合作的興奮，限量版工作靴在 1 週內售罄。像這樣的舉措是將新的和現有的消費者從工作到週末聯繫起來的關鍵。總體而言，我們對 Timberland 品牌的發展軌跡及其未來增長機會感到興奮。

Finally, on Dickies. Global brand sales were down 13% reflecting softer trends in the Americas value end consumer and a more conservative inventory posture of our largest customer in the U.S. It's worth noting that excluding sales from this customer, revenue in the Americas and globally were up mid-single digits in Q1. In APAC, Dickies was impacted in China by lockdowns, but saw positive growth across other markets in the region. Our reset European business has seen continued strong performance with regional sales up 30%, driven by work lifestyle products.

最後，關於迪基斯。全球品牌銷售額下降 13%，反映出美洲價值終端消費者的疲軟趨勢以及我們在美國的最大客戶的更保守的庫存狀況。值得注意的是，不包括來自該客戶的銷售額，美洲和全球的收入在單年中期上升Q1 中的數字。在亞太地區，Dickies 在中國受到封鎖的影響，但在該地區的其他市場實現了正增長。在工作生活方式產品的推動下，我們重置後的歐洲業務表現持續強勁，區域銷售額增長了 30%。

We kicked off our 100-year anniversary campaign, Made in Dickies, which drove higher traffic to and average order value on our e-comm sites in the U.S. and EMEA. We are generating solid growth globally across icons, women's and work lifestyle, while workwear has been soft, reflecting a larger exposure to the value end.

我們啟動了我們的 100 週年紀念活動，Made in Dickies，這為我們在美國和歐洲、中東和非洲的電子商務網站帶來了更高的流量和平均訂單價值。我們在全球範圍內實現了偶像、女性和工作生活方式的穩健增長，而工作服則一直疲軟，反映了對價值端的更大敞口。

Exciting collaborations, such as with Supreme and New York Sunshine are generating momentum and energy, while enabling Dickies to broaden its distribution into Tier 0 accounts. The underlying performance of Dickies remains positive. Outside the top 4 brands, the balance of the portfolio generated revenue growth of 16%.

與 Supreme 和 New York Sunshine 等激動人心的合作正在產生動力和活力，同時使 Dickies 能夠將其分佈擴大到 0 級賬戶。 Dickies 的基本表現仍然是積極的。在前 4 大品牌之外，該組合的其餘部分產生了 16% 的收入增長。

Starting with Supreme. The brand was broadly flat in the quarter and largely in line with our plan. Our European stores performed well and benefited from the openings in Berlin and Milan in the prior year, where there continues to be a high level of energy and excitement for the brand. As we indicated in May, we are excited to be resuming enhancement and expansion of the store network in coming months.

從至尊開始。該品牌在本季度基本持平，基本符合我們的計劃。我們的歐洲門店表現良好，並受益於前一年在柏林和米蘭的開業，該品牌繼續保持高水平的活力和興奮。正如我們在 5 月所指出的，我們很高興能夠在未來幾個月內恢復門店網絡的增強和擴展。

We've also returned to conducting in-person consumer engagement with recent events in Milan, New York and Paris which have received a positive response. We continue to be pleased with the performance of our outdoor emerging brands, which collectively grew 15%, driven by Altra, which was up 34%, maintaining its #1 position in trail and capturing new consumers as it leverages its new products on the road. We continue to focus on product innovation and development and recently entered the space of speed shoes with the launch of the Vanish carbon shoe.

我們還恢復了與最近在米蘭、紐約和巴黎舉行的活動進行面對面的消費者互動，這些活動得到了積極的回應。我們繼續對我們的戶外新興品牌的表現感到滿意，在 Altra 的推動下，該品牌增長了 15%，增長了 34%，保持了其第一的位置，並在路上利用其新產品吸引了新的消費者.我們繼續專注於產品創新和開發，最近推出了 Vanish 碳纖維鞋，進入了速度鞋領域。

We're seeing an improving performance of our packs business with stronger demand across the bag and travel category and our brands in the Americas and EMEA during the first quarter. Revenue was up more than 30% versus last year, a little ahead of schedule, driven by healthy order books, higher reorder rates in anticipation of back-to-school shipments where the season is off to a good start.

我們看到我們的包裝業務表現有所改善，第一季度對箱包和旅行類別以及我們在美洲和歐洲、中東和非洲的品牌的需求增加。與去年相比，收入增長了 30% 以上，略高於計劃，這得益於健康的訂單、更高的重新訂購率，因為預計本賽季開學良好的返校出貨量。

Now let me take a minute to update you on the progress we're making on our purpose-led sustainability initiatives. As part of our road map to meet our science-based targets, VF has invested across a number of key regenerative materials. Through a collaboration between Vans, The North Face and Timberland, we invested in the first regenerative rubber pilot in the world in Thailand with Terra Genesis International. We continue to partner with New Zealand Merino to create the first regenerative wool platform in the world in collaboration with Smartwool and Icebreaker.

現在讓我花一點時間向您介紹我們在以目標為導向的可持續發展計劃方面取得的進展。作為我們實現基於科學的目標的路線圖的一部分，VF 投資了許多關鍵的再生材料。通過 Vans、The North Face 和 Timberland 之間的合作，我們與 Terra Genesis International 在泰國投資了世界上第一個再生橡膠試點。我們繼續與新西蘭美利奴合作，與 Smartwool 和 Icebreaker 合作創建世界上第一個再生羊毛平台。

These projects help deepen the understanding of these benefits to support farmers' regenerative journey and have been creating a captive supply of raw materials for use in our products. We continue to receive recognition for our efforts in transparency, with Timberland and The North Face tie for second place and Vans taking third place on the fashion transparency index.

這些項目有助於加深對這些好處的理解，以支持農民的再生之旅，並一直在為我們的產品創造自備的原材料供應。我們在透明度方面的努力繼續獲得認可，Timberland 和 The North Face 並列第二，Vans 在時尚透明度指數中排名第三。

Finally, we remain committed to advancing our efforts on diversity and inclusion with the first all-Black Mount Everest climb sponsored by the VF Foundation, The North Face and Smartwool.

最後，我們仍然致力於通過 VF 基金會、The North Face 和 Smartwool 贊助的首次全黑珠峰攀登來推進我們在多樣性和包容性方面的努力。

In summary, we delivered a solid top line performance in Q1, ahead of our initial expectations, amidst the softer consumer environment. And importantly, we're maintaining our operating outlook for fiscal '23. This is a testament to the resiliency of our purpose-built family of brands, which is focused on the outdoor streetwear and active spaces that benefit from favorable consumer tailwinds.

總而言之，在疲軟的消費者環境中，我們在第一季度實現了穩健的頂線業績，超出了我們最初的預期。重要的是，我們將維持 23 財年的經營前景。這證明了我們專門打造的品牌系列的彈性，該系列專注於受益於有利的消費者順風的戶外街頭服飾和活動空間。

I remain impressed by and proud of our teams whose passion, perseverance and execution continue to drive our success. Looking forward, with uncertainty persists across geographies and marketplaces, from ongoing macroeconomic headwinds, we are confident in our strategies. We remain focused on the things that we can control, and we'll continue our strategic investments to ensure long-term sustainable and profit growth.

我仍然為我們的團隊留下深刻印象和自豪，他們的熱情、毅力和執行力繼續推動我們的成功。展望未來，由於持續的宏觀經濟逆風，各個地區和市場的不確定性持續存在，我們對我們的戰略充滿信心。我們仍然專注於我們可以控制的事情，我們將繼續我們的戰略投資，以確保長期可持續和利潤增長。

With that, I'll hand over to Matt and take you through the financials. Matt?

有了這個，我將交給馬特並帶你了解財務狀況。馬特?

Thanks, Steve, and good afternoon, everyone. As Steve mentioned, we delivered a top line performance in the quarter that was better than our initial expectations and was achieved amidst the softening consumer environment. Revenue was up 7% in constant dollar terms and up low double digits, excluding China. Including the negative FX translational impact of nearly $100 million, sales were up by 3% on a reported basis.

謝謝，史蒂夫，大家下午好。正如史蒂夫所提到的，我們在本季度的頂線業績好於我們最初的預期，並且是在消費者環境疲軟的情況下實現的。按固定美元計算，收入增長了 7%，並且增長了兩位數，不包括中國。包括近 1 億美元的負面外匯轉換影響，銷售額在報告的基礎上增長了 3%。

Our EPS was $0.09, down 68% on a reported dollar basis and down 59% in constant dollars, largely in line with our expectations. However, we incurred about $0.05 of noncontrollable impacts relative to our plans, primarily driven by FX. Before I unpack the P&L, let me talk about the operating environment across our primary geographies.

我們的每股收益為 0.09 美元，按報告的美元計算下降 68%，按固定美元計算下降 59%，基本符合我們的預期。然而，相對於我們的計劃，我們產生了大約 0.05 美元的不可控影響，主要由外匯驅動。在我打開損益表之前，讓我談談我們主要地區的運營環境。

Globally, today, we are open for business from a COVID standpoint across the value chain. Although we are still feeling the effects of isolated impacts from COVID-related lockdowns in China during Q1. Revenue in the Americas was up 7%. Our performance has overall been resilient, considering the softer macro backdrop and subdued traffic levels in our D2C network. While the Outdoor segment has been the key driver, Vans also generated growth with regional revenue up 3% for the brand.

在全球範圍內，今天，從 COVID 的角度來看，我們在整個價值鏈中都對業務開放。儘管我們仍然感受到第一季度中國與 COVID 相關的封鎖帶來的孤立影響。美洲的收入增長了 7%。考慮到我們的 D2C 網絡中較軟的宏觀背景和低迷的流量水平，我們的表現總體上是有彈性的。雖然戶外業務一直是主要驅動力，但 Vans 也實現了增長，該品牌的區域收入增長了 3%。

The consumer remains solid at the higher end but the value end has been more impacted, and we've seen certain retailers begin to take a more cautious approach to open to buy generally. However, we continue to see the strength of our brands position us to take advantage of opportunities in the marketplace as they arise. In the quarter, EMEA was our strongest performing region with revenue up 24%. All markets were up, driven by Italy and France. This was achieved despite softer consumer confidence, which continues to impact traffic levels.

高端消費者仍然穩固，但價值端受到的影響更大，我們已經看到某些零售商開始採取更加謹慎的態度來普遍開放購買。然而，我們繼續看到我們品牌的實力使我們能夠在市場機會出現時利用它們。本季度，EMEA 是我們表現最強勁的地區，收入增長 24%。在意大利和法國的推動下，所有市場均上漲。儘管消費者信心減弱，但仍實現了這一目標，這繼續影響流量水平。

All brands recorded growth with particularly strong performance is generated by The North Face, Timberland, packs, Smartwool and Dickies. Importantly, both direct-to-consumer and wholesale grew by double digits.

The North Face、Timberland、packs、Smartwool 和 Dickies 創造了所有業績增長特別強勁的品牌。重要的是，直接面向消費者和批發業務都實現了兩位數的增長。

APAC was down 15% with Q1 being a tale of 2 stories. First, China. We experienced meaningful impacts from rolling lockdowns across the quarter, with overall sales down 37% on the Mainland, in line with our expectations. Consumer spending post lockdown has been soft to date as expected. It is worth noting that the Outdoor segment continues to grow strongly, with The North Face generating double-digit growth in the market during Q1. Overall, the business has seen a progressive improvement throughout each month of the quarter. Second, in the rest of Asia, our business is recovering nicely with high-teens growth being seen across markets.

亞太地區下降了 15%，第一季度是兩個故事。首先，中國。我們在整個季度都受到了滾動封鎖的重大影響，內地的整體銷售額下降了 37%，符合我們的預期。迄今為止，鎖定後的消費者支出正如預期的那樣疲軟。值得注意的是，戶外市場繼續強勁增長，The North Face 在第一季度實現了兩位數的市場增長。總體而言，該季度每個月的業務都在逐步改善。其次，在亞洲其他地區，我們的業務正在恢復良好，整個市場都出現了青少年增長。

Turning now to gross margin, where we were adversely impacted by a number of factors in the quarter. Our adjusted gross margin was down 260 basis points, largely in line with our plan, excluding transactional currency impacts. As anticipated, this was driven primarily by mix, particularly reflecting the evolution of channels and brands, which together impacted margins by 160 basis points and higher freight costs, which were partially offset by price increases. We maintain a relatively low level of promotional activity, which remains in line with last year.

現在轉向毛利率，我們在本季度受到許多因素的不利影響。我們調整後的毛利率下降了 260 個基點，基本符合我們的計劃，不包括交易貨幣影響。正如預期的那樣，這主要是由混合驅動的，特別是反映了渠道和品牌的演變，它們共同影響了 160 個基點的利潤率和更高的運費成本，這部分被價格上漲所抵消。我們維持相對較低的促銷活動水平，與去年保持一致。

Let me take a moment and update you on the supply chain environment. This is a competitive advantage for VF, and we continue to use our scale and diversification to mitigate headwinds. Relative to the last time we updated you, we're starting to see the level of supply chain disruption ease, albeit nowhere near the prepandemic normal. In terms of sourcing, our supply base is fully operational as we step into Q2, and we continue to work to move production closer to consumption where it makes sense for us to do so. The 8 weeks of lockdown in China during the quarter will take some time to flow through the system and overcome, but we are well placed to recover from this relatively quickly.

讓我花點時間向您介紹一下供應鏈環境。這是 VF 的競爭優勢，我們將繼續利用我們的規模和多元化來緩解不利因素。相對於我們上次更新您的情況，我們開始看到供應鏈中斷的程度有所緩解，儘管遠未達到大流行前的正常水平。在採購方面，隨著我們進入第二季度，我們的供應基地已全面投入運營，我們將繼續努力使生產更接近消費，這對我們來說是有意義的。本季度中國為期 8 週的封鎖將需要一些時間才能通過系統並克服，但我們有能力相對較快地從中恢復過來。

In terms of logistics, we're seeing improved transit times across the water, reflecting a slight ease in congestion and shortened dwell times in port. This is leading to overall better predictability and reliability. From a cost standpoint, there is some abatement in spot rates, both ocean and air, albeit these remain high relative to historic levels. I'd like to thank our supply chain teams for their continued hard work, perseverance and performance in this disruptive environment.

在物流方面，我們看到跨海運輸時間有所改善，這反映了擁堵略有緩解並縮短了在港口的停留時間。這導致總體上更好的可預測性和可靠性。從成本的角度來看，海運和空運的即期匯率有所下降，儘管這些匯率相對於歷史水平仍然很高。我要感謝我們的供應鏈團隊在這個顛覆性的環境中持續的辛勤工作、毅力和表現。

Moving on to inventory. There are a couple of things to unpack here relative to the headline number. First, we've implemented a supply chain financing program with the majority of our finished goods suppliers. In connection with the rollout of this program, we began taking ownership of inventory from these suppliers at the point of shipment in Q1, different from the past when we generally took ownership at the destination point. This results in VF owning the inventory an additional month or so.

繼續庫存。相對於標題編號，這裡有幾件事要解開。首先，我們與大多數成品供應商實施了供應鏈融資計劃。隨著該計劃的推出，我們在第一季度開始從這些供應商處獲得庫存所有權，這與過去我們通常在目的地獲得所有權不同。這導致 VF 再擁有一個月左右的庫存。

Although we are taking ownership of the inventory sooner, there is no impact on cash flow since the point at which payment is due to the supplier did not change. Accordingly, the increase in inventory is offset by an increase in accounts payable, which was up 91% in the quarter. Now that the supply chain financing program has been established, effective on purchase orders issued from September 1, VF will be increasing payment terms with the majority of its finished goods suppliers. This change will improve VF's overall cash flow, while at the same time benefiting the supplier base. This impact is contemplated in our operating cash flow outlook.

儘管我們更快地獲得了庫存的所有權，但對現金流沒有影響，因為支付給供應商的時間點沒有改變。因此，庫存的增加被應付賬款的增加所抵消，該季度增加了 91%。現在供應鏈融資計劃已經建立，從 9 月 1 日起生效的採購訂單，VF 將增加其大部分成品供應商的付款條件。這一變化將改善 VF 的整體現金流，同時使供應商群體受益。我們在經營現金流展望中考慮到了這種影響。

Second, the on-hand inventory, excluding in-transit, rose by about 50% as planned. On a 2-year organic basis, excluding in-transit, which is a better comparison considering last year's unusually low levels, inventories were up 26%. This planned increase reflects anticipated deliveries to support on-time shipping of complete assortments. We feel good about our inventory levels, although we are closely monitoring our own and channel inventories in light of the softer consumer environment and ensuring we maintain a controlled promotional strategy.

二是不計在途庫存按計劃增長50%左右。在 2 年的有機基礎上，不包括在途（考慮到去年異常低的水平，這是一個更好的比較），庫存增加了 26%。這一計劃中的增加反映了預期的交付，以支持按時運送完整的分類。我們對我們的庫存水平感覺良好，儘管鑑於消費者環境疲軟，我們正在密切監控我們自己和渠道的庫存，並確保我們維持受控的促銷策略。

And finally, adjusted operating margin was down by 340 basis points, largely in line with our plan, reflecting the lower gross margins and the targeted investments we continue to make in our strategic priorities. Our strategic investments increased by 7% in the quarter, primarily reflecting initiatives in the digital and technology space. On a constant dollar basis, SG&A was up 8% in our smallest quarter of the year, broadly in line with our revenue growth, reflecting our continued focus on managing the P&L and maintaining cost discipline. We'll continue with a very thoughtful and purposeful approach to managing costs across the business.

最後，調整後的營業利潤率下降了 340 個基點，基本符合我們的計劃，反映了較低的毛利率和我們繼續在戰略重點中進行的有針對性的投資。我們的戰略投資在本季度增長了 7%，主要反映了數字和技術領域的舉措。按固定美元計算，SG&A 在我們今年最小的季度增長了 8%，與我們的收入增長基本一致，反映了我們繼續專注於管理損益和維持成本紀律。我們將繼續採用非常周到和有目的的方法來管理整個企業的成本。

Turning to our fiscal '23 outlook. I'm pleased to confirm that we're maintaining our currency adjusted fiscal '23 outlook while revising our earnings outlook on a reported dollar basis to reflect ongoing negative impacts from foreign currency fluctuations. We expect total revenue to be up at least 7% in constant dollars, unchanged from our prior outlook. We now expect adjusted earnings per share of $3.05 to $3.15 implying 4% to 7% growth versus the prior year on a constant dollar basis.

轉向我們的 23 財年展望。我很高興地確認，我們將維持我們的貨幣調整後的 23 財年展望，同時根據報告的美元基礎修改我們的收益展望，以反映外匯波動的持續負面影響。我們預計總收入將至少增長 7%，與我們之前的預期持平。我們現在預計調整後的每股收益為 3.05 美元至 3.15 美元，這意味著按固定美元計算與上年相比增長 4% 至 7%。

This reflects the significant strengthening of the U.S. dollar across most major global currencies and contemplates current FX rates through the balance of the fiscal year. As a result of and to account for this currency impact, we now expect gross and operating margin to be up slightly versus last year. Our operating profit guidance implies growth of about 10% on a constant dollar basis.

這反映了美元在全球大多數主要貨幣中的顯著走強，並考慮了本財年剩餘時間內的當前匯率。由於並考慮到這種貨幣影響，我們現在預計毛利率和營業利潤率將比去年略有上升。我們的營業利潤指引意味著按固定美元計算增長約 10%。

Finally, I'd like to give you a short update on the Timberland tax case. A judge ruling issued on July 14 formalized the decision and started the appeals clock. We expect to make the deposit during our third quarter of this fiscal year.

最後，我想向您簡要介紹一下 Timberland 稅務案例。 7 月 14 日發布的一項法官裁決正式確定了該決定並啟動了上訴時間。我們預計將在本財政年度的第三季度進行存款。

We remain confident in our strategy and in the strength of our family of brands that benefit from favorable consumer tailwinds in our TAMs to drive sustainable and profitable growth despite a softening consumer environment and continued elevated uncertainty.

儘管消費者環境疲軟和不確定性持續升高，我們仍然對我們的戰略和我們的品牌家族的實力充滿信心，這些品牌受益於我們 TAM 的有利消費者順風，以推動可持續和盈利的增長。

To round out my remarks, I'd just like to add that I'm proud of the great work of our teams that has enabled VF to continue to deliver against our strategy. With that, we'll now open the line and take your questions.

為了完善我的評論，我想補充一點，我為我們團隊的出色工作感到自豪，這使 VF 能夠繼續按照我們的戰略交付。有了這個，我們現在將打開線路並回答您的問題。

(Operator Instructions) Our first question comes from the line of Laurent Vasilescu with BNP Paribas.

（操作員說明）我們的第一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Steve, I wanted to follow up on your prepared remarks and ask about the general health of the consumer to what you're seeing from a macro and market standpoint. We've seen a number of retailers and brands actually preannounce, which typically don't preannounce, most notably a German brand just 2 days ago. With North Face up 37% likely outperforming this year, how -- can we glean anything on the state of the sporting goods channel versus other channels?

史蒂夫，我想跟進你準備好的言論，並從宏觀和市場的角度詢問消費者的總體健康狀況。我們已經看到許多零售商和品牌實際上預先宣布，通常不會預先宣布，尤其是兩天前的德國品牌。由於 North Face 今年的表現可能超過 37%，我們如何 - 我們如何收集體育用品渠道與其他渠道的狀況？

Yes, Laurent. Appreciate you -- this is an interesting question. It's one we spend quite a bit of time on looking at not only our own data, but the broader market data. And as I said, the consumer health from our vantage point is generally good across all markets. China certainly lagging as the impact of the lockdowns has had an impact. But sentiment is softening, and there's a lot of data out there that would support that. And certainly, consumer behavior is changing. Consumers are becoming more choiceful as household expenses are up and in some cases, up significantly.

是的，勞倫特。謝謝你——這是一個有趣的問題。我們花了很多時間不僅查看我們自己的數據，還查看更廣泛的市場數據。正如我所說，從我們的角度來看，所有市場的消費者健康狀況普遍良好。中國肯定落後，因為封鎖的影響已經產生了影響。但是情緒正在減弱，並且有很多數據可以支持這一點。當然，消費者行為正在發生變化。隨著家庭開支的增加，甚至在某些情況下顯著增加，消費者的選擇越來越多。

As we look at it and as we reflect it over our business, we see it primarily in that value end consumer. And that's the part of the market, as you know, over the last 5 years, we've done quite a bit of work to mitigate our exposure, and we really only have one brand, and it's just a small percent of their total revenue. So where we see for our market and in our consumer, there's limited impact on that mid- to higher end consumer. And I think where you're going, the macro trends of outdoor, certainly health and wellness for us, continue to support solid sell-through and where we're positioned with our own stores and our own digital and our key accounts. We continue to see good sell-through. We're very attentive to the right product in the right environments at the right time to the best of our ability with the current supply chain, but really managing closely to ensure we've got the products that are selling and where they're not, moving quickly to place the right products in place.

當我們審視它並在我們的業務中反映它時，我們主要在價值終端消費者中看到它。這就是市場的一部分，你知道，在過去的 5 年裡，我們做了很多工作來減少我們的曝光率，我們真的只有一個品牌，這只是他們總收入的一小部分.因此，在我們看到的市場和消費者中，對中高端消費者的影響有限。而且我認為你要去的地方，戶外的宏觀趨勢，當然是我們的健康和保健，繼續支持穩固的銷售，以及我們在自己的商店、我們自己的數字和我們的主要客戶中的定位。我們繼續看到良好的銷售。我們非常注意在正確的時間在正確的環境中使用正確的產品，在當前的供應鏈中盡我們最大的能力，但真正密切管理以確保我們擁有正在銷售的產品和沒有銷售的產品，快速移動以將正確的產品放置到位。

So we -- I can speak for us, Laurent. We're well positioned. The energy you see in The North Face, the energy we see at Timberland, in our emerging brands, specifically Altra, Smartwool, continue to give us a lot of confidence. The work we've done, the strategies in place, but most importantly, with the people we have working across these brands continue to keep us well positioned.

所以我們——我可以為我們說話，勞倫特。我們的位置很好。你在 The North Face 看到的能量，我們在 Timberland 看到的能量，在我們的新興品牌中，特別是 Altra、Smartwool，繼續給我們很大的信心。我們所做的工作，到位的戰略，但最重要的是，與我們在這些品牌中工作的人一起繼續讓我們保持良好的定位。

Very helpful. And then, Steve, last quarter, you talked about Vans sequential improvement over the quarters. How do we still think about that? And then with regards to -- there were some channel dynamics between DTC and wholesale for Vans overall, how do we think about that?

非常有幫助。然後，史蒂夫，上個季度，你談到了 Vans 在這些季度中的連續改進。我們還怎麼想呢？然後關於 - 整體而言，DTC 和 Vans 批發之間存在一些渠道動態，我們如何看待這個問題？

And then, Matt, just a quick question, just a modeling question. I think last quarter, you talked about $0.23 of unfavorable nonoperating impacts, 3 items. With the $0.25 adjustment this quarter, was that just largely FX? Or were there other factors to consider?

然後，馬特，只是一個簡單的問題，只是一個建模問題。我認為上個季度，您談到了 0.23 美元的不利非運營影響，共 3 項。隨著本季度 0.25 美元的調整，這主要是外匯嗎？還是有其他因素需要考慮？

So to the first part of your question, let me first say, and I think it's important, we're not meeting our expectations in Vans. And while we're not, we're still confident. We've got the right leader. You heard from Kevin in our last meeting, the strategies that are in place, but most importantly, the actions that he's driving across the business, absolutely are showing benefit and giving us confidence that we're on the right track.

所以對於你問題的第一部分，讓我先說，我認為這很重要，我們沒有達到我們對 Vans 的期望。雖然我們不是，但我們仍然有信心。我們找到了合適的領導者。您在我們上次會議上從凱文那裡聽到了現有的戰略，但最重要的是，他在整個業務中推動的行動，絕對顯示出好處，讓我們相信我們走在正確的軌道上。

From a quarter standpoint, and I guess to your sequential question, Q1, we missed really based on our lower D2C traffic and comping a strong year last year. There was slightly lower revenue in China than planned. But on the positive side, our European business continues to do well and was above expectation. So as we think sequentially, our focus on our own D2C, where we can control that narrative where we can really drive that experience, we think about the Classics campaign that we have in place, while also staying mindful of the progression side of the product offer. We've seen continued double-digit growth with Altra. Our Sk8-Hi continues to grow at a double-digit rate. We see sequential improvement as we go across the year.

從一個季度的角度來看，我猜對於你的連續問題，第一季度，我們確實錯過了基於我們較低的 D2C 流量和去年的強勁表現。中國的收入略低於計劃。但從積極的方面來看，我們的歐洲業務繼續表現良好，超出預期。因此，當我們依次思考時，我們專注於我們自己的 D2C，我們可以在其中控制我們可以真正推動這種體驗的敘述，我們會考慮我們現有的 Classics 活動，同時也要注意產品的進展方面提供。我們已經看到奧創持續兩位數的增長。我們的 Sk8-Hi 繼續以兩位數的速度增長。隨著我們一年的過去，我們看到了連續的改善。

And I guess, what gives us confidence in that is where we drop new products with new innovation and new innovative partners to the comments in our remarks are on Stranger Things, the Sailor Moon collab and Brain Dead, we're seeing good sell-through. There is risk in this business. I don't want to at all say that there's not. But we have a really good understanding of where it is and mitigating actions in place to make sure that we continue to move against that long-term strategy because there's every evidence in our side that this is a strong brand. It has enjoyed significant growth in the past, and it remains very relevant. And the tremendous number of consumers still coming in engaging and joining our loyalty program, just kind of reinforces the confidence that we have and the trajectory we know we have in the future.

我想，讓我們對此充滿信心的是，我們在評論中對 Stranger Things、Sailor Moon 合作和 Brain Dead 的評論中放棄了具有新創新和新創新合作夥伴的新產品，我們看到了良好的銷售.這項業務存在風險。我根本不想說沒有。但我們非常了解它的位置，並採取了適當的緩解措施，以確保我們繼續反對這一長期戰略，因為我們有充分的證據表明這是一個強大的品牌。它在過去享有顯著增長，並且仍然非常重要。大量消費者仍在參與和加入我們的忠誠度計劃，這增強了我們的信心以及我們對未來的了解。

Yes. I'll add 1 point on Vans in terms of the sequentiality, Certainly, we've performed a little below our expectations in the quarter, but we're not significantly off our plans. The brands did grow 4% ex China in the quarter against -- actually was probably the toughest compare of the year from us from a quarterly perspective. So we -- everything Steve said as well as kind of just looking at the numbers from a compare standpoint and obviously expecting the China business to improve sequentially through the year as well, we remain confident in how we see the brand position for the year.

是的。就順序而言，我會在 Vans 上加 1 分。當然，我們在本季度的表現略低於我們的預期，但我們並沒有明顯偏離我們的計劃。這些品牌在中國以外的季度確實增長了 4%，從季度的角度來看，這實際上可能是我們今年最艱難的比較。所以我們 - 史蒂夫所說的一切，以及只是從比較的角度來看數字，顯然預計中國業務也會在今年連續改善，我們對我們如何看待今年的品牌地位仍然充滿信心。

I love you asked the question on nonoperating impacts, Laurent, you got the details there. You're spot on. Let me try to answer this, so as to not confuse because it's easy to get confused, I believe. The $0.23 we talked about before, which we gave you all those pieces, the currency component of that was translation only when we laid that out. That $0.23 has now become kind of $0.39, okay? And most things are unchanged. Currency translation is kind of $0.16, $0.17 worse, which is a piece of the $0.25 reduction and the rest is transaction -- currency transaction that's flowing through our P&L and primarily through our gross margin.

我愛你問了關於非操作性影響的問題，勞倫特，你在那裡得到了細節。你很準。讓我試著回答這個問題，以免混淆，因為我相信很容易混淆。我們之前談到的 0.23 美元，我們給了你所有這些部分，其中的貨幣部分只有在我們列出時才進行轉換。 0.23 美元現在變成了 0.39 美元，好嗎？而且大多數事情都沒有改變。貨幣換算是 0.16 美元，更差 0.17 美元，這是減少 0.25 美元的一部分，其餘的是交易——貨幣交易通過我們的損益表，主要通過我們的毛利率流動。

So that's how to think about kind of 2/3 translation, 1/3 transaction of that $0.25 reduction. And if you throw that translation against what we were talking about previously, which I think is appropriate, you kind of get right at $0.40 impact now year-over-year from nonoperating point of view.

這就是如何考慮 2/3 的翻譯，減少 0.25 美元的 1/3 交易。如果你把這個翻譯與我們之前談論的內容相提並論，我認為這是合適的，從非運營的角度來看，你現在可以得到 0.40 美元的同比影響。

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

我們的下一個問題來自 BTIG 的 Camilo Lyon。

Great. This is Mackenzie Boydston on for Camilo. My first question is just on China. Just curious, given the choppiness in that market, can you just talk about your opportunity there and how you're planning to manage inventory just given kind of the choppiness there.

偉大的。這是 Camilo 的 Mackenzie Boydston。我的第一個問題是關於中國的。只是好奇，考慮到那個市場的動盪，你能不能談談你在那裡的機會，以及你打算如何管理庫存，只是考慮到那裡的波動。

Yes. Let me start with that, and maybe Steve will want to talk about kind of the growth opportunity. Clearly, we think long term, it remains a clear opportunity for growth. We are navigating short-term challenges. We guided the business to be down about 35% in the first quarter, and we kind of largely fell in line with that at down 37%.

是的。讓我從這個開始，也許史蒂夫會想談談增長機會。顯然，我們認為從長遠來看，它仍然是一個明顯的增長機會。我們正在應對短期挑戰。我們指導該業務在第一季度下降了約 35%，我們在很大程度上與下降 37% 一致。

If you look across the rest of the region, we actually saw really, really good growth. Importantly, the outdoor brands maintain momentum aided by the kind of market tailwinds. But it really coupled with consistent performance and execution of our brand teams there, particularly in The North Face. So I think we're navigating that in a way that we anticipated. A lot of what we saw occur in Q1 in terms of the results was us taking swift and aggressive actions with our retail partners to pull back on inventory levels and get our weeks of supply down, which is really what's happened.

如果你看看該地區的其他地區，我們實際上看到了非常非常好的增長。重要的是，戶外品牌在這種市場順風的幫助下保持了勢頭。但它確實與我們在那裡的品牌團隊的一致表現和執行相結合，特別是在 The North Face。所以我認為我們正在以我們預期的方式進行導航。就結果而言，我們在第一季度看到的很多情況是我們與我們的零售合作夥伴採取了迅速而積極的行動，以降低庫存水平並減少我們數週的供應，這確實發生了。

We do expect sequential improvement in the market moving forward, but we'll still be negative in Q2 is our expectation kind of mid-teens probably the way -- that mid-teens to 20% is kind of the way to think about that. And then returning to some level of growth as we move into the back half of the year.

我們確實預計未來市場會出現連續改善，但我們在第二季度仍會持負面看法，因為我們的預期可能是十幾歲的中期——十幾歲到 20% 是一種思考方式。然後隨著我們進入下半年，恢復到一定程度的增長。

And maybe to just kind of finish that out. We continue to see long-term opportunity in China and remain very committed to the Chinese market and the Chinese consumer. There's significant distribution opportunity and significant brand awareness opportunities. And I think what's interesting, when you look at the consumer trends within the Chinese market, our portfolio is extremely well suited for long-term growth, and you certainly see that in the North Face business.

也許只是為了完成它。我們繼續看到中國的長期機遇，並繼續致力於中國市場和中國消費者。有重要的分銷機會和重要的品牌知名度機會。而且我認為有趣的是，當您查看中國市場的消費趨勢時，我們的產品組合非常適合長期增長，您肯定會在 North Face 業務中看到這一點。

We've established a structure in Shanghai, developing our local teams, strengthening that local knowledge, but most importantly, really connecting closely to serving the health and well-being of the Chinese consumer. And we think that will serve us extremely well on the long term.

我們在上海建立了架構，發展我們的本地團隊，加強本地知識，但最重要的是，真正與服務中國消費者的健康和福祉密切相關。我們認為從長遠來看，這將為我們提供非常好的服務。

That's Great. And then I think you kind of touched on this in the prepared remarks, but just some more color on discussions that you're having with your wholesale partners for fall and on holiday. So are you seeing any more incremental caution, any cancellations and just maybe where the biggest cancellation risk might be from a timing perspective would be helpful.

那太棒了。然後我認為你在準備好的評論中談到了這一點，但只是在你與批發合作夥伴在秋季和假期進行的討論中增加了一些色彩。因此，您是否看到更多的謹慎，任何取消以及從時間角度來看可能最大的取消風險可能會有所幫助。

Yes, I'll take that one. I guess one thing important to recognize, I think, and really important for us is we've purposely pivoted our portfolio really away from those channels, which generally more challenged and more susceptible to higher levels of promotional activity and maybe more exposed to some of the impacts from an inflationary standpoint on that lower end consumer.

是的，我要那個。我想有一件重要的事情需要認識到，我認為，對我們來說真正重要的是，我們有目的地將我們的產品組合真正遠離那些渠道，這些渠道通常更具挑戰性，更容易受到更高水平的促銷活動的影響，並且可能更容易受到一些從通貨膨脹的角度來看，對低端消費者的影響。

With that, we've got a higher penetration of both direct-to-consumer and international, which are less promotional. Specifically with the retail partners, which are our key strategic partners, both in the U.S. and in Europe, we generate high margins with our brands, and we remain a partner of choice for those retailers. We've got strong brands. We've got great kind of connectedness to those businesses, a lot of transparency and frequent dialogue.

有了這個，我們在直接面向消費者和國際市場的滲透率都更高，促銷活動較少。特別是零售合作夥伴，他們是我們在美國和歐洲的主要戰略合作夥伴，我們的品牌產生了高利潤，我們仍然是這些零售商的首選合作夥伴。我們擁有強大的品牌。我們與這些企業建立了良好的聯繫、高度的透明度和頻繁的對話。

And ultimately, that allows us, I think, to work very closely together on issues and how we see that evolving over time. As it relates to cancellations, at this stage, our business model, we have -- we always have cancellations. And it's something that's contemplated. But when we look at where we are today, our sell-through remains good. Our sales-to-stock ratios are well balanced and really the overall inventory is healthy. So while we're watching this very closely, and we certainly will see some cancellations, we feel kind of balanced in terms of how we're viewing that. And certainly, all of that is contemplated in our outlook.

最終，我認為，這使我們能夠在問題上密切合作，以及我們如何看待隨著時間的推移而演變。因為它與取消有關，在這個階段，我們的商業模式，我們有 - 我們總是有取消。這是正在考慮的事情。但是，當我們看看今天的情況時，我們的銷售量仍然很好。我們的銷售與庫存比率非常平衡，整體庫存確實是健康的。因此，雖然我們正在密切關注這一點，並且我們肯定會看到一些取消，但就我們如何看待它而言，我們感到有點平衡。當然，所有這些都在我們的展望中得到了考慮。

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。

Great. So Steve, could you speak to the energy that you cited at North Face? And anything driving the sequential moderation that I think is embedded in the low-double-digit guide for the year? And then just at the overall portfolio level, you held your top line guide, but any underlying changes by brand maybe relative to 90 days ago that you'd cite in the top line outlook overall?

偉大的。那麼史蒂夫，你能談談你在北臉引用的能量嗎？我認為在今年的低兩位數指南中嵌入了什麼推動順序緩和的因素？然後就整體投資組合而言，您持有您的頂線指南，但品牌的任何潛在變化可能與您在整體頂線前景中引用的 90 天前相比？

Yes. So I'll take the first half. And on the North Face. In the last call, Steve, I think, did a great job really breaking down the broad-based strength across regions, channels and product categories. And that continued, Matthew, as we went into Q1 here. TNF is so well positioned in that outdoor marketplace where there is a good tailwind. And just the sheer authenticity of the brand and its relevance, both on mountain and off mountain is helping the brands stay very much in front of its core consumers.

是的。所以我要上半場。而在北壁。我認為，在上次電話會議中，史蒂夫做得很好，真正打破了跨地區、渠道和產品類別的廣泛實力。馬修，當我們在這裡進入第一季度時，這種情況仍在繼續。 TNF 在那個順風順水的戶外市場中處於如此有利的地位。而且，無論是在山上還是在山下，該品牌的純粹真實性及其相關性都幫助品牌在其核心消費者面前保持了非常大的地位。

I think where you see the real energy is in the product and marketing and what the teams are driving there from a real innovation and newness standpoint. You've heard us talk a lot about the 365-day initiative that came through really quite significantly here in Q1 with our warm weather products as well as rainwear selling extremely well. And as we've come in here towards back-to-school, we're starting to see backpacks pick up, also our travel product.

我認為你看到真正的能量在產品和營銷中，以及團隊從真正的創新和新穎的角度推動那裡的東西。您已經聽到我們談論了很多關於 365 天計劃的話題，該計劃在第一季度非常顯著，我們的溫暖天氣產品和雨衣銷售非常好。隨著我們回到學校，我們開始看到背包，還有我們的旅行產品。

But I think it's the marketing that's really driving this, and we carried that momentum out of the fall. This Full Circle Everest expedition that we mentioned in our prepared remarks, this is the -- this is the first all Black expedition to Mount Everest and really drives hard against this outdoor industry opportunity of building a stronger, more inclusive community and also the pride campaign opening up to a broader set of consumers and inviting them also to be part of that outdoor community. This is continuing to strengthen the brand, leveraging that authenticity and setting it up really well for the balance of the year.

但我認為真正推動這一點的是營銷，我們在秋季之後就保持了這種勢頭。我們在準備好的評論中提到的這次全環珠穆朗瑪峰探險，這是——這是第一次全黑的珠穆朗瑪峰探險，真正努力爭取建立一個更強大、更具包容性的社區的戶外行業機會以及驕傲運動向更廣泛的消費者開放，並邀請他們也成為戶外社區的一部分。這將繼續加強品牌，利用這種真實性並為今年的平衡做好準備。

And Matt, relative to kind of the guide. And we've consistently shown now across multiple quarters last year this quarter, this purpose-built family of brands is performing well and it's able to deliver on our commitments at the VF level. In fact, in Q1, we actually did a little bit better than our initial expectations, with that revenue growth of 7%. Actually, the top 4 brands combined grew 6%, and importantly, the rest of the portfolio grew 16%, contributing in an accretive way to VF results.

和馬特，相對於指南的種類。而且，我們在去年本季度的多個季度中始終如一地表明，這個專門打造的品牌系列表現良好，並且能夠兌現我們在 VF 級別的承諾。事實上，在第一季度，我們實際上比我們最初的預期好一點，收入增長了 7%。實際上，前 4 個品牌的總和增長了 6%，重要的是，其餘的產品組合增長了 16%，對 VF 業績做出了貢獻。

To answer your question about TNF and then kind of more probably the rest of the portfolio, we did not change any underlying outlook. But as we contemplate the flips and takes and Steve referenced a little -- I mean we probably do see a little more risk to Vans, but potentially, certainly some offsets to The North Face. But in our view, it's really early in the year. And to change anything doesn't -- we don't feel compelled to do so based on our kind of how we view the overall business and how we view each of the brands, by the way.

為了回答您關於 TNF 以及更可能是其他投資組合的問題，我們沒有改變任何潛在的前景。但是當我們考慮翻轉和拍攝時，史蒂夫提到了一點——我的意思是我們可能確實看到了 Vans 面臨的更多風險，但可能肯定會抵消 The North Face 的一些風險。但在我們看來，現在真的很早。並且改變任何東西都不會——順便說一句，基於我們對整體業務的看法以及我們對每個品牌的看法，我們並不覺得有必要這樣做。

Clearly, TNF had a strong quarter. The indicators kind of are flashing green at the moment. But remember, it's a small quarter. It's small for VF and it's even smaller for The North Face. We are -- we did benefit from some wholesale shipment timing differences, which were planned, so that wasn't a surprise. We had some shipments that came end of the quarter from last year.

顯然，TNF 有一個強勁的季度。指示燈目前正在閃爍綠色。但請記住，這是一個小季度。它對於 VF 來說很小，對於 The North Face 來說甚至更小。我們 - 我們確實受益於一些計劃中的批發發貨時間差異，所以這並不奇怪。我們有一些出貨量是從去年季度末開始的。

And then importantly, we're shipping this year closer to on time, not perfectly on time by any stretch, but definitely in a better way in terms of shipping out. And so kind of more normal shipping patterns through the quarter helped us as well. But certainly, we feel good about where The North Face is and have a lot of confidence in the trajectory of the business overall.

然後重要的是，我們今年的發貨更接近準時，無論如何都不是完全準時，但在發貨方面絕對是一種更好的方式。因此，本季度更正常的運輸模式也對我們有所幫助。但可以肯定的是，我們對 The North Face 的位置感覺良好，並且對整個業務的發展軌跡充滿信心。

That's great color. And then, Matt, maybe just on the gross margin outlook. So was foreign exchange, was that the entire driver of the full year revision or -- any change to the promotional forecast embedded within gross margin? And just anything to think about in terms of the cadence, if we're thinking of gross margin in the second quarter, maybe relative to the back half of the year?

這顏色真好。然後，馬特，也許只是毛利率前景。外匯也是如此，這是全年修訂的全部驅動因素，還是 - 毛利率中嵌入的促銷預測有任何變化？如果我們考慮第二季度的毛利率，也許是相對於今年下半年？

Yes, absolutely. So the gross margin change, which we were up 50% before is up slightly. So you could kind of call that maybe around a 40 basis point change, something to that effect, largely driven by currency FX, but also have modeled in assuming a slightly more promotional environment across the business. And I think the other thing to recognize there is we've got lots of levers in gross margin. There is a little bit of favorability in terms of our outlook relative to the use of air freight as we move through the balance of the year.

是的，一點沒錯。因此，我們之前上漲 50% 的毛利率變化略有上升。因此，您可以稱其可能會發生大約 40 個基點的變化，這在很大程度上是由貨幣外匯驅動的，但也已模擬假設整個業務的促銷環境稍微多一些。而且我認為要認識到的另一件事是我們在毛利率方面有很多槓桿。隨著我們度過今年餘下的時間，相對於空運的使用，我們的前景有一點看好。

So a couple of puts and takes there. But we have, I think, importantly, assume a modestly higher promotional environment as we move through the year implied in the guide. As it relates to the evolution, we certainly expect a sequential improvement in gross margin throughout the year. There's a few factors that really I think drive that. For first mix won't be the same negative as it was in Q1 based on China, and kind of just kind of how we see the mix evolving across channels and brands through the balance of the year.

所以有幾個放在那裡。但是，我認為，重要的是，隨著指南中暗示的這一年，我們假設了一個適度更高的促銷環境。由於它與演變有關，我們當然預計全年毛利率將連續改善。我認為有幾個因素確實推動了這一點。對於第一個組合，不會像第一季度基於中國的那樣負面，這只是我們如何看待今年餘下時間跨渠道和品牌組合的變化。

So there'll be still some negative impact, I think, in Q2. But as we move through the balance of the year, that will start to right size and that will change. The cost compares from a freight standpoint will not be an impact for Q1, far and away, just help us compare from a freight, both in terms of rates last year in Q1, the rates had not moved as aggressively as they did beyond that. And then from an airfreight standpoint, as we move through the year, that's going to be a favorable kind of tailwind to us from a comparative standpoint.

因此，我認為在第二季度仍然會有一些負面影響。但隨著我們度過今年的平衡期，這將開始調整到合適的規模，並且會發生變化。從運費的角度比較成本不會對第一季度產生很大影響，只是幫助我們從運費上進行比較，無論是去年第一季度的費率，費率都沒有像他們那樣劇烈移動。然後從空運的角度來看，隨著我們度過這一年，從比較的角度來看，這對我們來說將是一種有利的順風。

And then I think important to note, we did see kind of pricing benefits in Q1, which were meaningful that actually will increase as we move through the year just based on the kind of the timing of some of those price increases and when they hit the market, in particular, for The North Face and Timberland, with those brands that are more heavily weighted towards the fall and winter. Gross margin will still be negative in Q2. I think it's worth knowing that.

然後我認為需要注意的是，我們確實在第一季度看到了某種定價優勢，這很有意義，隨著我們全年的推進，這些優勢實際上會增加，這取決於其中一些價格上漲的時機以及它們何時達到尤其是 The North Face 和 Timberland 的市場，這些品牌更偏向於秋冬。第二季度毛利率仍將為負數。我認為值得知道這一點。

Our next question comes from the line of Bob Drbul with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Bob Drbul。

Just a couple of questions from me. First, when you -- the business is very strong in Europe -- so I think if you talk about the state of the consumer in the U.S., what are your assumptions around what you expect out of Europe over the next few quarters? And then the second question is more on some of the volatility that you're seeing in your DTC business, can you just talk about the assumptions around that piece of the business, how you're planning it? I almost curious around inventory that you have around that? And I have a follow-up with some inventory questions as well.

我有幾個問題。首先，當你——歐洲的業務非常強勁——所以我認為如果你談論美國消費者的狀況，你對未來幾個季度歐洲的預期有何假設？然後第二個問題更多的是關於您在 DTC 業務中看到的一些波動，您能否談談圍繞該業務的假設，您是如何計劃的？我幾乎對你周圍的庫存感到好奇？我還跟進了一些庫存問題。

Okay. Bob, I'll start with maybe the Europe part and let Steve come in here on D2C a little bit. But clearly, Europe continues to be a terrific performing market for us. And it's been -- kind of been and remains the fastest growing region. I think strong momentum. The integrated marketplace strategy that across brands there that's being applied really consistently and the execution of that, I think just continues to deliver great results. We're not going to grow 24% across the year necessarily again quarter-by-quarter, it's certainly worth knowing that.

好的。 Bob，我可能先從歐洲部分開始，然後讓 Steve 在 D2C 上稍微介紹一下。但顯然，歐洲對我們來說仍然是一個非常出色的市場。它一直是 - 一直是並且仍然是增長最快的地區。我認為勢頭強勁。我認為跨品牌的綜合市場戰略得到了真正一致的應用和執行，我認為它只會繼續產生很好的結果。全年我們不一定會逐季度增長 24%，這當然值得知道。

But we're really confident in what we're seeing because it's broad-based across markets, and it's broad-based across brands. I mean every brand grew in the region in the quarter, and we said that more often than not of late. We saw double-digit growth across both direct-to-consumer and wholesale. And we just got a lot of confidence in what we're doing, the strategies and really how the teams are bringing those strategies to life from a marketplace management standpoint in the region.

但我們對我們所看到的情況非常有信心，因為它在整個市場中具有廣泛的基礎，並且在各個品牌中具有廣泛的基礎。我的意思是本季度該地區的每個品牌都在增長，我們最近經常這麼說。我們看到直接面向消費者和批發的兩位數增長。從該地區的市場管理的角度來看，我們對我們正在做的事情、戰略以及團隊如何將這些戰略付諸實踐充滿信心。

And then, Bob, on the DTC question. There's obviously one of those -- one of the key strategic pillars in the evolution of VF and certainly our brand portfolio. It remains a very important part of our long-term algorithm for sure. And I guess just to take a step back, the one thing that I think you can see that we've done is in our 2 largest B2C businesses, The North Face, Vans, both of our leaders come with exceptional background, both from a brick-and-mortar and digital standpoint.

然後，鮑勃，關於 DTC 問題。顯然是其中之一——這是 VF 發展的關鍵戰略支柱之一，當然還有我們的品牌組合。當然，它仍然是我們長期算法中非常重要的一部分。我想只是退後一步，我認為你可以看到我們所做的一件事是在我們最大的 2 家 B2C 業務中，The North Face 和 Vans，我們的兩位領導人都具有非凡的背景，都來自實體和數字的立場。

And the benefits of VF and our portfolio model and the sharing across our teams as we work on our Vans business, as Nicole comes in and gets set into North Face business, her ability to share, test, learn and quickly scale the ideas that drive consumer engagement, you think about consumer acquisition from an omni standpoint, not just brick-and-mortar, but how we think about inclusively stores to online. We're really -- we've got the right leaders in the right place to help us really continue to elevate our understanding and their ability to engage consumers and pull them across our lease line, be it that digital or virtual or physical and look to convert them.

以及 VF 和我們的投資組合模型的好處，以及在我們開展 Vans 業務時我們團隊之間的共享，當 Nicole 進入並進入 North Face 業務時，她分享、測試、學習和快速擴展驅動想法的能力消費者參與，你從全方位的角度來考慮消費者獲取，不僅僅是實體店，還有我們如何看待包容性商店到在線。我們真的 - 我們在正確的地方有合適的領導者來幫助我們真正繼續提升我們的理解和他們吸引消費者並將他們拉過我們的租賃線的能力，無論是數字的、虛擬的還是物理的和外觀轉換它們。

Great. And if I could just follow up. On the inventory, so I think it was the organic inventory that you have, and there's a lot of moving pieces to the inventory generally. But when you look closely at the inventory, in terms of by brand or by region, you said you're comfortable with it, but can you just maybe put some numbers around if there are any other pockets that you're concerned about with the absolute number around where that inventory level sits there?

偉大的。如果我能跟進。關於庫存，所以我認為這是您擁有的有機庫存，並且通常庫存中有很多移動部件。但是，當您仔細查看按品牌或按地區劃分的庫存時，您會說您對此感到滿意，但是如果您擔心其他任何口袋，您可以放一些數字嗎？庫存水平在哪裡的絕對數量？

Yes. Sure, Bob. Happy to try to help you get there. Yes. Overall, we feel good about where we are, certainly, as we said. I think if we look across the different business units, yes, there's areas where we're probably a little bit elevated. We were that way in China. We're kind of coming into a better position in China with the actions that we've taken in the quarter and have kind of planned moving forward.

是的。當然，鮑勃。很高興能幫助您到達那裡。是的。總的來說，正如我們所說，我們對自己所處的位置感覺很好。我認為，如果我們查看不同的業務部門，是的，有些領域我們可能有點高。我們在中國就是這樣。通過我們在本季度採取的行動併計劃向前推進，我們在中國處於更好的位置。

So I think we feel pretty good about where we are there and quickly getting into a kind of better place and a healthy place. Certainly, the Dickies business is a brand where we're a little bit elevated at this stage, given kind of how abruptly we've seen that business kind of change in the U.S. market with that lower end consumer. And we referenced in the prepared remarks kind of a softening of sellout, but also some inventory actions, right? So some pretty aggressive actions in terms of thinking about kind of model stocks and in-stock ratios and kind of lowering the expectations in that regard, which kind of pushes some inventory back up pretty quickly.

所以我認為我們對自己所處的位置感覺很好，並很快進入了一個更好的地方和一個健康的地方。當然，Dickies 業務是一個我們在這個階段有點提升的品牌，因為我們已經看到這種業務在美國市場與低端消費者發生了多麼突然的變化。我們在準備好的評論中提到了一種銷售疲軟，但也有一些庫存行動，對嗎？因此，在考慮模型庫存和庫存比率以及降低這方面的預期方面採取了一些非常激進的行動，這會很快推動一些庫存回升。

And so we'll work our way through that. The good news is that's all core inventory, right? So we're a little bit elevated at this point in the Dickies brand. But not something we're not capable of managing through. And I think the important thing is now that the inventories at retail are quickly in the right place with key partners. If we see improving sellout, that will generate incremental volume very quickly as well, just as we saw it kind of move the other direction. So that's one thing.

所以我們會努力解決這個問題。好消息是這些都是核心庫存，對吧？所以我們在 Dickies 品牌的這一點上有點提升。但不是我們無法管理的事情。而且我認為重要的是現在零售庫存很快就與關鍵合作夥伴一起出現在正確的位置。如果我們看到售罄情況有所改善，那也將很快產生增量交易量，就像我們看到它向另一個方向移動一樣。所以這是一回事。

And then certainly, across the rest of the brand. Vans is a little high in a few places, if I'm honest, but again, not something that's unmanageable and again, driven by core products. The North Face and Timberland are relatively well positioned. I think The North Face is, in some cases, still kind of missing some key things that we'd like to have. And we're working really hard to continue to drive back into a better overall stock position from a North Face standpoint. But hopefully, that gives you a little more color.

然後當然，在品牌的其餘部分。老實說，Vans 在某些地方有點高，但再說一遍，這不是無法管理的東西，而且是由核心產品驅動的。 The North Face 和 Timberland 的位置相對較好。我認為 The North Face 在某些情況下仍然缺少一些我們想要擁有的關鍵東西。從 North Face 的角度來看，我們正在非常努力地繼續恢復到更好的整體庫存狀況。但希望這能給你更多的色彩。

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

我們的下一個問題來自瑞士信貸的 Michael Binetti。

Maybe just following up on an earlier question a little help orienting the model as we connect to 2Q here, how to think about growth for North Face in 2Q and Vans in 2Q. I guess both in total and in China for Vans, I'm just curious of Matt's comments earlier on how you're thinking about the total company improvement from -- in China going to mid-teens to 20% in the second quarter. I'd love to zero in on the brands a little bit there and North Face, too, as we get into seasonally more important?

也許只是跟進一個較早的問題，有助於在我們連接到 2Q 時定位模型，如何考慮 North Face 在 2Q 和 Vans 在 2Q 的增長。我想對於 Vans 來說，無論是總體上還是在中國，我只是好奇 Matt 早些時候關於你如何看待公司整體改進的評論——在中國從十幾歲到第二季度到 20%。隨著我們進入更重要的季節性，我也希望將品牌和 North Face 歸零一點？

And then I guess just bigger picture. Can you help us understand when we look at revenues relative to 2019, I know Europe's got a lot going on right now that's positive for the broader retail market, but Vans looks like it's up about 20% in Europe versus Americas down 9%. And I'm just trying to understand the difference in the consumer response to the brand in those 2 markets? And what you see that's different from the consumer and how they're reacting to Vans in the U.S. from Europe?

然後我想只是更大的圖景。當我們查看相對於 2019 年的收入時，您能否幫助我們了解一下，我知道歐洲現在發生了很多事情，這對更廣泛的零售市場是有利的，但 Vans 看起來歐洲增長了約 20%，而美洲下降了 9%。我只是想了解這兩個市場中消費者對該品牌的反應有何不同？你所看到的與消費者不同的地方，以及他們對來自歐洲的美國 Vans 的反應如何？

Thanks, Michael. I'll take the question here on the guide or on the outlook for Q2 and how to think about that a little bit by brand to try to shape that for you a bit. I think certainly, The North Face, the outlook would not imply in a large quarter like Q2, we're going to see the kind of growth that we saw in Q1. So you'll see some deceleration there, but we'll still see solid growth in The North Face is our expectation, really across quarters as we look across the year.

謝謝，邁克爾。我將在指南或第二季度的前景中提出問題，以及如何按品牌考慮這一點，以嘗試為您塑造一點。我當然認為，The North Face 的前景並不意味著像第二季度這樣的大季度，我們將看到我們在第一季度看到的那種增長。所以你會在那裡看到一些減速，但我們仍然會看到 The North Face 的穩健增長是我們的預期，就像我們全年看到的那樣，確實是跨季度的。

Certainly, Vans will see some sequential improvement is our expectation in Q2 into Q3 and then onto Q4. That's really driven by improvement in China. In China's case in Q2, it's kind of less negative. So that 15% to 20% is kind of a down 15% to 20%, I think you got that, but down 15% to 20% in China for VF. But we haven't talked about it by brand. But you will see some sequential improvement in Vans driven by kind of the China implications as well as kind of modest improvements in the other parts of the business.

當然，Vans 會看到一些連續的改善，這是我們在 Q2 到 Q3 再到 Q4 的預期。這真的是由中國的進步推動的。就第二季度的中國而言，負面影響較小。所以 15% 到 20% 有點下降 15% 到 20%，我想你明白了，但 VF 在中國下降了 15% 到 20%。但我們還沒有按品牌談論它。但是你會看到 Vans 在中國影響的推動下出現了一些連續的改進，以及業務其他部分的適度改進。

On the Vans revenue compare between EMEA and here in the U.S., maybe the -- I think the way I'd go at that, Michael, is let's talk about Europe specifically and what we've seen over there. And you were just with us. I think you saw the strength of our European platform. The coordinated way that we go to market. So those key account relationships are really quite critical.

關於歐洲、中東和非洲和美國的 Vans 收入比較，邁克爾，我想我會採取的方式是讓我們具體談談歐洲以及我們在那裡看到的情況。而你只是和我們在一起。我想你看到了我們歐洲平台的實力。我們進入市場的協調方式。所以那些關鍵客戶關係真的非常關鍵。

And we look at those both from a physical environment, but also those key digital retailers where we've been able to leverage the scale of VF to drive those season-to-season initiatives, putting ourselves in a place to really get in front of consumers with the right product. I would tell you the integrated marketplace strategy that's used in Europe is really quite strong and a real deep understanding of that specialty consumer, the more lifestyle and some of those more sport-inspired parts of the distribution and really thinking through where we're placing the products and driving icons on a kind of consistent, season-to-season basis.

我們既從物理環境中觀察這些，也從那些我們能夠利用 VF 的規模來推動這些季節性舉措的關鍵數字零售商那裡看到這些，讓我們自己真正處於領先地位消費者擁有合適的產品。我會告訴你，在歐洲使用的綜合市場策略非常強大，並且對專業消費者、更多生活方式和一些更受運動啟發的分銷部分有真正深刻的理解，並真正思考我們的定位產品和駕駛圖標在一種一致的、逐季的基礎上。

Our growth historically has come in those key markets in the U.K. and Germany. As we come into this year, we're starting to see really nice growth in France and Italy. And I think you kind of combine that, you put together multiple quarters of very strong growth, contrasted here in the U.S. where we have such a high concentration of owned stores, where we have seen the traffic compression as we continue to work to bring that back.

從歷史上看，我們的增長來自英國和德國的這些關鍵市場。隨著我們進入今年，我們開始看到法國和意大利的增長非常好。而且我認為你結合了這一點，你將多個季度的增長非常強勁，與美國形成鮮明對比，我們擁有如此高度集中的自有商店，我們看到流量壓縮，因為我們繼續努力實現這一點背部。

And honest -- to be honest with you, I think our integrated marketplace learnings from Europe are now coming here to the United States. Kevin will leverage those along with his team, and I think you'll start to see us really merchandise appropriately or differently to give consumers different views of the brand and a stronger use of our assortment to drive the revenue here in North America, taking those learnings, and that's one of the key benefits of our VF model, being able to look at those powerful strategic platforms internationally and share those learnings openly and take those learnings quickly and move them into positive results.

老實說——老實說，我認為我們從歐洲獲得的綜合市場經驗現在正傳到美國。凱文將與他的團隊一起利用這些，我想你會開始看到我們真正的商品是適當或不同的，讓消費者對品牌有不同的看法，並更有效地利用我們的產品來推動北美的收入，採取那些學習，這是我們 VF 模型的主要優勢之一，能夠在國際上查看那些強大的戰略平台並公開分享這些學習，並迅速吸收這些學習並將其轉化為積極的結果。

Our next question comes from the line of Brooke Roach with Goldman Sachs.

我們的下一個問題來自高盛的 Brooke Roach。

A lot of ground has been covered. But I wanted to follow up on the comments you made about VF's Vans owned stores in the Americas. Can you quantify the store productivity of the Vans America brick-and-mortar fleet that you're seeing now versus pre-COVID levels. Perhaps what level of improvement is baked into the guide for second half and the implications for fixed cost leverage and margin that you anticipate as you continue to roll out those additional brand campaigns?

很多地方都被覆蓋了。但我想跟進你對 VF 在美洲擁有的 Vans 門店的評論。您能否量化您現在看到的 Vans America 實體車隊的商店生產力與 COVID 之前的水平。也許下半年的指南中包含了何種程度的改進，以及您在繼續推出這些額外的品牌活動時預期的固定成本槓桿和利潤率的影響？

Brooke, I'll take that. Overall, today, we're kind of 85% to 90% productivity from where we were pre-COVID. And we've seen that kind of sequentially improved, but it didn't so much in Q1. That's been a kind of quarter-to-quarter improvement, but in this quarter, which is obviously a smaller quarter from a store revenue standpoint, we didn't see the kind of improvement, and that was really, I think, tied to kind of traffic compares, which ended up being different than our expectation.

布魯克，我會接受的。總體而言，今天，我們的生產力比 COVID 之前的水平提高了 85% 到 90%。我們已經看到了這種順序的改善，但在第一季度並沒有那麼大。這是一種逐季改善，但在本季度，從商店收入的角度來看，這顯然是一個較小的季度，我們沒有看到這種改善，我認為這真的與種類有關流量比較，最終與我們的預期不同。

As we move across the balance of the year, what we expect is kind of by the end of the year to be right at 100% productivity from where we were pre-pandemic. So that's kind of where we are and what our modeling would assume. Clearly, you're right, there are some implications there on the P&L today in terms of kind of absorbing the fixed costs associated with that store fleet.

隨著我們在今年的餘額中移動，我們預計到今年年底，我們的生產力將達到大流行前的 100%。這就是我們所處的位置以及我們的建模所假設的。顯然，您是對的，就吸收與該商店車隊相關的固定成本而言，今天的損益表有一些影響。

That said, it's a really highly profitable set of stores that we have, even operating at kind of a 90% productivity level. Super profitable. We generate a lot of 4-wall profit and overall, a lot of earnings at the EBIT line for the brand. But there is some overhang there that continues as those productivity levels are a little bit below where they had been historically, which were obviously extremely high.

也就是說，這是我們擁有的一組非常高利潤的商店，甚至以 90% 的生產力水平運營。超級賺錢。我們產生了大量的四壁利潤，總體而言，品牌的息稅前利潤線有很多收益。但仍有一些懸而未決的問題繼續存在，因為這些生產力水平略低於歷史水平，而歷史水平顯然非常高。

Great. That's very helpful. If I could just ask one follow-up. Can you provide an update on your pricing actions? Are you seeing any pushback from partners or from the consumer from some of the early pricing that you've taken? And have there been any changes to your pricing plans for the next few seasons?

偉大的。這很有幫助。如果我能問一個後續。您能否提供有關您的定價行為的最新信息？您是否看到合作夥伴或消費者對您採取的一些早期定價的抵制？接下來幾季的定價計劃有什麼變化嗎？

Yes, by and large, no. I mean we're right on track. We -- our average price increase on carryover product was somewhere between 3% and 4% in the quarter, which is exactly what we expected it to be. I think one thing that's kind of a proof point there is Vans, in our stores, in the quarter, our AUR was up 10%. And by the way, our gross margins in our stores and online and then collectively at the channel level across brands were higher than they were last year and certainly in line where they have been historically.

是的，總的來說，沒有。我的意思是我們正走在正軌上。我們 - 本季度結轉產品的平均價格漲幅在 3% 到 4% 之間，這正是我們的預期。我認為有一件事可以證明，Vans 在我們的商店中，在本季度，我們的 AUR 增長了 10%。順便說一句，我們在商店和在線以及各個品牌的渠道層面的毛利率都高於去年，而且肯定與歷史上的水平一致。

So the prices themselves, and that's a clear example in Vans, but everywhere where we see it, we've not seen a meaningful impact from a pricing standpoint beyond what we would have expected. So we feel pretty good. We're going to see that impact that 3% to 4% I mentioned will grow a little bit as we move into the back half of the year as some of the brands that were kind of lower impact in the first half or really in particular, the first quarter related to spring product will start to weigh in there a little bit more.

所以價格本身，這是 Vans 的一個明顯例子，但在我們看到的任何地方，從定價的角度來看，我們並沒有看到超出我們預期的有意義的影響。所以我們感覺還不錯。隨著我們進入下半年，我們將看到我提到的 3% 到 4% 的影響會有所增長，因為一些品牌在上半年的影響較小或尤其如此，與春季產品相關的第一季度將開始有更多的影響。

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

我們的最後一個問題來自富國銀行的 Ike Boruchow。

Matt, just a couple of follow-ups. Just on the inventory. Can you kind of help us think about how to -- what you're expecting 3 months from now when you guys report Q2 on the balance sheet? And then I think to Matt's question, the gross margin, I appreciate another decline in 2Q. Can you kind of give us the magnitude of decline that you're expecting? And then the last one is to Matt's question, you -- I think you said a little bit of an elevated promo outlook versus 3 months ago. Is that broad-based? Or is that specific to Vans or to any geographies or anything like that?

馬特，只是幾個後續行動。就在庫存上。你能幫我們想想如何——當你們在資產負債表上報告第二季度時，你對 3 個月後的預期是什麼？然後我想到馬特的問題，毛利率，我欣賞第二季度的再次下降。你能告訴我們你預期的下降幅度嗎？最後一個是馬特的問題，你——我認為你說的促銷前景與 3 個月前相比有所提高。這是廣泛的基礎嗎？或者這是否特定於 Vans 或任何地區或類似的東西？

Yes. So there's a lot there. Make sure I get it all. The inventory position 3 months from now, well, I'm not going to give you a number, but we will be kind of at where we plan to be, which is going to be probably better positioned than where we were 2 years ago. So I expect that we'll continue to see an increase versus the 2-year compare.

是的。所以那裡有很多。確保我得到了這一切。 3 個月後的庫存狀況，好吧，我不會給你一個數字，但我們會處於我們計劃的位置，這可能會比我們 2 年前的位置更好。因此，我預計與 2 年相比，我們將繼續看到增長。

Clearly, we're going to have, for a period of time, this impact of the in-transit inventory, which is kind of a new thing. But as we look forward and we look at kind of our days of supply, and by the way, our days we ended Q1, we're kind of in line with our expectations. We feel good about where we are. And I think what we're focused on right now is making sure that we've got the right inventory to support what continues to be a strong sort of growth outlook across our brands as we look through the balance of the year. We're going to manage very carefully in terms of the -- as we think about the environment that we're operating in for sure, but we feel good about where we're positioned there.

顯然，我們將在一段時間內受到在途庫存的影響，這是一種新事物。但是當我們向前看時，我們會審視我們的供應天數，順便說一下，我們結束第一季度的天數，我們有點符合我們的預期。我們對自己所處的位置感覺良好。而且我認為我們現在關注的是確保我們有合適的庫存來支持我們品牌在今年餘下時間中繼續保持強勁的增長前景。我們將非常謹慎地管理 - 因為我們肯定會考慮我們正在運營的環境，但我們對我們所處的位置感覺良好。

As it relates to gross margins in Q2, I would expect they'll be down about 1 point.

由於它與第二季度的毛利率有關，我預計它們將下降約 1 個百分點。

Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. I will now turn the call back over to Steve Rendle for closing remarks.

謝謝你。女士們，先生們，問答環節到此結束。我現在將把電話轉回給史蒂夫·倫德爾（Steve Rendle）以結束髮言。

Thank you, everybody, for your questions today. I'd love to leave you with 3 takeaways. As you heard, we're delivering against our revenue targets. We've reaffirmed our outlook for the year, and we're generating healthy profit margins despite what is a softer consumer environment. It is a direct reflection of the resiliency and strength of the family of brands and certainly the hard-working, passionate teams that we have across our business.

今天謝謝大家的提問。我很想給你留下 3 個外賣。正如您所聽到的，我們正在實現我們的收入目標。我們重申了對今年的展望，儘管消費者環境較為疲軟，但我們正在創造健康的利潤率。這直接反映了品牌家族的彈性和實力，當然也反映了我們整個業務中勤奮、充滿激情的團隊。

Second, we're going to remain focused on those things that we can control and absolutely be thoughtful about our investment, the approach to supporting our growth and how we think about the long-term view of our portfolio. And I think then lastly, we're confident about where VF is positioned to generate that long-term sustainable growth. Our portfolio carried momentum in. It continues to show that momentum and we're really excited to have host you here in Denver on September 28 and get you up to speed on how we look at the years here to come. So thank you for your time, and we look forward to seeing you here shortly.

其次，我們將繼續專注於那些我們可以控制的事情，並且絕對會考慮我們的投資、支持我們增長的方法以及我們如何看待我們投資組合的長期觀點。最後，我認為，我們對 VF 能夠實現長期可持續增長的定位充滿信心。我們的投資組合勢頭強勁。它繼續顯示出這種勢頭，我們非常高興能於 9 月 28 日在丹佛接待您，讓您了解我們如何看待未來幾年。感謝您抽出寶貴時間，我們期待很快在這裡見到您。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的會議到此結束，此時您可以斷開線路。感謝您的參與，祝您有美好的一天。