威富公司 (VFC) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Second Quarter Fiscal 2024 VF Corporation Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 VF Corporation 2024 財年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

現在我很高興向您介紹主持人，投資者關係副總裁 Allegra Perry。謝謝你，阿萊格拉。你可以開始了。

Good afternoon, and welcome to VF Corporation's Second Quarter Fiscal 2024 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 2024 財年第二季電話會議。今天電話會議的參與者將發表前瞻性聲明。這些陳述是基於目前的預期，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向 SEC 提交的文件中有詳細說明。

Unless otherwise noted, amounts referred to on today's call will be on an adjusted 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，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對此進行了定義，並且我們在討論中將其用作主要數字，因為我們相信它們更準確地代表了我們業務的真實營運績效和基本成果。

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.

您可能也會聽到我們提到根據美國公認會計原則 (U.S. GAAP) 計算的報告金額。新聞稿中包含的補充財務表格可以找到 GAAP 衡量指標與調整金額的調整表，該表格確定並量化了所有排除項目，並提供了管理層關於為何此資訊對投資者有用的看法。

Joining me on the call will be VF's President and Chief Executive Officer, Bracken Darrell; and EVP and Chief Financial Officer, Matt Puckett. Following our prepared remarks, we'll open the call for questions. I'll now hand over to Bracken.

與我一起參加電話會議的還有 VF 總裁兼執行長 Bracken Darrell；執行副總裁兼財務長 Matt Puckett。在我們準備好的發言之後，我們將開始提問。現在我將把任務交給布雷肯。

Good afternoon, everyone. I'm excited to be here for my first quarterly call. I'll start us off and then Matt will cover Q2 and other financial aspects of the comments I'm about to make. Having now been here for over 100 days, I've had a chance to go far and wide within the company and outside of it. I've talked to employees, customers, wholesalers, investors, analysts and more. There's a universal desire for VF to be successful again. It's been exciting to hear the power of our brands and appreciate the consistent performances of our international business as well as The North Face. And it was also important for me to hear firsthand where the biggest issues are, including in the U.S. and Vans.

大家下午好。我很高興能來這裡參加我的第一次季度電話會議。我將開始我們的討論，然後馬特將討論第二季度以及我即將發表的評論的其他財務方面。現在已經在這裡工作了 100 多天，我有機會在公司內外廣泛走動。我與員工、客戶、批發商、投資者、分析師等進行了交談。人們普遍渴望 VF 再次取得成功。聽到我們品牌的力量並欣賞我們國際業務以及 The North Face 的一貫表現，真是令人興奮。對我來說，親身了解最大的問題在哪裡也很重要，包括在美國和 Vans。

I've come to many conclusions about the organization, business and opportunities we have. Most importantly, I've gained conviction about what we need to do next and have begun to see how we could evolve the company longer term into a new kind of brand builder and innovator. I'll save that last part for another day.

我對我們的組織、業務和機會得出了許多結論。最重要的是，我對我們下一步需要做什麼有了信心，並開始考慮如何將公司長期發展為新型品牌建立者和創新者。我將把最後一部分留到另一天再講。

Before I go into our plans, I want to mention that I'm struck by the parallels between VF and my former company when I first started there 11 years ago. It too required a turnaround. Turnarounds have many consistent features and similar themes. There are always key focus areas in the beginning that evolve over time. The seriousness of the situation gives you a sense of urgency and a desire to move quickly on key steps.

在討論我們的計劃之前，我想提一下，我對 VF 和我 11 年前剛入職時的前公司之間的相似之處感到震驚。它也需要一個轉變。週轉有許多一致的特徵和相似的主題。一開始總是會有一些關鍵的重點領域隨著時間的推移而演變。情況的嚴重性讓你有一種緊迫感，並渴望在關鍵步驟上迅速採取行動。

Our biggest business is declining. The U.S. isn't working well. The innovation engine that has historically been strong, but has drifted down over the past few years. Employees still love the brands and business, but the morale has been hurt by the poor performance, and costs are too high. All of those were features of my last turnaround.

我們最大的業務正在下滑。美國的情況不太好。歷史上一直強勁的創新引擎，但在過去幾年中有所下滑。員工仍然熱愛品牌和業務，但士氣因績效不佳而受到打擊，而且成本太高。這一切都是我上次扭虧為盈的特質。

My first turnaround long ago was the Old Spice brand at P&G. Similarly, sales were falling, profit was down, costs were too high for the business and the innovation engine and marketing just weren't working. By the time I left, Old Spice had more than tripled market share. And today, it's the market share leader in the category.

很久以前，我的第一個轉變是寶潔公司的 Old Spice 品牌。同樣，銷售額下降，利潤下降，企業成本過高，創新引擎和行銷不起作用。當我離開時，Old Spice 的市佔率已經增加了兩倍以上。如今，它已成為該類別中市場份額的領導者。

My last turn in Logitech is now worth more than 10x what it was when I started 11 years ago. While no 2 turnarounds are the same, I've been here before, and I feel quite at home. I have not encountered any big surprises.

我最後一次在 Logitech 工作的價值現在是 11 年前我剛開始工作時的 10 倍以上。雖然沒有兩次轉變是相同的，但我以前來過這裡，我感覺很賓至如歸。我沒有遇到什麼大的驚喜。

I will start with a replay of the past and the diagnosis of how we got here. I recognize many of you already have opinions on that. But it's clear we got here through our own doing. It's also clear that getting out of it is in our control, and we're focused on doing just that.

我將首先回顧過去並診斷我們是如何走到這一步的。我知道你們中的許多人已經對此有意見。但很明顯，我們是透過自己的努力走到今天的。很明顯，擺脫困境是在我們的掌控之中，我們正致力於做到這一點。

We have amazing brands that are recognized around the world. I'm energized and excited by their potential, all of which is in our power to unlock. Our talent is world-class. I continue to be amazed by the depth and breadth of experience people in this company and their passion and commitment to VF. Some people surely left along the way, but so many stayed, and we brought in great people along the way, too. I will spend most of my time looking forward towards the future and what we need to do to return to consistent growth and value creation.

我們擁有世界公認的令人驚嘆的品牌。我對他們的潛力感到充滿活力和興奮，所有這些潛力都在我們的能力範圍之內。我們的人才是世界一流的。我仍然對這家公司員工經驗的深度和廣度以及他們對 VF 的熱情和承諾感到驚訝。一定有一些人一路離開，但也有很多人留下來，我們也一路引進了優秀的人才。我將把大部分時間花在展望未來以及我們需要做什麼才能恢復持續成長和價值創造。

Long term, we'll turn VF into a company that relentlessly focuses on delighting consumers throughout the world through superior product design and engaging consumer experiences, backed by a well-oiled execution machine, a simple, effective structure supporting highly energized employees. These are the 4 key areas we're prioritizing aggressively. I will go into some of the specific actions we're taking to address them next. The 4 key areas are: fix the U.S., deliver the Vans turnaround, lower our cost base and strengthen our balance sheet.

從長遠來看，我們將把VF 打造成一家堅持不懈地專注於透過卓越的產品設計和引人入勝的消費者體驗來取悅全世界消費者的公司，並以運轉良好的執行機器為後盾，這是一個支持精力充沛的員工的簡單、有效的結構。這是我們積極優先考慮的 4 個關鍵領域。接下來我將介紹我們為解決這些問題所採取的一些具體行動。四個關鍵領域是：修復美國市場、實現 Vans 的扭虧為盈、降低我們的成本基礎並加強我們的資產負債表。

Now let me highlight some of the immediate actions that will begin to deliver those. First, we're establishing a global commercial organization, inclusive of an Americas region. Throughout my career, I've been in a lot of different corporate structures. From an execution standpoint, having an engine with fast transference of best practices and ensuring as things work, they get transferred throughout the company and throughout the different parts of the world, in my view, is absolutely critical. We don't have that in North America, and our results show it. However, we do have in EMEA, and we recently successfully transferred that model to APAC, which is also operating well.

現在讓我重點介紹一些將開始實現這些目標的立即行動。首先，我們正在建立一個全球商業組織，其中包括美洲地區。在我的職業生涯中，我曾在許多不同的公司結構中工作過。從執行的角度來看，在我看來，擁有一個能夠快速傳輸最佳實踐的引擎，並確保隨著工作的進行，它們可以在整個公司和世界各地進行傳輸，這絕對是至關重要的。我們在北美沒有這樣的情況，我們的結果也顯示了這一點。然而，我們在歐洲、中東和非洲地區確實有這種模式，而且我們最近成功地將這種模式轉移到了亞太地區，該地區也運作良好。

To ensure we're executing consistently across the globe in terms of supply chain management, relationships with wholesale customers, customer service and more, we are changing our operating model and creating a global commercial organization led by a Chief Commercial Officer, who will lead the day-to-day execution of the business around the world and bring execution excellence back to North America.

為了確保我們在供應鏈管理、批發客戶關係、客戶服務等方面在全球範圍內始終如一地執行，我們正在改變我們的營運模式，並創建一個由首席商務官領導的全球商業組織，首席商務官將領導世界各地業務的日常執行，並將卓越的執行力帶回北美。

The leader of this combined platform across North America, EMEA and APAC will be Martino Scabbia Guerrini, who many of you know well and who we have promoted to this newly created role reporting directly to me. Some of you already know that Martino has been highly effective in building a platform for EMEA that has delivered sustained growth in revenue and operating income for many years, a platform that has delivered superior growth in all our brands and a winning spirit that's palpable when you meet our people in EMEA.

這個橫跨北美、歐洲、中東和非洲和亞太地區的聯合平台的領導者將是 Martino Scabbia Guerrini，你們很多人都很熟悉他，我們已將他提升到這個新創建的職位，直接向我報告。你們有些人已經知道，馬蒂諾在為歐洲、中東和非洲地區建立一個平台方面非常有效，該平台多年來實現了收入和營業收入的持續增長，這個平台為我們所有品牌帶來了卓越的成長，並且當您認識我們在歐洲、中東和非洲地區的員工時。

Second, a second step we're taking is to sharpen brand presence focused on sustainable long-term growth and brand health. A direct consequence and intent of the operating model change, which is particularly critical at this stage for all the brands, but especially Vans, is that the new structure enables brand presence to focus on what matters most, getting closer to the customer and creating consistent pipeline -- a consistent pipeline of amazing products and creating excitement around our brands. If you think about it, we really do 2 things for the world: we create products that people choose to wear, and we build brands, which operate like clubs that consumers want to be part of. Those 2 things are so critical to the success of any brand in our business, and that is where our brand presence will focus.

其次，我們採取的第二步是加強品牌影響力，並專注於永續的長期成長和品牌健康。營運模式變革的直接後果和意圖是，新的結構使品牌能夠專注於最重要的事情，更加貼近客戶並創造一致的效果，這對於現階段的所有品牌（尤其是 Vans）來說尤其重要。管道——一系列令人驚嘆的產品，並圍繞我們的品牌創造興奮。如果你仔細想想，我們實際上為世界做了兩件事：我們創造人們選擇穿著的產品，我們建立品牌，這些品牌的運作就像消費者希望加入的俱樂部一樣。這兩件事對於我們業務中任何品牌的成功都至關重要，這也是我們品牌影響力的重點。

Three, we'll be making a change in brand presence at Vans. Trends today for Vans aren't getting any better, and in fact, could even be viewed as getting worse. We will not see a turnaround this year. The good news is that the brand continues to be loved by so many consumers. There are many good steps that we've made, but we now have to make some changes and move faster.

第三，我們將改變 Vans 的品牌形象。如今 Vans 的趨勢並沒有任何好轉，事實上，甚至可以被視為變得更糟。今年我們不會看到好轉。好消息是該品牌繼續受到許多消費者的喜愛。我們已經採取了許多好的步驟，但現在我們必須做出一些改變並加快步伐。

To that end, today, we're announcing that Kevin Bailey will be stepping down from the position of Global Brand President of Vans. Kevin will remain on the executive leadership team reporting to me in a leadership role in Reinvent. His long history at VF as Brand President and a Regional President helping build the APAC platform will be valuable as we build a more effective and efficient organization in the months ahead.

為此，今天我們宣布 Kevin Bailey 將辭去 Vans 全球品牌總裁一職。凱文將繼續留在執行領導團隊中，在 Reinvent 中擔任領導職務，向我報告。他在 VF 擔任品牌總裁和區域總裁的悠久歷史，幫助我們建立了亞太地區平台，這對於我們在未來幾個月建立一個更有效和高效的組織來說非常有價值。

I'd like to thank Kevin for stepping back into this role about 18 months ago. He's been a loyal and wise leader for this company for many years. An external search is underway for a new Brand President for Vans and in the interim, I will personally take a very active role in delivering the turnaround strategies of the brand.

我要感謝 Kevin 大約 18 個月前重新擔任這一職位。多年來，他一直是這家公司忠誠而明智的領導者。 Vans 正在外部尋找新的品牌總裁，在此期間，我個人將在實施品牌轉型策略方面發揮非常積極的作用。

Fourth, we will optimize cost structure to improve operating efficiency and profitability and, I predict, also effectiveness. I've never seen a turnaround situation that didn't have a need for addressing cost structure. We're committing to $300 million of cost reductions across the business. This program is comprehensive and will touch almost everything. But importantly, we will invest back a portion of our savings into brand building and product innovation as we organize to return to growth and at the same time, improve profitability. Of course, addressing our cost base is an important factor in making progress on our critical financial priority too, deleveraging the balance sheet, which is our next topic.

第四，我們將優化成本結構，以提高營運效率和獲利能力，以及我預測的有效性。我從未見過不需要解決成本結構問題的扭虧為盈的情況。我們承諾在整個業務範圍內削減 3 億美元的成本。這個計劃很全面，幾乎涉及一切。但重要的是，當我們組織恢復成長並同時提高獲利能力時，我們將把部分儲蓄投資於品牌建立和產品創新。當然，解決我們的成本基礎問題也是我們在關鍵財務優先事項上取得進展的一個重要因素，即去槓桿化資產負債表，這是我們的下一個主題。

So the last section I'll be talking about today will be to bring down our debt and reduce leverage. This is our top financial priority, to strengthen the balance sheet. Bringing down debt levels and deleveraging are important for shareholders. And today, as a consequence, the dividend reduction we have announced is one step toward achieving this objective, but there will be more. We also will not be doing any acquisitions until we bring the debt level down.

因此，我今天要討論的最後一部分將是減少我們的債務並降低槓桿。強化資產負債表是我們財務的首要任務。降低債務水準和去槓桿化對股東來說很重要。因此，今天我們宣布的股息削減是實現這一目標的一步，但還會有更多。在降低債務水平之前，我們也不會進行任何收購。

I want to underscore our full commitment to creating and maximizing value for all our shareholders. In order to bring down our debt levels and improve our operations, the Board and I are fully aligned that everything is on the table, and there are no sacred cows.

我想強調我們完全致力於為所有股東創造和最大化價值。為了降低我們的債務水平並改善我們的運營，董事會和我完全一致認為一切都在桌面上，並且沒有什麼神聖的東西。

Now moving on to our outlook for fiscal year '24. The headline here is that we're not guiding revenue and profit for the remainder of the year. We are providing an update on free cash flow and projected liquidity levels at year-end, which remain more than ample under a wide range of scenarios.

現在繼續我們對 24 財年的展望。這裡的標題是，我們不會指導今年剩餘時間的收入和利潤。我們將提供年底自由現金流和預計流動性水平的最新信息，在多種情況下，流動性水平仍然綽綽有餘。

So why are we removing guidance? As a new CEO, I want to hit our numbers. At the end of the day, the first numbers I'm going to give you, we will hit. There are a lot of moving pieces in our business and in the market, and we're moving even more as a function of our Reinvent program. I withdrew guidance in my early days 11 years ago at Logitech and quickly reinstated it at the appropriate time. There's no reason why we can't do the same here.

那我們為什麼要取消指導呢？作為新任首席執行官，我希望達到目標。歸根究底，我要給你的第一個數字，我們會達到。我們的業務和市場中有很多變化的部分，而且根據我們的重塑計劃，我們的變化甚至更多。 11 年前，我在羅技任職初期就撤回了指導，並在適當的時候迅速恢復了指導。我們沒有理由不能在這裡做同樣的事情。

To conclude, this is a turnaround. I've been here before, so I know what it takes. We have a strong foundation, world-class brands and great people, and we're taking aggressive action as we started to announce today. This will lead the way to a new future for VF in which the company will be leaner, faster and stronger. While it will take time for the initiatives we're implementing to take full effect, we do expect to make progress beginning quickly, and we will build on that in the quarters to come.

總而言之，這是一個轉機。我以前來過這裡，所以我知道這需要什麼。我們擁有堅實的基礎、世界一流的品牌和優秀的人才，正如我們今天開始宣布的那樣，我們正在採取積極的行動。這將為 VF 帶來新的未來，讓公司變得更精簡、更快、更強大。雖然我們正在實施的舉措需要時間才能完全生效，但我們確實希望很快就能取得進展，並且我們將在未來幾季在此基礎上再接再厲。

With that, I will now hand it over to Matt to talk you through the financials. Matt?

現在，我將把它交給馬特，讓他向您介紹財務狀況。馬特？

Thank you, Bracken. It's great that you're here with us as together we face this challenging and critical time in our company's history. Despite these difficult circumstances, I'm energized and positive about the future and the plans that we're laying out today to strengthen our financial position, to improve our operating performance and to position VF to achieve its full potential. Now let me turn to the results of the quarter.

謝謝你，布雷肯。很高興您能和我們在一起，我們一起面對公司歷史上這個充滿挑戰和關鍵的時刻。儘管面臨這些困難的情況，我對未來以及我們今天制定的計劃充滿活力和積極態度，這些計劃旨在加強我們的財務狀況、改善我們的經營業績並讓 VF 充分發揮其潛力。現在讓我談談本季的業績。

Q2 remained weak overall as bright spots in The North Face and international markets continued to be outweighed by declines in Vans and in our Americas business. That said, we delivered on our commitment to reduce inventory versus last year and paid down EUR 850 million term debt in September, ending the quarter with liquidity of $1.7 billion and net leverage of 4.5x, slightly ahead of our plans midyear.

第二季整體依然疲軟，因為 The North Face 和國際市場的亮點繼續被 Vans 和美洲業務的下滑所抵消。儘管如此，我們兌現了與去年相比減少庫存的承諾，並在9 月償還了8.5 億歐元的定期債務，本季結束時流動性為17 億美元，淨槓桿率為4.5 倍，略高於我們年中的計劃。

Revenue for the quarter was down 4% overall, in line with our near-term expectations, but disappointingly, reflecting continued weakness in the U.S. business and in Vans globally, 2 areas where we're not making the anticipated progress. As indicated last quarter, Q2 revenue benefited from a change in shipment timing, particularly The North Face, as importantly, we have delivered more consistently on time this year and are lapping late deliveries from last year that fell into Q3. Normalizing for this change in shipment timing, which benefited the quarter by a couple of points, overall, Q2 momentum had a relatively similar trajectory to Q1.

本季營收整體下降 4%，符合我們的近期預期，但令人失望的是，反映出美國業務和 Vans 全球業務持續疲軟，這兩個領域我們沒有取得預期進展。正如上個季度所示，第二季度的收入受益於發貨時間的變化，尤其是The North Face，同樣重要的是，我們今年的交付更加一致地按時交付，並且正在超越去年第三季度的延遲交付。出貨時間的這種變化使本季受益幾個百分點，總體而言，第二季的動能與第一季的軌跡相對相似。

By region, the Americas was down 11% in the quarter as results continued to be pressured by wholesale as expected. DTC saw an outsized impact from Vans underperformance. Excluding Vans, Americas DTC was up 5% in the quarter, with all brands except Vans and Timberland recording positive performances.

按地區劃分，美洲地區本季業績下降 11%，正如預期的那樣，業績繼續受到批發壓力。 DTC 看到了 Vans 表現不佳帶來的巨大影響。除 Vans 外，美洲 DTC 本季成長 5%，除 Vans 和 Timberland 外的所有品牌均錄得積極表現。

EMEA returned to growth, up 6%, achieving its first $1 billion quarter in the company's history. Wholesale was up 7%, also reflecting some of the delivery timing benefits highlighted earlier, while DTC was up 3%, led by The North Face, up low teens.

歐洲、中東和非洲地區恢復成長，成長 6%，實現公司歷史上第一個季度營收 10 億美元的業績。 Wholesale 上漲 7%，也反映了先前強調的一些交貨時間優勢，而 DTC 上漲了 3%，由 The North Face 領漲，漲幅為十幾位數。

Lastly, revenue in the APAC region was also up 6%, led by Greater China, up 14%. Brick-and-mortar stores rose double digits driven by increasing traffic and average unit retail. While the consumer continues to be impacted by the economic environment in China, The North Face had another outstanding quarter, up nearly 50% in Greater China, growing across channels.

最後，亞太地區的營收也成長了 6%，其中以大中華區為首，成長了 14%。由於客流量和平均單位零售量的增加，實體店銷售額成長了兩位數。雖然消費者持續受到中國經濟環境的影響，但 The North Face 在另一個季度表現出色，大中華區成長近 50%，跨通路成長。

Now let me turn to the performance by brand and staying with The North Face. The brand had another strong quarter with revenue up 17% or up high single digits on a normalized basis, excluding the change in shipment timing, which benefited wholesale at up 19%. Importantly, and continuing the good results for the last several quarters, DTC was also strong, up 12% in this quarter. This compares to a run rate of a little over 20% for the first 5 months of the fiscal year. However, a later than typical start to the fall season, particularly in insulated outerwear, weighed on September results, which were plus 2%. Globally and across channels, we saw strong performances in bags and packs, supporting a robust back-to-school season.

現在讓我談談品牌的表現以及 The North Face 的表現。該品牌又迎來了一個強勁的季度，收入增長了 17%，按正常化計算，收入增長了高個位數，不包括發貨時間的變化，這使批發收入增長了 19%。重要的是，DTC 延續了過去幾季的良好業績，表現也很強勁，本季成長了 12%。相較之下，本財年前 5 個月的運行率略高於 20%。然而，秋季的開局比典型情況要晚，特別是在保暖外套方面，這對 9 月份的業績造成了影響，該業績上漲了 2%。在全球範圍內和各個渠道，我們看到箱包和背包的強勁表現，為返校季的強勁表現提供了支持。

Vans had another disappointing quarter with revenue down 23%. Slow sell-through rates continued to put pressure on wholesale across all regions, while traffic remained challenged and weighed on DTC. As Bracken mentioned earlier, the brand remains loved by consumers, but we must and will do more to generate demand. Newness and innovation continued to outperform in silhouettes like the Knu Skool, Lowland, UltraRange and MTE, which all saw strong growth during the quarter, though the volumes in these styles continue to have limited impact in offsetting the declines in classic products.

Vans 又一個令人失望的季度，營收下降了 23%。緩慢的銷售率繼續給所有地區的批發帶來壓力，而客流量仍然面臨挑戰，給 DTC 帶來壓力。正如布雷肯之前提到的，該品牌仍然受到消費者的喜愛，但我們必須而且將會採取更多措施來創造需求。 Knu Skool、Lowland、UltraRange 和 MTE 等款式的新穎性和創新繼續表現出色，這些款式在本季度均出現強勁增長，但這些款式的銷量在抵消經典產品下降方面的影響仍然有限。

At Timberland, Q2 revenue declined 10% as growth in both EMEA and APAC was more than offset by softness in Americas wholesale. Results were affected by demand softness for 6-inch boots, which negatively impacted both the wholesale order book conversion and DTC. Outdoor and women's continued to perform well as the Motion 6 trail and hiking collection became the brand's #2 collection globally, and success in women's sandals from spring paved the way for new fall boots.

Timberland 第二季度營收下降了 10%，因為歐洲、中東和非洲和亞太地區的成長被美洲批發市場的疲軟所抵消。結果受到 6 英寸靴子需求疲軟的影響，這對批發訂單轉換和 DTC 產生了負面影響。戶外鞋和女鞋繼續表現出色，Motion 6 越野和遠足系列成為該品牌全球第二大系列，春季女涼鞋的成功為新款秋季靴子鋪平了道路。

Dickies continue to feel pressure from the value and consumer in the core work business, and although sequentially improving versus Q1, revenue declined 9% in Q2. Increased caution from key partners has continued to weigh on results.

Dickies 繼續感受到來自核心工作業務的價值和消費者的壓力，儘管與第一季相比有所改善，但第二季的收入下降了 9%。主要合作夥伴的謹慎態度持續影響業績。

Last but not least, Supreme had its strongest start to a season in a couple of years with double-digit revenue growth in the quarter. The August opening of Supreme's new store in Seoul is off to a terrific start and has delivered impressive results across a number of metrics, a strong proof point on the road map of our grow wide strategy, which is aimed at expanding access to the brand to more consumers globally.

最後但並非最不重要的一點是，Supreme 迎來了幾年來最強勁的賽季開局，本季營收實現了兩位數成長。 Supreme 首爾新店於8 月開業，這是一個良好的開端，在多項指標上都取得了令人印象深刻的成果，這有力地證明了我們廣泛發展戰略的路線圖，該戰略旨在擴大該品牌的接觸範圍全球有更多消費者。

Now moving down the P&L. Gross margin of 51.3% was down 20 basis points year-over-year, although excluding the impact of additional inventory reserves in Dickies, would have been up 30 basis points. Tailwinds from mix, price and lower promotions were more than offset by product cost and FX headwinds. Positive mix of up 20 basis points in the quarter was driven primarily by international growth but was a lower-than-anticipated benefit as DTC slowed due to the challenges at Vans.

現在將損益表向下移動。毛利率為 51.3%，年減 20 個基點，但排除 Dickies 額外庫存儲備的影響，毛利率將上升 30 個基點。組合、價格和較低促銷帶來的順風被產品成本和外匯逆風所抵銷。本季上漲 20 個基點的積極組合主要是由國際成長推動的，但由於 Vans 面臨的挑戰導致 DTC 放緩，這一收益低於預期。

Rate was down 50 basis points, more than offsetting these benefits, as margin expansion from price and lower promotions, which has improved versus last year but remains higher than fiscal '22, was more than offset by increased product cost and negative transactional currency impacts. During the quarter, we booked an unplanned $15 million distressed inventory reserve associated with Dickies, which flows through the cost line and negatively impacted gross margin by about 0.5 point.

利率下降了50 個基點，遠遠抵消了這些好處，因為價格和促銷活動減少帶來的利潤擴張（與去年相比有所改善，但仍高於22 財年），被產品成本增加和負面交易貨幣影響所抵銷。本季度，我們計入了與 Dickies 相關的 1500 萬美元不良庫存準備金，該準備金流經成本線並對毛利率產生了約 0.5 個百分點的負面影響。

We generated a healthier operating margin of 12% in the quarter, down 30 basis points year-over-year, mainly reflecting the small gross margin decline and slight SG&A deleverage of 10 basis points. SG&A spend in the quarter was down 1% year-over-year as we continued to maintain tight cost discipline and began to generate modest benefits associated with Reinvent but saw some deleverage in digital and technology and distribution expenses.

本季我們的營業利潤率為 12%，較健康，年減 30 個基點，主要反映毛利率小幅下降以及 SG&A 去槓桿化 10 個基點。本季的 SG&A 支出年減 1%，因為我們繼續保持嚴格的成本紀律，並開始產生與 Reinvent 相關的適度效益，但數位和技術以及分銷支出出現了一定程度的去槓桿化。

Q2 adjusted earnings per share was $0.63, down $0.10 versus fiscal '23, largely due to elevated interest and tax, with higher tax driven by jurisdictional mix and the reversal of tax interest income that had been accrued associated with the Timberland tax payment.

第二季調整後每股收益為 0.63 美元，比 23 財年下降 0.10 美元，這主要是由於利息和稅收增加，司法管轄區組合導致稅收增加，以及與 Timberland 納稅相關的稅收利息收入的逆轉。

A quick comment on the reported tax expense in Q2. On September 8, the Appeals Court ruled in favor of the IRS in the Timberland tax case with regards to the timing of income inclusion from the Timberland acquisition in 2011. We're disappointed with the outcome and still believe in the technical merits of our case. This decision has no impact to our cash debt outlook for fiscal '24 as the payment was made last year. But we recognized a noncash $690 million net increase to our reported tax expense in Q2, which includes anticipated refunds of some tax payments from prior years. The process of filing amended returns for each tax year across both federal and multiple state jurisdictions will take time, and we're not assuming any benefits to cash over the next 18 months from these refunds.

對第二季報告的稅收支出的快速評論。 9 月 8 日，上訴法院就 Timberland 稅務案件中關於 2011 年收購 Timberland 收入的時間表做出了有利於國稅局的裁決。我們對結果感到失望，但仍然相信我們案件的技術優點。這項決定對我們 24 財年的現金債務前景沒有影響，因為付款已於去年支付。但我們確認第二季報告的稅收支出非現金淨增加了 6.9 億美元，其中包括前幾年部分稅款的預期退款。在聯邦和多個州司法管轄區提交每個納稅年度修改後的申報表的過程需要時間，而且我們不認為這些退款會在未來 18 個月內兌現任何好處。

Turning to the balance sheet and cash flow. I'm pleased to report that our inventory is down 10% at the end of Q2 versus last year, in line with our expectation to inflect at this point in the year. This result, despite ongoing revenue challenges, speaks to the improved performance of our supply chain and the important results our teams are accomplishing to improve operational metrics and benefit cash flow. Our inventory composition remains healthy overall and is concentrated in core and carryover product.

轉向資產負債表和現金流量。我很高興地報告，第二季末我們的庫存比去年下降了 10%，這符合我們對今年此時點的預期。儘管面臨持續的收入挑戰，這一結果說明了我們供應鏈績效的改善以及我們的團隊在改善營運指標和效益現金流方面所取得的重要成果。我們的庫存組成整體保持健康，主要集中在核心和結轉產品。

Our use of cash during the first half was slightly better than planned driven by lower working capital with $19 million used by operations and negative free cash flow of $158 million. As a result, liquidity sits at $1.7 billion, which is again better than our plans at this point in the year.

上半年我們的現金使用情況略好於計劃，原因是營運資金減少，營運使用了 1,900 萬美元，自由現金流為 1.58 億美元。因此，流動性達到 17 億美元，這再次好於我們今年此時的計畫。

As it relates to debt, we paid down EUR 850 million term debt in September and ended the quarter with a commercial paper balance of $1 billion. Midway through the fiscal year and at our seasonal peak levels of working capital, total debt is up modestly versus the beginning of the year.

就債務而言，我們在 9 月償還了 8.5 億歐元的定期債務，本季末商業票據餘額為 10 億美元。在本財年中期，在營運資本的季節性高峰水準下，總債務較年初略有上升。

Now let me talk about Reinvent, our newly announced transformation program. Through Reinvent, we are addressing fundamental structural challenges that have impacted our performance as well as tackling our cost structure head-on as we expect to generate $300 million in fixed cost reductions. We'll streamline operations in line with the changes to the operating model that Bracken discussed to generate efficiencies and create a faster and leaner organization company-wide.

現在讓我談談我們新宣布的轉型計劃 Reinvent。透過 Reinvent，我們正在解決影響我們業績的基本結構性挑戰，並正面解決我們的成本結構，因為我們預計將減少 3 億美元的固定成本。我們將根據布雷肯討論的營運模式的變化來簡化運營，以提高效率並在全公司範圍內創建一個更快、更精簡的組織。

We'll additionally further drive down costs in nonstrategic areas and ensure the overall cost structure across the company is balanced to the business and pointed towards our biggest opportunities. This will include reinvesting a portion of the savings directly toward brand building and product innovation, first and foremost, against our largest brand assets.

我們也將進一步降低非策略領域的成本，確保整個公司的整體成本結構與業務保持平衡，並為我們帶來最大的機會。這將包括將部分儲蓄直接再投資於品牌建立和產品創新，首先是針對我們最大的品牌資產。

We expect to achieve the vast majority of the $300 million target on a forward run rate basis by the middle of the next fiscal year. We'd anticipate about half, on a run rate perspective, will be in place by the beginning of fiscal '25 as a portion will, in fact, be achieved in fiscal '24. We'll provide more specifics on our plans and details around timing over the next couple of quarters.

我們預計到下一財年中期，以遠期利率計算，將達到 3 億美元目標的大部分。從運行率的角度來看，我們預計大約一半將在 25 財年年初到位，事實上，一部分將在 24 財年實現。我們將提供更多關於我們的計劃的細節以及未來幾季的時間安排細節。

Speaking of fiscal '24, as Bracken explained earlier, we are resetting our expectations for this year to more appropriately reflect the uncertainty and continued underperformance that has impacted our results to date and retracting revenue and profit guidance for the fiscal year while updating our cash flow guidance. Together, myself and Bracken are committed to coming back and reestablishing guidance, and we're fully confident in our ability to consistently meet commitments.

談到24 財年，正如Bracken 之前所解釋的那樣，我們正在重新調整今年的預期，以更恰當地反映影響我們迄今為止業績的不確定性和持續表現不佳，並撤回本財年的收入和利潤指導，同時更新我們的現金流指導。我和布雷肯共同致力於回歸並重建指導，我們對持續履行承諾的能力充滿信心。

Our decision to retract revenue and profit guidance today centers mainly on 4 key changes to our assumptions. First, the timing of the Vans turnaround is taking longer than we thought. And specifically, we are now no longer expecting any discernible improvement in half 2 results relative to half 1. Through today's announced actions, we are addressing with urgency the work needed to stabilize the business. Bracken and I plan to share our expectations with the market on the timing of the turnaround when we see a tangible impact from the initiatives underway.

我們今天決定撤銷收入和利潤指引，主要是基於我們假設的 4 個關鍵變化。首先，Vans 轉虧為盈的時間比我們想像的還要長。具體來說，我們現在不再期望 half 2 的結果相對於 half 1 有任何明顯的改善。透過今天宣布的行動，我們正在緊急解決穩定業務所需的工作。當我們看到正在進行的舉措產生實際影響時，布雷肯和我計劃與市場分享我們對扭轉時機的期望。

Second, the North America business, primarily U.S. wholesale, is now anticipated to be modestly weaker versus our prior expectations as we look to the back half of the year. And although much less impactful, we now see a choppier macro environment in Europe.

其次，展望今年下半年，北美業務（主要是美國批發業務）預計將略弱於我們先前的預期。儘管影響力要小得多，但我們現在看到歐洲的宏觀環境更加不穩定。

Last, there will be cross currents from Reinvent as we remove costs, change the organization structure and reengineer the Americas for growth. This will create noise in the P&L in the short term.

最後，當我們削減成本、改變組織結構並重新設計美洲以促進成長時，「重塑」將會產生逆流。這將在短期內對損益表產生幹擾。

In addition to the changes just highlighted, most notably Vans, which will directly impact Q3, it's worth reminding the importance of looking at the 2 quarters, Q2 and Q3 combined, to get a more comparable reading of the season. This is particularly true for The North Face, which is comping bigger distortion from last year's late shipment timing and subsequent benefit in Q3 last year and will, therefore, be negatively impacted in Q3 this year. And to remind you, the third quarter's result -- the third quarter's wholesale result in the brand will also be impacted by the lower overall order book for the season as planned, reflecting greater retailer caution, their focused efforts to reduce inventories and our poor service to customers last year, which we have been working hard to correct.

除了剛剛強調的變化（最顯著的是Vans 的變化，這將直接影響第三季度）之外，值得提醒的是，將第二季度和第三季度合併起來查看兩個季度的重要性，以獲得本賽季更具可比性的解讀。對於 The North Face 來說尤其如此，該公司正因去年的延遲發貨時間和去年第三季的後續效益而遭受更大的扭曲，因此今年第三季將受到負面影響。並提醒您，第三季度的結果 - 該品牌第三季度的批發結果也將受到本季度總體訂單量按計劃下降的影響，反映出零售商更加謹慎，他們集中精力減少庫存以及我們糟糕的服務去年向客戶提出的問題，我們一直在努力糾正。

While we expect the DTC business to continue to deliver healthy growth in Q3, taking it all together, we anticipate global North Face revenue to decline in the third quarter. Stepping back from the near-term impacts and optics I've just explained, we continue to feel very good about the underlying consumer demand for the brand, the broad-based performance across product categories and geographies and the significant growth opportunity that lies ahead for the brand.

雖然我們預計 DTC 業務將在第三季繼續實現健康成長，但綜合考慮，我們預計第三季全球 North Face 營收將會下降。撇開我剛才解釋的近期影響和前景，我們仍然對該品牌的潛在消費者需求、跨產品類別和地區的廣泛表現以及未來的重大增長機會感到非常滿意。品牌。

Now turning to our balance sheet and cash flow expectations. We continue to focus on reducing inventory and now expect to end the year down mid- to high single digits compared to previous guidance of at least down 10%, reflecting the more challenged Vans and U.S. wholesale outlook. Fiscal '24 free cash flow is now expected to be approximately $600 million, a decrease from previous guidance of approximately $900 million, flowing through the more muted operating results. We now anticipate liquidity of about $2.2 billion by the end of the fiscal year.

現在轉向我們的資產負債表和現金流預期。我們繼續專注於減少庫存，目前預計今年年底庫存將比先前至少下降 10% 的指引下降中高個位數，這反映出 Vans 和美國批發前景面臨更大的挑戰。目前預計 24 財年自由現金流約 6 億美元，較先前指引的約 9 億美元減少，因為經營績效較為疲軟。我們現在預計到本財年結束時流動性約為 22 億美元。

Deleveraging the balance sheet remains our top financial priority. We plan to end the year with leverage slightly higher than last year, given the anticipated impacts to half 2 revenue and profit. We continue to be laser-focused on addressing both the numerator and the denominator moving forward and are taking the necessary steps to impact both, including the $300 million in annualized cost reduction through Reinvent and the reduction to the dividend, which on an annualized basis, is approximately $325 million in cash savings.

去槓桿化資產負債表仍然是我們的首要財務重點。考慮到對一半 2 收入和利潤的預期影響，我們計劃在年底時採用略高於去年的槓桿率。我們繼續專注於解決分子和分母問題，並正在採取必要措施來影響這兩個問題，包括透過 Reinvent 減少每年 3 億美元的成本，並減少股息，按年計算，節省現金約 3.25 億美元。

Lastly, as an update on our packs business, all 3 brands continue to perform strongly, and this positions us well as we progress the [sales process]. We are confident we will achieve our objective.

最後，作為我們包裝業務的更新，所有 3 個品牌繼續表現強勁，這使我們在[銷售流程]的進展中處於有利地位。我們有信心實現我們的目標。

In summary, we're taking the necessary actions to reset the business and strengthen the balance sheet. Our transformation plan Reinvent directly addresses our biggest performance issues, Vans and the U.S., and importantly, commits to lowering our cost structure by $300 million. We will make progress toward our #1 financial priority of lowering our debt and leverage from these actions, along with the reduction in the dividend, as we set the stage for a return to growth and increased ROIC. We look forward to updating you in coming quarters on our ongoing progress.

總之，我們正在採取必要的行動來重組業務並加強資產負債表。我們的轉型計畫 Reinvent 直接解決了 Vans 和美國最大的績效問題，重要的是，承諾將我們的成本結構降低 3 億美元。我們將透過這些行動，在降低債務和槓桿這一財務優先事項上取得進展，同時減少股息，為恢復成長和提高投資回報率奠定基礎。我們期待在未來幾季向您通報我們的持續進展。

Finally, under Bracken's leadership, through our great brands, the continued commitment of our outstanding teams and the Reinvent program announced today, I'm confident we have the foundation to once again deliver strong shareholder returns. We now open the line and take your questions.

最後，在布雷肯的領導下，透過我們偉大的品牌、傑出團隊的持續承諾以及今天宣布的重塑計劃，我相信我們有基礎再次為股東帶來強勁回報。我們現在開通熱線並回答您的問題。

(Operator Instructions) Our first question is from 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。

Bracken, thank you for your initial thoughts 100 days in. Bracken, on that, as you get a chance to get closer to The North Face brand, is there anything you saw in the softer September that changes your view, the direction where the brand is headed and its long-term potential?

Bracken，感謝您在 100 天後最初的想法。Bracken，當您有機會更接近 The North Face 品牌時，您在柔和的九月看到的任何東西是否會改變您的看法，該品牌的方向其發展方向及其長期潛力是什麼？

No, not at all. Actually, I'm really excited about The North Face brand, I think brand business team kind of across the board. I have -- let's face it, we all lived through the warmest September on record, I think, and the first half of October looked like that now. But on my way into work today, I was absolutely freezing but only because my hands were exposed because I was wearing a North Face jacket. So I have a feeling sales are going to pick up. And I just did a big review of all our products with Nicole, who runs -- Nicole Otto, who runs that business and her team, and I couldn't be any more excited about it.

一點都不。事實上，我對 ​​The North Face 品牌感到非常興奮，我認為品牌業務團隊是全面的。我想——讓我們面對現實吧，我們都度過了有史以來最溫暖的九月，而十月上半月現在看起來也是如此。但今天上班的路上，我完全凍僵了，但這只是因為我穿著 North Face 夾克，雙手暴露在外。所以我有一種感覺，銷量將會回升。我剛剛與 Nicole Otto 一起對我們所有的產品進行了一次大審查，她負責經營這家公司和她的團隊，我對此感到非常興奮。

That's good to hear. And then maybe a question for Matt. In the sense that you're pulling the guide but you're talking about hitting numbers that you are guiding to, that $600 million of free cash flow, can you maybe just -- I know you don't guide, Matt, by quarter, but how do we think about the shape of the free cash flow between the third and fourth quarter?

聽起來還不錯。然後也許有個問題要問馬特。從某種意義上說，你正在拉動指南，但你正在談論達到你所指導的數字，即 6 億美元的自由現金流，你可以只是 - 我知道你不會按季度指導，馬特，但是我們如何看待第三季和第四季之間自由現金流的形狀？

And then maybe, Bracken, if you can just talk about the $300 million of cost savings. Where is that going to go in terms of -- is that coming from marketing? I think marketing was 7.4% of sales. Is that the right number for this year and beyond? Any shape on the cost savings and where it's coming from would be very helpful.

Bracken，如果您能談談節省的 3 億美元成本的話，也許可以。就行銷而言，這將走向何方？我認為行銷佔銷售額的 7.4%。這個數字適合今年及以後嗎？任何有關成本節約及其來源的問題都會非常有幫助。

Yes. On the $300 million or the reduction in the cash flow, but really, your question is what's cash going to look like over the next couple of quarters. I think Q3 will be a pretty strong cash generating quarter because it's heavy direct-to-consumer business with a really short cash conversion cycle, right? So that's one thing. Inventories will continue to come down. Good progress in Q2. That will continue as we move through the back half of the year kind of equally probably between Q3 and Q4 from an inventory and working capital perspective. But I would say our cash generation overall will be a little more distorted towards Q3 versus Q4, as it typically is.

是的。關於 3 億美元或現金流的減少，但實際上，你的問題是未來幾季的現金會是什麼樣子。我認為第三季度將是一個相當強勁的現金產生季度，因為它是直接面向消費者的業務，現金轉換週期非常短，對嗎？所以這是一回事。庫存將繼續下降。第二季度進展良好。從庫存和營運資金的角度來看，這種情況將持續到今年下半年，第三季和第四季之間的情況可能相同。但我想說的是，我們的現金產生總體上第三季與第四季相比會更加扭曲，就像通常一樣。

And on the cost reduction, first of all, where is it coming from? This is the -- this is going to be a very comprehensive cost reduction program. So it's really going to touch virtually every area of fixed cost. But I just want to make sure -- I said this in the opening remarks, and I want to reiterate, but we will be reinvesting back -- part of that back into brand building, to marketing and into innovation.

而關於成本降低，首先，它來自哪裡？這將是一個非常全面的成本削減計劃。因此，它實際上會觸及固定成本的幾乎所有領域。但我只是想確保——我在開場白中說過這一點，我想重申一下，但我們將重新投資——其中一部分重新投入到品牌建設、行銷和創新中。

Your question -- specific question was what's the -- what ratio or percentage should we expect? I'm not ready to declare that yet. But I know one thing is for sure. This is a business built on amazing products and amazing brands. And so we're going to make sure we're investing at the right level on that. We'll come back later in the year as we head into next year with real clear principles on how much we're investing in those different areas.

你的問題——具體問題是——我們應該期望什麼比例或百分比？我還沒準備好宣布這一點。但我知道有一件事是肯定的。這是一個建立在令人驚嘆的產品和令人驚嘆的品牌之上的業務。因此，我們將確保在這方面進行適當的投資。當我們進入明年時，我們將在今年稍後回來，並就我們在這些不同領域的投資金額提出真正明確的原則。

Our next question is from Ike Boruchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

I guess I wanted to -- similar to Laurent, I kind of want to focus on North Face. Just maybe, Matt, this is for you. Just to understand a little bit more about the comment about 3Q being down. So direct-to-consumer slowed in September, I think you said it was up 2%, but it sounds like things are getting cooler, not warmer. Should direct-to-consumer continue to slow? Like should we expect direct-to-consumer to also be negative? Or is this more of a dynamic that has to do with the wholesale channel? I don't mean to get so granular. I'm just kind of curious because I was surprised to hear that the brand could be negative.

我想我想——與 Laurent 類似，我有點想專注於 North Face。也許，馬特，這是給你的。只是為了更多地了解有關 3Q 下跌的評論。因此，9 月直接面向消費者的成長放緩，我想你說過成長了 2%，但聽起來情況正在變得涼爽，而不是變暖。直接面向消費者的業務是否應該繼續放緩？就像我們是否應該預期直接面向消費者也會帶來負面影響？還是這更多的是與批發管道有關的動態？我的意思並不是說得那麼細緻。我只是有點好奇，因為我很驚訝地聽到這個品牌可能是負面的。

Yes. I'll keep this simple, Ike. It's really a wholesale issue in the quarter and it's timing, but it's also the order book itself, which is nothing new. We've talked about that for a couple of quarters. DTC we expect to grow in the quarter.

是的。我會保持簡單，艾克。這確實是本季的批發問題，而且是時機，但也是訂單本身的問題，這不是什麼新鮮事。我們已經討論了幾個季度了。我們預計 DTC 將在本季實現成長。

Got it. And then a quick follow-up. You had talked about choppier U.S. wholesale, makes sense. You also talked a little bit about seeing some of that pressure overseas in Europe. Could you just elaborate a little bit more, Matt? Maybe is that broad-based? Is it more specific to one of the brands? I was kind of curious to learn a little bit more.

知道了。然後快速跟進。您談到了美國批發市場的波動，這是有道理的。您還談到了在歐洲看到的一些海外壓力。馬特，你能詳細說明一下嗎？也許這是基礎廣泛的？它是否更具體地針對某個品牌？我很好奇想了解更多。

Yes. I mean I would say, first of all, our Europe business continues to perform well, and we expect it will continue to perform well. And it's far and away kind of the smallest, I would say, impact of how we're seeing the second half of the business evolve as what's going on in Europe. But I think it's fair to say the macro is a little bit tougher. I mean there's a lot going on there from a geopolitical standpoint. Consumer sentiment remains pretty difficult, a lot of caution being deployed there. Maybe a little more so in the U.K. is what we're seeing. So I would say it's kind of across the business, but it's not significantly impactful.

是的。我的意思是，我想說，首先，我們的歐洲業務繼續表現良好，我們預計它將繼續表現良好。我想說，隨著歐洲發生的事情，我們看到下半年業務的發展所產生的影響無疑是最小的。但我認為可以公平地說，宏觀政策更加嚴厲。我的意思是，從地緣政治的角度來看，那裡正在發生很多事情。消費者信心仍然相當低迷，人們非常謹慎。我們所看到的情況在英國可能更是如此。所以我想說這在整個產業都是如此，但影響並不大。

And what I would also have a lot of confidence in saying is that our business there and our platform and the go-to-market strategy, we're going to win whatever the environment is. We just think the environment is going to be a little bit tougher in the short term.

我也很有信心地說，無論環境如何，我們在那裡的業務、我們的平台和進入市場策略，我們都將贏得勝利。我們只是認為短期內環境會變得更加艱難。

Our next question is from Lorraine Hutchinson with Bank of America.

我們的下一個問題來自美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Bracken, I'm interested in hearing the initial steps that you're taking to first stabilize and then grow the Vans business.

Bracken，我很想聽聽您為穩定並發展 Vans 業務所採取的初步步驟。

Well, first of all, there's a turnaround plan in place, which I think you've been exposed to before, and those steps continue. So my game plan is really to step in until we bring in a new Brand President and really accelerate and then make some select changes. I don't plan to undo a whole bunch of things. I think the steps we put in place are the right ones. I'd just like to see it happen faster.

嗯，首先，有一個週轉計劃，我想您之前已經接觸過該計劃，並且這些步驟仍在繼續。因此，我的計劃實際上是介入，直到我們引入新的品牌總裁並真正加速，然後做出一些選擇的改變。我不打算撤銷一大堆事情。我認為我們採取的步驟是正確的。我只是想看到它發生得更快。

There are a few things we are changing. This change in North America is a change in our approach to the Vans business and the biggest problem we've had, because the biggest part of the business for Vans is in the U.S., is to address that very directly and quickly. And beyond that, I'll come back to you and tell you when I think I've got something to say. But right now, I'd say just stay tuned.

我們正在改變一些事情。北美的這項變化是我們對 Vans 業務方式的改變，我們遇到的最大問題是非常直接、快速地解決這個問題，因為 Vans 業務的最大部分都在美國。除此之外，當我認為我有話要說時，我會回來告訴你。但現在，我想說的是，請繼續關注。

Our next question is from Brooke Roach with Goldman Sachs.

我們的下一個問題來自高盛的布魯克·羅奇。

I was wondering if we could follow up on Lorraine's question and get your thoughts and perspective on what attributes you're looking for in a new Brand President at Vans. And what might be the right leadership attributes to drive that stabilization and turnaround there?

我想知道我們是否可以跟進 Lorraine 的問題，以了解您對 Vans 新品牌總裁的期望特質的想法和看法。推動穩定和扭轉局勢的正確領導特質是什麼？

Well, I'm always -- the most important quality of a leader at this level is always leadership. So just general leadership. But the next step down from that, if you're looking at real capabilities, I think I tried to be very clear in my opening, I believe the most important attributes of a leader for a brand or a Brand President is being able to lead an innovation process and to consistently deliver an amazing set of innovations over time. And the segment is to build brand heat, real brand power in the marketplace. And so those are 2 -- probably the top 2 skills we'll be looking for.

嗯，我始終認為，這個層級的領導者最重要的特質始終是領導力。所以只是一般領導。但下一步，如果你專注的是真正的能力，我想我在開場白中試圖非常明確，我相信品牌領導者或品牌總裁最重要的屬性是能夠領導一個創新過程，並隨著時間的推移持續提供一系列令人驚嘆的創新。該細分市場的目的是在市場上建立品牌熱度和真正的品牌力量。這就是 2 項——可能是我們要尋找的最重要的 2 項技能。

Great. And if I could just ask one follow-up question. VF has historically had a few lenses by which they elaborate -- they look at ownership of brands in the portfolio. Can you elaborate on how you're thinking about the broader portfolio composition of VF today and whether or not those strategic lenses of ownership are still appropriate under your leadership?

偉大的。如果我可以問一個後續問題。 VF 歷來有一些詳細闡述的視角——他們著眼於產品組合中品牌的所有權。您能否詳細說明您如何看待當今 VF 更廣泛的投資組合構成，以及這些所有權策略鏡頭在您的領導下是否仍然合適？

Yes. I've been through those lenses, and I like them a lot. I think it's a great way to look at it. I've never heard them called lenses. I've heard them call it about everything else. But I think that's the right way to think about it, strategy first and then return on investment to various pieces.

是的。我已經看過這些鏡頭了，我非常喜歡它們。我認為這是一個很好的看待它的方式。我從來沒有聽說過它們被稱為鏡頭。我聽他們這樣稱呼其他一切。但我認為這是正確的思考方式，首先是策略，然後是各個部分的投資回報。

But I guess the most important thing to me, maybe precedes a little bit of that and fits into the strategy lens, is I love to be in growing markets. I mean I think that's the whole key. And so as I think about the portfolio we're in, and this company has as updated and changed and altered its portfolio over 124 years, a remarkable number of times, about 121 years. That's the way I'm thinking about it. I like to be in growing markets, and I like to have leading brands.

但我想對我來說最重要的事情，也許先於這一點並符合策略視角，是我喜歡進入不斷成長的市場。我的意思是我認為這就是全部關鍵。因此，當我想到我們所處的投資組合時，這家公司在 124 年的時間裡不斷更新、改變和改變其投資組合，次數驚人，大約 121 年。我就是這麼想的。我喜歡進入不斷成長的市場，並且喜歡擁有領先品牌。

We turn 125 next year.

明年我們就125歲了。

125. Okay, got it. Sorry. That will be a big party.

125. 好的，明白了。對不起。那將會是一場盛大的派對。

Yes, exactly.

對，就是這樣。

Our next question is from Simeon Siegel with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Simeon Siegel。

So I guess I was wondering, just first off, any way to think through how much of the Americas wholesale decline was company specific versus the broader environment? I mean, obviously, you guys are speaking to your challenges, but there's stuff out there also. So just curious if you have a view there. And then any thoughts on that environment going forward? And then just any -- I'm sorry if I missed it, did you guys give any notable onetime cash or working capital items built into the free cash flow reduction or was that mostly just the lower income?

所以我想我首先想知道有什麼方法可以思考美洲批發市場的下降有多少是公司特定的與更廣泛的環境相比？我的意思是，顯然，你們正在談論自己面臨的挑戰，但也有一些東西。所以只是好奇你是否能看到那裡的景色。那麼對於未來的環境有什麼想法嗎？然後，如果我錯過了，我很抱歉，你們是否在自由現金流減少中提供了任何值得注意的一次性現金或營運資金項目，或者這主要只是較低的收入？

Yes. So let me try to take those. In terms of our wholesale performance, I'd suggest certainly the macro is impactful, but some of these are our issues, right? The Vans issues, I think, are very specific to us. We've seen a little bit of a weakness in sell-through in parts of the Timberland business, particularly the 6-inch boot. The premium boot has been slower. Now you could argue lots of reasons as to why that might be externally driven, but we own it. Dickies has continued to be a bit softer than we would have expected. I think that's, in many ways, the marketplace itself, but we have to be better at creating demand. So we own all these things. The North Face is really strong, by the way, as are the rest of the outdoor emerging brands. So I think it's a combination of both as it relates to what's happening in the U.S. wholesale business, particularly.

是的。所以讓我嘗試接受這些。就我們的批發業績而言，我認為宏觀經濟肯定會產生影響，但其中一些是我們的問題，對嗎？我認為 Vans 問題對我們來說非常具體。我們發現 Timberland 部分業務的銷售量有些疲軟，尤其是 6 吋靴子。高級啟動速度較慢。現在你可以提出很多理由來解釋為什麼這可能是外部驅動的，但我們擁有它。 Dickies 的表現仍然比我們預期的要軟一些。我認為，從很多方面來說，這就是市場本身，但我們必須更好地創造需求。所以我們擁有所有這些東西。順便說一句，The North Face 確實很強大，就像其他戶外新興品牌一樣。因此，我認為這是兩者的結合，因為它與美國批發業務的情況特別相關。

And by the way, one of the biggest reasons that the changes we're announcing today from an operating model perspective are so critical to us, one of the biggest -- the first point that Bracken made is fix the U.S. business, and that, by and large, starts with the wholesale business in a big way. So that's one.

順便說一句，我們今天從營運模式角度宣布的變革對我們如此重要，其中最大的原因之一是布雷肯提出的第一點是修復美國業務，而且，總的來說，是從批發業務開始的。這就是其中之一。

As it relates to the change in free cash flow, that's really primarily the operating results and updates in working capital. Right now, we haven't yet talked about the specific cash impacts of Reinvent. There will be some charges that we'll take over the next couple of quarters, which will include both cash and noncash charges. We're not ready to talk about the specifics and details of those today, but that will come. I will tell you, as it relates to the year-end liquidity number that we've guided to, we think we've captured all that very effectively.

由於它與自由現金流的變化有關，因此實際上主要是經營績效和營運資本的更新。目前，我們還沒有討論 Reinvent 的具體現金影響。我們將在接下來的幾個季度中收取一些費用，其中包括現金和非現金費用。我們今天還沒有準備好談論這些細節和細節，但這將會到來。我會告訴你，因為它與我們指導的年終流動性數字有關，我們認為我們已經非常有效地捕捉了所有這些。

Our next call is from Jim Duffy with Stifel.

我們的下一個電話是吉姆·達菲 (Jim Duffy) 和斯蒂菲爾 (Stifel) 打來的。

Bracken, I was hoping you could speak for a moment about your vision for the organizational structure. The establishment of the commercial organization seems like an incremental layer to the structure, at least in North America. Are there layers within the organizational structure to be streamlined to speed efficiency that will coincide with this?

布雷肯，我希望您能談談您對組織結構的願景。商業組織的建立似乎是該結構的一個增量層，至少在北美是如此。組織架構中是否存在需要精簡的層級以提高效率？

Yes. If you think about it, we're running effectively 5 different North America organizations today for the various brands. And that includes quite a bit of duplication. And while you'll have one person over that now, we should get consolidation of some of that underneath it. So I expect it to be a much more efficient approach. It will also make sure that we're really good at executing in stores in one brand. We'll move that quickly into the others where we're doing it in Europe, it will come into the U.S. So I just see this as a win-win.

是的。如果你想一想，我們今天正在為不同的品牌有效地經營 5 個不同的北美組織。這包括相當多的重複。雖然現在只有一個人來負責這件事，但我們應該整合其中的一些內容。所以我希望這是一種更有效的方法。它還將確保我們真正擅長在一個品牌的商店中執行。我們將迅速將其推廣到我們在歐洲開展的其他地區，並將進入美國，所以我認為這是雙贏的。

Our next call is from Janine Stichter with BTIG.

我們的下一個電話來自 BTIG 的 Janine Stichter。

Bracken, I wanted to ask more about the time line for the change at Vans. It sounds like the playbook that's been in place is still very much there, but now there's just more of a sense of urgency. Wanted to understand how much of the pace of change can be done by things that are organizational or internal and then if there's anything that can be done in terms of the lead times in the product pipeline. My understanding is that it's always been somewhat of a longer lead time brand, I think around 18 months. So anything that can be done just to get the product to market quicker?

Bracken，我想詢問更多關於 Vans 改變的時間表。聽起來好像已經制定的劇本仍然存在，但現在有了更多的緊迫感。想要了解組織或內部的事情可以在多大程度上改變變革的步伐，然後在產品管道的交付週期方面是否可以做任何事情。我的理解是，它一直是一個交貨時間較長的品牌，我認為大約 18 個月。那麼有什麼辦法可以讓產品更快推向市場呢？

Yes. Thanks for asking that, Janine. There is just a reality of this market, of this business that there are certain time lines to bring products to market, especially shoes. Footwear, it is what it is, although parts of that footwear business can come to market faster than most. So I'm not going to commit to you that we're going to suddenly accelerate all the lead times to market, at least not yet, although I think that's a very worthy goal.

是的。謝謝你這麼問，珍妮。這個市場、這個產業的一個現實是，將產品（尤其是鞋子）推向市場有一定的時間限制。鞋類就是這樣，儘管鞋類業務的某些部分可以比大多數鞋類業務更快進入市場。因此，我不會向您承諾我們將突然加快所有上市週期，至少目前還不會，儘管我認為這是一個非常有價值的目標。

But I do think there are other things we can do to execute better and probably do that a little faster. And one of them is an outcome of what we announced today, having one commercial organization that just moves with the cadence and a process that rolls across our entire business and takes the best practice in places that are -- where we're really performing well in Vans and brings it into the U.S. market, I think, can help.

但我確實認為我們可以做其他事情來更好地執行，甚至可能做得更快一點。其中之一就是我們今天宣布的結果，擁有一個商業組織，能夠隨著節奏而變化，並有一個貫穿我們整個業務的流程，並在我們真正表現良好的地方採取最佳實踐我認為，Vans 並將其引進美國市場會有所幫助。

So as I said, stay tuned. There's a lot of work to do on Vans, but I'm really, really excited about it, and I'm excited about getting in the middle of it, and I love the team over there. So I think it's going to be -- we'll be -- I'm sure we'll be talking about this every quarter.

正如我所說，請繼續關注。 Vans 還有很多工作要做，但我真的非常非常興奮，我很高興能夠參與其中，我喜歡那裡的團隊。所以我認為我們將會-我確信我們每個季度都會討論這個問題。

Great. That's helpful. And then if I could just ask a follow-up. We noticed some of the changes on some of the Classics. I was wondering if that changed sell-through at all, if you've seen anything there. And just help us size up the magnitude of how broad that price change was.

偉大的。這很有幫助。然後我是否可以詢問後續情況。我們注意到一些經典的一些變化。我想知道這是否改變了銷售量，如果你在那裡看到了什麼。只是幫助我們衡量價格變動的幅度。

Yes, it has. It's been pretty broad across certain classic styles. It was about $5 in 4 different styles. And I think it was really to try to just reset -- Vans -- those Vans classic styles were always a good value. And I think we're in an economy where value matters. So we did see a lift. I don't think it was broad enough to really notice from our P&L standpoint, but I think it sets the stage for having us be the right kind of price point. And we're not just one price point. So you also have the ability to trade up and down from there, but mainly up. Do you want to add anything to that, Matt?

是的，確實如此。它在某些經典風格中相當廣泛。共有 4 種不同款式，售價約 5 美元。我認為這確實是為了嘗試重置 - Vans - 那些 Vans 經典款式始終物有所值。我認為我們正處於一個價值至關重要的經濟體中。所以我們確實看到了電梯。我認為它不夠廣泛，無法從我們的損益角度真正注意到，但我認為它為讓我們成為正確的價格點奠定了基礎。我們不僅僅是一個價格點。因此，您也可以從那裡進行上下交易，但主要是向上交易。馬特，你想補充什麼嗎？

No. I think you got it, Bracken. I mean we've seen a little bit of uplift in terms of the sell-through velocity on the back of that. But it's a few weeks in. It's relatively -- at this stage, hasn't changed the overall outcome all that materially. But ultimately, it's the right thing to do in our view in terms of the opportunity to increase velocity. And it will also help us clear through some inventory a little more quickly, which is an important aspect of what we need to do in the wholesale channel as well.

不，我想你明白了，布雷肯。我的意思是，我們已經看到了銷售速度的一些提升。但這已經是幾週後的事了。在這個階段，相對而言，並沒有對整體結果產生實質的改變。但最終，我們認為，就提高速度的機會而言，這是正確的做法。它還將幫助我們更快地清理一些庫存，這也是我們在批發管道中需要做的一個重要方面。

Our next question is from John Kernan with TD.

我們的下一個問題來自 TD 的 John Kernan。

Bracken, just to go back into the Vans turnaround, obviously, there's going to be some new leadership that you bring in. But how do we think about the top line and the margin opportunity? Are there points of distribution that need to be shut down? I know there's around 730 stores. There's quite a few wholesale partners globally, particularly in the U.S. How should we think about managing the top line and also the margin?

Bracken，回到 Vans 的轉型，顯然，你會引入一些新的領導。但我們如何看待營收和利潤機會呢？是否有需要關閉的分銷點？我知道大約有 730 家商店。全球有相當多的批發合作夥伴，特別是在美國。我們該如何考慮管理營收和利潤？

I think there's always cleaning up to do. Especially when a business is in -- had a decline period, you always have to go through and clean up the excess distribution, let's say. We are shutting down stores. So we've shut down -- I don't know the exact number, Matt maybe have it off the top of his head, but we have absolutely shut down stores, and that's a weed and feed process all the time. We're actually opening some stores, but we're also shutting down more.

我認為總有清理工作要做。尤其是當一家企業處於衰退期時，你總是必須經歷並清理多餘的分配，例如。我們正在關閉商店。所以我們已經關閉了——我不知道確切的數字，馬特可能沒有想到，但我們已經完全關閉了商店，這一直是一個雜草和飼料過程。我們實際上正在開設一些商店，但我們也關閉了更多商店。

And I think from a wholesale distribution standpoint, I don't think there's anything specific I would point to. But we're going to continue to evaluate the distribution. It's obviously such a critical part of this business. But I don't think those are really the answer. I think the real answer is we need great innovation and great execution.

我認為從批發分銷的角度來看，我認為沒有什麼具體的內容可以指出。但我們將繼續評估分佈。顯然，這是這項業務的關鍵部分。但我認為這些並不是真正的答案。我認為真正的答案是我們需要偉大的創新和偉大的執行力。

John, I would just add real quickly here. Yes, there is opportunity, and we will drive higher profitability in this business as we stabilize the business and begin to grow it again. Doing a lot of work on the cost structure. You can imagine within that $300 million, Vans is impacted there, given it's a really big business, and there are places in that business where the cost structure is a little bit out of whack given what we've seen in the declines, store closures, capacity in certain parts of the business, et cetera.

約翰，我想在這裡快速補充一下。是的，機會是存在的，隨著我們穩定業務並開始再次成長，我們將提高該業務的獲利能力。在成本結構方面做了大量工作。你可以想像，在這3 億美元中，Vans 受到了影響，因為它是一項非常大的業務，考慮到我們所看到的業績下滑、商店關閉，該業務中有些地方的成本結構有點不正常。 、業務某些部分的能力等等。

So we're going to improve the profitability of that business. As we stabilize it, gross margins will stabilize. There's still a really high gross margin structure business. And as we begin to grow off of a rightsized cost structure, we're going to have the ability to drive a lot of profitability relatively quickly back into that business because we certainly lost a lot.

因此，我們將提高該業務的獲利能力。當我們穩定它時，毛利率就會穩定。仍然有一個非常高的毛利率結構業務。當我們開始從合理調整的成本結構中成長時，我們將有能力相對較快地將大量盈利能力帶回該業務，因為我們確實損失了很多。

Understood, Matt. Maybe one quick follow-up for you just on the capital structure. How should we think about the refinancings in the next couple of years and debt pay down? And obviously, we saw the dividend announcement today. That does free up some cash. So how should we think about your approach to the capital structure?

明白了，馬特。也許您可以快速跟進資本結構。我們該如何看待未來幾年的再融資和債務償還？顯然，我們今天看到了股利公告。這確實釋放了一些現金。那我們該如何看待你們的資本結構方法呢？

Yes. So actually, I'm glad you asked that question. Deleveraging, we can't say it enough. It's -- paying down debt and deleveraging is our #1 financial priority. And our target hasn't changed. 2.5x gross leverage is our target. And we're going to make substantive progress against that over the next couple of years. The actions we've announced today, specifically the cost reduction, which will generate cash, also improve EBITDA as well as the benefit of the dividend reduction, which is $325 million, both of those things put us in a better position to address those things.

是的。所以實際上，我很高興你問這個問題。去槓桿，我們說得還不夠。償還債務和去槓桿化是我們的第一大財務優先事項。我們的目標沒有改變。 2.5 倍的總槓桿率是我們的目標。未來幾年我們將在這方面取得實質進展。我們今天宣布的行動，特別是降低成本，這將產生現金，也提高了 EBITDA 以及股息減少的好處，即 3.25 億美元，這兩件事使我們能夠更好地解決這些問題。

I would tell you, as we sit here today, our plan, and I've got a lot of confidence in our ability to do this, also when you factor in the work that we're doing to sell the packs business, is to pay off the next couple of tranches of debt and not refinance those. That's about $1.750 billion that's due over the next 18 months, and that's our expectation.

我想告訴你，當我們今天坐在這裡時，我們的計劃，而且我對我們做到這一點的能力充滿信心，而且當你考慮到我們正在做的銷售包裝業務的工作時，就是還清接下來的幾筆債務，而不是為這些債務進行再融資。未來 18 個月內到期的金額約為 17.5 億美元，這是我們的預期。

Our next question is from Dana Telsey with the Telsey Advisory Group.

我們的下一個問題來自特爾西諮詢小組的達納·特爾西。

Bracken, as you think about wholesale, which has been one of the challenged parts of the business, in your big picture view, how do you think about what percentage of the business do you want it versus DTC? And does it differ by brand? And then when you're thinking about fixing the U.S., what are the markers that we should be thinking about watching as we go through the next year or so to say that it's on track, so to speak?

Bracken，當您考慮批發時，批發一直是業務中面臨挑戰的部分之一，在您的整體視野中，您如何看待與 DTC 相比您希望批發業務佔多大比例的業務？不同品牌有什麼不同嗎？然後，當你考慮修復美國問題時，我們應該考慮在明年左右的時間裡觀察哪些標誌，以便說它已步入正軌？

I probably won't throw out a specific number. I'll just say I think wholesale is super important in this business. And as much as I love DTC, and we all do, I think the pendulum for a lot of companies in this industry has swung too far over, and there's a reason why wholesale is in the marketplace in places with outsized role, it's because consumers like to buy that way a lot of the time.

我可能不會拋出具體數字。我只想說我認為批發在這個行業中非常重要。儘管我和我們都喜歡 DTC，但我認為這個行業的許多公司的鐘擺已經擺得太遠了，批發在市場上發揮著巨大作用是有原因的，因為消費者很多時候都喜歡這樣買。

So as I've met with several of the CEOs of our wholesale partners in the U.S. and in Europe, I've been really impressed by their plans and by their capability. And I fully intend for us to cater to them effectively, which doesn't mean we won't be investing in DTC, we will. So if you read between the lines, that means also it would be a really important part of this business.

因此，當我會見了美國和歐洲批發合作夥伴的幾位執行長時，他們的計劃和能力給我留下了深刻的印象。我完全希望我們能夠有效地滿足他們的需求，這並不意味著我們不會投資 DTC，我們會的。因此，如果你從字裡行間看出，這也意味著這將是這項業務的一個非常重要的部分。

Your second question was -- oh, markers. I think -- yes, what are the key markers. I mean I think they're the ones that you expect to see. I think you just -- we're going to be looking -- like you will, we're going to be looking very carefully at sales, but on a very short-term basis. So we're going to keep an eye on that. As we start to execute, I would expect our revenues to get better and when we're really fully operational. It will take us a little while to get that in place, but I expect improvement.

你的第二個問題是——哦，標記。我認為——是的，關鍵標誌是什麼。我的意思是，我認為他們就是你希望看到的人。我認為，我們將像您一樣，非常仔細地關注銷售情況，但只是在非常短期的基礎上。所以我們將密切關注這一點。當我們開始執行時，我預計當我們真正全面投入營運時，我們的收入會變得更好。我們需要一些時間才能將其落實到位，但我希望有所改進。

Our next question is from Paul Lejuez with Citigroup.

我們的下一個問題來自花旗集團的 Paul Lejuez。

So you talked a bit about how the current VF turnaround is similar and shared certain characteristics that are similar to your prior turnarounds. But I'm also curious to hear how you view this as different. What's unique? And what does that mean in terms of how you'd tackle it?

您談到了當前 VF 轉型的相似之處，並分享了與先前的轉型相似的某些特徵。但我也很想聽聽您如何看待這種不同。有什麼獨特之處？這對你如何解決這個問題意味著什麼？

Yes. I think one of the differences is it takes a long -- too long to develop products in this business, in this industry, actually, a lot longer than I would have expected before I started researching it. I obviously knew that before I came here, but I was surprised back during the early stages of kind of trying to work to understand what VF is all about, while I was in the interview process, how long it takes in this industry to develop footwear and even apparel. So I think that is quite a difference.

是的。我認為差異之一是，在這個行業、這個行業開發產品需要很長時間——實際上，比我開始研究之前預期的時間要長得多。在我來到這裡之前，我顯然就知道這一點，但在我嘗試了解 VF 的早期階段，當我在面試過程中時，我感到驚訝，在這個行業開發鞋類需要多長時間甚至服裝。所以我認為這是一個很大的區別。

There's also there's this volleying that happens in this industry that's new to me, which we call seasons, where you sell a season in and somebody's got to decide they want to buy that season and then you see how it does. And those are 2 key differences in this industry.

在這個對我來說是新的行業中，還有一種齊射現象，我們稱之為季節，你出售一個季節，有人必須決定他們想要購買那個季節，然後你就會看到它是如何運作的。這是這個行業的兩個主要區別。

But they're not major. I mean they're significant in terms of the way our process operates. But they don't really fundamentally change the way I think about the business. It's still the same business, which is create great innovation, some of it -- most of it moderate level of innovation that keeps things fresh and new, some of it really dramatic and innovative, and then make sure that consumers love what you're all about, very values-driven. And so there are a lot more parallels than differences, kind of 5:1 or 6:1 or something.

但它們並不是主要的。我的意思是它們對於我們流程的運作方式非常重要。但它們並沒有真正從根本上改變我對業務的看法。它仍然是同樣的業務，即創造偉大的創新，其中一些 - 大部分是中等水平的創新，使事物保持新鮮和新穎，其中一些確實引人注目和創新，然後確保消費者喜歡你的產品一切都是由價值觀驅動的。因此，相似之處多於差異，例如 5:1 或 6:1 之類的。

Our next question is from Gaby Carbone with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Gaby Carbone。

I understand you withdrawing guidance, but I just was wondering if you can dig into gross margins in the back half. Maybe what are the main buckets where you have some opportunity for expansion and then the areas you expect pressure? And then if you could just talk about what you're seeing on the promotional front, that would be helpful.

我理解您撤回指導，但我只是想知道您是否可以深入研究後半部分的毛利率。也許您有一些擴展機會的主要領域是什麼，以及您預計會面臨壓力的領域？然後，如果您能談談您在促銷方面看到的情況，那就會有所幫助。

Yes. Gaby, happy to do that. I will just tell you, we still feel pretty good about our ability to see improved gross margins in the back half of the year. Obviously, I'm not calling a specific number today. But the promotional environment has begun to moderate a bit in fall. We saw a bit of a benefit in Q2. We think that will continue. Not going to fully recapture what we lost last year, which was obviously significant. But we're in a position with inventories cleaner, lower sell-in this year, we've talked about that, and improved performance to see some improvement on the promotional side. So it's moderating, it's still elevated versus historical. I think that's kind of the case across most of the marketplace, but certainly will be a bit of a benefit in the back half in our point of view.

是的。蓋比，很高興這樣做。我只想告訴你，我們仍然對下半年毛利率的改善感到非常滿意。顯然，我今天不會撥打特定號碼。但秋季促銷環境開始有所緩和。我們在第二季度看到了一些好處。我們認為這種情況將會持續下去。我們不會完全奪回去年失去的東西，這顯然是重大的。但今年我們的庫存更加乾淨，銷量較低，我們已經討論過這一點，並且業績有所改善，促銷方面也有所改善。所以它正在放緩，與歷史相比仍然較高。我認為大多數市場都是這種情況，但從我們的角度來看，肯定會對後半部分帶來一些好處。

Business mix will continue to be a bit of a tailwind in the back half from a channel and geography standpoint. Product costs will be kind of neutral to some degree. We've got some puts and takes in there.

從通路和地理位置的角度來看，業務組合將繼續在下半年起到一定的推動作用。產品成本在某種程度上將是中性的。我們在那裡有一些看跌期權和認購期權。

And then you think about FX. FX is going to be a negative number in the back half of the year. That's probably the single biggest headwind that we see. But kind of wrapping it all up, I think we'd fully expect to see some improvement in gross margins if you look at just kind of the half 2 in isolation.

然後你會想到外匯。下半年外匯將出現負數。這可能是我們看到的最大的阻力。但總而言之，我認為如果你單獨看半個2，我們完全期望看到毛利率有所改善。

Our next question is from Jonathan Komp with Baird.

我們的下一個問題來自 Jonathan Komp 和 Baird。

First question, if I could, Bracken, just I know Matt outlined roughly 4 quarters, it sounded like, to achieve the full run rate of annual cost savings that you mentioned today. Just want to get your thoughts, the time line to get the commercial organization structure in place and then maybe to start to see some tangible benefits from cross-sharing best ideas. Do you have any initial thoughts on how long it might take to start to realize some of those benefits?

第一個問題，布雷肯，我知道馬特概述了大約 4 個季度，聽起來像是為了實現您今天提到的年度成本節約的全部運行率。只是想了解您的想法、建立商業組織結構的時間表，然後也許會開始看到交叉分享最佳想法帶來的一些實際好處。您對可能需要多長時間才能開始實現其中一些好處有什麼初步想法嗎？

Well, the organization will be, as we're calling it here, stood up or will be standing up as an organization in Q4. And then I would expect we'll start to see benefits from it in early next year, could be Q1 or Q2. But it will take a few quarters to really get it to the point where it's really humming and then a little longer than that to really be full-blown, absolutely topflight effective.

好吧，正如我們在這裡所說的，該組織將會站起來，或者將在第四季度作為一個組織站起來。然後我預計我們將在明年初開始看到它的好處，可能是第一季或第二季。但需要幾個季度才能真正達到真正的嗡嗡聲，然後再花更長的時間才能真正成熟，絕對頂級有效。

Great. That's very helpful. And just 2 other quick ones, if I could. On the thought of there being no sacred cows, I thought I would ask, does it still make sense to operate the full portfolio after the packs business process is completed? And then just separately, the enterprise level performance targets, is the Board considering any changes to the structure of how those targets and payouts are determined?

偉大的。這非常有幫助。如果可以的話，還有另外兩個快速的。想到沒有什麼神聖的東西，我想我會問，在包業務流程完成後，運營完整的投資組合是否仍然有意義？然後，就企業級績效目標而言，董事會是否考慮對確定這些目標和支出的結構進行任何改變？

I'll take the last one first, Jonathan. We're always reevaluating our performance targets and how they work. And certainly, Brent Hyder, who I'm really excited, our new Chief People Officer, is just a fantastic partner for us. He and I talked about that. So I'm sure we will make changes with working with the Board and the committee, Juliana Chugg, who's been a real partner for us here already. I think we will absolutely be making some changes over time, but I don't have anything that's specific to call out.

我先拿最後一個，喬納森。我們總是重新評估我們的績效目標及其運作方式。當然，我非常興奮的新任首席人力長布倫特海德 (Brent Hyder) 對我們來說是一位出色的合作夥伴。他和我談到了這一點。因此，我確信我們將透過與董事會和委員會 Juliana Chugg 的合作做出改變，她已經成為我們真正的合作夥伴。我認為隨著時間的推移，我們絕對會做出一些改變，但我沒有任何具體的內容可以指出。

In terms of portfolio, I'm just -- we're not really in a position to talk about it today. We're -- this company has always done, I think, a pretty good job of going through and reevaluating the portfolio over time and making additions and subtractions. And I think that will continue.

就投資組合而言，我只是——我們今天確實無法談論它。我認為，我們公司一直做得很好，隨著時間的推移，我們會仔細檢查和重新評估投資組合，並進行增減。我認為這種情況將會持續下去。

Our next question is from Bob Drbul with Guggenheim.

我們的下一個問題來自古根漢的鮑勃·德布爾（Bob Drbul）。

Bracken, I just had 2 questions. The first one is, so with the Martino appointment, and I think Kevin -- the change with Kevin's role, do you anticipate any other sort of senior management changes? Do you feel like you've evaluated everything at this point, at least in the near term? And the second question I have is just, I think inventories are cleaner than they were. Are there any pockets of concern either by brand or by region that we should still be concerned with?

布雷肯，我只有兩個問題。第一個是，隨著馬蒂諾的任命，我認為凱文——凱文的角色發生了變化，你預計還會有任何其他類型的高階管理層變動嗎？您是否覺得您已經評估了目前的一切，至少在短期內？我的第二個問題是，我認為庫存比以前更乾淨了。是否有任何我們仍應該關注的品牌或地區議題？

I'll let Matt take the last one first and I'll take the first one last.

我要馬特先拿最後一個，我最後拿第一個。

Okay. I got you. Yes. So I think overall, inventories are in a pretty good place, and we're making progress on our own inventories as we look at where our partner inventories sit. We're pretty good. There are some pockets and some brand-specific challenges as we look across the world. Vans is a bit elevated here in the U.S. and to some degree in China, although that's gotten a lot better, I think, in China. The softer sell-through we've seen of late in Timberland here in the U.S. market, we're a little bit elevated at this point in the season, although it's pretty early, but at this point in the season, we're a little bit elevated with Timberland inventory.

好的。我接到你了。是的。因此，我認為總體而言，庫存狀況非常好，當我們研究合作夥伴的庫存狀況時，我們在自己的庫存方面正在取得進展。我們很好。當我們環顧世界時，存在一些口袋和一些品牌特有的挑戰。 Vans 在美國的知名度有點高，在中國也有一定程度的提升，儘管我認為在中國情況已經好很多了。我們最近在美國市場看到 Timberland 的銷售疲軟，在本季的這個時候我們的銷量有點高，儘管現在還很早，但在本季的這個時候，我們是一個Timberland 庫存略有增加。

And while Dickies sell-through remains weaker, the inventory positions have improved quite a bit. So at retail, inventory is in a pretty good place there. So if we see sell-through improve, we'll see pretty quick benefit on replenishment side. So by and large, pretty good, Bob, but still a couple of pockets as you'd expect given kind of the challenges that we're having in parts of the business.

儘管 Dickies 的銷量仍然疲軟，但庫存狀況卻有了很大改善。因此，在零售業，庫存狀況非常好。因此，如果我們看到銷售量改善，我們將在補貨方面看到相當快的效益。總的來說，鮑勃，情況不錯，但鑑於我們在部分業務中遇到的挑戰，正如您所期望的那樣，仍然有一些口袋。

Yes. And to answer your second question -- your first question, yes, I think you're always -- look, I really like this team and we're always really looking at, like we do with Martino and with Kevin, are people in the right places to have the right effectiveness. So we'll keep doing that for as long as I work here. So that will certainly keep going.

是的。回答你的第二個問題——你的第一個問題，是的，我認為你總是——看，我真的很喜歡這支球隊，我們總是真正關注，就像我們對馬蒂諾和凱文所做的那樣，人們在正確的地方發揮正確的效力。因此，只要我在這裡工作，我們就會繼續這樣做。所以這肯定會繼續下去。

But we've got so much talent here, not only on my direct team, but also level the levels below that. We talked a lot about Martino, but boy, Martino's team is really strong. I mentioned Nicole and her team. Our finance team is super strong. I think we've just got a really -- we've got a lot of talent here to work with. And even though we talked about a public search for the next Vans leader, and we will do one, I don't want -- that should not suggest anything about the talent that's internally here. It's really strong.

但我們這裡有很多人才，不僅是我的直接團隊，還有低於我的水平的人才。我們談論了很多關於馬蒂諾的事情，但是天哪，馬蒂諾的球隊真的很強大。我提到了妮可和她的團隊。我們的財務團隊超級強大。我認為我們真的有很多人才可以合作。儘管我們談到了公開尋找 Vans 下一任領導者，並且我們會這樣做，但我不希望——這不應該暗示這裡的內部人才。真的很強。

Our final question is from Abbie Zvejnieks with Piper Sandler.

我們的最後一個問題來自 Abbie Zvejnieks 和 Piper Sandler。

Do you anticipate any impact to The North Face business from regulations on PFAS? And then as a follow-up, are you seeing any changes in wholesale partner behavior as the effective date on some of these regulations are approaching?

您預期 PFAS 法規會對 The North Face 業務產生任何影響嗎？作為後續行動，隨著其中一些法規的生效日期臨近，您是否看到批發合作夥伴的行為發生任何變化？

I'll start that, and then I'm going to let Matt finish it. First of all, yes, we do see some product changes in North Face based on PFAS. PFAS for example, is -- coat some of the zippers and things that -- and so we're going to make and are already making changes there, and I think we'll be in good shape by the time we get to the finish line on The North Face. Do you want to add anything to that?

我先開始，然後讓馬特完成。首先，是的，我們確實看到 North Face 基於 PFAS 的一些產品變化。例如，PFAS 是——為一些拉鍊和其他東西塗上塗層——所以我們將要並且已經在那裡做出改變，我認為當我們完成時我們將處於良好狀態The North Face 上的線路。您想對此添加什麼嗎？

I'd say we're -- this is front and center for us, and we're out in front of it in terms of managing toward the end of clearing through PFAS inventory. We've got inventory on hand. We've got inventory in stores. Each of our brands is working aggressively to ensure that we're selling through that over the next 15 months or so, and then there's opportunity in different parts of the world and even some of our distribution channels here in the U.S. to go beyond that. But we've got it all out of the line by spring '24. And in fact, in many cases, it's already out of the line here as of now. So I think we're in a pretty good place given the runway that we have and the work that the teams have done very proactively to be able to manage our way through this over time.

我想說，這對我們來說是前沿和中心，在透過 PFAS 庫存清理結束進行管理方面，我們處於領先地位。我們手頭上有庫存。我們商店裡有庫存。我們的每個品牌都在積極努力，確保我們在未來 15 個月左右的時間內透過該管道進行銷售，然後在世界不同地區，甚至我們在美國的一些分銷管道都有機會超越這一目標。但到 24 年春天我們已經把這一切都搞定了。事實上，在許多情況下，到目前為止，它已經超出了界限。因此，我認為，鑑於我們擁有的跑道以及團隊非常積極主動地所做的工作，我們處於一個非常好的位置，以便能夠隨著時間的推移管理我們的方式。

But to take your point, yes, I don't really see this as a date at which we hit, we're moving towards some date that's going to happen. I see it sort of as an event that's coming towards us because you do have various wholesalers in the U.S. who are who are going to try to move quickly here. And so we're very respectful of that. We applaud their moves, and we're going to have to make sure that we're dynamic in the way we deal with this, too.

但就你的觀點而言，是的，我並不認為這是我們達成的日期，我們正在朝著某個即將發生的日期邁進。我認為這有點像即將發生的事件，因為美國確實有各種各樣的批發商，他們會嘗試在這裡快速行動。所以我們非常尊重這一點。我們對他們的舉動表示讚賞，我們也必須確保我們處理這個問題的方式充滿活力。

Yes. Specific to your point about wholesalers, it's an ongoing dialogue, and we're very close to our wholesale partners in a very strategic way on this topic and others, obviously. So we're in lockstep with the actions that need to be taken kind of across the board by brand and by partner.

是的。具體到您關於批發商的觀點，這是一個持續的對話，顯然，我們在這個主題和其他主題上以非常戰略性的方式與我們的批發合作夥伴非常接近。因此，我們與品牌和合作夥伴需要全面採取的行動保持同步。

Okay. Well, thank you so much. I really appreciate it. This was my first call. I was a little nervous. I think it went okay or looking for feedback. But let me be clear. We are intensely, intensely committed to really continue to be a great company for our customers, making our financial performance a lot better and attracting and retaining more great people over time. And I promise you we'll come back with a more comprehensive strategy over time. I'm not -- I won't commit to an exact date yet, but it's coming. You'll hear about it all, and I really appreciate all your help and support. Thanks a lot, and see you next quarter.

好的。嗯，非常感謝。對此，我真的非常感激。這是我的第一通電話。我有點緊張。我認為進展順利或正在尋求回饋。但讓我說清楚。我們堅定不移地致力於繼續成為一家對客戶而言偉大的公司，使我們的財務表現更加出色，並隨著時間的推移吸引和留住更多優秀人才。我向你們保證，隨著時間的推移，我們將推出更全面的策略。我還不會承諾確切的日期，但它即將到來。您將會聽到這一切，我非常感謝您的所有幫助和支持。非常感謝，下季見。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。