威富公司 (VFC) 2024 Q3 法說會逐字稿

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

問候，歡迎參加 VF Corporation 2024 年第三季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹您的主持人、投資者關係副總裁 Allegra Perry。謝謝。你可以開始了。

Good afternoon, and welcome to VF Corporation's Third Quarter Fiscal 2024 Conference Call.

下午好，歡迎參加 VF Corporation 2024 財年第三季電話會議。

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 of our business.

參加今天電話會議的參與者將發表前瞻性陳述。這些聲明是基於目前預期，並受不確定因素的影響，可能導致實際結果有重大差異。這些不確定性在定期提交給美國證券交易委員會的文件中詳細說明。除非另有說明，今天電話會議上提到的金額將按調整後的固定美元基礎計算，我們已經在今天下午發布的新聞稿中對此進行了定義，並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運營績效和基本結果。

You may also hear us refer to reported amounts, which are in accordance with U.S. GAAP. Reconciliations of GAAP measures to adjusted amounts can be found in the supplemental financial tables included in the press release, which identify and quantify all excluded items and provide management's view of why this information is useful to investors.

您也可能會聽到我們提及符合美國公認會計準則的報告金額。新聞稿中的補充財務表可以找到 GAAP 指標與調整後金額的對帳表，其中識別和量化了所有排除的項目，並提供了管理層對這些資訊對投資者有用之處的看法。

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.

與我一起參加電話會議的還有 VF 總裁兼執行長 Bracken Darrell；以及執行副總裁兼財務長 Matt Puckett。在我們準備好發言之後，我們將開始提問。

I'll now hand over to Bracken.

現在我將麥克風交給 Bracken。

Hello, everyone. Thanks for joining us. It's nice to be here with you for my second earnings call with VF 6 month in. Before I get started, I'd like to let you know about an important development within my leadership team. Matt Puckett, who's sitting right next to me, will be stepping down as our CFO later this year. He and I have agreed that it's time to make a change as part of the overall transformation efforts we're introducing across the company. Matt will stay on until we appoint his successor to help ensure a smooth transition.

大家好。感謝您的加入。很高興能在這裡參加我六個月來第二次與 VF 的財報電話會議。在開始之前，我想先告訴大家我的領導團隊內部的重要進展。坐在我旁邊的 Matt Puckett 將在今年稍後辭去我們財務長的職務。他和我都一致認為現在是時候做出改變了，這是我們在全公司推行的整體轉型舉措的一部分。馬特將繼續留任，直到我們任命他的繼任者，以幫助確保順利過渡。

I want to thank Matt. His tenure at VF spans almost 23 years with roles across the organization and around the world. Since my arrival last July, Matt has been a valuable member of the team and an important player in helping to advance our transformation agenda. I really appreciate his contributions and his continued service to VF during the transition. He is also just a great person and we'll miss him, but not just yet. He'll be here for a while.

我要感謝馬特。他在 VF 任職近 23 年，擔任該組織及世界各地多個職位。自去年七月我加入以來，馬特一直是團隊中的重要成員，也是幫助推動我們轉型議程的重要參與者。我非常感謝他在過渡期間所做的貢獻以及他對 VF 的持續服務。他也是一個偉大的人，我們會想念他，但不是現在。他會在這裡待一段時間。

Moving back to the quarter or back to today's order of business. First, I'll review the quarter, then I'll update you on our 4 near-term priorities we described in last quarter's call, which we call Reinvent. I'll then talk briefly about our newly announced strategic portfolio review. And then I'll hand it over to Matt to cover the financials a little more deeply.

回到本季或今天的業務安排。首先，我將回顧本季度，然後我將向您介紹我們在上個季度電話會議上描述的四個近期優先事項，我們稱之為「重塑」。然後我將簡要地談談我們最新宣布的策略性投資組合審查。然後我會把它交給馬特，讓他更深入地介紹財務狀況。

Q3 was a particularly disappointing quarter, with total revenue down 17% compared to down just 4% last quarter where the results did benefit from the timing shift in deliveries. Results were challenged across our brands, including the North Face and the rest of the Outdoor brands.

第三季度是一個特別令人失望的季度，總收入下降了 17％，而上一季僅下降了 4％，而上一季的業績確實受益於交付時間的轉變。我們的各個品牌，包括 North Face 和其他戶外品牌，的表現都受到了質疑。

The big delta came down to 5 things. Number one, unseasonably warm weather most of the quarter. The average temperature was 3 to 4 degrees higher than average in the Northern Hemisphere.

最大的差異歸結為 5 個因素。第一，本季大部分時間天氣異常溫暖。平均氣溫比北半球平均氣溫高3至4度。

Number two, a difficult compare given the operational challenges we faced last year. As a reminder, last year, we were late with deliveries, leading to revenues that would have been recorded in the second quarter coming in the third quarter. We corrected these operational issues this year, which led to a tougher compare.

第二，考慮到我們去年面臨的營運挑戰，這是一個很難比較的問題。提醒一下，去年我們的交貨延遲了，導致原本應該在第二季記錄的收入在第三季才記錄下來。我們今年糾正了這些操作問題，這導致了更嚴格的比較。

Number three, continued Americas underperformance. This was the last quarter operating without an Americas regional platform, and we expect these changes to result in improved Americas results over time.

第三，美洲表現持續不佳。這是在沒有美洲區域平台的情況下運營的最後一個季度，我們預計這些變化將隨著時間的推移改善美洲的業績。

Number four, we also made our results this quarter a little worse by cleaning up Vans as we reset our channels. And finally, number five, there was some impact from the cyber incident as we closed the quarter.

第四，由於我們重置了管道，清理了 Vans，這也導致本季的業績略有下降。最後，第五，當我們結束本季時，網路事件產生了一些影響。

These are disappointing numbers across the board, and we're acting with urgency to improve performance so we do not report another quarter like this. We expected a weaker quarter for the North Face, but results are worse than our expectations, impacted largely by the Americas region, while international performance remains strong.

這些數字全都令人失望，我們正在緊急採取行動提高業績，以避免再出現這樣的季度業績。我們預期 North Face 本季的業績將會比較疲軟，但實際結果卻比我們的預期要差，主要受到美洲地區的影響，而國際市場表現依然強勁。

Of course, the weather was a factor as temperatures were substantially warmer than normal throughout the quarter. Of note, in January, the weather got cold and the North Face returned to growth across all 3 regions. We believe our performance is strongly held back by the operating model that we're now transitioning away from.

當然，天氣也是一個因素，因為整個季度的氣溫都比正常水平高得多。值得注意的是，1月天氣轉冷，North Face 在3個地區均恢復成長。我們認為，我們的業績受到目前正在轉型的營運模式的嚴重阻礙。

Let's talk a little bit about the Americas. We now have our new commercial organization and Americas platform in place and are confident this will translate to improved results for the brand and across the rest of our brands.

讓我們談談美洲。我們現在已經建立了新的商業組織和美洲平台，並相信這將為該品牌以及我們其他品牌帶來更好的表現。

And Vans' decline look like it did last quarter by the numbers, but underneath, there's a lot changing. I've been spending more than half my time with our team reviewing strategies, new products and marketing plans. Product and marketing are obviously every brand's foundation. Brand turnarounds have certain features. Three of them are a clear brand purpose, a product plan that will eventually result in growth and marketing that weaves them together.

從數據上看，Vans 的下滑似乎與上個季度一樣，但從深層來看，卻發生了許多變化。我花了一半以上的時間與我們的團隊一起審查策略、新產品和行銷計劃。產品和行銷顯然是每個品牌的基礎。品牌轉型有一定的特點。其中三個是明確的品牌宗旨、最終將帶來成長的產品計劃以及將它們結合在一起的行銷。

If you look at the history of every great brand, a founder creates a trademark and launches its products under it. As truly strong brands move through time, ownership evolves and almost becomes shared. The best brands learn to share and pay respect to their most important customers, those who are the most influential.

如果你回顧每個偉大品牌的歷史，你會發現創辦人都會創造一個商標並以該商標推出產品。隨著真正強大的品牌不斷向前發展，所有權也隨之演變，並幾乎變為共享。最好的品牌學會與最重要的客戶、最有影響力的客戶分享並表達尊重。

While customers don't create products and marketing campaigns, usually, they are the ones who drive the success through their ownership and advocacy. During the period from 2015 to 2020, the brand really took off. It got energized and accepted by new groups, thanks to cultural trend makers. More celebrities started to wear them. Moms bought them for their kids, and we actually took our eye off to the core youth audience that had been the lifeblood of Vans.

雖然客戶不會創造產品和行銷活動，但通常他們是透過他們的所有權和宣傳來推動成功的人。 2015年至2020年期間，該品牌真正開始起飛。在文化潮流引領者的推動下，它得到了激勵並被新的群體所接受。越來越多的名人開始穿著它們。媽媽們會為孩子們購買 Vans，而我們實際上將目光轉移到了作為 Vans 命脈的核心年輕受眾身上。

The brand had to evolve. But rather than continue to respect and serve the youth audience that have built the brand, we only fed the trend that grew it rapidly. We largely withdrew marketing to the core youth and instead focused on everyone else. We extended our lineup to lower price points and value stores, and we offered more and more color waves of the same old things to pour more fuel into a fire built on a trend. The trend fuel burned out 18 months ago. The trend moved on.

品牌必須不斷發展。但是，我們並沒有繼續尊重和服務建立該品牌的年輕受眾，而是僅僅助長了該品牌快速成長的趨勢。我們基本上不再針對核心青少年進行行銷，而是將重點放在其他所有人身上。我們將產品線擴展到更低的價格點和價值商店，並且我們提供越來越多相同舊產品的色彩浪潮，為潮流之火注入更多燃料。這種趨勢的燃料在 18 個月前就已經耗盡了。趨勢持續發展。

When a brand loses its way, the answer starts at its foundation, its purpose and target audience. So now I'll whet your appetite with my opinion about where we are. We have created a package of a deeply rooted brand purpose, clear segmentation, 18-month marketing plan and a solid product road map. This package is in place. We have a map back to growth for Vans. I'm not ready yet to commit to when the brand will return to growth, but it will.

當一個品牌迷失方向時，答案就從它的基礎、目的和目標受眾開始。現在我將用我對我們所處情況的看法來激發您的興趣。我們制定了根深蒂固的品牌宗旨、清晰的細分市場、 18 個月的行銷計劃和堅實的產品路線圖。此一攬子計劃已到位。我們有一張 Vans 的成長路線圖。我還沒有準備好承諾該品牌何時會恢復成長，但它一定會恢復成長。

In the meantime, let me talk about a few dynamics we're starting to see emerge. First, we continue to see a strong performance from newer things in the Vans product portfolio, which are becoming a larger share of our business. The Knu Skool, for example, is still small, but it's growing well, especially among young girls in the U.S.

同時，讓我來談談我們開始看到出現的一些動態。首先，我們繼續看到 Vans 產品組合中的新產品表現強勁，它們在我們的業務中所佔的份額正在變得越來越大。例如，Knu Skool 的規模仍然很小，但發展良好，尤其是在美國年輕女孩中。

I'm not pointing that style to suggest it's a turnaround shoe. There won't be a single one, as you will see. We will have a cascade of new products over the next several years. But I am encouraged by how this style is resonating with the very cohort we've lost over recent years.

我指出這種款式，並不是想表明它是一款扭轉局面的鞋子。如你所見，不會有一個。未來幾年我們將推出一系列新產品。但令我感到鼓舞的是，這種風格與我們近年來失去的那群人產生了共鳴。

We're resetting the marketplace in Q3 and Q4, changing our marketing and beginning to launch relevant new products in the coming seasons. I'm energized by the progress of Vans, including with the search for a new brand President, there's more to come.

我們將在第三季和第四季重置市場，改變我們的行銷方式，並在接下來的季節開始推出相關的新產品。 Vans 的進步讓我充滿活力，包括尋找新的品牌總裁，未來還會有更多事情發生。

Timberland also sagged under the way of the warm high season weather and underperformance in the Americas. Importantly, our global DTC business was only down mid-single digits in the quarter despite the weather.

受旺季氣候溫暖和美洲市場表現不佳的影響，Timberland 的銷售量也下滑。重要的是，儘管天氣原因，但我們的全球 DTC 業務在本季度僅下降了中等個位數。

The important news this quarter was my announcement of Nina Flood as the new Global Brand President. She is the second strong internal VF leader I've promoted within my leadership team, the first being Martino, who runs the global commercial organization. Nina brings extensive experience across general management, brand marketing and strategy, with a 20-year career at VF spanning multiple leadership positions. I've been impressed by Nina since the first time I met her 6 months ago in Stabio.

本季的重要新聞是我宣布任命 Nina Flood 為新任全球品牌總裁。她是我領導團隊中提拔的第二位強大的 VF 內部領導者，第一位是負責全球商業組織的馬蒂諾 (Martino)。 Nina 在整體管理、品牌行銷和策略方面擁有豐富的經驗，在 VF 的 20 年職業生涯中擔任過多個領導職務。自從六個月前在斯塔比奧第一次見到妮娜以來，我就對她印象深刻。

In early Q4, you might have seen the brands, Louis Vuitton-Timberland collaboration, created enormous buzz at Paris Fashion Week. And I'm excited about the brand's potential. More to come on that in future calls.

在第四季初，您可能已經看到 Louis Vuitton 與 Timberland 品牌的合作在巴黎時裝週上引起了巨大轟動。我對這個品牌的潛力感到非常興奮。有關更多資訊將在未來的電話會議中討論。

To round out our highlights, VF continues to be recognized for our sustainability leadership by MSCI, where, as of December 2023, we carried the top rating available for companies for the first time. In fact, we are the highest rank in our industry.

更重要的是，VF 的永續發展領導力持續獲得 MSCI 的認可，截至 2023 年 12 月，我們首次獲得了 MSCI 最高企業評級。事實上，我們在業界排名最高。

I'm immensely proud of our ongoing commitment to sustainability, and it shows what we're capable of in this business across all parts of it when focused and invested. I'm keenly aware that sustainability performance without company performance is not satisfying. To me, it's not just a good thing to do, but it's an example of what we're capable of in every part of our business. Now we have to work to get our company performance to match that.

我為我們對永續發展的持續承諾感到無比自豪，它表明只要我們專注並投入，我們就能在該業務的各個方面取得進步。我深知，沒有公司業績的永續發展績效是無法令人滿意的。對我來說，這不僅是一件好事，也是我們在業務的各個領域所擁有的能力的一個例子。現在我們必須努力使公司業績與此相符。

Now let me update you briefly on Reinvent, which prioritizes aggressively 4 key areas we introduced last quarter, which are: first, fix the U.S.; second, deliver the Vans turnaround; three, lower our cost base; and four, strengthen our balance sheet. As part of the recently established global commercial structure led by Martino, the Americas regional platform is taking shape.

現在讓我簡要地向您介紹一下「重塑」計劃，它優先考慮我們上個季度推出的四個關鍵領域，分別是：首先，修復美國；第二，實現 Vans 轉型；三、降低我們的成本基礎；第四，加強我們的資產負債表。作為馬蒂諾領導的新建立的全球商業架構的一部分，美洲區域平台正在發揮規模。

Every day, this platform improves and changes have already resulted in giving management greater transparency on the business, and it will take time to bring it up to the standard we have around the world. EMEA and APAC have consistently outperformed our U.S. business, and Martino has imported the same key processes to the U.S. platform, including the areas of key account management, global market execution, merchandise planning and forecasting. The overall discipline of one approach has been sorely missed in the U.S. The Americas team is expected to be fully in place and operational as we begin the next fiscal year.

這個平台每天都在改進，並且已經發生了變化，為管理層提供了更大的業務透明度，但要使其達到我們在世界各地的標準還需要一些時間。歐洲、中東和非洲地區 (EMEA) 和亞太地區 (APAC) 的表現一直優於我們的美國業務，Martino 將相同的關鍵流程引入美國平台，包括大客戶管理、全球市場執行、商品規劃和預測等領域。美國已經非常缺乏一種方法的整體紀律。預計美洲團隊將在下一個財政年度開始時全面到位並投入營運。

I discussed the Vans turnaround already. I'll just reiterate a few things. Along with the work we are doing on brand purpose, product innovation and marketing, we're resetting the marketplace to accelerate our progress now. This marketplace cleanup will integrate with products and marketing spun from the same story lines, and that is a new approach relative to the past few years. I'm excited about what's ahead.

我已經討論過 Vans 的轉變。我只想重申幾點。除了我們在品牌宗旨、產品創新和行銷方面所做的工作之外，我們正在重置市場以加速我們的進步。這次市場清理將與基於相同故事情節的產品和行銷相結合，這是相對於過去幾年的新方法。我對未來充滿興奮。

On costs, we're on track to deliver the $300 million fixed cost savings target, which is entirely within our control. This quarter, we began to simplify and rightsize the company's structure, real estate and other nonstrategic areas, and I will talk you through some of the numbers here. There's more to do, but we're making very good progress.

在成本方面，我們預計將實現 3 億美元固定成本節約的目標，這完全在我們的控制範圍內。本季度，我們開始簡化和調整公司結構、房地產和其他非策略領域的規模，我將在這裡向您介紹一些數字。還有很多事情要做，但我們正在取得非常好的進展。

Reducing debt and strengthening the balance sheet remains a top priority. And during the quarter, we benefited from the reduction of inventories and the recent reduction of the dividend. We're already reducing the net debt substantially this quarter versus last year, and that's before we sell any assets. We've also identified non-core physical assets, which will be monetized in the coming quarters, and we're activating a plan to pay down our next 2 rounds of debt without refinancing.

減少債務和加強資產負債表仍然是首要任務。本季度，我們受益於庫存減少和最近的股息減少。與去年同期相比，本季我們的淨債務已大幅減少，而且這還是在我們出售任何資產之前。我們還確定了非核心實體資產，這些資產將在未來幾季貨幣化，並且我們正在啟動一項計劃，以償還接下來的兩輪債務，而無需再融資。

As the next phase of our transformation plan, today, we announced a strategic review of our brand portfolio in alignment with the Board of Directors. This is the next natural step in our turnaround plan as we continue to execute on Reinvent. VF has a long history of growth and value creation through evolution of our portfolio. We're objectively assessing what fits and what doesn't as we look to reshape our business toward the greatest opportunities for near and long-term profitable growth and value creation.

作為我們轉型計劃的下一階段，今天，我們宣布與董事會一起對我們的品牌組合進行策略審查。這是我們繼續執行重塑計畫的下一個自然步驟。 VF 透過產品組合的演變，實現了長期的成長和價值創造。我們正在客觀地評估什麼適合，什麼不適合，以尋求重塑業務以獲得近期和長期盈利增長和價值創造的最大機會。

Looking ahead to the rest of the fiscal year, as we continue to implement actions and make instrumental changes across our business, we remain focused and committed to achieving our cash flow objective for fiscal '24. We eliminated revenue and profit guidance for now, but we're committed to cash flow, and we're on track to deliver it.

展望本財年的剩餘時間，隨著我們繼續採取行動並在整個業務中做出重大變革，我們將繼續集中精力並致力於實現 24 財年的現金流目標。我們暫時取消了收入和利潤預期，但我們致力於現金流，而且我們正在按計劃實現它。

Now let me briefly address the cyber incident we experienced in December. It obviously impacted us, but it could have been much worse. I'm super impressed by the quality of work done by our teams across the company.

現在，我簡單談談我們12月經歷的網路事件。這顯然對我們造成了影響，但情況可能會更糟。我們公司各團隊所完成的工作品質令我印象深刻。

Rarely have I seen a company rally so quickly and so effectively to a cause. Great preparation beforehand, leadership and teamwork during -- and meticulous follow-through mitigated the impact. I don't think it could have been handled much better, and I'm really proud of the team.

我很少看到一家公司能夠如此迅速、如此有效地為某項事業團結起來。事前的充分準備、事中的領導力和團隊合作——以及一絲不苟的後續行動減輕了影響。我認為這件事已經處理得非常好了，我為這個團隊感到驕傲。

We've instituted a range of additional controls to derisk the potential for any future incidents. Now I want to summarize what I see VF becoming over the next several years. We're leveraging our strengths, world-class brands and great people, while taking action to make VF leaner, faster and stronger through proactive measures.

我們制定了一系列額外的控制措施來降低未來任何事故的可能性。現在我想總結一下我所預見的未來幾年 VF 的發展方向。我們正在利用我們的優勢、世界一流的品牌和優秀人才，同時透過積極主動的措施使 VF 變得更精簡、更快、更強大。

As I outlined last quarter, this will take time, but we're making progress quickly and building on what we laid out just a few months ago. The ultimate outcome will be a leaner, more cohesive set of brands, relentlessly focused on the consumer. And we'll deliver industry-leading innovation in products and marketing, enabled by much more efficient operations.

正如我上個季度所概述的那樣，這需要時間，但我們正在迅速取得進展並在幾個月前製定的基礎上繼續推進。最終的結果將是打造更精簡、更具凝聚力的品牌組合，並始終專注於消費者。我們將透過更有效率的運營，在產品和行銷方面提供業界領先的創新。

Design or perhaps a better word for it in this industry for now, innovation will be at the center of our transformation agenda. Our commercial operations will run efficiently and effectively across all 3 regions. Each brand will have a powerful capabilities to build innovative products consumers are hungry for with powerful marketing to tell their story.

設計，或就目前而言這個產業更好的詞，創新將成為我們轉型議程的核心。我們的商業營運將在所有三個地區高效、有效地運作。每個品牌都擁有強大的能力來打造消費者渴望的創新產品，並透過強大的行銷來講述自己的故事。

With that, I'll now hand this over to Matt to talk you through the financials.

說完這些，我現在將這個問題交給馬特，讓他向你們解釋財務狀況。

Thank you, Bracken. Before I get into the financial update, let me take a minute to reflect on my time at VF. I've lived and loved VF for over 2 decades, and my time with this great company has provided me with many enriching and fulfilling experiences across our business, and across the world. I'm thankful for those many opportunities and more importantly, for the great friendships and relationships that have come from it. However, there always comes a time for change, and Bracken and I are aligned on this being the right time.

謝謝你，布雷肯。在我開始更新財務狀況之前，請允許我花一點時間回顧我在 VF 的時光。我生活並熱愛 VF 已有 20 多年，在這家偉大的公司工作的時間讓我在我們的業務和世界各地獲得了許多豐富而充實的經歷。我很感激這些機會，更重要的是，感謝由此結識的偉大友誼和關係。然而，改變的時刻總會到來，而布雷肯和我都認為現在是正確的時機。

While I'll be stepping down in the coming months, in the interim, I remain committed to helping pursue the transformation agenda, leading the finance organization and supporting the transition. Now turning to the quarter. Throughout Q3, we remained highly focused on strengthening both our business fundamentals and our balance sheet. At the same time, we are advancing our transformation program, Reinvent, with a sense of urgency and resolve to execute against and identify new and additional opportunities to reshape and improve VF. Now I'll start with review of the quarter, then provide an update on Reinvent and finish off with some thoughts on the year-to-go period.

雖然我將在未來幾個月內卸任，但在此期間，我仍致力於幫助推行轉型議程，領導財務部門並支持過渡。現在轉向本季。在整個第三季度，我們始終高度專注於加強我們的業務基礎和資產負債表。同時，我們正在推進我們的轉型計劃“重塑”，並帶著緊迫感和決心執行該計劃，並尋找新的和額外的機會來重塑和改善 VF。現在，我將首先回顧本季度，然後提供有關 Reinvent 的最新情況，最後談談對今年年底的一些想法。

Total revenue was down 17% for the quarter, as both global Vans and the Americas results remained pressured, as expected. On a global basis, wholesale led the decline, down 28%, while DTC was down 9%. Excluding Vans, DTC was down 3%. Before going into review of the regions and brands, I'll spend a few minutes outlining some items, which impacted the quarter. First, Q3 was impacted by the expected timing-related shifts in wholesale where on-time deliveries this year benefited Q2, while impacting Q3 relative to the prior year period. This had an overall impact of about 2.5 points on total revenue in the quarter and 5.5% across the global wholesale revenue.

正如預期的那樣，由於全球客貨車和美洲市場業績仍然承壓，本季總收入下降了 17%。從全球來看，批發業領跌，下降了 28%，而 DTC 則下降了 9%。除 Vans 外，DTC 下跌了 3%。在開始審查地區和品牌之前，我將花幾分鐘概述對本季產生影響的一些項目。首先，第三季受到批發預期時間相關變化的影響，今年的準時交貨使第二季受益，同時相對於去年同期，對第三季產生了影響。這對本季總收入產生了約 2.5% 的整體影響，對全球批發收入產生了 5.5% 的整體影響。

Second, as Bracken mentioned earlier, we took proactive measures to accelerate the Vans turnaround by introducing several reset actions at the brand in Q3, which impacted total VF revenue about 1.5% in the quarter, and may have a further impact into Q4.

其次，正如布雷肯先前提到的，我們採取了積極措施來加速 Vans 的轉型，在第三季度對該品牌進行了多項重置行動，這對本季度 VF 總收入產生了約 1.5% 的影響，並且可能會對第四季度產生進一步影響。

These actions are largely focused on ensuring we have a clean marketplace with the right level of healthy inventory into which we can more effectively introduce upcoming newness while positioning our partners and Vans for overall better sell-through and profitability as well as delivering a more compelling brand presentation to consumers.

這些舉措主要是為了確保我們擁有一個乾淨的市場和適當水平的健康庫存，以便我們能夠更有效地推出即將推出的新產品，同時讓我們的合作夥伴和 Vans 獲得更好的整體銷售和盈利能力，並向消費者提供更具吸引力的品牌展示。

Finally, results were impacted by the cybersecurity incident in December, which briefly disrupted our ability to fulfill orders over the preholiday period. We estimate the overall impact to Q3 revenue was less than 2%. From an EPS standpoint, the estimated impact was approximately $0.04 to $0.05 on the quarter. This does not include any potential recovery from cyber insurance.

最後，12 月的網路安全事件對業績產生了影響，導致我們在假期前履行訂單的能力短暫中斷。我們估計對第三季營收的整體影響不到 2%。從每股收益的角度來看，預計本季的影響約為 0.04 美元至 0.05 美元。這還不包括網路保險可能帶來的任何恢復。

I'd like to take this opportunity to commend and thank our teams, particularly those in digital and technology, who worked tirelessly through the holidays for the truly amazing effort that allowed us to quickly recover and return to servicing consumers and customers.

我想藉此機會讚揚並感謝我們的團隊，特別是數位和技術領域的團隊，他們在假期期間不知疲倦地工作，做出了真正令人驚嘆的努力，使我們能夠迅速恢復並重新為消費者和客戶提供服務。

Moving to the operating review by region. Americas was down 25% in the quarter. As anticipated, we saw the most pressure in wholesale, which was down 35%. D2C, down 16%, reflected softer sell-throughs throughout the holidays, particularly outside of promotional windows in addition to weaker sell-through on cold weather and seasonal products, particularly in the Outdoor segment.

轉向按地區進行經營回顧。本季美洲地區銷售額下降了 25%。正如預期的那樣，批發業務面臨的壓力最大，下降了 35%。 D2C 下降 16%，反映出假期期間銷售疲軟，特別是在促銷期之外，此外寒冷天氣和季節性產品的銷售也較弱，尤其是戶外領域。

EMEA was down 12%. Excluding impact from the wholesale shipment timing, the decline would have been about 7%. We are seeing slowing consumer confidence and greater caution continuing in the wholesale channel. D2C was down 1%, but up slightly excluding Vans, with the North Face up mid-single digits. Like the Americas, we also experienced a more challenged sell-through on cold weather seasonal products across Europe.

歐洲、中東和非洲地區下跌了 12%。除去批發出貨時間的影響，降幅約 7%。我們看到批發管道的消費者信心正在放緩，並且更加謹慎。 D2C 下跌 1%，但除 Vans 外其他品牌均略有上漲，North Face 則上漲了中等個位數。與美洲一樣，我們在整個歐洲也經歷了寒冷天氣季節性產品的更嚴峻的銷售挑戰。

The APAC region continues its growth path and was up 3% in Q3. Aside from Vans and Dickies, all of our brands that operate in the region were growing, led again by strength in the North Face. Also to note, VF revenue was up 7% in Greater China.

亞太地區持續保持成長勢頭，第三季成長了 3%。除 Vans 和 Dickies 之外，我們在該地區運營的所有品牌都在成長，其中 North Face 的勢頭最為強勁。另值得注意的是，VF 在大中華區的收入成長了 7%。

Turning to the performance by brand. The North Face revenue was down 11% in the quarter. Excluding the wholesale shipment timing shift, the North Face revenue would have been down mid-single digits. The Americas region results were challenged, and our performance fell short of our expectations. After a slow start to the fall/winter season, momentum remained subdued and performance was choppy throughout the quarter.

談談品牌表現。本季度，The North Face 營收下降了 11%。如果不考慮批發出貨時間的變化，The North Face 的營收將會下降中個位數。美洲地區業績受到挑戰，我們的表現未達預期。在秋冬季節開始緩慢發展之後，發展動能依然低迷，整個季度的表現都不穩定。

While core best-selling lines continued to deliver strong sell-through, we saw softness in cold weather items and some seasonal product offerings. The brand remained relatively stronger in international markets. In APAC, momentum continued in the quarter with the brand growing 28% in the region and more than 30% in Greater China.

雖然核心暢銷產品線持續保持強勁銷售勢頭，但我們發現寒冷天氣物品和一些季節性產品的銷售量有所疲軟。該品牌在國際市場上仍保持相對強勢。在亞太地區，本季該品牌繼續保持良好勢頭，在該地區增長了 28%，在大中華區增長了 30% 以上。

In EMEA, Q3 was down 5%. However, D2C growth continued in the region and was up 6% this quarter. Overall in EMEA, when looking across Q2 and Q3 combined to neutralize the impact of shipment timing across the quarters, the brand was up high single digits within the region.

在歐洲、中東和非洲地區，第三季下降了 5%。然而，該地區的 D2C 成長仍在繼續，本季成長了 6%。總體而言，在歐洲、中東和非洲地區，綜合考慮第二季度和第三季度的影響，抵消各季度出貨時間的影響，該品牌在該地區實現了高個位數的成長。

Vans Q3 revenue was down 29% and down across all 3 regions, broadly in line with Half 1 when accounting for the intentional reset actions we took in the quarter to clean up the marketplace and reposition our wholesale channel. These negatively impacted global revenue by about 5 points in Q3 and may have a further impact in Q4 as we complete the work.

Vans 第三季營收下降 29%，三個地區均出現下降，考慮到我們在本季度採取的旨在清理市場和重新定位批發管道的舉措，與上半年的收入大致持平。這些因素對第三季的全球收入產生了約 5 個百分點的負面影響，隨著我們完成工作，可能會對第四季產生進一步影響。

Timberland was down 22%, driven largely by the Americas region, where channel inventory and retailer caution remained a headwind. And specific to the brand's assortment, boots and other seasonal products have been challenged this season. Internationally, the business performed relatively better, highlighted by low single-digit growth in APAC. Dickies results continued to be pressured with revenue down 17% in the quarter. Americas again experienced declines with softer sell-out trends in the core work business and specifically in the value-oriented distribution. International markets were impacted by the results in Europe, which were down as a result of wholesale timing shifts into Q2. However, the underlying business continues to be good, and the APAC market continued its reset.

Timberland 股價下跌 22%，主要原因是美洲地區，該地區的通路庫存和零售商謹慎態度仍然是一個阻力。具體到品牌的系列，靴子和其他季節性產品本季受到了挑戰。國際上，業務表現相對較好，其中亞太地區業務呈現低個位數成長。 Dickies 的業績繼續承壓，本季營收下降了 17%。美洲地區再次下滑，核心工作業務和價值導向分銷領域的銷售趨勢趨於疲軟。國際市場受到了歐洲業績的影響，由於批發時間轉移到第二季度，歐洲業績出現下滑。然而，基礎業務持續良好，亞太市場繼續重置。

Supreme saw its positive momentum from last quarter continue with broad-based growth across regions and benefited from entry into Korea with the ongoing strong performance in the new store in this market that opened in August. Overall, strong sell-through across product categories led to improving profitability.

Supreme 延續了上個季度的積極勢頭，在各個地區均實現了廣泛增長，並受益於進入韓國市場，8 月份在該市場開設的新店持續表現強勁。整體而言，各產品類別的強勁銷售帶動獲利能力提高。

Now moving down the P&L. Q3 gross margin expanded by 40 basis points to 55.3% as tailwinds from channel and regional mix more than offset the impact of negative foreign currency transaction. Overall, promotions were about flat versus last year, reflecting the continued elevated levels of promotional activity across our markets, our ongoing efforts to reduce inventory, in particular, leveraging our own outlets as well as the impact of the Vans marketplace reset actions.

現在檢查損益表。由於通路和區域組合帶來的順風抵消了外匯交易負面影響，第三季毛利率擴大 40 個基點至 55.3%。總體而言，促銷活動與去年同期相比持平，這反映了我們各個市場促銷活動的持續提升、我們為減少庫存所做的持續努力（特別是利用我們自己的門市），以及 Vans 市場重置行動的影響。

SG&A was down 5% in constant dollars during the quarter from lower distribution, administrative and marketing costs, offset partly by higher digital and technology spending. However, the larger revenue decline this quarter drove significant SG&A deleverage of 590 basis points. This more than offset the gross margin expansion, leading to an operating margin contraction of 560 basis points, which underlines the urgency we have in reducing fixed costs. Diluted earnings per share of $0.57 reflects the lower volume and operating margin along with higher interest expense, all of which was partially offset by a lower tax rate in the quarter.

由於分銷、行政和行銷成本下降，本季銷售、一般和行政管理費用以固定美元計算下降了 5%，但數位和技術支出的增加部分抵消了這一影響。然而，本季營收大幅下降導致銷售、一般及行政費用大幅去槓桿，高達 590 個基點。這超過了毛利率的擴張，導致營業利潤率收縮 560 個基點，這凸顯了我們降低固定成本的緊迫性。每股攤薄收益 0.57 美元反映了銷售和營業利潤率的下降以及利息支出的增加，但本季較低的稅率部分抵消了這些影響。

Despite the difficult operating performance, we made progress on our #1 financial priority to reduce debt and leverage. In Q3, we delivered an approximate $640 million reduction in net debt relative to last year. This better-than-planned result was largely attributable to lower working capital and strong execution by our teams to maximize free cash flow.

儘管經營業績表現艱難，但我們在減少債務和槓桿這一首要財務重點上取得了進展。第三季度，我們的淨債務與去年相比減少了約 6.4 億美元。這項好於計畫的結果主要歸功於較低的營運資本和我們團隊強而有力的執行力，從而最大化了自由現金流。

As a result, we achieved a larger-than-anticipated reduction in inventories, sequentially down over $330 million relative to Q2 and down over $440 million or 17% at the end of the quarter relative to the prior year. Our ability to meet near-term inventory objectives reflects the agility in the supply chain and return to more effective sales and operations planning and improve collaboration across the business.

結果，我們實現了超出預期的庫存減少，與第二季度相比，庫存減少了 3.3 億美元，與去年同期相比，本季末的庫存減少了 4.4 億美元，降幅為 17%。我們滿足近期庫存目標的能力反映了供應鏈的靈活性以及回歸更有效的銷售和營運規劃並改善整個企業的協作。

Liquidity at the end of the quarter stood at $2.8 billion and net debt was $5.2 billion, down from $5.9 billion in the prior year. In the third quarter, the company initiated an in-depth strategic review of all brand assets within the portfolio to ensure we are focused on our greatest long-term value-creating opportunities. We'll provide further updates when appropriate.

本季末的流動資金為 28 億美元，淨債務為 52 億美元，低於去年同期的 59 億美元。第三季度，公司對投資組合內的所有品牌資產進行了深入的策略審查，以確保我們專注於最大的長期價值創造機會。我們將在適當的時候提供進一步的更新。

Now moving on to Reinvent, where I want to expand on Bracken's update. First, we made progress in executing our cost savings program as we work towards our gross target of $300 million. The actions we've taken on Reinvent around streamlining the organization and optimizing our cost structure have begun to bear fruit.

現在繼續討論 Reinvent，我想在這裡擴充 Bracken 的更新。首先，我們在執行成本節約計畫方面取得了進展，我們正努力實現 3 億美元的總目標。我們在重塑組織方面採取的精簡組織和優化成本結構的措施已開始取得成效。

In fiscal Q3, we booked approximately $50 million in charges, of which about $20 million were noncash. These charges are included in our reported results, but excluded from adjusted operating earnings and earnings per share that I just reviewed. The turnaround work remains in progress at Vans.

在第三財季，我們計入了約 5,000 萬美元的費用，其中約 2,000 萬美元為非現金費用。這些費用包含在我們的報告結果中，但不包含在我剛剛審查的調整後營業收入和每股盈餘中。 Vans 的轉型工作仍在進行中。

During the quarter, we took actions to reset the wholesale channel to ensure the brand's market positioning and product assortments are aligned with the brand direction. The impact on revenue in the quarter was approximately $50 million.

本季度，我們採取行動重置批發管道，以確保品牌的市場定位和產品組合與品牌方向保持一致。這對本季的營收影響約為5000萬美元。

As part of our priority to reduce debt and leverage, we continue to work hard to rightsize our inventories. We expect a further reduction in inventories in Q4 across the broader portfolio. In addition to the cash generated from lower inventories and the previous reduction in the dividend, we have also continued an effort we began last year to monetize non-core physical assets across several areas.

作為減少債務和槓桿率的首要任務之一，我們將繼續努力調整庫存規模。我們預計第四季整個投資組合的庫存將進一步減少。除了庫存減少和先前削減股息所產生的現金之外，我們還繼續了去年開始的努力，在多個領域將非核心實體資產貨幣化。

Notably, this work now includes the closure of the corporate aviation program. We've begun the marketing process and expect to dispose off these assets over the next few quarters. To the extent the strategic review process results in the divestment of any brands, this would also support this objective.

值得注意的是，這項工作現在包括關閉企業航空計畫。我們已經開始了行銷過程，並預計在接下來的幾個季度內處理掉這些資產。如果策略審查過程導致任何品牌的剝離，這也將支持這一目標。

In summary, we're encouraged by the progress we're making on Reinvent. We have a lot more to accomplish, the impact of which will be increasingly visible in the coming quarters. Finally, let me bring you back to the near term with some thoughts on the year-to-go period.

總而言之，我們對 Reinvent 所取得的進展感到鼓舞。我們還有很多事情要做，其影響將在未來幾季越來越明顯。最後，讓我帶大家回顧一下近期的情況，並對未來一年的一些想法。

Our outlook on free cash flow for fiscal '24 is unchanged, and we expect to deliver about $600 million for the year. This is supported by the work we continue to do to reduce inventories, which we now expect to be down at least 10% at year-end, reflecting the additional progress we've made and compared to previous guidance of down mid- to high single digits.

我們對 24 財年的自由現金流預測保持不變，預計全年自由現金流將達到約 6 億美元。這得益於我們持續減少庫存的努力，我們目前預計到年底庫存將下降至少 10％，這反映了我們已經取得的額外進展，與先前預測的中高個位數下降相比。

We anticipate liquidity to be approximately $2.3 billion at year-end, and we continue to expect the second half gross margin for fiscal '24 to be up relative to last year. While we're not providing any additional guidance today on fiscal '24 or fiscal '25, we expect impacts from the following areas for the next several quarters. Vans turnaround actions as we take the steps necessary to reposition and reset the brand.

我們預計年底的流動資金約為 23 億美元，並且我們繼續預計 24 財年下半年的毛利率將比去年有所上升。雖然我們今天沒有針對24財年或25財年提供任何額外指導，但我們預計未來幾季以下領域將產生影響。我們採取必要措施對 Vans 進行扭虧為盈，重新定位和重塑品牌。

Continued caution from wholesalers in our key markets, translating to softer future order books globally, but with the greatest impact in the Americas. The North Face wholesale channel, particularly in the U.S., will remain challenged. And finally, a choppier Americas and European macro environment.

我們主要市場的批發商持續保持謹慎，導致全球未來訂單量減少，而美洲地區受到的影響最大。 The North Face 批發管道，特別是在美國，仍將面臨挑戰。最後，美洲和歐洲的宏觀環境更加動盪。

With respect to Reinvent and the actions underway, we expect actual gross savings within fiscal '24 to be at least $60 million, the majority of which is within SG&A. And we continue to be on track to deliver the $300 million in annualized gross savings with the vast majority of the savings in place on a forward run rate basis by the middle of next fiscal year.

關於「重塑」和正在進行的行動，我們預計 24 財年的實際總節省額至少為 6,000 萬美元，其中大部分用於銷售、一般和行政費用。我們將繼續按計劃實現 3 億美元的年度總節約目標，其中絕大多數節約將按預期利率在下一財年中期到位。

But keep in mind, in fiscal '25, while we will benefit from the incremental impact from Reinvent actions year-over-year, we will face headwinds from an expected increase in incentive compensation and a more normalized amount of inflation.

但請記住，在 25 財年，雖然我們將受益於「重塑」行動逐年帶來的增量影響，但我們將面臨預期的激勵薪酬增加和更正常化的通貨膨脹帶來的阻力。

Looking at all this from a cash perspective, we continue to anticipate the cash costs associated with Reinvent actions to be largely offset by net proceeds from the sale of non-core physical assets that I referenced earlier in my comments. This will play out over the next several quarters.

從現金角度來看，我們繼續預期與重塑行動相關的現金成本將大部分被我先前在評論中提到的非核心實體資產出售淨收益所抵消。這將在接下來的幾個季度內顯現出來。

Finally, in closing, while our financial results in Q3 were challenged, I am pleased that we were able to expand gross margin, reduce inventories and generate strong cash flow. And importantly, we are reiterating our fiscal '24 cash flow guidance despite the continued challenged earnings results.

最後，雖然我們第三季的財務表現面臨挑戰，但我很高興我們能夠擴大毛利率、減少庫存並產生強勁的現金流。重要的是，儘管獲利結果持續面臨挑戰，我們仍重申 24 財年的現金流指引。

The actions we are implementing as part of Reinvent are substantial. We have moved from planning to execution across many initiatives, including our cost savings program, restructuring actions and operational improvements. In addition, we've initiated a strategic review of the portfolio designed to ensure that brands within VF are aligned to both our strategic and financial objectives.

我們作為「重塑」計劃的一部分所實施的行動是實質的。我們已經從規劃階段轉向執行多項計劃，包括成本節約計劃、重組行動和營運改善。此外，我們已經啟動對投資組合的策略審查，旨在確保 VF 旗下的品牌符合我們的策略和財務目標。

While the impacts are not visible in our financial results yet, I'm confident these actions reset the business and enable us to stabilize and then grow revenue, improve profitability and reduce debt and leverage, positioning VF to deliver shareholder value creation.

雖然這些影響還沒有在我們的財務表現中顯現出來，但我相信這些舉措將重塑業務，使我們能夠穩定並增加收入、提高盈利能力、減少債務和槓桿率，從而使 VF 能夠為股東創造價值。

With that, we will now take your questions.

現在我們來回答你們的問題。

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

（操作員指示）我們的第一個問題來自 Evercore 的 Michael Binetti。

Matt, wish you well on your next ventures. It's been a pleasure talking with you over the years here. I guess, Bracken, I guess the big question on our mind here is what kind of -- maybe you can walk us through some of the filters you're looking at as you focus on which of the brands make sense in this portfolio in the strategic review?

馬特，祝你接下來的冒險一切順利。多年來我很高興在這裡與您交談。布雷肯，我想我們這裡想到的最大問題是——也許您可以向我們介紹一下您正在考慮的一些過濾器，當您關注戰略評估中哪些品牌在這個投資組合中是有意義的時？

And then I guess I'm curious, maybe you can walk us just a little bit more through the puts and takes on gross margins, if there's any number you could offer with, especially the comment that promos were in line to last year, just looking at the revenues and the commentary on Vans, in particular, you guys seem to be really pushing hard to get through a lot of inventory. It wasn't intuitive to us the grosses would be positive in the quarter. So maybe just help to understand the puts and takes there.

然後我想我很好奇，也許您可以向我們稍微介紹一下毛利率的利弊，如果您可以提供任何數字，特別是促銷與去年一致的評論，只看收入和對 Vans 的評論，特別是你們似乎真的很努力地去掉大量庫存。我們直觀地感覺到本季的毛利不會是正數。所以也許只是有助於理解那裡的投入和產出。

Okay. I'll go really quickly, Michael. So first of all, the #1 thing is being in a good market. And I think -- so first, I think I said this on the last call, I love businesses that sit in growing markets. I also love businesses that are leaders within their markets. And then the third filter would be really do we add value to the business within that market. So I think those are the 3 primary filters we'll put on this and are putting on this, and we'll have a lot more to update over time.

好的。我會很快走的，麥可。因此，首先，最重要的是處於一個好的市場。我認為——首先，我想我在上次電話會議上說過，我喜歡位於成長型市場的企業。我也喜歡那些在其市場中處於領先地位的企業。第三個過濾器是我們是否真正為該市場中的業務增加了價值。所以我認為這些是我們將要添加的 3 個主要過濾器，隨著時間的推移，我們還將更新更多內容。

Michael, great to speak with you today. I'm not going to give exact numbers, but I'll tell you the primary drivers on the margin line. So positives were mix, and it is a bit larger than what we would normally see considering the mix of the business, particularly associated with the big decline that we saw in wholesale and the relative strength in international markets and primarily in the APAC region.

邁克爾，很高興今天與您交談。我不會給出確切的數字，但我會告訴你邊線的主要驅動因素。因此，積極的一面是混合的，考慮到業務組合，它比我們通常看到的要大一些，特別是與我們看到的批發業務的大幅下滑以及國際市場（主要是亞太地區）的相對強勢有關。

So mix is a bit bigger number. Freight continues to be a real favorable number for us and a really modest benefit from price. The big offset is FX. FX is almost offsetting that mix benefit. So that's probably the single biggest drag is FX. This will be the worst quarter for us from an FX transaction standpoint that we'll see. A bit higher inventory reserves, modestly higher product costs.

因此混合的數字就大一些。運費對我們來說仍然是一個非常有利的數字，而且價格方面也帶來了相當適度的收益。最大的偏移是 FX。外匯幾乎抵消了這種混合效益。因此，外匯可能是最大的拖累因素。從外匯交易的角度來看，這將是我們最糟糕的一個季度。庫存儲備稍高，產品成本略高。

Promotion is about flat really. Part of your question was, was there -- I think there's a couple of things to remember there. We've made a lot of progress across the last 12 months in reducing inventories. We continue to be aggressive about doing that, but we're in a better place than we have been.

促銷實際上持平。您的問題的一部分是，是否有——我認為有幾件事需要記住。過去 12 個月我們在減少庫存方面取得了巨大進展。我們將繼續積極地進行這項工作，而且我們目前的狀況比以前更好。

So while we continue to see a lot of promotional activity in the marketplace, particularly with our wholesale accounts, to some degree, particularly in the Americas, we're a little cleaner in our D2C channels. We're moving a lot of inventory through our outlets. But if you kind of pull up and look at our margins this quarter, our D2C full-price channels really across the board, including in Vans, we're a bit better, full-price stores in our online business. And so that's where we're seeing the business start to get healthier more quickly is in our own channels.

因此，雖然我們繼續看到市場上有許多促銷活動，特別是我們的批發帳戶，在某種程度上，特別是在美洲，但我們的 D2C 管道稍微乾淨一些。我們正在透過我們的門市轉移大量庫存。但如果你仔細看看我們本季的利潤率，我們的 D2C 全價管道確實全面，包括 Vans，我們的線上業務中的全價商店表現更好一些。所以我們看到業務在我們自己的管道中開始更快地變得更加健康。

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

下一個問題來自高盛的布魯克·羅奇。

I was hoping you could expand on the North Face and the results that you saw in the quarter as well as your outlook for TNF wholesale in the U.S. to remain challenged. Can you talk to your view of maybe the impacts from underlying macro and weather that we've seen this quarter and what we might see in U.S. wholesale for the next couple of quarters versus the underlying growth opportunity of that brand in calendar 2024 and longer term?

我希望您能詳細介紹一下 North Face 以及您在本季度看到的業績，以及您對 TNF 在美國批發業務仍將面臨挑戰的前景。您能否談談您對本季看到的宏觀和天氣因素的影響的看法，以及未來幾季美國批發業可能出現的情況，以及該品牌在 2024 年及更長時間內的潛在成長機會？

Yes. I think Matt and I will split this. So I'll give you a view of the underlying growth opportunity. I continue to be super excited about The North Face. I think the brand is very strong.

是的。我想馬特和我會分擔這個。因此我將向您介紹潛在的成長機會。我繼續對 The North Face 感到非常興奮。我認為這個品牌非常強大。

All indications are that the brand's strength continues to be in place and the activations that we're doing, the various marketplace activities we're doing are working. But underneath that, as you said, we've got a pretty tough marketplace, both in wholesale and the weather was obviously really tough. You want to answer that last part of the question on the wholesale, Matt?

所有跡像都表明，品牌的實力繼續存在，我們正在進行的激活以及我們正在進行的各種市場活動正在發揮作用。但正如你所說，我們的市場情況相當嚴峻，無論是批發市場還是天氣條件都十分惡劣。馬特，你想回答有關批發的最後一個問題嗎？

Yes. I think, Brooke, on wholesale, I mean, what we're seeing is we knew coming into the season it was going to be a little more difficult. Order books were down. We said that all along. And part of that is our own issue from the last year where we didn't really service the business. So we kind of behind the eight ball coming in.

是的。布魯克，我認為，就批發而言，我們看到的是，我們知道進入這個季節將會變得更加困難。訂單量下降。我們一直都這麼說。部分原因是我們去年存在的問題，當時我們沒有真正為企業提供服務。因此我們有點處於劣勢。

And then weather didn't help, the marketplace remains pretty dynamic and pretty promotional, particularly in the Outdoor segment. I think that's kind of what you see and what we see and understand across the market. And I think we're going to see that play out over the next couple of seasons as wholesale partners continue to plan very cautiously. We're seeing that, and that's how we're thinking about planning our business.

天氣也無濟於事，市場仍然相當活躍，促銷活動也相當活躍，特別是在戶外領域。我想這就是您看到的以及我們在整個市場上看到和理解的。我認為，隨著批發合作夥伴繼續非常謹慎地制定計劃，我們將在接下來的幾個季節看到這種情況。我們看到了這一點，這就是我們規劃業務的想法。

All that said, the strength of the brand remains really, really good. All the metrics that we look at from a consumer standpoint continue to be good. Our D2C business generally is good. When the weather has gotten better here in January, our D2C business is up in all 3 regions. In fact, the brand is up in all 3 regions, but particularly in D2C.

儘管如此，該品牌的實力仍然非常強勁。從消費者角度來看，所有指標仍然良好。我們的D2C業務整體不錯。當一月份這裡的天氣轉好時，我們在所有 3 個地區的 D2C 業務都出現了成長。事實上，該品牌在這 3 個地區都有所上升，尤其是在 D2C 地區。

So I think the underlying drivers of opportunity and the underlying drivers of the business are really strong. The wholesale channel, particularly here in the U.S., is difficult in the near term, and we expect it to continue to be.

所以我認為機會的潛在驅動力和業務的潛在驅動力確實強勁。批發管道，特別是美國的批發管道，短期內會比較困難，我們預期這種情況還會持續下去。

Our next question comes from the line of Adrienne Yih with Barclays.

我們的下一個問題來自巴克萊銀行的 Adrienne Yih。

Matt, thanks for all your help in the partnership over the years. It's been fantastic. So, thanks. Just wanted to put that out up-front.

馬特，感謝您多年來在合作中提供的所有幫助。這真是太棒了。所以，謝謝。我只是想提前說清楚這一點。

Thanks, Adrienne.

謝謝，艾德麗安。

My question is going to be on the marketplace cleanup. How much of it was the shift into 2Q? And how much of it is going to be an overhang as we go into fourth quarter. And I'm going to split it. So Bracken for you on that same question.

我的問題是關於市場清理。其中有多少是轉移到第二季的？當我們進入第四季度時，其中有多少會成為懸而未決的問題。我要把它分割開。所以 Bracken 請回答你同樣的問題。

We've seen sort of marketplace actions. Is it to get out of particular channels to reduce stores in accounts? We've seen some times where they go pretty deep. And the brand visibility kind of goes away, et cetera. So I'm just wondering where the push point is on that? And my last really quick one is, how are you going to be taking advantage of the skate moment at the Olympics?

我們已經看到了某種市場行動。是不是要走出特定管道，減少帳戶中的店鋪？我們曾經看過他們陷得非常深的情況。品牌知名度也會隨之消失等等。所以我只是想知道這件事的重點在哪裡？我的最後一個問題很簡單：你將如何利用奧運滑冰機會？

On the Q2, Q3 -- or I would say Q3, Q4, the reset is kind of equally distributed across both quarters. And most of it is not exiting channels. That's not the reset we're talking about. It's really pulling inventory, unproductive inventory out of those channels so that the productive inventory can move, the faster movers.

在第二季、第三季——或者我想說第三季、第四季，重置在兩個季度中均勻分佈。而且大部分都不是退出頻道。這不是我們談論的重置。這實際上是將庫存、非生產性庫存從這些管道中撤出，以便生產性庫存能夠更快地流動。

There is a larger marketplace chains that will happen in Europe and to some extent in the U.S., but that's going to happen more gradually. In terms of what we'll be doing at the Olympics, we're obviously not talking too much about it yet. We kind of -- we keep that close to our vest, but we do have some pretty interesting plans.

歐洲和美國某種程度上將會出現更大規模的市場連鎖，但這將是一個較為緩慢的過程。關於我們將在奧運會上做什麼，顯然我們還沒有談論太多。我們對此守口如瓶，但我們確實有一些非常有趣的計劃。

Our next question comes from the line of Laurent Vasilescu with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

I wanted to just ask about debt pay down. Bracken, I think you mentioned you're confident about not refinancing the $1.75 billion that's coming due, I think, December and the spring of 2025. Maybe can you just -- for the audience, can you just help us bridge through how do you get that from a free cash flow perspective? Any update on the PACS business?

我只是想問一下有關債務償還的問題。布雷肯，我想你提到過，你有信心不再為即將到期的 17.5 億美元進行再融資，我想，這筆錢會在 12 月和 2025 年春季到期。也許你能－－對觀眾來說，你能幫助我們從自由現金流的角度解決這個問題嗎？ PACS 業務有任何最新消息嗎？

And then I think, Matt, you mentioned the non-core physical assets, there's some corporate aviation program that you might sell off. Are there any other assets -- physical assets you might sell off? And if that's the case, could you potentially size that up so we can then model the free cash flow over the next few quarters?

然後我想，馬特，你提到了非核心實體資產，有一些你可能會出售的公司航空專案。還有其他資產－實體資產您可能會出售嗎？如果確實如此，您能否對其進行估算，以便我們可以模擬未來幾季的自由現金流？

Yes. Laurent, let me jump in and try to take that one, and great to speak with you. So I'll start from the back end. The non-core physical assets, which are largely related to the elimination of corporate aviation program, there's also a couple of buildings that are involved as well. It's a meaningful number.

是的。洛朗，讓我插話並嘗試回答這個問題，很高興與您交談。因此我將從後端開始。非核心實體資產主要與取消公司航空計畫有關，其中也涉及一些建築物。這是一個很有意義的數字。

I wouldn't give you the exact number, but kind of north of $50 million, and maybe pretty close to $100 million in the end. But -- so that's kind of what you're looking at. And that will likely play out over the next 2 to 3 quarters, I think we'll be able to get most of that done. So that's hopefully helpful there.

我不會告訴你確切的數字，但應該在 5,000 萬美元以上，最終可能接近 1 億美元。但是——這就是你所看到的。這可能會在接下來的 2 到 3 個季度內完成，我認為我們將能夠完成大部分任務。希望這會有所幫助。

As it relates to the debt pay down, yes, our objective is to not refinance those 2 tranches of debt that are due this December and next April. To do that, we obviously need to sell the PACS business, and we're continuing to work toward that.

就償還債務而言，是的，我們的目標是不為今年 12 月和明年 4 月到期的兩筆債務進行再融資。為了實現這一目標，我們顯然需要出售 PACS 業務，我們正在繼續努力實現這一目標。

We expanded or opened up the aperture from a marketing standpoint last quarter, and that's been really good. We've got a number of parties who are highly interested in engaging through kind of a round of bids and in the middle of pretty substantive due diligence as we speak. So good progress there.

上個季度，我們從行銷角度擴大或開放了市場範圍，效果非常好。目前，我們已經有多個各方對透過某種形式的競標參與進來非常感興趣，而且我們正在進行相當實質性的盡職調查。那裡進展很好。

As it relates to the underlying business, we're going to generate a reasonable amount of cash flow this year, and we've kind of confirmed that $600 million. I'd suggest that next year will be a bit stronger than that as we kind of normalize and continue to drive down inventories. We're going to make a lot of progress reducing inventories this year.

就基礎業務而言，我們今年將產生合理的現金流，而且我們已經確認了 6 億美元。我認為明年的情況會比今年更強勁一些，因為我們會逐步恢復正常並繼續降低庫存。今年我們將在減少庫存方面取得很大進展。

But given where the business is from a top line perspective, we'd expect more opportunity next year. I think I've said before that cash flow next year could be kind of in line with where we started this year, and I still think that's kind of a fair assessment.

但考慮到公司目前的營收狀況，我們預計明年會有更多機會。我想我之前說過，明年的現金流可能與今年年初的水平一致，我仍然認為這是一個公平的評估。

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

我們的下一個問題來自摩根大通的 Matthew Boss。

So Bracken, could you elaborate on your confidence in VF's future rising, the statement in the release or maybe how best to gauge sequential signs of progress that you may be seeing under the surface relative to the reported results?

那麼，布雷肯，您能否詳細說明一下您對 VF 未來發展的信心、新聞稿中的聲明，或者如何最好地衡量您可能看到的相對於報告結果的隱藏的連續進展跡象？

And then Matt, I guess maybe what's the best way to think about the right structural gross margin multiyear for the business? And what portion of the $300 million cost savings should we anticipate to fall to the bottom line?

然後馬特，我想也許思考適合企業的正確結構性多年期毛利率的最佳方式是什麼？那麼，我們預期 3 億美元成本節省中有多少將計入利潤呢？

Yes, I'll go quickly on your first question, Matthew. First, I have better -- a lot better transparency on the business today than I did 3 months ago and certainly 6 months ago. I have a better sense of where the business is going to land.

是的，我會快速回答你的第一個問題，馬修。首先，與三個月前，尤其是六個月前相比，我現在對業務的透明度要好得多。我更清楚業務將會走向何方。

I feel much more comfortable that I understand where the business is landing in the Americas in the near timeframe. Despite the terrible quarter we just had, I feel like I have better transparency, especially in the last couple of months that I've had since I've been here. I was through guidance earlier, Matt and I talked through it, we were through guidance because of that lack of transparency, lack of clarity. So that's number one.

我更放心地了解了近期內業務在美洲的發展。儘管我們剛剛經歷了一個糟糕的季度，但我感覺我的透明度更高了，尤其是在我來這裡的最後幾個月。我之前沒有得到指導，馬特和我討論過這個問題，但由於缺乏透明度和缺乏清晰度，我們的指導也不夠。這是第一點。

The second one is I feel just really, really good about the brands. The deeper I get into them, the better I feel. I was excited coming in and the more I look into what's out there, what we're capable of and really what the fundamental consumer power of the brands is and I'm really excited about them, even the ones that some -- they probably won't be part of VF, I feel really good about.

第二個是我對這個品牌的感覺非常非常好。我了解得越深，感覺就越好。我很高興能加入，當我了解到市場上的情況、我們的能力以及這些品牌的根本消費者力量時，我真的對他們感到很興奮，即使對於那些可能不會成為 VF 一部分的品牌，我感覺非常好。

The third one is the team. Since I've been here, I think we've promoted 2 very strong people within VF, and there are a lot more strong people in VF. In fact, we'll be promoting another one to a big job here shortly, which we haven't announced yet, so I can't. But we'll also be bringing in some other people from the outside.

第三個是團隊。自從我來到這裡，我認為我們已經在 VF 內部提拔了 2 名非常優秀的人才，而且 VF 內部還有更多優秀的人才。事實上，我們很快就會提拔另一個人擔任一個大職位，但我們還沒有宣布，所以我不能宣布。但我們也會從外部引進一些人才。

In fact, internally, we're announcing one of those today that would be on my staff. So we've got -- we've just got a lot of really strong people in this team. As much as I hate to see Matt leave, I think the team itself is very strong here, all up and down. So I'm very excited about it.

事實上，我們今天在內部宣布了其中一位將成為我的員工。所以，我們—我們團隊裡有很多非常強大的人才。儘管我不願看到馬特離開，但我認為這支球隊本身非常強大，無論好壞。所以我對此感到非常興奮。

And I guess the last part is the -- Matthew, I think you were on our first earnings call, where I said, I guess this feels a lot like my last company, when I went into it at the beginning, it really does. And I feel about the same and about the same time frame, right? You hate to see numbers like we have right now. I absolutely despise it.

我想最後一部分是——馬修，我想你參加了我們的第一次財報電話會議，我在電話會議上說過，我想這家公司和我上一家公司的感覺很像，當我剛開始進入這家公司的時候，確實如此。我也有同樣的感受，時間框架也差不多，對嗎？你不願意看到我們現在看到的這樣的數字。我絕對鄙視它。

But I have -- it's a bellwether and it intuitively feels -- it gives me a stronger sense for where we're going. And I feel you don't know you're coming out of it until you bounce, and we certainly aren't bouncing yet, but we will. And I feel more confident about that than ever.

但我已經——它是一個風向標，它直觀地讓我感覺到——它讓我更強烈地感受到我們要去哪裡。我覺得，除非你恢復過來，否則你根本不會知道你是否能夠擺脫困境，我們當然還沒有恢復過來，但我們會的。我對此比以往任何時候都更有信心。

Matt, in terms of gross margin, so I'm going to be careful here to not guide you to anything. But what I would say is if you kind of step back and look at where we are, and good to see our margins turn positive and that will continue, I think, moving forward as we think about Q4 and beyond.

馬特，就毛利率而言，我會小心，不會引導你做任何事。但我想說的是，如果你退一步看看我們現在的情況，很高興看到我們的利潤率轉為正值，而且我認為，當我們考慮第四季度及以後的時候，這種利潤率將繼續下去。

We're sitting today a couple of hundred basis points, maybe even a little bit more below where we were just a couple of years ago, all attributable to promotional activity and higher inventories and inventory reserves, et cetera. We're not assuming that, that's going to snap back overnight, but we also expect that there's an opportunity there as we manage the business more effectively as we have cleaner inventories.

我們今天的水平是幾百個基點，甚至可能比幾年前還要低一點，這一切都歸因於促銷活動和更高的庫存和庫存儲備等等。我們不認為這種情況會在一夜之間迅速恢復，但我們也預計，隨著我們擁有更清潔的庫存，我們可以更有效地管理業務，從而有機會。

And as we obviously benefit from a marketplace that presumably, over time, will get better. So I think gross margin expansion opportunities are there. Aside from the promotional scenario, which can play out over time, if I just look at the nearer term, right, over the next several quarters, mix will continue to be a good guy. We think about channel mix, we think about geographic mix.

而且我們顯然受益於市場，隨著時間的推移，市場可能會變得更好。因此我認為毛利率擴大的機會是存在的。除了隨著時間的推移而發揮作用的促銷方案之外，如果我只看近期，那麼在接下來的幾個季度裡，組合將繼續是一個好人。我們考慮渠道組合，我們考慮地理組合。

Inflation is -- which has been pretty significant this year is waning. In fact, we see that waning here even in Q4. Won't be as big of an issue next year notwithstanding the current issue that we're dealing with relative to the cost of freight and what's going on in the Suez Canal, that could dent that a little bit, and that could be not an immaterial number.

今年相當嚴重的通貨膨脹正在逐漸消退。事實上，我們甚至在第四季就看到這種趨勢正在減弱。儘管我們目前面臨的問題是貨運成本和蘇伊士運河的問題，但明年的問題不會那麼嚴重，這可能會對經濟成長造成一點影響，而且這個數字可能並不小。

But overall, inflation in the near term is a lot more manageable. FX will be less of a headwind. And there's a little bit of benefit, not significant. Most of the Reinvent benefit sits in SG&A, but a little bit of benefit in gross margin.

但整體而言，短期內的通膨更為可控。外匯帶來的不利影響將減弱。並且有一點好處，但並不明顯。 Reinvent 的大部分收益都來自銷售、一般及行政費用，但也有一小部分收益來自毛利率。

So there's more, I think, good guys than bad guys in front of us, but the big lever for us and for our businesses over the course of the next several quarters and really the next couple of years is how do we just get healthier, and how do we sell more at full price and drive down promotions. I think that will be really critical.

所以，我認為，我們面前的好人比壞人多，但對於我們和我們的企業來說，在接下來的幾個季度甚至未來幾年裡，最大的槓桿是如何變得更健康，如何以全價銷售更多產品並減少促銷。我認為這非常關鍵。

As it relates to the second question, I think on Reinvent, and we've said we plan to reinvest 25% to 35% of the savings across time, particularly in product and marketing.

至於第二個問題，我想到的是重塑，我們說過，我們計劃隨著時間的推移將節省的 25％ 到 35％ 重新投資，特別是在產品和營銷方面。

Everything covered, Matthew?

一切都涵蓋了，馬修？

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

我們的下一個問題來自古根漢的鮑勃·德布爾。

Just got a couple of quick questions. First on Vans, is there anything more you can share with us on your 18-month plan just around, I don't know, marketing? Are you planning to bring the Warped Tour back, pricing within the brand, anything along those lines would be helpful.

我只想問幾個簡短的問題。首先是關於 Vans 的問題，您能與我們分享更多關於您的 18 個月行銷計劃嗎？您是否計劃恢復 Warped Tour ？在品牌內定價，或任何類似的事情都會有所幫助。

And second question is just around inventories. With the inventories down, I think it was at 17%, are there any pockets by brand geographically that you're concerned about, either both in your business or at the wholesale level?

第二個問題與庫存有關。隨著庫存下降（我認為是 17%），無論是在您的業務中還是在批發層面，您是否擔心按地區劃分的品牌份額？

Thanks, Bob. I'm going to let Matt take the second question, but I'll take the first one. I'm not ready to be too specific on that yet, probably because I know that I've got a new brand president coming in, so we'll have latitude to make some changes.

謝謝，鮑伯。我打算讓馬特回答第二個問題，但我會回答第一個問題。我還沒準備好對此進行太具體的說明，可能是因為我知道即將有一位新的品牌總裁上任，所以我們將有自由做出一些改變。

But what I would say is we've got a great -- I mean I think a strong kind of very punctuated plan that combine -- that integrates the marketing insights and then the marketing programs with the new products that are launching. And I've been through both sides of that equation, the 2 of them together, 2 or 3 times now, and I'm still not done, but I feel good about it, very good about it.

但我想說的是，我們有一個很棒的計劃——我的意思是，我認為這是一個非常強有力的計劃，它將行銷洞察和行銷計劃與即將推出的新產品結合在一起。我已經經歷過這個等式的兩邊，兩個一起經歷，到現在已經兩三次了，但我還沒有完成，但我對此感覺很好，非常好。

We do not have plans to bring back the Warped Tour, although that certainly crossed our mind and we're talking about it a little bit. The Warped Tour was a really powerful thing, but it took time to grow and would take quite a bit of time to rebuild. I think the objective, though, of making sure that we're really deeply in the hearts and minds of the youth audience is mission-critical for us.

我們沒有計劃恢復 Warped Tour，儘管我們確實有過這個想法並且正在討論這件事。 Warped Tour 確實很有影響力，但它需要時間來成長，重建也需要相當長的時間。我認為，確保我們真正深深地留在年輕觀眾的心中這一目標對我們來說至關重要。

Bob, so on inventory, a couple of things. I will give you one number here that maybe is really useful. Relative to the 17%, Vans is actually down almost 30%. So Vans is in a really good place, I think, relative to where we sit from a top line and the reset actions in the Vans marketplace with the actions we're taking is, and by and large, going to be about where we would like it to be as we get towards the end of the fiscal year, maybe just modestly higher from a weeks of supply standpoint in the U.S., but pretty close. So I think we feel pretty good there.

鮑勃，關於庫存，有幾件事。我在這裡給你一個也許真的有用的數字。相對於17%的降幅，Vans實際上下降了近30%。因此，我認為，相對於我們所處的營收位置，Vans 市場目前的狀況非常好，而我們在 Vans 市場上採取的重置行動，大體上將達到我們在財年末所希望的水平，從美國幾週的供應量來看，可能只是略高一些，但非常接近。所以我認為我們在那裡感覺很好。

If you look at the overall average of 17%, Vans is on the higher side of that. Dickies is on the higher side in terms of reduction. The North Face is kind of right on the number, and Timberland and all the other brands are lower. And Supreme is actually probably the only brand where the inventories are modestly higher, and obviously, the business is performing well.

如果以 17% 的總體平均值來看，Vans 的比例是比較高的。從減價程度來看Dickies比較高。 North Face 的價格還算合理，而 Timberland 和所有其他品牌的價格都較低。而 Supreme 實際上可能是唯一庫存略高的品牌，顯然業務表現良好。

So I think overall, we feel pretty good about where we are. If I say, if there's a pocket or 2 of inventory, it's certainly coming out of the Outdoor -- in the Outdoor segment coming out of this fall/winter selling season, and I think probably particularly in the Timberland business here in the U.S. is something that we're taking a hard look at. But relatively speaking, Vans and The North Face are in pretty good shape.

因此我認為整體而言，我們對目前的狀況感到十分滿意。如果我說，如果有一兩個庫存，那肯定是來自戶外用品領域——在這個秋冬銷售季節，我認為特別是在美國的 Timberland 業務中，這是我們正在認真考慮的事情。但相對而言，Vans和The North Face的狀況還不錯。

Our next question comes from the line of Paul Lejuez with Citi.

我們的下一個問題來自花旗銀行的 Paul Lejuez。

You mentioned some of your wholesale partners are being cautious, I think, on their ordering. But curious where you're seeing sell-out performing better than sell-in? What brands, what regions? And how long do you see that dynamic lasting before sell-in and sell-out are more aligned?

您提到，我認為您的一些批發合作夥伴在訂購時非常謹慎。但您是否好奇，為什麼賣出表現優於賣出？什麼品牌、什麼地區？您認為這種動態會持續多久才能讓賣出和賣出更加一致？

And then just a quick second question. On the strategic review, is that all being done internally by you guys using some outside consultants? Sorry if I missed it, but just curious who's involved in that.

然後還有第二個簡短的問題。關於策略評估，你們是否都透過內部方式並藉助一些外部顧問來完成？如果我錯過了，很抱歉，但我只是好奇誰參與其中。

Yes. I'll take the last one, and I'll let Matthew take the first one. Yes, the strategic review, it's an internal exercise. We get the advice of the people you would expect us to in that context, but we don't have a consultant or someone we're working with. We have a really strong team internally that's doing the analysis. And they're working with the Board on that.

是的。我將擔任最後一個，並讓馬修擔任第一個。是的，策略審查是一項內部活動。在這種情況下，我們會得到您期望我們得到的人的建議，但我們沒有顧問或與我們合作的人。我們內部有一支非常強大的團隊負責進行分析。他們正在與董事會就此事展開合作。

We've got 2 different -- I would say, 2 different groups on the Board who are really strong in this area, a lot of portfolio experience there. So that work has been ongoing -- has been going. So I feel really good about it. You want to answer the first question on the...

我想說，我們董事會有兩個不同的小組，他們在這個領域都非常強大，並且擁有豐富的投資組合經驗。所以這項工作一直在進行中。所以我對此感覺非常好。您想回答第一個問題...

Yes, I think the most obvious place I would point you toward to where the sell-out or sell-through is better than the sale-in is in Europe. We're seeing that, I'd say, generally across the board, maybe a little less so in Vans.

是的，我認為我要告訴你的最明顯的地方是歐洲，那裡的銷售情況比銷售量好。我想說，我們看到這種情況普遍存在於各個品牌中，但 Vans 的情況可能稍微好一些。

But generally, across the board, the business is a little stronger, I would suggest than maybe what the financial results imply. And I won't be surprised (inaudible) surprised if that does continue for a little bit of time as wholesalers continue to be pretty cautious. But in Europe, that's true.

但總體而言，我認為業務總體上要比財務結果所暗示的要強勁一些。如果這種情況持續一段時間，我不會感到驚訝（聽不清楚），因為批發商會繼續保持非常謹慎。但在歐洲，情況確實如此。

Certainly, with Vans and the reset actions, there's a lot of noise in some of those numbers that distort the wholesale results for Vans as we do that. So the sell-out is certainly a little bit better, but not good, right? It still continues to be in a place that we're not happy with.

當然，隨著 Vans 和重置行動的實施，一些數字中存在著許多噪音，從而扭曲了 Vans 的批發業績。因此，銷售情況肯定會好一些，但也不是很好，對嗎？它仍然處於令我們不滿意的位置。

That probably goes without saying, but Supreme sell-out continues to be very strong.

這可能不言而喻，但 Supreme 的銷售情況仍然非常強勁。

Yes. Europe -- the only the thing I'd say about Europe is inventories in the marketplace across the board are really well positioned. U.S., a little -- there's a couple of pockets, as I said earlier, I think particularly Timberland, where we're probably a little bit higher than we like to be. But Europe is in a good place from an inventory standpoint, as is Asia, by the way.

是的。歐洲—關於歐洲我唯一想說的是，整個市場上的庫存都處於非常有利的位置。美國有一點——有幾個領域，正如我之前所說，我認為特別是 Timberland，我們的價格可能比我們希望的要高一點。但從庫存角度來看，歐洲的情況良好，亞洲也是如此。

Our next question comes from the line of Jim Duffy with Stifel.

我們的下一個問題來自 Stifel 的 Jim Duffy。

Bracken, I want to dig in on the portfolio review. Your message last quarter was no sacred cows, the [board] is aligned, et cetera. The announcement of a portfolio review doesn't seem like new news. Can you give us sense of where you are in the process? Have banks been appointed to shop brands deemed unstrategic?

布雷肯，我想深入了解投資組合審查。您上個季度傳達的訊息是，沒有什麼是神聖不可侵犯的，董事會是一致的，等等。宣布投資組合審查似乎不是什麼新鮮事。您能告訴我們您目前處於哪個進程嗎？銀行是否已被指定購買被認為不具策略性的品牌？

And then when I think about the criteria you've outlined, growing markets, leaders in the markets, it seems kind of a short list of brands that fit. Am I correct to interpret that, that suggests a large-scale realignment of the portfolio as possible?

然後，當我思考您所列出的標準時，成長中的市場、市場的領導者，這似乎是一份符合要求的品牌簡短清單。我的解讀是否正確？這顯示可能進行大規模的投資組合調整？

I wouldn't go that far. But I would say you're right that we've been working on this for longer than we've been talking about it. That's kind of the -- I will try to do that regularly so that we don't just come out with things that aren't really pretty well along.

我不會走那麼遠。但我想說，你是對的，我們為此努力的時間比討論的時間還要長。這有點像是——我會嘗試定期這樣做，這樣我們就不會做出一些不太順利的事情。

So we are well along the way on this portfolio review. And while we haven't hired bankers beyond the discussion that you know of, we're certainly downstream on discussions on exactly what we do from a portfolio standpoint. And I don't have more to say about that now, but you'll hear more as it comes.

我們的投資組合審查已經取得了良好的進展。雖然除了您所知的討論之外，我們還沒有聘請銀行家，但我們肯定會就從投資組合的角度究竟做什麼進行討論。我現在沒有更多要說的，但隨後你們會聽到更多。

Okay. And then maybe just a question on the mechanics of the Vans realignment. Can you help us maybe better understand what that means? What were the specific tactics to try to clean up inventory in the channel, if you could explain more, that would be helpful. And I'm curious, like in that context, how did you miss on sales, but over-deliver on the inventory?

好的。然後也許只是一個關於 Vans 重新調整機制的問題。您能幫助我們更好地理解這代表什麼嗎？清理渠道庫存的具體策略是什麼？如果您能進一步解釋一下，那將會很有幫助。我很好奇，在這種情況下，您為什麼沒有實現銷售，但庫存卻超額完成了？

Yes. Let me try to answer that one, and then Matt can also help. We -- it's essentially tapping in 2 steps. The first one was this quarter -- the last quarter, the second one will be in the next quarter. And our -- what we're really doing is pulling kind of the icons that are not selling. That inventory is too high in the channel, so we're pulling that back out or they're returning it, and then we're opening up basically an open to buy for the product that is selling. So it's really just cleaning out the channel. You want to add anything to that, Matt?

是的。讓我嘗試回答這個問題，然後馬特也可以幫忙。我們 — — 它本質上是分兩個步驟進行的。第一個是本季，也就是上個季度，第二個將在下個季度。我們真正在做的是撤下那些賣不出去的圖標。渠道中的庫存過高，因此我們會將其撤出或將其退回，然後我們基本上會開放購買正在銷售的產品。所以這其實只是清理渠道。馬特，你還有什麼要補充嗎？

And then, Jim, you're right, there's a little bit of an inventory impact when you bring back returns or accrue for returns in this case. It's I think, in most cases, the product is still kind of flowing and the work is happening, but you're accruing for returns, which has an inventory implication in that entry.

然後，吉姆，你是對的，在這種情況下，當你帶回退貨或累積退貨時，庫存會產生一點影響。我認為，在大多數情況下，產品仍然在流動，工作仍在進行，但你正在累積回報，這對該條目具有庫存含義。

So that's in the number. I think overall, we've just been able to aggressively sell through excess inventories, again, in our own outlet stores, in particular, as well as leveraging, in some cases, the off-price channel within the wholesale space. Working aggressively to pull back on buys, which we said all along we're working to do and probably been a little bit conservative in some of our planning in terms of how that may ultimately play out. So a little bit of favorability there as well.

這就是數字。我認為總體而言，我們能夠積極銷售過剩庫存，尤其是在我們自己的直銷店，並且在某些情況下能夠利用批發領域的折扣管道。我們正在積極努力地減少購買量，我們一直在說我們正在努力做到這一點，並且對於最終如何實施，我們的一些計劃可能有些保守。因此那裡也有一點好感。

Yes. I'll give you a quick example of the impact it's had. I had -- over the holidays, we had several people tell me they couldn't get -- couldn't buy a Knu Skool product because it wasn't available in their sizes yet. The inventory is overstocked inside the channel. This is before we started doing this reset. So this should clean that up.

是的。我會給你簡單舉一個它造成的影響的例子。假期期間，有幾個人告訴我，他們無法買到 Knu Skool 產品，因為還沒有他們所需的尺寸。通路內部庫存積壓。這是在我們開始進行重置之前。所以這應該可以把它清理乾淨。

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

我們的下一個問題來自瑞銀的傑伊·索爾 (Jay Sole)。

I have 2 questions. The first question is, Bracken, you talked about promoting 2 people and you're resetting the teams. How far are you along from having the teams really -- the go-forward team really fully set? In other words, like how many more months or quarters do you expect to be working on this before you feel like, okay, the team is in place, now it's about executing?

我有兩個問題。第一個問題是，布雷肯，你談到提拔 2 個人並且重新設定團隊。您距離真正組建一支前進團隊還有多遠？換句話說，您預計還需要花多少個月或多少個季度來處理這個問題，您才會覺得，好吧，團隊已經到位，現在就該執行了？

And then maybe for Matt, on the free cash flow guidance, it sounds like there's probably some little bit less net income than you expected before, but more from inventory, and it sounds like there's some other asset sales that are impacting that. If you could just sort of give us like the pieces in qualitative terms just to help us do a little math on how the free cash flow guidance is the same, that would be helpful.

然後對馬特來說，關於自由現金流指引，聽起來淨收入可能比你之前預期的要少一點，但更多的是來自庫存，而且聽起來還有一些其他資產銷售正在影響這一點。如果您能從定性的角度給我們一些信息，幫助我們計算一下自由現金流指導是如何相同的，那將會很有幫助。

That's a hard question to answer. I would say we've made a lot of changes already. So our team has evolved forward quite a bit. The structure of the company now has changed quite a bit, our operating model, all those things are rolling aggressively forward.

這個問題很難回答。我想說我們已經做出了很多改變。所以我們的團隊已經有了很大的進步。現在公司的結構已經發生了很大變化，我們的營運模式等所有這些都在積極向前發展。

And as we enter Q4, especially as we move into the beginning of next fiscal year, I think we will be very far along in terms of having an organization that I think is really poised to win in this turnaround. So I'd say we're pretty far along, Jay, and I'm excited about it. I really feel like we have a team that can -- is here to win. And I think you roll forward a couple of months and we'll be there.

當我們進入第四季度時，特別是當我們進入下一個財年開始時，我認為我們將在擁有一個真正準備好在這次轉變中獲勝的組織方面走得很遠。所以我想說我們已經取得了很大進展，傑伊，我對此感到非常興奮。我真的覺得我們有一支能夠贏得勝利的隊伍。我想，再過幾個月我們就會到達那裡。

Yes, Jay, I think how you described it is probably fair, a little bit tougher this quarter than what we anticipated. We talked about that relative to the Outdoor segment from a revenue standpoint, but better on the inventory line. I think there's a lot in free cash flow though, right?

是的，傑伊，我認為你描述的可能很公平，本季的情況比我們預期的要艱難一些。我們從收入的角度討論了戶外部分，但在庫存方面做得更好。我認為自由現金流很多，對嗎？

And when you look at the year-to-go period, the biggest levers are on the balance sheet, not on the P&L, right? And as you think about not only inventory, but accounts receivable, all the liabilities, et cetera, CapEx, honestly, the sales of assets, I wouldn't suggest that's free cash flow necessary. We're not counting it that way, kind of below that line. So that's not really in the number. But we're still in line for the $600 million, a few puts and takes, but we're really encouraged by the inventory, I think, particularly. Great to see where we are at the end of the third quarter ahead of schedule.

當你回顧今年的情況時，你會發現最大的槓桿是在資產負債表上，而不是在損益表上，對嗎？而且，當您考慮不僅庫存，還有應收帳款、所有負債等等、資本支出、老實說、資產銷售時，我不會認為這是自由現金流的必要條件。我們不是用那種方式來計算的，有點低於那條線。所以這實際上並不包含在數字中。但我們仍然需要花費 6 億美元，進行一些投入和支出，但我認為，尤其是庫存確實讓我們感到鼓舞。很高興看到我們提前完成了第三季的計劃。

If I could just go back to your first question, Jay, and maybe use the question to make a comment about how fast we're moving on the org side. We have -- since I've been here, we have a new Head of People, so CHRO, new Head of Commercial, which is an internal promotion.

傑伊，如果我可以回到你的第一個問題，並且可能利用這個問題來評論我們在組織方面進展得有多快。自從我來到這裡以來，我們有了一位新的人事主管，也就是 CHRO，新的商務主管，這是一次內部晉升。

We'll have a new Head of Design within -- by the end of the fiscal -- by the beginning of the next fiscal year. That's kind of agreed to. Matt will be leaving, so we'll have a new CFO at some point early in the next year. We have a new Head of Timberland. We'll have a new Head of Vans.

在本財政年度結束之前，也就是下一個財政年度開始之前，我們將有一位新的設計主管。這樣就算是同意了。馬特即將離職，因此我們將在明年年初的某個時候迎來一位新的財務長。我們有一位新的 Timberland 主管。我們將會有一位新的貨車主管。

So we've actually changed a lot -- we will have changed a lot of the team here and promoted a lot of people in this company during that timeframe. So I'm really excited about the team we have in place, and I think it's going to get stronger and stronger.

因此，我們實際上已經發生了很多變化——我們將在這段時間內改變這裡的許多團隊，並提拔公司的許多人。所以我對我們現有的團隊感到非常興奮，我認為它會變得越來越強大。

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

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

As you think about the DTC channel, which you talk about is more improved than what you're seeing out of wholesale, how does it differ by digital and DTC? What are your plans for each brand on the physical store side? And are there any -- and is there any color by brand performance differentiation in the DTC channel?

當您考慮 DTC 管道時，您談到它比您在批發中看到的有更大的改進，它在數字和 DTC 方面有何不同？在實體店面方面您對各個品牌有什麼計畫？在 DTC 通路中，依品牌表現劃分的顏色是否有差異？

I'd say everybody -- every brand has a sizable DTC e-com and not everybody -- not every brand has a sizable footprint in bricks and mortar, and it really varies around the world. In the -- I'll start with Vans. Vans has a very large, especially U.S.-based brick-and-mortar business as well as an online business.

我想說每個品牌都有相當大的 DTC 電子商務，但不是每個品牌都在實體店中佔有相當大的份額，而且世界各地情況確實不盡相同。首先——我要說一下 Vans。 Vans 擁有非常龐大的實體業務，尤其是在美國，以及線上業務。

So a lot of people may not realize that we're one of the most developed DTC businesses. Our North America business is one of the most developed DTC businesses in all of footwear and apparel. I mean we're -- something like 60% of our total business is DTC in the U.S., maybe even higher than that.

因此很多人可能沒有意識到我們是最發達的 DTC 企業之一。我們的北美業務是鞋類和服裝領域最發達的DTC業務之一。我的意思是，我們在美國大約 60% 的業務都是 DTC，甚至可能更高。

So it's very developed. I don't expect that to change dramatically one way or the other. I imagine the e-com will grow and the bricks and mortar will shrink relative to each other. And hopefully, wholesale will begin to grow relative to the bricks and mortar -- our own bricks and mortar. So I would expect that'll happen.

所以它非常發達。我不認為這種情況會發生任何巨大的變化。我可以想像電子商務將會發展，而實體商業將會相對萎縮。我們希望，批發業務能夠相對於實體店（我們自己的實體店）開始成長。我預計這會發生。

The North Face, we have a great DTC business that can be even bigger. It's mostly e-com in the U.S. We have very little of our own stores, relatively speaking, in the U.S. And that's kind of true in Europe. But in that case, we're adding more stores in Europe probably than we have in the U.S., I think, if I have my facts right. And I would think that will continue. And I'm going to keep holding APAC out for a second.

The North Face，我們擁有出色的 DTC 業務，而且還可以做得更大。美國主要是電子商務。相對而言，我們在美國自己的商店很少。在歐洲也是如此。但在這種情況下，我認為，如果我沒有記錯的話，我們在歐洲新增的門市數量可能比在美國新增的門市數量還要多。我認為這種情況將會持續下去。我將繼續討論 APAC 問題。

Timberland has a very developed DTC bricks-and-mortar business in Europe and very, very little in the U.S., which is one of the things that we struggle with here in the U.S., big business, all wholesale, less control. I don't think we have any plans to change that. But I would say, generally speaking, all those businesses are going to have a larger and larger e-com business. It's a core part of our strategy.

Timberland 在歐洲擁有非常發達的 DTC 實體業務，但在美國卻很少見，這是我們在美國面臨的困難之一，美國企業規模大，全是批發，控制力較弱。我認為我們沒有任何計劃去改變這一點。但我想說，一般來說，所有這些企業的電子商務業務都會越來越大。這是我們策略的核心部分。

Got it. And then just on the CapEx side for this year, any changes to CapEx, and how you're thinking about it going forward?

知道了。那麼就今年的資本支出方面而言，有任何變化嗎？您對未來有何看法？

No, I don't think we have a significant plan to alter the way we're thinking about CapEx. We don't have a big investment plan in CapEx, at least not an abnormal.

不，我認為我們並沒有重大的計劃來改變我們對資本支出的看法。我們在資本支出方面沒有大的投資計劃，至少這並不異常。

Now most of our CapEx moving forward will be related to DTC, honestly, Dana. We'll be continuing to support the expansion where it makes sense in the brands that have expansion opportunities and North Face is one, supreme is one for sure, and kind of the ongoing refreshment of those stores. Infrastructure-wise, nothing significant planned. And obviously, we're working aggressively to kind of reduce our footprint in many cases, it's kind of the opposite.

說實話，達納，現在我們大部分的資本支出都將與 DTC 相關。我們將繼續支持那些具有擴張機會的品牌進行合理的擴張，North Face 是其中之一，supreme 肯定是其中之一，並且支持這些門市的持續更新。基礎設施方面，沒有重大計畫。顯然，我們正在積極努力減少我們的碳足跡，但在許多情況下，情況卻恰恰相反。

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

我們的最後一個問題來自富國銀行的 Ike Boruchow。

So just 2 questions for me. I guess, maybe, Matt, the first one is on North Face. So just trying to fully understand the -- I know you're not giving guidance, but on The North Face specifically, (inaudible) the quarter even extra shifts down mid-single with the comment on January being positive. Just -- should we not read too much into that January because of the cold? So I'm just kind of curious, any thoughts on the brand trajectory from here?

所以我只想問兩個問題。我想，也許，馬特，第一個是在 North Face 上。因此，只是想完全理解——我知道您沒有給出指導，但具體到 The North Face，（聽不清楚）本季甚至額外下滑了半個季度，而 1 月份的評論是積極的。只是──我們是不是應該因為寒冷而對一月做出過多的解讀？所以我只是有點好奇，對於未來的品牌發展軌跡您有什麼看法？

And then, Bracken, just to -- not to be too direct, but to Jim's question about the no sacred cows, is it fair to say that the 3 big brands are not a part of the strategic portfolio review? Or is everything -- are all options on the table right now?

然後，布雷肯，只是想——不要太直接，但是對於吉姆關於沒有神聖不可侵犯的事物的問題，可以說三大品牌不屬於戰略投資組合審查的一部分嗎？或者是一切——現在所有的選擇都擺在桌面上嗎？

Yes. We've were very explicit about saying we're not going to address that comment, any question about that. We meant it when we said no sacred cow, so we're really taking an objective to look at all the brands. And other than that, we'll come back and update you over time.

是的。我們已經明確表示過，我們不會回應應該評論以及任何與此相關的問題。我們說沒有神聖不可侵犯的東西，這是認真的，所以我們會客觀地看待所有品牌。除此之外，我們會及時回來向您通報最新情況。

I think your question on The North Face, as we look forward, we expect D2C to grow, and we expect D2C to grow in the fourth quarter, and we expect the D2C to continue to grow. It's good to see the business bounce back in January, particularly the early part of January, really strong as the weather turned here and to some degree in Europe as well.

我認為您關於 The North Face 的問題，展望未來，我們預計 D2C 將會成長，我們預計 D2C 將在第四季度成長，我們預計 D2C 將繼續成長。很高興看到業務在一月份出現反彈，特別是一月初，由於這裡天氣好轉並且歐洲的天氣也在一定程度上出現反彈，因此業務表現非常強勁。

So -- but we've said, wholesale is going to be pretty choppy. We've got order book visibility obviously for spring and how that will shape -- play out and pretty good understanding of what fall is going to look like. So we'd expect that to be more difficult over the next few quarters.

所以 — — 但我們已經說過，批發業務將會相當不穩定。顯然，我們對春季的訂單情況有了清晰的了解，並且能夠知道其將如何發展，以及秋季的訂單情況將會如何。因此，我們預計未來幾季的情況會更加困難。

Yes, Ike, I'm sorry to dodge the question. I just don't want to piecemeal out that answer. I think we need to give it a more complete way later.

是的，艾克，很抱歉我迴避了這個問題。我只是不想零碎地給這個答案。我認為我們稍後需要給出一個更完整的方法。

Okay. That was the last question? All right. Well, thanks all of you for tuning in. Despite these clearly disappointing results, I am super excited about VF's future, as I said earlier.

好的。這是最後一個問題嗎？好的。好吧，感謝大家的收看。儘管這些結果明顯令人失望，但正如我之前所說，我對 VF 的未來感到非常興奮。

I think the steps we're taking to turn things around are happening. The implementation is real and the change is happening fast internally, even though you probably can't feel it, you certainly can't see it yet in our numbers.

我認為我們為扭轉局面所採取的措施正在發生。實施是真實的，變化在內部快速發生，儘管您可能感覺不到它，但您肯定還無法在我們的數字中看到它。

I've said it before, we have world-class brands and amazing talent. The foundations on the ways to rebuild this are here to have a great business. So I look forward to talking to you again during the quarter and as we close this next quarter and start the next fiscal year. Thanks again. And Matt, thank you.

我之前說過，我們擁有世界級的品牌和優秀的人才。重建這一切的基礎是為了實現偉大的事業。因此，我期待在本季度以及下個季度結束和下一個財年開始時再次與您交談。再次感謝。還有馬特，謝謝你。

Thanks, Bracken. Thanks, everyone.

謝謝，布雷肯。謝謝大家。

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

今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。