威富公司 (VFC) 2025 Q3 法說會逐字稿

Hello and thank you for standing by. My name is Bella and I will be your conference operator today. At this time, I would like to welcome everyone to VF Corporation's third quarter fiscal year 2025 earnings conference call.

您好，感謝您的支持。我叫貝拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 VF Corporation 2025 財年第三季財報電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Allegra Perry, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Allegra Perry。請繼續。

Hello and welcome to VF Corporation's third 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.

您好，歡迎參加 VF Corporation 2025 財年第三季電話會議。今天電話會議的參與者將發表前瞻性陳述。這些聲明是基於當前預期，並受不確定因素的影響，可能導致實際結果大不相同。

These uncertainties are detailed in documents that are filed regularly with the SEC. 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 presentation that was posted this morning on our investor relations website 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.

這些不確定性在定期提交給美國證券交易委員會的文件中詳細說明。除非另有說明，今天電話會議上提到的金額將以調整後的不變美元和持續經營為基礎，我們在今天早上發佈在投資者關係網站上的演示文稿中已經對此進行了定義，並在討論中將其用作主要數字，因為我們相信它們更準確地反映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 presentation which identify and quantify all excluded items and provide management's view of why this information is useful to investors.

您也可能會聽到我們提及符合美國公認會計準則的報告金額。可以在簡報中的補充財務表中找到 GAAP 指標與調整後金額的對帳表，其中識別和量化了所有排除的項目，並提供了管理層對為什麼這些資訊對投資者有用的看法。

Joining me on the call will be VF's President and Chief Executive Officer, Bracken Darrell, 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 以及執行副總裁兼財務長 Paul Vogel。在我們準備好發言之後，我們將開始提問。現在我將麥克風交給 Bracken。

Thank you, Allegra. Hello, everyone, and thank you for joining us today. As I open this call, you can see it was a good Q3. What I'm most excited about is what you really can't see yet. Our transformation is well underway, and Q3 was an excellent quarter of progress across our business inside the company. We're systematically making -- remaking the company for long-term value creation, double-digit operating margins and strong and sustained growth.

謝謝你，阿萊格拉。大家好，感謝大家今天加入我們。當我打開這個電話時，你可以看到這是一個很好的第三季。最讓我興奮的是你目前真正看不到的東西。我們的轉型正在順利進行中，第三季是公司內部業務進展順利的一個季度。我們正在系統地重塑公司，以實現長期價值創造、兩位數的營業利潤率以及強勁而持續的成長。

We showed you in October 9 work streams that will essentially bring us to best-of-breed processes. And you know we've reset the entire leadership team. But you might not be aware that we're now resetting the rest of the organization beneath those leaders. So between the work streams we spoke about in October and the organization changes I'm explaining here, we're building new structures and processes to be more effective, more efficient, and in the end, more creative. It's not just about saving money, it's about -- in the end, we will be a reinvented company, better positioned to deliver strong and sustainable returns for investors.

我們在 10 月向您展示了 9 個工作流程，這些工作流程實際上將為我們帶來最佳流程。你知道我們已經重組了整個領導團隊。但您可能不知道，我們現在正在重置這些領導下的其餘組織。因此，在我們 10 月談到的工作流程和我在這裡解釋的組織變革之間，我們正在建立新的結構和流程，以提高效率、有效性，最終更具創造力。這不僅是為了省錢，也是為了——最終，我們將成為一家重塑後的公司，更好地為投資者帶來強勁且可持續的回報。

If I sound energized by this, it's because I am. This is going to create strong value, great products, elevated brands, and a terrific place to grow and learn for our people. Now enough about what's going on inside the company, let's talk about what we just reported.

如果我聽起來因此而充滿活力，那是因為我確實如此。這將創造強大的價值、優質的產品、高端的品牌，以及為我們的員工成長和學習的絕佳場所。關於公司內部發生的事情我們已經說得夠多了，現在我們來談談剛才報道的內容。

Q3 was stronger than we expected. We grew revenue 2% while we significantly improved profitability. The key point to make here is that the actions we've taken during -- we've taken so far are delivering results. Now let me call some important features of the quarter. Virtually every brand was stronger this quarter than last quarter. The North Face and Timberland both grew. Vans delivered another quarter of sequential improvement in trend. Regionally, the Americas delivered another strong quarter of improvement, going positive for the first time in over two years.

第三季的表現強於我們的預期。我們的收入成長了2%，同時獲利能力也顯著提高。這裡要指出的關鍵一點是，我們迄今為止採取的行動正在取得成果。現在讓我講一下本季的一些重要特點。本季幾乎每個品牌的表現都比上一季強勁。The North Face 和 Timberland 均實現了成長。Vans 的銷售量又連續一個季度出現改善。從區域來看，美洲地區再度呈現強勁成長勢頭，這是兩年多來首次出現正成長。

Our wholesale channel was positive on a global basis. DTC showed progressive improvement again this quarter globally. Gross margins were up 150 basis points and operating margins were up 360 basis points to over 11% and net debt was down nearly $2 billion. None of these were a surprise to us, but it's a quarter of measurable progress across the board.

我們的批發管道在全球範圍內表現積極。本季度，DTC 在全球範圍內再次呈現逐步改善的勢頭。毛利率上升了 150 個基點，營業利潤率上升了 360 個基點，達到 11% 以上，淨債務下降了近 20 億美元。這些對我們來說都不意外，但這是一個全面可衡量的進步的季度。

Now to really understand our trend line you look at our Q3 and Q4 together. While the Q3 results are better than expected, somewhat benefited this quarter's outsized wholesale performance due to stronger reorders, lower cancellations, and orders pulled forward by our retail customers into Q3 from Q4.

現在，為了真正了解我們的趨勢線，請將我們的第三季和第四季放在一起看。雖然第三季度的業績好於預期，但由於重新訂購量增加、取消量減少以及零售客戶將訂單從第四季度提前到第三季度，本季度的批發業績表現優異。

Regardless, we feel really good about the underlying performance for the second half of the year. Now let me give you an update on Reinvent. As I indicated in our Q2 earnings, Investor Day part one and the start of this call today, we're making strong progress on our transformation program. You'll recall, we have four stated priorities.

無論如何，我們對今年下半年的基本表現感到非常滿意。現在讓我向你介紹一下 Reinvent 的最新進展。正如我在第二季度收益、投資者日第一部分以及今天電話會議開始時所指出的那樣，我們的轉型計劃正在取得重大進展。您會記得，我們​​有四個明確的優先事項。

First, lower our cost base. We're on track to deliver the initial $300 million in gross cost savings with another $55 million generated during Q3. Remember, this is the $300 million we said would be fully actioned by the end of last quarter, so Q2, and fully reflected in the P&L by the end of this coming quarter, so Q4, by the beginning of the fiscal year, as we promised. The work is complete. The cost reduction is showing up and all $300 million will be in the run rate as we exit fiscal '25 as planned.

首先，降低我們的成本基礎。我們預計將實現最初的 3 億美元總成本節約，並在第三季再實現 5,500 萬美元的節約。請記住，我們說過這3 億美元將在上個季度末（即第二季度）完全投入使用，並將在下個季度末（即第四季度）即財年開始時完全反映在損益表中，正如我們答應了。工作完成了。成本削減正在顯現，當我們按計劃退出 25 財年時，所有 3 億美元都將計入運行率。

On top of that, you've heard Paul and me say we have no intention of stopping here. As of our October Investor Day, you know why we said that because we were, in fact, already working on process and organizational changes as I referenced earlier in the call, that will contribute to unlocking another $500 million to $600 million in operating income expansion, half of that in SG&A. That's part of our approach to delivering our medium-term operating margin target in fiscal year 2028 of at least 10% before any growth. So far, so good. Everything is on track.

最重要的是，您已經聽到保羅和我說過，我們無意停留在此。截至10 月投資者日，您知道我們為什麼這麼說，因為事實上，正如我在電話會議中早些時候提到的那樣，我們已經在進行流程和組織變革，這將有助於再釋放5 億至6 億美元的營業收入擴張，其中一半用於銷售、一般及行政開支。這是我們實現 2028 財年中期營業利潤率目標（在實現成長之前至少達到 10%）的方法的一部分。到目前為止，一切都很好。一切進展順利。

Let me underline a point that might already be obvious to you by now. While the cost side of these work streams will help us return to sustained double-digit profitability, this work is even more important than the bottom-line impact it will deliver. These actions are absolutely instrumental towards enabling growth.

讓我強調一下現在你可能已經很清楚的一點。雖然這些工作流程的成本方面將幫助我們恢復持續兩位數的獲利能力，但這項工作比它帶來的底線影響更為重要。這些措施對於促進成長絕對有幫助。

They form part of a comprehensive plan to enable the company to be more creative and more powerful in product creation and marketing. These projects enable this creativity through better consumer insight and targeting as well as the standardization of all the processes we can to best-in-class levels to enable higher impact from good ideas in both revenue and profitability.

它們是一個綜合計劃的一部分，旨在使公司在產品創造和行銷方面更具創造力和更強大。這些項目透過更好的消費者洞察和定位以及將所有流程標準化到最佳水平來實現這種創造力，從而使好的想法在收入和盈利能力方面產生更大的影響。

We also continue to reinvest some of those savings back into product creation and brand building. You'll hear more about these areas at our upcoming Investor Day, Part 2. More on that later. The second priority is to strengthen our balance sheet. We made big progress during the quarter with a reduction of net debt of almost $2 billion versus this time last year.

我們也持續將部分儲蓄重新投資於產品創造和品牌建立。您將在我們即將舉行的投資者日第二部分中聽到有關這些領域的更多資訊。稍後將詳細介紹。第二個優先事項是加強我們的資產負債表。本季我們取得了巨大進展，與去年同期相比，淨債務減少了近 20 億美元。

Just to reemphasize that, we have reduced the net debt, not including lease obligations, which are required from an accounting standpoint to be included, when we call it net debt. So excluding those lease obligations, we've reduced the net debt by almost 40% in the last year alone. So we're demonstrating our commitment to move our leverage ratio down to three ways.

再次強調一下，我們減少了淨債務，不包括租賃債務，因為從會計角度來看，當我們稱之為淨債務時，租賃債務是必須包括在內的。因此，除去這些租賃義務，光是去年，我們的淨債務就減少了近 40%。因此，我們正在透過三種方式表明我們將槓桿率降低的決心。

First, we divested non-strategic assets, planes, buildings and, of course, Supreme. Second, we reduced our working capital primarily by cleaning up our inventory and making it fresh. And finally, and most importantly, we're improving our operating earnings. You now see how effective this triple threat approach can be to rapidly dropping our leverage levels. There's more to do, but we are squarely on track to continue to delever the balance sheet to get to our 2.5 medium leverage -- medium-term leverage target.

首先，我們剝離了非戰略資產、飛機、建築物，當然還有 Supreme。其次，我們主要透過清理庫存和更新庫存來減少營運資本。最後，最重要的是，我們正在提高我們的營業收入。現在您已經看到了這種三重威脅方法對於迅速降低我們的槓桿水平有多有效。雖然還有很多工作要做，但我們正朝著繼續降低資產負債表槓桿率的目標邁進，以實現 2.5 的中等槓桿率——中期槓桿率目標。

Our third priority was to fix the US. As you know, we adopted our global commercial model in the Americas a year or so ago, is try to bring its performance up toward the other regions' historical performance levels, and it's working.

我們的第三個優先事項是修復美國。如您所知，大約一年前，我們在美洲採用了我們的全球商業模式，試圖將其業績提升至其他地區的歷史業績水平，而且這一模式正在發揮作用。

Our Americas business improved again relative to last quarter with revenue up 2% in Q3 versus down 9% in Q2. That's the first quarter of growth in over two years. It's early days. So we may not see growth every quarter as turnarounds often aren't linear, but it's good to see green numbers again. And we have a lot, and I do mean a lot of improvement ahead of our Americas business.

我們的美洲業務與上一季相比再次改善，第三季營收成長 2%，而第二季營收下降 9%。這是兩年多來首次實現成長的季度。現在還為時過早。因此，我們可能不會每個季度都看到成長，因為轉變往往不是線性的，但再次看到綠色數字是件好事。而且，我確實認為，我們在美洲業務方面還有很大的進步空間。

Finally, deliver the Vans turnaround. The brand's overall performance in Q3 was down 8%, a further improvement compared to last quarter, down 11%. I feel very good about the steps we're taking, but sustained turnarounds take time. Underneath the numbers, I want to call out a few things, primarily in our key focus areas of product and marketing. New products continue to outperform our big established franchises. New School remained the number one growth driver and the number two franchise globally and is in line with our strategy to win, with youth and women.

最後，實現 Vans 的轉變。該品牌第三季整體業績下滑8%，較上季11%的下滑有所改善。我對我們正在採取的措施感到非常滿意，但持續的轉變需要時間。在這些數字之下，我想指出幾點，主要是我們重點關注的產品和行銷領域。新產品的表現持續超越我們現有的大型特許經營產品。新學院仍然是全球第一大成長動力和第二大特許經營權，這符合我們贏得青年和女性青睞的策略。

We won't rely on just one style to build our business in the future, and we have momentum in our newest styles, both Highland and Upland. In many ways, the Vans brand continues to have enormous potential. It was recently named the number three most authentic brand from the Authenticity 500 Index as the ranking of the world's most authentic brands. The message here is that we have a lot of growth potential as we keep improving our execution.

未來，我們不會只依靠一種風格來打造我們的業務，我們的最新風格，無論是 Highland 風格還是 Upland 風格，都具有強勁的發展勢頭。從很多方面來看，Vans 品牌仍然具有巨大的潛力。它最近在「真實性 500 指數」全球最真實品牌排名中被評為最真實品牌第三名。這裡的訊息是，隨著我們不斷提高執行力，我們還有很大的成長潛力。

Brand elevation is also a fertile ground for vans as evidenced by exceptionally strong sellout for our OTW holiday collaborations including the Satoshi partnership, Home Girls collaboration, and those two last ones are targeted at women. The new Americas regional platform is also starting to deliver.

品牌提升也是Vans 發展的沃土，這點從我們與OTW 假日合作項目的強勁銷售表現就可以看出，包括與Satoshi 的合作、與Home Girls 的合作，而最後這兩個合作項目都是針對女性的。新的美洲區域平台也開始發揮作用。

For the holiday period, our US non-value channel footwear generated strong positive sellout year-over-year for the first time since February of 2022, led by our largest accounts. We are making progress and are more confident than ever of the brand's growth potential. We have a lot of pistons to fire on advance, product, marketing, distribution, brand elevation and more, and we're putting each one in place. I couldn't be more excited about the initial work done by Sun [advance], and you'll hear more about it directly from her in just a few weeks.

在假期期間，在我們最大的客戶的帶動下，我們的美國非價值通路鞋類自 2022 年 2 月以來首次同比實現強勁正向銷售。我們正在取得進步，並且對品牌的成長潛力比以往任何時候都更有信心。我們在進步、產品、行銷、分銷、品牌提升等方面有很多舉措要實施，我們正在把每一個舉措落實到位。我對 Sun [advance] 所做的初步工作感到非常興奮，幾週後您將直接從她那裡聽到更多相關資訊。

Now let's turn to the North Face, where revenue in Q3 was up 5% versus last year and positive in each region with even stronger performance in DTC. We're pushing the boundaries with our marketing and our brand building. Notably, the North Face Skims collaboration set a new bar for global collaborations, execution and impact and was one of the fastest selling collections in the history of North Face.

現在讓我們來看看 The North Face，其第三季的營收較去年同期增長了 5%，並且各地區均取得了積極的成績，其中 DTC 的表現更為強勁。我們正在透過行銷和品牌建立突破界限。值得注意的是，North Face Skims 合作系列為全球合作、執行和影響力樹立了新的標準，並且是 North Face 歷史上銷售最快的系列之一。

We were also thrilled to see our product teams being recognized with multiple awards for design and innovation across footwear and apparel. The North Face core underlying brand history is oversized relative to the size of this business, in my opinion, and I love that position. It means growth is ahead. You'll hear more about the plans for North Face directly from the brand president, Caroline Brown at the Investor Day.

我們也很高興看到我們的產品團隊因鞋類和服裝領域的設計和創新而獲得多項獎項。在我看來，相對於該公司的業務規模而言，North Face 核心品牌的歷史顯得過於龐大，而我很喜歡這一立場。這意味著未來將有成長。您將在投資者日直接從品牌總裁 Caroline Brown 那裡了解到有關 North Face 計劃的更多資訊。

Finally, I'll say just a few words about Timberland. The brand was also positive for the quarter with revenue up 12% versus last year. Performance was driven by core strength across regions, supported by the iconic campaign launched in September. Nina Flood is our new Timberland brand President there, and she'll give you more color on our plans at the next Investor Day.

最後，我只想說幾句關於Timberland的話。該品牌本季的表現也十分出色，營收較去年同期成長了 12%。業績的推動得益於各地區的核心實力，並得益於 9 月推出的標誌性活動。Nina Flood 是我們新任 Timberland 品牌總裁，她將在下一次投資者日向您詳細介紹我們的計劃。

Now looking ahead. The second half of this year is expected to be broadly in line with our expectations. As I said earlier, we did a little better in Q3 driven by the stronger-than-expected DTC and outsized wholesale performance and expect the Q4 trend to be a little lower relative to Q3. Turnarounds are not linear.

現在展望未來。預計今年下半年將基本符合我們的預期。正如我之前所說，由於 DTC 業績強於預期以及批發業務表現優異，我們在第三季度的表現略有好轉，預計第四季度的趨勢將較第三季度略低。週轉並不是線性的。

For fiscal year '26, the first half of next year could look similar to the second half of this one as we report more of our game plan in place. And overall, we feel terrific about the progress we're making. Now I want to say a few words about that Investor Day that I've mentioned several times.

對於 26 財年，隨著我們報告更多已製定的比賽計劃，明年上半年可能與今年下半年相似。總的來說，我們對所取得的進展感到非常高興。現在我想就我多次提到的投資者日講幾句話。

Now at part one back in October 2024, we unveiled our corporate strategy, showing you how we are rebuilding the company from the ground up. You heard about our focus on cost and creating a solid P&L structure. That's only the start of what we're doing to transform VF. The best is yet to come. And in fact, we're coming back on March 6, mark that in your calendars, with part two here in New York, which is focused on brand strategy, where you'll get to hear directly from our brand presidents.

現在，在 2024 年 10 月的第一部分中，我們公佈了我們的公司策略，向您展示了我們如何從頭開始重建公司。您聽說了我們專注於成本並創建穩健的損益結構。這只是我們改變 VF 行動的開始。最好的尚未到來。事實上，我們將於 3 月 6 日回來，請記住在您的日曆上，第二部分將在紐約舉行，重點關注品牌策略，您將直接聽到我們品牌總裁的演講。

Of course, they're still relatively new to our business in their roles, but I can't wait for you to meet them. This really is the most exciting part of our transformation and you'll hear about it in our plans for growth. As you've heard me say before, we're all here, and it's all about growth in the long term.

當然，他們對我們的業務以及所扮演的角色都還比較陌生，但我迫不及待地想讓你認識他們。這確實是我們轉型中最令人興奮的部分，您會在我們的成長計劃中聽到它。正如你以前聽我說過的那樣，我們都在這裡，一切都是為了長期的成長。

I'm now going to hand over to Paul, who is sitting in front of me wearing a Philadelphia Eagles jersey, shoulder pads, and helmet and Vans cleats, which we don't actually sell publicly, he had them made. You may know, Paul is quite an Eagles fan, and they are going to the Super Bowl. And he'll take you through the financials in more detail, and I'll come back to the end for closing remarks. Paul?

我現在要把麥克風交給保羅，他坐在我前面，穿著費城老鷹隊球衣，戴著護肩、頭盔和 Vans 鞋釘，這些鞋我們實際上並不公開出售，都是他自己製作的。你可能知道，保羅是老鷹隊的忠實粉絲，而且他們要去參加超級盃。他將向你們更詳細地介紹財務狀況，最後我會做結束語。保羅？

All right. Thanks, Bracken. Go birds. As Bracken mentioned, Q3 was another quarter of progress in achieving our key priorities. Turning to the financials in Q3, the quarter delivered further sequential improvement with revenue coming in better than our guidance and with strong profitability. We saw better overall performance in Q3 led by a number of factors, some of which may impact Q4. Looking at both Q3 and Q4 together, we are right on track with where we thought we'd be.

好的。謝謝，布雷肯。去吧，小鳥們。正如布雷肯所提到的，第三季我們在實現關鍵優先事項方面又取得了進展。回顧第三季的財務狀況，本季取得了進一步的連續改善，營收優於我們的預期，獲利能力強勁。我們看到第三季的整體表現較好，這得益於多種因素，其中一些因素可能會影響第四季。綜合來看第三季和第四季，我們的表現正好符合我們的預期。

Previously, we had said that every quarter of the year would show sequential improvement. However, given the strength in Q3, the balance has changed. Second half of the year is performing in line with our expectations and will show meaningful improvement over the first half of the year. So while we no longer expect Q4 growth to be higher than Q3, the second half growth and overall trends are improving as planned.

之前我們說過，每年每季都會出現連續的改善。然而，鑑於第三季的強勁表現，平衡已經改變。下半年的表現符合我們的預期，並將比上半年有顯著改善。因此，雖然我們不再預期第四季度的成長會高於第三季度，但下半年的成長和整體趨勢正在按計劃改善。

So what has changed? First, DTC was better than expected in Q3. We had a good holiday season, which was particularly stronger in North Face and Timberland. Second, we saw outsized wholesale performance due to additional reorders, lower cancellations, and a favorable shift to deliveries into Q3 from Q4, a portion of which came from partners taking on inventory sooner than expected ahead of an earlier Lunar New Year.

那麼到底發生了什麼變化呢？首先，DTC第三季的表現優於預期。我們度過了一個愉快的假期，尤其是 North Face 和 Timberland 的表現更為出色。其次，由於額外的重新訂購、較低的取消量以及從第四季度向第三季度交付的有利轉變，我們看到了超額的批發業績，其中一部分來自於合作夥伴在農曆新年提前到來之前比預期更早地吸收庫存。

Third, on reported revenue, FX headwinds were less than forecasted. As a reminder, we had anticipated a 100 basis points negative impact in the quarter, which did not occur. And fourth, on costs, we're starting to see the impact from some of our new initiatives, which positively benefited distribution and IT costs.

第三，就報告的收入而言，外匯逆風低於預測。提醒一下，我們預計本季將產生 100 個基點的負面影響，但這一情況並未發生。第四，在成本方面，我們開始看到一些新措施的影響，這些措施對分銷和 IT 成本產生了積極影響。

Now let's go through the P&L. Q3 revenue was up 2% versus last year. This marked the fourth consecutive quarter of sequential improvement in revenue. By brand, the North Base is up 5%. Momentum in Greater China remained strong, while the Americas had a better performance over the holiday period. Vans was down 8%, improving from down 11% in Q2. The actions taken last year to clean up our inventory are continuing to deliver benefits, especially on profitability as we rightsize the brand's cost structure.

現在我們來看看損益表。第三季營收較去年同期成長2%。這標誌著營收連續第四個季度成長。從品牌來看，North Base上漲了5%。大中華區的發展動能依然強勁，而美洲地區在假期期間的表現更為出色。Vans 銷量下跌 8%，較第二季的 11% 的跌幅有所改善。我們去年清理庫存的措施持續帶來效益，特別是在我們調整品牌成本結構後獲利能力有所提高。

Timberland was up 12%, improving from down 3% in Q2 and we saw broad-based growth across regions driven by continued strong momentum in premium boots. Finally, to finish off the top four brands, [equities] was down 10%, a slight improvement from down 11% in Q2. Moving to the regions. All three were positive in the quarter. The Americas was up 2%, EMEA was up 1%, and APAC was up 5%.

Timberland 的銷量上漲了 12%，較第二季度的 3% 有所改善，並且我們看到各個地區都出現了廣泛的增長，這得益於高檔靴子的持續強勁增長勢頭。最後，進入前四大品牌的股票下跌了 10%，較第二季的 11% 的跌幅略有改善。移至各地區。本季度，這三項業務均取得了積極的進展。美洲地區上漲 2%，歐洲、中東和非洲地區上漲 1%，亞太地區上漲 5%。

And turning to channel, we improved sequentially in both DTC and in wholesale, DTC was down 2%, while wholesale was up 8%. And on gross margin, as expected, we were up 150 basis points versus last year to 56.3%. This was due to lower product costs and fewer promotions. SG&A dollars were down 3%. We leveraged SG&A by 210 basis points to 44.9% of sales, we are on track to deliver the $300 million run rate of initial gross reinvest cost savings with $55 million of savings generated in the quarter. This led to an operating margin of 11.4%, up 360 basis points versus last year. The adjusted operating income was up 49% versus last year to $324 million.

從通路來看，我們在 DTC 和批發方面都取得了連續的進步，DTC 下降了 2%，而批發則增加了 8%。就毛利率而言，正如預期的那樣，我們比去年上升了 150 個基點，達到 56.3%。這是由於產品成本較低和促銷減少所致。銷售、一般及行政開支下降了 3%。我們將銷售、一般及行政費用槓桿率提高 210 個基點，達到銷售額的 44.9%，我們預計將實現 3 億美元的初始總再投資成本節約，本季已實現 5,500 萬美元的節省。這使得營業利潤率達到 11.4%，比去年同期上升了 360 個基點。調整後的營業收入較去年同期成長 49%，達到 3.24 億美元。

Diluted earnings per share -- adjusted diluted per share of $0.62 versus $0.45 last year. Turning to the balance sheet. We continue to make good progress on inventories as we ended Q3 down 14% versus last year. And as we said at the time of our Q2 earnings, we completed the sale of Supreme at the beginning of October and paid down the $1 billion term loan. And as a result, as Bracken mentioned, net debt was down $1.9 billion versus last year, and we are on track towards our medium-term leverage target of 2.5 times that we shared at our most recent Investor Day.

稀釋每股收益－調整後每股稀釋收益為 0.62 美元，去年同期為 0.45 美元。轉向資產負債表。我們的庫存持續取得良好進展，第三季庫存較去年同期下降了 14%。正如我們在第二季財報中所說的那樣，我們在 10 月初完成了 Supreme 的出售，並償還了 10 億美元的定期貸款。因此，正如布雷肯所提到的，淨債務與去年相比減少了 19 億美元，我們預計將實現最近一次投資者日所分享的 2.5 倍的中期槓桿率目標。

Now moving on to guidance for Q4. For revenue, we expect Q4 to be down 4% to 6% on a reported dollar basis. We are modeling FX to have approximately a negative 200 basis point impact on our reported growth rates. So on a constant dollar basis, which is the true underlying trend in the business, we are forecasting down 2% to 4%. And if you put Q3 and Q4 together and look at the second half as a whole of last year, revenue would be flat to down 1% on a constant dollar basis. This represents a progression in trend versus Q1 and Q2 and is right in line with our expectations.

現在來看看第四季的指引。就收入而言，我們預計第四季度的收入將以美元計算下降 4% 至 6%。我們正在模擬外匯對我們報告的成長率產生約負 200 個基點的影響。因此，以固定美元計算，也就是業務的真正潛在趨勢，我們預測將下降 2% 至 4%。如果將第三季和第四季放在一起，並看看去年下半年的整體情況，以固定美元計算，收入將持平或下降 1%。這代表著與第一季和第二季相比趨勢有所進展，完全符合我們的預期。

Moving down the P&L, we expect Q4 operating income to be in the range of breakeven to a loss of $30 million, with gross margin continuing to benefit from lower product costs and fewer promotions and fewer reserves. SG&A dollars are expected to be up slightly versus last year due to increased investment in marketing and product in Q4. For the full year, we are raising our free cash flow guidance to $440 million with both better underlying fundamentals and higher asset sales contributing to the improvement.

從損益表來看，我們預期第四季的營業收入將在損益兩平至虧損 3,000 萬美元之間，毛利率將繼續受益於產品成本的降低、促銷和儲備的減少。由於第四季度對行銷和產品投資的增加，預計銷售、一般和行政費用將比去年略有增加。就全年而言，我們將自由現金流預期上調至 4.4 億美元，這得益於更好的基本面和更高的資產銷售額。

So in summary, we continue to make great progress on our key financial priorities and our turnaround plan. I will now turn it back to the operator for Q&A.

總而言之，我們在關鍵財務重點和扭虧為盈計畫方面繼續取得重大進展。我現在將問題交還給接線員進行問答。

(Operator Instructions)

（操作員指令）

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

Good go, Michael.

幹得好，麥可。

Congrats on the Eagles. Congrats on the Eagles, Paul. I hear you just a quick one on how we're looking at the -- I'm happy to hear you're wearing cleats during earnings, Paul. (multiple speakers)

恭喜老鷹隊。恭喜老鷹隊，保羅。我聽到你快速地介紹了一下我們如何看待——我很高興聽到你在盈利期間穿著防滑釘鞋，保羅。（多位發言者）

It sounds like there was a little bit of a shift into third quarter out of fourth quarter and when we look at the revenues, how material is that? Or just a bigger picture, some high-level thoughts on what you've been -- where we'll see the deceleration. Just the broad brush strokes, regions, channels, the brands where we'll see the deceleration in 4Q, help us think about that.

聽起來，第四季與第三季之間出現了一些變化，當我們看待收入時，這種變化有多重要？或者只是一個更大的圖景，對你過去的經歷的一些高層次的想法——我們將在哪裡看到減速。大致來說，地區、通路、品牌在第四季將會減速，這些都有助於我們思考這一點。

And then I guess, more importantly, longer term, with Vans being such a big swing factor and stabilizing the revenue and margin trajectory here. Talk about what we're going to see as we build to key moments like [Sun] and her team's first line. It seems like like back-to-school is probably when that starts to come together. And as you focus on shifting from the the good defense you've taken here in the cleanup effort to offense. What have you shown to your retail partners already? What kind of feedback is good or bad are you getting as we start to pivot Vans back to what you've been talking about for a while, your long-term growth?

然後我想，更重要的是，從長期來看，Vans 是一個如此重要的影響因素，可以穩定這裡的收入和利潤軌跡。談談我們在建立關鍵時刻時將會看到什麼，例如[Sun]和她的團隊的第一行。看來開學季可能就是這一切開始實現的時候了。當你將注意力從清理工作中的良好防守轉向進攻。您已經向零售合作夥伴展示了什麼？當我們開始將 Vans 的重心轉移回您一直以來所談論的長期發展時，您收到了什麼樣的好或壞的回饋？

Paul the first one, then I will take --

保羅第一個，然後我會拿--

All right, perfect. So on the Q3, Q4, I would say a couple of things. One, if you think about the outperformance in Q3, it was split between wholesale and DTC. Wholesale is probably a little bit bigger portion that DTC. So on the wholesale side, it was a mix. I'd say probably part of it, maybe half of it was related to some of the pull forward I mentioned with respect to Lunar New Year and some of our partners taking deliveries earlier. And some of it was just reorders based on the stronger performance in the holiday season. So that was the wholesale side.

好的，完美。因此，關於第三季度和第四季度，我想說幾件事。首先，如果你考慮第三季的優異表現，它分為批發和 DTC 兩部分。批發可能比 DTC 所佔份額大一點。因此，從批發方面來看，情況是混合的。我想說可能部分原因，也許有一半原因與我提到的農曆新年提前交貨以及我們的一些合作夥伴提前交貨有關。其中一些只是基於假期期間更強勁的表現而重新訂購的。這就是批發方面。

So some of that will impact the wholesale in Q4, and then DTC just performed stronger. And right now, we're not necessarily anticipating that similar strength in Q4. It did outperform. So we don't have that same level of outperformance in Q4 that we saw on the DTC side in Q3.

因此，其中一些因素將對第四季度的批發業務產生影響，而 DTC 的表現則會更為強勁。而現在，我們不一定預期第四季會出現類似的強勁表現。它的表現確實優異。因此，我們在第四季度的表現不如第三季 DTC 的出色表現。

I just want to add one thing on Vans in particular, when you think about -- and this isn't really Q3 or Q4. But I'll start with maybe a prelude to the answer to your question. We've got a lot of moving parts underneath Vans in the marketplace. We've closed, I think, 9% of our total doors globally in our DTC channel. We've closed about -- sorry, we closed 14% of our own stores. I think we closed about 9% of the stores of wholesale in the US alone. We've also added stores. So that's a net number.

我只想特別補充一點關於 Vans 的事情，當你想到——這實際上不是 Q3 或 Q4。但我首先想回答一下你的問題。我們在市場上擁有大量 Vans 的相關活動部件。我認為，我們已經關閉了全球 DTC 通路門市總數的 9%。我們已經關閉了大約——抱歉，我們關閉了 14% 的自營商店。我認為我們僅在美國就關閉了大約 9% 的批發商店。我們還增加了商店。所以這是一個淨數。

So there's a lot of moving parts underneath that to really reset our business from a commercial perspective to be in a great place as new products flow through there. Now you asked when will we start to see what Sun's working on. She'll give you a little glance and we're going to give you a little glance on few things we're working on now at the Investor Day.

因此，這背後有許多活動部件，可以從商業角度真正重置我們的業務，以便隨著新產品的流入而處於良好的位置。現在您問我們什麼時候可以開始了解 Sun 正在進行的工作。她會向您簡單介紹一下，我們也會向您簡單介紹一下我們在投資者日正在進行的一些工作。

I've told her, and I'm telling you, I'm going to keep the expectations low for Vans as long as possible. I want to give her plenty of room to operate. She is a real operator. She is deep in the middle of stuff. You'll probably see a few things, she's touched back to school, even more in holiday and as you go into next year even more and more, but it's going to take time.

我已經告訴她了，而且我還要告訴你，我會盡可能地降低對 Vans 的期望值。我想給她足夠的操作空間。她是一名真正的操作員。她正深陷困境。你可能會看到一些事情，她回到學校後會更加興奮，在假期裡會更加興奮，進入明年後會更加興奮，但這需要時間。

As you know, the product development cycles for this business are longer than they should be. We're not going to fix that right away, but we're also working on that in the background. So stay tuned, but I feel super good about where we're going with Vans. Next question.

如您所知，該業務的產品開發週期比應有的要長。我們不會立即修復此問題，但我們也在後台進行處理。所以請繼續關注，但我對我們與 Vans 的未來發展感到非常滿意。下一個問題。

Thank you, Michael.

謝謝你，麥可。

Matthew Boss, JP Morgan.

摩根大通 (JP Morgan) 的馬修‧博斯 (Matthew Boss)。

Hey, Matthew.

嘿，馬修。

Hey, so maybe, two part question. On the top line, could you speak to recent wins at Timberland, progress you're seeing at The North Face maybe relative to some of the softer trends at Dickies. And then just on the overall progression, if we took a step back, maybe could you just elaborate on comments I think you made around the front half of '26 looking similar to the back half of '25?

嘿，也許，這個問題分成兩個部分。最重要的是，您能否談談 Timberland 最近的成功，以及您在 The North Face 看到的進步，也許與 Dickies 的一些較為溫和的趨勢有關。然後就整體進展而言，如果我們退一步考慮，也許您能詳細說明一下我認為您在 26 年上半年所做的評論，這些評論看起來與 25 年下半年相似嗎？

Yes, absolutely. So Timberland. Timberland, there's just a lot of excitement. I think you probably can -- I don't know if you follow us close enough and many of you do, you probably can see it. We've done some -- really the Timberland, I would say Timberland brand building activity started a year -- the first year I got here with the anniversary of the famous yellow boot and it's coinciding with hip-hop.

是的，絕對是如此。所以是 Timberland。Timberland，真是讓人興奮不已。我想你們可能可以——我不知道你們是否足夠關注我們，而且你們中的許多人確實如此，你們可能可以看到它。我們做了一些——實際上是 Timberland，我想說 Timberland 品牌建立活動始於一年——我來到這裡的第一年正值著名黃色靴子的周年紀念日，恰逢嘻哈音樂盛行。

And we quietly, although in a very cool way, did a bunch of cool stuff that year, some cool collaborations. We created a movie. But nobody really heard it, but I would say some of the key players in the influencer world probably heard it. And picked up steam and kept picking up steam right through the year, and then we did the Louis Vuitton collaboration and Bottega Veneta just most recently. And so there's just a lot of good momentum there. And the whole game plan there is obviously get as much you can out of this yellow boot franchise but also expand and roll through with other franchises.

儘管方式很酷，但我們在那一年悄悄地做了很多很酷的事情，並進行了一些很酷的合作。我們製作了一部電影。但沒有人真正聽說過它，但我想說影響者界的一些關鍵人物可能聽說過它。並在全年中持續保持強勁勢頭，最近我們與 Louis Vuitton 和 Bottega Veneta 進行了合作。所以那裡有很多良好的勢頭。整個遊戲計劃顯然是從這個黃色靴子特許經營權中獲取盡可能多的東西，同時擴大並與其他特許經營權一起發展。

And contrary to which you might think yellow boot is not 70% of our business. It's -- and it will probably be smaller and smaller over time as we move into other things. So Nina will go through that, but I feel really excited about where we're going with Timberland, but there's a lot of room to work there and a lot of places to go.

與此相反，你可能會認為黃色靴子並不占我們業務的 70%。隨著我們轉向其他領域，它的規模可能會越來越小。所以妮娜會經歷這一切，但我對 Timberland 的未來感到非常興奮，那裡還有很大的發展空間，還有很多地方可以去。

On T&F, I think the T&F story has not really changed much. I think we have a great team in there, and that team is led by Caroline, who's doing a fantastic job. We're probably texting back and forth five times a day, because she's excited about what she's doing, about what they're doing. So you'll hear more from her. I will not steal any of her thunder, except to say I'm really pumped about what she and all the brand presidents are doing.

關於 T&F，我認為 T&F 的故事實際上並沒有太大改變。我認為我們擁有一支出色的團隊，而團隊由卡羅琳領導，她做得非常出色。我們可能每天要互發五條短信，因為她對自己所做的事情、對他們所做的事情感到很興奮。這樣你就會聽到更多她的消息。我不會竊取她的風頭，只是想說我對她和所有品牌總裁所做的事情感到非常興奮。

Dickies is a deep turnaround. It's a small business for us. It's got -- maybe relative to its size, it might be the smallest in revenue. In other words, there's more potential there than in some ways, may be any other brand we have, although they all have a lot of potential. But Dickies really has a lot, but it's a deep turnaround, and we're all -- you're just going to be patient with us on that one.

Dickies 正在發生深刻的轉變。對我們來說這只是一件小事。相對於它的規模，它的收入可能是最小的。換句話說，從某些方面來說，這個品牌的潛力比我們擁有的任何其他品牌都要大，儘管它們都具有很大的潛力。但 Dickies 確實有很多，但這是一個深刻的轉變，我們都 - 你們只需要在這一點上對我們保持耐心。

I feel really good about the leader we've put in place there. We announced that we're moving the business just to make it more harder on us if we moving the business to California. But there are a good reasons to do that. We're going to get -- we're going to have a campus really in California now for that business and Vans. So feel good about it.

我對於我們在那裡選出的領導人感到非常滿意。我們宣布要轉移業務，但如果我們將業務轉移到加利福尼亞，我們的處境就會更加艱難。但這樣做是有充分理由的。我們現在將在加州為該業務和 Vans 建立一個園區。所以感覺很好。

You asked about my reference to first half could look kind of like the back half of this year. I think that's really just an attempt to say, we're not really trying to give you a strong growth forecast into next year at this point. It's too early for that. We've given you Q4. What we are saying is keep an eye on the profitability. We're going to absolutely improve that.

您問到我提到的上半年可能與今年下半年有點類似。我認為這實際上只是試圖說，我們現在並不是想給你一個明年強勁的成長預測。現在說這個還太早。我們已經為您提供了 Q4。我們要說的是密切注意獲利能力。我們絕對會改善這一點。

You're going to see it systematically improve while we're rebuilding a lot of things in the company to drive long-term growth. When will that growth come? We're not ready to say yet. So we're just trying to really dampen expectations.

當我們重建公司中的許多東西以推動長期成長時，您將會看到它系統性地改善。這種成長何時會到來？我們還沒準備好說。所以我們只是想降低預期。

Great. Thanks a lot.

偉大的。多謝。

Thank you.

謝謝。

James Duffy, Stifel.

詹姆斯·達菲（James Duffy），Stifel。

Hello, James.

你好，詹姆斯。

Maybe I can make up a question.

也許我可以提出一個問題。

Hey, we can't hear you.

嘿，我們聽不到你的聲音。

Oh, sorry, I had you on mute. Great to hear from you guys, really great results from The North Face and Timberland. I'm curious if you have the inventory to participate in some of the demand you might be seeing here in January. And then also hoping you can share some perspective on what those results might mean for forward orders as we look to fall holiday 2025?

哦，抱歉，我把你靜音了。很高興收到你們的來信，The North Face 和 Timberland 的表現確實很棒。我很好奇您是否有庫存來滿足一月份可能出現的一些需求。然後，也希望您能分享一些觀點，即這些結果對於我們展望 2025 年秋季假期的遠期訂單意味著什麼？

That's a clever way to ask that question. There's always -- you always got -- in our case, I think we've done a good job bringing our inventory levels down, and our inventory is pretty fresh. You never have exactly what you need everywhere, so we don't, but look, we're -- our supply chain is working pretty effectively. It can work a lot better, by the way, over time.

提出這個問題的方式很聰明。就我們的情況而言，我認為我們在降低庫存水準方面做得很好，而且我們的庫存非常新鮮。你永遠不可能在任何地方都擁有你所需要的一切，我們也是如此，但是你看，我們的供應鏈運作得非常有效。順便說一句，隨著時間的推移，它可以發揮更好的作用。

But I'd say so far, so good. You want to add anything to that, Paul?

但我想說，到目前為止，一切都很好。保羅，你還有什麼要補充嗎？

No. I think a lot of the initiatives we talked about the Investor Day in terms of the integrated planning stuff, I think that will also help us sort of make sure inventory is in the right place moving forward. So we're getting there.

不。我認為我們在投資者日上討論的許多關於綜合規劃方面的舉措也將幫助我們確保庫存在未來處於正確的位置。所以我們快到了。

Is there anything you guys can share on, discussions with wholesale customers and what that looks like for the order book into fall next year?

你們有什麼可以分享的嗎，與批發客戶的討論以及明年秋季的訂單情況？

I don't think we have too much to say about going into fall next year. But I would say the spring order book was -- I think we've said before, is light. And we knew that beforehand, and it's kind of a reflection of the past and kind of the general sentiment, especially in the US on that.

我認為我們對明年秋季沒有太多要說的。但我想說的是，春季訂單量——我想我們之前就說過，很清淡。我們事先就知道這一點，這在某種程度上反映了過去的情況和普遍的情緒，尤其是在美國。

But I'm not worried about that at all. I really feel good about the product portfolio we're bringing out as -- the cool thing for those of you who've been in our business for a long time, you know you get to look at three seasons out all the time. So I really feel good about the products we have coming out season by season by season across our brands.

但我一點也不擔心這點。我對我們推出的產品組合感到非常滿意——對於那些長期從事我們業務的人來說，最酷的是，你知道你可以隨時查看前三季的產品。因此，我對我們各個品牌逐季推出的產品感到非常滿意。

And I think you'll see that as we get together. We'll give a little bit of a glimpse of some of this when we get together at the Investor Day, but you'll see more of it as it starts to unfold. But yes, no, I think so far, everything is really on track from a product development standpoint as we go forward, and you'll see us continue to ramp that up and marketing.

我想當我們聚在一起時你就會看到這一點。當我們在投資者日聚會時，我們會對其中的一些內容進行一些介紹，但隨著事情的展開，您會看到更多的內容。但是，是的，不，我認為到目前為止，從產品開發的角度來看，隨著我們不斷前進，一切都在按計劃進行，你會看到我們繼續加強這一方面和行銷。

Very good, thank you very much.

非常好，非常感謝。

Thanks Jim.

謝謝吉姆。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Lorraine. Thanks.

洛林。謝謝。

Good morning, Bracken, you talked about Vans US non-value channel sell-out positive. I was just curious what's the mix of the value channel for Vans? How important is that in your go-forward plan? And then can you talk about the health of the inventory in the channel across value and non-value?

早安，布雷肯，你談到了 Vans 美國非價值通路銷售情況良好。我只是好奇 Vans 的價值管道組合是什麼樣的？這在你的未來計畫中有多重要？那麼您能談談價值管道和非價值管道的庫存健康狀況嗎？

Yeah, The health of the inventory looks good. Vans will always have a value channel component. So I don't want you to sell off this call thinking that value channel is 10%. It's only for selling off product that didn't sell in our non-value channels. So it's not. It's probably a third of our business. It will stay about there. And it's -- as I said, the health of the inventory looks really good. Now we brought that down. It was probably up to over half of the business at one point.

是的，庫存狀況看起來不錯。Vans 總是會擁有一個價值管道組件。所以我不希望你以為價值通道是 10% 而賣出這個買權。它僅用於銷售未在我們的非價值管道中銷售的產品。所以不是。這大概占我們業務的三分之一。它將停留在那裡。正如我所說，庫存的健康狀況看起來非常好。現在我們把它降低了。這一比例一度可能達到業務總量的一半以上。

And you think the third is the kind of the go forward ratio that you would expect?

您認為第三個是您期望的前進比率嗎？

I think so. It could drift lower than that over time. I don't -- I'm not afraid of the value channel. There's -- I think you could tend to think the value channel is just discount, discount, discount. Actually, the profitability in the value channel can be very good. It's -- what -- we want to make sure we're serving. The cool thing about Vans is it does serve a very broad consumer base, and we wanted to. So we want to be where our customers really want to shop and the value channel is definitely part of that.

我認為是這樣。隨著時間的推移，該數字可能會下降。我不害怕價值管道。我認為您可能傾向於認為價值管道只是折扣、折扣、折扣。實際上，價值管道的獲利能力可以非常好。這就是我們想要確保我們能提供服務的原因。Vans 的酷之處在於它確實服務於非常廣泛的消費者群體，而我們也希望如此。因此，我們希望出現在顧客真正想要購物的地方，而價值管道無疑是其中的一部分。

But yes, I would guess that the non-value channel will grow faster over time. As you look -- if you look at this, two years from now, three years from now, probably look, but the non-value channel look bigger. We've opened doors in the non-value channel as we've closed doors in the value channel. So we probably added 800 doors in the non-value channel and we've closed 1,800 in the value channel. So we've changed the mix. And it could continue a little bit.

但是的，我猜測非價值管道將隨著時間的推移而成長得更快。正如您所看到的——如果您看一下，從現在起兩年後、三年後，可能會看起來，但非價值管道看起來更大。我們在非價值管道中打開了大門，同時我們關閉了價值管道中的大門。因此，我們可能在非價值管道中增加了 800 扇門，而在價值管道中關閉了 1,800 扇門。因此我們改變了組合。而且這種情況還可能會持續一段時間。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Laurent Vasilescu, BNP Paribas.

法國巴黎銀行的洛朗‧瓦西里萊斯庫 (Laurent Vasilescu)。

Hello, Laurent.

你好，Laurent。

Good morning. Hi Bracken, how are you? Congrats on the results here. I wanted to ask you, Bracken, with regards to your comment around the second half. I know it's initial, but it's good to hear that the similar trajectory to the second half of the fiscal year. Is that comment on a constant currency basis?

早安.你好，Bracken，你好嗎？祝賀所取得的成果。布雷肯，我想問你關於後半部的評論。我知道這只是初步消息，但很高興聽到與財年下半年的軌跡相似。這篇評論是基於固定匯率計算的嗎？

Laurent, thank you for asking that because by the way, I'll let you finish your question here a minute. But I think we were -- Paul and I have had a discussion yesterday on where to put the emphasis on constant currency reported. And it's a regular debate between that goes on and before your report and you set up a standard.

洛朗，謝謝你問這個問題，順便說一句，我讓你在這裡問完你的問題一分鐘。但我認為我們——保羅和我昨天已經討論了應該把重點放在恆定匯率報告上。在您提交報告並建立標準之前，我們會定期進行辯論。

And we really haven't locked that in yet. But I think constant currency is super important here, especially in an environment where you've got volatile currencies, which we have had over the last -- not wildly violent, but it's a little bit volatile. So we'll try to put more emphasis on that constant currency going forward.

但我們確實還沒有確定這一點。但我認為，穩定的匯率在這裡非常重要，特別是在貨幣波動的環境下，過去一段時間，我們經歷了這樣的情況——雖然不是非常劇烈，但還是有點波動。因此，我們將在未來更加重視貨幣的穩定。

Okay. Thank you very much.

好的。非常感謝。

Not on profit. By the way, profit will always be reported.

不以盈利為目的。順便說一句，利潤總是會報告的。

Okay. Okay. Perfect. Understood. And then Bracken, Paul, I'm trying to understand the slides here on the SG&A dollars guided to be up slightly for 4Q. Is that -- I would assume that's on an adjusted basis? And if that's the case, maybe I'm just modeling this wrong, but that implies 4Q gross margins up significantly higher than what you just posted in 3Q like up 300, 400 bps. Is that the right way to think about it, Paul? And if that's the case, should we initially think gross margins will be strong in the second half of the calendar year. I think Bracken, you mentioned that profitability will continue to improve into next fiscal year.

好的。好的。完美的。明白了。然後，布雷肯、保羅，我試圖理解幻燈片上關於第四季度銷售、一般和行政費用預計會略有上漲的指導意義。是的——我認為這是經過調整的嗎？如果是這樣的話，也許我的模型是錯誤的，但這意味著第四季度的毛利率將比你剛剛公佈的第三季毛利率大幅上升 300 到 400 個基點。保羅，這樣思考問題正確嗎？如果確實如此，我們是否應該初步認為今年下半年的毛利率將會很高？我認為布雷肯，你提到獲利能力將在下一財年繼續提高。

Yes. So I'll take both of the -- on the SG&A and the gross margin. So on the gross margin side, we do expect gross margins to be up, there's a couple of factors at play here. One is the actions from last year are still benefiting us year-over-year. So that's a part of it. And then secondarily, as kind of equally or maybe not quite equally. But we are benefiting, as we talked about some of the product costs have improved and lower promotions as well. So overall, gross margins sort of organically are heading in the right direction. And then you throw on top of the benefits we have kind of on the comp from last year.

是的。因此，我將同時考慮銷售、一般及行政費用和毛利率。因此，在毛利率方面，我們確實預期毛利率會上升，這裡有幾個因素在起作用。一是去年採取的行動仍然使我們逐年受益。這是其中的一部分。其次，在某種程度上，它們是平等的，或者可能不完全平等。但我們正在受益，正如我們所討論的一些產品成本有所改善，促銷也降低了。因此總體而言，毛利率正在有機地朝著正確的方向發展。然後，您就可以將我們從去年的競爭對手那裡獲得的好處加在一起了。

On the SG&A side, yes, we're modeling it up slightly, the two real big factors in that would just be marketing, that's a little higher in Q4. And then again, we still have one more quarter of the sort of bonus accruals hitting us this year that didn't really impact us last year.

在銷售、一般及行政費用方面，是的，我們正在對其進行稍微的建模，其中真正重要的兩個因素是行銷，這在第四季度會略高一些。而且，今年我們還有一個季度的獎金對我們造成了影響，而去年這並沒有為我們帶來什麼影響。

Very clear. Paul, thank you very much.

非常清楚。保羅，非常感謝你。

Thanks, Laurent.

謝謝，Laurent。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Thank you very much. Congratulations. Great quarter. Nice to see it. So Bracken, my question is going to focus on Vans. That was the only brand that missed sales relative to consensus expectations. You're giving it time, what customer feedback are you getting from the core Vans customer? You're broadening it out to more board and action sports. So just how are you targeting kind of a broader audience? And then when is the right time to put some demand creation investment behind that?

非常感謝。恭喜。非常棒的一個季度。很高興看到它。那麼 Bracken，我的問題就集中在 Vans 上。這是唯一一個銷售量未達普遍預期的品牌。您給了它時間，您從核心 Vans 客戶那裡得到了什麼客戶回饋？您正在將其拓展到更多的棋盤運動和動作運動。那麼您究竟該如何瞄準更廣大的受眾呢？那麼什麼時候才是投入一些需求創造投資的最佳時機呢？

And then Paul, I have a quick one for you, which is really you're taking measures throughout the entire infrastructure of the company. I'm assuming that supply chain is going to be one of them. Can you remind us kind of where your sourcing base Vietnam, China is exposed? And what measures you're taking to speed up and make that supply chain more efficient?

然後保羅，我要告訴你一個簡單的問題，實際上你正在整個公司的基礎設施中採取措施。我認為供應鏈就是其中之一。您能否提醒我們一下您的採購基地越南和中國在哪裡？您採取了哪些措施來加速並提高供應鏈效率？

Okay. I'm going to dodge your question, not because I don't have an answer, but I'll give you a little bit of one, but because I really want to let Sun to answer that. The feedback -- both the feedback from customers as we continue to think about who we're really targeting and also demand creation investment. What I will say is we're not starving Vans demand creation. We are experimenting with what kind of demand creation, where we're spending our money, especially during the holiday period, and we're learning. So I think you'll see us continue to change what we're doing there, although you can't really probably easily see what we did last quarter, we did the quarter before that.

好的。我將迴避你的問題，不是因為我沒有答案，而是我會給你一點答案，而是因為我真的想讓孫正義來回答這個問題。回饋－既包括來自客戶的回饋，我們也在不斷思考我們真正的目標客戶是誰，同時也包括需求創造投資。我想說的是，我們並沒有抑制 Vans 的需求創造。我們正在試驗創造什麼樣的需求，我們在哪裡花錢，特別是在假期期間，我們正在學習。因此，我想你會看到我們繼續改變我們所做的事情，儘管你可能很難看到我們上個季度做了什麼，但我們在上個季度做了什麼。

But suffice to say, we're in deep learning mode and action mode. So you'll see us keep adjusting what we're doing on Vans from marketing perspective. And the target audience piece, I will absolutely refer and let Sun talk in March, but I feel very, very good about the decisions she's made. And as you said, we are going broader into action sports and beyond.

但可以說，我們處於深度學習模式和行動模式。所以你會看到我們從行銷角度不斷調整我們在 Vans 上所做的工作。至於目標受眾部分，我絕對會參考並讓孫正義在三月發表演講，但我對她所做的決定感到非常非常滿意。正如您所說，我們將更廣泛地涉足極限運動及其他領域。

Yeah. So on supply chain, I would say, obviously, we're looking at the whole business, we'll look at everything. So nothing to really add there specifically other than we're going to continue to look to become as efficient and best in class in everything we do.

是的。因此，關於供應鏈，我想說，顯然，我們正在關注整個業務，我們會專注於一切。因此，除了我們將繼續努力使我們所做的每一件事都變得高效和一流之外，沒有什麼需要特別補充的。

With respect to kind of the regions, I'm going to read into this a little bit and I think maybe this is around tariffs and those types of things. We have very minimal exposure of things coming out of China, Mexico, Canada, so the impact for us is very, very small.

關於地區，我將稍微了解一下，我想這可能與關稅和諸如此類的事情有關。我們對來自中國、墨西哥、加拿大的產品的接觸非常少，所以對我們的影響非常非常小。

Okay. And then just one clarifying question onto the GM. So just to make sure we don't get ahead of skis for first half of next year, last year the reset actions were about 200 bps for the organic, would be anything above 200 bps of gross margin expansion for the fourth quarter? Is that correct?

好的。然後只需向 GM 提出一個澄清問題。因此，為了確保我們不會領先明年上半年的業績，去年的重置行動對於有機成長而言約為 200 個基點，那麼第四季度的毛利率擴張是否會超過 200 個基點？那正確嗎？

Yes.

是的。

Okay. Thank you very much and really great quarter, great progress.

好的。非常感謝，這個季度真的非常棒，並且取得了巨大的進步。

Thank you very much.

非常感謝。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning and thank you for taking our question. Paul, we've seen some outperformance for a couple of quarters in a row on the SG&A line. Can you talk a little bit more about where you're outperforming your own expectations on Reinvent cost savings. And as you bridge from the fourth quarter of this year to your midterm targets, how are you thinking about the opportunity to flow additional savings to the bottom line near term versus additional reinvestments in the brands through marketing or other talent investments that you might think are necessary to drive long-term health of the business?

早安，感謝您回答我們的問題。保羅，我們已經連續幾季看到銷售、一般及行政開支的優異表現。您能否進一步談談您在重塑成本節約方面超出預期的地方。在你們從今年第四季過渡到中期目標的過程中，你們如何看待短期內將更多節省的資金注入利潤，以及透過行銷或其他人才投資對品牌進行額外的再投資（這些投資可能是你們認為的）？

Yes, sure. So I would say over the last couple of quarters a lot of it, honestly, is just in execution, right? So we've had plans in place against Reinvent. You're not always expect to maybe a full 100% of everything you think you're going to get in the quarter. And honestly, the last couple of quarters, we've done really well in terms of hitting all the targets probably at or better than we thought, which is just a testament to the team and how hard they're working in terms of really putting all the Reinvent actions in place.

是的，當然。因此我想說，在過去幾個季度裡，很多事情說實話都只是在執行，對嗎？因此我們已經制定了針對 Reinvent 的計劃。您並不總是期望能夠獲得您預計在本季度將獲得的全部收益的 100%。老實說，在過去的幾個季度裡，我們在實現所有目標方面做得非常好，可能達到或超過我們的預期，這只是對團隊努力工作的證明，他們真的所有重塑行動均已到位。

And so honestly, it's nothing more than that, other than just really great execution from the team on the savings side. And then as we talked about, so all of those that kind of first phase, that first $300 million will be -- is fully actionable. We'll have the full run rate by the end of this fiscal year, which will all flow into next year.

老實說，除了團隊在節約方面的出色表現外，沒什麼特別的。正如我們所討論的，所有這些第一階段的資金，即最初的 3 億美元，都是完全可行的。我們將在本財政年度結束前獲得全部運行率，這些運行率將全部流入明年。

And then we're starting to see the very early beginnings of the additional benefits we talked about at the Investor Day. So we talked about $500 million to $600 million of incremental operating income benefit. That's kind of spread out a little bit up and down the P&L, not just SG&A, but I assume half that's SG&A. And we started to see a little bit of that. I wouldn't expect too much of that in Q4, but we're starting to see a little bit of that benefit roll through as well.

然後我們開始看到我們在投資者日談論的額外好處的早期開始。因此我們談論的是5億到6億美元的增量營業收入收益。這在損益表中有所分佈，不僅僅是銷售、一般和行政費用，但我認為其中有一半是銷售、一般和行政費用。我們開始看到一點這樣的情況。我不會對第四季的業績預期有太大變化，但我們開始看到一些好處逐漸顯現。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會傳達的。

Thank you very much.

非常感謝。

Jay Sole, UBS.

瑞銀的傑伊·索爾 (Jay Sole)

Great. So two questions for me. Number one, can you just talk us through what you're seeing in China. I think you said sales were up 4%. I think it were up 5% year-to-date. And then on the balance sheet, given the progress you made in the quarter, reducing debt. What's the outlook from here? How much of a priority is it now? Is it the same level of priority that it's been? Or do you feel like maybe free cash can be used for some different purposes going forward?

偉大的。我有兩個問題。第一，您能否和我們談談您在中國看到的情況。我記得您說過銷售額成長了 4%。我認為今年迄今已上漲了 5%。然後在資產負債表上，考慮到您在本季度取得的進展，減少債務。這裡的前景怎樣？現在它的優先順序有多高？它的優先順序和以前一樣嗎？或者您覺得免費現金將來可以用於一些不同的目的？

I'll let Paul answer the second one on China. I think we're pricing the same thing everybody else is. The economy itself is pretty soft relative to the past. I mean the good news is we've got a very strong business, especially in The North Face in China, continue to grow double digits. So really good, another good performance there. And I have -- I'm -- as most people here are probably uncertain about what will happen near term, but really optimistic about the long term in China. So we're going to keep the pedal to the metal and keep investing there and building business there. You want to answer that first?

我請保羅回答第二個有關中國的問題。我認為我們的定價與其他人是一樣的。與過去相比，現在的經濟本身相當疲軟。好消息是我們的業務非常強勁，尤其是在中國的 The North Face，繼續保持兩位數的成長。真的非常好，又是一次精彩的表演。我和大多數人一樣，可能不確定近期會發生什麼，但對中國的長期前景非常樂觀。因此，我們將全力以赴，繼續在那裡投資、發展業務。你想先回答這個問題嗎？

Yes. On the free cash flow, our focus will continue to be to pay down debt. It's really to focus one and two in terms of our cash flow. And Brack and I have talked about the -- we have the target of 2.5x or better, which we put out there. And I think you can assume, unless we were to say otherwise, that our real focus is getting there as fast as we can, and then we'll think about other uses of free cash flow.

是的。在自由現金流方面，我們的重點將繼續是償還債務。我們真正要關注的是現金流的第一點和第二點。布拉克和我已經討論過了——我們的目標是 2.5 倍或更高，我們已經將其提出了。而且我想你可以假設，除非我們另有說明，否則我們的真正重點是盡快實現這一目標，然後我們才會考慮自由現金流的其他用途。

Yes, exactly. We won't be doing any acquisitions anytime soon. We've got so many opportunities to improve this business without doing that and then get growth. We don't need to worry about that for now.

是的，確實如此。我們近期不會進行任何收購。我們有很多機會可以不這麼做就改善業務並實現成長。我們暫時不需要擔心這個。

Got it. Thank you so much.

知道了。太感謝了。

Thanks, Jay.

謝謝，傑伊。

Bob Drbul, Guggenheim.

古根漢的鮑勃·德布爾。

Hi, good morning. Just a couple of questions. The first one is on the wholesale pull forward. Can you quantify the dollar number, the shift from Q4 into Q3?

嗨，早安。僅有幾個問題。第一個是關於批發拉動。你能量化美元數字，即從第四季到第三季的變化嗎？

Yeah, I'm not going to quantify it. I will say that of the -- listen, I'm really not going to answer your question, but I'll answer as best I can, which is wholesale was a little bit more of the outperformance than DTC, or they both outperformed. And within the wholesale, I'd probably say about half of it, plus or minus, was pulled forward and the other half was just better reorders given some of the strength we saw in Q3.

是的，我不會量化它。我要說的是——聽著，我真的不會回答你的問題，但我會盡我所能回答，批發業務的表現比 DTC 略好一些，或者它們都表現優異。在批發業務方面，我可能會說大約有一半（或多或少）是提前進行的，而另一半只是由於我們在第三季度看到的一些強勁增長而獲得了更好的重新訂購。

Yes, I'll give a little more color. Paul is quite nervous to give more color because he and I haven't agreed with how much we're going to say and not say because it's always a little tricky and making sure you have your facts. We had reorders, we had better reorders, lowered installations, and we have some orders that were pulled forward from last -- the future quarter to this quarter. So it was the combination.

是的，我會多加一點顏色。保羅對於提供更多細節感到十分緊張，因為他和我還沒有就我們要說多少和不說多少達成一致，因為這總是有點棘手，而且要確保你掌握事實。我們有重新訂購，有更好的重新訂購，降低了安裝量，並且我們有一些訂單從上個季度（未來一個季度）提前到本季度。所以這就是組合。

Then you have cold weather, which drove our DTC business stronger, too. So we're just not going to take all those things to the bank into Q4. And I think that's the right answer. I think none of those are things you can really count on, especially if you understand order flow, you know we can't count on reorders because the way our seasons work, they work in a two-quarter cycle.

然後天氣變冷，這也推動了我們的 DTC 業務更加強勁。所以我們不會把所有這些東西帶到第四季。我認為這是正確的答案。我認為這些都不是你真正可以依賴的東西，特別是如果你了解訂單流，你知道我們不能依賴重新訂購，因為我們的季節是以兩個季度為週期的。

So the second quarter of our cycles when you have reorders, so won't happen in Q4. So that number has gone up. So it's a little bit noisy. It's why we're not being a little more specific than that. But bottom line is, I think we've judged it's about right.

因此，我們週期的第二季會有重新訂購，但第四季不會發生這種情況。因此這個數字已經上升了。所以有點吵。這就是為什麼我們沒有說得更具體。但最重要的是，我認為我們的判斷是正確的。

Got it. And then, Bracken, on Vans, when you look at sort of the regional breakdowns, Vans down 31% in APAC. Can you just comment a bit on that result and sort of what drove that and how you're seeing the business there?

知道了。然後，布雷肯，談到 Vans，當您查看區域細分時，您會發現 Vans 在亞太地區的銷量下降了 31%。您能否對這一結果、推動這一結果的因素以及您如何看待那裡的業務做一些評論？

Yeah, I would say Vans came -- Vans got hit a little bit later, maybe fundamentally and then pretty hard. If you look at our Vans business in APAC, I think at its peak, it was $600 million, something like that. So think about how much potential there is there. So we're not chasing anything short term in Vans right now. And I hope that's obvious to you. It is to me. I just block everything that I hear that sounds like we're trying to do something really short term, because the potential is so big here, I don't know what our run rate would be right now in that Q3, but I'll bet it's $250 or something.

是的，我想說 Vans 後來受到了衝擊——也許是從根本上受到的衝擊相當大。如果你看看我們在亞太地區的 Vans 業務，我認為在巔峰時期，它的規模大約是 6 億美元。所以想想那裡有多少潛力。因此，我們目前不追求 Vans 的任何短期目標。我希望你們能清楚這一點。對我來說是的。我只是封鎖了所有我聽到的聽起來像是我們在嘗試做一些短期事情的消息，因為這裡的潛力太大了，我不知道我們現在在第三季度的運行率是多少，但我會打賭是250美元左右。

So we're down that much in APAC and China, in particular. So -- and part of that is really -- and I mentioned this the last couple of calls, I think, really resetting our store footprint there. It's a lot of it is partner stores, so they're not our stores. So there's a lot of work going on there and a lot of work on the team, et cetera. So I would say just like the rest of the world. But you're right, Vans and APAC is a little bit of a special case that I'm excited about the whole business.

因此，我們在亞太地區，尤其是中國地區的銷售下降幅度尤其大。所以 — — 其中一部分實際上是 — — 我在最近的幾次通話中提到了這一點，我認為，確實要重置我們在那裡的商店足跡。其中很多是合作商店，所以不是我們的商店。所以那裡有很多工作要做，團隊也有很多工作要做，等等。所以我想說，就像世界其他地方一樣。但你說得對，Vans 和 APAC 有點特殊，我對整個業務感到興奮。

I think APAC is a really interesting case where -- how long it will take us to get back to $600 million, we'll see. But I do think you know China and once you get things right, the growth comes fast. So we don't have things right there yet, obviously, but we will.

我認為亞太地區是一個非常有趣的案例——我們需要多長時間才能回到 6 億美元，我們拭目以待。但我確實認為你了解中國，一旦你把事情做好，成長就會很快。所以顯然我們還沒有把事情做好，但我們會的。

Great, thank you.

太好了，謝謝。

Thanks, Bob. Well, so like that was the last call, boy, that went fast. I think Paul is just in a hurry to get the Super Bowl pre-party. Must start this morning. But thanks to all of you. I just want to -- I want to close out by saying this was a quarter of really strong progress and we're on track with the turnaround. We're on track of this transformation. We're not doing anything short term here. We aim to really creating a new kind of company that can drive really strong long-term sustainable growth and profitability and top line. We continue to advance all those things we talked about in October.

謝謝，鮑伯。好吧，就像那是最後一次呼叫一樣，小伙子，它很快就過去了。我認為保羅只是急著參加超級盃賽前派對。必須今天早上開始。但感謝你們所有人。最後，我只想說，這是一個取得了巨大進展的季度，我們正走在扭轉的正軌上。我們正處於這轉變的軌道上。我們在這裡不做任何短期的事情。我們的目標是真正創造一家能夠推動長期永續成長、獲利能力和營收的新型公司。我們將繼續推進十月談到的所有事項。

So nothing there has changed. You can just imagine we're now three months further down the road with very aggressive progress and there are other things we're doing that you don't know about yet. As I mentioned, so we're going to be back in March. You're going to hear from these brand presidents. Each session will be really, really long. So you won't get a deep hardy strategy from each one of them, but you'll get a good feel for what we're doing. And most importantly, you'll get a good feel for them.

因此那裡什麼都沒有改變。你可以想像一下，現在我們已經走了三個月的路，取得了非常積極的進展，而且我們還在做其他你還不知道的事情。正如我所提到的，我們將在三月回來。您將會聽到這些品牌總裁的發言。每次會議都會非常非常長。因此，你不會從他們每個人那裡得到深刻而堅定的策略，但你會很好地了解我們正在做的事情。最重要的是，您將對它們有良好的感覺。

And the bottom line is I'm super excited about this business. It's nice to have a good, strong quarter behind us and -- but we're already deeply into the future here. So thanks, everyone. We look forward to talking to you in person during the meetings in between or on the next call a quarter from now. Sorry, on our March meeting, which will be in New York. Thanks, everyone.

最重要的是，我對這項事業感到非常興奮。很高興看到我們度過了一個良好、強勁的季度，但我們已經深深展望未來。謝謝大家。我們期待在會議期間或一個季度後的下次電話會議上與您親自交談。抱歉，我們三月的會議將在紐約舉行。謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。