威富公司 (VFC) 2024 Q3 法說會逐字稿

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

您好，歡迎來到 V.F.本公司 2024 年第三季財報電話會議。 （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. 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。你可以開始了。

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

下午好，歡迎來到 V.F.本公司 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 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.

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。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真實的情況。我們業務的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 V.F.'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 V.F. 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。

I'll now hand over to Bracken.

現在我將把任務交給布雷肯。

Hello, everyone. Thanks for joining us. It's nice to hear with you for my second earnings call with V.F. 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。感謝您加入我們。很高興能與您一起參加我與 V.F. 的第二次財報電話會議。 6 個月後。在開始之前，我想讓您了解我的領導團隊的一個重要發展。坐在我旁邊的 Matt Puckett 將於今年稍後辭去我們財務長的職務。他和我一致認為，是時候做出改變了，作為我們在整個公司所推行的整體轉型工作的一部分。馬特將繼續留任，直到我們任命他的繼任者，以幫助確保平穩過渡。

I would thank Matt, his tenure at V.F. 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 V.F. 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 V.F. 的任期。任職時間近 23 年，在整個組織和世界各地擔任過職務。自從我去年七月到來以來，馬特一直是團隊中的寶貴成員，也是幫助推進我們轉型議程的重要參與者。我非常感謝他的貢獻以及他對 V.F. 的持續服務。在過渡期間。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.

回到本季或回到今天的業務順序。首先，我將回顧本季度，然後我將向您介紹我們在上季度電話會議中描述的 4 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新宣布的策略性投資組合審查。然後我將把它交給馬特，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%，而上季僅下降了 4%，但業績確實受益於交付時間的轉變。我們的品牌（包括 North Face 和其他戶外品牌）的表現都受到了挑戰。

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.

大三角洲歸結為五件事。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，這是一個困難的比較。提醒一下，去年我們的交貨延遲，導致本應在第二季記錄的收入到了第三季。我們今年糾正了這些營運問題，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，美洲地區持續表現不佳。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 on the cyber incident as we closed the quarter.

第四，我們在重置管道時清理了 Vans，這也讓本季的業績變得更糟。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 were worse than our expectations, impacted largely by the Americas region, while international performance remains strong.

這些數字總體上令人失望，我們正在緊急採取行動以提高業績，因此我們不會再報告這樣的季度。我們預期 North Face 的季度業績會疲弱，但結果低於我們的預期，主要受到美洲地區的影響，而國際業績仍然強勁。

Of course, the weather was factored 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，天氣因素也被考慮在內，因為整個季度的氣溫明顯高於正常水平。值得注意的是，一月份天氣變冷，North Face 在所有 3 個地區都恢復了增長。我們相信我們的業績受到我們現在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.

我們來談談美洲。我們現在已經建立了新的商業組織和美洲平台，並相信這將轉化為改善品牌和我們其他品牌的表現。

As Vans decline looked 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 clear brand purpose, a product plan that will eventually result in growth and marketing that weave them together.

從數字上看，Vans 的下滑與上個季度的情況類似，但在本質上，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目標，一個最終將帶來成長和將它們編織在一起的行銷的產品計劃。

If you look at the history of every great brand, a founder creates a trademark and launches its products under it. That is truly strong brands move through time, ownership evolves and almost become 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，你會發現創辦人創建了一個商標並以其下推出了產品。真正強大的品牌會隨著時間的推移而變化，所有權也在不斷演變，甚至幾乎被共享。最好的品牌學會分享和尊重最重要、最有影響力的客戶。

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，但通常他們是透過所有權和宣傳推動成功的人。 2015年至2020年期間，該品牌真正起飛。由於文化潮流的創造者，它得到了新群體的活力和接受。更多的名人開始穿著它們。媽媽們為自己的孩子買了它們，而我們實際上把目光轉向了曾經是 Vans 命脈的核心年輕受眾。

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 ways 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.

該品牌必須不斷發展。但我們並沒有持續尊重並服務打造品牌的年輕受眾，反而只是順應了品牌快速成長的趨勢。我們基本上撤回了對核心年輕人的行銷，轉而關注其他所有人。我們將產品陣容擴展到了更低的價格和超值商店，並且我們提供了越來越多相同舊事物的色彩方式，為建立在趨勢上的火焰注入更多燃料。趨勢燃料在 18 個月前就耗盡了。這一趨勢持續發展。

When a brand loses its way, the answer starts with its foundation, its purpose and target audience. So now I'll let 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，答案首先要從它的基礎、目的和目標受眾開始。所以現在我將用我對我們現狀的看法來滿足你們的胃口。我們創建了一套根深蒂固的品牌宗旨、清晰的細分、18 個月的行銷計劃和紮實的產品路線圖。這個包已經就位了。我們有一張 Vans 恢復成長的地圖。我還沒有準備好承諾該品牌何時恢復成長，但它會的。

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 new school, for example, is still small, but it's growing well, especially among young girls in the U.S.

同時，讓我談談我們開始看到的一些動態。首先，我們繼續看到 Vans 產品組合中的新產品表現強勁，這些產品在我們業務中所佔的份額越來越大。例如，新學校規模仍然很小，但發展良好，尤其是在美國的年輕女孩中。

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.

我並不是說這種款式是一款扭轉局面的鞋款。正如您將看到的，不會有任何一個。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，並開始在未來幾季推出相關的新產品。我對 Vans 的進步感到充滿活力，包括尋找新的品牌總裁，還有更多的事情要做。

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.

Timberland 也因旺季天氣溫暖和美洲表現不佳而下滑。重要的是，儘管天氣惡劣，我們的全球 DTC 業務在本季度僅下降了個位數左右。

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

本季的重要消息是我宣布尼娜·弗拉德 (Nina Flood) 擔任新的全球品牌總裁。她是我在領導團隊中提拔的第二位強大的內部領導者，第一位是馬蒂諾，他經營著一個全球商業組織。 Nina 在 V.F. 擁有 20 年的職業生涯，擔任過多個領導職務，在綜合管理、品牌行銷和策略方面擁有豐富的經驗。自從六個月前我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 的合作在巴黎時裝週上引起了巨大轟動。我對該品牌的潛力感到興奮。未來的電話會議中還會有更多內容。

To round out our highlights, V.F. 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.

為了完善我們的亮點，V.F.我們的永續發展領導力繼續受到 MSCI 的認可，截至 2023 年 12 月，我們首次獲得了公司的最高評級。事實上，我們是業界中排名最高的。

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.

我對我們對永續發展的持續承諾感到非常自豪，它展示了我們在專注和投資的情況下在這項業務的各個方面的能力。我敏銳地意識到，沒有公司績效的永續發展績效是不能令人滿意的。對我來說，這不僅是一件好事，而且是我們業務各個方面能力的一個例子。現在我們必須努力讓我們的公司業績與之相匹配。

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.

現在讓我簡要介紹一下 Reinvent 的最新情況，該計劃積極優先考慮我們上季度推出的 4 個關鍵領域，它們是：首先，修復美國；第二，實現 Vans 的扭虧為盈；三、降低我們的成本基礎；第四，加強我們的資產負債表。作為馬蒂諾領導的最近建立的全球商業架構的一部分，美洲區域平台正在形成。

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，變化已經使管理層的業務更加透明，但要使其達到我們在世界各地的標準需要時間。歐洲、中東和非洲和亞太地區的表現一直優於我們的美國業務，馬蒂諾已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。美國非常懷念一種方法的整體紀律。預計美洲團隊將在下一財年開始時完全就位並投入營運。

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 的轉型了。我只是重申幾件事。除了我們在品牌目標、產品創新和行銷方面所做的工作外，我們正在重置市場以加速我們的進步。這種市場清理將與來自相同故事情節的產品和行銷相結合，相對於過去幾年來說，這是一種新方法。我對未來感到興奮。

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. 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 億美元的固定成本節約目標，這完全在我們的控制範圍內。本季度，我們開始對公司結構、房地產和其他非策略領域進行簡化和調整。我將在這裡向您介紹一些數字。還有更多工作要做，但我們正在取得很大進展。

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.

減少債務和強化資產負債表仍然是首要任務。在本季度，我們受益於庫存的減少和最近股息的減少。與去年相比，本季我們已經大幅減少了淨債務，而且這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，在不進行再融資的情況下償還接下來的兩輪債務。

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. V.F. 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，我們宣布與董事會保持一致，對我們的品牌組合進行策略審查。隨著我們繼續執行 Reinvent，這是我們週轉計劃的下一個自然步驟。 V.F.透過我們的投資組合的演變，有著悠久的成長和價值創造歷史。我們正在客觀地評估什麼適合，什麼不適合，因為我們希望重塑我們的業務，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 change 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.

展望本財年剩餘時間，隨著我們繼續採取行動並在整個業務領域做出重大變革，我們將繼續專注並致力於實現 24 財年的現金流目標。我們暫時取消了收入和利潤指導，但我們致力於現金流，我們有望實現這一目標。

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.

現在讓我簡單談談我們12月經歷的網路事件。這顯然對我們產生了影響，但情況可能會更糟。我們整個公司團隊的工作品質給我留下了深刻的印象。

Rarely have I seen a company rally so quickly and so effectively to a cause. Great preparation beforehand, leadership and teamwork journey. A 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.

我很少見過一家公司如此迅速、如此有效地為一項事業團結起來。事先做好充分的準備、領導力和團隊合作之旅。細緻的後續行動減輕了影響。我不認為這件事可以處理得更好，我為這個團隊感到自豪。

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

我們制定了一系列額外的控制措施，以消除未來發生任何事件的可能性。現在我想總結一下我所看到的V.F.成為未來幾年。我們正在利用我們的優勢、世界一流的品牌和優秀的人才（聽不清楚）來打造 V.F.透過積極措施，精簡、更快、更強。

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. (inaudible) 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.

正如我上季度所述，這需要時間，但我們正在迅速取得進展，並以幾個月前製定的計劃為基礎。 （聽不清楚）將是一組更精簡、更有凝聚力的品牌，始終以消費者為中心。我們將透過更有效率的營運來實現業界領先的產品和行銷創新。

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 capability used to build innovative products, consumers are hungry for with powerful marketing to tell their story.

設計，或現在在這個行業中更好的說法，創新將成為我們轉型議程的中心。我們的商業營運將在所有 3 個地區高效且有效地運作。每個品牌都將擁有強大的能力用於打造創新產品，消費者渴望透過強大的行銷來講述他們的故事。

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

現在，我將把這個問題交給馬特，讓他向您介紹財務狀況。

Thank you, Bracken. Before I get into the financial update, let me take a minute to reflect on my time at V.F. I've lived and loved V.F. 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, as Bracken and I agree this being the right time.

謝謝你，布雷肯。在介紹財務動態之前，讓我花一點時間回顧一下我在 V.F. 的時光。我曾經生活過並熱愛 V.F.二十多年來，我在這家偉大的公司工作的時間為我在我們的業務和世界範圍內提供了許多豐富和充實的經驗。我感謝這些機會，更重要的是，感謝由此產生的偉大友誼和關係。然而，改變的時刻總是會到來，布雷肯和我都認為這是正確的時機。

I'll be stepping down in the coming months, in the interim, I remain committed to helping pursuing the transformation agenda, leading the finance organization and supporting the transition. Now turning to the quarter. Throughout Q3, we remain 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 (inaudible) and identify new and additional opportunities to reshape and improve V.F. Now to start with review of the quarter, then provide an update on Reinvent, then finish off with some thoughts on the year-to-go period.

我將在未來幾個月內辭職，在此期間，我仍然致力於幫助實現轉型議程、領導財務組織並支持轉型。現在轉向季度。在整個第三季度，我們仍然高度關注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，帶著緊迫感和決心（聽不清楚）進行重塑，並尋找新的和額外的機會來重塑和改進 V.F.現在，首先回顧本季度，然後提供有關「重塑」的最新信息，最後以對未來一年的一些想法作為結束。

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 revenue declined 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 and 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，全球 Vans 和美洲地區的業績仍然面臨壓力，本季總收入下降 17%。在全球範圍內，批發收入下降了 28%，而 DTC 則下降了 9%。不包括 Vans，DTC 下降了 3%。在審查地區和品牌之前，我將花幾分鐘概述一些影響本季的項目。首先，第三季度受到了預期的與時間相關的變化和批發的影響，今年的準時交貨使第二季度受益，同時相對於去年同期也影響了第三季度。這對本季總收入產生了約 2.5 個百分點的整體影響，對全球批發收入產生了 5.5% 的影響。

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 V.F. revenue about 1.5% in the quarter, and may have a further impact into Q4.

其次，正如 Bracken 之前提到的，我們採取了積極措施來加速 Vans 的扭虧為盈，在第三季度對該品牌推出了多項重置行動，這影響了總 V.F.。該季度營收成長約1.5%，並可能對第四季產生進一步影響。

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.

這些行動主要集中在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品，同時為我們的合作夥伴和Vans 定位，以實現更好的整體銷售和盈利能力，並提供更具吸引力的品牌向消費者展示。

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，業績受到 12 月網路安全事件的影響，該事件短暫擾亂了我們在節前期間履行訂單的能力。我們估計對第三季營收的整體影響不到 2%。從 EPS 的角度來看，本季的估計影響約為 0.04 至 0.05 美元。這不包括網路保險的任何潛在賠償。

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.

我想藉此機會讚揚和感謝我們的團隊，特別是數位和技術團隊，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%. B2C, 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.

轉向按地區進行營運審查。美洲地區本季下降 25%。如預期，我們看到批發壓力最大，下降了 35%。 B2C 下降 16%，反映出整個假期期間銷量疲軟，特別是在促銷時段之外，此外，寒冷天氣和季節性產品（尤其是戶外產品）的銷量也較弱。

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、中東和非洲地區下降了 12%。排除批發發貨時間的影響，降幅約7%。我們看到消費者信心放緩，批發管道繼續更加謹慎。 D2C 下跌 1%，但排除 Vans 後略有上漲，其中 North Face 上漲了中個位數。與美洲一樣，歐洲各地的寒冷天氣季節性產品的銷售也面臨更大的挑戰。

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, V.F. revenue was up 7% in Greater China.

亞太地區持續保持成長勢頭，第三季成長 3%。除了 Vans 和 Dickies 之外，我們在該地區經營的所有品牌都在成長，這再次得益於 North Face 的實力。另請注意，V.F.大中華區營收成長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.

轉向品牌的表現。 The North Face 本季營收下降 11%。如果不考慮批發發貨時間的變化，North Face 的收入將下降中個位數。美洲地區業績受到挑戰，業績未達預期。在經歷了秋冬季節的緩慢開局後，整個季度的勢頭依然低迷，表現也不穩定。

While core best-selling lines continue 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繼續保持強勁的銷量，但我們看到寒冷天氣產品和一些季節性產品的銷售疲軟。該品牌在國際市場上仍然相對較強。在亞太地區，該季度繼續保持強勁勢頭，該品牌在該地區增長了 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，當綜合考慮第二季度和第三季度以抵消各季度發貨時間的影響時，該品牌在該地區的增長率達到了高個位數。

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 第三季營收下降了 29%，所有 3 個地區的收入均下降，考慮到我們在本季度為清理市場和重新定位批發管道而採取的有意重置行動，大致與 1 的一半一致。這些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，可能會在第四季產生進一步的影響。

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 sellout 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 下跌 22%，主要受到美洲地區的推動，該地區的通路庫存和零售商的謹慎態度仍然是不利因素。而具體到品牌的品種上，靴子等季節性產品在本季都受到了挑戰。在國際上，該業務表現相對較好，亞太地區的低個位數成長凸顯了這一點。 Dickies 的業績持續承壓，本季營收下降 17%。美洲市場再次經歷了下滑，核心業務尤其是價值導向分銷業務的銷售趨勢趨於疲軟。國際市場受到歐洲業績的影響，由於批發時間轉移到第二季度，歐洲業績下降。然而，基礎業務依然良好，亞太市場繼續重啟。

Supreme saw its positive momentum from last quarter continued 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 延續上季度的積極勢頭，跨地區實現廣泛增長，並受益於進入韓國市場，8 月份開業的新店持續強勁表現。整體而言，各產品類別的強勁銷售提高了獲利能力。

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.

現在將損益表向下移動。第三季毛利率擴大 40 個基點至 55.3%，通路和區域組合的推動作用足以抵銷負外匯交易的影響。總體而言，促銷活動與去年持平，反映出我們整個市場的促銷活動水準持續上升、我們持續努力減少庫存，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、管理和行銷成本下降，本季 SG&A 按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 SG&A 去槓桿化幅度達 590 個基點。這遠遠抵消了毛利率的擴張，導致營業利潤收縮 560 個基點，這凸顯了我們降低固定成本的緊迫性。稀釋後每股收益為 0.57 美元，反映出銷售和營業利潤率的下降以及利息支出的增加，所有這些都被本季度較低的稅率部分抵消。

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.

儘管經營業績不佳，但我們在減少債務和槓桿這一第一大財務優先事項上取得了進展。第三季度，與去年相比，我們的淨債務減少了約 6.4 億美元。這項好於計畫的結果很大程度上歸功於營運資本的減少以及我們團隊為最大化自由現金流而採取的強有力的執行力。

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，我們的庫存減少幅度超出了預期，與第二季度相比連續減少了 3.3 億美元以上，季度末與去年同期相比減少了 4.4 億美元以上，即 17%。我們滿足近期庫存目標的能力反映了供應鏈的敏捷性，以及回歸更有效的銷售和營運規劃以及改善整個業務的協作。

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.

本季末的流動性為 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，公司對投資組合中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.

現在轉到 Reinvent，我想在此擴充 Bracken 的更新。首先，我們在執行成本節約計畫方面取得了進展，努力實現 3 億美元的總目標。我們在重塑組織和優化成本結構方面所採取的行動已經開始取得成果。

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，我們登記了約 5,000 萬美元的費用，其中約 2,000 萬美元是非現金費用。這些費用包含在我們報告的業績中，但不包括在我剛剛審查的調整後營業收益和每股收益中。 Vans 的扭虧為盈工作仍在進行中。

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種類與品牌方向保持一致。對本季營收的影響約為 5,000 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的優先事項的一部分，我們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股息減少產生的現金外，我們還繼續去年開始的努力，將多個領域的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 (inaudible) 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，這項工作現在包括結束公司航空計劃。我們已經開始行銷流程，並預計在接下來的幾季（聽不清楚）這些資產。如果策略審查過程導致任何品牌的撤資，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 thought until the year ago period.

總之，我們對 Reinvent 所取得的進展感到鼓舞。我們還有很多工作要做，其影響在未來幾季將越來越明顯。最後，讓我帶您回顧一下近期的一些想法，直到一年前的時期。

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 compared to previous guidance of down mid- to high single digits.

我們對 24 財年自由現金流的展望保持不變，預計今年將實現約 6 億美元的現金流。這得到了我們繼續進行的減少庫存工作的支持，我們現在預計年底庫存將下降至少 10%，這反映出與之前中高個位數下降的指導相比，我們取得了額外的進展。

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.

我們預計年底流動性約為 23 億美元，我們繼續預計 24 財年下半年的毛利率將比去年上升。雖然我們今天沒有就 24 財年或 25 財年提供任何額外指導，但我們預計未來幾季將受到以下領域的影響。 Vans 採取必要措施重新定位和重置品牌，從而實現扭虧為盈。

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態度，導致全球未來訂單疲軟，但對美洲的影響最大。 North Face 批發管道，尤其是在美國，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 Reinvent 和正在進行的行動，我們預計 24 財年的實際總節省額將至少為 6,000 萬美元，其中大部分用於 SG&A。我們繼續預計將實現 3 億美元的年化總節省，其中絕大多數節省將在下一財年中期以遠期利率實施。

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，雖然我們將受益於逐年重塑行動的增量影響，但我們將面臨激勵薪酬預期增加和更正常化的通膨水準所帶來的阻力。

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在很大程度上被我先前在評論中提到的出售非核心實體資產的淨收益所抵消。這將在接下來的幾個季度中發揮作用。

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，儘管我們第三季的財務表現受到挑戰，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，儘管獲利結果持續受到挑戰，我們仍重申 24 財年現金流指引。

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 V.F. are aligned to both our strategic and financial objectives.

作為 Reinvent 的一部分，我們正在實施的行動是實質的。我們的許多措施已從規劃轉向執行，包括成本節約計畫、重組行動和營運改善。此外，我們還啟動了對產品組合的策略審查，旨在確保 V.F.與我們的策略和財務目標保持一致。

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 V.F. to deliver shareholder value creation.

雖然這些影響在我們的財務業績中尚不明顯，但我相信這些行動將重新調整業務，使我們能夠穩定並增加收入、提高盈利能力並減少債務和槓桿，從而將 V.F.為股東創造價值。

With that, we will now take your questions.

現在我們將回答您的問題。

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

（操作員說明）我們的第一個問題來自（聽不清楚）Evercore 的線。

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 a 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 and the strategic review.

馬特，祝你接下來的事業一切順利。很高興在這裡與您交談這些年。我想，布雷肯，我想我們腦海中的一個大問題是什麼——也許你可以引導我們瀏覽一下你正在考慮的一些過濾器，因為你專注於哪些品牌在這個產品組合中有意義，以及戰略審查。

And then I guess I'm curious, maybe you could 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 if a 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 us understand the puts and takes there.

然後我想我很好奇，也許你可以向我們介紹一下毛利率的看跌期權和毛利率，如果你可以提供任何數字，特別是如果促銷活動與去年一致的評論，看看收入和對Vans 的評論，你們似乎真的在努力爭取大量庫存。我們並不直觀地認為本季的總收入會是正值。所以也許只是幫助我們理解那裡的看跌期權和拿貨。

Okay. I'll go really quickly, Michael. So first of all, the #1 thing is being in a good market. 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 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，第一件事就是擁有一個好的市場。我認為，首先，我想我在上次電話會議上說過，我喜歡位於不斷成長的市場的企業。我也喜歡在其市場中處於領先地位的企業。第三個過濾器實際上是我們為該市場內的業務增加價值。所以我認為這些是我們將要安裝和正在安裝的 3 個主要過濾器，隨著時間的推移，我們將有更多的內容需要更新。

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，很高興今天和你說話。我不會給出確切的數字，但我會告訴你利潤線上的主要驅動因素。因此，積極因素是混合的，考慮到業務的組合，特別是與我們看到的批發業務的大幅下降以及國際市場（主要是亞太地區）的相對實力相關，它比我們通常看到的要大一些。

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 of 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.

所以 mix 的數字要大一些。對我們來說，運費仍然是一個真正有利的數字，而且價格帶來的好處非常有限。最大的抵銷是外匯。外匯幾乎抵消了這種混合收益。所以這可能是外匯的最大拖累。從我們將看到的外匯交易的角度來看，這將是我們最糟糕的季度。庫存儲備稍高，產品成本略有上升。

Promotions about flat, really part of your question 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.

關於公寓的促銷活動，確實是您問題的一部分。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。我們將繼續積極地這樣做，但我們的處境比以前更好。

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 in our own channels.

因此，雖然我們繼續在市場上看到大量促銷活動，特別是在某種程度上我們的批發帳戶，特別是在美洲，但我們的 D2C 管道更加乾淨。我們正在透過我們的商店轉移大量庫存。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要好一些。因此，我們看到業務開始在我們自己的管道中更快地變得更健康。

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

下一個問題來自布魯克·羅奇（Brooke Roach）與高盛的關係。

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 North Face 和您在本季看到的業績，以及您對美國 TNF 批發業務的前景是否仍面臨挑戰。您能否談談您對本季我們看到的潛在宏觀和天氣影響的看法，以及我們在未來幾季美國批發市場中可能看到的情況，以及該品牌在 2024 年及更長期的潛在成長機會？

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。我想馬特和我會分開這個。因此，我將向您介紹潛在的成長機會。我仍然對 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 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 wholesale, Matt?

所有跡像都表明，品牌實力仍然存在，我們正在進行的激活、我們正在進行的各種市場活動正在發揮作用。但在這背後，正如你所說，我們的市場非常艱難，無論是批發市場還是天氣顯然都非常艱難。你想回答批發問題的最後一部分嗎，馬特？

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 (inaudible) coming in.

是的。我認為布魯克，總的來說，我的意思是，我們看到的是我們知道進入這個賽季，這將會變得更加困難。訂單量下降。我們一直這麼說。部分原因是去年我們自己的問題，我們沒有真正為業務提供服務。所以我們有點（聽不清楚）進來了。

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 the wholesale partners continue to plan very cautiously. We're seeing that, and that's how we're thinking about planning our business.

然後天氣並沒有起到幫助作用，市場仍然相當活躍且促銷力度很大，特別是在戶外領域。我認為這就是您所看到的以及我們在整個市場上所看到和理解的。我認為隨著批發合作夥伴繼續非常謹慎的計劃，我們將在接下來的幾個季節看到這種情況的發生。我們看到了這一點，這就是我們考慮規劃業務的方式。

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.

話雖如此，該品牌的實力仍然非常非常好。我們從消費者的角度來看的所有指標仍然良好。我們的D2C業務整體還是不錯的。當一月份天氣好轉時，我們的 D2C 業務在所有 3 個地區都有所成長。事實上，該品牌在所有 3 個地區均有所上升，尤其是在 D2C 領域。

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非常強大。批發管道，特別是在美國，短期內會很困難，我們預計這種情況將持續下去。

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。

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，其中有多少將成為懸而未決的問題，我將把它分開。那麼布雷肯就同樣的問題為你解答。

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 escape moment at the Olympics?

我們已經看到了一些市場行為。是不是要退出特定的管道，減少店舖的帳戶。我們見過一些時候他們深入得很深。品牌知名度有點消失，等等。所以我只是想知道這方面的推動點在哪裡？我最後一個非常快速的問題是，你將如何利用奧運的逃亡時刻？

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——或者我會說第三季、第四季，重置在兩個季度中平均分配。而且大部分都不是退出頻道。這不是我們所說的重置。它實際上是從這些管道中抽出庫存、非生產性庫存，以便生產性庫存可以更快地移動。

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 best, but we do have some pretty interesting plans.

歐洲將會出現一個更大的市場鏈，在某種程度上美國也會出現，但這種情況會逐漸發生。至於我們將在奧運會上做什麼，我們顯然還沒有談論太多。我們有點——我們保持最好的狀態，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 has come 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 PAC business?

我只是想問一下償還債務的情況。 Bracken，我想你提到過你有信心不為17.5 億美元進行再融資，我想是12 月和2025 年春天。也許你可以為觀眾提供幫助，你能幫助我們解決如何實現這一目標的問題嗎？從自由現金流的角度來看？ PAC 業務有什麼最新進展嗎？

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 sign that up so we can now 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企業航空專案。是否還有其他資產—您可能會出售的實體資產？如果是這樣的話，您是否可以簽署該協議，以便我們現在可以對未來幾季的自由現金流進行建模？

Yes. Laurent, let me jump in and try to take that one and great to speak with you. 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。勞倫特，讓我介入並嘗試接受這一點，很高興與您交談。我將從後端開始。非核心實體資產主要與取消公務航空計劃有關，也涉及一些建築物。這是一個有意義的數字。

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，但大約是 5000 萬美元，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工作。希望這對您有所幫助。

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 PAC business, and we're continuing to work toward that.

由於它與債務償還有關，是的，我們的目標是不對今年 12 月和明年 4 月到期的兩批債務進行再融資。為此，我們顯然需要出售 PAC 業務，並且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，我們從行銷的角度擴大或打開了光圈，這非常好。正如我們所說，我們有許多各方對通過一輪投標和相當實質性的盡職調查感興趣。那裡進展順利。

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.

由於它與基礎業務相關，我們今年將產生合理數量的現金流，我們已經確認了 6 億美元。我建議，隨著我們的正常化並繼續降低庫存，明年的情況會比今年強一些。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.

但考慮到業務的營收狀況，我們預計明年會有更多機會。我想我之前已經說過，明年的現金流可能與我們今年開始時的情況一致，而且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馬修·博斯（Matthew Boss）。

So Bracken, could you elaborate on your confidence in V.F.'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 Bracken，您能否詳細說明您對 V.F. 未來崛起的信心、新聞稿中的聲明，或者如何最好地衡量您可能在表面下看到的相對於報告結果的連續進展跡象？

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，我想也許思考企業的多年結構性毛利率的最佳方法是什麼？我們預計這 3 億美元成本節省的哪一部分會落入利潤？

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，我今天的業務透明度比 3 個月前，當然還有 6 個月前好得多。我對業務的發展方向有了更深入的了解。

I feel much more comfortable with that I understand where the business is landing in the Americas in the near time frame. 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.

我感到更加放心，因為我了解這項業務在不久的將來將在美洲落地。儘管我們剛剛經歷了糟糕的季度，但我覺得我有更好的透明度，特別是在我來到這裡後的最後幾個月。我之前就通過了指導，馬特和我討論過，我們通過指導是因為缺乏透明度、缺乏清晰度。所以這是第一。

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 V.F., I feel really good about.

第二個是我對這些品牌感覺非常非常好。我越深入地了解它們，我的感覺就越好。我很高興來到這裡，我對外面的東西、我們的能力以及品牌的基本消費者力量進行了更多的研究，我對它們感到非常興奮，甚至是那些可能是一些品牌的品牌不會成為V.F.的一部分，我感覺很好。

The third one is the team. Since I've been here, I think we've promoted 2 very strong people within V.F., and there are a lot more strong people in V.F. 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 from the outside.

第三個是團隊。自從我來到這裡以來，我認為我們在 V.F. 中提拔了 2 位非常強大的人，而且 V.F. 中還有更多強大的人。事實上，我們很快就會提拔另一位員工擔任這裡的重要職位，但我們還沒有宣布，所以我不能。但我們也會從外部引進一些。

In fact, internally, we're announcing one of those today. It would be on my staff. So we've got -- we've just got a lot of really strong people in this team (inaudible) 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項。它將由我的員工負責。所以我們——我們這個團隊中有很多非常強大的人（聽不清楚）我認為團隊本身非常強大，無論上下。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, guess 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，我說，我猜感覺很像我上一家公司，當我一開始進入它時，它確實如此。我的感覺大致相同，時間範圍也大致相同，對吧？你討厭看到像我們現在這樣的數字。我絕對鄙視它。

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

但我有——它是一個領頭羊，直覺上讓我對我們要去的地方有更強烈的感覺。我覺得直到你達到平衡之前你都不知道自己正在擺脫困境，我們當然還沒有彈跳，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。所以我在這裡要小心，不要引導你做任何事。但我想說的是，如果你退後一步看看我們現在的處境，很高興看到我們的利潤率轉為正值，我認為這種情況將繼續下去，在我們考慮第四季度及以後的情況時繼續前進。

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.

今天我們的股價下跌了幾百個基點，甚至可能比幾年前的水平還要低一點，這一切都歸因於促銷活動以及更高的庫存和庫存儲備等。我們不認為這種情況會在一夜之間回升，但我們也預計，隨著我們擁有更清潔的庫存，更有效地管理業務，其中存在機會。

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 over the next several quarters, mix will continue to be a good guy. We think about channel mix, we think about geographic mix.

我們顯然從市場中受益，隨著時間的推移，市場可能會變得更好。所以我認為毛利率擴張的機會是存在的。除了促銷場景之外，這可能會隨著時間的推移而發揮作用。如果我只看接下來幾季的近期情況，Mix 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, and it 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減弱。事實上，即使在第四季度，我們也看到這種情況減弱，明年也不會成為一個大問題，儘管我們目前正在處理與貨運成本有關的問題以及蘇伊士運河的情況，這可能會稍微削弱這一點，而且這可能不是一個無關緊要的數字。

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，短期內的通膨要容易控制得多。外匯的阻力將較小。而且有一點點好處，但並不顯著。 Reinvent 的大部分收益來自於 SG&A，但也有一點來自於毛利率。

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.

因此，我認為，我們面前的好人比壞人多，但在接下來的幾個季度甚至接下來的幾年裡，對我們和我們的企業來說，最大的槓桿是我們如何變得更健康、更健康。我們如何以全價銷售更多產品並減少促銷活動。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.

關於第二個問題，我想到了 Reinvent。我們已經說過，我們計劃將節省的 25% 到 35% 進行再投資。尤其是在產品和行銷方面。

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

我們的下一個問題來自鮑勃·德布爾 (Bob Drbul) 與古根漢 (Guggenheim) 的對話。

I 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 (inaudible) back, pricing within the brand? Anything along those lines would be helpful.

我只是有幾個簡單的問題。首先關於 Vans，關於你的 18 個月計劃，我不知道，行銷方面還有什麼可以與我們分享的嗎？您是否打算恢復（聽不清楚）品牌內的定價？沿著這些思路的任何事情都會有所幫助。

And second question is just around inventories. With the inventories down, I think it was 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%，無論是在您的業務還是在批發層面，您是否擔心按品牌地理位置劃分的口袋？

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, partly because I know that I've got a new brand president coming in, so (inaudible) to make some changes.

我會讓馬特回答第二個問題，但我會回答第一個問題。我還沒準備好對此說得太具體，部分原因是我知道我有一位新的品牌總裁上任，所以（聽不清楚）要做一些改變。

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，我們有一個偉大的——我的意思是，我認為這是一個強有力的、非常斷斷續續的計劃，它把營銷洞察、營銷計劃與即將推出的新產品結合起來。我已經經歷了這個等式的兩邊，其中的兩個一起，現在有兩到三次了，我仍然沒有完成，但我對此感覺很好，非常好。

We do not have plans to bring back the work tour, although it certainly crossed our mind and we're talking about it a little bit. The work tour was a really powerful thing, but it took time to drill. It 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.

我們沒有計劃恢復工作旅行，儘管我們確實有過這個想法，並且我們正在談論它。工作巡迴確實是一件很強大的事情，但是需要時間來磨練。重建需要相當長的時間。不過，我認為確保我們真正深入年輕觀眾的心中的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。我在這裡給你一個可能真正有用的數字。相對於 17%，Vans 實際上下降了近 30%。因此，我認為，相對於我們的營收情況以及 Vans 市場的重置行動以及我們正在採取的行動，Vans 處於一個非常好的位置，總的來說，這將是我們將要達到的目標當我們接近本財年結束時，從美國一週的供應角度來看，可能只是小幅上漲，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. 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.

如果你看一下 17% 的總體平均水平，Vans 的比例較高。 Dickies 在減少方面處於較高水平。 North Face 的數字正好，而 Timberland 和所有其他品牌的數字都較低。 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 North Face are in pretty good shape.

所以我認為總的來說，我們對自己的處境感覺很好。如果我說如果有一兩個庫存，那肯定是來自戶外——在今年秋冬銷售季節的戶外部分，我認為特別是在美國的 Timberland 業務中可能是一些東西我們正在認真研究這一點。但相對而言，Vans和North Face的狀態還不錯。

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 sellout performing better than sell-in, what brands, what regions? And how long do you see that dynamic lasting before sell-in and sell-out more aligned?

我認為您提到您的一些批發合作夥伴對訂購持謹慎態度。但很好奇您在哪裡看到售出表現比售入表現更好，哪些品牌、哪些地區？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, I'm just curious who's involved in that.

然後是第二個問題。關於策略審查，這一切都是由你們內部使用一些外部顧問完成的。抱歉，如果我錯過了，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 consulting or someone we're working with. We have a really strong team internally that's doing the analysis. And we're working with the Board on that.

是的。我拿最後一個，我請馬修拿第一個。是的，策略審查。這是一個內部練習。我們會從您期望我們在這種情況下得到的人那裡得到建議，但我們沒有諮詢人員或與我們合作的人。我們內部有一支非常強大的團隊正在進行分析。我們正在與董事會就此進行合作。

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...

我們有兩個不同的團隊——我想說，董事會中有兩個不同的團隊，他們在這個領域非常強大，並且有很多投資組合經驗。所以這項工作一直在進行中——一直在進行。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，我認為我要向您指出的最明顯的地方是歐洲，那裡的售罄或售罄比售入更好。我們看到我想說的是，總體來說，Vans 的情況可能要少一些。

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 to be surprised if that doesn't continue for a little bit of time as wholesalers continue to be pretty cautious. But -- but in Europe, that's true.

但總的來說，我認為，總體而言，業務比財務業績所暗示的要強一些。如果這種情況不持續一段時間，我不會感到驚訝，因為批發商仍然非常謹慎。但是——但是在歐洲，這是事實。

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 和重置行動的進行，其中一些數據中存在著許多噪音，扭曲了 Vans 的批發結果。所以銷量一定好一點，但也不好，對吧？它仍然處於我們不滿意的地方。

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

這可能是不言而喻的，但 Supreme 的銷售仍然非常強勁。

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，我唯一要說的是整個市場的庫存狀況確實很好。美國，有一點——正如我之前所說，我認為特別是 Timberland，我們的水平可能比我們希望的要高一些。但從庫存角度來看，歐洲處於有利位置，順便說一句，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吉姆·達菲和史蒂菲爾的對話。

Bracken, I want to dig in on the portfolio review. Your message last quarter was no sacred cows, (inaudible), et cetera. The announcement of a portfolio review doesn't seem like a 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，我想深入研究一下投資組合審查。您上個季度的信息不是神聖的牛，（聽不清楚）等等。投資組合審查的宣布似乎不是什麼新聞。您能否讓我們了解您在過程中所處的位置？銀行是否被指定購買被視為非策略性的品牌？

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，當我想到您概述的標準、不斷增長的市場、市場領導者時，這似乎是一個適合的品牌的簡短清單。我的解釋是否正確，這表明投資組合可能會進行大規模調整？

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，我們在這方面的工作時間比我們談論它的時間還要長。這就是——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.

因此，我們在這次投資組合審查方面進展順利。儘管我們沒有在您所知的討論之外聘請銀行家，但從投資組合的角度來看，我們確實在討論我們所做的事情。我現在對此沒有更多要說的，但隨著它的到來，你會聽到更多。

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-delivered on the inventory.

好的。然後也許只是關於 Vans 重組機制的問題。您能否幫助我們更好地理解這意味著什麼？嘗試清理渠道庫存的具體策略是什麼？如果您能解釋更多，那將會很有幫助。我很好奇，就像在這種情況下，你是如何錯過銷售，但超額交付庫存的。

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 about that, Matt?

是的。讓我嘗試回答這個問題，然後馬特也可以提供幫助。我們——本質上是分兩步驟進行點擊。第一個是本季。上一季度，第二季度將在下個季度。我們真正要做的就是撤掉通路中庫存過高、不銷售的圖示。因此，我們將其撤回，或者他們將其退回，然後我們基本上開放了購買正在銷售的產品的機會。所以這實際上只是清理通道。你想對此補充什麼嗎，馬特？

I mean, 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. 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.

我的意思是，吉姆，你是對的，在這種情況下，當你帶回退貨或累積退貨時，會對庫存產生一些影響。我認為在大多數情況下，產品仍然在流動並且工作正在進行，但是您會累積退貨，這在該條目中具有庫存含義。

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 that may ultimately play out. So a little bit of favorability there as well.

這就是數字中的內容。我認為總體而言，我們剛剛能夠透過過剩庫存積極銷售，特別是在我們自己的直銷店，以及在某些情況下利用批發領域內的折扣管道。我們一直在積極努力減少購買，我們一直在努力這樣做，而且在我們的一些計劃中可能有點保守，因為這可能最終會實現。所以也有一點好感。

yes. I'll give you a quick example of the impact (inaudible) I had over the holidays, we had several people tell me they couldn't get -- couldn't buy a new school product because it wasn't available in their sizes yet, the inventory is overstocked (inaudible) before we started doing this reset. So this should clean that up.

是的。我將給你一個簡單的例子來說明我在假期期間所受到的影響（聽不清楚），有幾個人告訴我他們無法購買新的學校產品，因為它沒有合適的尺寸然而，在我們開始進行此重置前，庫存已經積壓（聽不清楚）。所以這應該要清理掉它。

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

我們的下一個問題來自瑞銀集團的 Jay Sole。

(inaudible) I have 2 questions. The first question is, Bracken, you talked about promoting 2 people and you're recent teams. How far are you along from having the teams really -- the go-forward team really (inaudible) in other words, like how many more months or core working on this before you feel like, okay, the team is in place now and it's about executing?

（聽不清楚）我有 2 個問題。第一個問題是，Bracken，你談到提拔 2 個人，而你們是最近的團隊。你離擁有真正的團隊還有多遠——換句話說，真正的前進團隊（聽不清楚），例如在你感覺「好吧，團隊現在已經就位，而且已經就位」之前，還需要幾個月或核心工作來完成這個任務。關於執行？

And then maybe for Matt, on the free cash flow guidance, it sounds like there's probably some a 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 help us do a little math on how the free cash flow guidance the same, that would be helpful.

然後，也許對馬特來說，在自由現金流指導上，聽起來淨利潤可能比你之前預期的要少一些，但更多來自庫存，而且聽起來還有一些其他資產銷售正在影響這一點。如果您能給我們一些定性的信息，幫助我們做一些關於自由現金流指導如何相同的數學計算，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.

這是一個很難回答的問題。我想說我們已經做了很多改變。所以我們的團隊已經向前發展了很多。現在公司的結構已經改變了我們的營運模式。所有這些事情都在積極地向前推進。

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 we roll forward a couple of months, 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伊始時，我認為我們將在擁有一個我認為真正準備在這次轉變中獲勝的組織方面取得很大進展。所以我想說我們已經取得了很大的進展，傑伊，我對此感到很興奮。我真的覺得我們有一支能夠贏得勝利的球隊。我想我們再過幾個月，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 there, right?

是的，傑伊，我認為你所描述的本季可能比我們預期的要困難一些。我們從收入的角度討論了相對於戶外業務的這一點，但更好的是庫存線。我認為那裡有很多自由現金流，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.

當你查看去年的數據時，你會發現最大的槓桿在資產負債表上，而不是在損益表上，對嗎？當你不僅考慮庫存，還要考慮應收帳款、所有負債等資本支出。

Honestly, the sale 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 really encouraged by the inventory, I think, particularly great to see where we are at the end of the third quarter ahead of schedule.

老實說，出售資產，我不認為這是自由現金流所必需的。我們不是這樣算的，有點低於這條線。所以這並不是真正的數字。但我們仍然有機會獲得 6 億美元的資金，還有一些看跌期權和看跌期權，但我認為，我們確實受到了庫存的鼓舞，特別是很高興看到我們在第三季末提前達到的目標。

If I could just go back to your first question, Jay, 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.

如果我可以回到你的第一個問題，傑伊，也許可以用這個問題來評論我們在組織方面的進展速度。自從我來到這裡以來，我們有了新的人員主管，即首席人力資源官（CHRO），新的商務主管，這是內部晉升。

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 have a new head of Vans.

我們將在本財政年度結束和下一個財政年度年初任命一位新的設計主管。這算是同意了。馬特即將離開。因此，我們將在明年初的某個時候任命一位新的財務長。我們有一位新的 Timberland 負責人。我們迎來了 Vans 的新掌門人。

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 time frame. So I'm really excited about the team we have in place, and I think it's going to get stronger and stronger.

所以我們實際上已經改變了很多——我們將改變這裡的許多團隊，並在這段時間內提拔公司的許多人。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 -- is there any color by brand performance differentiation in the DTC channel?

當您想到 DTC 管道時，您所說的 DTC 管道比您在批發中看到的要更好，數字和 DTC 有何不同，您對實體店方面的每個品牌有何計劃？ DTC 管道中是否存在以品牌表現區分的顏色？

I'd say everybody -- every brand has a sizable DTC e-com and not every -- 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.

我想說的是，每個品牌都有相當大的 DTC 電子商務，但並非每個品牌都在實體店中擁有相當大的足跡，而且世界各地的情況確實各不相同。我將從 Vans 開始，Vans 擁有非常龐大的實體業務，尤其是在美國的實體業務以及線上業務。

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.

很多人可能沒有意識到我們是最發達的 DTC 企業之一。我們的北美業務是所有鞋類和服裝領域最發達的 DTC 業務之一。我的意思是，我們在美國的 DTC 業務約佔總業務的 60%，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. So I would expect that.

所以它非常發達。我不認為這種情況會以某種方式發生巨大改變。我想像電子商務將會成長，而實體之間的相對關係將會縮小。希望批發市場相對於實體店面能夠開始成長。所以我希望如此。

The North Face, you 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 going to be 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，您擁有出色的 DTC 業務，而且還可以做得更大。在美國主要是電子商務。相對而言，我們在美國幾乎沒有自己的商店。在歐洲也是如此。但在這種情況下，我們將在歐洲增加更多商店，如果我的事實正確的話，我想可能會在美國。我認為這種情況將會持續下去。我將繼續對亞太地區進行暫緩。

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，但在美國卻非常非常少，這是我們在美國面臨的難題之一，業務規模大，全是批發，控制權較少。我認為我們沒有任何計劃來改變這一點。但我想說，一般來說，所有這些企業都將擁有越來越大的電子商務業務。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。那麼今年的資本支出方面，資本支出有什麼變化以及您如何看待未來的變化？

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，我認為我們沒有重大計劃來改變我們對資本支出的思考方式。我們在資本支出方面沒有大的投資計劃，至少不是異常。

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 and the brands that have expansion opportunities in 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.

老實說，Dana，我們未來的大部分資本支出都將與 DTC 有關。我們將繼續支持有意義的擴張，而在 North Face 擁有擴張機會的品牌就是其中之一。 Supreme 無疑是其中之一，而且是這些商店不斷更新的產品。基礎設施方面，沒有重大計畫。顯然，在許多情況下，我們正在積極努力減少我們的足跡，但事實恰恰相反。

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

我們的最後一個問題來自艾克·博魯喬 (Ike Boruchow) 與富國銀行 (Wells Fargo) 的對話。

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, trying to marry 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?

所以只有兩個問題問我。我想，也許是馬特，第一個是在 North Face 上的。所以只是想完全理解——我知道你沒有提供指導，但具體來說是在北面，試圖與本季度結婚，甚至在單曲中進行額外的調整，一月份的評論是積極的。只是──我們不應該因為寒冷而對那一月過度解讀。所以我只是有點好奇，對這裡的品牌軌跡有什麼想法嗎？

And then Bracken, not to be too direct but to Jim's question about (inaudible), 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 Bracken，不要太直接，而是針對 Jim 的問題（聽不清楚），可以公平地說，三大品牌不屬於策略性投資組合審查的一部分嗎？還是一切？現在所有選項都擺在桌面上了嗎？

We've been 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.

我們已經非常明確地表示我們不會解決該評論以及任何相關問題。當我們說沒有神聖的牛時，我們是認真的，所以我們確實有一個目標來審視所有品牌。除此之外，我們會隨著時間的推移回來更新您的資訊。

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.

我想你關於North Face的問題，我們展望未來，我們預計D2C將會成長，我們預計D2C將在第四季成長，我們預計D2C將繼續成長。很高興看到一月份的業務反彈，尤其是一月初，隨著這裡和歐洲的天氣變化，業務反彈非常強勁。

So -- but what 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——但正如我們所說，批發市場將會相當不穩定。我們已經清楚地了解了春季的訂單簿可見性以及其將如何發展，並且對秋季將是什麼樣子有很好的了解。因此，我們預計未來幾季這將變得更加困難。

I'm sorry, I just don't want to piecemeal out that answer. I think we need to give it a more complete way later. 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 V.F.'s future, as I said earlier.

抱歉，我只是不想零碎地回答這個問題。我認為我們稍後需要給出更完整的方式。好的。這是最後一個問題。好的。好吧，感謝大家的收聽。儘管結果顯然令人失望，但正如我之前所說，我對 V.F. 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.

我認為我們正在採取的扭轉局面的措施正在發生。實施是真實的，而且內部正在快速發生變化，即使您可能感覺不到，也肯定無法在我們的數據中看到它。

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，我們擁有世界一流的品牌和令人驚嘆的人才。重建這一點的基礎是為了創造偉大的事業。因此，我期待在本季度以及下個季度結束並開始下一個財年時再次與您交談。再次感謝。馬特，謝謝你。

Thanks, Bracken. Thanks, everyone.

謝謝，布雷肯。感謝大家。

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。此時您可以斷開線路。感謝您的參與。