威富公司 (VFC) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the VF Corporation second quarter fiscal year 2025 earnings conference call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我叫艾比，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 財年第二季財報電話會議。 （操作員說明）

And I would now like to turn the conference over to Allegra Perry, Vice President of Investor Relations. You may begin.

現在我想將會議交給投資者關係副總裁 Allegra Perry。你可以開始了。

Hello, and welcome to VF Corporation's second 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.

您好，歡迎參加 VF Corporation 2025 財年第二季電話會議。今天電話會議的參與者將發表前瞻性聲明。這些陳述是基於目前的預期，並受到可能導致實際結果存在重大差異的不確定性的影響。這些不確定性在定期向 SEC 提交的文件中有詳細說明。

Unless otherwise noted, amounts referred to on today's call will be on an adjusted constant dollar and continuing operations basis, which we've defined in the press release that was issued this afternoon and which we use as lead numbers in our discussion, because we believe they more accurately represent the true operational performance and underlying results of our business.

除非另有說明，今天電話會議中提到的金額將基於調整後的固定美元和持續運營基礎，我們在今天下午發布的新聞稿中對此進行了定義，並在我們的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結果。

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.

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整表，該表格確定並量化了所有排除項目，並提供了管理層對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.

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。

I'll now hand over to Bracken.

現在我將把任務交給布雷肯。

Thank you, Allegra, and thanks to all of you for joining us. This is a fun week for us. Today, we'll update you on Q2 and get all the discussions of it and Q3 behind us. Then day after tomorrow, we'll give you a deeper look at what our game plans are ahead. I'm putting in a plug now for the event which will be broadcast live and you'll get to meet a few more people from our team.

謝謝你，阿萊格拉，也謝謝你們所有人加入我們。這對我們來說是有趣的一周。今天，我們將向您介紹第二季的最新情況，並將其和第三季的所有討論都拋在腦後。然後後天，我們將讓您更深入地了解我們未來的遊戲計劃。我現在正在為該活動插入插頭，該活動將進行現場直播，您將能夠見到我們團隊中的更多人。

Q2 was another quarter of really good progress. We delivered on our expectations consistent with the guardrails we provided last quarter. And VF's transformation continues, and within that, we're making strong strides in advancing our priorities.

第二季度是又一個取得了良好進展的季度。我們實現了與上季提供的護欄一致的預期。 VF 的轉型仍在繼續，在此過程中，我們在推進我們的優先事項方面取得了重大進展。

While Q2 revenue was still down as we expected, we had our third straight quarter, a sequential improvement in the decline rate, with moderating declines of Vans in the Americas and really almost everywhere else too. We expanded gross margins and we did a little better on SG&A relative to our own expectations. Paul will talk you through the financial results later in the call.

雖然第二季的收入仍然如我們預期的那樣下降，但我們已經連續第三個季度下降，下降率連續改善，Vans 在美洲和幾乎其他地方的下降幅度有所放緩。我們擴大了毛利率，並且相對於我們自己的預期，我們在 SG&A 方面做得更好一些。保羅將在稍後的電話會議中向您介紹財務業績。

Moving on to Reinvent. As we pass the one-year anniversary when we introduced you to the program, my confidence and excitement about the transformation taking place at VF only continues to grow. I'll save a lot of the detail and future plans for later this week at the investor event, but today, I'll give you a high-level update on the further progress we made in Q2 on our four stated priorities.

繼續重塑。當我們向您介紹該計劃一周年之際，我對 VF 正在發生的轉變的信心和興奮與日俱增。我將在本週稍後的投資者活動中保留很多細節和未來計劃，但今天，我將向您提供有關我們在第二季度在四個既定優先事項方面取得的進一步進展的高級更新。

The first priority was to lower our cost base. We generated another $65 million in cost savings during Q2, and as guided, we've now fully executed all actions to deliver $300 million in cost savings by the end of this fiscal year. We fully intend to go beyond this initial savings target as we'll discuss Wednesday. We're also continuing to reinvest some of that back into the business, as you know, focused on the key areas of product and brand building.

首要任務是降低我們的成本基礎。我們在第二季度又節省了 6500 萬美元的成本，按照指導，我們現在已全面執行所有行動，以便在本財年末實現 3 億美元的成本節省。我們完全打算超越這個最初的節省目標，正如我們將在周三討論的那樣。如您所知，我們也將繼續將其中一些資金重新投資回業務，並專注於產品和品牌建立的關鍵領域。

The second priority was to strengthen our balance sheet. We made a significant step forward this quarter. Our work to normalize inventories continues and we delivered a further reduction in the quarter despite building for our upcoming peak season. Inventories were down 13% at the end of the quarter versus last year. Net debt was further reduced by almost $450 million compared to this time last year.

第二個優先事項是加強我們的資產負債表。本季我們向前邁出了重要一步。我們的庫存正常化工作仍在繼續，儘管為即將到來的旺季進行了建設，但我們在本季度進一步減少了庫存。本季末庫存量比去年同期下降 13%。與去年同期相比，淨債務進一步減少近 4.5 億美元。

And of course, you will have seen that just after the end of the quarter, we concluded the supreme divestiture. The nets proceeds of almost $1.5 billion were in the bank. And just as fast, they went right back out to pay the $1 billion term loan after the quarter closed. And we're on track to pay the next term loan of $750 million by the end of the year.

當然，您會看到，就在本季結束後，我們完成了最高資產剝離。近 15 億美元的淨收益存入銀行。同樣快的是，他們在季度結束後立即回去支付 10 億美元的定期貸款。我們預計在今年年底前支付下一筆 7.5 億美元的定期貸款。

Third one was that we would fix the US business. Our America's business improved sequentially with revenue down 9% in Q2 compared to down 13% in Q1. The new fully operational regional platform is starting to deliver tangible results, driven by a quarter -- or greater emphasis on brand elevation and full-price sales. Importantly, we continue to improve our forecasting accuracy and have now delivered 10 consecutive months on our internal plan.

第三個是我們將修復美國業務。我們的美國業務季有所改善，第二季營收下降 9%，第一季營收下降 13%。在季度的推動下，新的全面運作的區域平台開始帶來切實的成果，或更強調品牌提升和全價銷售。重要的是，我們不斷提高預測準確性，現在已連續 10 個月實現內部計劃。

And the last one, delivering the Vans turnaround. The brand's overall performance in Q2 was down 11%, a significant improvement relative to last quarter when we were down 21%. This down 11% was as expected. There are further signs that we're making progress, which we'll continue to build under Sun's leadership.

最後一件，讓 Vans 實現了扭虧為盈。該品牌第二季的整體業績下降了 11%，與上季下降 21% 相比有了顯著改善。下降 11% 符合預期。還有更多跡象表明我們正在取得進展，我們將在 Sun 的領導下繼續取得進展。

For a product standpoint, Knu Skool continues its strong momentum and further strengthened its position as the number two franchise globally. We're seeing some encouraging results from other new product franchises launched over the summer, particularly Upland and High Lane.

從產品角度來看，Knu Skool 繼續保持強勁勢頭，並進一步鞏固了其全球第二大特許經營權的地位。我們看到夏季推出的其他新產品系列取得了一些令人鼓舞的成果，特別是《Upland》和《High Lane》。

Our brand elevation is starting to resonate too. Through the OTW, premium label, and influencer program, Vans is targeting influencers and early adopters using cities and moments and product collaborations. During New York City Fashion Week a few weeks ago, the brand engaged with fashion influencers have made a significant cultural impact by spotlighting the Satoshi and Pearlized OTW Classics, which we sold through at 100% levels. I'll be wearing your Pearlized OTW Classics against Brent Hyder, our CHRO's better recommendation, because I think you'll love them.

我們的品牌提升也開始引起共鳴。透過 OTW、優質品牌和影響者計劃，Vans 利用城市、時刻和產品合作瞄準影響者和早期採用者。在幾週前的紐約時裝週期間，該品牌與時尚影響者合作，透過重點關注 Satoshi 和 Pearlized OTW 經典產品，產生了重大的文化影響，我們的銷售率達到了 100%。我將穿著您的 Pearlized OTW Classics 對陣 Brent Hyder，這是我們 CHRO 的更好推薦，因為我認為您會喜歡它們。

The Piet Parra collaboration was sold out in five minutes upon launch in September. And our consumer search interest trended positive in Q2 in key markets.

Piet Parra 合作款於 9 月推出後五分鐘內就已售罄。第二季度，我們在主要市場的消費者搜尋興趣呈現正面趨勢。

Now let me give you a short update on the North Face. As we previewed last quarter, revenue was down sequentially in Q2 because of the super strong comparison to prior year when we were up 17%. We were right in line with the guardrails we gave last quarter.

現在讓我向您簡要介紹一下 North Face 的最新情況。正如我們上季度所預測的那樣，第二季的營收環比下降，因為與去年同期相比成長了 17%。我們與上季給出的護欄完全一致。

During the quarter, we saw a particularly strong performance from backpacks during back to school. The brand also continued to have strong growth in APAC driven by Summit Series. We had some big wins in EMEA too, where we delivered our strongest month ever in September and where our athlete, Katie Schide, broke a course record and won the famous Altered Trail du Mont Blanc race in August, wearing head to toe the North Face.

在本季度，我們看到背包在返校期間表現特別強勁。在峰會系列的推動下，該品牌在亞太地區也持續強勁成長。我們在歐洲、中東和非洲地區也取得了一些重大勝利，我們在9 月份取得了有史以來最強勁的成績，我們的運動員Katie Schide 打破了賽道記錄，並在8 月份贏得了著名的Altered Trail du Mont Blanc 比賽，從頭到腳都穿著North Face 。

The brand launched its first global brand campaign in over three years, generating a strong response on digital media, particularly with women.

該品牌推出了三年多來的首次全球品牌活動，在數位媒體上產生了強烈反響，尤其是在女性群體中。

And we're investing in our stores. Our recently opened North Bay store on sixth Street in Williamsburg, Brooklyn, includes our first ever shop in shop for the North Face Renewed, a program we've had in place to refurbish recycle and resell the North Face product. We're also excited and recently announced our commitment to a new 5th Avenue location, which will open in the fall of 2025.

我們正在投資我們的商店。我們最近在布魯克林威廉斯堡第六街開設了北灣店，其中包括我們第一家 North Face Renewed 店中店，這是我們實施的翻新回收和轉售 North Face 產品的計劃。我們也很興奮，最近宣布我們承諾在第五大道開設一個新店，該店將於 2025 年秋季開業。

Finally, we're proud of the Time Magazine recently ranked the North Face the world's best brand in the outdoor apparel category.

最後，我們為《時代》雜誌最近將 North Face 評為全球戶外服裝類別最佳品牌而感到自豪。

Turning to Timberland. Revenue for the brand continued to improved sequentially to negative 3% in Q2 compared to negative 9% in Q1. The Yellow Boot continues to perform well globally with ongoing momentum, enhanced by the new iconic campaign launched in September, which is driving traffic to our stores and online and also contributing to the growth of the boot.

轉向添柏嵐。該品牌的營收持續改善，第二季為負 3%，而第一季為負 9%。 Yellow Boot 在全球範圍內繼續表現良好，勢頭強勁，9 月份推出的新標誌性活動進一步增強了這一勢頭，這增加了我們商店和網上的流量，也促進了該靴子的增長。

Looking ahead, we feel good about where we're heading in Q3. We expect to drive further sequential improvement that builds on the progress we've made in the last few quarters.

展望未來，我們對第三季的發展方向感到滿意。我們期望在過去幾個季度取得的進展的基礎上進一步推動連續改進。

Now I'll hand it over to Paul, who will take you through the financials in more detail, and I'll come back at the end to wrap it up. Paul?

現在我將把它交給保羅，他將帶你更詳細地了解財務狀況，最後我會回來總結它。保羅？

Thanks, Bracken. Good afternoon, everyone. It's been a great first four months, and I'm looking forward to unveiling more information about our long-term financial potential at our Investor Day on Wednesday.

謝謝，布雷肯。大家下午好。前四個月非常棒，我期待在周三的投資者日上公佈更多有關我們長期財務潛力的信息。

Moving on to Q2. As Bracken mentioned, we continue to advance VF's transformation and continue to move forward as we made progress in reducing costs, strengthening the balance sheet, fixing the Americas, and turning around Vans.

繼續第二季。正如 Bracken 所提到的，我們將繼續推動 VF 的轉型，並在降低成本、強化資產負債表、修復美洲地區以及扭轉 Vans 方面取得進展，繼續前進。

Recapping the quarter, Q2 was largely in line with expectations, with sequential improvement in revenue and a positive inflection in gross margin. Total Q2 revenue was down 6% year over year, which marks an improvement from down 10% in Q1.

回顧本季度，第二季度基本上符合預期，營收季比改善，毛利率出現正面變化。第二季總營收年減 6%，較第一季下降 10% 有所改善。

By brand, Vans was down 11% versus last year, improving from Q1 of down 21%. We are seeing the benefits from the inventory cleanup actions taken over the past few quarters, particularly on profitability as we rightsize the brand's cost structure.

按品牌劃分，Vans 銷量較去年下降 11%，較第一季下降 21% 有所改善。我們看到了過去幾季採取的庫存清理行動所帶來的好處，特別是在我們調整品牌成本結構時的獲利能力。

The North Face revenue was down 4%, in line with the guardrails we gave you last quarter, given the strong prior-year Q2 comp of up 17% from shipping timing normalization. Greater China continued its strong momentum, but this was offset by ongoing America's pressure.

鑑於去年第二季因出貨時間正常化而實現的強勁成長 17%，The North Face 營收下降了 4%，與我們上季給出的預測一致。大中華區持續保持強勁勢頭，但這被美國持續施壓所抵消。

Timberland was down 3% in the quarter versus Q1, down 9%, as we saw strong growth in premium boots. And rounding out our top four brands, Dickies was down 11% in Q2, an improvement from Q1 to decline of 14% and the third sequential quarter of improvement.

Timberland 本季的銷售額較第一季下降 3%，下降 9%，因為我們看到優質靴子的強勁增長。在排名前四的品牌中，Dickies 在第二季度下降了 11%，較第一季有所改善，降幅為 14%，連續第三季有所改善。

By region, the Americas was down 9% in Q2 compared to down 13% in Q1. In EMEA, we were down 5% in the quarter, but September marked the biggest month ever for the region, though wholesale trends weighed on performance. The APAC region was up 5% in Q2, led by strength in the North Face and China.

按地區劃分，美洲第二季下降 9%，第一季下降 13%。在歐洲、中東和非洲地區，我們本季下降了 5%，但 9 月是該地區有史以來最大的一個月，儘管批發趨勢對業績造成了壓力。在 North Face 和中國的強勁帶動下，亞太地區第二季成長了 5%。

By channel, we saw sequential improvement in both global DTC and wholesale as DTC improved to down 8% after contracting 13% in Q1 and wholesale was down 5% after being down 7% in Q1. Gross margin was up 120 basis points versus last year to 52.2%, reflecting the positive and in line with our expectations and primarily due to product cost tailwinds.

按通路劃分，我們看到全球 DTC 和批發量較上季改善，DTC 在第一季收縮 13% 後下降 8%，批發在第一季下降 7% 後下降 5%。毛利率較去年增長 120 個基點，達到 52.2%，反映了積極的情況，符合我們的預期，這主要是由於產品成本的推動。

SG&A dollars were down 14% versus last year, or down 1%. This was better than our expectations of up $25 million to $35 million, as we realized higher Reinvent savings in the quarter. In addition, there was a shift of some spending from Q2 into Q3, roughly $10 million to $15 million. We did see SG&A deleverage overall of 180 basis points year over year to 40.8% of sales.

SG&A 美元比去年下降 14%，即下降 1%。這比我們預期的 2500 萬至 3500 萬美元要好，因為我們在本季度實現了更高的 Reinvent 節省。此外，一些支出從第二季度轉移到了第三季度，大約為 1000 萬美元到 1500 萬美元。我們確實看到 SG&A 整體去槓桿化年減了 180 個基點，佔銷售額的 40.8%。

During the quarter, we realized approximately $65 million of total Reinvent savings bringing us to a cumulative total of approximately $200 million since we initiated the program. We are on track to deliver $300 million of savings. These savings offset additional investment in marketing and product ahead of the holiday season, more normalized incentive compensation, and inflation.

本季度，我們實現了大約 6500 萬美元的 Reinvent 節省，使我們自啟動該計劃以來累計節省了大約 2 億美元。我們預計節省 3 億美元。這些節省抵消了假期季節之前對行銷和產品的額外投資、更正常化的激勵薪酬和通貨膨脹。

This resulted in operating margin of 11.4%, down 60 basis points versus last year and operating income of $315 million. Diluted earnings per share of $0.60 was down $0.03 versus fiscal '24, aided by a lower tax rate for the quarter. This reflects favorable discrete items within the quarter.

營業利益率為 11.4%，比去年下降 60 個基點，營業收入為 3.15 億美元。由於本季稅率較低，稀釋後每股收益為 0.60 美元，與 24 財年相比下降了 0.03 美元。這反映了本季有利的離散項目。

Turning to the balance sheet. We continue to make good progress on inventories as we ended Q2 down 13%. And as Bracken mentioned, we mentioned we completed the sale of Supreme at the beginning of the month and made an important step towards our key financial priority of deleveraging our balance sheet by paying down the $1 billion term loan.

轉向資產負債表。我們在庫存方面繼續取得良好進展，第二季末庫存下降了 13%。正如Bracken 所提到的，我們提到我們在本月初完成了Supreme 的出售，並通過償還10 億美元的定期貸款，朝著我們的關鍵財務優先事項（去槓桿化資產負債表）邁出了重要一步。

Before I move into the details of our expectations for Q3, I want to share some thoughts on how we will be issuing guidance. Moving forward, we will provide revenue and profit guidance one quarter out, starting with Q3. Overall, we expect Q3 to show further sequential improvement across the business.

在詳細介紹我們對第三季的預期之前，我想分享一些關於我們將如何發布指導的想法。展望未來，我們將從第三季開始在一個季度後提供收入和利潤指引。總體而言，我們預計第三季整個業務將出現進一步的連續改善。

For revenue, we expect Q3 to be in the range of $2.7 billion to $2.75 billion, translating to a decline of down 1% to down 3% on a reported basis. We are modeling FX to have approximately a negative 100-basis-point impact on our reported growth rates. This trend reflects a continued stabilization of revenue trends, driven by wholesale improvements compared to last year when, as a reminder, we took inventory actions, which impacted both Q3 and Q4 of fiscal '24.

對於收入，我們預計第三季營收將在 27 億美元至 27.5 億美元之間，即按報告數據下降 1% 至 3%。我們正在對外匯進行建模，結果對我們報告的成長率產生約 100 個基點的負面影響。這一趨勢反映了收入趨勢的持續穩定，這是由於與去年相比批發改善所推動的，提醒一下，我們採取了庫存行動，這影響了 24 財年的第三季和第四季。

Moving down the P&L, we expect Q3 operating income to be in the range of $170 million to $200 million, with gross margin up year over year, benefiting from lower product costs and fewer reserves. And SG&A is expected to be up modestly year over year, mainly a result of the reintroduction of incentive compensation as we have discussed in prior quarters. Additionally, we expect more variability in the tax rate by quarter. For Q3, we're expecting the tax rate to be in the low 20s versus Q2 in the mid-teens.

從損益表來看，我們預計第三季營業收入將在 1.7 億美元至 2 億美元之間，毛利率將年上升，受益於較低的產品成本和較少的儲備。 SG&A 預計將同比小幅增長，這主要是由於我們在前幾個季度討論了重新引入激勵性薪酬的結果。此外，我們預計稅率按季度會有更大的變化。對於第三季度，我們預計稅率將在 20 多歲左右，而第二季度的稅率將在 15 多歲左右。

And while we're not providing Q4 guidance at this time, I want to give a little bit of color on expectations for the quarter. For starters, we expect Q4 to show another quarter of sequential improvement in year-on-year revenue trends. We expect gross margin to be up and SG&A to grow at a similar rate to Q3.

雖然我們目前沒有提供第四季度的指導，但我想對本季的預期給予一些說明。首先，我們預期第四季營收年增率將再出現一個季度的環比改善。我們預計毛利率將上升，SG&A 將以與第三季相似的速度成長。

For the full year, we expect free cash flow of around $425 million, with core fundamentals in line with prior guidance. When looking at the $600 million guidance we gave earlier in the year, our updated forecast reflects the $140 million impact from the sale of Supreme and a slightly higher benefit from the sale of non-core physical assets. Additionally, given the success so far of our Reinvent initiatives, we have decided to fund an additional $50 million into cost savings, which should drive additional savings in fiscal '26.

我們預計全年自由現金流約為 4.25 億美元，核心基本面符合先前的指引。考慮到我們今年稍早給出的 6 億美元指引，我們更新後的預測反映了出售 Supreme 帶來的 1.4 億美元影響以及出售非核心實體資產的略高收益。此外，鑑於我們的 Reinvent 計劃迄今為止的成功，我們決定額外資助 5000 萬美元用於成本節約，這應該會在 26 財年帶來更多節約。

So in summary, we continue to make progress on our key financial priorities. I'm looking forward to speaking to you all again in a couple of days and providing further insights to our financial strategy. I'll now turn it back over to the operator for Q&A.

總而言之，我們繼續在關鍵財務優先事項上取得進展。我期待著幾天後再次與大家交談，並為我們的財務策略提供進一步的見解。我現在將其轉回給接線員進行問答。

(Operator Instructions) Adrienne Yih, Barclays.

（操作員說明）Adrienne Yih，巴克萊銀行。

It's great to see the progress. Bracken, you talked about sort of increasingly being able to predict the business. I'm really curious what are the drivers of the business that are becoming more predictable? And I really wanted to hear about specifically those that drive the top line and then obviously, particularly Vans followed by [PNF]?

很高興看到進展。布雷肯，你談到了越來越能夠預測業務。我真的很好奇業務變得更加可預測的驅動因素是什麼？我真的很想聽聽那些推動營收成長的產品，尤其是 Vans，其次是 [PNF]？

And then, Paul, what are the incremental investments that you're contemplating? Is it brand building, demand creation outside of the incentive comp? Thank you very much.

那麼，保羅，您正在考慮的增量投資是什麼？是激勵補償以外的品牌建立、需求創造嗎？非常感謝。

Thank you, Adrienne. Thanks a lot for the comment. Yeah, so this is 10 consecutive quarters in a row in the Americas, which was our most difficult thing to predict before. And we're really focused on -- our focus is really on the P&L. It's really not only revenue, but also our gross margins and our SG&A.

謝謝你，艾德麗安。非常感謝您的評論。是的，這是美洲地區連續 10 個季度，這是我們之前最難預測的事情。我們真正關注的是損益表。這實際上不僅是收入，還包括我們的毛利率和銷售管理費用。

We're really able to predict across the board. Underneath that, to be able to predict that, you've got to have -- and I'll stay with revenue for a second, you got to have a pretty good sense for every part of the world, what they're going to do. And so it's obviously been true in the Americas, but it's also been true in EMEA and APAC. So I just feel really good about our ability to roll up a forecast and have it be pretty accurate.

我們確實能夠全面預測。在此之下，為了能夠預測這一點，你必須——我會先談談收入，你必須對世界的每個部分都有很好的了解，他們將要做什麼。顯然，這在美洲是這樣，在歐洲、中東和非洲和亞太地區也是如此。因此，我對我們匯總預測並使其非常準確的能力感到非常滿意。

Yeah. And on the investment side, it's really two things. It's really on product and marketing. We'll continue to make sure that we can invest in those areas as we reinvest the savings from Reinvent.

是的。在投資方面，這實際上是兩件事。這實際上是關於產品和行銷的。我們將繼續確保我們可以在這些領域進行投資，因為我們將 Reinvent 節省的資金進行再投資。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Congrats, Bracken and Paul, for the progress you're making. Bracken, I was curious to know, how is the health of your overall wholesale business? And what do you see your inventory levels look like going into the holidays?

恭喜布雷肯和保羅的進步。布雷肯，我很好奇，你們的批發業務整體健康狀況如何？您認為假期期間的庫存水準如何？

And then maybe, Paul, just on the cash flow guide. Can you just maybe, if you could, give us some guardrails around the free cash flow for the second half? I think it's about $700 million. How do we think about it between 3Q and 4Q?

保羅，也許就在現金流指南上。如果可以的話，您能否為我們下半年的自由現金流提供一些保障？我認為大約是 7 億美元。第三季到第四季我們如何看待？

Thank you, Laurent. And on the overall wholesale business, I feel good about it. I think we're really on the right trajectory. We're really on the comeback trail here across the board. And in the Americas, the creation of this Americas region has really had a strong impact, especially with our key accounts there where we're starting to see good strong momentum.

謝謝你，洛朗。對於整個批發業務，我感覺很好。我認為我們確實走在正確的軌道上。我們確實正全面走上復興之路。在美洲，這個美洲地區的創建確實產生了巨大的影響，特別是我們在那裡的主要客戶，我們開始看到良好的強勁勢頭。

In terms of channel inventories, I feel good about our channel inventories around the world. I mean, there are a few puts and takes, I would say. We're a little short in some places where the winter came late last year. So people were probably a little slow to take some of the inventory in for the North Face of things in those parts of the world. But overall, I feel really good about the channel inventory there.

在通路庫存方面，我對我們在全球的通路庫存感覺良好。我的意思是，我想說，有一些投入和採取。去年冬天來得較晚的一些地方，我們的物資有點短缺。因此，人們對世界上這些地區的事物進行一些清查的速度可能有點慢。但總的來說，我對那裡的渠道庫存感覺非常好。

And then I'd say we're probably a little high in places like China, where it's been, honestly, in a turnaround, you've usually got a few places that are slow to turn. I think Vans is one of the slowest to turn there in China where it's kind of two steps about forward and two steps back. But overall, I feel really good about the Vans turnaround. I feel really good about the channel inventory.

然後我想說，我們在中國這樣的地方可能有點高，老實說，那裡一直在轉變，通常有一些地方轉變緩慢。我認為 Vans 是中國轉向最慢的公司之一，前進兩步，後退兩步。但總的來說，我對 Vans 的轉變感覺非常好。我對渠道庫存感覺非常好。

Yeah. On the free cash flow side, we're not going to guide quarters out. There's always so much variability in terms of free cash flow, what happens in each quarter. But I will say just kind of reiterate what I said in my prepared remarks, which is think we feel really good about where free cash flow is coming in on the year relative to what we had given us as guidance starting to the year.

是的。在自由現金流方面，我們不會指導季度。每個季度發生的自由現金流總是存在著很大的變化。但我想說的是，重申我在準備好的演講中所說的話，即相對於我們年初給我們的指導，我們對今年自由現金流的情況感到非常滿意。

And particularly, we're right in line with expectations, even maybe slightly a little bit better. And the change in this quarter and particularly in terms of the full year is really about taking that and using that $50 million to reinvest in the business for the benefit of '26. So again, in line on the overall core fundamentals on free cash flow and feel really good about the trajectory and where it's headed.

特別是，我們完全符合預期，甚至可能稍微好一點。本季的變化，特別是全年的變化，實際上是為了利用這 5,000 萬美元對業務進行再投資，以造福 26 年。再次強調，這符合自由現金流的整體核心基本面，並對發展軌跡和發展方向感到非常滿意。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

So I was curious just how to think about your fixed risk variable costs at this point. As you just said, you're much closer to the revenue and profit improvement. Just thinking about the puts and takes, but really great gross margin, you're working your way through cost savings, the adjusted operating margin is narrowing its GAAP, still down. So just trying to think about how to think about ongoing deleverage impact, maybe the reinvestment priorities and any other expense pressure points as we walk towards that sales return. Thanks, guys.

所以我很好奇此時如何考慮固定風險變動成本。正如您剛才所說，您距離收入和利潤的改善更近了。只考慮看跌期權和賣出期權，但毛利率確實很高，你正在通過節省成本來努力，調整後的營業利潤率正在縮小其公認會計原則，但仍然下降。因此，只要試著思考如何考慮持續的去槓桿化影響，也許是再投資優先事項以及當我們走向銷售回報時的任何其他費用壓力點。謝謝，夥計們。

Simeon, that is such a good question that we're going to answer it on Wednesday. It is a great question. Thanks for it. We'll give you a good glimpse at that on Wednesday.

西蒙，這是一個很好的問題，我們將在周三回答。這是一個很好的問題。謝謝你。我們將在周三讓您一睹其風采。

By the way, thank you for the comments on the improvement, and we feel the same. We really do feel like we've got good momentum across the P&L.

順便說一下，感謝您對改進的意見，我們也有同感。我們確實覺得我們在損益表方面擁有良好的勢頭。

Bracken, since we did that, can I throw in and maybe if this is for Wednesday as well, just curious, AUR versus units, maybe the past quarter, which maybe you're more comfortable and then how you're thinking about how you elevate the brand? How you're just thinking about that discrepancy?

Bracken，既然我們這樣做了，我可以插一句，也許這也是周三的，只是好奇，AUR 與單位，也許是上個季度，也許你更舒服，然後你如何思考你如何提升品牌？你怎麼會想到這種差異？

Yeah. We usually don't give that level of detail, so I won't know, so I won't now, but -- and we don't plan to do it Wednesday either. But I would say, overall, I feel good about the brand elevation program we've got internally. I think we're really on the right track. It's going to take time to play out.

是的。我們通常不會提供如此詳細的信息，所以我不知道，所以我現在不會，但是 - 我們也不打算在周三這樣做。但我想說，總的來說，我對我們內部的品牌提升計畫感覺很好。我認為我們確實走在正確的軌道上。這需要時間才能發揮出來。

I mentioned some of the things about OTW in Vans, which is the top end of that, the real tip of the spear. But I think we're on the right path. It's going to take a few years to really get into a full-scale elevation game, but that's where we're headed.

我提到了 Vans 中關於 OTW 的一些事情，這是最頂端的，真正的矛尖。但我認為我們走在正確的道路上。真正進入全面的海拔遊戲需要幾年的時間，但這就是我們的前進方向。

Yeah. I would just add one minor thing, which is we are definitely seeing more full-price selling in the last quarter, which is encouraging.

是的。我只想補充一件小事，那就是我們肯定會在上個季度看到更多的全價銷售，這是令人鼓舞的。

Michael Binetti, Evercore.

邁克爾·比內蒂，Evercore。

Congrats on a lot of progress. Glad to see it. So I guess, since Vans and Vans America specifically is a big focus, could you help us understand just to the best that you're willing to share the channels in America?

祝賀取得了很大進步。很高興看到它。所以我想，既然 Vans 和 Vans America 特別是一個重點，你能幫助我們盡可能地了解你願意分享美國的管道嗎？

I know in the past, you've said DTC would be where we would see the turn for Vans first. I think a lot of the POS data that people look at through the quarter was certainly worse than down [9] that you reported. So I'm just curious if we're getting close to positive on the wholesale side. Is that actually leading D2C at this point? Or maybe just how to think about that.

我知道過去你說過 DTC 是我們首先看到 Vans 出現的地方。我認為人們在本季度看到的許多 POS 數據肯定比您報告的下降 [9] 更糟。所以我只是好奇我們在批發方面是否接近積極。目前這真的是領先的 D2C 嗎？或者也許只是如何思考這個問題。

And then I guess, stepping back a little more broadly, any examples of how -- maybe you're willing to share on the evolving conversations with some of your wholesale partners now that you're starting to see some green shoots with the new product.

然後我想，從更廣泛的角度來看，任何關於如何的例子——也許你願意與你的一些批發合作夥伴分享不斷發展的對話，因為你開始看到新產品的一些萌芽。

Yeah. First of all, we did not say that we thought DTC would turn first in Vans. We actually said they were reversed. I said I thought it would probably be -- it's a little counterintuitive. I said it probably can turn in wholesale first.

是的。首先，我們並沒有說我們認為DTC會在Vans中先轉。我們實際上說他們顛倒了。我說我認為這可能是——這有點違反直覺。我說可能可以先批發。

Wholesale is outperforming DTC right now, which isn't too big a shock when you consider the traffic issue. The wholesalers continue to have plenty of traffic. We're dependent on generating our own. So it's going to take a little longer to get there as the products improve and the pipelines improve. You've got a really a clean set of products in the wholesale channel that people are coming in and discovering.

Wholesale 目前的表現優於 DTC，考慮到流量問題，這並不算太大的衝擊。批發商仍然擁有充足的客流量。我們依賴自己生產。因此，隨著產品的改進和管道的改進，實現這一目標需要更長的時間。您在批發管道中擁有一套非常乾淨的產品，人們正在進入並發現這些產品。

And to answer the second part of your question, I think wholesalers overall have given us really positive feedback on the path we're on with Vans. And I think we'll continue to see improvement. So I feel good about it.

為了回答你問題的第二部分，我認為批發商總體上給了我們關於 Vans 發展道路的非常積極的回饋。我認為我們將繼續看到進步。所以我對此感覺很好。

If I could throw in one more. Any early examples of how the regional platform is starting to benefit the day-to-day go-to-market process at the brands?

如果我能再丟一個就好了。有哪些早期例子可以說明區域平台如何開始使品牌的日常上市流程受益？

Yeah. I'll repeat the one I gave earlier, but there are others. Our key accounts really in that regional platform is one of the things that we've done historically very well in EMEA under Martino and in APAC and under Martino, is we've consistently done a good job of really, really deeply understanding the biggest accounts and making sure we're bringing all we can to help them grow and help ourselves grow.

是的。我將重複我之前給出的內容，但還有其他內容。我們在該區域平台上的關鍵客戶是我們在馬蒂諾領導下的歐洲、中東和非洲地區以及亞太地區和馬蒂諾領導下歷來做得很好的事情之一，我們一直在真正、非常深入地了解最大的客戶方面做得很好確保我們竭盡全力幫助他們成長並幫助我們自己成長。

And we're starting to see that in our top accounts in the Americas. And I think you'll see more and more. They'll benefit every account we have, every wholesale account, but in the beginning, it's going to especially benefit the big ones, and it is.

我們開始在美洲的頂級客戶中看到這一點。我想你會看到越來越多。它們將使我們擁有的每個帳戶、每個批發帳戶受益，但在一開始，這將特別使大客戶受益，而且確實如此。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

I was hoping we could dive a bit deeper into your expectations for the puts and takes on gross margin as we go forward, especially given your cleaner wholesale path, the better full price selling comment that you just gave, but also some of the benefits from product costs.

我希望在我們前進的過程中，我們能夠更深入地了解您對看跌期權和毛利率的預期，特別是考慮到您的批發路徑更清晰，您剛剛給出的更好的全價銷售評論，而且還有一些好處產品成本。

Can you help us understand the magnitude and relative strength of each one of those benefits that we should expect over the course of the next couple of quarters? And what your outlook is for recapturing that gross profit margin?

您能否幫助我們了解在接下來的幾季中我們應該預期的每一項好處的程度和相對強度？您對重新獲得毛利率的前景有何看法？

Yeah. I mean, we're not getting in too much detail on that. I would say, as I mentioned, we expect gross margin to be up in Q3 and up again in Q4. Keep in mind, we do have some benefit from the actions that were taken last year in Q3 and Q4. So that will also help in terms of kind of where we're headed.

是的。我的意思是，我們不會對此進行太多詳細介紹。我想說，正如我所提到的，我們預計第三季的毛利率將上升，第四季將再次上升。請記住，我們確實從去年第三季和第四季採取的行動中受益。因此，這也將對我們的發展方向有所幫助。

But in general, it's a lot of things we've laid out and we'll get into a little bit more detail on Wednesday as well on some of this. So not to keep with that same answer, but there's a little more detail, we'll share on Wednesday.

但總的來說，我們已經列出了很多內容，我們將在周三詳細介紹其中的一些內容。因此，不要保持相同的答案，但還有更多細節，我們將在周三分享。

On Wednesday, we'll say Friday. So thank you, Brooke.

星期三，我們會說星期五。所以謝謝你，布魯克。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

I was hoping to get a little more detail on your view on the North Face North America. Any comments by channel or any reactions you've had from your wholesale partners about how the winter season is progressing?

我希望更詳細地了解您對 North Face North America 的看法。對於冬季進展情況，管道有何評論或您從批發合作夥伴那裡得到的任何反應？

Yeah. It's a little too early to say. I'm less from our wholesalers or our trade partners and more from ourselves. I'd say it can't be any worse than last year. It seemed like when it really came late last year.

是的。現在說還太早。我更少來自我們的批發商或我們的貿易夥伴，更多來自我們自己。我想說，今年的情況不會比去年更差。好像去年年底才真正到來。

And it seems like it's already kind of here in some parts of the US now. We're sitting here in New York today as you are. And it feels a little chillier here than it did before. I just came from Canada where it's definitely getting chilly, but it always does. So I don't know, I'm optimistic.

現在美國的一些地區似乎已經出現了這種情況。今天我們和你們一樣坐在紐約。而且這裡的感覺比之前還要冷一點。我剛從加拿大回來，那裡的天氣肯定會變冷，但總是如此。所以我不知道，我很樂觀。

Look, I think we're going to have our guidance kind of independent of how severe the weather is or isn't. We've got so many things internally we can fix and including our go-to-market structure that I'm confident in what we're guiding here, with without a good winter or a terrible winter, depending on how you decide to you interpret those two words. But yeah, so let's just see how it goes. But I think our -- we've got enough in our control right now that we're going to deliver what we're telling you.

聽著，我認為我們的指導將與天氣的惡劣程度無關。我們內部有很多事情可以解決，包括我們的進入市場結構，我對我們在這裡的指導充滿信心，沒有一個好的冬天或一個糟糕的冬天，這取決於你如何決定解釋這兩個詞。但是，是的，讓我們看看事情進展如何。但我認為我們現在已經有足夠的控制權，我們將兌現我們告訴你們的內容。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

So, Bracken, maybe just to dig in a bit more on Vans. So maybe just where you stand on some of the reset actions that you had outlined. And then as we think about maybe top priorities over the balance of this year and into next year, how best to measure sequential revenue growth improvement and just a timeline as we think about maybe some of the earlier wins relative to Sun's potential influence on product assortment and multi-year growth?

所以，Bracken，也許只是為了深入了解 Vans。所以也許只是你對你所概述的一些重置行動的立場。然後，當我們考慮今年剩餘時間和明年的首要任務時，如何最好地衡量連續收入增長的改善，以及我們考慮與 Sun 對產品種類的潛在影響相關的一些早期勝利的時間表和多年的增長？

Yeah. Thanks, Matthew. I think overall, in terms of the reset actions, we described the reset actions we took in the end of last year. We're coming up to lapping those, as Paul mentioned. So they're in the rearview mirror.

是的。謝謝，馬修。我認為總體而言，就重置行動而言，我們描述了去年年底採取的重置行動。正如保羅所提到的，我們即將完成這些任務。所以他們在後視鏡裡。

I mean -- that's probably as good a summary as I could give you. In terms of top priorities going forward for Vans, I think if you really laid them out, we've already started a program of introducing new products. It obviously came before Sun got here.

我的意思是——這可能是我能給你的最好的總結了。就 Vans 未來的首要任務而言，我認為如果你真的把它們列出來，我們已經開始了推出新產品的計劃。顯然是在Sun到來之前發生的。

But she's already touching everything. And she'll continue to touch everything, every new product, every marketing campaign. She's in the middle of the action. And those of you who know her know, she would be, so she definitely is.

但她已經觸及了一切。她將繼續接觸一切，每一個新產品，每一個行銷活動。她正處於行動之中。認識她的人都知道，她會的，所以她絕對是。

In terms of a timeline for -- in a level of improvement you could expect quarter over quarter, we're not really going to provide that. But I'm really excited about it. And I think we're on the right path. And you can kind of see it, and I mentioned it in the opening, you see some excitement coming in search interest in some of the biggest markets around the world now, that's really a change.

就您可以預期逐季改善的時間表而言，我們實際上不會提供這一點。但我真的很興奮。我認為我們走在正確的道路上。你可以看到這一點，我在開頭提到過，你會看到現在世界上一些最大市場的搜尋興趣出現了一些令人興奮的變化，這確實是一個變化。

And so look, it's early days, but I feel really good about Vans. I'm excited about the brand. I'm excited about Sun and the reset stuff in the rearview mirror.

所以看，現在還為時過早，但我對 Vans 感覺非常好。我對這個品牌感到興奮。我對 Sun 和後視鏡中的重置內容感到很興奮。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Bracken, I just want to make sure I understand the message of introducing guidance here because I think when the guidance was removed, the message is, we're not going to give guidance until we know we can give you guys so we know we can deliver. I think the expectation that the time was it would be full-year guidance. This is quarterly guidance.

布雷肯，我只是想確保我理解在這裡引入指導的信息，因為我認為當指導被刪除時，信息是，我們不會提供指導，直到我們知道我們可以為你們提供指導，這樣我們就知道我們可以遞送。我認為現在的預期將是全年指導。這是季度指引。

So are you saying that like the -- we're sort of at the bottom here. We're inflection like big picture, like from here, it's a home upward kind of like it happened at Logitech. Or is it more like, look, we're giving you a little bit of taste because we have our visibility into quarters, but there's still more work to do. I'm just sort of curious like why this quarterly guide, not the full-year guidance, sort of explain how you're thinking through when to introduce the full year guide?

那麼你是這麼說的嗎——我們現在處於底部。我們的變化就像大局一樣，就像從這裡開始，這是一個向上的家庭，就像發生在羅技一樣。或者更像是，看，我們給你一點品味，因為我們對季度有了解，但還有更多的工作要做。我只是有點好奇為什麼這個季度指南，而不是全年指南，可以解釋您如何考慮何時引入全年指南？

Yeah, let me do that. I'm so glad you asked that question. Yes. When we removed guidance, you described exactly what I said. I said it's hard to guide when you don't have real confidence in the numbers that you're looking at internally.

是的，讓我這樣做。我很高興你問這個問題。是的。當我們刪除指導時，您準確地描述了我所說的內容。我說過，當你對內部查看的數字沒有真正的信心時，很難進行指導。

I do know. So you're asking the question, why are we guiding just one quarter out instead of a year out. This is something Paul and I talked about after he got here. And Paul had an immediate impact on me. He connected to my common sense, which is I don't really think it makes sense. A

我知道。所以你會問，為什麼我們只指導一個季度而不是一年。這是保羅來到這裡後我和他談論的事情。保羅對我產生了直接的影響。他符合我的常識，即我真的認為這沒有道理。一個

And Paul kind of referenced it when you described it for us to try to guide a year when there's nothing magical about the year. A year is just four quarters out. We could guide five quarters out, seven quarters out, nine quarters out, no quarters out.

當你為我們描述這一年時，保羅有點引用了它，試圖指導這一年沒有什麼神奇的地方。一年僅剩四個季度了。我們可以引導五個季度出局、七個季度出局、九個季度出局、沒有四分之一出局。

So I think at the end of the day, the most important thing for us is to make sure we're delivering quarter in and quarter out. And that's exactly what we're going to do. So yes, so that's our game plan, and we'll talk a little more about this on Wednesday.

所以我認為歸根結底，對我們來說最重要的是確保我們能夠按時交付。這正是我們要做的。是的，這就是我們的遊戲計劃，我們將在周三對此進行更多討論。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

It's Tracy Kogan going in for Paul. I know you guys have mentioned that you expected additional savings beyond the $300 million. And I was wondering if maybe you could frame the magnitude of the savings you see and where these efficiencies might be? And then will you be reinvesting a similar proportion like you did with the first round?

崔西·科根（Tracy Kogan）代替保羅。我知道你們已經提到過，你們預計會節省 3 億美元以上的額外費用。我想知道您是否可以列出您所看到的節省幅度以及這些效率可能在哪裡？然後你會像第一輪一樣以相似的比例再投資嗎？

Tracy, I hate to say this, but we're going to have to wait on that, the answer to that question until Wednesday. What I would say is I'm really excited about the first round of savings we did. I think we did a good job of really level setting and removing some of the growth inefficiencies and taking some of the lowest-hanging fruit.

崔西，我不想這麼說，但我們必須等到週三才能得到這個問題的答案。我想說的是，我對我們所做的第一輪節省感到非常興奮。我認為我們在真正的水平設定和消除一些增長效率低下以及取得一些最容易實現的成果方面做得很好。

Anything we do from here is going to be really about a little deeper and more focused on reengineering to deliver more growth. So we will talk about that Wednesday.

我們從這裡所做的任何事情都將真正更加深入、更加專注於重新設計，以實現更多成長。所以我們將討論那個星期三。

Got it. Can I just sneak one in about the North Face in North America? So I was wondering if you saw anything kind of by month as the quarter progressed that might indicate why you saw the pressure, whether it was weather or something else?

知道了。我可以偷偷了解一下北美的 North Face 嗎？所以我想知道，隨著季度的進展，您是否按月看到了任何可能表明您面臨壓力的原因，無論是天氣還是其他原因？

No, I wouldn't really say that. I'd say, I guess, look, this is my second year here, so it's hard to -- and it's Paul's first. So I don't think we looked at anything by month and said, we see a signal one way or the other. I think things are probably about like we expected them to. And we'll see.

不，我真的不會這麼說。我想說，我想，看，這是我在這裡的第二年，所以很難——而這是保羅的第一年。因此，我認為我們不會按月查看任何內容並說，我們以某種方式看到信號。我認為事情可能就像我們預期的那樣。我們拭目以待。

Now now we're sitting in New York, and luckily, it feels a little cold to me. So I had to go out and buy jacket yesterday from the North Face.

現在我們坐在紐約，幸運的是，我覺得有點冷。所以我昨天不得不出去從 North Face 買夾克。

I would just add, we said on last quarter that given the tough comp on North Face from last year that we expected it to be just slightly down sequentially from where it was in Q2, and that's exactly where we came in. So not getting into specifics of regions, but just holistically, the North Face came in right in line with the expected and basically what we had previewed in the guardrails after last quarter.

我想補充一點，我們在上個季度說過，考慮到去年 North Face 的艱難情況，我們預計它會比第二季度的情況略有下降，而這正是我們進來的地方。具體情況，但從整體上看，North Face 的表現與預期相符，基本上符合我們上季度後在護欄中預覽的情況。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Let me add my congrats. Two questions, which I don't know if you'll answer, but I'm going to try.

讓我補充一下我的祝賀。有兩個問題，我不知道你是否會回答，但我會嘗試。

On the non-core asset sales, I know it was never a specific number, but I feel like $50 million to $100 million was kind of the thought before. Just to kind of round out that, the [420], any way you can kind of just give us the number to help us get there?

關於非核心資產出售，我知道這從來都不是一個具體數字，但我覺得 5,000 萬到 1 億美元是以前的想法。為了完善這一點，[420]，您可以透過任何方式給我們號碼來幫助我們到達那裡嗎？

And then I guess, Bracken, the second one for you. Just on the portfolio review that you talked about at length since you started, are we officially done with that review? Should we no longer be asking about asset divestitures or anything? And are we just running the business? Or is there still potential for something to happen in the foreseeable future?

然後我想，布雷肯，第二個是給你的。就您開始以來詳細討論的投資組合審查而言，我們是否正式完成了該審查？我們是否應該不再詢問資產剝離之類的問題？我們只是在經營業務嗎？或者在可預見的未來仍有可能發生某些事情？

Yeah, I'll answer the last one real quickly, and I'll let Paul answer the first one. We're officially done for now. How is that? Because I think you're never really done. So we'll always be re-examining the portfolio and deciding if things fit or not based on their -- not only their strategic fit but their performance and expected performance. So I would say, yes, we're done for now, but we'll keep looking at it. Paul?

是的，我會很快回答最後一個問題，我會讓保羅回答第一個問題。我們現在正式完成了。怎麼樣？因為我認為你還沒有真正完成。因此，我們將始終重新檢查投資組合，並根據它們來決定是否適合——不僅是它們的策略適合度，還有它們的績效和預期績效。所以我想說，是的，我們現在已經完成了，但我們會繼續關注它。保羅？

Yeah. And I think what we had said was we expected about $60 million or so on the asset sales and we did better than that by about $15 million.

是的。我認為我們所說的是我們預計資產出售約為 6000 萬美元左右，而我們的表現比這個數字高出約 1500 萬美元。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Bracken, I just want to ask, as you think about third quarter and fourth quarter, any more detail on sort of the continued sequential improvement or lessening of the declines? And then as you look at the business broadly, are there parts that are running ahead of what you hoped? Or does anything come to mind when you think about areas that might be outperforming what you had expected?

布雷肯，我只是想問，當您考慮第三季和第四季時，有關於持續連續改善或下降減少的更多細節嗎？然後，當您廣泛審視業務時，是否有某些部分的運作超出了您的預期？或者，當您想到哪些領域的表現可能超出您的預期時，您會想到什麼？

Thanks for the question, Jonathan. I don't really have anything meaningful to say to you, except that I think there's always things that are a little bit better, a little bit worse. But overall, things have gone along surprisingly consistent with what we expected. And so I think it's very, very consistent.

謝謝你的提問，喬納森。我真的沒有什麼有意義的事情要對你說，只是我認為總有一些事情會好一點，壞一點。但整體而言，事情的進展與我們的預期出奇地一致。所以我認為這是非常非常一致的。

And while we're not going to dimensionalize what the rate of improvement as we go forward. I'm excited about the path we're on, and I think it's going to continue.

雖然我們不會具體說明我們前進過程中的改進率。我對我們所走的道路感到興奮，我認為它會繼續下去。

Jim Duffy, Stifel.

吉姆·達菲，斯蒂菲爾。

Perhaps an area that deserves more attention Timberland, it sounds like some enthusiasm around the premium boots. I'm curious, is that global commentary? And does that go beyond your collaborations? Are you seeing good elevated interest in the Yellow Boot franchise?

也許 Timberland 值得更多關注的一個領域，聽起來像是對優質靴子的一些熱情。我很好奇，這是全球評論嗎？這超出了你們的合作範圍嗎？您是否看到人們對黃靴系列的興趣增加？

Yeah. Thanks for the question. I just bought yet another pair of Yellow Boot. Maybe what's showing up in the numbers. I keep buying more and more.

是的。謝謝你的提問。我剛剛又買了一雙黃靴子。也許數字中顯示了什麼。我繼續買越來越多的東西。

Probably it'll show up again in Q3. But yeah, the Yellow Boot is doing well. I mean we had this Louis Vuitton collaboration, which was great about 1.5 quarters ago now. And we continue to see good solid strength and it is around the world. so far so good, but we'll stay tuned.

可能會在第三季再次出現。但是，是的，黃靴表現不錯。我的意思是，我們與 Louis Vuitton 進行了合作，大約 1.5 個季度前就已經很棒了。我們繼續看到良好的堅實實力，而且遍布世界各地。到目前為止一切順利，但我們將繼續關注。

It's still down, right? So less down is better than more down, but it's still not up. So let's keep watching this and see where it goes from here.

還低著呢，對吧？因此，減少下跌比增加下跌要好，但仍然沒有上漲。因此，讓我們繼續關注這一情況，看看接下來會發生什麼。

Okay. And then another brand where there wasn't a lot of discussion, Dickies, just your thoughts there on where you are with respect to stabilization of that business?

好的。然後是另一個沒有太多討論的品牌，Dickies，只是您對該業務穩定性的看法？

I just love Dickies. I have to say I love all our brands, but I really love Dickies because it's just a special brand. It's got, like they all are, it's got such a cool, deep history and it's so old. As a brand, you've got 16-year-old kids, wearing in them to go surfing or right off the beach anyway. So it's such a cool brand.

我就是喜歡迪克斯。我必須說我喜歡我們所有的品牌，但我真的很喜歡Dickies，因為它只是一個特殊的品牌。它有，就像它們一樣，有如此酷、深厚的歷史，而且它是如此古老。作為一個品牌，你有 16 歲的孩子，穿著它們去衝浪或去海灘。所以這是一個很酷的品牌。

I'd say where are we in the stabilization? I think we're right in the middle of it. We've really reset our strategy and we've got the right level of focus on making sure we're winning at work and then eventually going beyond that.

我想說的是，我們處於穩定的哪個階段？我認為我們正處於困境之中。我們確實重新調整了我們的策略，我們有適當的重點來確保我們在工作中獲勝，然後最終超越這一目標。

I do -- I am really excited that we've -- I temporarily took over down there like I did advance before Sun came and I've now relinquished my job because Chris Goble has come over from the gap and Chris is a was a star over there he'll be a star over here. He did a terrific job. He was a General Manager of the GAP in North America, and he was part of the big turnaround over there, and I think he'll lead the turnaround here on Dickies. So I'm excited about him.

我確實——我真的很興奮我們——我暫時接管了那裡，就像我在太陽隊到來之前所做的那樣，我現在放棄了我的工作，因為克里斯·戈布爾已經從差距中走了過來，克里斯是個曾經是個出色的球員。他做得非常出色。他是 GAP 北美地區的總經理，他是北美地區重大轉變的一部分，我認為他將領導 Dickies 的轉變。所以我對他很興奮。

But we'll see. It's really early. We're definitely at just the stabilization period within Dickies getting it back to growth, it's a different story, and that's really going to be led by Chris. You won't hear too much about Dickies on Wednesday because we're going to -- remember, we're going to do all the brand stuff later in the year. So this is going to be very much focused on it.

但我們會看到。確實還早啊我們肯定正處於 Dickies 恢復成長的穩定期，這是一個不同的故事，這實際上將由 Chris 領導。週三你不會聽到太多關於 Dickies 的消息，因為我們將——記住，我們將在今年晚些時候做所有的品牌工作。所以這將是非常關注的。

I had a lot of questions. I figured you wouldn't answer until Wednesday anyway. So --

我有很多問題。我估計你要到星期三才會回。所以 -

Okay, okay. Well, you can feel free to wear it. If you wear Dickies, we may answer more question.

好吧，好吧。嗯，你可以放心佩戴。如果您穿著Dickies，我們可能會回答更多問題。

Bob Drbul, Guggenheim.

鮑勃·德布爾，古根漢。

I just got two questions. The first one is, can you expand some more just on what you're seeing by brand in China, sort of last quarter sort of current trends in China? And then Second question is just on inventory sort of down 13% against the minus 1% to minus 3% looking forward, is that how we should expect -- like when you look at where your inventory levels are sort of across the company, is that how you plan to run inventories going forward? Or is there more add backs that you need as you sort of resume towards revenue growth?

我只有兩個問題。第一個是，您能否進一步擴展一下您在中國看到的品牌狀況，例如上個季度中國的當前趨勢？第二個問題是庫存下降了 13%，而展望未來是負 1% 到負 3%，我們應該如何預期——就像當你查看整個公司的庫存水準時，是您計劃如何管理庫存？或者，當您恢復收入成長時，您是否需要更多的回加？

Let me come back to -- let me answer that last one first, and then we'll take the China question. Overall, I would say, in the last call, I think I said we were like a 155 days of inventory or something. And I said, I think we still have room down from there. But that's actually -- it's not a bad number. It's a pretty good number.

讓我回到——讓我先回答最後一個問題，然後我們將討論中國問題。總的來說，我想說，在上次通話中，我想我說過我們就像 155 天的庫存之類的。我說，我認為我們還有空間。但事實上，這並不是一個糟糕的數字。這是一個相當不錯的數字。

But I think we can bring it down further from there over time, but we'll have to change the way we operate to get there. So there's internal work that's going to be required to get us down further than that. But over time, I bet that we'll end up lower than that. And so I don't think there's some reason why we'd have our inventory suddenly go back up. I don't think that's going to happen.

但我認為隨著時間的推移，我們可以進一步降低它，但我們必須改變我們的運作方式才能實現這一目標。因此，需要進行內部工作才能讓我們進一步進步。但隨著時間的推移，我敢打賭我們最終會低於這個水平。因此，我認為我們的庫存沒有突然回升的原因。我認為這不會發生。

If anything, it will come down. On China, overall, I think you're reading the same things we are in China. We're so much in our control, but I'm not too worried about macro environments, but it is true that the macro in China is a little softer than it has been. The North Face is really the highlight. It continues to be strong.

如果有的話，它會下來。總體而言，關於中國，我認為您正在閱讀的內容與我們在中國閱讀的內容相同。我們的控制力很大，但我不太擔心宏觀環境，但中國的宏觀環境確實比以前軟了一些。 The North Face 確實是亮點。它繼續強勁。

And that long-term secular trend seems to be in here for the long term and secular. So that's exciting. and we're excited about it. And it's by far the biggest business in China now. So it's probably not worth talking too much about the rest of the businesses there.

這種長期趨勢似乎是長期且長期的。所以這很令人興奮。我們對此感到興奮。它是目前中國最大的業務。因此，可能不值得過多談論那裡的其他業務。

They're in various -- Vans is really in the turnaround mode there. And the rest of the brands are all in different places. But I'd probably focus on North Face for now until we really bring you more info.

它們的風格各異——Vans 確實處於扭虧為盈的模式。其餘品牌都在不同的地方。但在我們真正為您帶來更多資訊之前，我可能會暫時關注 North Face。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

As you think about the free cash flow guidance that was provided, any expansion in terms of what's changed within the guidance, either by brand, channel or geography? And then with the improvement that you've seen in the brand's performance, how much of it do you think was specific product that helped drive that? How much of it was the easy comparisons or what you're seeing in any of the industry segments?

當您考慮所提供的自由現金流指南時，指南中的變化是否會以品牌、管道或地理位置擴展？然後，隨著您所看到的品牌業績的改善，您認為其中有多少是特定產品推動的？其中有多少是簡單的比較或您在任何行業領域看到的情況？

I'll try and answer the last one and first, and I'll let Paul not answer the first one because it's kind of a hard one to answer. I think in terms of that, the various brands and where they are, I think it's a combination of things. I do think we've got a better and better, and it will get progressively better, set of products coming out over time.

我會嘗試回答最後一個和第一個問題，我會讓保羅不要回答第一個問題，因為這是一個很難回答的問題。我認為就這一點而言，不同的品牌及其所在的位置，我認為這是多種因素的結合。我確實認為我們已經有了越來越好的產品，並且隨著時間的推移，它會逐漸變得更好。

In some cases, the compares are easy. They're going to -- particularly easy as we get in three and four in a couple of places like Vans. But overall, I'd say it's an integrated thing. We've got channel changes where we've reduced the amount of value channel, for example, in Vans. We've got that took us in the wrong direction. They were a quarter -- about two quarters ago, three quarters ago. And I would say in each element of the business.

在某些情況下，比較很容易。他們會——特別容易，因為我們在像 Vans 這樣的幾個地方進入了三到四名。但總的來說，我想說這是一個整合的東西。我們進行了通路變革，減少了價值管道的數量，例如 Vans。我們已經把我們帶向了錯誤的方向。那是四分之一——大約兩個季度前，四分之三前。我想說的是業務的每個要素。

If you went through the 5 Ps of marketing, each element has changes, and those changes will progressively work their way through the total business over the next year or two. I apologize to you who are particularly short term, trying to figure out how to gauge each one of those and their impact on a quarter.

如果你經歷了行銷的 5P，每個元素都會發生變化，而這些變化將在未來一兩年內逐步影響整個業務。我向那些目光特別短、試圖弄清楚如何衡量其中每一項及其對季度影響的人表示歉意。

What I can tell you is when they're synchronized, they have a bigger impact. And we're getting more and more synchronized across each of these brands with a real either growth plan, transformation plan or something. So we'll talk a little bit more about that on Wednesday, but I feel good about the overall path we're on, although I don't think I could really parse out exactly what contribution each one of those is making to the current numbers.

我可以告訴你的是，當它們同步時，它們會產生更大的影響。我們在每個品牌之間越來越同步，制定真正的成長計劃、轉型計劃或其他計劃。因此，我們將在周三對此進行更多討論，但我對我們所走的整體道路感覺良好，儘管我認為我無法真正解析出其中每一個對當前做出的貢獻數字。

Yeah. I think Bracken's view, we would never get to that level of detail on free cash flow, but thanks.

是的。我認為布雷肯的觀點是，我們永遠無法達到自由現金流的詳細程度，但謝謝。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Hey, you've got Ethan Saghi on for Janine. I was just wondering, what are you seeing in terms of the promotional environment at both fans and the North Face as well in the overall industry just heading into the holiday season?

嘿，伊桑·薩吉 (Ethan Saghi) 來代替珍妮 (Janine)。我只是想知道，您對粉絲和 North Face 以及剛進入假期的整個行業的促銷環境有何看法？

Well, I mean, I don't have too much to say except it looks better than last year, which is great. We were sitting on a lot of inventory last year, and we're sitting on less this year, so that's good. And our retail partner, wholesale partners are too.

好吧，我的意思是，我沒什麼好說的，只是看起來比去年更好，這很棒。去年我們持有大量庫存，今年庫存減少，所以這很好。我們的零售合作夥伴、批發合作夥伴也是如此。

Other than that, I wouldn't have much to say about it. I mean as Paul alluded to, we're doing more full-price selling, which we like. Doesn't mean we're without promotion, we're not, but it is better.

除此之外，我對此沒什麼好說的。我的意思是，正如保羅所提到的，我們正在做更多的全價銷售，這是我們喜歡的。並不意味著我們沒有晉升，我們沒有，但更好。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

How would you characterize [band] internationally versus domestic obviously? Business for VF is now larger, it's comfortably larger than the domestic business as a consolidated company. I'm just curious when you look at Vans, how Vans is trending in certain geographies versus the United States?

您如何看待國際和國內[樂隊]的明顯特徵？ VF 的業務現在規模更大，作為一家合併公司，它的規模遠大於國內業務。我只是好奇，當你看到 Vans 時，Vans 在某些地區的流行趨勢與美國相比如何？

Well, I probably won't go that deep which is not that deep on the way. But what I would say is I think Vans is underdeveloped internationally. I think I felt that before I got here, I feel that now that I am here. But that's an easy thing to say and a much harder thing to unlock. So this is part of the opportunity I think we really have as a company, how do we get really strong growth around the world?

好吧，我可能不會走得那麼深，因為路上並沒有那麼深。但我想說的是，我認為 Vans 在國際上還不夠發達。我想在我來到這裡之前我有這種感覺，現在我在這裡也有這種感覺。但這說來容易，做起來卻困難得多。因此，我認為這是我們作為一家公司真正擁有的機會的一部分，我們如何在全球範圍內獲得真正強勁的成長？

But I would not underestimate how much opportunity we have within the US. I mean that might be our single biggest upside right now. If we can really get ourselves in a position where we're back to where we ought to be in the Americas. We have a lot of growth opportunity there. So we've got opportunity on both the international businesses, the parts of our business and particularly the US business.

但我不會低估我們在美國擁有多少機會。我的意思是，這可能是我們目前最大的優勢。如果我們真的能讓自己回到美洲應有的狀態。我們在那裡有很多成長機會。因此，我們在國際業務、我們的部分業務，特別是美國業務上都有機會。

So I'm really excited about. It's one of the things excite me about the company. John, that was a great question.

所以我真的很興奮。這是公司讓我興奮的事情之一。約翰，這是一個很好的問題。

Okay, good. I will bring this to a close because it does sound like we're at the end of our program. I want to thank all of you for attending this call, but I especially want to thank you in advance for listening to the next one or attaining the next one. This will be the first Investor Day that Paul and I have had together, and actually all of our leadership teams had together, and we're excited to share with you kind of what our game plan is. And I think our transformation is on track.

好的，很好。我將結束這個話題，因為聽起來我們的計劃確實已經結束了。我要感謝大家參加這次電話會議，但我特別想提前感謝你們聆聽下一場電話會議或獲得下一場電話會議。這將是保羅和我一起度過的第一個投資者日，實際上是我們所有領導團隊一起度過的，我們很高興與您分享我們的遊戲計劃。我認為我們的轉型正在步入正軌。

We've made a lot of progress against the stated priorities we've had, and we'll have some new info for you on Wednesday too, so don't miss it.

我們已經在既定的優先事項上取得了很多進展，我們也會在周三為您提供一些新信息，所以不要錯過。

Ladies and gentlemen, this concludes today's conference call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連線。