威富公司 (VFC) 2023 Q2 法說會逐字稿

Greetings, and welcome to the VF Corporation Second Quarter Fiscal Year 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 VF Corporation 2023 財年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Allegra Perry, VP of Investor Relations. Thank you, you may begin.

現在我很高興向您介紹您的主持人，投資者關係副總裁 Allegra Perry。謝謝，可以開始了。

Good afternoon, and welcome to VF Corporation's Second 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. 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 in our business.

下午好，歡迎參加 VF Corporation 的 2023 財年第二季度電話會議。今天電話會議的參與者將做出前瞻性陳述。這些陳述基於當前的預期，並受到可能導致實際結果存在重大差異的不確定性的影響。這些不確定性在定期提交給 SEC 的文件中有詳細說明。除非另有說明，否則今天電話會議中提及的金額將以調整後的固定美元為基礎，這是我們在今天下午發布的新聞稿中定義的，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. Unless otherwise noted, results presented on today's call are based on continuing operations.

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。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 the call will be VF's Chairman, President and Chief Executive Officer, Steve Rendle; EVP and Chief Financial Officer, Matt Puckett. Following our prepared remarks, we'll open the call for questions.

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。在我們準備好的評論之後，我們將打開提問的電話。

I'll now hand over to Steve.

我現在將交給史蒂夫。

Good afternoon, everyone, and thank you for joining our second quarter fiscal 2023 earnings call. I'll provide an operational update for the quarter and for the year-to-date, and Matt will provide a review of our financial performance.

大家下午好，感謝您參加我們的 2023 財年第二季度財報電話會議。我將提供本季度和年初至今的運營更新，Matt 將審查我們的財務業績。

I'd like to first start with a few words on the macroeconomic environment, which, even since we met for our Investor Day exactly a month ago, continues to dynamically evolve. While consumer health remains relatively intact across most of our markets, we continue to see global trends result in more choiceful and cautious spending behavior.

我想首先談談宏觀經濟環境，即使我們在一個月前的投資者日見面，它仍在動態發展。雖然我們大多數市場的消費者健康狀況相對完好，但我們繼續看到全球趨勢導致更多選擇和謹慎的消費行為。

In North America, we saw a mixed back-to-school result across product categories and today are seeing variable traffic patterns across channels and an elevating promotional environment in most markets. The situation in China continues to improve, although rolling lockdowns have slowed this progress. Despite continued softness in China, we're seeing pockets of growth in this market, led by The North Face, as the brand's global leadership role in the important Outdoor TAM continues to influence this relatively underpenetrated market.

在北美，我們看到不同產品類別的返校結果喜憂參半，如今，跨渠道的流量模式變化不定，大多數市場的促銷環境都在提升。中國的情況繼續改善，儘管滾動封鎖減緩了這一進展。儘管中國市場持續疲軟，但我們看到以 The North Face 為首的這個市場出現了一些增長，因為該品牌在重要的戶外 TAM 中的全球領導地位繼續影響這個相對滲透率較低的市場。

Outside of China, we're seeing further improvement across rest of Asia, led by Japan and Korea, which remain highly influential on Greater China. And we had another quarter of strong growth across our portfolio of brands in Europe despite a backdrop of deteriorating consumer confidence.

在中國以外，我們看到以日本和韓國為首的亞洲其他地區進一步改善，它們在大中華區仍然具有很大的影響力。儘管消費者信心不斷惡化，但我們在歐洲的品牌組合又實現了四分之一的強勁增長。

Despite this mixed macroeconomic picture, our portfolio of brands continues to deliver a broad-based performance as consumers continue to prioritize their active lifestyles and lean on our brands to fulfill those needs. And the investments we're driving into our key strategic growth capabilities and platforms continue to support the growth of our brands.

儘管宏觀經濟形勢喜憂參半，但隨著消費者繼續優先考慮積極的生活方式並依靠我們的品牌來滿足這些需求，我們的品牌組合繼續提供廣泛的業績。我們對關鍵戰略增長能力和平台的投資繼續支持我們品牌的增長。

For the quarter, our revenue grew by 2% and our adjusted operating income was approximately $380 million. We returned $194 million in cash to shareholders, bringing the year-to-date total to nearly $390 million. As you heard at our recent Investor Day, we are committed to building on those things that have always made us uniquely VF and to growing our highly intentional portfolio of brands.

本季度，我們的收入增長了 2%，調整後的營業收入約為 3.8 億美元。我們向股東返還了 1.94 億美元現金，使年初至今的總額達到近 3.9 億美元。正如您在我們最近的投資者日所聽到的那樣，我們致力於在那些始終使我們獨一無二的 VF 的基礎上再接再厲，並發展我們高度有意的品牌組合。

So to start with Vans, our actions to accelerate momentum at the brand are still early. And as anticipated, sales in the second quarter were lower, primarily as a result of a disappointing back-to-school season in the Americas. Q2 sales were down 8%, bringing year-to-date revenue to minus 6% and minus 1%, excluding China.

因此，從 Vans 開始，我們加速品牌發展勢頭的行動還為時過早。正如預期的那樣，第二季度的銷售額較低，主要是由於美洲令人失望的開學季。第二季度銷售額下降 8%，使年初至今的收入分別為負 6% 和負 1%，不包括中國。

As mentioned at Investor Day, we have a deep and broad bench of strong talent at VF and are now strategically deploying this into the Vans business. We recently made 2 important appointments, adding a new position of Chief Product and Merchandising Officer and bringing a key leader from North Face to head up Digital.

正如投資者日所提到的，我們在 VF 擁有深厚而廣泛的優秀人才，現在正在戰略性地將其部署到 Vans 業務中。我們最近進行了 2 項重要任命，增加了首席產品和營銷官的新職位，並從 North Face 引進了一位關鍵領導者來領導 Digital。

In terms of Vans product, innovation in the progression footwear line, which today represents 25% of brand sales, continues to drive an uptick in demand with the new UltraRange EXO MTE Hi, showing strong initial sell-through. As you heard from Kevin Bailey at Investor Day, it will take some time for the product-facing initiatives to be introduced. And when they come, we are confident that they will have a positive impact on the brand's results.

在 Vans 產品方面，progression 鞋類產品線的創新（如今佔品牌銷售額的 25%）繼續推動新 UltraRange EXO MTE Hi 的需求上升，顯示出強勁的初始銷售量。正如您在投資者日從 Kevin Bailey 那裡聽到的那樣，推出面向產品的計劃需要一些時間。當它們到來時，我們相信它們將對品牌的業績產生積極影響。

Traffic to our stores and digital platforms continue to be below historic levels, while the industry-leading conversion in-store remains in line with our historic levels, and our test-and-learn in-store merchandising sprints are showing early indications of improvement in both stores and online.

我們商店和數字平台的客流量繼續低於歷史水平，而行業領先的店內轉化率仍與我們的歷史水平保持一致，我們的測試和學習店內銷售衝刺顯示出早期改善跡象無論是實體店還是網上。

Our focus in the second half is to prioritize initiatives that drive traffic into our direct channels, where we have the opportunity to benefit from our strong conversion rates. I remain confident that we have the right people and the right strategy, and we'll execute to deliver results at Vans.

我們下半年的重點是優先考慮將流量吸引到我們的直接渠道的舉措，我們有機會從我們強大的轉化率中受益。我仍然相信我們擁有合適的人員和正確的戰略，我們將在 Vans 上執行以取得成果。

Now to The North Face, which continues to deliver strong and broad-based performance and prove its undisputed leadership in the Outdoor category, with revenue up 14% versus last year, reflecting double-digit growth across all regions and channels and leading to our biggest second quarter ever for the brand, bringing the year-to-date growth to 21%.

現在看看 The North Face，它繼續提供強勁和廣泛的業績，並證明其在戶外類別無可爭議的領導地位，收入比去年增長 14%，反映所有地區和渠道的兩位數增長，並導致我們最大該品牌有史以來第二季度的增長，使年初至今的增長率達到 21%。

As you heard from Nicole Otto at Investor Day, product innovation remains at the forefront of the brand's continued momentum. With a good start to the season in outerwear, which showed strength in softshells, fleece and lightweight-insulated jackets as consumers prepare for the coming fall/winter conditions. In addition to the good performance of outerwear, the continued focus on 365-day apparel in the Americas led to a double-digit growth in DTC for this region. Bags and luggage saw global success with recovering summer travel and a strong back-to-school season, driving energy for the brand.

正如您在投資者日從 Nicole Otto 那裡聽到的那樣，產品創新仍然是該品牌持續發展勢頭的最前沿。外套本季開局良好，隨著消費者為即將到來的秋冬條件做準備，軟殼、抓絨和輕質絕緣夾克表現出強勢。除了外套的良好表現外，美洲地區對 365 天服裝的持續關注導致該地區的 DTC 實現了兩位數的增長。隨著夏季旅行的複蘇和強勁的返校季，手袋和行李箱在全球範圍內取得了成功，為品牌注入了活力。

And finally, The North Face x Gucci Chapter 3 collab launched and drove meaningful brand heat. The brand continues to push boundaries with its technical innovation and was recently recognized by Outside's 2023 Winter Gear Guide, which featured 8, that's right, I said 8 products from The North Face as season must-haves.

最後，The North Face x Gucci Chapter 3 聯名推出並帶動了有意義的品牌熱度。該品牌通過其技術創新不斷突破界限，最近獲得了 Outdoor 的 2023 Winter Gear Guide 的認可，其中有 8 款，沒錯，我說 The North Face 的 8 款產品是當季必備品。

In addition, I'm extremely proud that The North Face VECTIV Fastpack insulated FUTURELIGHT boot received the Editor's Choice Award and a feature-length review alongside its inclusion in the Best Winter Hiking Boots of 2023. I encourage you to check this out.

此外，我非常自豪 The North Face VECTIV Fastpack 絕緣 FUTURELIGHT 靴子獲得了編輯選擇獎和長篇評論，同時被列入 2023 年最佳冬季遠足靴。我鼓勵您檢查一下。

The North Face continues to deploy innovative tactics in order to deepen its understanding and connection with consumers and to enhance engagement. XPLR Pass memberships added more than 800,000 new members in Q2, surpassing 15 million members in total. Overall, the brand has strong and balanced momentum and is well positioned to continue to generate long-term sustainable growth.

The North Face 繼續採用創新策略，以加深對消費者的理解和聯繫，並提高參與度。 XPLR Pass 會員在第二季度增加了超過 800,000 名新會員，會員總數超過 1500 萬。總體而言，該品牌具有強勁而平衡的勢頭，並有能力繼續實現長期可持續增長。

On to Timberland. Q2 sales growth was up 3% versus last year, impacted slightly by shipment timing. Sales for the first half were up 7% versus last year, running slightly ahead of its long-term plans as the brand continues to perform well.

前往 Timberland。受出貨時間影響，第二季度銷售額同比增長 3%。上半年銷售額與去年相比增長了 7%，由於該品牌繼續表現良好，略高於其長期計劃。

You heard recently from Global Brand President, Susie Mulder, about Timberland's sharpened focus, and it's paying off. Our new integrated brand and product campaign, Built for the Bold, taps in to our cultural relevance and work in outdoor heritage, with progressive products like the Greenstride Turbo Hiker, the #1 new fall '22 style across all regions and channels, and the new Trailquest hiker, driving growth during launch week.

您最近從全球品牌總裁 Susie Mulder 那裡聽說 Timberland 更加專注，並且正在取得成效。我們新的綜合品牌和產品活動“為大膽而生”，利用我們的文化相關性和戶外遺產工作，推出了諸如 Greenstride Turbo Hiker 等先進產品，在所有地區和渠道中排名第一的 22 年秋季新款式，以及新的 Trailquest 徒步旅行者，在發布週推動增長。

As part of our marketplace strategy, the campaign launched in New York City and London, driving sales, traffic and strong growth across digital platforms. Overall, the campaign has topped an impressive 1 billion impressions.

作為我們市場戰略的一部分，該活動在紐約市和倫敦啟動，推動了數字平台的銷售、流量和強勁增長。總體而言，該廣告系列的印像數達到了令人印象深刻的 10 億次。

We continue to see momentum in EMEA, with growth over 50% in our community membership month-over-month and with the business being up nearly 20% in the quarter. We also continue to drive brand heat and attract new consumers, with collaborations like Veneda Carter, with more than 70% of purchasers in the EMEA being new to the brand.

我們繼續看到歐洲、中東和非洲地區的發展勢頭，我們的社區會員人數環比增長超過 50%，本季度業務增長近 20%。我們還通過 Veneda Carter 等合作夥伴繼續推動品牌熱度並吸引新消費者，歐洲、中東和非洲地區超過 70% 的購買者是該品牌的新手。

And finally, our PRO business returned to growth this quarter, fueled by strong performance in brick-and-mortar and a new campaign focused on bringing new consumers into the skilled trades. In all, a solid quarter for Timberland, with momentum as we head into Q3.

最後，我們的 PRO 業務在本季度恢復增長，這得益於實體店的強勁表現和一項旨在將新消費者帶入熟練行業的新活動。總而言之，Timberland 的季度業績穩健，進入第三季度時勢頭強勁。

Finally, to round out the Big 4, Dickies. Global revenue was down 15% in Q2 and 14% in the half. In the quarter, we saw strong growth in EMEA driven by work lifestyle as the brand continues to gain traction in this region. These results were outweighed by further impacts in the Americas relating to our largest wholesale customer, which continues to tightly manage inventory levels. This performance impacted global results by about 10% in the quarter.

最後，為了完善四巨頭，Dickies。第二季度全球收入下降了 15%，上半年下降了 14%。在本季度，隨著該品牌在該地區繼續獲得吸引力，我們看到工作生活方式推動了 EMEA 的強勁增長。這些結果被我們最大的批發客戶在美洲的進一步影響所抵消，該客戶繼續嚴格管理庫存水平。這一業績對本季度全球業績的影響約為 10%。

Outside the value consumer, the brand is healthy as you recently heard from new Global Brand President, Lance Meller, at our Investor Day. The Icons business was up mid-single digits in the Americas, with women's being a significant contributor. While overall Asia Pac continues to feel the impacts from COVID-related disruption, we continue to make progress in key markets beyond Greater China, experiencing significant growth with partners in Japan and successful expansion in South Korea.

在價值消費者之外，正如您最近在我們的投資者日上從新的全球品牌總裁蘭斯梅勒那裡聽到的那樣，該品牌是健康的。 Icons 業務在美洲增長了中個位數，其中女性是一個重要的貢獻者。儘管整個亞太地區繼續感受到 COVID 相關中斷的影響，但我們繼續在大中華區以外的主要市場取得進展，與日本合作夥伴一起經歷顯著增長，並在韓國成功擴張。

On the marketing front, the Made in Dickies campaign, celebrating the brand's 100-year anniversary, continues to support brand awareness with a meaningful growth in impressions, driving organic pickup on prominent social media platforms. Dickies continues to expand its appeal with new consumers in all regions, while maintaining strong brand momentum, giving us confidence in our long-range plans for the brand.

在營銷方面，為慶祝品牌成立 100 週年而進行的 Made in Dickies 活動繼續通過顯著增加的印像數來支持品牌知名度，推動著名社交媒體平台的有機增長。 Dickies 繼續擴大對所有地區新消費者的吸引力，同時保持強勁的品牌勢頭，讓我們對品牌的長期計劃充滿信心。

Turning to the rest of the portfolio in Q2. I'll start with Supreme, where the brand grew revenue by 7%. The fall/winter season has had a good opening. We've dropped the new Yohji Yamamoto collection as well as the Nike ACG release and launched the André 3000 poster campaign. Stores continue to see strong foot traffic in all regions, with Japan showing particularly good trends leading into the reopening of tourism. We also renovated our Harajuku store, with the opening event featuring performances by Bladee and Yung Lean.

轉向第二季度的其他投資組合。我將從 Supreme 開始，該品牌的收入增長了 7%。秋冬季節開局不錯。我們放棄了新的 Yohji Yamamoto 系列以及 Nike ACG 版本，並推出了 André 3000 海報活動。在所有地區，商店的客流量繼續保持強勁，日本表現出特別好的趨勢，導致旅遊業重新開放。我們還翻新了我們的原宿店，開幕活動由 Bladee 和 Yung Lean 表演。

Our Outdoor emerging brands in aggregate grew by 14% driven by continued outstanding growth at Altra, which achieved a strong double-digit growth rate in both road running and trail running and was up mid-teens in the Americas and triple digits in EMEA. The brand's performance has been fueled by continued success of the Lone Peak as well as launches of key styles, like Torin 6, Olympus 5, Outroad and the Mont Blanc BOA. Smartwool revenue in Q2 grew by low double digits driven by apparel, up in the mid-20% range.

在 Altra 持續出色增長的推動下，我們的戶外新興品牌總體增長了 14%，該公司在公路跑和越野跑方面均實現了強勁的兩位數增長率，在美洲增長了 10 多歲，在歐洲、中東和非洲地區增長了三位數。該品牌的業績得益於 Lone Peak 的持續成功以及主要款式的推出，如 Torin 6、Olympus 5、Outroad 和 Mont Blanc BOA。在服裝的推動下，Smartwool 第二季度的收入以兩位數的低位增長，增幅在 20% 左右。

We saw continued momentum in base layer and the launch of interknit mid layer collection. Icebreaker was up mid-single digits, led by strong brick-and-mortar performance and the launch of Shell+, a 100% natural outer layer which has already won multiple innovation awards. Icebreaker launched their fourth transparency report, celebrating 95% plastic-free materials and pioneering the journey towards regenerative wool practices.

我們看到基礎層的持續發展勢頭和 interknit 中間層系列的推出。 Icebreaker 在強勁的實體店業績和 Shell+ 的推出（一種 100% 天然外層，已經獲得多項創新獎項）的帶動下，上漲了中個位數。 Icebreaker 發布了他們的第四份透明度報告，慶祝 95% 的無塑料材料並開創了再生羊毛實踐的旅程。

Momentum in our packs business continued in Q2, with high-teens growth for the quarter driven by strong back-to-school performance and continued recovery in global travel trends. Across the majority of our business, we are delivering strong revenue growth as the investments behind our strategic growth platforms are yielding positive results.

我們的包裝業務在第二季度繼續保持增長勢頭，本季度強勁的返校表現和全球旅行趨勢的持續復甦推動了本季度的青少年增長。在我們的大部分業務中，我們都實現了強勁的收入增長，因為我們的戰略增長平台背後的投資正在產生積極的結果。

As we have highlighted before, our intentionally built portfolio of brands is generating broad-based growth. Excluding Vans, which is early in its work to reset, refocus and reaccelerate, the remainder of our portfolio grew revenue by 11% in the first half, with Outdoor emerging brands continuing to gain scale and our packs business recovering nicely and seeing an acceleration of growth to plus 25% across the same period. Regionally, our EMEA business continues to deliver consistently strong results, outperforming the broader European marketplace.

正如我們之前所強調的，我們有意打造的品牌組合正在產生廣泛的增長。不包括處於重置、重新聚焦和重新加速工作早期的 Vans，我們產品組合的其餘部分在上半年的收入增長了 11%，戶外新興品牌繼續擴大規模，我們的包裝業務恢復良好並加速增長同期增長超過 25%。在區域方面，我們的 EMEA 業務繼續提供持續強勁的業績，表現優於更廣泛的歐洲市場。

Our first half revenue was up 16%, highlighting the strength of our portfolio, the relevance of our brands across all markets and the important strength of our international platforms. The North Face business continues to power forward, including and importantly, The North Face grew first half revenue by nearly 30% in Greater China, where most brands inside VF and across the broader market have been impacted by ongoing disruption. And the Dickies brand is continuing to gain momentum across the work lifestyle segment, where sales, excluding China, were up about 20% in the first half.

我們上半年的收入增長了 16%，凸顯了我們產品組合的實力、我們品牌在所有市場的相關性以及我們國際平台的重要實力。 The North Face 業務繼續向前發展，其中重要的是，The North Face 上半年在大中華區的收入增長了近 30%，VF 內部和整個市場的大多數品牌都受到了持續中斷的影響。 Dickies 品牌在工作生活方式領域繼續保持增長勢頭，上半年銷售額（不包括中國）增長了約 20%。

We are continuing to actively manage the near-term challenges presented by our largest brand, Vans, the ongoing COVID-related disruption in China and the broader macroeconomic and geopolitical challenges, which have created an unprecedented level of uncertainty, which all businesses and consumers are navigating. I remain confident in our ability to deliver on our overall revenue targets as we prepare to maximize our potential when the macroeconomic environment improves, leveraging VF's powerful brands, unique business model and critical strategic growth platforms.

我們將繼續積極應對我們最大品牌 Vans 帶來的近期挑戰、中國持續的與 COVID 相關的破壞以及更廣泛的宏觀經濟和地緣政治挑戰，這些挑戰造成了前所未有的不確定性，所有企業和消費者都對導航。我仍然對我們實現整體收入目標的能力充滿信心，因為我們準備在宏觀經濟環境改善時最大限度地發揮我們的潛力，利用 VF 的強大品牌、獨特的商業模式和關鍵的戰略增長平台。

In summary, our performance in Q2 reflects a balanced delivery of results and speaks to our resiliency as we adapt to an increasingly variable and softer consumer backdrop. Our purpose-built portfolio of iconic and deeply loved brands continues to benefit from strong tailwinds in the Outdoor, Workwear, Streetwear and Active spaces. We continue to invest behind digital and innovation, with our brands generating a regular cadence of new product initiatives, driving an increasingly closer connection to our consumers.

總而言之，我們在第二季度的表現反映了結果的平衡交付，並說明了我們在適應日益多變和疲軟的消費者背景時的彈性。我們專門打造的標誌性和深受喜愛的品牌組合繼續受益於戶外、工作服、街頭服飾和活動空間的強勁順風。我們繼續投資於數字和創新，我們的品牌定期推出新產品計劃，推動與消費者的聯繫越來越緊密。

The quality of our performance is a testament to our deep bench of strong talent in the incredible teams, whose enthusiasm, hard work and commitment continue to enable us to deliver results. I remain incredibly impressed and grateful for their ongoing contributions.

我們的表現質量證明了我們在令人難以置信的團隊中擁有強大的人才，他們的熱情、辛勤工作和承諾繼續使我們能夠取得成果。我仍然對他們的持續貢獻印象深刻並感激不盡。

I will now hand over to Matt to take you through our financial performance. Matt?

我現在將交給馬特，帶您了解我們的財務業績。馬特?

Thanks, Steve, and good afternoon, everyone. As Steve mentioned, we delivered a balanced set of results in Q2 as we adapt to a more variable and softening consumer environment. Revenue was up 2% in constant dollar terms and up 4%, excluding China. For half 1, revenue was plus 4% and plus 7%, excluding China.

謝謝，史蒂夫，大家下午好。正如史蒂夫所提到的，隨著我們適應更加多變和軟化的消費者環境，我們在第二季度交付了一組平衡的結果。按不變美元計算，收入增長 2%，不包括中國，增長 4%。上半年，不包括中國，收入分別增長 4% 和 7%。

After accounting for a negative FX translational impact of approximately $195 million, nearly double the level seen in Q1, sales were down by 4% on a reported basis in the quarter. Globally, both our wholesale and direct-to-consumer businesses generated low single-digit growth in Q2, and DTC returned to growth at the VF level despite a lower performance than anticipated from Vans North America.

在考慮了約 1.95 億美元的負面外匯轉化影響（幾乎是第一季度水平的兩倍）之後，該季度報告的銷售額下降了 4%。在全球範圍內，我們的批發業務和直接面向消費者的業務在第二季度均實現了低個位數增長，儘管 Vans North America 的業績低於預期，但 DTC 恢復了 VF 水平的增長。

Our adjusted EPS was $0.73, down 34% or down 27% on a constant dollar basis. About 1/3 of this reduction versus last year relates to nonoperating impacts.

我們調整後的每股收益為 0.73 美元，按固定美元計算下降 34% 或 27%。與去年相比，大約 1/3 的減少與非運營影響有關。

Before I unpack the P&L in more detail, I'll give you an update on the operating environment across our primary geographies. While rolling lockdowns continued to disrupt operations in China during Q2, we are otherwise open for business from a COVID standpoint across the value chain. Revenue in the Americas was down 3%, but up 3%, excluding Vans, against the difficult macro backdrop, characterized by softer traffic and components of our DTC network, higher inventory levels across the marketplace and an increasingly promotional environment.

在我更詳細地了解損益表之前，我將向您介紹我們主要地區的運營環境的最新情況。雖然滾動封鎖在第二季度繼續擾亂在中國的運營，但從 COVID 的角度來看，我們在整個價值鏈中都可以開展業務。美洲的收入下降了 3%，但在艱難的宏觀背景下（不包括 Vans）增長了 3%，其特點是我們的 DTC 網絡的客流量和組件疲軟、整個市場的庫存水平較高以及促銷環境日益增加。

Our Outdoor businesses continue to perform strongly, led by The North Face, growing low double digits in the quarter and continue to generate strong sellout across channels.

我們的戶外業務在 The North Face 的帶領下繼續表現強勁，在本季度以兩位數的低位增長，並繼續在各個渠道產生強勁的銷售。

Vans performance in the region was down 11%, impacted by lower back-to-school sales, an increasingly cautious approach by our wholesale partners, leading to higher cancellations, and lower traffic affecting our direct channels. Finally, Dickies down 17% was impacted by further inventory adjustments made by our largest third-party retailer.

Vans 在該地區的業績下降了 11%，原因是返校銷售下降、我們的批發合作夥伴採取越來越謹慎的態度，導致取消訂單增加，以及影響我們直接渠道的流量減少。最後，由於我們最大的第三方零售商進一步調整庫存，Dickies 下跌了 17%。

Across the rest of the business, the brand was down low single digits overall, despite similar inventory pressures and other more value and consumer work accounts. This was helped by double-digit growth in work-inspired products.

儘管存在類似的庫存壓力以及其他更多價值和消費者工作賬戶，但在其他業務中，該品牌整體下降了個位數。這得益於受工作啟發的產品的兩位數增長。

Our business in EMEA remained strong despite a further deterioration in consumer confidence and the corresponding impact to traffic levels. Revenue in the region was up 12% in the quarter and by 16% in the year-to-date driven by broad-based growth across all brands, with all brands growing and 10 brands growing double digits in the quarter. Both DTC and wholesale are up double digits, again signaling the broad-based strength our brands are enjoying in the region.

儘管消費者信心進一步惡化並對客流量水平產生相應影響，但我們在歐洲、中東和非洲的業務依然強勁。該地區的收入在本季度增長了 12%，今年迄今增長了 16%，這得益於所有品牌的廣泛增長，所有品牌都在增長，本季度有 10 個品牌增長了兩位數。 DTC 和批發都增長了兩位數，再次表明我們的品牌在該地區享有廣泛的實力。

Within wholesale, the third-party digital business was softer, reflecting a more conservative approach to inventory as well as some cancellations amidst lower traffic. By market, 4 of the 5 largest markets generated strong double-digit growth, France, Italy, Spain and Germany.

在批發業務中，第三方數字業務較為疲軟，反映出對庫存的態度更為保守，以及在流量較低的情況下取消了一些業務。按市場劃分，5 個最大市場中有 4 個實現了兩位數的強勁增長，即法國、意大利、西班牙和德國。

As anticipated, APAC progressively improved and returned to growth, with revenue plus 2% in Q2, in line with our plans, a testament to the strengths of our brands and to the efforts of our teams to respond with agility to ongoing market headwinds, particularly in China.

正如預期的那樣，亞太地區逐步改善並恢復增長，第二季度收入增長 2%，符合我們的計劃，這證明了我們品牌的實力以及我們團隊為靈活應對持續的市場逆風所做的努力，特別是在中國。

The performance in Greater China improved to down 10% in the quarter, in contrast to down 30% in Q1, but continues to be impacted by widespread rolling COVID lockdowns and restrictions as well as lower consumer spending. This result was largely in line with our expectations for the half. The rest of Asia improved further, growing 30% during the quarter.

與第一季度下降 30% 相比，本季度大中華區的表現改善至下降 10%，但繼續受到廣泛滾動的 COVID 封鎖和限制以及消費者支出下降的影響。這一結果在很大程度上符合我們對一半的預期。亞洲其他地區進一步改善，本季度增長 30%。

The Outdoor segment continues to experience favorable tailwinds, and The North Face delivered yet another quarter of strong double-digit growth across the region, highlighted by revenue growth of nearly 30% in the first half in Greater China.

戶外業務繼續受到有利的推動，The North Face 在該地區又實現了強勁的兩位數增長，其中大中華區上半年收入增長近 30% 尤為突出。

Now moving on to gross margin, where we were again adversely impacted by a number of factors in the quarter, our adjusted gross margin was down by 240 basis points. As anticipated and after 2 negative quarters, the mix impact was flat in the quarter. Rate was down 220 basis points, primarily reflecting higher discounts, increased promotional activity and elevated inventory levels. Higher product costs have been offset by planned price increases.

現在轉向毛利率，我們在本季度再次受到許多因素的不利影響，我們調整後的毛利率下降了 240 個基點。正如預期的那樣，在經歷了兩個負面季度之後，本季度的混合影響持平。利率下降了 220 個基點，主要反映了更高的折扣、促銷活動的增加和庫存水平的提高。較高的產品成本已被計劃中的價格上漲所抵消。

Turning to an update of the supply chain environment. Our supply chain is one of our key strategic platforms and a competitive advantage for VF. As you heard from Cameron Bailey at our recent Investor Day, we continue to act with agility and speed, leveraging our scale and diversification to mitigate ongoing headwinds and disruption.

轉向供應鏈環境的更新。我們的供應鍊是我們的關鍵戰略平台之一，也是 VF 的競爭優勢。正如您在我們最近的投資者日上從 Cameron Bailey 那裡聽到的那樣，我們將繼續以敏捷和速度行動，利用我們的規模和多元化來緩解持續的逆風和乾擾。

Our sourcing and production base remains open and is operating with greater diversification, stemming from a concerted effort to move production closer to consumption, where it makes sense. We are still feeling the effects from the 8 weeks of large-scale lockdowns in China during Q1 as the impacts work through the system. And while much more stable, we continue to deal with ongoing micro lockdowns and the impact to operations in China during Q2. That said, our diversification, scale and agility are enabling us to adjust as needed to minimize disruption.

我們的採購和生產基地保持開放，並以更加多樣化的方式運營，這源於共同努力使生產更接近消費，這是有意義的。隨著影響在整個系統中發揮作用，我們仍然感受到第一季度中國為期 8 週的大規模封鎖的影響。雖然更加穩定，但我們將繼續應對第二季度持續的微鎖定以及對中國運營的影響。也就是說，我們的多元化、規模和敏捷性使我們能夠根據需要進行調整，以最大限度地減少干擾。

From a logistics standpoint, we are seeing a further improvement in transit times across the water and dwell times in port, which are contributing to improving overall predictability and reliability, although it's worth noting that variability continues to remain somewhat elevated as compared to the pre-pandemic environment.

從物流的角度來看，我們看到跨水運輸時間和港口停留時間的進一步改善，這有助於提高整體可預測性和可靠性，儘管值得注意的是，與之前相比，可變性繼續保持一定程度的升高。流行病環境。

Overall, we've begun to reduce lead times from both a production and logistics perspective, although the total cycle time is still higher than historical levels. We anticipate closer to normal lead times as we move into fall 2023.

總體而言，我們已經開始從生產和物流的角度縮短交貨時間，儘管總週期時間仍高於歷史水平。隨著我們進入 2023 年秋季，我們預計將接近正常的交貨時間。

On the cost side, both ocean and air spot rates reduced further during the quarter but remained substantially higher than historic levels. Finally, our port and route diversification strategy in North America remained in place as we continued to follow the ongoing West Coast labor negotiations. This allows us to more consistently and better serve the consumer, but adds cost in the short term.

在成本方面，本季度海運和空運即期運費均進一步下降，但仍遠高於歷史水平。最後，隨著我們繼續關注正在進行的西海岸勞工談判，我們在北美的港口和航線多元化戰略仍然有效。這使我們能夠更一致、更好地為消費者服務，但在短期內會增加成本。

In summary, while the situation continues to improve gradually, the supply chain overall remains disrupted relative to the pre-pandemic norm. So let me spend a couple of minutes on inventory, which, of course, is the hot topic at the moment.

綜上所述，雖然情況繼續逐步改善，但相對於大流行前的常態，供應鏈整體仍處於中斷狀態。因此，讓我花幾分鐘時間研究一下庫存，這當然是目前的熱門話題。

As we mentioned on our last earnings call, during Q1, we implemented a supply chain financing program with the majority of our finished goods suppliers. This results in us taking ownership of inventory at the point of shipment rather than at the destination point, meaning we own the inventory for an additional month or so.

正如我們在上次財報電話會議中提到的那樣，在第一季度，我們與大多數成品供應商實施了供應鏈融資計劃。這導致我們在發貨點而不是在目的地點擁有庫存所有權，這意味著我們擁有額外一個月左右的庫存。

There's no impact on cash flow since the point at which payment is due to the supplier hasn't changed. The increase in inventory is offset by an increase in accounts payable as evidenced by our Q2 result, where payables were up 91% in the quarter. As part of the program and as of September 1, VF has increased payment terms with the majority of its finished goods suppliers. This change will begin to benefit VF's overall cash flow later in half 2 and this impact has been contemplated in our operating cash flow outlook.

由於支付給供應商的時間點沒有改變，因此對現金流沒有影響。正如我們第二季度的結果所證明的那樣，庫存的增加被應付賬款的增加所抵消，該季度的應付賬款增長了 91%。作為該計劃的一部分，自 9 月 1 日起，VF 增加了與大多數成品供應商的付款條件。這一變化將在下半年 2 後期開始有利於 VF 的整體現金流，我們的經營現金流展望已經考慮了這種影響。

Inventory levels are up 88% versus last year, including an increase of about $510 million in in-transit inventories relating to the supply chain financing program. Excluding this factor, inventories are up 58% versus last year. On an organic basis, excluding in-transit versus Q2 of fiscal '20, which is a pre-pandemic comparison, gross inventories are up about 35%.

與去年相比，庫存水平增加了 88%，其中與供應鏈融資計劃相關的在途庫存增加了約 5.1 億美元。排除這個因素，庫存比去年增加了 58%。在有機基礎上，不包括在途與 20 財年第二季度（這是大流行前的比較），總庫存增加了約 35%。

Roughly 75% of the increase versus last year was to rightsize the inventory levels from their unusually low levels and to support this year's growth plans. The balance of the increase largely represents higher-than-planned levels of inventory at Vans and Dickies, primarily in core products.

與去年相比，大約 75% 的增長是為了從異常低的水平調整庫存水平，並支持今年的增長計劃。增加的餘額主要代表 Vans 和 Dickies 的庫存水平高於計劃，主要是核心產品。

Actions are underway to mitigate this and ensure we are well positioned at our fiscal year-end and importantly, as we manage the overall health and levels of inventory towards spring and summer of 2023. These include adjustments to forward purchases where possible. controlled sell-down of excess and distressed inventory and in some cases, where the stock is largely replenishment, plans to carry a higher level of inventory in the near term, such as in the case of core Dickies Workwear product.

正在採取行動來緩解這種情況，並確保我們在財政年度結束時處於有利位置，重要的是，因為我們管理著 2023 年春季和夏季的整體健康狀況和庫存水平。其中包括在可能的情況下調整遠期採購。控製過剩和不良庫存的拋售，在某些情況下，庫存主要是補充庫存，計劃在短期內持有更高水平的庫存，例如核心 Dickies Workwear 產品。

Now to wrap up the P&L. Our adjusted operating margin was down by 440 basis points, reflecting lower gross margins as well as ongoing targeted investments, which we continue to make to advance our key strategic priorities and support our brand's growth opportunities. SG&A was up 7% on a constant dollar basis in the quarter, still above but more in line with our full year revenue growth outlook of 5% to 6%.

現在結束損益表。我們調整後的營業利潤率下降了 440 個基點，反映了較低的毛利率以及正在進行的有針對性的投資，我們繼續進行這些投資以推進我們的關鍵戰略重點並支持我們品牌的增長機會。 SG&A 在本季度按固定美元計算增長 7%，仍高於但更符合我們 5% 至 6% 的全年收入增長預期。

Operating expense deleveraged in the quarter, the result of 3 key factors. First, we continued to invest behind our key strategic priorities. Those investments were up by 9% in the quarter, primarily reflecting initiatives in the digital and technology space and continued investment in demand and product creation in the brands. Second, our revenue growth of plus 2% in the quarter is projected to be our lowest quarterly growth of the fiscal year and finally, lower profit margins in our highly profitable Vans direct-to-consumer business, reflecting the brand's recent performance. We are continuing to maintain strict cost management against all controllable spend.

本季度運營費用去槓桿，是三個關鍵因素的結果。首先，我們繼續投資於我們的關鍵戰略重點。這些投資在本季度增長了 9%，主要反映了數字和技術領域的舉措以及對品牌需求和產品創造的持續投資。其次，我們本季度 2% 的收入增長預計將是我們本財年最低的季度增長，最後，我們高利潤的 Vans 直接面向消費者業務的利潤率下降，這反映了該品牌最近的表現。我們將繼續對所有可控支出保持嚴格的成本管理。

Moving on to our outlook for the rest of fiscal '23. We are confirming our full year revenue outlook of plus 5% to 6% constant dollar growth and now expect about 6.5 points of impact from foreign currency translation on reported revenues. And considering the velocity with which the macro environment and the marketplace has evolved, even since we last updated you just a month ago, we're taking a more cautious approach in planning profitability for the balance of our fiscal year.

繼續我們對 23 財年剩餘時間的展望。我們正在確認我們的全年收入前景，即美元不變增長 5% 至 6%，現在預計外幣換算對報告收入的影響約為 6.5 個百分點。考慮到宏觀環境和市場發展的速度，即使我們在一個月前上次更新您，我們在規劃本財年剩餘時間的盈利能力時也採取了更加謹慎的方法。

That said, we are proactively taking near-term actions to drive higher revenue and profit in our half 2 amidst the difficult and highly promotional environment. Specifically, we are leveraging our portfolio strength and sharing learnings across the organization in order to, first, increase consumer traffic, engagement and conversion in our direct channels, leveraging better performing tactics across our company and deploying these to other areas.

也就是說，在困難和高度促銷的環境中，我們正在積極採取近期行動，以提高我們第二季度的收入和利潤。具體來說，我們正在利用我們的投資組合優勢並在整個組織內分享經驗教訓，以首先增加我們直接渠道中的消費者流量、參與度和轉化率，利用我們公司內表現更好的策略並將這些策略部署到其他領域。

Second, we will drive the profitable sale of excess inventory, utilizing our own channels first, followed by other important strategic partners. Third, we will work with our brands, particularly those that are performing well, to position the business to set spring '23 early in our fiscal Q4, where opportunities exist to drive incremental revenue. And finally, we will reduce all nonstrategic controllable spend in the year-to-go period. We remain committed to maximizing profitability in the back half of the year in the face of a challenging set of macro factors.

其次，我們將推動過剩庫存的盈利銷售，首先利用我們自己的渠道，其次是其他重要的戰略合作夥伴。第三，我們將與我們的品牌合作，特別是那些表現良好的品牌，將業務定位為在我們的財政第四季度早期設定 23 年春季，在這個時候存在增加收入的機會。最後，我們將在未來一年內減少所有非戰略性可控支出。面對一系列具有挑戰性的宏觀因素，我們仍致力於在下半年實現盈利能力最大化。

Within the details of our fiscal year '23 revenue outlook of plus 5% to 6% constant dollar growth, we are anticipating The North Face will grow by at least 12%, suggesting an implied half 2 growth rate of at least 7%. Our Vans guidance for the year to be down mid-single digits implies a low- to mid-single-digit decline in half 2, a slightly better result than in half 1, where the brand declined 6% driven by easier prior year comparison in China.

在我們的 23 財年收入展望的細節中，加上 5% 到 6% 的固定美元增長，我們預計 The North Face 將增長至少 12%，這意味著隱含的半 2 增長率至少為 7%。我們對今年 Vans 下降中個位數的指導意味著第二年下半年的低至中個位數下降，略好於上半年的結果，該品牌下降了 6%，原因是上一年比較容易中國。

Moving on to our fiscal year '23 adjusted gross margin outlook. Considering a more impactful promotional environment, reflecting the heightened and increasing levels of inventory across the marketplace and ongoing U.S. dollar strengthening, we now anticipate gross margins to be down by 100 to 150 basis points versus last year. As a result of the lower gross margin and greater foreign currency impacts, we are lowering our adjusted operating margin guidance to be approximately 11%.

繼續我們的 23 財年調整後的毛利率前景。考慮到更具影響力的促銷環境，反映出整個市場的庫存水平不斷提高和美元持續走強，我們現在預計毛利率將比去年下降 100 至 150 個基點。由於較低的毛利率和較大的外匯影響，我們將調整後的營業利潤率指引下調至約 11%。

Our EPS range is now anticipated to be $2.40 to $2.50 relative to $3.18 last year. As we've mentioned previously, there are several nonoperating factors that are impacting the compare to last year and these have only increased with the larger foreign currency headwinds. The total negative impact versus last year of these factors, led by an FX translation impact of $0.31, is about $0.50.

我們的每股收益範圍現在預計為 2.40 美元至 2.50 美元，而去年為 3.18 美元。正如我們之前提到的，有幾個非經營性因素正在影響與去年相比，這些因素只會隨著更大的外匯逆風而增加。與去年相比，這些因素的總負面影響（以 0.31 美元的外匯轉換影響為首）約為 0.50 美元。

Finally, a quick update on our projected cash evolution this year. Our full year guidance implies continued healthy cash generation over the course of the year, with adjusted operating cash flow, excluding the onetime Timberland tax deposit, expected to be at least $900 million.

最後，快速更新一下我們今年預計的現金演變情況。我們的全年指導意味著全年持續健康的現金產生，調整後的經營現金流（不包括一次性 Timberland 稅收存款）預計至少為 9 億美元。

To give you an update on the Timberland tax deposit, the appeal was filed on October 7, and we made the forecasted payment of $876 million in the early part of Q3, while at the same time, drawing down $800 million against the recently established term loan facility, with capacity up to $1 billion.

為了讓您了解有關 Timberland 稅收押金的最新情況，上訴於 10 月 7 日提出，我們預計在第三季度初期支付 8.76 億美元，同時從最近確定的期限中提取 8 億美元貸款額度，最高可達 10 億美元。

We've approved a further increase in the dividend to $0.51 a share as part of our ongoing commitment to return cash to shareholders. Finally, our balance sheet remains sound, with liquidity expected to exceed $2.3 billion at year-end.

作為我們向股東返還現金的持續承諾的一部分，我們已批准將股息進一步增加至每股 0.51 美元。最後，我們的資產負債表依然穩健，預計年底流動性將超過 23 億美元。

I'd like to conclude my prepared remarks by reiterating the confidence we have in our strategy and our commitment to delivering superior shareholder returns. We will continue to invest in our portfolio of brands and our strategic platforms in order to further strengthen our business model and position us to drive consistent, sustainable and profitable growth over the long term. As I said at Investor Day, we are committed to being a growth company, consisting of growth brands, and are well positioned to perform despite a softening consumer environment and continued elevated uncertainty.

我想通過重申我們對我們的戰略的信心以及我們對提供卓越的股東回報的承諾來結束我準備好的發言。我們將繼續投資於我們的品牌組合和我們的戰略平台，以進一步加強我們的業務模式，並使我們能夠長期推動持續、可持續和盈利的增長。正如我在投資者日所說的那樣，我們致力於成為一家成長型公司，由成長型品牌組成，儘管消費環境疲軟且不確定性持續升高，但我們仍處於有利地位。

Finally, I continue to be impressed with the invaluable contributions and achievements of our teams, which make all the difference in ensuring VF is well positioned to continue to deliver against our strategy.

最後，我繼續對我們團隊的寶貴貢獻和成就印象深刻，這對確保 VF 能夠繼續按照我們的戰略進行交付發揮了重要作用。

Thank you. We're happy to now open the line and take your questions.

謝謝你。我們很高興現在打開熱線並回答您的問題。

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

（操作員說明）我們的第一個問題來自瑞士信貸的 Michael Binetti。

Matt, I want to dig in on some of the actions to drive revenue and profit that you spoke to. Maybe just -- I know you gave us a little list there, but maybe just a little bit more on what we'll actually see, what you're doing, since you introduced the highlights there. And then as we look at Vans and we -- I know you said, well, there's a little bit of an easier compare on China and when we look at it on a 1-year basis.

馬特，我想深入了解你談到的一些增加收入和利潤的行動。也許只是 - 我知道你在那裡給了我們一個小清單，但也許只是更多關於我們將實際看到的內容，你在做什麼，因為你在那裡介紹了亮點。然後當我們看 Vans 時，我們——我知道你說過，嗯，在中國和我們以 1 年為基礎進行比較時，比較容易一些。

What -- when we look on a multiyear basis, pre-COVID, it looks like the revenues for Vans will need to accelerate a little bit in the back half to get to the down mid-single from where it was in the second quarter. Is there any numericals you can give us to help us get the building blocks to what rolls off or what comes online that should help for a better trend on a multiyear basis?

什麼——當我們從多年的基礎上看時，在 COVID 之前，看起來 Vans 的收入需要在後半部分加速一點，才能從第二季度的水平下降到中單。您是否可以給我們提供任何數字來幫助我們構建構建模塊，以幫助我們在多年的基礎上實現更好的趨勢？

Yes. Sure, Michael. And thanks for the question. It's nice to hear your voice. First, I would say, relative to the actions, we're not happy at all about the -- what we're seeing in terms of the profit projection and I think the approach that we took to adjusting the full year profit outlook while revenue remains intact.

是的。當然，邁克爾。感謝您的提問。很高興聽到你的聲音。首先，我想說，相對於這些行動，我們對 - 我們在利潤預測方面看到的情況並不滿意，我認為我們在調整全年利潤前景時所採取的方法，同時收入保持完好。

We just see some headwinds on the horizon associated with kind of rising inventory levels in a promotional environment in the marketplace that's going to be all around us. And we certainly expect that's going to have some impact on our business. And I think we felt like it was important to plan prudently in that regard. But despite that, we're going to work really hard to kind of bring that profitability level back, and that really is what those actions are all about.

在我們身邊的市場促銷環境中，我們只是看到一些與庫存水平上升相關的不利因素。我們當然希望這將對我們的業務產生一些影響。我認為我們覺得在這方面謹慎計劃很重要。但儘管如此，我們將非常努力地恢復盈利水平，而這正是這些行動的全部意義所在。

As it relates to driving traffic and conversion in our own formats, in our own stores and our own websites, one of the biggest opportunities we see is to really look across, and this is kind of the power of our platform in a sense, look across our businesses and where we see things working well tactically within digital marketing and tactics to drive digital commerce, where are things working well and how do we deploy those in other brands or other places where we're not seeing the same kind of benefit or the same kind of returns on the tactics that are being deployed today.

因為它與以我們自己的格式、在我們自己的商店和我們自己的網站中推動流量和轉化有關，所以我們看到的最大機會之一就是真正了解，這在某種意義上是我們平台的一種力量，看看在我們的業務中，我們看到在數字營銷和推動數字商務的策略中在哪些方面運作良好，在哪些方面運作良好，我們如何將這些部署到其他品牌或其他我們沒有看到相同好處或其他地方的地方今天正在部署的策略獲得同樣的回報。

And just to be honest, probably no surprise, The North Face, we're seeing those things work a little better, and Vans is an area where we see opportunity. And so we've got some of our best people across the company kind of working on that. In fact, we've moved a couple of people permanently into the Vans business, with obviously great track records in other parts of our company. Steve may talk a little bit more about that. But we're also using some third parties to help us really do this.

老實說，The North Face 可能並不奇怪，我們看到這些事情做得更好，而 Vans 是我們看到機會的領域。因此，我們有一些全公司最優秀的人在做這方面的工作。事實上，我們已經將幾個人永久地轉移到 Vans 業務中，在我們公司的其他部門顯然有很好的記錄。史蒂夫可能會更多地談論這一點。但我們也在使用一些第三方來幫助我們真正做到這一點。

So we see opportunity to be more efficient in how we're deploying some of the tactics and some of the spend in certain parts of our business, and we're aggressively and fast after that. Yes, we're going to work really hard to kind of leverage the channels at our disposal, first and foremost, our own channels, to sell off some of the excess inventories that we see building.

因此，我們看到了在如何部署一些策略和在我們業務的某些部分的一些支出方面更有效率的機會，並且在那之後我們會積極而快速地進行。是的，我們將非常努力地利用我們可以使用的渠道，首先是我們自己的渠道，以出售我們看到的一些過剩庫存。

We're in a pretty good place overall from an inventory standpoint, relative to where we plan to be. We're higher in certain areas, and I think I mentioned that in the comments, on a couple of brands in particular. But as we look across all of our brands, we're going to take opportunity to kind of peel back inventory a little bit, leveraging our own channels and doing this ultimately to drive some additional profitability.

從庫存的角度來看，相對於我們計劃的目標，我們總體上處於一個相當不錯的位置。我們在某些領域更高，我想我在評論中提到了這一點，特別是在幾個品牌上。但當我們審視我們所有的品牌時，我們將藉此機會稍微削減庫存，利用我們自己的渠道並最終推動一些額外的盈利能力。

We're looking in a few places where we see the business performing quite well to maybe set floors a little bit early in spring '23 and drive a little bit more revenue in our fiscal year that we would view as incremental and in additional terms as an example. And then lastly, as we always do, it's kind of a broken record in some ways, but I think even more aggressively in the short term, we're looking at all nonstrategic controllable spend and are going to reduce as we move through the balance of the year, with an eye towards driving higher profitability.

我們正在尋找一些我們認為業務表現相當不錯的地方，可能會在 23 年春季稍微早一點設定底線，並在我們的財政年度增加一點收入，我們將其視為增量和附加條款一個例子。最後，就像我們一直做的那樣，這在某些方面有點破紀錄，但我認為在短期內更加積極，我們正在考慮所有非戰略性可控支出，並且隨著我們的平衡而減少年，著眼於推動更高的盈利能力。

So those are the actions. I mean there's a heightened sense of urgency given kind of the environment that we face. And our commitment to driving consistent, sustainable profitable growth, we take that really seriously, and we're after it.

所以這些就是行動。我的意思是，考慮到我們所面臨的環境，人們的緊迫感會增強。我們致力於推動持續、可持續的盈利增長，我們非常認真地對待這一點，我們正在追求它。

Michael, let me build a little bit here on the traffic and conversion piece. I think an important part here, and this really is leveraging the portfolio and the cross-functional teams and expertise that we have, not only in brands and functions, but we have assembled cross-functional teams organized in pods, working in very agile ways against 4 very specific areas of focus.

邁克爾，讓我在這裡建立一點流量和轉換部分。我認為這是一個重要的部分，這真的是利用我們擁有的產品組合和跨職能團隊和專業知識，不僅在品牌和職能方面，而且我們已經組建了跨職能團隊，以非常靈活的方式組織起來針對 4 個非常具體的重點領域。

One is around consumer acquisition. How do we acquire that consumer? How do we move that consumer in and drive traffic to our environments? When we have that consumer, how do we retain them? Third would be how do we really enhance that consumer experience. So we have a higher likelihood of moving them through to the fourth point, which is conversion.

一是圍繞消費者獲取。我們如何獲得該消費者？我們如何將消費者轉移到我們的環境中並將流量吸引到我們的環境中？當我們擁有那個消費者時，我們如何留住他們？第三是我們如何真正增強消費者體驗。因此，我們更有可能將它們轉移到第四點，即轉化。

So very, very specific sets of actions being worked on by these cross-functional pods. And probably, the last point here is this is something that we're taking so seriously, is that Matt and I are meeting with these teams on a weekly basis to keep track of, understand and help take any kind of roadblocks out of their ways so that we can move very quickly and agilely through this process.

這些跨功能的 pod 正在處理非常非常具體的操作集。也許，最後一點是我們非常重視的事情，馬特和我每週都會與這些團隊會面，以跟踪、理解並幫助他們消除任何形式的障礙這樣我們就可以在這個過程中快速而敏捷地移動。

And Michael, on your question about the Vans, kind of the drivers in the back half of the year, I guess a couple of things. I don't know exactly what kind of the period you're looking at and the stack itself. Our view of that would say, if you go back 4 years, kind of pre-COVID and look at the CAGR, it's pretty consistent in the first half to the second half at the total Vans level globally. So that's one thing, I think, that I would say.

邁克爾，關於你關於 Vans 的問題，今年下半年的車手，我猜有幾件事。我不知道您正在查看什麼樣的時期以及堆棧本身。我們的觀點是，如果你回到 4 年前，在 COVID 之前看看 CAGR，上半年到下半年在全球 Vans 總水平上相當一致。所以這是一件事，我想，我會說。

As we look at our assumptions in the back half of the year relative to what we saw occur in the first half of the year, it's really all driven by an accelerated impact and benefit from China. I will tell you, in fact, we are planning Vans North America to be a little tougher in the back half than actually what we saw occur in the first half. So we're planning pretty cautiously there overall.

當我們回顧我們在下半年的假設相對於我們在今年上半年看到的情況時，這實際上都是由中國加速影響和受益所驅動的。我會告訴你，事實上，我們正在計劃 Vans North America 在後半場比我們在上半場看到的實際情況要強一些。所以我們總體上非常謹慎地計劃。

And the -- if you think about where we are, we're down mid-single digits, which we delivered it down 6, I think, here in half 1, implies low single to low mid down in the back half of the year, it's really all driven by that acceleration in Greater China, which is obviously coming against easier compares.

而且--如果您考慮一下我們的位置，我們下降了中個位數，我們將其交付了 6，我認為，這裡是半個 1，這意味著今年下半年的低單到中低，這實際上都是由大中華區的加速推動的，這顯然與更容易的比較相反。

Our next question comes from Omar Saad with Evercore Partners.

我們的下一個問題來自與 Evercore Partners 的 Omar Saad。

I had a couple of quick brand questions. Is Dickies the only kind of pandemic-winning business or at least, that portion of Dickies, the pandemic-winning business kind of giving back some of those gains? And then North Face, any early reads on winter demand in places where the temps have started to drive, kind of any early reads on that appetite for that category as winter starts to set in some places?

我有幾個快速的品牌問題。 Dickies 是唯一一種贏得大流行的企業，或者至少是 Dickies 的那部分，贏得大流行的企業會回饋其中的一些收益嗎？然後是北臉，任何關於溫度開始上升的地方的冬季需求的早期讀物，隨著冬季開始在某些地方開始，任何早期讀物對該類別的需求？

Steve, maybe I can take the Dickies part, and if you want to take [North Face] maybe?

史蒂夫，也許我可以參加 Dickies 的角色，如果你想參加 [North Face]，也許？

Sure. Sure.

當然。當然。

So yes, Omar, for sure, Dickies is feeling the impact here in the first half of the year of what's going on in the U.S. market and obviously, particularly, with our largest retail partner. And the exposure to that value and consumer, to your point, we've done really well from a growth standpoint over the last couple of years with Dickies.

所以是的，奧馬爾，當然，Dickies 在今年上半年感受到了美國市場正在發生的事情的影響，顯然，尤其是與我們最大的零售合作夥伴。就你的觀點而言，從增長的角度來看，我們在過去幾年與 Dickies 的合作做得非常好。

I wouldn't call it giving it back, that we think this is kind of short-term in nature as some inventories were being rightsized. And certainly, that consumer being impacted pretty significantly by the inflationary challenges on food and fuel and those types of energy costs, those types of things impacting that lower value and consumer more significantly and more quickly, quite honestly, has impacted the work component of that business in the short term.

我不會稱它為回饋，我們認為這在本質上是短期的，因為一些庫存正在調整。當然，消費者受到食品和燃料的通脹挑戰以及那些類型的能源成本的影響相當大，這些類型的事情對較低價值和消費者的影響更大、更快、更老實說，已經影響了工作部分短期內的業務。

But what we also know is inside that, inside the business and inside even that retailer, our brand continues to perform on the floor better than the competitive set. So as that -- and that business goes away pretty quickly at times. When they pull back on inventory, they can shut the brakes pretty quick. At the same time, they can hit the gas pretty quickly as well.

但我們也知道，在企業內部，甚至在零售商內部，我們的品牌在場上的表現繼續優於競爭對手。因此 - 並且該業務有時會很快消失。當他們收回庫存時，他們可以很快剎車。同時，它們也可以很快擊中氣體。

And as we come out of this over time, hard to predict how that will play out. But as it does and when it does, we expect the business to kind of pick right back up and accelerate. Meanwhile, the lifestyle part of the business continues to perform incredibly well.

隨著時間的推移，隨著我們擺脫這種局面，很難預測這將如何發展。但正如它所做的那樣，當它發生時，我們預計該業務將恢復並加速。與此同時，該業務的生活方式部分繼續表現出色。

And that's really how we think about the long-term growth drivers of this business, is getting our fair share of the work component as we -- as you would expect us to, but really driving outsized growth internationally and here in the U.S. in the lifestyle product. So yes, a little bit difficult in the short term. It doesn't change our confidence in where this brand is heading and really kind of the momentum that the business has.

這就是我們對這項業務的長期增長驅動力的真正看法，正如我們所期望的那樣，我們在工作部分中獲得公平的份額，但真正推動了國際和美國的超大增長生活方式產品。所以是的，短期內有點困難。它不會改變我們對該品牌發展方向的信心，也不會改變我們對業務發展勢頭的信心。

Yes. Yes, so Omar, on The North Face, we're -- we continue to be very excited and proud of what that team has done, up 21% through the first half and affirming that outlook of 12% for the year, which is slightly ahead of that high single, low double that we committed to just a month ago in the Investor Day.

是的。是的，所以 Omar，在 The North Face，我們——我們繼續為該團隊所做的感到非常興奮和自豪，上半年增長了 21%，並確認了今年 12% 的前景，即略高於我們一個月前在投資者日承諾的高單低雙。

I think what should be good from a confidence-building standpoint is the growth. It's broad-based. We're seeing it across all regions. We're seeing it across all channels, and we're seeing it across all product categories. Certainly, the brand is benefiting from that Outdoor TAM and the energy that has really come into that particular part of the market, but it's also benefiting from its #1 influencing position and really driving that with strong authentic product.

我認為從建立信任的角度來看，增長應該是好的。它的基礎廣泛。我們在所有地區都看到了這種情況。我們在所有渠道都看到了它，我們在所有產品類別中都看到了它。當然，該品牌受益於戶外 TAM 和真正進入該市場特定部分的能量，但它也受益於其#1 的影響力地位，並以強大的正宗產品真正推動了這一地位。

We talked a lot here over the last few calls about the commitment to 365 apparel and moving beyond just outerwear, being able to focus on those everyday, ready-to-wear apparel items, which is giving us permission to move now more into that active component of the consumer's life that they're asking us to participate in.

在過去的幾次電話會議中，我們在這裡談了很多關於對 365 服裝的承諾以及超越外套，能夠專注於那些日常的成衣服裝項目，這讓我們現在可以更多地進入那個活躍的領域他們要求我們參與的消費者生活的組成部分。

Our footwear, last year, we launched -- or a couple of years ago, we launched VECTIV. And to be able to now talk about getting a major award for the VECTIV Fastpack FUTURELIGHT style is an affirmation of the quality of the team, the quality of their consumer understanding and the differentiated product that they're putting into the marketplace, specifically here with the VECTIV.

我們的鞋類，去年，我們推出了——或者幾年前，我們推出了 VECTIV。現在能夠談論獲得 VECTIV Fastpack FUTURELIGHT 風格的重大獎項是對團隊質量、他們對消費者理解的質量以及他們投入市場的差異化產品的肯定，特別是在這裡與VECTIV。

Then you see outerwear continuing to work extremely well, those kind of shoulder-season fleece, lightweight shells, lightweight-insulated jackets doing really well. But now, as we come into cold weather, yesterday, you may have seen it, the KAWS drop highlighted some of the heritage Nuptse, Himalayan Parka. I think the Mountain Jacket was in there and the Denali.

然後你會看到外套繼續工作得非常好，那些肩部季節羊毛、輕質外殼、輕質絕緣夾克做得非常好。但現在，當我們進入寒冷的天氣，昨天，你可能已經看到了，KAWS 下降突出了一些傳統的 Nuptse，喜馬拉雅派克大衣。我認為 Mountain Jacket 和 Denali 在那裡。

And really, I think what you see there is leveraging historical strong styles done in a very brand-right way, with a partner like KAWS, driving that halo impact, that then cascades then across everything they're doing in that snow ski category, the commitment to climb, hike, Active as you look at the online presentation and the remerchandising of that homepage.

真的，我認為你看到的是利用歷史悠久的風格以一種非常品牌正確的方式完成，與像 KAWS 這樣的合作夥伴一起推動光環影響，然後在他們在雪地滑雪類別中所做的所有事情上層層疊疊，當您查看在線演示和該主頁的重新銷售時，承諾攀登，遠足，積極。

This is a brand that now has really anchored its product creation capabilities, strengthening its storytelling capabilities, with the addition of our new CMO, new Chief Product and Merchandising Officer, that is only going to help us to strengthen and focus that product offer. And then with Nicole's expertise in direct-to-consumer and the online engagement, we think we've got a real winning formula here to continue to drive that long-term, sustainable, consistent growth.

這個品牌現在已經真正鞏固了它的產品創造能力，加強了講故事的能力，加上我們新的首席營銷官、新的首席產品和營銷官，這只會幫助我們加強和專注於產品供應。然後憑藉 Nicole 在直接面向消費者和在線參與方面的專業知識，我們認為我們在這裡擁有真正的製勝法寶，可以繼續推動長期、可持續、持續的增長。

Our next question comes from Jonathan Komp with Robert W. Baird.

我們的下一個問題來自 Jonathan Komp 和 Robert W. Baird。

I just want to ask maybe another question on Vans. I'm curious, just your latest view, when you look at the geographic divergences. And Europe looks like it's holding up so much better. Curious what you currently think and make of that trend. And as you think about Vans, just when would you expect to see signs of progress? And what are you looking for in the Americas to know that you're on the right track here?

我只想問關於 Vans 的另一個問題。當您查看地理差異時，我很好奇，只是您的最新觀點。歐洲看起來要好得多。好奇你目前對這一趨勢的想法和看法。當你想到 Vans 時，你希望什麼時候能看到進步的跡象？你在美洲尋找什麼來知道你在正確的軌道上？

I think the way you're looking at it is absolutely correct. Our European business, in general, continues to show exceptional performance. And within that is certainly the Vans business. We've talked pretty openly, and I think Kevin did a good job unpacking this for everybody in the Investor Day.

我認為你看待它的方式是絕對正確的。總體而言，我們的歐洲業務繼續表現出色。其中當然是 Vans 的業務。我們已經進行了非常公開的交談，我認為凱文在投資者日為每個人都做了很好的解包工作。

But the primary opportunity here is our North America business. And within the North America business, it's our direct-to-consumer channel. And this emphasis we're putting today around traffic and engagement, retention, all the way through to conversion, Vans is squarely in the middle of that.

但這裡的主要機會是我們的北美業務。在北美業務中，這是我們直接面向消費者的渠道。我們今天強調的重點是流量和參與度、留存率，一直到轉化，Vans 正好處於其中。

We have a number of test-and-learn actions that have been taking place the last couple of weeks, taking those learnings now and we'll apply it to the balance of our portfolio, but really looking at what will be required to utilize this strong component of our go-to-market set of options, where we've got such strong conversion. How do we start pulling consumers across that lease line into engage with us on our footwear and apparel story.

在過去的幾周里，我們進行了一些測試和學習操作，現在就開始學習這些知識，我們會將其應用到我們的投資組合的平衡中，但真正研究需要什麼來利用它我們進入市場的選項集的強大組成部分，我們已經獲得瞭如此強大的轉換。我們如何開始吸引消費者越過這條租賃線與我們一起討論我們的鞋類和服裝故事。

So #1 is the Americas and within that, our North America DTC. China is a significant opportunity as well. We've been certainly impacted with the COVID environment there. But again, at the Investor Day, Kevin spoke a lot about really pushing decision-making into the regions and providing more and more latitude for local-for-local decision-makings around product, around storytelling, certainly staying within the confines or the framework of the brand strategy, but really giving more freedom and more empowerment to the regions.

因此，#1 是美洲，其中包括我們的北美 DTC。中國也是一個重大機遇。我們肯定受到了那裡的 COVID 環境的影響。但是，在投資者日，凱文再次談到真正將決策推向區域，並為圍繞產品、講故事的本地對本地決策提供越來越多的自由度，當然要保持在範圍內或框架內品牌戰略，但真正賦予地區更多自由和更多權力。

And you see that taking place in Europe and taking those learnings and applying that now more effectively with our Asia team, specifically in Greater China.

你會看到這發生在歐洲，現在我們的亞洲團隊，特別是在大中華區，將這些學習和應用更有效地應用到了歐洲。

Okay. That's helpful. Maybe just one follow-up. A broader question on the margin outlook, guiding to 11% operating margin for the year now will be the lowest you reported in some time outside of COVID, maybe in the last decade or so. So just, Matt, I don't know if there's any way to think bigger picture about what's temporary in the margin that's impacting that this year versus more lasting? And then are you willing to quantify any of the actions you're taking to tighten up on the cost side?

好的。這很有幫助。也許只是一個後續行動。關於利潤率前景的一個更廣泛的問題，即現在指導今年 11% 的營業利潤率將是您在 COVID 之外的某個時間（可能是過去十年左右）報告的最低值。所以只是，馬特，我不知道是否有任何方法可以從更大的角度思考什麼是暫時的邊緣影響今年而不是更持久？然後你是否願意量化你為收緊成本而採取的任何行動？

Yes. Great question. I would tell you that we believe there's quite a bit that's impacting us this year, that is, I'll say, relatively short-term in nature, impacting the margins. And that's primarily and certainly in the gross margin line. Clearly, there's a little bit of pressure on elements of our fixed cost base, obviously, something like the Vans store base itself and kind of what we're seeing there in the revenue and kind of the performance in the stores.

是的。好問題。我會告訴你，我們相信今年對我們產生了相當多的影響，也就是說，我會說，在性質上是相對短期的，會影響利潤率。這主要而且肯定是在毛利率線上。顯然，我們的固定成本基礎的要素有一點壓力，很明顯，比如 Vans 商店基礎本身以及我們在收入和商店表現中看到的那種東西。

But from a margin standpoint, we still got -- we're dealing with higher levels of, I would say, inefficiencies from a supply chain standpoint, freight and how we're moving freight. The extra storage costs given the higher inventory levels is in there that we would say is transitory.

但是從利潤的角度來看，我們仍然面臨著更高水平的問題，我想說的是，從供應鏈的角度來看，貨運以及我們如何運輸貨運的效率低下。鑑於較高的庫存水平，額外的存儲成本在那裡，我們可以說是暫時的。

But then really the big one is just kind of the assumptions that we're making right now relative to what may be required in the marketplace from a promotional standpoint, both our own channels, but also in support of our wholesalers. We talked about here, even in Q2, the rate impact largely being the result of higher discounts, some additional promotions already showing up a little bit in our own channels, particularly outlets, and then higher cost as well and certainly some additional inventory reserves given our elevated inventory.

但實際上，從促銷的角度來看，我們現在正在對市場可能需要的東西做出假設，這既是我們自己的渠道，也是為了支持我們的批發商。我們在這裡談到，即使在第二季度，價格影響很大程度上是由於更高的折扣，一些額外的促銷已經在我們自己的渠道中出現了一點點，尤其是網點，然後還有更高的成本，當然還有一些額外的庫存儲備我們的庫存增加。

So there's a lot there that I would say, really everything we've just done from a margin standpoint is all tied, in my view, to kind of things that are commensurate with the current marketplace and environment and are not what we would expect to see persist moving forward.

所以我想說的很多，在我看來，從利潤的角度來看，實際上我們所做的一切都與當前市場和環境相稱的事情有關，而不是我們所期望的看到堅持向前。

So I think we still are really confident in our ability to drive expanding gross margins over time, our ability to drive higher prices over time to mitigate kind of inflationary product cost increases, which, by the way, we continually and consistently have been able to do. So there's a lot there that's transitory that we would expect, that over time, will come back to us.

因此，我認為我們仍然對隨著時間推移推動毛利率擴大的能力、隨著時間推移推動價格上漲以減輕通脹產品成本增加的能力充滿信心，順便說一句，我們一直能夠持續不斷地做到這一點做。因此，我們期望有很多暫時的東西，隨著時間的推移，它們會回到我們身邊。

As it relates to SG&A, the actions that we recently announced of over 600 roles or positions that were eliminated across our company, both role eliminations for open roles and also kind of reorganization, the overall impact of that on an annualized basis, and we'll get a little bit of that this year, not -- certainly not anywhere near or all of it, but it's a bit over $100 million.

因為它與 SG&A 相關，我們最近宣布的行動中，我們公司取消了 600 多個職位或職位，包括空缺職位的職位取消和重組，每年的總體影響，我們今年會得到一點，不會——當然不會接近或全部，但它有點超過 1 億美元。

And this is on top of $100 million that we've taken out really over the last couple of years as part of Project Enable, which was a set of actions we announced back during the pandemic, so over a couple of hundred million of costs that will have come out versus the pre-pandemic level that I'll call fixed kind of G&A primarily, although it expands into other parts of SG&A, but largely G&A.

這是在過去幾年中我們作為 Project Enable 的一部分實際拿出的 1 億美元之上的，這是我們在大流行期間宣布的一系列行動，因此超過幾億美元的成本將與大流行前的水平相比，我將主要稱之為固定類型的 G&A，儘管它擴展到 SG&A 的其他部分，但主要是 G&A。

So those are some of the actions. And there's some -- there's obviously some benefits that will accrue to us next year as kind of we get the full impact of those things hitting our financials. So the 11%, I agree, is not at all where we expect to be or where we want to be, and you'll see us recover pretty quickly as we get past this kind of moment in time.

所以這些是一些行動。還有一些 - 明年我們顯然會獲得一些好處，因為我們會受到這些事情對我們財務的全面影響。因此，我同意，這 11% 根本不是我們期望的或我們想要的，當我們度過這樣的時刻，你會看到我們很快恢復。

Our next question comes from Laurent Vasilescu from BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Steve, Matt, I would love to ask about Supreme. I didn't see how the brand performed on a revenue perspective for this quarter in the slides. Any context on how it performed? What drove that performance?

Steve，Matt，我很想問一下關於 Supreme 的事情。我沒有在幻燈片中看到該品牌在本季度收入方面的表現。關於它如何執行的任何上下文？是什麼推動了這種表現？

And then maybe a little bit more context, Matt, on the impairment charge. What drove that? And what's your confidence to get to that, to that algo that you called out a month ago of high single-digit, low double-digit growth for the brand?

然後，馬特，關於減值費用，可能會有更多的背景信息。是什麼推動了它？你有什麼信心去實現這個目標，你一個月前提出的品牌高個位數、低兩位數增長的算法？

Okay. So Laurent, thanks for the question. I'll go ahead. I'll take Supreme. From a Q2 standpoint, Supreme was up 7%. And this is despite opening up about a week later than planned, based on a decision to make sure we hit market with an optimized assortment. You remember us talking quite a bit last year where we came to market with well under normal percentage allocations against key styles. And this year, the team took a very proactive approach to hit the market second half here, running with the right assortment at the right time. So we were up 7%.

好的。所以勞倫特，謝謝你的問題。我會繼續。我會選擇Supreme。從第二季度的角度來看，Supreme 上漲了 7%。儘管開放時間比計劃晚了大約一周，但我們決定確保我們以優化的分類進入市場。你記得我們去年談了很多，我們進入市場時對關鍵款式的分配比例遠低於正常百分比。今年，該團隊採取了非常積極主動的方式來打入下半年的市場，在正確的時間使用正確的分類。所以我們上漲了7%。

Even despite some supply chain disruptions, the brand has done well. We expect an acceleration as we move into the second half because we continue to get better and better positioned from an assortment and product flow standpoint.

儘管供應鏈出現了一些中斷，但該品牌的表現仍然不錯。隨著我們進入下半年，我們預計會加速，因為從品種和產品流的角度來看，我們將繼續獲得越來越好的定位。

A couple of wins here. You were able to see these stores when we worked together in Europe, but the Berlin and Milan stores are performing really well. And now, as we come out of that COVID environment, we have the luxury of consumers being able to move, tourism becoming more prevalent. Those stores, which opened under the cloud of COVID, now are performing extremely well. And from there, we've got some new stores coming. We talked in my prepared remarks around the Dover Street market opening up in Beijing.

在這裡贏了幾場。當我們在歐洲合作時，你可以看到這些商店，但柏林和米蘭的商店表現非常好。而現在，隨著我們走出 COVID 環境，我們擁有了消費者能夠移動的奢侈品，旅遊業變得更加普遍。那些在 COVID 的雲下開業的商店現在表現非常好。從那裡，我們有一些新的商店來了。我們在準備好的講話中談到了北京多佛街市場的開放。

That's the first time Supreme will be represented in a physical authentic way within the Dover Street Market environment. That's more of a shop-in-shop, but it will be a great affirmation of the ability to expand or what we talked about, really grow wide.

這是 Supreme 第一次在 Dover Street Market 環境中以真實的方式呈現。這更像是一個店中店，但這將是對擴張能力或我們所說的真正擴大範圍的一個很好的肯定。

We also get a refit to our Harajuku store in Tokyo. That's probably the most prominent, well-known store in the Japan market, and they've seen just really strong results and energy resulting from that.

我們還對我們在東京的原宿商店進行了改裝。這可能是日本市場上最著名、最知名的商店，他們已經看到了非常強勁的業績和由此產生的活力。

We have a new store coming in Chicago later this fall, which will be the first new store in the U.S. market in a while and very excited to what that means as we, again, we bring the brand through the physical environment first into the new parts of the market where we know consumers are as we look to continue to provide better and better access.

今年秋天晚些時候，我們將在芝加哥開設一家新店，這將是一段時間內美國市場上的第一家新店，我們對這意味著什麼感到非常興奮，因為我們再次將品牌通過物理環境帶入新店我們知道消費者所在的市場部分，因為我們希望繼續提供越來越好的訪問。

So that geographic expansion continues to be a very important part of the longer-term growth. And being able to get back to seeing that value come into the brand this year is a good proof point to the acquisition thesis coming in here, and it just gives us more and more confidence in the team's ability to execute.

因此，地域擴張仍然是長期增長的一個非常重要的部分。並且能夠重新看到今年品牌的價值是收購論點的一個很好的證明，它讓我們對團隊的執行能力越來越有信心。

Yes. I'll just add one comment. I'll get your question on impairment too, Laurent. But as Susie talked, even at the Investor Day, really, the long-term growth plan is best categorized as a grow-wide strategy, giving more consumers access to this brand. And that really speaks to geographic expansion.

是的。我只會添加一條評論。我也會問你關於損傷的問題，勞倫特。但正如蘇西所說，即使在投資者日，長期增長計劃最好歸類為增長戰略，讓更多消費者接觸到這個品牌。這確實說明了地域擴張。

And it's kind of core and central to the acquisition thesis itself, leveraging VF's capabilities and VF's platforms to more easily, more frictionless, not necessarily faster per se, but certainly the opportunity to go at the right pace over time, but to open more doors internationally to give this brand access to more, to give consumers around the world access to this brand.

它是收購論點本身的核心和核心，利用 VF 的能力和 VF 的平台更輕鬆、更順暢，本身不一定更快，但肯定有機會隨著時間的推移以正確的速度前進，但打開更多大門在國際上讓這個品牌接觸到更多，讓世界各地的消費者接觸到這個品牌。

That's the vast majority of what's driving the growth. We're not counting -- this is not about saturating the markets where we are today, right? We're very careful and cautious on kind of the scarcity model, but it's really giving more access to this brand around the world. And that's why we're excited to really start to see the expansion take shape here in the next couple of years in Asia, in particular, and obviously beyond. So I just wanted to remind you of that.

這是推動增長的絕大多數因素。我們沒有計算——這不是要讓我們今天所處的市場飽和，對吧？我們對稀缺模型非常謹慎和謹慎，但它確實讓這個品牌在世界範圍內獲得了更多的機會。這就是為什麼我們很高興在接下來的幾年裡真正開始看到這種擴張在亞洲形成，尤其是在亞洲，而且顯然更遠。所以我只是想提醒你這一點。

As it relates to the impairment, I guess, first and foremost, I would say, it's all driven by what I'll call nonoperating factors. You may even remember that earlier this year, we actually made an additional payment, earn-out payment associated with the acquisition, which obviously said if performed a little bit better than the original set of assumptions, then there was an earn-out.

因為它與損傷有關，我想，首先，我會說，這一切都是由我所說的非經營性因素驅動的。您甚至可能還記得，今年早些時候，我們實際上支付了與收購相關的額外付款，即盈利支付，這顯然表示如果表現比最初的一組假設好一點，那麼就會有盈利。

It was a bit lower than we might have originally expected given the early performance of the business because of some of the supply chain challenges that we saw last year impact the brand from a COVID standpoint, but we did actually pay a bit of an earn-out, which kind of implies we're on track. And we are on track versus our internal expectations.

由於我們去年看到的一些供應鏈挑戰從 COVID 的角度影響了品牌，考慮到業務的早期表現，這比我們最初預期的要低一些，但我們確實付出了一些收入-出來，這意味著我們正在走上正軌。與我們的內部預期相比，我們正在走上正軌。

So what we're dealing with here -- and by the way, we wouldn't have even been testing the business from an impairment standpoint, if not for what we're seeing in the marketplace relative to interest rates and what that does to the discount rate and how you kind of present-value those cash flows and obviously, the currency environment and the U.S. dollar translation from the Japanese yen and also from the currencies in Europe.

所以我們在這裡要處理的事情——順便說一句，如果不是因為我們在市場上看到的與利率相關的情況以及這對我們的影響，我們甚至不會從減值的角度測試業務貼現率以及您如何對這些現金流進行現值，顯然，貨幣環境以及從日元和歐洲貨幣的美元換算。

So for those 2 factors, we determined what needed to test. We tested, probably not surprisingly, given the fact that it's a fairly recent acquisition and how materially a couple of those things have moved in terms of interest rates and what that means to discount rates as you evaluate those cash flows. We're dealing with -- it was a noncash impairment.

因此，對於這兩個因素，我們確定了需要測試的內容。我們進行了測試，這可能並不令人驚訝，因為這是一項相當近期的收購，並且其中一些事情在利率方面發生了重大變化，以及在您評估這些現金流時這對貼現率意味著什麼。我們正在處理 - 這是一種非現金減值。

But none of that is related to our operating performance or our operating results. And we feel really good about where we are and everything that Steve mentioned earlier that I kind of layered on there as well in terms of kind of where we are and the outlook. We feel good.

但這些都與我們的經營業績或經營業績無關。我們對我們所處的位置以及史蒂夫之前提到的所有事情感覺非常好，我在某種程度上也對我們所處的位置和前景進行了分層。我們感覺很好。

That's very helpful, Matt. Second question is on gross margins. You lowered it by about 50 to 100 bps. Could you possibly give us the bridge, how much of it is incremental FX, supply chain costs, bottlenecks? We heard from one footwear company talk about it last night. Or is it driven by markdowns? Any context on that would be helpful. And how do we think about the GM for 3Q versus 4Q? Any high-level color would be very helpful.

這很有幫助，馬特。第二個問題是毛利率。你把它降低了大約 50 到 100 bps。您能否給我們一個橋樑，其中有多少是增量外匯、供應鏈成本、瓶頸？昨晚我們從一家鞋業公司那裡聽說過這件事。或者它是由降價驅動的？任何有關這方面的背景都會有所幫助。我們如何看待 3Q 和 4Q 的 GM？任何高級顏色都會非常有幫助。

Yes, sure. So I would say, in our case, Laurent, there are some -- the smaller impacts, and I'll start with the smaller impact and I'm not going to necessarily give it to you exactly in terms of the percentages. But let's say, in the neighborhood of probably 25% of the total, is a combination of some supply chain inefficiency, mix and currency.

是的，當然。所以我想說，在我們的案例中，Laurent，有一些影響較小，我將從較小的影響開始，我不一定會按照百分比準確地給你。但是，假設大概佔總數的 25% 左右，是一些供應鏈效率低下、混合和貨幣的組合。

The balance, and so the majority, is the assumptions that we're making on what's going to be required given inventory positions and the operating environment that we expect that we're going to face as we move through fall and holiday and whether that's discounts to wholesale partners or more aggressive actions that we'll take in our own channels, in particular, our outlets.

餘額，因此大部分是假設我們正在對考慮到庫存狀況和我們預計在秋季和假期期間將要面臨的運營環境以及是否是折扣批發合作夥伴或更積極的行動，我們將在我們自己的渠道，特別是我們的網點。

But in some cases, we'll be ready, depending on where the market is and what the competitive set is, that have to be targeted in appropriate ways, even in our full-price channels as we move through the fall holiday season. And that will certainly vary by brand and within brands, will vary by product category. We'll be very targeted in that. But we expect -- and we're positioned, as we've kind of guided here, to be able to take those actions when and where necessary.

但在某些情況下，我們會做好準備，這取決於市場的位置和競爭群體的情況，必須以適當的方式進行定位，即使是在我們度過秋季假期的全價渠道中也是如此。這肯定會因品牌和品牌內部而異，也會因產品類別而異。我們將非常有針對性。但我們期望 - 正如我們在這裡所指導的那樣，我們的定位是能夠在必要的時間和地點採取這些行動。

As it relates to kind of your question, third and fourth quarter, I think I would say that a good way to think about the third quarter is kind of down 50 to 100 basis points and then more flattish in the fourth quarter. And mix is -- actually begins to be kind of a nice tailwind for us as we get into Q4, by the way.

由於它與您的問題有關，第三和第四季度，我想我會說考慮第三季度的一個好方法是下降 50 到 100 個基點，然後在第四季度更加平穩。順便說一句，當我們進入第四季度時，混合實際上對我們來說是一種很好的順風。

Our last question comes from Matthew Boss with JPMorgan.

我們的最後一個問題來自摩根大通的 Matthew Boss。

So Steve, what gives you confidence in keeping the 5% to 6% constant currency top line as we think about the dynamic macro backdrop? And then, Matt, could you elaborate on the heightened inventory and increased promotional activity in the marketplace, maybe relative just to 30 days ago? And specifically, how do you feel about your own inventory levels by brand today?

那麼史蒂夫，當我們考慮動態的宏觀背景時，是什麼讓你有信心保持 5% 到 6% 的固定貨幣頂線？然後，馬特，您能否詳細說明一下市場上庫存增加和促銷活動增加的情況，也許只是相對於 30 天前？具體來說，您如何看待今天按品牌劃分的自己的庫存水平？

So thank you, Matt. What gives me confidence? So there's quite a bit. I'll rattle off just a few points here. I think coming into where we are beginning of the second half is the consistent performance that we saw across the portfolio, ex Vans, up 11% in the first half and the ability for us to kind of project that to be pretty similar into the second half.

所以謝謝你，馬特。是什麼給了我信心？所以還是蠻多的。我在這裡只談幾點。我認為進入下半年開始的地方是我們在整個投資組合中看到的一致表現，前 Vans，上半年增長了 11%，並且我們有能力將其預測到第二階段非常相似一半。

Our European business performed -- continues to perform well. And that cross-sharing ability within our portfolio, the assistance that they're providing our Asia team as we stand up, in some cases, new operating disciplines in our Shanghai office, which is still fairly new, bringing those same disciplines, that same set of integrated marketplace, set of capabilities, continue to broaden their -- really their influence.

我們的歐洲業務表現——繼續表現良好。我們投資組合中的交叉共享能力，當我們站起來時他們為我們的亞洲團隊提供的幫助，在某些情況下，我們上海辦事處的新運營學科仍然相當新，帶來了相同的學科，相同的一套綜合市場，一套能力，繼續擴大他們的——實際上是他們的影響力。

Our China recovery continues, and we expect that the second half will continue to be what we've seen coming out of Q2 and certainly coming into Q3. Our back half isn't reliant on a hockey stick from Vans. We have a much more balanced view to be able to drive that 5% to 6%. We certainly sit in parts of the market where there's a lot of tailwinds.

我們的中國復甦仍在繼續，我們預計下半年將繼續是我們從第二季度開始看到的情況，並且肯定會進入第三季度。我們的後半部分不依賴 Vans 的曲棍球棒。我們有一個更加平衡的觀點，能夠推動 5% 到 6%。我們當然坐在有很多順風的市場部分。

The Active lifestyle needs-based component of our portfolio, playing into the Outdoor and Active TAMs, certainly positions us really well. And then having the #1 brands in many of those spaces to engage and ultimately drive those high-value experiences gives me a lot of confidence that we've got the right -- really the right portfolio, driving the right strategy.

我們產品組合中以積極生活方式需求為基礎的組件，在戶外和活動 TAM 中發揮作用，無疑使我們處於非常有利的位置。然後在許多這些領域擁有排名第一的品牌來參與並最終推動這些高價值體驗，這讓我充滿信心，相信我們擁有正確的 - 真正正確的產品組合，推動正確的戰略。

But most importantly, we have the right people, a strong, deep bench of leaders. You saw them speak to you at the Investor Day, sitting alongside them in each of -- one of our businesses, such strong capable leaders. We're moving leaders based on the strength of our bench into our Vans business. We're being able to hire extremely high-caliber talent into our North Face business as well as into our Dickies business and Timberland business.

但最重要的是，我們擁有合適的人選，強大而深厚的領導層。你看到他們在投資者日與你交談，坐在他們旁邊——我們的一項業務，如此強大的有能力的領導者。我們正在根據我們的板凳實力將領導者轉移到我們的 Vans 業務中。我們能夠為我們的 North Face 業務以及 Dickies 業務和 Timberland 業務聘用非常優秀的人才。

So if there's a last thing here, it's the people driving the strategies and being able to really maximize the tailwinds and that momentum that we've carried out of the first half.

因此，如果這裡有最後一件事，那就是推動戰略的人，能夠真正最大限度地利用順風以及我們在上半年取得的勢頭。

I'll add a couple of quick points, just kind of from the numbers side that gives me confidence. One, and probably most importantly, is when you look at what have been consistently our best-performing brands over the last several quarters, it's kind of the Outdoor segment, right? I mean generally, the Outdoor brands have been strong. TNF, obviously, the headliner there.

我會快速補充幾點，只是從數字方面給我信心。一個，也許是最重要的，當你看看過去幾個季度我們一直表現最好的品牌時，它有點像戶外領域，對吧？我的意思是一般來說，戶外品牌一直很強大。顯然，TNF 是頭條新聞。

But across that group of brands, they're a larger penetration to the total in the back half by a pretty meaningful amount. It's kind of a 6- to 8-point increase in penetration to the total. So the fact that our kind of best-performing businesses are a larger part of the business in the second half of the year gives me confidence.

但在這組品牌中，它們在後半部分的整體滲透率相當可觀。總體滲透率提高了 6 到 8 個百分點。因此，我們這種表現最好的業務在下半年的業務中佔了很大一部分，這一事實讓我充滿信心。

And then the other thing is just clearly the -- what we're going to see, the movement we're going to see from a contribution to total from Greater China in the back half of the year versus the really tough first half and in particular, a tough Q1. So a couple of data points there that I think are probably helpful as you think about that. Yes.

然後另一件事很明顯 - 我們將看到，我們將從今年下半年大中華區對總額的貢獻中看到的變化與真正艱難的上半年和特別是艱難的第一季度。因此，我認為那裡的幾個數據點可能對您有所幫助。是的。

As it relates to your question on what are we seeing in the environment, how is it different even in the last 4 to 6 weeks. It's, in our view, it's become more promotional. We're seeing it particularly in the Americas and particularly in China, inventories are building. We're kind of seeing that. We're understanding that as we kind of see what the market is showing.

因為它與您關於我們在環境中看到什麼的問題有關，即使在過去的 4 到 6 週內，它有什麼不同。在我們看來，它變得更具促銷性。我們在美洲尤其是中國看到了這種情況，庫存正在增加。我們有點看到了。我們理解這一點，因為我們有點看到市場正在展示什麼。

We clearly paying really close attention to the competitive set and the competitive environment from an inventory and promotion standpoint. And kind of the signals that we see there would tell us that we may be heading into a time where it's going to be more disruptive than we even anticipated again just a few weeks ago.

從庫存和促銷的角度來看，我們顯然非常關注競爭環境和競爭環境。我們在那裡看到的某種信號會告訴我們，我們可能正進入一個比我們幾週前再次預期的更具破壞性的時代。

And I think kind of one of the things that's happening is we just -- we expect probably a compressed full-price selling window. Retailers are being very careful about taking in inventory and taking advantage of any opportunity to kind of delay receipts, looking for 100% fill, when they might normally take a 90% fill, as an example, to delay the receipt of something, and then I think our anticipation that they may break earlier, right, and the market itself may just break earlier from a promotional standpoint as we head towards the holiday.

而且我認為正在發生的事情之一是我們只是 - 我們預計可能會壓縮全價銷售窗口。零售商在盤點存貨時非常小心，並利用任何機會延遲收貨，尋找 100% 裝貨，而他們通常會以 90% 裝貨為例，延遲收貨，然後我認為我們預計它們可能會更早突破，對，而市場本身可能會在我們走向假期時更早地從促銷的角度突破。

So that window of full-price selling, we expect, could be further compressed. And so those are -- I think those are kind of a couple of key things, Matt, that we're viewing as we kind of evaluate what the market conditions are and what we think it may bear over the next few months.

因此，我們預計，全價銷售窗口可能會進一步壓縮。所以這些是 - 我認為這是一些關鍵的事情，馬特，我們在評估市場狀況以及我們認為未來幾個月可能承受的情況時正在查看這些事情。

So in our own inventory, as I said, a lot of what we're seeing in the increase certainly set aside the in-transit, kind of the accounting change there, that we've hopefully explained clearly at this point. But set that aside, we're still up a lot, for sure.

因此，正如我所說，在我們自己的庫存中，我們在增長中看到的很多東西肯定會擱置在途的會計變化，我們希望在這一點上已經清楚地解釋了這一點。但撇開這一點不談，我們肯定還有很多。

We're up nearly 60% to last year. A lot of that was planned because we were way too low last year. A lot of that is in those brands. where we haven't been able to service the business as consistently as we would have liked and in some cases, were still not all the way to the finish line there.

我們比去年增長了近 60%。很多都是計劃好的，因為我們去年的收入太低了。其中很多都在這些品牌中。我們無法像我們希望的那樣始終如一地為業務服務，並且在某些情況下，仍然沒有到達終點線。

But we plan much higher inventories to get back to more normalized service levels. And certainly, we plan for a pretty healthy growth assumption in a number of those brands. We sit higher than our plan today for sure, primarily in a couple of brands.

但我們計劃更高的庫存以恢復更正常的服務水平。當然，我們計劃在其中一些品牌中實現相當健康的增長假設。我們今天的位置肯定高於我們的計劃，主要是在幾個品牌中。

Fortunately, a lot of that's in core product. But we have pockets of area where we're a little bit higher than we would like to be across the world. We're still a little bit higher in China than we would like to be, and that's kind of a comment that might -- is applicable across a number of the brands.

幸運的是，其中很多都在核心產品中。但是我們有一些區域比我們想在世界各地高一點。我們在中國的價格仍然比我們希望的要高一點，這是一種可能適用於許多品牌的評論。

And so we're going to be very targeted and choiceful, but we're going to be aggressive to make sure we are taking advantage of traffic and getting our kind of fair share of the business in an appropriate way. So I think we feel like we have a good plan to manage our inventories back down pretty close to plan at year-end.

因此，我們將非常有針對性和選擇性，但我們將積極確保我們正在利用流量並以適當的方式獲得我們公平的業務份額。所以我認為我們覺得我們有一個很好的計劃來管理我們的庫存，在年底時非常接近計劃。

We'll probably still be a little high because there are certain core products, Dickies products, some of the Dickies products, in particular, just doesn't make sense to do anything other than just kind of rightsize that over time with forward purchases. But -- so we'll be a little heavier in a few places.

我們可能還會有點高，因為有某些核心產品，Dickies 產品，特別是 Dickies 的一些產品，除了隨著時間的推移通過遠期購買來調整規模之外，做任何其他事情都是沒有意義的。但是——所以我們會在一些地方重一點。

But we're going to be very focused on leaving this year clean, setting us up for next year to have strong and healthy margins, but also take advantage of the opportunity to generate both top and bottom line over the course of the next several months.

但我們將非常專注於讓今年保持乾淨，為明年保持強勁和健康的利潤率做好準備，同時也利用這個機會在接下來的幾個月中創造收入和利潤.

Thank you. At this time, I would like to turn the floor back over to Steve Rendle for closing comments.

謝謝你。在這個時候，我想把發言權轉回給 Steve Rendle 來結束評論。

Great. Thank you, everybody. And thanks for your questions and most importantly, for your interest. To close things out, I would like to reinforce just a few points that I think are important for you to remember before we get the chance to engage with you again in January.

偉大的。謝謝大家。感謝您的提問，最重要的是，感謝您的關注。最後，我想強調幾點，在我們有機會在 1 月份再次與您互動之前，我認為您必須記住這些要點。

The first thing is that we are going to continue to navigate the many macro challenges that we see today. VF and our brands are sharply focused on taking the necessary actions to drive performance and deliver against our strategy and most importantly, our financial commitments.

首先，我們將繼續應對我們今天看到的許多宏觀挑戰。 VF 和我們的品牌非常專注於採取必要的行動來推動業績並兌現我們的戰略，最重要的是，我們的財務承諾。

I think secondly is our businesses remain to be very resilient, with our overall full year revenue outlook holding. Importantly, we're performing well across our portfolio, certainly without the exception of Vans, but the balance of our portfolio growing low double digits in the first half, with a line of sight to do the same as we move into the second half.

我認為其次是我們的業務仍然非常有彈性，我們的整體全年收入前景保持不變。重要的是，我們在我們的投資組合中表現良好，當然除了 Vans 之外，但我們投資組合的餘額在上半年增長了兩位數的低位，隨著我們進入下半年，我們有望做到這一點。

I think this is demonstrated certainly by the fact that we grew constant currency revenue and not -- mostly in our Outdoor brands, but the strength that we see in our emerging brands and I think the importance that, that shows you of our model and our portfolio strategy.

我認為這肯定可以通過以下事實來證明：我們增加了固定貨幣收入，而不是——主要是在我們的戶外品牌中，而是我們在新興品牌中看到的實力，我認為這向您展示了我們的模式和我們的模式的重要性投資組合策略。

I think last, and I would just hammer home, that we are going to remain extremely focused on those things that we control. We know what's required to ensure we deliver consistent, sustainable and profitable growth. And we have the right brands, the right strategies and certainly, the right people in place to get the job done. And most importantly, no one is more determined than this leadership team in this organization to deliver on our expectations.

我認為最後，我只想強調，我們將繼續非常專注於我們控制的那些事情。我們知道需要什麼來確保我們實現持續、可持續和盈利的增長。我們擁有正確的品牌、正確的戰略，當然還有合適的人員來完成工作。最重要的是，沒有人比這個組織中的領導團隊更堅定地實現我們的期望。

So again, thank you for joining us, thank you for your interest, and we look forward to updating you as we turn the corner into next year.

因此，再次感謝您加入我們，感謝您的關注，我們期待著在明年轉入拐角時更新您。

This concludes today's teleconference and webcast. You may disconnect your lines at this time. And thank you for your participation, and have a great day.

今天的電話會議和網絡直播到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。