威富公司 (VFC) 2025 Q1 法說會逐字稿

Good afternoon. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the VF Corporation first-quarter fiscal year 2025 earnings call. (Operator Instructions) I will now turn the call over to Allegra Perry, Vice President, Investor Relations, to open the conference call. You may begin.

午安.我叫安琪拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 VF 公司 2025 財年第一季財報電話會議。 （操作員指示）我現在將電話轉給投資者關係副總裁阿萊格拉·佩里 (Allegra Perry)，以宣布電話會議開始。你可以開始了。

Good afternoon, and welcome to VF Corporation's first-quarter fiscal 2025 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 2025 財年第一季電話會議。今天電話會議的參與者將發表前瞻性聲明。這些陳述是基於目前的預期，並受到可能導致實際結果存在重大差異的不確定性的影響。這些不確定性在定期向 SEC 提交的文件中有詳細說明。

Unless otherwise noted, amounts referred to on today's call will be on an adjusted constant dollar basis, which we've defined in the press release that was issued this afternoon and which we use as lead numbers in our discussion because we believe they more accurately represent the true operational performance and underlying results of our business. You may also hear us refer to reported amounts, which are in accordance with US 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，今天電話會議中提到的金額將以調整後的固定美元為基礎，我們在今天下午發布的新聞稿中對此進行了定義，並且我們在討論中將其用作主要數字，因為我們相信它們更準確地代表了我們業務的真實營運績效和基本成果。您可能也會聽到我們提到根據美國公認會計原則 (US 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節表，該表格確定並量化了所有排除項目，並提供了管理層關於為何此資訊對投資者有用的看法。

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

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

Thank you all for joining us. I passed my one-year anniversary of VF on July 17. Coincidentally, the same day we announced the Supreme divestiture. It's been a full year of transformation, and I believe the pace of change won't slow going forward. This is the new norm at VF, and it's exciting.

感謝大家加入我們。 7 月 17 日，我度過了 VF 一週年紀念日。這是改變的一整年，我相信未來改變的步伐不會放緩。這是 VF 的新規範，令人興奮。

Today, I'll update you on our progress on the execution of the Reinvent transformation program and, of course, on the quarter. But before I do that, let me start with our leadership team. On the year-end, we changed eight of 11 direct reports, two of those are promotions. As planned, we made three of these changes since our last earnings call, including the leaders of our two biggest brands.

今天，我將向您介紹我們在重塑轉型計劃以及本季執行方面的最新進展。但在此之前，讓我先介紹一下我們的領導團隊。年底，我們更換了 11 名直接下屬中的 8 名，其中兩名是晉升。自上次財報電話會議以來，我們按照計劃進行了其中三項變更，其中包括我們兩個最大品牌的領導者。

And I'm sitting next to Paul Vogel, our new CFO, who has been with us roughly four weeks. I've always thought of a great leadership team as more of a partnership than a traditional pyramid, and Paul already feels like another great partner. I'm holding him back today to give them some breathing room before he's on this stage, but he is already added value. But now let me hand it over to Paul just to introduce himself and say a few words. Paul?

我坐在我們新任財務長保羅‧沃格爾 (Paul Vogel) 旁邊，他已經和我們在一起大約四個星期了。我一直認為一個偉大的領導團隊更像是一種夥伴關係，而不是傳統的金字塔，保羅已經感覺自己是另一個偉大的合作夥伴。我今天阻止他，是為了在他登上這個舞台之前給他們一些喘息的空間，但他已經具有附加價值了。但現在讓我把它交給保羅，讓他自我介紹並說幾句話。保羅？

Thank you, Bracken, and good afternoon, everyone. After one month at VF, I couldn't be more excited about the opportunity in front of us and to be a part of this strong team. It is a privilege to join a company with such iconic brands, and I truly believe we can reestablish VF as one of the best run footwear, apparel and accessories businesses in the world. I've already begun to visit our offices around the world with recent stops advanced in Costa Mesa and Denver and an upcoming trip to Europe soon and the passion our employees have for these brands is clear.

謝謝你，布雷肯，大家下午好。在 VF 工作一個月後，我對我們面前的機會以及成為這個強大團隊的一員感到非常興奮。能夠加入擁有如此標誌性品牌的公司是我的榮幸，我堅信我們能夠將 VF 重建為世界上經營最好的鞋類、服裝和配件企業之一。我已經開始參觀我們在世界各地的辦事處，最近在科斯塔梅薩和丹佛進行了停留，並且即將前往歐洲，我們的員工對這些品牌的熱情是顯而易見的。

In my prior roles, I've seen the power of maximizing brand strength by creating the highest quality product and combining it with a distinct point of view. I also understand that the best way to create an environment of innovation is to operate an exceptionally well-run company, eliminating inefficiencies that slow us down while investing thoughtfully and strategically to grow the business. I'm confident we can drive materially improved profitability, leverage on costs and improve free cash flow and developing a road map for that as one of my top near-term priorities. While I've been an operator for the past eight years, I spent the beginning of my career on the investing side, and I understand what it will take to rebuild trust with the Wall Street community.

在我之前的職位中，我看到了透過創造最高品質的產品並將其與獨特的觀點相結合來最大化品牌實力的力量。我還明白，創造創新環境的最佳方式是經營一家營運異常良好的公司，消除拖慢我們發展速度的低效因素，同時進行深思熟慮和策略性投資以發展業務。我相信我們能夠大幅提高獲利能力、控製成本並改善自由現金流，並將為此制定路線圖作為我近期的首要任務之一。雖然我在過去八年裡一直擔任營運商，但我職業生涯的開始是在投資方面，我了解如何重建與華爾街社區的信任。

Change doesn't happen overnight, but with the leadership team Bracken has assembled, I know we can systematically reach our long-term goals, execute and deliver on a consistent basis and demonstrate proof points that build over time. I share Bracken's urgency to strengthen VF's balance sheet, reduce leverage and build a financial model that is operationally best-in-class and sustainable over the long term. I see a tremendous opportunity to unlock significant value from all the brands within the VF portfolio. I look forward to meeting many of you over the coming weeks and months.

改變不會在一夜之間發生，但透過布雷肯組成的領導團隊，我知道我們可以系統地實現我們的長期目標，在一致的基礎上執行和交付，並展示隨著時間的推移而建立的證據點。我和 Bracken 一樣迫切需要加強 VF 的資產負債表、降低槓桿率並建立營運一流且長期可持續的財務模型。我看到了釋放 VF 產品組合中所有品牌巨大價值的巨大機會。我期待在未來幾週和幾個月內見到你們中的許多人。

I couldn't be more excited to be joining the company at such a crucial and exciting time. I will now turn it back over to Bracken.

在如此關鍵和令人興奮的時刻加入公司，我感到無比興奮。我現在將把它轉回給布雷肯。

Thank you, Paul. In addition to Paul's recent start, I'm also excited that as of last Monday, Sanjay is now officially the President of Vans, we're leaving me of that job, and Caroline Brown is two months into leading the North Face. I'm excited about the progress we're seeing from our Chief Strategy and Transformation Officer and our Chief Design Officer, both of whom joined in March and are working away on things you'll see later. Nina Flood was promoted into the Timberland rolls just six months ago. And Martino Scabbia Guerrini has run the newly created global commercial organization since we created it nine months ago.

謝謝你，保羅。除了 Paul 最近的上任之外，我還很興奮的是，從上週一開始，Sanjay 正式成為 Vans 總裁，我們將不再由我擔任該職位，而 Caroline Brown 已經領導 North Face 兩個月了。我對我們的首席策略和轉型官以及首席設計官所取得的進展感到很興奮，他們兩人均於三月份加入，正在致力於您稍後會看到的事情。六個月前，尼娜·弗拉德 (Nina Flood) 晉升為 Timberland 會員。自從九個月前我們創建以來，Martino Scabbia Guerrini 一直負責管理這個新創建的全球商業組織。

In other words, we have a full team now and you can feel the energy. Now for Reinvent, while we're not yet back to growth the steps we're taking now will get us there. Remember, this phase is about reducing costs, lowering our debt, resetting the US business and getting Vans back on track. First, there's a significant potential to improve our profitability, as we all know. During the quarter, we generated a further $50 million in cost savings, part of our $300 million target.

換句話說，我們現在有一個完整的團隊，你可以感受到能量。現在就重塑而言，雖然我們尚未恢復成長，但我們現在採取的步驟將幫助我們實現這一目標。請記住，這一階段的重點是降低成本、降低債務、重整美國業務並使 Vans 重回正軌。首先，眾所周知，我們的獲利能力具有巨大的潛力。本季度，我們又節省了 5,000 萬美元的成本，這是我們 3 億美元目標的一部分。

We will have executed all actions to deliver $300 million cost savings by the end of the first half of the year, as we guided, and the impact will be fully reflected in the P&L by the end of the fiscal year and we have no intention of stopping there. As we said from the beginning, we're reinvesting some of that back into the business in the key areas of product and brand building. And those savings are further offset by rebuilding of our annual incentive program and inflation on salaries and other areas. But as I said before, we are absolutely committed to more cost reduction, as you'll hear more about.

我們將按照我們的指導，執行所有行動，在今年上半年年底前節省 3 億美元的成本，其影響將在本財年年底前充分反映在損益表中，我們無意停在那裡。正如我們從一開始就說過的，我們正在將其中的一部分重新投資到產品和品牌建立關鍵領域的業務中。重建我們的年度激勵計劃以及工資和其他領域的通膨進一步抵消了這些節省。但正如我之前所說，我們絕對致力於進一步降低成本，正如您將聽到的更多內容。

We continue to reduce debt and strengthen our balance sheet. We delivered another significant reduction in inventories relative to last year. Even as we build ahead of our peak selling season. Inventories at the end of the quarter were down 24% versus last year or $676 million. Additionally, net debt is down $587 million year-over-year, supporting our plan to delever.

我們繼續減少債務並加強我們的資產負債表。與去年相比，我們的庫存再次大幅減少。即使我們在銷售旺季之前進行建設。本季末庫存比去年下降 24%，即 6.76 億美元。此外，淨債務年減 5.87 億美元，支持了我們的去槓桿化計畫。

Last quarter, I told you our strategic portfolio review is complete. I also said we would provide you an update and we had some news. We announced the sales of Supreme for $1.5 billion three weeks ago. To be clear, I love the Supreme Brand, and I love the Supreme team.

上個季度，我告訴你們我們的策略性投資組合審查已經完成。我還說過我們會向您提供最新情況，我們有一些消息。三週前我們宣布 Supreme 的銷售額達到 15 億美元。需要明確的是，我愛 Supreme 品牌，也愛 Supreme 團隊。

It's back to strong profitable growth, but the lack of synergies with the rest of our organization made us a clear choice for divestiture. This allows us to sharpen focus on the core business and also improve our leverage. Turning to the Americas, our platform is now fully operational. As expected, the Americas continues to perform well below our potential but the decline softened from negative 23% last quarter to negative 12% in Q1.

它又恢復了強勁的獲利成長，但由於與我們組織的其他部門缺乏協同效應，我們成為了剝離的明確選擇。這使我們能夠更加專注於核心業務並提高我們的槓桿率。轉向美洲，我們的平台現已全面投入營運。正如預期，美洲地區的表現繼續遠低於我們的潛力，但降幅有所放緩，從上季度的負 23% 降至第一季的負 12%。

Almost as important to me near term, we continue to be able to forecast the business. We now have eight consecutive months of accurate forecast. Moving to Vans, we said the first quarter of this year would be similar to the fourth quarter last year, excluding the impact from inventory reset actions. And we actually did a little better than that with some modest improvement. Down 21% in Q1 versus 27% in Q4, reflecting an improved trend in its two biggest regions.

近期對我來說幾乎同樣重要的是，我們繼續能夠預測業務。我們現在已經連續八個月進行了準確預測。說到 Vans，我們表示今年第一季將與去年第四季類似，排除庫存重置行動的影響。事實上，我們做得比這要好一些，並且有一些適度的改進。第一季下降 21%，而第四季下降 27%，反映出兩個最大地區的趨勢有所改善。

Importantly, while the headline numbers remain weak, several indicators are showing we're head in the right direction. EMEA is once again the region which is showing clear early encouraging signs with wholesale up in the quarter for the first time in six quarters with particularly positive momentum in key accounts. As a result of the inventory reset actions, our markets are clean, and we have space to introduce our new products, which are performing well across regions. The Knu Skool continued to gain momentum and is performing well across regions and is now the number two franchise globally.

重要的是，雖然整體數據仍然疲弱，但多項指標顯示我們正朝著正確的方向前進。歐洲、中東和非洲地區再次顯示出明顯的早期令人鼓舞的跡象，本季批發量出現六個季度以來的首次增長，主要客戶的勢頭尤其積極。由於庫存重置行動，我們的市場變得乾淨，我們有空間推出新產品，這些產品在各地區表現良好。 Knu Skool 持續保持強勁勢頭，在各地區表現良好，目前已成為全球第二大特許經營店。

Other more recently introduced products are also gaining traction, including our advanced Skate shoe, AVE 2.0 and UltraRange Neo and we've launched several new styles in July. As part of our brand elevation strategy, we advanced our off-the-wall collections and billing a new collaboration with Broze Knu Schooler showing the depth and breadth of our brand's potential. And with all the excitement and buzz around events in Paris this summer, we had our own event just beforehand, during Paris Fashion Week, where we started with a Paris takeover in June with a set of grassroots activations combined with events in music, art and design. Finishing off of a disruptive moment when we took over the iconic Saraco to showcase OTW and Van's authentic skate culture.

其他最近推出的產品也受到關注，包括我們先進的滑板鞋、AVE 2.0 和 UltraRange Neo，並且我們在 7 月推出了幾種新款式。作為我們品牌提升策略的一部分，我們推出了另類系列，並宣布與 Broze Knu Schooler 進行新合作，展示了我們品牌潛力的深度和廣度。今年夏天，巴黎舉辦的活動充滿了興奮和熱鬧，我們提前在巴黎時裝週期間舉辦了自己的活動，我們從6 月份接管巴黎開始，開展了一系列草根活動，結合了音樂、藝術和活動等領域的活動。當我們接手標誌性的 Saraco 來展示 OTW 和 Van 正宗的滑板文化時，一個顛覆性的時刻就此結束。

We have over 20 sponsored athletes across skateboarding and (inaudible) at the Paris games. In fact, just today, we won gold and silver in today's women's skate event. We leverage this exciting time to launch our always pushing campaign globally, featuring our top athletes in Paris, Tokyo and New York. These new products and marketing efforts are resonating with consumers and contributing to further progress in Google search trends which continue to move in the right direction across our markets.

我們贊助了 20 多名滑板運動員和（聽不清楚）參加巴黎奧運的運動員。事實上，就在今天，我們在今天的女子滑冰比賽中贏得了金牌和銀牌。我們利用這個令人興奮的時刻在全球推出我們始終在推動的活動，其中包括巴黎、東京和紐約的頂尖運動員。這些新產品和行銷努力引起了消費者的共鳴，並有助於谷歌搜尋趨勢的進一步發展，使我們的市場繼續朝著正確的方向發展。

Now let me give you a quick overview of the first quarter. Revenue was down 8%, which was a little better than expected, demonstrating slight sequential improvement versus Q4. With the trend line improvement across almost all brands. Now this is our smallest quarter of the fiscal year and largely skewed towards the Americas and wholesale.

現在讓我向您簡要介紹一下第一季的情況。營收下降 8%，略好於預期，與第四季相比略有改善。幾乎所有品牌的趨勢線都在改善。現在，這是我們本財年中最小的一個季度，並且主要偏向美洲和批發市場。

It's worth noting that growth in our DTC business was in line with last quarter if you exclude Vans. Note, in Vans, we're closing unprofitable stores and nonstrategic ones, dampening our growth even further. The North Face was down 2% with growth in DTC up 8% globally with positive performance across each of the three regions, displaying continued strong brand health, whereas wholesale was down on a global basis. Across both channels and regionally, the standout continues to be APAC, which grew strongly, up 35%, even as we comped the post-COVID opening quarter last year.

值得注意的是，如果排除 Vans，我們的 DTC 業務成長與上季一致。請注意，在 Vans，我們正在關閉不盈利的商店和非戰略性商店，這進一步抑制了我們的成長。 The North Face 下降 2%，全球 DTC 成長 8%，三個地區均表現良好，顯示出持續強勁的品牌健康狀況，而全球批發量則下降。從兩個管道和地區來看，亞太地區仍然表現出色，儘管我們對去年新冠疫情後的第一季進行了比較，但該地區仍強勁增長，增長了 35%。

Moving down to P&L, gross margin was down 80 basis points for the prior year, in line with the guardrails we gave you in May. To quickly remind you, this is primarily driven by the continued impact of our clear out activities from the Vans product we took back in our reset. Our operating margin was down 360 basis points, largely driven by SG&A deleverage. I'd like to note our SG&A dollars were down year-over-year.

向下看損益表，毛利率比前一年下降了 80 個基點，與我們 5 月給您的預測一致。快速提醒您，這主要是由於我們在重置中收回的 Vans 產品的清理活動的持續影響所致。我們的營業利潤率下降了 360 個基點，主要是由於 SG&A 去槓桿化所致。我想指出的是，我們的銷售、管理及行政費用較去年同期下降。

And I'd also like to say absolutely detest delevering a P&L. So you can be assured we are not at all finished reducing SG&A even as we invest in our own growth turn. As a result, Q1 loss per share was negative $0.33 as expected. Looking ahead to Q2, let me provide some guardrails for that quarter. These are all excluding Supreme, both from this year and last year.

我還想說絕對厭惡損益表去槓桿化。因此，您可以放心，即使我們投資自己的成長轉型，我們也根本沒有完成減少銷售及管理費用的工作。結果，第一季每股虧損符合預期，為負 0.33 美元。展望第二季度，讓我為該季度提供一些護欄。今年和去年的這些都不包括 Supreme。

The overall Q2 revenue trend is expected to show modest improvement versus Q1, in line with our comments in May. Don't get me wrong, we're not back in growth yet, but the decline rate should continue to moderate. And to give you some additional color on our two biggest brands, at Vans, we will see modest sequential improvement as we did this quarter. For the North Face, we expect Q2 revenue to be slightly down relative to Q1 but remember, T&F had 17% growth in Q2 of last year.

預計第二季整體營收趨勢將較第一季略有改善，這與我們 5 月的評論一致。不要誤會我的意思，我們還沒有恢復成長，但下降速度應該會繼續放緩。為了讓您對我們兩個最大的品牌 Vans 有所了解，我們將看到像本季那樣的適度連續改善。對於 The North Face，我們預計第二季營收將比第一季略有下降，但請記住，T&F 去年第二季成長了 17%。

Turning to gross margin, we expect this to be up slightly in Q2 versus last year. Inventory quality has improved, so there's less impact from the flushing of inventory post Vans reset. On SG&A, let me spend a little time breaking this down further. First, Reinvent savings are on track. Second, we will have realized incentive compensation as well as inflation as we indicated before.

談到毛利率，我們預計第二季毛利率將比去年略有上升。庫存品質有所改善，因此 Vans 重置後庫存沖銷的影響較小。關於 SG&A，讓我花一點時間進一步分析。首先，「重塑儲蓄」計畫已步入正軌。其次，正如我們之前指出的，我們將實現激勵薪酬和通貨膨脹。

We also consistently said we'll reinvest 25% to 30% of our gross savings. As we head into our holiday season, I decided to pull some of that forward and it begins to appear in Q2. To be clear, this is not the end of our cost story. Expenses in Q2 are expected to be up slightly year-over-year. This, combined with further revenue declines will lead to a higher rate of deleverage in Q2, but we will have more to say about that in October, which I'll explain in just a moment.

我們也一貫表示，我們將把總儲蓄的 25% 到 30% 進行再投資。當我們進入假期時，我決定將其中一些時間提前，它開始出現在第二季。需要先明確的是，這並不是我們的成本故事的結束。第二季的費用預計將年比小幅成長。再加上收入進一步下降，將導致第二季的去槓桿率更高，但我們將在 10 月對此進行更多討論，我稍後會對此進行解釋。

Moving into fiscal year '25. We're on track to deliver guidance for free cash flow plus the proceeds from noncore physical asset sales of about $600 million. This excludes the impact of the divestiture of Supreme. We expect the Supreme divestiture to be completed at some point by the end of the calendar year. Finally, to conclude, we continue to make progress.

進入 25 財年。我們預計提供自由現金流加上約 6 億美元非核心實體資產銷售收益的指引。這不包括Supreme剝離的影響。我們預計 Supreme 剝離將在今年年底的某個時候完成。最後，總結一下，我們不斷進步。

The quarter improved sequentially relative to Q4 across almost all our brands. We're advancing on Reinvent. Cost savings are on track, and we're committed to more cost reduction. We're addressing the balance sheet leverage ratio with the first sale of spring. The new platform in the Americas is moving strongly in the right direction and advance we're seeing progress we expected.

我們幾乎所有品牌的季度均較第四季有所改善。我們正在「重塑」方面取得進展。成本節約已步入正軌，我們致力於進一步降低成本。我們正在透過春季的首次銷售來解決資產負債表槓桿率問題。美洲的新平台正在朝著正確的方向強勁前進，我們正在看到預期的進展。

My level of confidence has never been higher. We have an incredible leadership team and dedicated talent at VF. So together, we will make the continued progress on our path to deliver strong, sustainable growth and value creation at VF. To close, I've dropped a few hints about our longer-term plan, so let me clarify. I'm excited to announce we'll be hosting a two-part investor event.

我的信心從未如此之高。 VF 擁有一支令人難以置信的領導團隊和敬業的人才。因此，我們將共同努力，在 VF 實現強勁、可持續成長和價值創造的道路上不斷取得進展。最後，我對我們的長期計劃提出了一些提示，所以讓我澄清一下。我很高興地宣布我們將舉辦一場由兩部分組成的投資者活動。

Part one will be, mark your calendars, October 30 in New York, live and of course, as well as webcast. Focused on broader VF strategy and laying out the building box for a return to value creation. And we'll build on that in part two or the second part toward the end of the fiscal year, which will focus on our brand and commercial strategies. With that, I'll now open the line for questions.

第一部分是，標記你的日曆，10 月 30 日在紐約，現場直播，當然還有網路直播。專注於更廣泛的 VF 策略，並為回歸價值創造奠定基礎。我們將在第二部分或本財年末的第二部分的基礎上繼續發展，重點關注我們的品牌和商業策略。現在，我將開通提問熱線。

(Operator Instructions) Brooke Roach, Goldman Sachs.

（操作員指令）布魯克·羅奇，高盛。

I was hoping you could provide additional color on your plans for the Vans brand going forward now that you have a permanent brand president in place. You talked a little bit about some early green shoots that you're seeing in the brands. Can you elaborate a little bit more on what you expect the path to look like for the brand for the next couple of quarters, both in terms of new innovation, scaling, changes in brand marketing? And maybe any types of marketing that you're pulling forward regarding SG&A the next couple of quarters?

既然您已經任命了常任品牌總裁，我希望您能為 Vans 品牌的未來計劃提供更多的色彩。您談到了您在品牌中看到的一些早期萌芽。您能否詳細說明您對品牌未來幾季的預期路徑，無論是在新的創新、規模化還是品牌行銷的變化方面？也許您在接下來的幾個季度將推進有關銷售、管理和行政費用的任何類型的行銷活動？

Yes, I'll save a little bit of that for the next quarter or two. And of course, by the time we get to the end of the year when sun has a chance to speak to it. But I'll give you what you're asking, I think. I expect you'll see more of the same.

是的，我會在接下來的一兩個季度節省一些。當然，到了年底，太陽就有機會與它交談。但我想我會給你你所要求的。我希望您會看到更多相同的內容。

We just turned on a new marketing campaign for Vans, which is tied directly to a cascade of product launches. As I mentioned in my opening remarks, the new franchises are doing well. And we've now got two of our new franchises, I think, are in the top five. So UltraRange and Knu Skool, one's number -- is number five.

我們剛剛為 Vans 啟動了一項新的行銷活動，該活動與一系列產品發布直接相關。正如我在開場白中提到的，新的特許經營權表現良好。我認為，我們現在有兩個新的特許經營權進入了前五名。因此，UltraRange 和 Knu Skool 是第五個。

I think it just shows you how responsive we are to new products when they're right. And so you're going to see more new products as we come through the year. We will launch several new styles just this month. Of course, they're not incorporated in what we've done so far this year. On top of that, we've completely revamped our approach to marketing.

我認為這只是向您展示了我們對新產品的反應。因此，今年您將看到更多新產品。這個月我們將推出幾種新款式。當然，它們並未納入我們今年迄今為止所做的工作中。最重要的是，我們徹底改變了行銷方式。

We just introduced our always pushing campaign, which started in Paris when we had that event that we mentioned in June. And it's now moving right down through everything we do. And you'll see more and more of that as time goes on. Our grassroots campaign is well underway, as is our influencer campaign.

我們剛剛推出了我們一直在推動的活動，該活動在巴黎開始，當時我們舉辦了我們六月提到的活動。現在它正貫穿我們所做的一切。隨著時間的推移，你會看到越來越多的這種情況。我們的草根活動正在順利進行，我們的影響力活動也正在順利進行中。

You may have seen a few celebrities caught wearing Vans just recently. If you Google it, you'll see it. So you're just going to see more and more of that as you go through the year. This is the kind of energy we need from Vans, and I'm super excited about it.

最近你可能見過一些名人穿著 Vans。如果你用谷歌搜索，你就會看到它。所以，隨著這一年的過去，你會看到越來越多的這樣的事情。這就是我們需要 Vans 提供的能量，我對此感到非常興奮。

Michael Binetti, Evercore.

邁克爾·比內蒂，Evercore。

Congrats on the nice quarter. Bracken, first off, thanks for the spoiler on today's women's skate medals. I appreciate that. Could you speak to the diverging trends here in North Face with the global brand direct-to-consumer up 8% ex currency? And then it sounds like US wholesale was the issue. Can you maybe just help us roll forward what's holding wholesale back right now with good real-time trends at B2C? How you expect that to trend as we get into the important season for North space on the wholesale side?

恭喜這個美好的季度。首先，感謝布雷肯對今日女子滑冰獎牌的劇透。我很感激。您能否談談 North Face 的不同趨勢，該全球品牌直接面向消費者的匯率上漲了 8%？聽起來美國批發是問題所在。您能否透過 B2C 良好的即時趨勢幫助我們推動目前阻礙批發發展的因素？當我們進入北方空間批發的重要季節時，您預計這種趨勢會如何？

Yes. First of all, I apologize to you. It didn't cross our mind that would be spoilers such good news on our side. But if we did spoil it, it's still good news. Yes. So on TNF, the underlying reality is we continue to have good solid DTC growth around the world and China continues to just be super strong, which is exciting. Wholesale is relatively weak, both mainly driven by traffic and conservatism, I think, on the retail side, both in the US and to some extent, you're up to and you can see on the numbers you gig into it.

是的。首先，我向你道歉。我們沒想到會破壞我們這邊的好消息。但如果我們真的破壞了它，那仍然是個好消息。是的。因此，就 TNF 而言，潛在的現實是我們在全球範圍內繼續保持良好且穩健的 DTC 成長，而中國繼續保持超級強大，這是令人興奮的。批發業相對較弱，主要是受到流量和保守主義的推動，我認為，在零售方面，無論是在美國還是在某種程度上，你都可以從你參與的數字中看到。

I think it's probably a function of a couple of things. One is the overall macro environment and also a little bit of skittishness just because of the weather last year when it was so warm during the holiday season. So we're not guiding TNF going forward, but I feel really good about the brand. I feel really good about the product initiatives that are coming. And I'd say stay tuned. I think TNF going to be just fine.

我認為這可能是幾個因素的作用。一是整體宏觀環境，也因為去年假期天氣太熱，有點忐忑不安。所以我們不會指導 TNF 繼續前進，但我對這個品牌感覺非常好。我對即將推出的產品計劃感到非常滿意。我想說請繼續關注。我認為 TNF 會很好。

Paul Lejuez, Citigroup.

保羅‧勒胡埃斯，花旗集團。

Curious within that free cash flow guidance that you reiterated, can you talk about what might have changed within that guidance on a brand channel or geographic level, anything that you are now assuming it's getting better or worse versus what you were thinking previously or any changes in your working capital assumptions and might factor into what you're looking for on free cash flow now?

您對您重申的自由現金流指導感到好奇，您能談談在品牌管道或地理層面上該指導中可能發生的變化嗎？糟的任何事情或任何變化在您的營運資本假設中，並可能影響您現在尋找的自由現金流？

Yes. I'm happy to say there aren't any changes. So I'd say, overall, this is a good reflection, but I think, are getting a better handle on our on our forecasting. And it's very much the same in terms of the underlying dynamics as it was last quarter. The only real change will be, at some point, we will pull Supreme out, of course, which is as you may or may not realize it's pretty back-end loaded. So most of the cash would come into the back end of the year. But other than that, there won't be a big change.

是的。我很高興地說沒有任何改變。所以我想說，總的來說，這是一個很好的反映，但我認為，我們正在更好地處理我們的預測。就基本動態而言，與上季非常相似。當然，唯一真正的變化是，在某個時候，我們會將 Supreme 撤出，這是因為你可能會或可能沒有意識到它的後端加載程度很高。因此，大部分現金將在年底流入。但除此之外，不會有太大的改變。

Can you quantify that?

你能量化一下嗎？

Yeah. I think we released the P&L and a filing. So last year, it was $520 million and about 20% OI. You can kind of assume that's about what the cash looks like. It's going to be higher than that this year.

是的。我想我們發布了損益表和文件。去年，這一數字為 5.2 億美元，未兌現率約為 20%。你可以假設這就是現金的樣子。今年會比這個更高。

So think around 600 and 120. And we're not sure when this will close yet, but whenever it closes, then the rest of the year, of course, the cash will pull out, but we'll reset our guidance for that. But it's probably, let's say, cross half way through the year, it will be more than half of the overall cash.

所以想想大約 600 和 120。但可能，比方說，跨過今年的一半，這將佔總現金的一半以上。

Jim Duffy, Stifel.

吉姆·達菲，斯蒂菲爾。

Just to start a clarification question. With the Supreme sale, are you done with the portfolio cleanup? Or are there additional asset sales contemplated as potentially appropriate?

只是為了開始一個澄清問題。隨著 Supreme 特賣，您的產品組合清理工作完成了嗎？或是否有可能適當的額外資產出售？

We don't have anything specific contemplated, but I don't think we're ever really done in terms of reviewing our portfolio. So we've certainly finished our portfolio review, at least for now. We'll probably recycle on that on a regular basis, but we will recycle on a regular basis. There's no specific plans now. This puts us in a good position to pay off the next two tranches of debt as we promised.

我們沒有任何具體的考慮，但我認為我們在審查我們的投資組合方面還沒有真正完成。因此，我們當然已經完成了投資組合審查，至少目前是這樣。我們可能會定期回收，但我們會定期回收。現在還沒有具體計劃。這使我們能夠按照我們的承諾償還接下來的兩筆債務。

And from there on, it will be about a good strong cash generation unless we decide to divest something else in the future. And I'd say stay tuned on that. The October Investor Day will give you a good sense for how we expect that debt to come down.

從那時起，除非我們決定在未來剝離其他東西，否則這將是一個良好的、強勁的現金生成。我想說請繼續關注。十月投資者日將使您清楚地了解我們預計債務將如何下降。

To use additional cost savings? Is that a philosophical point of emphasis? Or are you speaking to specific cost savings you've identified in scope? I'm curious.

使用額外的成本節省？這是一個哲學重點嗎？或者您是在談論您在範圍內確定的具體成本節省嗎？我很好奇。

It is not on --.

它不在--上。

That in October as well.

十月也是如此。

Yes. Thank you for asking that question because nobody else did. I was going to bring it up. It is not a philosophical point. We spent the last 4 months really scoping additional cost savings. We're not ready to service with anything yet. But we will talk about that in October. We're actually working with an external consultant on that, and we feel really good about our program.

是的。感謝您提出這個問題，因為沒有其他人這樣做。我正想提出來。這不是一個哲學觀點。我們花了過去 4 個月的時間來真正確定額外成本節省的範圍。我們還沒有準備好提供任何服務。但我們將在十月討論這個問題。實際上，我們正​​在與外部顧問合作解決這個問題，我們對我們的計劃感覺非常好。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）Matthew Boss，摩根大通。

Great. So Bracken, as we think about your first year at the helm, larger picture, maybe where do you stand on the priorities that you laid out initially? Maybe first, on the management team, any key roles that you're looking to fill from here? Second, I know you cited today sequential improvement, but any visibility to a return to top line growth as you see it today? And then maybe just last, how do you feel about organic free cash flow and debt pay down priorities?

偉大的。那麼，布雷肯，當我們思考你掌舵的第一年時，從更大的角度來看，也許你對最初制定的優先事項有何立場？也許首先，在管理團隊中，您希望從這裡填補任何關鍵角色？其次，我知道您提到了今天的環比改善，但是您今天看到的營收成長是否有恢復的跡象？也許最後一個問題是，您對有機自由現金流和債務償還優先事項有何看法？

So I won't repeat the famous four that are probably not famous to you, but I feel like I told you so many times those four priorities that I think I said in my first full call. So I won't go through those, but you referenced kind of a summary of those. From a management team, I feel great. I mean I think we've really got an all-star team, and it's all I could have asked for.

因此，我不會重複您可能不熟悉的四個著名的內容，但我覺得我已經多次告訴您這四個優先事項，我想我在第一次完整電話會議中說過。所以我不會詳細介紹這些內容，但您引用了這些內容的摘要。作為管理團隊，我感覺很棒。我的意思是，我認為我們確實擁有一支全明星球隊，這就是我所要求的。

And everybody is on the floor, everybody is on the team now. We're about half of them are new in the last months, half of them are not. And it's really a terrific team. Now it's my job to make sure that we together work well as a team, so we're really going to be working on that.

現在每個人都在場上，每個人都在球隊中。我們大約有一半是過去幾個月新來的，一半不是。這確實是一支很棒的團隊。現在我的工作就是確保我們作為一個團隊能夠很好地合作，所以我們真的會為此努力。

The Vans turn and the turn in general on the business, when do I forecast it happening? I'm not going to give you a number today, but I will tell you in October, we'll be ready to talk about that. So I feel very good about the progress we're making. It feels very similar to where I was when I was in my last company, and I feel like I can see it, and I feel good about it. In terms of the debt paydown, we'll certainly talk about that in October when you can expect that leverage to come down.

Vans 的轉變以及整個產業的轉變，我預計什麼時候會發生？今天我不會給你一個數字，但我會在十月告訴你，我們將準備好討論這個問題。所以我對我們所取得的進展感到非常滿意。感覺和我在上一家公司的時候很相似，我感覺我能看到它，我感覺很好。就債務償還而言，我們肯定會在 10 月討論這個問題，屆時您可以預期槓桿率會下降。

Great. Best of luck.

偉大的。祝你好運。

Laurent Vasilescu, BNP.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Great to hear about Sansa's decision to leave Wu to join you. But can you talk about Caroline Brown onboarding for TNF? What she brings to the table. And then maybe, Bracken, Paul can't say much, but are you seeing any disruptions from the Red Sea or from Bangladesh, where 2Q revenues might flow into 3Q?

很高興聽到珊莎決定離開吳來加入你們。但您能談談 Caroline Brown 加入 TNF 的情況嗎？她帶來了什麼。然後，也許，布雷肯，保羅不能說太多，但你是否看到來自紅海或孟加拉國的任何干擾，第二季的收入可能流入第三季？

Let me take the last one first. So Red Sea, I think, are pretty stable there now as much activity and as much challenge is for the humanitarian otherwise challenge there. Our workarounds are well in place. So I think we're okay there. On Bangladesh, we do have some disruption, where about 15% of our production comes out of there.

讓我先來說最後一個。因此，我認為，紅海現在相當穩定，那裡的活動和挑戰與那裡的人道主義挑戰一樣多。我們的解決方法已經到位。所以我認為我們在那裡沒問題。在孟加拉國，我們確實遇到了一些幹擾，我們大約 15% 的產量來自那裡。

We do have a little bit of risk in our Q2 on the kind of the back end of our Q2. It's not big enough that I'd make a big deal out of it. And I'm pretty convinced it will moderate based on the events that have happened in the last 48 hours. But we'll see, I think it will be okay. We're also quite good at moving production we need to be.

我們在第二季的後端確實存在一些風險。它還不夠大，我不會小題大作。我非常確信它會根據過去 48 小時內發生的事件進行調節。但我們會看到，我想一切都會好起來的。我們也非常擅長根據需要轉移生產。

So there certainly wouldn't be any kind of long-term impairment if anything happened worse than it is today. And if it were to stay the way it is today, it's not the end of the world. On Caroline, I'm just super excited about Caroline's background. She started in luxury. She spent her whole career in apparel.

因此，如果發生比現在更糟糕的情況，肯定不會造成任何長期損害。如果它保持今天的樣子，那也不是世界末日。關於卡羅琳，我對卡羅琳的背景感到非常興奮。她從奢華開始。她的整個職業生涯都在服裝領域度過。

She really knows this business, she has a great eye for fashion and just an incredible passion for the North Face. And she's a phenomenal leader. I mean she showed up immediately, as she walked in the door. We've now got Timberland tense all over the lobby and people are having meetings in at least I am. So she is really excited to have her.

她非常了解這個行業，對時尚有著敏銳的洞察力，並且對 North Face 有著難以置信的熱情。她是一位非凡的領導者。我的意思是，她一進門就立刻出現了。現在整個大廳都緊張起來，人們至少在我這裡開會。所以她真的很高興能擁有她。

I would point out, Laurent, that something that some of you may not have realized, we are moving super fast here. And a lot of what we're doing, for example, right now, I can't tell you what we're doing, but we're doing a lot right now that we're not disclosing. So for example, at this point last quarter, you didn't know about Sun, you didn't know about Caroline, you didn't know about Supreme. And I'm not suggesting we've got people changes, our portfolio changes coming. My point is we just got big activities that are happening all the time now and the pace is not going to let up.

勞倫特，我想指出的是，你們中的一些人可能沒有意識到，我們在這裡進展得非常快。我們正在做的很多事情，例如，現在，我無法告訴你我們在做什麼，但我們現在正在做很多事情，但我們沒有透露。舉個例子，上個季度的這個時候，你不知道 Sun，你不知道 Caroline，你不知道 Supreme。我並不是說我們已經進行了人員變動，我們的投資組合即將改變。我的觀點是，我們現在一直在進行大型活動，而且步伐不會放慢。

Bob Drbul, Guggenheim.

鮑勃·德布爾，古根漢。

Welcome, Paul. I guess the question I'd like to focus on is maybe China a little bit, Bracken. Can you just talk more about what you're seeing by brand in China and just how you believe the outlook is there for what's happening?

歡迎，保羅。我想我想關注的問題可能是中國一點，布雷肯。您能否多談談您對中國品牌的看法以及您如何看待正在發生的事情的前景？

Sure. Look, at the end of the day, I think China, in general, has been a great story for VF. The overall market slowed down a little bit, as we all know, but it's still just a fantastic market. I mean Caroline and I were talking this today, it's such a big opportunity for us, not just for the North Face, for all of our major brands. I think the story in China is very much a story of each brand story around the world. So Vans in a turnaround.

當然。歸根結底，我認為中國總體上對 VF 來說是一個偉大的故事。眾所周知，整體市場略有放緩，但它仍然是一個非常棒的市場。我的意思是卡羅琳和我今天正在談論這個，這對我們來說是一個巨大的機會，不僅僅是對 North Face，對我們所有的主要品牌來說。我認為中國的故事很大程度上就是世界各地每個品牌的故事。於是Vans迎來了轉機。

Vans were really if you think we're changing a lot in Vans globally, you should see what we're doing in China. I mean we're really closing a lot of stores, opening stores. It's an incredible amount of churn, only at China speed can you do what we're doing there. And they're not company-owned stores, they're partner stores, but boy, it's happening fast.

如果你認為 Vans 在全球範圍內發生了很大變化，那麼你應該看看我們在中國所做的事情。我的意思是，我們確實關閉了很多商店，又開設了很多商店。這是一個令人難以置信的流失量，只有以中國速度才能做我們正在做的事情。而且它們不是公司自營商店，而是合作夥伴商店，但天哪，這一切發生得很快。

The North Face continues to do extremely well there, as you know. You can see in the numbers today. By the way, we're indexing again some very strong numbers in a year ago. So that number today is really, really powerful. And Timberland is a work in process.

如你所知，The North Face 在那裡繼續表現出色。您可以從今天的數字中看到。順便說一句，我們再次對一年前的一些非常強勁的數字進行索引。所以今天這個數字真的非常非常強大。 Timberland 是一個半成品。

I think Timberland is an interesting brand in ever. So it's a little different in every part of the world, which is one of the challenges to Timberland. But I think that in that lies the opportunity. I'm excited about Timberland, but we're not focused on it for now, at least not for these discussions.

我認為 Timberland 永遠是一個有趣的品牌。所以世界各地的情況都有些不同，這是 Timberland 面臨的挑戰之一。但我認為這就是機會。我對 Timberland 感到很興奮，但我們現在不關注它，至少不關注這些討論。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

I wanted to just ask you about Dickies hasn't come up yet. If you could elaborate a little bit on what you're seeing with that brand? What's the plan there? How do you expect to get it back to healthy growth and healthy margin.

我只是想問你關於 Dickies 的事還沒出現。能詳細說明一下您對該品牌的看法嗎？那裡有什麼計劃？您期望如何使其恢復健康成長和健康利潤率。

Sure. Dickies is kind of the story of two actions. We moved too fast to try to turn it into a pure fashion brand here in the US. And then, we really pushed to make it a pure fashion outside of the US, it continues to do that outside the US, it's doing fine. In the US, it's really struggled because we lost our footing in our core work business, and we're really refocused completely there now.

當然。 Dickies 是一個關於兩個動作的故事。我們動作太快，無法在美國將其變成純粹的時尚品牌。然後，我們確實努力使其成為美國以外的純粹時尚，它繼續在美國之外這樣做，做得很好。在美國，情況確實很困難，因為我們在核心工作業務中失去了立足點，而現在我們確實完全重新專注於那裡。

So I'd say more to come there. I think Dickies is a fantastic brand and a great business, a really good, strong, solid brand, and we'll get it back on its footing. It will just take a little time.

所以我想說更多去那裡。我認為 Dickies 是一個很棒的品牌，也是一個偉大的企業，一個非常好的、強大的、堅實的品牌，我們會讓它重新站穩腳跟。只需要一點時間。

Mitch Kummetz, Seaport Research Partners.

米奇‧庫梅茲 (Mitch Kummetz)，海港研究合作夥伴。

Bracken, I was hoping you could provide maybe some more real-time color on Vans, how it's performing for back-to-school. And you mentioned modest improvement in the second quarter. Is that really a function of challenging selling? Can you talk a little bit more about the sellout?

Bracken，我希望你能為 Vans 提供更多即時色彩，了解它在返校期間的表現。您提到第二季度略有改善。這真的是挑戰銷售的功能嗎？能多談談銷售情況嗎？

Yes. I think the sellout has continued to be down versus a year ago, which nobody likes, but the trend is in the right direction overall. And so I guess that's the main thing. And so it's a little too early for us to give you any kind of expectation for back-to-school. If we had this call just a few weeks later, a month later, we certainly could, but we'll see.

是的。我認為與一年前相比，銷售量繼續下降，這沒有人喜歡，但整體趨勢是正確的。所以我想這是最重要的。因此，現在對我們來說對返校抱有任何期望還為時過早。如果我們在幾週後、一個月後接到這個電話，當然可以，但我們拭目以待。

I feel good about the progress we're making on Vans. I feel great about the marketing and product initiatives, so I'd just say stay tuned. We said we expect sequential improvement, slight sequential improvement. We do. And that's the kind of progress I want to see on Vans all the way through the year.

我對我們在 Vans 上取得的進展感到滿意。我對行銷和產品計劃感覺很好，所以我想說請繼續關注。我們說過，我們預期會出現連續改善，輕微的連續改善。我們的確是。這就是我希望在這一整年中看到 Vans 的進步。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Congrats on all the positive changes you can make. Now just to go back to Vans one more time. Obviously, some is going to have a lot to say on Vans in the coming months. What do you think the biggest opportunities for Vans are from a category level? And is there anything to do in terms of rightsize distribution, whether it be in wholesale or DTC at this point?

祝賀您可以做出的所有積極改變。現在只是再一次回到 Vans。顯然，在接下來的幾個月裡，有些人會對 Vans 有很多話要說。您認為 Vans 在品類層面最大的機會是什麼？就目前而言，無論是批發還是 DTC，在適當的規模分銷方面有什麼可做的嗎？

Well, first of all, I'll answer your second question first. We are really rightsizing our distribution. So we're doing quite a bit on both wholesale and DTC and wholesale, we are pulling back in the value channel in Europe and the US, and that's happening real time. We're not talking a lot about it. So we're not going to make a big deal about it, but we are.

嗯，首先我先回答你的第二個問題。我們確實正在調整我們的發行規模。因此，我們在批發、DTC 和批發方面都做了很多工作，我們正在撤回歐洲和美國的價值管道，而且這是即時發生的。我們對此不多談論。所以我們不會對此大驚小怪，但我們確實如此。

And in the stores, you heard me talk about closing stores and in the US. We're also, as I said, closing stores in China and a little bit of churn in Europe, too. So overall, I'd say there's a lot of activity there. What's the biggest opportunity in Vans? I mean, Vans is just a fantastic brand. And it just lost the energy, really lost energy.

在商店裡，你聽到我談論關閉商店和在美國。正如我所說，我們還將關閉在中國的商店，並在歐洲也有一些門市流失。總的來說，我想說那裡有很多活動。 Vans最大的機會是什麼？我的意思是，Vans 是一個很棒的品牌。它只是失去了能量，真的失去了能量。

And you can see how it happened. We got so over-rotated on a couple of styles. I know you've heard me say this before, but I feel compelled to say it again. We over-rotated on a couple of styles that will always be popular, by the way, but you could overdo them probably almost any point. And we over rotate at the same time that the kind of the culture picked them up and run with them.

你可以看到它是如何發生的。我們在幾種風格上過度旋轉。我知道你以前聽過我說過這句話，但我覺得有必要再說一次。順便說一句，我們過度輪換了幾種永遠流行的款式，但你幾乎可以在任何時候過度使用它們。我們過度旋轉的同時，文化也拾起它們並與它們一起運作。

And that just really drove too much of a buy now kind of mentality into the marketplace. And I think everybody who needed them -- boy, I don't like Vans anymore. I'm done with Vans. In Fact, you still see people wearing them. So what are we doing? So we're innovating and we're also putting in franchise management.

這確實讓太多的「立即購買」心態進入市場。我想每個需要它們的人——天哪，我不再喜歡 Vans 了。我已經和Vans玩完了事實上，你仍然看到人們戴著它們。那我們在做什麼呢？所以我們正在創新，我們也在進行特許經營管理。

So innovating by bringing out new styles. You're starting to see them come one at a time now, AVE 2.0, a Knu Skool, three new styles this quarter. And we'll have more coming and then some really key collaborations to give energy. And then, franchise management, where you're going to see us take the gas out of some of the older styles for a while and then redose them when we first at the very top of the culture chain with key influencers and then flow them down.

因此，透過推出新風格來進行創新。你現在開始看到它們一次一個地出現，AVE 2.0、Knu Skool，以及本季的三種新款式。我們將會有更多的合作，然後一些真正重要的合作來提供能量。然後是特許經營管理，你會看到我們暫時消除一些舊風格的活力，然後當我們首先與關鍵影響者一起處於文化鏈的最頂端時重新調整它們，然後將它們向下流動。

This is franchise management 101 plus innovation, which I think is really the model for growing a footwear brand. On top of that, I do think there is fabulous. I mean we're only 19% of our businesses is in apparel. And that's a big opportunity, but it's not the most important near-term opportunity. And I know Sun feels the same way I do about that. So I think there's lots of opportunity on Vans.

這就是特許經營管理101+創新，我認為這確實是鞋類品牌發展的模式。最重要的是，我確實認為這很棒。我的意思是，我們的業務中只有 19% 是服裝業。這是一個巨大的機會，但不是近期最重要的機會。我知道 Sun 對此也有同樣的感受。所以我認為 Vans 有很多機會。

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Looking forward to meeting you, Paul. So Bracken, my first question is going to be more of a, I guess, a philosophical one. So you had talked about on the last quarterly call, I think Martino had said five consecutive months of making plan across the portfolio. I'm assuming based on today's results, that's now at least eight months consecutive months, it sounds like you're confident at an all-time high and then we're going to get a two-parter on the Analyst Day, where typically we get numbers or some long-range plan numbers. Can you speak to that, you're confident turning into guidance?

期待見到你，保羅。所以布雷肯，我想我的第一個問題更多的是一個哲學問題。所以你在上一次季度電話會議上談到了，我認為馬蒂諾已經說過連續五個月在整個投資組合中製定計劃。我假設根據今天的結果，現在至少連續八個月，聽起來你對歷史最高的信心，然後我們將在分析師日得到一個兩方，通常是我們得到數字或一些長期計劃數字。你能說一下，你有信心成為指導嗎？

And then my second question is on gross margin. Can you give us some help on the shaping of the gross margins? Inventories are so clean for the second consecutive quarter. I would imagine that you're not delivering or not having to resort to a lot of vendor concessions. So should we see the wholesale gross margin start to improve meaningfully in the back half?

我的第二個問題是關於毛利率。您能為我們提供一些關於毛利率塑造的幫助嗎？庫存連續第二季如此乾淨。我想你不會交付或不需要訴諸很多供應商的讓步。那麼我們是否應該看到批發毛利率在下半年開始顯著改善？

Yes. I'll answer the gross margin comment first. We do expect gross margin to improve through the year. We had a pretty big promotion headwind from gross margins over the last couple of years. And it should start to come off as you said, as we go into the back half of the year, especially.

是的。我先回答毛利率的評論。我們確實預計今年毛利率將會改善。過去幾年，我們在毛利率方面遇到了相當大的促銷阻力。正如你所說，它應該開始消失，特別是當我們進入今年下半年時。

And if all things hold, that's our expectation, so I'm optimistic. To me, gross margin will always be the most important number in the P&L and I'm looking at Paul right now across the table and he's smiling too. We both are real zelig for this, so we're going to really be fixated on gross margin. I can't promise you every quarter exactly what's going to happen, but I expect it to improve over time.

如果一切順利，那就是我們的預期，所以我很樂觀。對我來說，毛利率永遠是損益表中最重要的數字，我現在看著桌子對面的保羅，他也在微笑。我們都對此非常著迷，因此我們將真正關注毛利率。我無法向您保證每個季度都會發生什麼，但我希望隨著時間的推移，情況會有所改善。

And consistent with that, when we talk about our guidance, our lack of guidance when we get to October, we'll come up with a formula for how we're going to do this. I don't want to spoil the fun now. We kind of have a game plan. But we will give you more than we've given in the past, and we'll certainly give you something more in the intermediate term, something that you can look to and see where we're really trying to head to. So without saying any more will elbow me right in the neck because she's that close out there.

與此一致的是，當我們談論我們的指導、我們到十月時缺乏指導時，我們將提出一個我們將如何做到這一點的公式。我現在不想破壞樂趣。我們有一個遊戲計劃。但我們會給你們比過去更多的東西，而且我們肯定會在中期給你們更多的東西，一些你們可以關注並了解我們真正想要走向何方的東西。所以不用多說，她就會用手肘打我的脖子，因為她就在那裡。

Thank you very much. Very helpful.

非常感謝。很有幫助。

Tom Nikic, Wedbush Securities.

韋德布希證券公司的湯姆‧尼基奇 (Tom Nikic)。

Thanks for taking my question and looking forward to market.

感謝您提出我的問題並期待市場。

You're a little quiet.

你有點安靜。

Sorry, can you hear me about it now?

抱歉，你現在能聽我說一下嗎？

Yes, we can. Yes.

我們可以。是的。

Okay. I want to ask another question on Vans. You've mentioned that the market is a lot cleaner than it was before. I'm just wondering what are the conversations with wholesale partners like? Are they seeing the positivity in new products of the Knu Skool that you seem to be seeing in DTC as well? And just generally speaking, like what do we need to see to get the wholesale partners to get on board start to reengage with the Vans brand?

好的。我想再問一個關於Vans的問題。你提到市場比以前乾淨了很多。我只是想知道與批發合作夥伴的對話是什麼樣的？他們是否看到了 Knu Skool 新產品的積極性，就像您在 DTC 中看到的那樣？一般來說，我們需要看到什麼才能讓批發合作夥伴開始重新與 Vans 品牌合作？

Yes, first of all, yes, they are positive. And the I think all the key partners I've talked to are really want us to be successful in Vans because they need us to be successful Vans for them. This is what it's all about. That's what partnership is. And generally, I've heard quite positive things, and you can see it in our order books out in the future on Vans. Now those have to be delivered. But I'd say so far, so good.

是的，首先，是的，他們是積極的。我認為與我交談過的所有主要合作夥伴都非常希望我們在 Vans 領域取得成功，因為他們需要我們為他們提供成功的 Vans 服務。這就是全部內容。這就是夥伴關係。總的來說，我聽到了非常積極的事情，你可以在我們未來 Vans 的訂單中看到它。現在這些必須交付。但我想說到目前為止，一切都很好。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

I guess my question would be, I'm sure you're not going to go into specifics, although feel free if you'd like. But looking at the four brands, from a rate of change perspective on where their growth rates were in the first quarter, where is your greatest confidence today across that portfolio and maybe rank order them in terms of where that complement kind of lies across all four of the brands?

我想我的問題是，我確信您不會透露具體細節，但如果您願意，請隨意。但看看這四個品牌，從第一季成長率的變化率角度來看，您今天對該產品組合的最大信心在哪裡，也許可以根據這四個品牌的互補性對它們進行排序品牌的？

Gosh, that's like asking me to pick which channel is my favorite. I'm going to entirely dodge your question and say, I think I see opportunities across all of them. The nice thing is this quarter, the trend line is pretty consistent across the mall. It's slightly sequentially improved and that's the kind of trend I'd like to see.

天哪，這就像要求我選擇我最喜歡哪個頻道一樣。我將完全迴避你的問題並說，我認為我在所有這些方面都看到了機會。令人高興的是，本季整個購物中心的趨勢線非常一致。它逐漸有所改善，這就是我希望看到的趨勢。

I can't guarantee you so, but I'd like to see going forward every quarter. I think you'll see it in our biggest brands, and I hope you'll see it in all of them. But yes, I don't know how I would rank those so I feel very, very good about the work going on in Vans and the North Face and Timberland. And I think Dickies while we have a long way to go. I think there's also a lot of activity going into that. I think we'll get there.

我不能向你保證，但我希望每個季度都能看到進展。我想您會在我們最大的品牌中看到這一點，並希望您能在所有品牌中看到這一點。但是，是的，我不知道如何對這些進行排名，所以我對 Vans、The North Face 和 Timberland 正在進行的工作感覺非常非常好。我認為迪基斯雖然我們還有很長的路要走。我認為這方面還有很多活動。我想我們會到達那裡。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Hope you have a nice summer. So nice job on the gross margin beat, I'm glad to hear it. Nice job on the gross margin. You mentioned the 20 bps of pressure from unfavorable mix. Could you just elaborate on that a little bit and thoughts on where that goes from here? Maybe any color you'd be willing to share your point about gross margin in ASP versus units for Vans and North Face in the past quarter? And then maybe the same question about inventory, just how that composition looks by brand.

希望你有個愉快的夏天。毛利率表現非常好，我很高興聽到這個消息。毛利率方面表現不錯。您提到了不利混合帶來的 20 bps 壓力。您能否詳細說明一下這一點並思考接下來的發展方向？或許您願意分享一下您對上一季 Vans 和 North Face 的平均售價與單位毛利率的看法？然後也許還有關於庫存的相同問題，即該成分按品牌的外觀如何。

Probably it's probably just me, but I had trouble hearing part of that. So maybe if you could repeat it all again, that would be helpful.

可能只有我這麼說，但我很難聽到其中的一部分。所以如果你能再重複一遍，也許會有幫助。

Sure. So there was 20 bps of pressure from mix shift. So I was just wondering you could elaborate on that and where you'd expect mix to go from here? And then if just Vans the North Face thinking about ASP and units how they look at the past quarter and then inventory composition. So in the down 24%, how does that look by brand?

當然。因此，混合移位產生了 20 個基點的壓力。所以我只是想知道你能詳細說明這一點以及你期望混音從這裡走向何方？然後，如果 Vans the North Face 考慮平均售價和單位如何看待過去的季度，然後考慮庫存組成。那麼，在下降的 24% 中，以品牌來看情況如何？

Yes. I wouldn't be able to give you all the answers to that. What I would say is I think from a mix standpoint, that's a relatively small mix change. I think we expect the mix to be kind of probably be a tailwind for the year, but not in a big way, much like you're seeing here. So I think you'll see some mix help, but we'll see. It could go the other way.

是的。我無法給你所有的答案。我想說的是，從混音的角度來看，這是一個相對較小的混音變化。我認為我們預計這種組合可能會成為今年的順風車，但不會有很大影響，就像你在這裡看到的那樣。所以我想你會看到一些混合幫助，但我們會看到的。事情也可能會走向相反的方向。

The other issue we have is wholesale in general, it depends on our wholesale versus DTC growth. So obviously, if DTC grows faster, it's a mixed health, the growth slower, it's a mix hurt. And I think it will be a good wholesale year, so I'm a little mixed on mix. I think it could be a little bit up, but we'll see. On the ASP versus units, I don't think there's a big story here. Hopefully, as we go through the year and as our promotion starts to fade, we'll have a little bit better story.

我們面臨的另一個問題是批發，這取決於我們的批發與 DTC 的成長。顯然，如果 DTC 成長較快，則屬於混合健康；如果成長較慢，則屬於混合傷害。我認為這將是一個很好的批發年，所以我對混合有點混合。我認為可能會有所上升，但我們拭目以待。關於 ASP 與單位，我認為這裡沒有什麼大不了的。希望隨著這一年的過去以及我們的促銷活動開始消退，我們會有更好的故事。

Okay. Great. And then any color on the inventory by brand?

好的。偉大的。那麼庫存上有依品牌劃分的顏色嗎？

No, I think we're in pretty good shape across the brands. I'm happy to say I feel very good about inventory across everything right now. Where you mean in the channel? Or in our own inventory. I'd say I was speaking mainly in the channel.

不，我認為我們各個品牌的狀況都很好。我很高興地說，我現在對所有方面的庫存都感覺非常好。你指的是頻道中的什麼地方？或在我們自己的庫存中。我想說我主要是在頻道中發言。

Yes. Either one. I was more looking at the 24%, just looks very clean to Adrienne's point, so just thinking about is there any divergence there to keep in mind by brand?

是的。任意一個。我更專注於 24%，對於 Adrienne 的觀點來說，看起來非常乾淨，所以只是想一下，按品牌劃分是否有需要記住的差異？

No, there's not much story there. I mean it's all good solid improvement across the board. I mean, every single brand were down.

不，那裡沒有太多故事。我的意思是，這一切都是全面而堅實的進步。我的意思是，每個品牌都在下跌。

That's great. All right. Best luck for the rest of the year.

那太棒了。好的。祝今年剩下的時間一切順利。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Two quick ones on Vans. First, on when we think back to kind of where the brand went wrong over the last two years, it felt like one of the things that could have been improved upon was having more segmentation and tiering different products for different retailers. Is there any update on how you're thinking about segmentation or how you're executing against that? And then second one is just on lead times. I know you've talked about frustrating the long lead times are in footwear in general, and then particularly for Vans, anything changing there just in terms of your ability to fast track product?

Vans 上有兩個快速的。首先，當我們回想起該品牌在過去兩年中犯的錯誤時，感覺可以改進的事情之一就是為不同的零售商提供更多的細分和分層不同的產品。關於您如何考慮細分或如何執行細分，是否有任何更新？第二個就是交貨時間。我知道您曾經談到過鞋類產品的交貨時間過長令人沮喪，尤其是 Vans，您快速追蹤產品的能力方面有什麼變化嗎？

I'll answer the second one first. The answer is no. It's really not been an area we really try to focus on here in the beginning. I do think the overall lead time, we certainly can't put pressure on move things a little faster, but I do think lead times in general and time to market is a big opportunity. But as I think I said in an earlier call, I'm parking that one for a little while until we get the fundamental business in place, and then we'll worry about that aspect of the business model, but I do think there's upside there.

我先回答第二個問題。答案是不行。這確實不是我們一開始真正想要關注的領域。我確實認為整體交貨時間，我們當然不能施加壓力以加快速度，但我確實認為整體交貨時間和上市時間是一個很大的機會。但正如我在之前的一次電話會議中所說的那樣，我將暫時擱置該項目一段時間，直到我們將基本業務落實到位，然後我們會擔心商業模式的這方面，但我確實認為有好處在那裡。

On segmentation of retailers, yes, I think the thing we've talked about is, I think the key is we just got over distributed into value channels. And so we've pulled back in Europe, we're pulling back in the U.S., and I think that's going to pay dividends.

關於零售商的細分，是的，我認為我們討論的是，我認為關鍵是我們只是過度分配到價值管道。因此，我們在歐洲撤軍，在美國撤軍，我認為這將會帶來回報。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

As you look at the DTC channel, which you had talked about was in line with the fourth quarter, excluding Vans, you mentioned closing some stores on Vans. How should we think about DTC fervent and the other brands? How you're thinking about retail versus digital? And any expansion or just any more color on the wholesale business, how it's different by brand domestically and overseas?

當您查看 DTC 頻道時，您提到頻道與第四季度（不包括 Vans）一致，您提到關閉了 Vans 的一些商店。我們該如何看待 DTC fervent 和其他品牌？您如何看待零售與數位化？批發業務是否有擴張或更多色彩，國內和海外品牌有何不同？

Retail versus digital. Yes, I think the footfall in retail continues to be weak. I'd say just generally all over the western world you had worse traffic than I think people expected, whether it's in malls or out of malls, it's not just exclusive to us, a little bit better on e-tail. On the wholesale business by brand, I'm not sure I'd get into two and break that down too much. I think the I guess, I probably wouldn't say there's too much difference across the board. I mean there's some variation but probably not notable enough to make a big deal out of.

零售與數位。是的，我認為零售業的客流量仍然疲軟。我想說的是，在整個西方世界，無論是在商場內還是商場外，客流量都比我認為人們預期的要差，這不僅僅是我們獨有的，在電子零售上要好一點。對於按品牌劃分的批發業務，我不確定是否應該將其分成兩部分並將其分解太多。我想，我想，我可能不會說整體上有太大差異。我的意思是存在一些差異，但可能還不夠顯著，不足以引起重視。

Thank you.

謝謝。

Thank you. Sorry, it wasn't more helpful Dana.

謝謝。抱歉，這對達納並沒有太大幫助。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

I want to follow up one more question on Vans. Could you maybe just break down a little more of the drivers of the improvement you're seeing in Europe in the EMEA region, given that it sounds like sell-throughs are still a bit challenging at DTC. So just to a more color on what drove the sequential improvement? And do you think that's a region that could flip positive first for Vans? Or are there different dynamics going on?

我想再跟進一個關於 Vans 的問題。鑑於聽起來 DTC 的銷售仍然有點困難，您能否詳細分析您在歐洲、中東和非洲地區看到的改善的驅動因素。那麼只是為了更清楚地了解推動持續改善的因素嗎？你認為這對 Vans 來說是一個可以先轉好的地區嗎？或者是否存在不同的動態？

Yes. I mean I don't have too much to say about it except that wholesale was stronger than DTC, as we said earlier. And I think that's because we really have a lot of opportunity in wholesale. Wholesale is bigger relatively speaking, in Europe than it is in the Americas, of course. So I'm kind of optimistic in general, but I'm also optimistic about EMEA, as you said, turning first.

是的。我的意思是，我對此沒什麼好說的，只是批發比 DTC 更強，正如我們之前所說的。我認為這是因為我們在批發方面確實有很多機會。當然，相對而言，歐洲的批發規模比美洲更大。因此，我總體上持樂觀態度，但我也對歐洲、中東和非洲地區持樂觀態度，正如您所說，首先轉向歐洲、中東和非洲。

We'll see at what point that happens. I think I might have at least implied in an earlier call it. If you ask me what region might turn first. I'm more optimistic that I'm somewhat optimistic that it will be EMEA first and partly because of the wholesale component.

我們將看看什麼時候會發生這種情況。我想我至少可能在之前的一次通話中暗示過這一點。如果你問我哪個地區會先轉。我更樂觀的是，我對歐洲、中東和非洲地區首先感到樂觀，部分原因是批發成分。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you so much. I think that's the last question, wasn't? Great. Well, thank you all. It's been a really exciting quarter for us with a lot of changes. As I said, I don't expect that to let up. Can't wait to see here or both all of you in October and Paul will get to say more than just his name and birthday.

太感謝了。我認為這是最後一個問題，不是嗎？偉大的。嗯，謝謝大家。對我們來說，這是一個非常令人興奮的季度，發生了很多變化。正如我所說，我預計這種情況不會減弱。迫不及待地想在十月見到這裡，或者你們所有人，保羅將不僅僅說出他的名字和生日。

So he's excited, too. And I'll have a few more people on with us. So I think this is going to be a really exciting meeting and can't wait to see you all. And now we'll get back to finish the second quarter. So thanks a lot.

所以他也很興奮。我也會邀請更多人加入我們。所以我認為這將是一次非常令人興奮的會議，我迫不及待地想見到大家。現在我們將結束第二季。非常感謝。

That concludes today's session. Thank you all for joining. You may now disconnect.

今天的會議到此結束。感謝大家的加入。您現在可以斷開連線。