威富公司 (VFC) 2024 Q4 法說會逐字稿

Hello, and welcome to the VF Corporation Fourth Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Vice President, Investor Relations, Allegra Perry. Please go ahead, Allegra.

您好，歡迎參加 VF Corporation 2024 年第四季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。現在我很高興將電話轉給投資者關係副總裁 Allegra Perry。請繼續，阿萊格拉。

Good afternoon, and welcome to VF Corporation's Fourth Quarter Fiscal 2024 Conference Call. Participants on today's call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC.

下午好，歡迎參加 VF Corporation 2024 財年第四季電話會議。參加今天電話會議的參與者將發表前瞻性陳述。這些聲明是基於當前預期，並受不確定因素的影響，可能導致實際結果大不相同。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。

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. 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.

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。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，其中識別並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的看法。

Joining me on the call will be VF's President and Chief Executive Officer, Bracken Darrell; EVP, Chief Commercial Officer and President, Emerging Brands, Martino Scabbia Guerrini; 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；執行副總裁、商務長兼新興品牌總裁 Martino Scabbia Guerrini；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。

Thanks so much for joining us. I finished 10 months here, and we've made a lot of progress. I'll begin today with a deep dive on our Reinvent program and why I'm confident we'll position VF to return to strong, sustainable growth. Then I'll briefly touch on our financial results before turning it over to Martino and Matt.

非常感謝您加入我們。我在這裡已經待了 10 個月了，我們已經取得了許多進展。今天，我將首先深入探討我們的「重塑」計劃，以及我為什麼有信心讓 VF 恢復強勁、可持續的成長。然後，我將簡要介紹我們的財務業績，然後交給馬蒂諾和馬特。

Well, I've discussed Reinvent on our prior calls. I'd like to go a few layers deeper today so you can have a better understanding of how we're approaching this, the progress we've made so far and what's next. Almost everything is playing out as I expected it would when I took the role. We've taken the top management we needed to return to growth. Key organizational changes, leadership changes and strategic moves have largely been executed by the time we get to the end of my first year, and I feel really, really good about them.

好吧，我在之前的通話中討論過 Reinvent。今天我想更深入地講一下，以便你們能夠更好地了解我們如何處理這個問題，迄今為止我們取得的進展以及下一步的計劃。當我擔任這個角色時，幾乎所有事情都如我預期的那樣進行。我們已經聘請了恢復成長所需的高階管理人員。在我任職的第一年結束時，關鍵的組織變革、領導層變革和策略舉措已基本實施，我對此感覺非常非常滿意。

Reinvent, which we introduced back in Q2, is fundamentally how we get back to strong growth. Some perceive this as a simple restructuring plan or tactical steps. It wasn't, and it isn't. Reinvent is a blueprint for transforming a company from declining to growing. It has 3 key phases running in parallel: reset, ignite and accelerate.

我們在第二季推出的「重塑」是我們恢復強勁成長的根本原因。有些人認為這只是一個簡單的重組計劃或策略步驟。事實並非如此，現在也不是。重塑是幫助公司從衰退走向發展的藍圖。它有 3 個並行運行的關鍵階段：重置、點火和加速。

Reset is focused on a reset of the U.S. business, Vans, the cost base and the balance sheet. Ignite is about elevating how we show up in front of the customer. Here, our focus is on product design, innovation and merchandising, on commercial excellence and brand building. Our reset and ignite phases are occurring in parallel and, together, will set the stage for the third phase, which will be accelerating growth.

重置重點是美國業務、Vans、成本基礎和資產負債表的重置。 Ignite 旨在提升我們在客戶面前的形象。在這裡，我們的重點是產品設計、創新和行銷、商業卓越和品牌建立。我們的重置和點火階段正在並行，並將共同為加速成長的第三階段奠定基礎。

Before I get into details on the reset phase, let me talk a little bit about people. No turnaround happens without a strong team, and I've spent an enormous amount of time on this particular area. You have a CEO with a demonstrated turnaround and long-term demonstrated growth experience, and we are adding superstar talent. Our new CHRO is the former CHRO of Salesforce, a company 50x larger than VF, who also happens to have deep retail and apparel experience. Our new Head of Strategy in Digital was a managing partner of BCG, and spent time at lululemon. Our new Head of Design was named by McKinsey and others as one of the top creative design leaders in the world.

在我詳細介紹重置階段之前，先簡單談談人。如果沒有強大的團隊，就不會有轉機，我在這個特定領域花了大量的時間。你們的執行長有著成功扭轉局面的經驗，並且擁有長期的成長經驗，而我們也正在引進超級明星人才。我們的新任 CHRO 曾任 Salesforce 的 CHRO，該公司規模比 VF 大 50 倍，並且擁有豐富的零售和服裝經驗。我們新任數位策略主管是 BCG 的執行合夥人，曾在 lululemon 工作。我們的新任設計主管被麥肯錫等公司評為全球頂尖創意設計領袖之一。

And we announced today, Paul Vogel is our new CFO. Paul brings a wide range of financial, operational and capital markets experience. We plan to announce very soon a new Vans President, and we're promoting strong internal talent, including Martino and our new Timberland President, Nina Flood. By the time I reached my 1-year anniversary at VF in July, we'll have almost completely changed the leadership of this company. I have great confidence that we have the right team in place to successfully drive VF's turnaround and long-term growth.

我們今天宣布，保羅沃格爾 (Paul Vogel) 擔任我們的新任財務長。保羅 (Paul) 擁有豐富的金融、營運和資本市場經驗。我們計劃很快宣布新的 Vans 總裁，我們正在提拔強大的內部人才，包括 Martino 和我們新任 Timberland 總裁 Nina Flood。到七月我在 VF 任職一週年的時候，我們幾乎已經完全改變了公司的領導階層。我非常有信心，我們擁有合適的團隊來成功推動 VF 的轉型和長期成長。

Now turning to an update on our key priorities under the Reset days I spoke about earlier. We're on track to deliver our $300 million cost savings target by the middle of the fiscal year, as previously discussed. We're also making progress on reducing debt and strengthening our balance sheet. In the fourth quarter, we delivered another significant reduction in inventories, bringing the total for the year down 23%, down over $500 million, which, in turn, enable us to reduce our net debt by another $540 million. We also generated over $1 billion in operating cash flow and more than $800 million in free cash flow, exceeding the only guidance we gave you earlier.

現在來談談我之前談到的重置期間我們的主要優先事項的更新。如同先前所討論的，我們預計在財政年度中期實現 3 億美元的成本節約目標。我們也在減少債務和加強資產負債表方面取得了進展。在第四季度，我們再次大幅削減庫存，使全年庫存總額下降 23%，降幅超過 5 億美元，這又使我們的淨債務再次減少 5.4 億美元。我們還創造了超過 10 億美元的營運現金流和超過 8 億美元的自由現金流，超過了我們之前給您的唯一指引。

Our strategic portfolio review is complete, and we'll provide an update when we have more news to share. We've established the Americas regional platform, which is now fully in place and operational as part of the global commercial organization. Under Martino's strong leadership, we are already seeing signs of progress. With imported key processes for EMEA and APAC, the accuracy of our forecasting has dramatically improved, and Martino will talk through the actions we're taking to improve the Americas performance in more detail.

我們的策略性投資組合審查已經完成，當我們有更多新聞可以分享時，我們會提供更新。我們建立了美洲區域平台，目前已全面到位並作為全球商業組織的一部分投入運作。在馬蒂諾的強大領導下，我們已經看到了進步的跡象。透過匯入 EMEA 和 APAC 的關鍵流程，我們預測的準確性得到了顯著提高，Martino 將更詳細地介紹我們為提高美洲地區業績所採取的措施。

Let me move to Vans. While overall financial results have not yet improved, we are deep in execution, and we are starting to see very early green shoots. I said you'd start to see the brand turn first in one channel or region, and it would spread to others. It started to happen, with DTC Europe positive in the quarter. The inventory reset actions are helping create a cleaner market in which to introduce new product. Our weeks of supply have come down with our partners in all 3 regions.

讓我轉到 Vans。雖然整體財務表現尚未改善，但我們正在深入執行，並開始看到非常早期的復甦跡象。我說你會看到品牌首先在一個管道或地區轉變，然後它會傳播到其他管道或地區。這一情況開始發生，DTC 歐洲在本季取得了積極的進展。庫存重置行動有助於創造一個更乾淨的市場以推出新產品。我們與三個地區的合作夥伴的周供應量已經下降。

We're simplifying our product lineup and introducing a sustained level of investment in design and innovation. UltraRange Neo is performing well in the U.S. The Knu Skool, which launched when I first got here, is gaining strength behind enhanced marketing, has now become our second largest style globally. And the AVE 2.0, our newest and best skate shoe, has performed very well in the early months of its launch. You can expect more news here soon, too. This is part of our icon management strategy, which will also reduce reliance on core outcomes.

我們正在簡化我們的產品線，並在設計和創新方面持續投入。 UltraRange Neo 在美國表現良好。我剛到這裡時推出的 Knu Skool 在加強行銷的推動下不斷發展，現在已成為我們在全球第二大暢銷款式。我們最新、最好的滑板鞋 AVE 2.0 在推出後的頭幾個月表現非常出色。您很快還可以在這裡期待更多新聞。這是我們的圖標管理策略的一部分，這也將減少對核心結果的依賴。

While the quarter remains in decline, we're seeing strong performance in our new products, and we have a cascaded product launches coming. We're also working to make our marketing efforts more effective. We're simplifying our storytelling. Our marketing has shifted to fewer, deeper campaigns. For example, we used to have 274 stories in one season. When you have 274 stories in 6 months, you're probably not telling any of them well. We've simplified it to a handful of powerful key stories, concentrating our investment. We're also rebalancing our marketing mix to drive higher ROI.

雖然本季的銷售額仍在下滑，但我們看到新產品表現強勁，而且我們將推出一系列新產品。我們也正在努力使我們的行銷工作更有效。我們正在簡化我們的故事敘述。我們的行銷活動已轉向更少、更深入的活動。例如，我們曾經一季有 274 個故事。當你在六個月內講了 274 個故事時，你可能沒有講好任何一個。我們將其簡化為幾個強大的關鍵故事，集中我們的投資。我們也正在重新平衡我們的行銷組合，以提高投資報酬率。

These changes are starting to show positive results. Now we're cutting through. Search is a good leading indicator. We're seeing Google Search trends move in the right direction for the first time in years. The last 3 months have improved compared to the previous 12. We don't only need to have simplification. We also need brand elevation to build brand equity and drive gross margin. We're leveraging our new OTW line as the pinnacle expression of the brand to drive energy and excitement. We're in the middle of a global series of events to bring together community, culture and fashion that will continue to unfold. That's how we get in the middle of cultural trends.

這些變化開始顯現正面的成果。現在我們正在切入。搜尋是一個很好的領先指標。我們看到谷歌搜尋趨勢多年來首次朝著正確的方向發展。與前 12 個月相比，過去 3 個月有所改善。我們不僅需要簡化。我們還需要提升品牌影響力，以打造品牌資產並提高毛利率。我們正在利用我們的新 OTW 系列作為品牌的巔峰表達來激發活力和熱情。我們正在舉辦一系列全球性活動，旨在將社區、文化和時尚融合在一起，並將繼續展開。這就是我們如何融入文化潮流之中。

After the tease in June '23 of Men's Paris Fashion Week, we officially launched OTW at Art Frieze in Los Angeles in February of this year, with an amazing installation to drive brand elevation. And just last week, we had an exciting event on the Shanghai Bund that generated huge interest in-person and on social media, staying tuned for more. We have a strong and data-driven approach now to improve our in-store execution. You'll see more as we will live across the year.

繼 2023 年 6 月巴黎男裝週的預告之後，我們在今年 2 月在洛杉磯弗里茲藝術博覽會上正式推出了 OTW，並透過一個令人驚嘆的裝置推動品牌提升。就在上週，我們在上海外灘舉辦了一場令人興奮的活動，引起了現場和社交媒體的極大興趣，敬請期待更多精彩。我們現在擁有強大的數據驅動方法來改善我們的店內執行。隨著我們度過這一年，你會看到更多。

I'm a big believer in testing, learning and scaling, and stores were a wonderful place to do it. We're testing a lot of things across regions and areas of visual merchandising, four-wall formats and SKU productivity that will scale across the globe over time. At Vans, we've moved from theory to action.

我非常相信測試、學習和擴展，而商店是進行這些活動的絕佳場所。我們正在跨區域和跨領域測試很多東西，包括視覺行銷、四牆格式和 SKU 生產力，這些測試將隨著時間的推移在全球範圍內擴展。在 Vans，我們已經從理論轉向行動。

Now let's talk about the North Face. Our core focus there has been investing in product, design and merchandising. Our key growth drivers include category expansion and a specific focus on trail and hike, women's and footwear. We're starting to elevate the brand through premium performance products.

現在我們來談談North Face。我們的核心重點是投資產品、設計和行銷。我們主要的成長動力包括品類擴張以及特別關注越野和健行、女裝和鞋類。我們開始透過高性能產品來提升品牌。

Our Pinnacle expression of the brand, Summit Series, is leading the way through brand campaigns and in-store activations across all marketplaces. This is connected to elevating our brand journey through new store designs, which are currently being tested and scaled across the globe. A few select examples of this is the Regent Street store experience, our new store format in Berlin and Singapore, and soon we'll have one in Shanghai. Our key global partners are fully involved in this initiative, too.

我們對品牌的巔峰表達－高峰會系列，正透過所有市場的品牌活動和店內活動引領潮流。這與透過新的店鋪設計提升我們的品牌之旅有關，這些設計目前正在全球進行測試和推廣。這方面的一些精選範例包括攝政街商店體驗、我們在柏林和新加坡的新商店模式，以及很快將在上海開設的新商店。我們的主要全球合作夥伴也充分參與了這項倡議。

We'll talk more about the final phase, Accelerate, in the coming quarters, but it's too early to talk about it now. So what can you expect as we move into fiscal '25? While we're not ready to give specific quantitative guidance, I can tell you that you can expect things will be a little bit better sequentially each quarter, except for the first quarter, as we complete our channel inventory resets, and Matt will tell you more about that later.

我們將在接下來的幾個季度中更多地討論最後階段“加速”，但現在談論它還為時過早。那麼，當我們進入25財年時，您有什麼期待呢？雖然我們還沒有準備好給出具體的量化指導，但我可以告訴你，除了第一季度以外，你可以預期每個季度的情況都會比第一季度有所好轉，因為我們完成了渠道庫存重置，馬特稍後會告訴你更多相關信息。

To close my section, I'm more confident than ever about our plans and our execution. We will return the company to long-term profitable and sustainable growth. Now let me hand over to Martino, who will give an update on our go-to-market approach globally.

最後，我對我們的計劃和執行比以往任何時候都更有信心。我們將使公司恢復長期獲利和可持續的成長。現在，讓我將麥克風交給馬蒂諾，他將向我們介紹我們在全球範圍內的行銷策略的最新進展。

Thank you, Bracken, and good day, everyone. Nice to speak to you again in my new role of Chief Commercial Officer of VF, where I oversee our newly created global commercial organization and our emerging brands.

謝謝你，布雷肯，大家好。很高興能以 VF 首席商務官的新身分再次與您交談，我負責監督我們新成立的全球商業組織和新興品牌。

Today, I'm going to give you some additional details on our key priorities within this new operating model. These details will be primarily focused on the Americas, the region where we see the biggest incremental opportunities, and we stand to benefit the most from leveraging processes and tools that have led to commercial success in Europe and Asia.

今天，我將向大家詳細介紹這項新營運模式中的重點優先事項。這些細節將主要集中在美洲，這是我們看到最大增量機會的地區，我們將從利用在歐洲和亞洲取得商業成功的流程和工具中獲得最大收益。

Three key messages I want to leave you with. One, we're driving our integrated marketplace strategy with speed and agility and clear focus on our best wholesale partners. Two, we are elevating our retail execution in D2C, direct-to-consumer, across brick-and-mortar and digital. Three, we're driving commercial excellence through our operating model, scaling new capabilities and best practices across regions.

我想要給你們傳達三個關鍵訊息。首先，我們正快速、靈活地推動我們的綜合市場策略，並明確關注我們最好的批發合作夥伴。二是我們正在提升 D2C（直接面向消費者）零售業務的執行力，涵蓋實體店和數位通路。第三，我們透過我們的營運模式推動商業卓越，在各個地區擴展新功能和最佳實踐。

First, integrated marketplace strategy. Integrated marketplace strategy is a holistic view across the channels to elevate our brand execution and capture consumer's engagement at every touch point. We see opportunities to perform better across wholesale and D2C. We're making clear choices, and we're executing intensely against those choices in each region and across the brands.

第一，綜合市場策略。綜合市場策略是一種跨通路的整體視角，旨在提升我們的品牌執行力並在每個接觸點吸引消費者的參與度。我們看到了在批發和 D2C 領域取得更好表現的機會。我們做出了明確的選擇，並在各個地區和各個品牌中堅決執行這些選擇。

As the macro cycle adjusts and inventories return to normalized levels, an impeccable marketplace execution is critical to take back market share and drive growth across portfolio, starting from our Americas region, even more than anywhere else. We continue to see a strategic place for wholesale in our model, and we believe we can be much stronger with key strategic partners.

隨著宏觀週期的調整和庫存恢復到正常水平，完美的市場執行對於奪回市場份額和推動整個投資組合的成長至關重要，從美洲地區開始，甚至比其他任何地方都更重要。我們繼續看到批發在我們的模式中佔有戰略地位，我們相信，有了關鍵的策略夥伴，我們可以變得更加強大。

As we roll out our regional commercial model and transfer best practice across region, our immediate focus is on establishing a robust marketplace management processes in the Americas, supported by more agility in decision-making. These efforts are fairly focused on driving growth in short to medium term, but we expect them to also lead to higher tiers of distribution and less promotional approach to the marketplace and, in turn, more elevated brand positioning.

隨著我們推出區域商業模式並在整個地區轉移最佳實踐，我們的當前重點是在美洲建立強大的市場管理流程，並透過更靈活的決策提供支援。這些努力主要集中在推動短期和中期成長，但我們預期它們也將帶來更高層次的分銷和更少的市場促銷方式，進而提升品牌定位。

You've heard us talk about our global partnerships. We work with some of the best multi-brand retailers and partners in the business. They love our brands. They wanted to work with us to bring them to our consumers in a way which drives a deeper connection and build brand equity in the process.

您已經聽過我們談論我們的全球合作關係。我們與業內一些最好的多品牌零售商和合作夥伴合作。他們喜歡我們的品牌。他們希望與我們合作，以一種能夠加深聯繫的方式將產品帶給我們的消費者，並在此過程中建立品牌資產。

We are intensely focused on making this partnership tighter and more effective, adopting some of the processes that have made our business in Europe and Asia successful, such as cross-brand, key account governance execution. Over the last 8 months, we have invested significant time in the Americas, meeting our partners to create a strategic long-term frame and optimize our common commercial priorities. It is starting to yield results.

我們高度重視使這種合作關係更加緊密、更加有效，並採用一些使我們在歐洲和亞洲的業務取得成功的流程，例如跨品牌、大客戶治理執行。在過去的 8 個月裡，我們在美洲投入了大量時間，與我們的合作夥伴會面，制定了長期策略框架並優化了我們共同的商業重點。它已開始取得成果。

Second, brand elevation and retail execution. We are moving fast across all areas of our new commercial organizations. In our direct-to-consumer environment, we're definitely under-executed in Americas relative to Europe and Asia in terms of commercial performance as well as retail excellence. As an example, we are adopting a more consistent and dynamic regional approach to our retail fleet optimization, a faster pace of retail innovation through new formats and rolling out consumer-facing omni-channel capabilities.

第二，品牌提升和零售執行。我們正在新的商業組織的各個領域快速發展。在我們直接面向消費者的環境中，就商業表現和零售卓越性而言，我們在美洲的表現肯定低於歐洲和亞洲。例如，我們採用更一致、更具活力的區域性方式來優化零售車隊，透過新形式加快零售創新步伐，並推出面向消費者的全通路功能。

As we focus on elevating our brands, we're bringing retail execution and in-store experiences to the forefront. We need great designs and the right merchandising decisions to show up consistently across the retail environment, with the right mix of global and local relevance, and we need operational excellence and agile trading capabilities.

我們專注於提升品牌，並將零售執行和店內體驗放在首位。我們需要出色的設計和正確的行銷決策，以在整個零售環境中始終如一地展現出來，並正確結合全球和本地相關性，我們還需要卓越的營運和敏捷的交易能力。

We are seeing success with some of our new store concepts, for example, The North Face in London, Vans in Shanghai, Timberland in Tokyo. And we've taken a hard look on how e-commerce digital experience connects and expands through the physical expression of our brands.

我們的一些新店理念取得了成功，例如倫敦的 The North Face、上海的 Vans、東京的 Timberland。我們認真研究了電子商務數位體驗如何透過我們品牌的實體表達進行連結和擴展。

Third and finally, excellent commercial execution. As we ignite growth across business models, direct and partners, digital and physical, we are removing silos and barriers that get in the way of effective commercial execution. Through our commercial platforms, we are integrating trading execution, marketing and demand creation and planning discipline to drive the business and optimize the use of our inventory across all channels.

第三，也是最後一點，出色的商業執行力。隨著我們推動直接和合作夥伴、數位和實體等各種商業模式的成長，我們正在消除阻礙有效商業執行的孤島和障礙。透過我們的商業平台，我們整合交易執行、行銷和需求創造及規劃原則，以推動業務發展並優化我們所有管道的庫存使用。

Analytical capabilities and more power in size will also contribute to our ability to be demand-driven across the whole marketplace. This improves our ability to predict with more accuracy where the business is headed and, in fact, we have now hit our internal forecast in the Americas for 5 consecutive months. We are seeing cleaner inventory positions at our brands following also the select reset actions. And more importantly, we're driving specific VF-wide growth initiatives with our key accounts in all the regions.

分析能力和更大的規模實力也將有助於我們在整個市場中以需求為導向。這提高了我們更準確地預測業務發展方向的能力，事實上，我們現在已經連續 5 個月達到了美洲的內部預測。我們發現，在採取精選重置措施後，我們品牌的庫存狀況變得更為清晰。更重要的是，我們正在與所有地區的關鍵客戶一起推動特定的 VF 範圍成長計畫。

Last but not least, we are the proud owners of several emerging brands, delivering substantial total sales and accretive operating margins. There are some real jewels here. And in our new operating model, these are now managing an even more entrepreneurial dynamic way to catch market and category opportunities and create the best version into a bigger future play. So we're making progress at every step, focusing on improving our operations and returning to drive commercial excellence and best brand execution.

最後但同樣重要的一點是，我們是多個新興品牌的驕傲擁有者，實現了可觀的總銷售額和不斷增長的營業利潤率。這裡有一些真正的珠寶。在我們的新營運模式中，我們正在以更具創業活力的方式進行管理，以抓住市場和品類機會，並將最佳版本打造為更大的未來發展機會。因此，我們每一步都在取得進步，專注於改善我們的營運並重新推動商業卓越和最佳品牌執行。

Thank you for the time. I'll now hand over to Matt.

感謝您抽出時間。現在我將麥克風交給馬特。

Thanks, Martino, and good afternoon, everyone. My plan today is to give you a high-level overview of fiscal '24, a more in-depth review of Q4 results and highlight some themes for our key areas of focus and some guardrails for fiscal '25.

謝謝，馬蒂諾，大家下午好。我今天的計劃是向大家提供24財年的總體概述、對第四季度業績的更深入回顧，並強調我們關注的重點領域的一些主題以及25財年的一些護欄。

We closed out our fiscal year having made further progress on the initial phase of Reinvent. And even though our fiscal year '24 P&L results remain difficult, with revenue down 11% and adjusted earnings per share of $0.74, we delivered against our near-term balance sheet and cash flow objectives. We exceeded our free cash flow guidance, largely driven by lower working capital, namely inventory, with $804 million generated for the year, which I'll cover in more detail in a minute.

我們在財政年度結束時在「重塑」的初始階段取得了進一步的進展。儘管我們 24 財年的損益結果仍然困難，收入下降 11%，調整後每股收益為 0.74 美元，但我們實現了近期資產負債表和現金流目標。我們超越了自由現金流預期，這主要得益於較低的營運資本（即庫存），今年產生了 8.04 億美元的自由現金流，稍後我將詳細介紹。

Now turning to our fourth quarter results, which were largely in line with our expectations. Throughout Q4, we continue to take proactive measures to improve our operating performance and strengthen our business and balance sheet, while implementing additional actions as part of the Reinvent transformation program. We advanced the work against the strategic portfolio review, which is now complete and are on track with our plans to continue paying down debt and strengthening our balance sheet.

現在來看看我們第四季的業績，該業績基本上符合我們的預期。在整個第四季度，我們繼續採取積極措施來改善我們的營運績效並加強我們的業務和資產負債表，同時作為重塑轉型計畫的一部分實施其他行動。我們推進了戰略投資組合審查工作，審查現已完成，並且我們正在按照計劃繼續償還債務和加強資產負債表。

While the underlying financial results from Q4 remain challenging, there was a slight sequential improvement relative to last quarter. And importantly, we've seen some encouraging developments stemming from the recent actions we have taken.

儘管第四季度的基本財務業績仍然充滿挑戰，但與上一季相比略有改善。重要的是，我們看到了最近採取的行動所帶來的一些令人鼓舞的進展。

Now let's unpack the performance, starting with the areas we guided on, inventory, cash flow and liquidity, where we delivered stronger results than anticipated. First, on inventory, where we made significant progress in the quarter, a direct benefit of our ongoing efforts to clean up the marketplace and operate with a more efficient level of inventories across each of our businesses. Inventory declined by 23% in the quarter versus last year, ahead of our expectations with double-digit declines across each of the 4 largest brands. We're also seeing an improvement in the level and health of our inventories with our wholesale partners.

現在讓我們分析一下業績，從我們指導的領域開始，即庫存、現金流和流動性，我們在這些領域取得了比預期更強勁的業績。首先，在庫存方面，我們在本季取得了重大進展，這直接得益於我們不斷努力清理市場，並在每項業務中以更有效率的庫存水準運作。本季庫存與去年同期相比下降了 23%，超出了我們的預期，四大品牌的庫存均出現了兩大的下降。我們也看到批發合作夥伴的庫存水準和健康狀況有所改善。

Turning to the highlight of our financial results, cash flow. As Bracken mentioned, during the fiscal year, we generated over $1 billion in operating cash flow and $800 million of free cash flow, ahead of our $600 million guidance. This result allowed us to continue making progress against one of our biggest priorities, reducing debt as we ended fiscal year '24 with net debt of about $5.3 billion, down approximately $540 million versus last year. The free cash flow beat was largely driven by lower working capital, primarily inventory as we were able to bring those levels down more quickly than projected. Liquidity at the end of the year was approximately $2.65 billion.

談談我們財務表現的亮點—現金流。正如布雷肯所提到的，在本財年，我們創造了超過 10 億美元的營運現金流和 8 億美元的自由現金流，高於我們 6 億美元的預期。這一結果使我們能夠繼續在我們的最大優先事項之一上取得進展，即減少債務，截至 24 財年結束時，我們的淨債務約為 53 億美元，比去年減少約 5.4 億美元。自由現金流超出預期主要是由於營運資本減少（主要是庫存），因為我們能夠比預期更快地降低這些水準。年末流動資金約26.5億美元。

Now moving on to a review of the Q4 P&L. During the quarter, revenue was down 13%, including a little more than 2 points of impact from reset actions and right in line with our expectations, largely driven by the U.S. wholesale performance, which as expected, weighed on results across our brand portfolio. This compares with Q3 revenue of minus 17%, which also included a similar impact from reset actions.

現在來回顧第四季的損益表。本季度，收入下降了 13%，其中包括重置行動帶來的 2 個多點的影響，這完全符合我們的預期，主要是受美國批發業績的影響，正如預期的那樣，這給我們整個品牌組合的業績帶來了壓力。相較之下，第三季的營收為負 17%，其中也包括重置行動帶來的類似影響。

Turning to the performance by region. Relative to the Americas, our international business remains more resilient, down 4% for the quarter as the APAC region continued to grow and as anticipated, the run rate in Europe improved relative to Q3. The Americas region was down 23% in the quarter, as anticipated, a similar trend to Q3 as a continued cautious posture from our wholesale partners and our actions to further reduce inventories in the channel, particularly in the U.S., weighed heavily on results.

談談各地區的表現。相對於美洲，我們的國際業務仍然更具彈性，本季下降了 4%，因為亞太地區繼續成長，正如預期的那樣，歐洲的運作率相對於第三季有所改善。正如預期的那樣，美洲地區本季下降了 23%，趨勢與第三季類似，因為我們的批發合作夥伴繼續採取謹慎態度，而我們採取了進一步減少通路庫存的行動，特別是在美國，這對業績產生了嚴重影響。

The DTC channel, although delivering a better performance to wholesale, was down low double digits in the quarter, driven by Vans. The North Face direct-to-consumer was slightly positive.

儘管 DTC 通路比批發通路表現更好，但受 Vans 的影響，本季 DTC 通路銷售額下降了兩位數。 The North Face 直接面對消費者的銷售情況略有正面。

Performance in the EMEA region sequentially improved to down 5% in the quarter, driven by growth in the DTC channel across most brands, including growth in The North Face, Vans and Timberland, led by our brick-and-mortar channel, which overall grew mid-single digits in the region. While wholesale is still negative, there was an improvement in run rate relative to last quarter, partly reflecting the normalization of delivery timing, which distorted the year-on-year comparison in Q3.

歐洲、中東和非洲地區的業績環比下降 5%，這得益於大多數品牌的 DTC 通路的成長，包括 The North Face、Vans 和 Timberland 的成長，其中實體通路領先，在該地區整體實現了中等個位數的成長。雖然批發業務仍然為負，但運行率與上一季相比有所改善，部分反映了交貨時間的正常化，這扭曲了第三季的同比對比。

Lastly, the APAC region was up 2% with all brands we distribute in the market growing, except for Vans and Dickies, reflecting their ongoing turnarounds. Growth was led by continued strong momentum at The North Face and ongoing growth in Timberland. Importantly as well, direct-to-consumer for the region was up high single digits. While Greater China remained strong, up 10%, declines in Southeast Asia and Korea pulled down the performance of the region overall.

最後，亞太地區的銷售額成長了 2%，我們在市場上分銷的所有品牌（Vans 和 Dickies 除外）均實現成長，這反映出它們正在不斷轉型。推動成長的主要因素是 The North Face 持續強勁成長以及 Timberland 持續成長。同樣重要的是，該地區的直接面向消費者的銷售額成長了個位數。儘管大中華區仍然保持強勁，成長了 10%，但東南亞和韓國的下滑拉低​​了該地區整體的表現。

Looking at the performance by brand. The North Face was down 5% in the quarter, as expected. Starting with the positives. DTC was up 7% globally for the brand, reflecting positive growth across all 3 regions. And we continue to see outperformance in the APAC region growing 15%, driven by greater China growth of up almost 30% and partly offset by the onetime impact of returns in the Australia and New Zealand market to shift our model from a distributor to a direct business.

按品牌來看表現。如預期，The North Face 本季銷量下跌 5%。從正面的一面開始。該品牌在全球範圍內的 DTC 增長了 7%，反映出所有 3 個地區都實現了正增長。我們繼續看到亞太地區的優異表現，成長了 15%，這得益於大中華區近 30% 的成長，並部分抵消了澳洲和紐西蘭市場退貨的一次性影響，使我們的模式從分銷商轉變為直接業務。

While the cold weather season had a slow start, outerwear had a good quarter and overall was up mid-single digits for the year as underlying sales through across the business remains solid. The global performance, however, was impacted by the larger wholesale pressure we outlined last quarter, which is primarily contained to the Americas and which will continue to weigh on results over the next couple of quarters.

雖然寒冷季節開局緩慢，但外套本季的銷售表現良好，全年總體實現了中個位數成長，因為整個業務的基礎銷售依然穩健。然而，全球業績受到了我們上個季度概述的更大的批發壓力的影響，這種壓力主要集中在美洲，並將在接下來的幾個季度繼續影響業績。

Vans revenue declined 27% in the quarter, in line with our expectations and reflecting the impact of the previously contemplated inventory reset actions, net of 4-point negative impact on the top line, similar to Q3. While both DTC and wholesale were down on a global basis, it's worth noting that DTC in Europe grew in the quarter, reflecting the brand's relatively stronger position in those markets and the benefits it has been deriving from the regional platform.

Vans 品牌營收本季下降 27%，符合我們的預期，反映了先前考慮的庫存重置行動的影響，扣除 4 個百分點的負面影響後，與第三季類似。雖然從全球範圍來看，DTC 和批發業務均出現下滑，但值得注意的是，歐洲的 DTC 在本季度實現了成長，這反映了該品牌在這些市場中相對較強的地位以及從區域平台獲得的好處。

Timberland was down 14%, including about a 6-point negative impact from reset actions in the U.S. wholesale marketplace, with sequential improvement on last quarter, reflecting growth in both Europe and in Asia, where the brand continues to resonate and where the go-to-market execution has been more consistent and effective. The issues largely rest with the business in the Americas, which continues to be challenged, and where the wholesale channel is significantly pressured because of reduced order books and ongoing soft sell-out trends.

Timberland 股價下跌 14%，其中包括美國批發市場重置行動帶來的約 6 個百分點的負面影響，但與上一季相比有所改善，反映出歐洲和亞洲市場的成長，該品牌在這兩個市場繼續引起共鳴，而且其行銷執行更加一致和有效。問題主要在於美洲業務，該業務繼續面臨挑戰，由於訂單減少和持續的疲軟銷售趨勢，批發管道承受著巨大的壓力。

Dickies was down 15%, have similar drivers and regional trends the last quarter, as we continue to refocus the brand on our core workwear consumer and business. Americas continue to see soft sellout trends across the marketplace. And in APAC, we continue to reposition the business and adjust inventory levels with our partners.

Dickies 銷量下降了 15%，與上一季的驅動因素和區域趨勢相似，因為我們繼續將品牌的重點放在核心工作服消費者和業務上。美洲市場持續呈現疲軟的銷售趨勢。在亞太地區，我們繼續重新定位業務並與合作夥伴調整庫存水準。

Supreme delivered another strong quarter, with sales up low double digits in Q4, reflecting a good start to the spring season and further validation of the global-wide strategy, with the continued strong performance in Korea as well as the late quarter store opening in Shanghai.

Supreme 又一個季度表現強勁，第四季度銷售額實現了低兩位數增長，這反映出春季銷售良好開局以及全球戰略的進一步驗證，在韓國繼續保持強勁表現，並在季度末在上海開設了新店。

Moving down the P&L. Adjusted gross margin declined 120 basis points in the quarter to 48.4%, but that's not the full story nor the most important takeaway. The story really is that we were able to more quickly reduce inventories and drive higher free cash flow than anticipated, and as a result, saw a more significant near-term impact on gross margin than expected.

降低損益表。調整後毛利率本季下降 120 個基點至 48.4%，但這並不是全部，也不是最重要的一點。實際情況是，我們能夠更快地減少庫存並實現比預期更高的自由現金流，因此，對毛利率的短期影響比預期更為顯著。

To unpack the details explaining the basis point change versus last year, favorable channel and regional mix benefits and lower product costs were more than offset by a number of areas, including negative foreign currency transaction impact and several factors directly connected to the intentional reset actions, namely a continued elevated level of promotion and clearance activity as part of our effort to reduce inventory levels and reset the marketplace to a healthier level and mix, as well as higher inventory reserves, most notably at Dickies.

為了詳細解釋與去年相比基點變化的原因，有利的渠道和區域組合效益以及較低的產品成本被許多方面所抵消，包括負面的外幣交易影響和幾個與有意重置行動直接相關的因素，即持續提高促銷和清倉活動的水平，這是我們降低庫存水平和將市場重置為更健康的水平和組合的努力的一部分，以及更高的庫存儲備，最明顯的是 Dickies。

Importantly, excluding impacts from reset actions and the associated inventory reserves, which were more than 200 basis points, gross margin would have been up about 100 basis points versus last year, inclusive of the negative foreign currency impact.

重要的是，排除重置行動和相關庫存儲備的影響（超過 200 個基點）後，毛利率將比去年同期上升約 100 個基點，其中包括負面的外匯影響。

SG&A was down slightly, reflecting lower volume-related spending and incremental savings from the Reinvent program, which will accelerate as we move into fiscal '25, partly offset by incentive compensation timing versus last year and modest spend increases in our key investment areas, along with comping prior year benefits in SG&A, primarily associated with gains on asset sales. As a result of the lower revenue, SG&A deleveraged in the quarter by about 650 basis points. Adjusted operating margin decreased 770 basis points to a negative 2.1% and adjusted earnings per share was minus $0.32.

銷售、一般及行政開支略有下降，反映出與數量相關的支出減少和重塑計劃帶來的增量節省，這一趨勢將隨著我們進入25財年而加速，但與去年相比，激勵性薪酬時機和關鍵投資領域的支出適度增加，以及銷售、一般及行政開支與去年同期相比有所減少（主要與資產出售收益有關），這在一定程度上抵消了這一下降。由於收入下降，本季銷售、一般及行政開支去槓桿率下降了約 650 個基點。調整後營業利益率下降 770 個基點至負 2.1%，調整後每股盈餘為負 0.32 美元。

Now I'd like to provide a brief update on the progress we've made on cost savings connected to Reinvent, where I'll build on some of the updates you heard from Bracken earlier in the call. We delivered about $80 million in gross savings this year versus our target, including about $40 million in fiscal Q4, primarily driven by head count reductions and supply chain savings. We remain on track to deliver at least $300 million in annualized savings, which we expect to be fully in place on a forward run rate basis by the middle of fiscal year '25.

現在，我想簡要介紹一下我們在與 Reinvent 相關的成本節約方面取得的進展，我將以大家在電話會議早些時候從 Bracken 那裡聽到的一些更新為基礎。與我們的預期相比，今年我們實現了約 8,000 萬美元的總節約，其中包括第四財季的約 4,000 萬美元，這主要得益於員工人數減少和供應鏈節約。我們仍有望實現至少 3 億美元的年度化節約，預計到 25 財年中期將以遠期利率完全到位。

In Q4, we booked an additional $55 million in charges, of which $16 million were noncash. Including the charges recorded in Q3, the full year total was about $105 million, of which $35 million were noncash. We now expect the total charges associated with Reinvent to be approximately $130 million to $150 million.

在第四季度，我們額外計入了 5,500 萬美元的費用，其中 1,600 萬美元是非現金的。包括第三季記錄的費用，全年總額約 1.05 億美元，其中 3,500 萬美元為非現金。我們現在預計與 Reinvent 相關的總費用約為 1.3 億至 1.5 億美元。

As previously stated, we intend to reinvest a portion of the savings oriented towards our biggest brands and opportunities and specifically focused on the areas of product design and innovation and brand building. To date, the reinvestment has been limited, as expected, and we anticipate this will accelerate as we move into fiscal '25 and beyond.

如前所述，我們打算將部分儲蓄重新投資於我們最大的品牌和機會，特別關注產品設計和創新以及品牌建立領域。到目前為止，正如預期的那樣，再投資是有限的，我們預計，隨著進入 25 財年及以後，再投資將會加速。

If I sum up fiscal '24, it can be characterized by a significant amount of transformative actions that we've proactively implemented to adjust the operating model and rationalize and optimize our cost structure, reset the marketplace and begin improving the health and the trajectory of the business. While we're not issuing P&L guidance now, I wanted to provide some guardrails specific to Q1 and context relative to our cash flow outlook for fiscal '25.

如果我總結24財年，那麼它的特點就是我們積極實施了大量變革行動，以調整營運模式、合理化和優化我們的成本結構、重置市場並開始改善業務的健康和發展軌跡。雖然我們現在還沒有發布損益指引，但我想提供一些針對第一季的具體指導以及與 25 財年現金流前景相關的背景。

First, revenue remain challenged in the near term, particularly in Q1. We expect the results to be comparable to Q4 when excluding the impact of reset actions that occurred during that time frame. Specific to gross margins, which, across much of the year, should benefit from more fundamental tailwinds and headwinds, in Q1, we expect year-over-year margin erosion as we work through the residual excess inventory resulting from the cleanup actions we've taken over the last 2 quarters. This will largely be contained to sellout in the clearance channels, including our own outlets.

首先，短期內收入仍面臨挑戰，尤其是第一季。我們預計，當排除該時間範圍內發生的重置行動的影響時，結果將與第四季度相當。具體到毛利率，在一年中的大部分時間裡，毛利率應該會受益於更多基本面的順風和逆風，在第一季度，我們預計利潤率將同比下降，因為我們正在處理過去兩個季度採取的清理行動所導致的剩餘過剩庫存。這將主要限制在清倉通路的銷售，包括我們自己的門市。

We expect to generate approximately $600 million in cash available for financing activities from free cash flow plus the proceeds from noncore asset sales. It's worth explaining that the lower level of cash generated as compared to fiscal '24 is a result of less working capital benefit, in particular, when considering this last year included over $500 million benefit from inventory reductions. We expect to end the year with liquidity of at least $2 billion, which contemplates the payment of the $1 billion term loan due in December.

我們預計將從自由現金流加上非核心資產出售的收益中產生約 6 億美元可用於融資活動的現金。值得解釋的是，與 24 財年相比，產生的現金水準較低是由於營運資本利得減少，特別是考慮到去年其中包括超過 5 億美元的庫存減少收益。我們預計今年年底的流動資金將至少達到 20 億美元，這用於償還 12 月到期的 10 億美元定期貸款。

As this is my last earnings call with VF, I wanted to take a minute to close with a thank you. I've truly enjoyed the time I spent getting to know and work with all of you over the years, and in particular, the last 3 in the role of CFO. And I can tell you that I've learned a great deal from our interactions.

由於這是我與 VF 的最後一次財報電話會議，所以我想花一點時間以感謝來結束。我真的很享受這些年來與你們所有人相識和共事的時光，特別是過去三年擔任財務長的時光。我可以告訴你們，從我們的互動中我學到了很多。

While the business is not yet where I know it has the potential to be and will get to, I'm confident that the priorities we've set and the actions we've implemented, particularly in the last few quarters since Bracken has taken the helm as CEO, will position this great company for a very bright future. And I look forward to watching the continued evolution of VF.

儘管我的業務還沒有達到它應有的潛力和將要達到的目標，但我相信，我們設定的優先事項和實施的行動，特別是自布雷肯出任首席執行官以來的最後幾個季度，將為這家偉大的公司帶來非常光明的未來。我期待著看到 VF 的持續發展。

With that, I'll hand it over to the operator, and we'll take your questions.

說完這些，我將把電話交給接線員，然後我們會回答你們的問題。

(Operator Instructions) Our first question is coming from Michael Binetti from Evercore ISI.

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

Let me ask, Bracken, you spoke to Vans' Europe DTC turning positive. Can you just help us maybe connect the dots in that market a little bit more? I know you like that as a leading indicator. You said this is happening with the inventory cleaned up that DTC turned positive. Is it safe to say that inventories in the wholesale channel there also had to be clean for that to happen in direct-to-consumer? And if so, are there any signs of improvements in the forward season order books from wholesale that we can look to or thoughts that we can -- anything we can maybe think about as far as order book stabilizing, similar to DTC as the -- I'm trying -- I guess, I'm trying to think, are there reasons to think the rebuild there will be more uneven between the channels? Or is DTC -- do you see some evidence that DTC could be a leading indicator than wholesale?

讓我問一下，布雷肯，你說過 Vans 的歐洲 DTC 會呈現正態勢。您能否幫助我們進一步了解該市場的情況？我知道你喜歡將其作為領先指標。您說這是在庫存清理後發生的，DTC 變成正值。是否可以肯定地說，批發通路的庫存也必須是乾淨的，才能實現直接面向消費者的銷售？如果是這樣，那麼我們可以從批發訂單的未來季度改善跡像中看到什麼嗎？或者我們可以想到什麼？就訂單穩定而言，我們可以考慮什麼？類似於 DTC。我正在嘗試思考，是否有理由認為重建後各個管道之間會更加不平衡？或者是 DTC——您是否看到一些證據表明 DTC 可能比批發更具領先性？

Okay. Yes, just to start. Thank you, Michael, and great to hear from you. Yes, I do think -- as I think I mentioned in the last call, and I mentioned in the opening today, I do think that turnaround start in one channel or one part of the world and then they start to spread, not virally but systematically, and I think that's what we're seeing now in Europe.

好的。是的，只是開始。謝謝你，邁克爾，很高興收到你的來信。是的，我確實認為——正如我在上次電話會議中提到的，以及我在今天的開幕式上提到的，我確實認為這種轉變始於一個渠道或世界的某個地方，然後它們開始傳播，不是病毒式的，而是系統性的，我認為這就是我們現在在歐洲看到的情況。

I'm going to let Martino answer the specific question about Europe and DTC versus wholesale. But I think you can generally say that I think we're seeing -- we're going to see wholesale come pretty quickly there, but DTC is already positive. Go ahead, Martino.

我將讓馬蒂諾回答有關歐洲和 DTC 與批發的具體問題。但我認為你可以總體上說，我認為我們看到——我們將看到批發業務在那裡很快發展，但 DTC 已經是積極的。繼續吧，馬蒂諾。

Yes. Thank you, Bracken. Michael, nice to hear from you. I think D2C, Vans' direct-to-consumer in Europe has definitely improved, and it's simply driven by focus on experience, a bit of newness starting to get traction and definitely a better assortment mix that allowed a much stronger conversion from consumers. So that was a little bit offset by traffic that may remain challenging, but we really see an improved engagement with the brand.

是的。謝謝你，布雷肯。邁克爾，很高興收到你的來信。我認為 D2C，即 Vans 在歐洲的直接面向消費者的模式肯定有所改善，而這完全是由對體驗的關注所驅動的，一些新鮮事物開始受到關注，而且絕對更好的產品組合使得消費者的轉化率更高。因此，這在一定程度上被可能仍然具有挑戰性的流量所抵消，但我們確實看到了品牌參與度的提高。

At the same time, we have better inventories in the marketplace, as we discussed. And definitely, we see search trends improving, and we see a better opportunity to win with our partners that are really interested in the Vans brand. They love the brand. They want to engage with the brand, and they want to win again together with us. So we've been, I think, creating the conditions to now work against that opportunity.

同時，正如我們所討論的，我們在市場上擁有更好的庫存。毫無疑問，我們看到搜尋趨勢正在改善，我們看到與真正對 Vans 品牌感興趣的合作夥伴一起贏得勝利的更好機會。他們喜歡這個品牌。他們希望與品牌互動，並希望與我們一起再次獲勝。因此我認為，我們一直在創造條件來抓住這個機會。

Yes. And if I can just add. I think it is a good leading indicator because we were never as overloaded in the channels in Europe as we were in the Americas, which meant the cleanup in Americas didn't need to happen in Europe the same way.

是的。如果我可以補充的話。我認為這是一個很好的領先指標，因為我們在歐洲的頻道中從來沒有像在美洲那樣超載，這意味著美洲的清理工作不需要以同樣的方式在歐洲進行。

Next question is coming from Laurent Vasilescu from BNP Paribas.

下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Bracken, I'd love to ask about The North Face. I know Nicole is not on the call tonight. But in the press release, it says ongoing wholesale weakness in the U.S. Can you maybe just give a little bit of framework around there? How do we think about -- I know you're not guiding by brand or by revenues for the company, but how do we think about North Face overall for this coming year?

布雷肯，我很想問 The North Face 的狀況。我知道妮可今晚沒接電話。但新聞稿中說，美國批發業務持續疲軟。能否大致介紹一下這方面的框架？我們如何考慮——我知道您不是透過品牌或公司的收入來指導，但我們如何看待 North Face 在來年的整體表現？

Yes. The overall -- the ongoing wholesale weakness is especially true in the U.S. and in the kind of winter apparel products. So I think that's very relevant. I'm going to let -- I'm going to start to let Martino take a lot of these regional questions, and by brand, so I'll let you take this.

是的。總體而言——持續的批發疲軟尤其體現在美國和冬季服裝產品上。所以我認為這非常相關。我將讓——我將讓馬蒂諾開始回答這些地區性問題，並按品牌提問，所以我讓你回答這個問題。

Yes. I think one comment about, honestly, our performance overall in the Americas region, and specifically in the wholesale channel, I think has been one of our key challenges. You probably know the number that we lost there. But also, this is our biggest [information] opportunity. And TNF can -- North Face can definitely lead into that.

是的。我認為，老實說，我們在美洲地區的整體表現，特別是在批發管道的表現，一直是我們面臨的主要挑戰之一。你可能知道我們在那裡損失了多少人。但這也是我們最大的[資訊]機會。而 TNF 可以——North Face 絕對可以實現這一點。

The brand, specifically, has now the opportunity to double down on the stronger partnership that we are really focused to reset and actually strategically frame for the future in the Americas wholesale market. So I would say, it's a bit of a common opportunity or issue so far in the Americas region across brands and the opportunity for The North Face to really leverage into their strength, to have a more relevant and more diversified and a more segmented play into the American distribution, including also higher tiers of the distribution.

具體來說，該品牌現在有機會加倍加強合作夥伴關係，我們真正專注於重置並為美洲批發市場的未來進行策略規劃。因此我想說，到目前為止，這是美洲地區各個品牌面臨的共同機會或問題，也是 The North Face 真正發揮其優勢的機會，可以在美國分銷領域，包括更高層級的分銷領域，進行更相關、更多樣化和更細分化的佈局。

Very helpful, Martino.

非常有幫助，馬蒂諾。

We're not guiding, Laurent, certainly not by brand or by region of the world. But I continue to be very bullish about The North Face. I think it's a great brand, great position. We have a lot of awesome products out and coming, and we're going to continue to invest at the same kind of rate in both product and brand building.

Laurent，我們並不是按照品牌或世界某個地區來做指導。但我還是非常看好 The North Face。我認為這是一個偉大的品牌，具有偉大的地位。我們有許多出色的產品即將推出，我們將繼續以同樣的速度投資產品和品牌建立。

Very helpful. And then, Matt, if I heard correctly, I think you said you expect you're going to pay down the $1 billion tranche in December. Should we assume refinancing of the $750 million that comes due in April? And if so, how should we think about interest expense for fiscal year '25? I don't know if you can kind of give us some guardrails for the audience on that front.

非常有幫助。然後，馬特，如果我沒聽錯的話，我想你說過你預計將在 12 月償還 10 億美元的款項。我們是否應該承擔 4 月到期的 7.5 億美元的再融資？如果是這樣，我們應該如何考慮 25 財年的利息支出？我不知道您是否能為觀眾提供一些這方面的指導。

Yes, you want me to take that one, Bracken?

是的，你想讓我拿那個嗎，布雷肯？

Yes, why don't you go ahead.

是啊，為什麼不繼續呢？

Yes. So yes, what I said in the prepared remarks, there was that we can -- we'll end the year with more than $2 billion of liquidity, which contemplates the paydown of $1 billion in December, right? So that's going to come from -- we've got a little bit of excess cash on the balance sheet coming into the year. We're going to generate quite a bit of cash. We kind of talked about what that is. And then, quite honestly, a little bit of an increase in short-term borrowings that we would kind of fund with and pay back pretty quickly with just some cash from the business. So that's the assumptions there.

是的。是的，我在準備好的評論中說過，我們可以——到今年年底，我們將擁有超過 20 億美元的流動資金，其中預計 12 月將償還 10 億美元，對嗎？所以這將來自於——我們今年的資產負債表上有一點多餘的現金。我們將會賺取相當多的現金。我們討論了那是什麼。然後，坦白說，短期借款增加，我們會用企業的部分現金來融資並很快償還。這就是那裡的假設。

And I think you're right. I mean, if you start to do the math, it gets pretty difficult to see the $750 million not needing to be refinanced, barring other actions, which, obviously, we're aggressively looking at some other things, right? And we talked about the strategic portfolio review is now complete, and obviously, ongoing work there associated with that. So -- but I think you have the math right. The other thing on interest, it will be modestly lower year-over-year, but not dramatically so.

我認為你是對的。我的意思是，如果你開始計算的話，就會發現很難想像這 7.5 億美元不需要再融資，除非採取其他行動，而顯然，我們正在積極考慮其他一些事情，對吧？我們談到的策略性投資組合審查現已完成，並且顯然與此相關的工作正在進行中。所以——但我認為你的計算是正確的。關於利息的另一點是，利息將比去年同期略有下降，但不會大幅下降。

And if I could just add. And Matt said it, but we don't have any intention to refinance any of that.

我可以補充一下。馬特也這麼說過，但我們無意為這些進行任何再融資。

Next question today is coming from Simeon Siegel from BMO Capital Markets.

今天的下一個問題來自 BMO 資本市場的 Simeon Siegel。

Matt, just want, again, wish you best of luck in the next chapter. Bracken, just a follow-up on the last one. Nice to hear about the positivity around North Face. Just maybe higher level, how do you think about the North Face revenue decline? How do they differ from Vans? Like any thoughts on just diagnosing the depth of any potential declines there would probably be helpful?

馬特，我只是想再次祝你在下一章中好運。布雷肯，這只是上一個問題的後續。很高興聽到有關 North Face 的積極消息。或許更高的層次，您如何看待 North Face 的營收下滑？它們和 Vans 有何不同？就像僅僅診斷潛在下降的深度有什麼想法可能會有幫助嗎？

And then I'm sorry if I missed it, did you give North Face's wholesale sell-in versus sell-through? Just trying to think through what the challenge at U.S. wholesale North Face versus its growth tells you about the brand and how people are seeing it.

然後如果我錯過了，很抱歉，您是否提供了 North Face 的批發銷售量與銷售率？只要試著思考美國批發商 North Face 面臨的挑戰及其成長情況，就能了解品牌的狀況以及人們對它的看法。

I'm going to take the first one, and I'm going to let Matt handle the second one. But I'd say, overall, I feel very good about The North Face. So I think we're in quite a different position from Vans. The growth in The North Face in general is not concentrated in a few styles. It's really broad-based, and we've got a very strong portfolio. We have strong dynamics across the world in The North Face, and we're very strong in China. .

我將承擔第一個任務，而讓馬特負責第二個任務。但我想說，總的來說，我對 The North Face 感覺非常好。所以我認為我們和 Vans 的地位截然不同。整體而言，The North Face 的成長並不集中在少數幾種款式上。它的基礎非常廣泛，而且我們擁有非常強大的投資組合。 The North Face 在全球各地都有強勁發展勢頭，在中國市場更是實力雄厚。 。

But I think in general, we're in a -- we have a lot of share gain opportunity over time. The underlying sellout continues to be strong, 7% this quarter, and it's been strong and strong around the world, by the way. So I think we're in a really different position. We had that question last quarter, and we said you'll see DTC continue to be stronger than it has been. Matt, do you want to answer that question about sellout versus sell-through in The North Face?

但我認為總體而言，隨著時間的推移，我們擁有很大的市佔率成長機會。基本銷售持續強勁，本季為 7%，順便說一句，全球範圍內的銷售一直非常強勁。所以我認為我們處於非常不同的情況。我們上個季度就提出過這個問題，我們說過，你會看到 DTC 繼續比以前更強勁。馬特，你想回答關於 The North Face 的售罄與銷售完畢的問題嗎？

Yes. I think, I mean, what I would say is sellout has generally been pretty good, right? I said in my comments that outerwear, overall, across the year was good and growing and that was across channels. Another factor here is we've talked a lot about reset. There's really no real reset actions happening in The North Face because inventories at wholesale we're in a pretty good place. And we sold in less this year, right?

是的。我想，我的意思是，我想說的是，銷售情況總體來說相當不錯，對吧？我在我的評論中說過，總體來說，全年外套的銷量表現良好並且在各個渠道都有所增長。另一個因素是我們已經討論了很多關於重置的問題。 The North Face 實際上並沒有採取任何真正的重置行動，因為批發庫存狀況相當良好。今年我們的銷量少了，對嗎？

The fall order books were down. We said that from the very beginning of the year. Some of that is the continued residual kind of challenges we had from disappointing the marketplace a couple of seasons ago, right? And so we need to build back credibility in terms of on-time deliveries and sell-through, et cetera, that is happening. And obviously, as we look forward into future seasons, we'll start to see the benefit of some of those things.

秋季訂單量下降。我們從今年年初就這麼說過。其中有些是我們在幾個季度前讓市場失望而繼續面臨的挑戰，對嗎？因此，我們需要在準時交貨和銷售等方面重建信譽。顯然，當我們展望未來賽季時，我們將開始看到其中一些事情的好處。

If I could just add one more thing. I mean, also, it's just hard not to -- it's hard not to bring up the Americas' operating model in the past in the context of any of our brands, and that's certainly true in The North Face. So we underperformed in the Americas in general for several years, many years.

如果我可以再補充一點的話。我的意思是，在我們任何品牌的背景下，很難不提起過去美洲的營運模式，對於 The North Face 來說，這當然是正確的。因此，我們在美洲市場的表現在過去的幾年甚至在許多年裡總體上都不佳。

So as we bring that operating model -- and I'm really bullish on that, too. I think, over time, it's really going to take hold, and we'll see a pretty dramatic improvement in The North Face in the Americas. So don't expect it this quarter or next quarter, but it's going to come.

因此，當我們引入這種營運模式時——我對此也非常看好。我認為，隨著時間的推移，它將會真正紮根，我們將看到 The North Face 在美洲取得相當顯著的進步。因此，不要指望本季或下個季度就會出現這種情況，但它會出現。

Best of luck to you, Matt.

祝你好運，馬特。

Thanks, Simeon.

謝謝，西緬。

Next question is coming from Brooke Roach from Goldman Sachs.

下一個問題來自高盛的布魯克·羅奇。

I wanted to follow up on the inventory and marketplace cleanup actions that you've taken, including SKU count reductions in both DTC and wholesale. Will that initiative be complete at the end of the first quarter? And as a result, how are you thinking about the puts and takes to gross margin between promotion, pricing and mix relative to other items that might be driving your gross margin for the year?

我想跟進你們採取的庫存和市場清理行動，包括 DTC 和批發中的 SKU 數量減少。該計劃會在第一季末完成嗎？那麼，您如何看待促銷、定價和產品組合相對於可能影響您全年毛利率的其他項目對毛利率的影響呢？

Thank you, Brooke. And great to hear from you. I'm going to make a high-level comment, but going to hand it off to Matt. Yes, generally speaking, those actions are going to be complete by the end of the first quarter, but not the -- we may or may not be fully complete on selling through the rest of that inventory that we brought back, which is what Matt referenced in his opening remarks. Matt, do you want to finish that?

謝謝你，布魯克。很高興收到您的來信。我將發表一個高層評論，但將把它交給馬特。是的，一般來說，這些行動將在第一季末完成，但我們可能或可能不會完全銷售我們帶回的剩餘庫存，這就是馬特在開場白中提到的。馬特，你想完成它嗎？

Yes, for sure. So I'll just be -- I'll be pretty definitive. We're largely done, Brooke, with the actual reset actions, meaning getting the marketplace, the full-price marketplace clean, right? So getting inventory out of the system, obviously, selling through and clearing through excesses through the season as well. So that's in a pretty good place. We will have a residual impact at a minimum through the first quarter fairly meaningfully, as we sell through some of that inventory that we pulled out of the full-price channels, right? We're going to sell through that in clearance channels, largely in our own outlets, right? And so that's kind of the story there.

是的，當然。所以我會--我會非常明確地回答。布魯克，我們基本上已經完成了實際的重置行動，也就是清理市場，清理全價市場，對嗎？因此，顯然，要將庫存從系統中清理出來，並在整個季節中銷售和清理過剩庫存。所以這是一個非常好的位置。由於我們銷售了部分從全價通路撤出的庫存，因此第一季我們至少會受到相當顯著的剩餘影響，對嗎？我們將透過清倉管道進行銷售，主要是在我們自己的門市，對嗎？這就是那裡的故事。

But looking beyond that and you think about kind of that -- the puts and takes of margin into fiscal '25 and kind of through the year, there are several things to consider. I mean mix benefits will continue. They'll be less than they were in fiscal '24 would be the expectation as wholesale in the Americas generally improves a bit across time. Product costs are not going to be an issue. If anything, they could be slightly down on a full year basis in fiscal '25.

但除此之外，如果你考慮一下——25 財年和全年的利潤投入和收益，還有幾件事需要考慮。我的意思是混合效益將會持續下去。由於美洲的批發業務總體上隨著時間的推移有所改善，因此預計其數量將低於 24 財年的水平。產品成本不會成為問題。如果有的話，25財年的全年收入可能會略有下降。

Foreign currency, which has been a meaningful headwind, will be less so. It will still be a bit of a headwind, but not to the degree that it has been. And then, of course, you've got the impact of the actions themselves. We're going to be cleaner from an inventory standpoint. Marketplace appears to be cleaner. Hard to know exactly what the marketplace will do and what consumers will do across the year. But certainly, we're coming into the year cleaner. So those are the key things, I think, to pay attention to.

外幣匯率一直是一大阻力，但阻力會減少。這仍然會帶來一些阻力，但不會像以前那麼大。然後，當然，你也會感受到行動本身的影響。從庫存的角度來看，我們將更加清潔。市場看起來比較乾淨。很難確切知道全年市場將會如何變化以及消費者將會如何變化。但可以肯定的是，我們將會以更乾淨的狀態迎接新的一年。所以我認為這些都是需要關注的關鍵事項。

Yes. If I could just add one last comment. I think the way to think about it is this chapter -- as Matt said, this chapter on reset. Resetting the marketplace for Vans is largely done, yes? We just got the residual effects of selling through what we brought back through our own outlets.

是的。我只想補充最後一則評論。我認為思考這個問題的方式是這一章——正如馬特所說，這一章是關於重置的。 Vans 的市場重置基本上已經完成了，是嗎？我們只是透過自己的門市帶回的商品獲得了銷售的殘餘效應。

Your next question is coming from Matthew Boss from JPMorgan.

您的下一個問題來自摩根大通的馬修‧博斯 (Matthew Boss)。

Bracken, I wanted to pick up maybe where you just left off. So on Vans, what actions do remain as part of the reset phase? Or where do you see us today versus the potential bottom at Vans? How do you feel about inventory on hand? And just what's the time line to scale some of the new product innovation that you cited in your remarks?

布雷肯，我想接著你剛才說的話繼續說。那麼在 Vans，重置階段還剩下哪些操作呢？或者您認為我們目前的情況與 Vans 的潛在低谷相比如何？您對現有庫存有何看法？那麼您在發言中提到的一些新產品創新的擴展時間表是怎樣的呢？

No, I'm really excited about the new product innovation that's happening. We -- going back into, what, my opening remarks, we launched the Knu Skool very early in my tenure at the company. And through really strong marketing and a great product, it's now the #2 style. So I think it shows that we can launch a new style and turn it into a strong franchise almost out of the gate.

不，我對正在發生的新產品創新感到非常興奮。我們 — — 回到我的開場白，我們在我任職公司之初就推出了 Knu Skool。透過強大的行銷和優質的產品，它現在成為了排名第二的風格。因此我認為這表明我們可以推出一種新風格，並將其轉變為一個強大的系列。

We just recently launched AVE 2.0, which is the best skate shoes that's ever been made, I believe, certainly our best skate shoe ever, and it's done very, very well out of the gate. It's a niche product that's really focused on skaters. But stay tuned because we're going to have news on that for everybody soon.

我們最近剛推出了 AVE 2.0，我相信這是迄今為止最好的滑板鞋，當然也是我們有史以來最好的滑板鞋，而且它的開局非常非常好。這是一款真正專注於滑板愛好者的小眾產品。但請繼續關注，因為我們很快就會向大家發布有關該消息。

So I feel good about the steps we're taking, but there's so much more ahead of us and so much more we can do. You asked, do I feel like we're at the bottom? I feel like we're either at the bottom or super close. I really do believe we're going to -- I can see the turn ahead through the tunnel. I'm not going to sit here and predict a quarter for you, but I can see it coming.

因此，我對我們正在採取的措施感到滿意，但我們面前還有更多的路要走，還有很多事情要做。你問我是否感覺我們已經處於谷底？我覺得我們要么已經到達底部，要么已經非常接近底部了。我確實相信我們會——我可以透過隧道看到前方的轉彎。我不會坐在這裡為你預測一個季度的表現，但我可以預見它的未來。

I love the fact that we're -- we -- DTC was positive in Europe this quarter. That's a great sign. Google Search trends, much better now than they were in the last 3 months versus last 12 months. Again, things can wobble when you're looking at external data, but that feels good. So I think there's some real green shoots here.

我很高興看到我們 — — 我們 — — DTC 本季在歐洲取得了積極的進展。這是一個好兆頭。谷歌搜尋的趨勢比過去 3 個月和過去 12 個月好得多。同樣，當您查看外部數據時，事情可能會出現波動，但感覺很好。所以我認為這裡確實存在一些復甦的跡象。

Great. And then maybe just a follow-up. Across the organization, what holes currently remain in terms of different leadership positions still to fill?

偉大的。然後可能只是一個後續行動。在整個組織中，目前還有哪些領導職缺需要填補？

I think we talked about my leadership position in the opening, and I'm super excited about that. I have to say, I'm really proud and excited. So we've been able to attract somebody like Brent Hyder, who came from Salesforce. He was the CHRO there. The company is 25x larger than ours. He's a unicorn. We had such a strong background in the retail industry that preceded his time at Salesforce.

我想我們在開幕式上討論了我的領導地位，我對此感到非常興奮。我不得不說，我真的感到自豪和興奮。因此，我們能夠吸引像 Brent Hyder 這樣來自 Salesforce 的人才。他是那裡的首席人力資源長。該公司規模比我們大 25 倍。他是一隻獨角獸。在加入 Salesforce 之前，我們在零售業就擁有深厚的背景。

And then we've attracted Abhishek Dalmia, who came from -- he's sitting across from me, I'm looking at him. He came from BCG but spent time at lululemon, really has extremely strong background in this industry. His primary focus was the apparel and footwear industry at BCG for 7 or 8 years.

然後我們吸引了阿布舍克·達爾米亞 (Abhishek Dalmia)，他來自——他坐在我對面，我看著他。他來自 BCG，但也曾在 lululemon 工作過，在這個行業確實擁有非常強大的背景。他在 BCG 工作了 7 到 8 年，主要專注於服裝和鞋類行業。

So -- and I could go on and on. So I'm really excited about the people we brought in here. We've got -- there are several jobs that we're filling right now. So the Americas President role, for example, will be an internal promotion, and we're really excited about him, and he's going in there. We announced today that we'll have new Vans Pres coming in. So you're never completely finished when it comes to people because there's always some people coming in and some people going out, and I feel really good about where we are.

所以——我還可以繼續說下去。所以我對於我們引進的人才感到非常興奮。我們現在有幾個職位需要填補。例如，美洲區總裁的職位將是內部晉升，我們對他感到非常興奮，他將進入這個職位。我們今天宣布，我們將有新的 Vans Pres 加入。所以，當涉及到人員時，你永遠不會完全完成，因為總是會有一些人進來，有些人出去，我對我們目前的狀況感到非常滿意。

Next question is coming from Dana Telsey from Telsey Advisory Group.

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

Bracken, as you think about the portfolio restructuring and how I think, as you mentioned, turning over nothing to sacred cow, so to speak. Where are you in that process? What does it look like? And when do you think we'll have an update on any particular changes?

布雷肯，當你考慮投資組合重組時，我的想法就像你提到的那樣，沒有把任何東西變成神聖的。您處於這個過程的哪個階段？它看起來像什麼？您認為我們什麼時候能更新有關特定變化的資訊？

Yes. Thanks for the question. I was hoping I'd get this one. First of all, I just have to say I feel so lucky that we're sitting here with such incredibly rich assortment of brands to deal with, which gives us great optionality. The portfolio review is complete. And so we're acting.

是的。謝謝你的提問。我希望我能得到這個。首先，我只想說我感到非常幸運，我們可以在這裡面對如此豐富的品牌，這給了我們很大的選擇空間。投資組合審查已完成。所以我們就採取行動。

We made a decision not to share what we're acting on or what we might be doing publicly, but you can believe completely that we are acting, and we have optionality there. So we're -- we have multiple directions to go. I don't -- I can't give you a time frame when we'll be -- when you'll see those actions come out, but we will -- obviously, we're going to announce them when they do. But I feel very good about where we are and very good about the review.

我們決定不公開分享我們正在採取的行動或可能做的事情，但你可以完全相信我們正在採取行動，而且我們有選擇權。所以我們有多個方向可供選擇。我無法給你一個時間表，你何時會看到這些行動，但顯然，我們會在行動完成後宣布。但我對我們現在的狀況感到非常滿意，對這次評價也感到非常滿意。

And just following up on that. When you think about the channels of distribution, wholesale, digital and your own physical store base in digital and your physical store base, what are you seeing there? And is the store base going to stay at the same level? What's your view and the capital allocation to it?

並繼續跟進此事。當您考慮分銷、批發、數位通路以及您自己的實體店基礎時，您看到了什麼？門市數量會維持在同一水平嗎？您對此的看法和資本配置是什麼？

First, they're all 3 super critical. And I would not prioritize one over the other. They each play a different role. And I think the mistake that's -- that could be made and probably hasn't made in our industry is to swing the pit in one direction or another. I think, boy, you don't know if you're winning if you're not in wholesale because you might just be winning in a private room. And if you're only in wholesale, you're not taking advantage of the amazing brand strength you have.

首先，他們三個都非常關鍵。我不會優先考慮其中任何一個。他們各自扮演著不同的角色。我認為，我們這個產業可能犯的一個錯誤，但可能還沒犯，就是把陷阱轉向一個方向或另一個方向。我認為，小伙子，如果你不從事批發業務，你就不知道自己是否贏了，因為你可能只是在私人房間裡贏了。如果您只從事批發業務，那麼您就無法充分利用您所擁有的驚人品牌實力。

We're lucky because we have a very balanced distribution model between our own brick-and-mortar -- bricks-and-mortar and online DTC and, of course, wholesale. We have not done as good a job on wholesale. We have not done as good a job in our own retail, especially in the Americas, as we could have.

我們很幸運，因為我們在自己的實體店（實體店和線上 DTC）以及批發之間擁有非常平衡的分銷模式。我們在批發方面做得還不夠好。我們在自己的零售業務，特別是在美洲的零售業務方面做得還不夠好。

And we are ending stores. We've probably done about 115 stores over the last 2 years in Vans. We'll probably drop another 40 this year. So we're aggressively -- but that's a 20% reduction in total fleet, if I've got that right, Matt. So we're pretty aggressively managing the store count there, but I think they're really smart decisions. And do you want to add anything, Martino?

而且我們正在關閉商店。過去 2 年裡，我們大概開了 115 家 Vans 門市。今年我們可能還會再減少 40 個。因此我們非常積極 — — 但這意味著總機隊數量將減少 20%，馬特，如果我沒記錯的話。因此，我們非常積極地管理那裡的商店數量，但我認為這些決定非常明智。馬蒂諾，您還有什麼要補充嗎？

I think what is important is the integrated marketplace view, how holistically we're going to look at the channels and the consumer journey and how we're going to try to be a better version of ourselves anywhere. I think I spoke about a fully integrated approach to wholesale, a stronger partnership with the winners globally, and I think a more dynamic elevation in our stores, with new formats, new concepts, testing, adopting and then scale across regions.

我認為重要的是綜合的市場視角，我們如何全面地看待通路和消費者旅程，以及我們如何努力在各方面成為更好的自己。我想我談到了一種完全一體化的批發方式，與全球贏家建立更牢固的合作夥伴關係，並且我認為我們的商店將更加動態地提升，採用新的形式、新的概念、進行測試、採用，然後在各個地區擴大規模。

So when I speak about testing in Shanghai and then adopted maybe into Europe or elevating our flagships first in Europe and adopted into -- adopted in, sorry, in the future in U.S., that I think the agility and the opportunity that we have more than ever. And to Bracken's point, we have 2 legs in the way we're going to walk and hopefully run, and it's really half and half, this wholesale and direct to consumer and know the best way that we can innovate within.

因此，當我談到在上海進行測試，然後可能在歐洲採用，或者首先在歐洲提升我們的旗艦產品，然後在未來在美國採用時，我認為我們擁有的靈活性和機會比以往任何時候都多。正如布雷肯所說，我們在行走和奔跑的道路上都有兩條腿，實際上是一半一半，即批發和直接面向消費者，並且知道我們可以在其中進行創新的最佳方式。

Your next question today is coming from Lorraine Hutchinson from Bank of America.

今天的下一個問題來自美國銀行的 Lorraine Hutchinson。

Wanted to follow up on the $600 million of the cash flow target. What exactly is included in that? Does that suggest sale of the Packs business? Anything else? Just wondering what noncore assets you had planned when you put that $600 million together.

想要跟進 6 億美元的現金流目標。這裡面到底包含什麼？這是否意味著出售 Packs 業務？還要別的嗎？只是想知道當您將這 6 億美元集中在一起時，您計劃了哪些非核心資產。

Lorraine, the $600 million is free cash flow plus a little bit of benefit from noncore asset sales. It's not brand sales at all. So these are physical assets. We said we were eliminating our aviation program. A little bit of that got done in fiscal '24. Most of that will occur in '25 in terms of the sell-off of those assets, a couple of smaller things, a building is part of that. But most of the $600 million in probably 90% range is kind of free cash flow, and there's a little bit coming from sales of assets.

洛林，這 6 億美元是自由現金流加上非核心資產出售的一點點收益。這根本就不是品牌銷售。這些都是實體資產。我們說過，我們將取消我們的航空計劃。其中一小部分已於24財年完成。就這些資產的出售而言，大部分將在25年發生，其中包括一些較小的資產，一棟建築。但這 6 億美元中，大概 90% 左右是自由現金流，還有一小部分來自資產出售。

If I could double that -- I'll take a comment to say we have been extremely aggressive about consolidating space about, as Matt said, exiting the expensive aircraft program that we had and should not have in the context of a turnaround like this. So you can bet we're going to be out of these planes and the hangar pretty quickly now as we enter the new fiscal year. We've -- even where we could release space, we have pooled our space together.

如果我可以加倍強調這一點的話——我會說，我們一直非常積極地整合空間，正如馬特所說的那樣，退出我們曾經並且不應該在這樣的轉變背景下退出的昂貴的飛機項目。所以你可以肯定，隨著我們進入新的財政年度，我們很快就會離開這些飛機和機庫。我們 — — 甚至在我們可以釋放空間的地方，我們也將空間集中在一起。

So for example, we've dropped 2 floors in our Denver office to really bring people together. We'll probably release that and get some benefit from that, but the real focus is to get the culture moving in a fast, intense, urgent way where people are in the office and running into each other so creativity can happen, and that sense of urgency can be felt across the company.

例如，我們將丹佛辦公室的樓層降低了兩層，以便真正將人們聚集在一起。我們可能會發布這一點並從中受益，但真正的重點是讓文化以快速、激烈、緊迫的方式發展，讓人們在辦公室裡互相碰撞，這樣創造力就可以發生，整個公司都可以感受到這種緊迫感。

And we're doing that across all of our sites. We're moving from 2 buildings to 1 building here in Costa Mesa, where I am today, at Vans. So it's a generalized practice, and you can feel the energy returning.

我們在所有網站上都這麼做。我們將從科斯塔梅薩的 2 棟建築搬到 1 棟建築，我現在就在那裡，在 Vans。所以這是一種普遍的做法，你可以感受到能量的回歸。

Great. And then, Bracken, I think you mentioned that you don't have any intention of refinancing the debt. Would that imply brand sales would come ahead of the $750 million maturity?

偉大的。然後，布雷肯，我想你提到你沒有任何再融資債務的打算。這是否意味著品牌銷售額將超過 7.5 億美元的到期金額？

Yes.

是的。

Next question today is coming from Bob Drbul from Guggenheim.

今天的下一個問題來自古根漢的鮑伯‧德布爾 (Bob Drbul)。

Bracken, I was wondering if you could just talk a little bit more about your decision to bring in Paul Vogel, sort of what attracted you to him as a candidate? And then, I guess, the other thing is, can you just give us an update on what you're seeing with Supreme and sort of the outlook there that you might be willing to share?

布雷肯，我想知道您是否可以再多談一下您決定聘用保羅·沃格爾的原因，是什麼吸引您選擇他作為候選人？然後，我想，另一件事是，您能否向我們介紹一下您對 Supreme 的看法以及您願意分享的前景？

Yes, I'll start with Supreme. Supreme continues to be a strong performer. We don't report those public -- those numbers transparently publicly, but you can bet they look good. We feel really good about them. The team is executing very well. I'm really proud of their performance. And this quarter, they opened -- we got a little piece of Shanghai in the period and a quarter of Seoul. So we're up to -- it's a very low store count with very high sales per store, and it's just performing very well. And I have said, I've learned a lot from the Supreme team and what I think that we can do throughout the rest of the year.

是的，我將從 Supreme 開始。 Supreme 持續表現強勁。我們不會公開透明地報告這些數字，但你可以肯定它們看起來不錯。我們對他們感覺非常好。該團隊的執行情況非常好。我為他們的表現感到非常自豪。這個季度，他們開業了——我們在這段時間內獲得了上海的一小部分和首爾的四分之一。所以我們的狀況是——雖然商店數量很少，但每家商店的銷售額卻很高，而且業績表現非常好。我說過，我從 Supreme 團隊那裡學到了很多東西，也知道了我認為我們在今年剩餘時間可以做的事情。

Paul, we went through a very broad and deep slate of candidates across multiple industries and multiple parts of the world to really get to Paul Vogel, and I feel very good about him. I think the best CFOs are -- have a strong backbone or tough, but they also have EQ, and especially that's super important in the context of the transformation and culture, like we're going through here.

保羅，我們從多個行業和世界多個地區的眾多候選人中篩選了眾多候選人，最後才找到保羅·沃格爾，我對他非常滿意。我認為最好的財務長是——有堅強的骨氣或強硬，但他們也有情緒智商，這一點在我們正在經歷的轉型和文化背景下尤其重要。

So I especially like Paul because he does have that. He started in finance. He went through IR. He didn't spend a good solid length of time at a lot of transition and change at Spotify and worked under one of the top and most respected CFOs in Silicon Valley, Netflix and then Spotify, Barry McCarthy. And Barry had extended at Peloton after that, but he really is a super CFO by every account, and he really trained Paul. So the combination of all those things and then just Paul's interpersonal skills really took him straight to the top.

所以我特別喜歡保羅，因為他確實有這個能力。他從金融業起步。他通過了紅外線檢查。他在 Spotify 的轉型和變革中並沒有花費大量時間，而是在矽谷最頂尖、最受尊敬的財務長之一、Netflix 和 Spotify 的 Barry McCarthy 手下工作。此後，巴里在 Peloton 任職時間延長，但從各方面來看，他確實是一位超級首席財務官，而且他確實培養了保羅。所以所有這些因素加上保羅的人際交往能力確實使他直接登上了頂峰。

Next question today is coming from Paul Lejuez from Citigroup.

今天的下一個問題來自花旗集團的 Paul Lejuez。

Within that free cash flow guidance, can you talk about how you plan to manage inventory and working capital, whether you're assuming a benefit from inventory this year or are you just too low at this point? Also, I'm not sure if I missed it, but did you say what the CapEx was? And if you could give that number and just how it breaks down on spend?

在自由現金流指導中，您能否談談您計劃如何管理庫存和營運資金，您是否假設今年將從庫存中獲益，或者您目前的預期是否太低？另外，我不確定我是否錯過了，但你說過資本支出是多少嗎？您能給出這個數字嗎？它是如何分攤支出的？

Yes. So we didn't say anything specific about inventory. We made a lot of progress in fiscal '24. Actually, we got further than we thought we would get in terms of bringing those levels down, which is a tribute to across the organization to both on that -- on the kind of the supply side as well as kind of getting it sold through and managed in the marketplace. So kudos to the team. So we end the year in a much better place than when we began the year and probably little better than we thought we would be.

是的。因此我們沒有透露有關庫存的任何具體資訊。我們在24財年取得了很大進展。實際上，在降低這些水平方面，我們取得的進展超出了我們的預期，這對整個組織來說是一種榮譽——無論是在供應方面，還是在市場上的銷售和管理方面。我向該團隊表示敬意。因此，我們以比年初更好的狀態結束這一年，甚至可能比我們想像的要好一點。

I'd be remiss if I said we still didn't have some opportunity, and we expect to continue to bring it down. But it will be pretty modest next year, at least, in our assumptions. So I'd say kind of low to mid-single-digit decline in inventory is what we're thinking about. So a much more modest impact next year from an overall working capital relative to inventory. CapEx, we didn't say, but it won't be so different from where we've been.

如果我說我們仍然沒有機會，那我就太失禮了，我們希望繼續努力。但至少我們假設明年的成長幅度會相當溫和。所以我認為我們正在考慮庫存的低到中等個位數的下降。因此，明年整體營運資本相對於庫存的影響要小得多。我們沒有說資本支出，但它與我們以前的狀況不會有太大不同。

How about the breakdown on that CapEx in stores, new stores, maintenance? Anything you could share?

商店、新店和維護中的資本支出明細如何？還有什麼可以分享的嗎？

Yes. So I'm not going to give you numbers, but I will say, percentage-wise, it is a little bit more focused toward consumer-facing, right, in terms of stores and both new stores as well as refreshment and remodeling of the current store base.

是的。所以我不會給你數字，但我會說，從百分比來看，它更側重於面向消費者，對吧，就商店而言，包括新店以及現有商店基礎的更新和改造。

Next question is coming from Adrienne Yih from Barclays.

下一個問題來自巴克萊銀行的 Adrienne Yih。

Great. Matt, thanks for all your help over the years and best of luck. So my first question, Bracken, is for you on inventory. When you -- oftentimes, when you take a kind of big cut at inventory, you kind of take a broad-brush approach. Obviously, TNF was cleaner. How much in style or SKU reduction has been done? And how did you strategically kind of go through that -- the different categories? And then, Matt, any notion to the forecast for the end of FY '25 a leverage ratio? Or how should we think about net debt, I guess, excluding asset sales?

偉大的。馬特，感謝您多年來的幫助，祝您好運。所以我的第一個問題，布雷肯，是關於庫存的。通常，當你大幅削減庫存時，你會採取一種大刀闊斧的方法。顯然，TNF比較乾淨。款式或SKU減少了多少？您是如何從策略上處理這些不同類別的？然後，馬特，對於 25 財年末的槓桿率預測有什麼看法？或者我們應該如何看待淨債務，不包括資產出售？

Thank you very much, Adrienne. I'll start with the inventory cut. I would say, it was pretty surgical. Our inventory reduction really talks -- especially when you talk about the inventory in the channel, we really -- our real focus here was to clear out the channel of some of the older icons so we have room for progressive products to flow in -- our newer products to flow in, like Knu Skool. And so I think that's going to serve us super well over the next coming quarters. Matt, do you want to add -- answer the second part of that question?

非常感謝，艾德麗安。我先從削減庫存開始。我想說，這是非常精準的。我們的庫存減少確實說明了——特別是當你談到渠道中的庫存時，我們真的——我們真正的重點是清理一些較舊的圖標渠道，以便我們有空間流入漸進式產品——我們的新產品流入，如 Knu Skool。所以我認為這將對我們接下來幾季的業績非常有利。馬特，你想補充一下──回答這個問題的第二部分嗎？

Yes. Nothing on leverage. We haven't given a number there and aren't prepared to do that. But you could probably do the math yourself relative to the net debt, but it's going to be down a few hundred million based on, I'll call it, the base plan, which doesn't include any brand asset sales. But as Bracken indicated, ultimately, that's not our plan. Our plan is to ensure that we're positioned to pay off that $750 million, which is due in April and, obviously, could be paid in March with no penalty as well.

是的。沒有任何槓桿。我們還沒有給出具體數字，而且也不準備這麼做。但您可能自己可以計算淨債務，但根據我所說的基本計劃，它將下降幾億美元，其中不包括任何品牌資產銷售。但正如布雷肯指出的，歸根結底，這不是我們的計劃。我們的計劃是確保能夠償還 4 月到期的 7.5 億美元，而且顯然 3 月也可以償還，而且不會受到任何處罰。

Your next question is coming from Jonathan Komp from Baird.

您的下一個問題來自貝爾德公司的喬納森康普 (Jonathan Komp)。

If I could just follow up on the $600 million cash outlook for the year. I know you've talked about embedding sequential improvements in the top line. Could I ask if that outlook implies getting back to growth at some point for total revenue during the year at some point?

我是否可以跟進今年 6 億美元的現金前景？我知道您已經談到在頂線中嵌入連續改進。我能否問一下，這種前景是否意味著在某一年某個時候總收入將恢復成長？

And then just separately, one follow-up, Bracken, I don't know if you and Paul have talked or have a view given the discussion about the improving predictability and forecasting ability. Is there a point in the near future you're thinking about as the right timing to reinstill broader financial targets?

然後單獨說一下後續問題，布雷肯，我不知道您和保羅是否談過或對提高可預測性和預測能力的討論有什麼看法。您是否認為不久的將來的某個時間點是重新確立更廣泛的財務目標的最佳時機？

Okay. Let me answer the first one first. I'm going to effectively dodge your question about it. This is how we go positive. We did see sequential improvements. I hope they're sequential and that they're consistent across the year. But I think, generally speaking, when you look across the year, you're going to see us get better and better. I will not answer your question about whether we're going to be -- that's going to show a positive number by the end of the year, but we'll come back to that. I'm pretty optimistic about the business in general, and you can feel it. I hope you can feel it.

好的。我先回答第一個問題。我將有效地迴避你關於這個問題。這就是我們如何積極行事。我們確實看到了連續的改進。我希望它們是連續的並且全年保持一致。但我認為，總體而言，回顧這一年，你會看到我們變得越來越好。我不會回答你關於我們是否會在年底前顯示出正數的問題，但我們會回到這個問題。總體而言，我對業務非常樂觀，您可以感覺到。我希望你能感受到。

In terms of reinstating guidance, Paul and I have talked about a lot of things, not that one. We talked about that in his early interviews. I think we all like the idea of reinstating guidance. We've now got 5 consecutive months of predictability relative to where we were in the past. I mean, really, it's a big change.

在恢復指導方面，保羅和我已經討論了很多事情，但不是那一件事。我們在他早期的採訪中談到了這個問題。我想我們都喜歡恢復指導的想法。與過去相比，我們現在已連續 5 個月保持可預測性。我的意思是，這確實是一個很大的改變。

I also feel good about the steps we're taking across the business to really improve the overall performance and make future improvement on top of this predictability a reality. So stay tuned. I don't think we're too far away, but we're not ready to do that.

我對我們在整個企業範圍內採取的措施感到非常滿意，這些措施確實提高了整體績效，並使在這種可預測性的基礎上實現未來的改進成為現實。敬請關注。我認為我們距離目標並不遠，但我們還沒準備好這麼做。

Next question is coming from Ike Boruchow from Wells Fargo.

下一個問題來自富國銀行的 Ike Boruchow。

Matt, just a couple of quick ones. Just like CapEx, I think you said kind of similar as historical or something like that. Is it kind of the same response for D&A as well?

馬特，我只想問幾個問題。就像資本支出一樣，我認為您說的有點類似於歷史或類似的東西。對 D&A 來說這也是同樣的反應嗎？

D&A will be a little bit lower because there were some onetime write-offs in fiscal '24 that probably won't repeat to the same degree. But it will be closer to where we were if you look back to kind of fiscal '23, I would suggest.

D&A 將會稍微低一些，因為 24 財年有一些一次性註銷，可能不會在相同程度上重複出現。但如果你回顧 23 財年，我認為它會更接近我們當時的水平。

Got it. Okay. And then I know you're not going to give an exact number, but maybe just looking at Q4 -- Q4's gross margin decline as kind of giving us context. The way you're kind of talking about the clearance activity needed in the first quarter, it sounds like it's going to be a larger erosion sequentially versus 4Q. Is there anybody to put context around how much impact we should expect, however you'd like to answer that?

知道了。好的。然後我知道你不會給出一個確切的數字，但也許只需看看第四季度——第四季度的毛利率下降就可以為我們提供背景資訊。從您談論第一季度所需的清理活動的方式來看，這聽起來與第四季度相比，其連續侵蝕幅度會更大。無論您如何回答這個問題，有沒有人可以說明我們應該預期多大的影響？

And then my question, just to follow that one up is, after the first quarter, like are you "clean"? Like do you think the gross margins can start to flatten out? Or is there more work to be done even after the first quarter?

然後我的問題是，只是為了跟進這個問題，第一季之後，你是否「乾淨」了？您是否認為毛利率可以開始趨於平穩？或者即使第一季結束後還有更多工作要做？

So Matt, before you answer that, maybe I'm going to add another question because I want to get this out and make sure this discussion is there about Q1. Why don't you give a general overview of Q1, Matt, since we set up those guardrails to be open, the ones we closed on?

所以馬特，在你回答這個問題之前，也許我要添加另一個問題，因為我想把這個問題提出來，並確保這個討論是關於 Q1 的。馬特，為什麼不對 Q1 做一個總體概述呢，因為我們設置了那些護欄，使之保持開放，而那些護欄我們又關閉了呢？

Yes. So the 2 things we talked about, right, revenue and margins, let me just give you a little bit more color there. I think that will be helpful for everybody. We said top line, similar to Q4, excluding the reset, right? So we reported down 13%, reset a couple of points. So that will give you a sense there. I think, I would say, there's a couple of things to remember as you think about that. It's the smallest quarter of the year, has a little bit more outsized exposure to the Americas region from a penetration standpoint. Americas is kind of 55% of business in the first quarter and a little less than 50% even in the most recent quarter, right?

是的。所以，我們談論的兩件事，收入和利潤，讓我給你更多詳細資訊。我認為這對每個人都有幫助。我們說的是頂線，類似 Q4，不包括重置，對嗎？因此我們報告下降了 13%，重置了幾個點。這樣你就會有這種感覺。我想說，當你思考這個問題的時候，有幾件事要記住。這是一年中最小的季度，從滲透率的角度來看，對美洲地區的曝險稍微大一些。美洲在第一季的業務佔比約為 55%，即使在最近一個季度也略低於 50%，對嗎？

So there's that. Remember, the spring '24 wholesale order books, which impacted fiscal '24 Q4 will kind of comparably impact Q1. Order books are written across the season, right? So the implications for Q4 extend into Q1. We'd have a little bit of a different expectation as we look into latter parts of the year and future seasons. And then we're comping a really big growth number in the APAC region last year, which was nearly 20%, as kind of post-COVID reopenings, where there was some pent-up demand in the marketplace.

就是這樣。請記住，對 24 財年第四季產生影響的 24 年春季批發訂單將對第一季產生類似的影響。訂單簿是整個季節寫的，對嗎？因此，第四季的影響將延伸至第一季。當我們展望今年下半年和未來幾個賽季時，我們將有一點不同的預期。我們發現去年亞太地區的成長數字非常大，接近 20%，這是由於疫情後經濟重新開放，市場上存在一些被壓抑的需求。

We're planning over conservatively, and the 2-year stack for the region will still be double digits, but much more modest in terms of our expectations in the short term. So a little bit of color there to help you, I think, understand why we think the thing -- why we think, overall, it looks the same on the surface for Q1, but there are some factors. Gross margin, I'll just tell you, it will be down relatively similar to what it was in Q4 from a year-over-year point of view. I think that's the simplest way to think about it and probably gives you everything you need.

我們的計劃過於保守，該地區兩年的堆疊仍將達到兩位數，但就短期預期而言要溫和得多。所以我認為，這裡有一點細節可以幫助你理解我們為什麼會這樣想——為什麼我們會這樣想，總的來說，從表面上看，對於 Q1 來說，情況是一樣的，但也存在一些因素。我只想告訴你，毛利率從年比來看將與第四季相比下降較為接近。我認為這是思考這個問題的最簡單的方法並且可能為你提供你所需要的一切。

Our final question today is coming from Sam Poser from Williams Trading.

我們今天的最後一個問題來自 Williams Trading 的 Sam Poser。

I think we've covered almost everything. I guess you've chosen -- it sounds to me, one, you've chosen the brands you want to potentially sell. The Packs issue has been going on for a while. So is there any update there?

我想我們幾乎已經涵蓋了所有內容。我想你已經選擇了——在我看來，首先，你已經選擇了你想要銷售的品牌。 Packs 問題已經持續了一段時間。那麼那裡有任何更新嗎？

And two, as far as thinking about how the expenses fall away in the year-over-year expenses in the first quarter, just to complete the whole picture there, can you, Matt, maybe help us with that? And sorry to see you go.

第二，關於第一季的支出與去年同期相比是如何下降的，為了讓整個情況更加完整，馬特，你能不能幫我們解決這個問題？很遺憾看到您離開。

Let me start with the Packs, and then I'll hand it back to Matt on the expenses. On Packs, what I would say about -- the update I'll give you on Packs is, wow, Packs is really a good business. It continues to perform very well at the top and bottom line. And we have made our decisions in the portfolio review and Packs is for sale. We have optionality in our review. So that's all I would really say. Matt, do you want to answer that -- do you want to answer the question?

讓我先從包裹開始，然後我會把費用問題交還給馬特。關於 Packs，我想說的是——我要向你們提供的有關 Packs 的最新消息是，哇，Packs 確實是一門好生意。其營收和淨利潤持續表現優異。我們已經在投資組合審查中做出了決定，Packs 正在出售。我們的審查具有選擇性。這就是我想說的全部。馬特，你想回答這個問題嗎？你想回答這個問題嗎？

Yes. So for SG&A, we're starting to see reductions, right? And we saw a little bit in Q4. Actually, fiscal '24 spend was down about 3% on a constant dollar basis. So we're seeing reductions. The benefits of the actions we're taking around cost savings, we've gotten something that's coming in terms of, let's say, an acceleration of that as we move in and through fiscal '25. So I think that's one thing. But remember, some of that is going to hit gross margin, not -- so not all of it's SG&A, probably more like 85%, 90% of it will hit SG&A. .

是的。那麼對於銷售、一般和行政費用來說，我們開始看到減少，對嗎？我們在第四季度看到了一些。實際上，以固定美元計算，24財年的支出下降了約3%。因此我們看到了減少。我們在節省成本方面採取的行動所帶來的好處是，隨著我們進入和度過 25 財年，這一進程將會加速。所以我認為這是一回事。但請記住，其中一部分將影響毛利率，而不是 - 所以不是全部都是銷售、一般和行政費用，可能更像是 85% 到 90% 將影響銷售、一般和行政費用。 。

And we're going to reinvest. We've talked about 1/4 to 1/3 or maybe a little bit higher than that, depending on circumstance and our confidence in the places that we're looking to reinvest. So we're going to start seeing that be more meaningful as we look forward and get more kind of more certain in terms of those directions. We've got incentive compensation, that is a headwind, and other inflationary factors, whether it's compensation, merit, things like that, certainly inflationary factors in our stores and our distribution centers.

我們將進行再投資。我們討論的是 1/4 到 1/3 或可能略高一點，這取決於具體情況以及我們對想要再投資的地方的信心。因此，當我們展望未來並對這些方向更加確定時，我們將開始看到它更有意義。我們有激勵性薪酬，這是一個阻力，還有其他通膨因素，無論是薪酬、績效還是諸如此類的東西，當然還有我們商店和配送中心的通膨因素。

So there's -- there are several puts and takes, but the underlying cost savings program will accelerate, and we're really focused on rightsizing and driving the SG&A down -- the underlying SG&A down to an appropriate level, given where we are from a business standpoint, and at the same time, looking to reinvest. And I think that's the intent of the program as we started it, and that remains exactly where we are.

因此，存在一些利弊，但基礎的成本節約計劃將會加速，我們真正關注的是合理規模和降低銷售、一般和行政費用——考慮到我們所處的業務角度，將基礎銷售、一般和行政費用降至適當水平，同時尋求再投資。我認為這就是我們啟動該計劃時的初衷，現在我們仍然堅持這個初衷。

We've reached the end of our question-and-answer session. I'd like to turn the floor back over to Bracken for any further or closing comments.

我們的問答環節已經結束。我想將發言權交還給布雷肯，請他發表進一步的評論或結論。

Thank you. Thank you, Sam. I just want to say 3 things or 4 things. I am super excited about the team here. I'm even more excited about the actions because they've already happened, and they're ongoing. And it's great to see green shoes start to come through in some of these areas we've been talking about. So I think those are a good indication of what's to come.

謝謝。謝謝你，山姆。我只想說3件事或4件事。我對這裡的團隊感到非常興奮。我對這些行動感到更加興奮，因為它們已經發生，並且正在進行中。我們很高興看到綠鞋政策開始在我們談論的一些領域實施。所以我認為這些可以很好地預示未來會發生什麼。

I do want to just close on Matt.. This is, as we said, it's his last earnings call. Matt, Paul will be an excellent. And I would really like to take the opportunity to thank you for your really terrific contributions, over 23 years of service to VF. And we will always be grateful for all the years you've worked here and how dedicated you've been, the positive impact you've had from start to finish. And it will be felt -- that will be felt way beyond your tenure, Matt. So thank you, and thanks to all of you for joining the call.

我確實想結束關於馬特的演講。正如我們所說，這是他的最後一次財報電話會議。馬特，保羅將會非常出色。我真的想藉此機會感謝您 23 年來為 VF 做出的傑出貢獻。我們將永遠感激您在這裡工作的這些年，感激您的奉獻精神，感激您自始至終發揮的積極影響。而這種影響將會持續下去——馬特，在你的任期結束後，影響也會持續下去。所以謝謝你們，也謝謝你們所有人參加這次電話會議。

Thank you. That does conclude today's teleconference. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。此時您可以斷開您的線路，並享受美好的一天。我們感謝您今天的參與。