威富公司 (VFC) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the VF Corporation fourth-quarter fiscal year '25 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 VF 公司 25 財年第四季財報電話會議。（操作員指示）

Thank you, and I would now like to turn the conference over to Allegra Perry, Vice President of Investor relations. Please go ahead.

謝謝，現在我想將會議交給投資人關係副總裁 Allegra Perry。請繼續。

Hello, and welcome to VF Corporation's fourth-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 財年第四季電話會議。參加今天電話會議的人員將做出前瞻性陳述。這些聲明是基於當前預期，並受可能導致實際結果大不相同的不確定因素的影響。這些不確定性在定期提交給美國證券交易委員會的文件中詳細說明。

Unless otherwise noted, amounts referred to on today's call will be on an adjusted constant dollar 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.

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對此進行了定義，並在討論中將其用作主要數字。因為我們相信它們更準確地代表了我們業務的真實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.

您可能也會聽到我們提及符合美國公認會計準則的報告金額。簡報中包含的補充財務表可以找到 GAAP 指標與調整金額的對賬，這些表識別並量化了所有排除的項目，並提供了管理層對這些資訊對投資者有用的看法。

Joining me on the call will be VF's President and Chief Executive Officer, Bracken Darrell; 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；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。

I'll now hand over to Bracken.

現在我將把發言權交給 Bracken。

Thank you, Allegra, and welcome to our Q4 fiscal 2025 earnings call and our last call of the fiscal year. In our fourth fiscal quarter, revenue was down 3% in line with our guidance of negative 2% to negative 4%.

謝謝你，Allegra，歡迎參加我們的 2025 財年第四季財報電話會議，也是本財年的最後一次電話會議。在我們的第四財季，營收下降了 3%，符合我們預期的-2% 至-4%。

The Reinvent program and our efforts to improve our operating profitability are working well and significantly overperformed on operating income, up by 400 basis points year-over-year to $22 million, exceeding our guidance. Gross margin improved 560 basis points versus last year from lower material costs, less distressed sales, less discounting and higher quality inventory.

重塑計畫和我們為提高營運獲利能力所做的努力效果良好，營運收入顯著超出預期，比去年同期成長 400 個基點至 2,200 萬美元，超出了我們的預期。由於材料成本降低、不良銷售減少、折扣減少以及庫存品質提高，毛利率比去年同期提高了 560 個基點。

SG&A declined 2% as we executed comprehensive structural changes as part of our operating model transition under Reinvent to simplify the company and enable long-term growth. Net debt was down by over a quarter versus last year. We reduced leverage at year-end by a full turn. We're on track to deliver our stated medium-term goal of 2.5x leverage.

由於我們實施了全面的結構性變革，作為重塑策略下營運模式轉型的一部分，以簡化公司並實現長期成長，銷售、一般及行政費用下降了 2%。與去年相比，淨債務下降了四分之一以上。我們在年底將槓桿率降低了整整一倍。我們正在按計劃實現我們所述的 2.5 倍槓桿的中期目標。

Now let me share further details on our total revenue growth. At a high level, if you exclude Vans, we're up 4%. So of course, let's talk about Vans. As I've said before, there's nothing that's not working at Vans that we can't fix with what's working in the rest of the business. We told you last quarter that turnarounds are often nonlinear. To be clear, turnarounds can look nonlinear from a numerical standpoint, and this quarter is an illustration of that.

現在讓我分享有關我們總收入成長的更多細節。從高水準來看，如果不包括 Vans，我們的成長幅度為 4%。那當然，我們來談談 Vans。正如我之前所說，Vans 的所有問題都可以用其他業務中有效的方法來解決。我們上個季度告訴你，轉變往往是非線性的。需要明確的是，從數位角度來看，轉變可能是非線性的，本季就是一個很好的例子。

However, we are methodically advancing all our initiatives. The actions we're taking to drive improved performance and progress in our turnaround are moving forward in a clear linear manner. In fact, at Vans, we're making progress every week to turn around the business. You don't see the results just yet numerically, but you will. And when you do, there'll be high quality.

然而，我們正在有條不紊地推進所有舉措。我們為提高業績、推動轉型進程而採取的行動正以清晰的線性方式向前推進。事實上，在 Vans，我們每週都在取得進展以扭轉業務。現在您還無法從數字上看到結果，但您會看到。當你這樣做時，就會有高品質。

Vans was down 20% in the quarter after being down 8% in the prior quarter. This quarter's step back doesn't tell the whole story. If you adjust for deliberate strategic additions to manage the marketplace and set ourselves up to achieve profitable growth, the revenue decline was down high single digits versus last year and is consistent with last quarter's trend.

Vans 繼上一季下跌 8% 之後，本季又下跌 20%。本季的倒退並不能說明全部。如果針對管理市場和實現獲利成長的策略增加進行調整，營收降幅與去年相比將下降個位數，與上一季的趨勢一致。

Put in another way, 60% of decline this quarter is a direct effect of deliberately reduced revenue to eliminate unprofitable or unproductive business. Of the total Q4 decline in Vans sales, almost 25% of it was driven by reduced store fronts and reduced channel inventory in China. As we've said in prior calls, the turnaround in APAC has been slower. We're taking the actions needed to set that marketplace up for long-term growth.

換句話說，本季 60% 的下降是故意減少收入以消除無利可圖或沒有生產力的業務的直接結果。Vans 第四季整體銷售額下滑中，近 25% 是由於中國門市減少和通路庫存減少造成的。正如我們在先前的電話會議中所說，亞太地區的轉變速度較慢。我們正在採取必要措施，為該市場實現長期成長做好準備。

Another 35% of the total decline was driven by an additional set of deliberate actions, which were also in place last quarter that had a lower impact. These include the closure of value doors, mainly in the US that were margin eroding. The reduction of distressed sales that were unprofitable and the closure of our own stores, also mainly in the US that were unprofitable. And the results of these actions and others are that Vans gross margin is up significantly year-over-year.

總下降的另外 35% 是由另外一系列有意採取的行動造成的，這些行動也是上個季度採取的，但影響較小。其中包括價值門的關閉，主要是在美國，利潤率正在侵蝕。減少無利可圖的不良銷售並關閉我們自己的商店，主要位於美國的無利可圖的商店。這些措施和其他措施的結果是，Vans 的毛利率比去年同期大幅上升。

Now let me dissect the revenue a bit further. In non-value wholesale, sell-out was slightly up. And in our key accounts, Vans sell-out was up double digits. The balance of 40% of the decline was all driven by DTC, which is primarily due to soft traffic. What are we doing to address traffic? We're evolving our marketing rapidly to drive brand heat, and we'll get that back. As I said, we've demonstrated that we can do this at Timberland, for example, where we also had a period of declines.

現在讓我進一步分析一下收入。在非價值批發方面，銷售量略有上升。在我們的主要客戶中，Vans 的銷售量成長了兩位數。其餘 40% 的下降全部由 DTC 造成，這主要是由於客流量疲軟。我們正在採取什麼措施來解決交通問題？我們正在迅速改進我們的行銷方式來提高品牌熱度，我們會奪回這項成果。正如我所說，我們已經證明我們可以在 Timberland 做到這一點，例如，我們也經歷過一段時間的衰退。

So to answer the question, I'll get later, how do I feel about Vans and its outlook? Good. As confident as ever. We're executing our game plan, as Sun recently laid out. On talent, Sun's building her team has made several key hires, including the Head of Merchandising, and others are well underway. On products, we continue to focus on footwear by bringing in newness that rollout over back-to-school holiday and next spring and beyond. While reigniting the existing core icons.

因此，我稍後會回答這個問題，我對 Vans 及其前景有何看法？好的。一如既往的自信。我們正在執行我們的遊戲計劃，正如 Sun 最近制定的那樣。在人才方面，孫正義正在組建自己的團隊，並聘用了幾位關鍵人才，包括商品銷售主管，其他招募工作也在順利進行中。在產品方面，我們繼續專注於鞋類產品，並在開學假期、明年春季及以後推出新品。同時重新點燃現有的核心圖示。

Our focus on women and youth is starting to show early results with a positive response to the Super Lowpro, which was just launched and sold out in key colorways early on. Girls bought this product disproportionately, a signal that when we have something new and on trend, girls and women will come back.

我們對女性和年輕人的關注開始顯現出初步成效，Super Lowpro 獲得了積極的反響，這款產品剛剛推出，主要配色款式很早就銷售一空。女孩們購買該產品的比例過高，這表明當我們推出新產品並符合潮流時，女孩和婦女就會回來。

In terms of marketplace, we're pursuing brand elevation through channel cleanup, elevated stores and digital marketplaces, digital experiences. The cleanest of our channels are non-value wholesale, which is a high proportion of new products is showing encouraging results, and we have opportunities to keep driving more new products to increase that momentum and improving marketing. To quickly summarize, we're making the right decisions to build a durable, growing brand over the long term. We're learning every week, and we're making progress. Growth will come.

在市場方面，我們透過通路清理、提升商店和數位市場、數位體驗來追求品牌提升。我們最乾淨的管道是非價值批發，其中很大一部分新產品顯示出令人鼓舞的結果，我們有機會繼續推動更多新產品以增強這種勢頭並改善行銷。簡單總結一下，我們正在做出正確的決定，以打造一個長期持久、不斷發展的品牌。我們每週都在學習，並且正在取得進步。成長將會到來。

Now let me talk about some key highlights from our other brands. In the North Face, revenue for the brand was up 4% in Q4. DTC rose 9%, with positive growth in all regions, including double-digit increases in both the Americas and [EMEA]. From a product standpoint, outerwear was a standout and footwear continued to grow nicely in all regions.

現在讓我來談談我們其他品牌的一些主要亮點。在 North Face，該品牌第四季的營收成長了 4%。DTC 成長 9%，所有地區均實現正成長，其中美洲和[歐洲、中東和非洲地區]。從產品角度來看，外套表現突出，鞋類在所有地區都持續保持良好成長。

Timberland continued its strong performance with revenue up 13% in Q4. Wholesale and DTC were both up globally with lower discounts driving higher margins. Momentum in the 6-inch premium boot continued, while other styles also performed well, including Stone Street and Mt Madison. US search interest growth remained strong in the quarter.

Timberland 持續保持強勁表現，第四季營收成長 13%。全球批發和 DTC 均出現成長，折扣降低推動利潤率上升。6 吋高檔靴子的勢頭持續，而其他款式也表現良好，包括 Stone Street 和 Mt Madison。本季美國搜尋興趣成長依然強勁。

Let me close by touching on tariffs and the market uncertainty where Paul will go deeper. How are we approaching tariffs? The same way as we're approaching the rest of the business. With a long-term view but a short-term pace. This is, of course, the dynamic situation. But at a high level, we are well positioned to manage the impact. We have an asset-light model, which gives us great flexibility to move things and adjust quickly.

最後，我想談談關稅和市場不確定性，保羅將會對此進行更深入的探討。我們如何處理關稅？與我們處理其他業務的方式相同。目光長遠，但步伐短促。這當然是動態的情況。但從高層來看，我們已做好準備應對影響。我們採用輕資產模式，這讓我們能夠靈活地轉移資產並快速調整。

And in fact, over the past several years, we've strategically diversified our supply chain and proactively reduced our US finished goods sourced from China to less than 2% today. We've also taken steps to strengthen our flexibility, learning from prior macro events. We're seasoned. When the tariffs were announced, we immediately activated our team and processes, organized a series of daily meetings to share feedback from Washington and supplier countries.

事實上，過去幾年來，我們策略性地實現了供應鏈多元化，並主動將從中國採購的美國成品比例減少到目前的 2% 以下。我們也採取了措施來增強我們的靈活性，並從先前的宏觀事件中學習。我們經驗豐富。關稅宣布後，我們立即啟動了團隊和流程，組織了一系列日常會議，分享華盛頓和供應國的回饋。

Supply chain opportunities and cost and factory moves, pricing strategy and communications. These continue coordinated, daily and effective. As a result, we have excellent visibility on the whole equation and have activated a plan to effectively manage it. This is also a catalyst to make our business operate with a faster cycle time, the way we will always operate going forward. Looking ahead, clearly, there's a lot of uncertainty out there from a macro standpoint, but we're not at all distracted by it.

供應鏈機會和成本以及工廠搬遷、定價策略和溝通。這些活動持續協調、日常且有效。因此，我們對整個方程式有很好的了解，並啟動了有效管理它的計劃。這也是一種催化劑，使我們的業務以更快的周期運行，這也是我們今後一直採用的營運方式。展望未來，從宏觀角度來看，顯然存在著許多不確定性，但我們不會因此而分心。

Our goal is to leverage it to improve our business. Our transformation is on track and progressing well and is allowing us to be more agile and nimble, making better decisions more quickly. We're making progress towards our medium-term goals, regardless of the volatility of the macro environment. We continue to advance on our goal to create a unique multi-brand portfolio company. I'm more confident than ever that the actions we're taking will enable VF to return to growth and deliver strong, sustainable value creation.

我們的目標是利用它來改善我們的業務。我們的轉型正在按計劃進行，進展順利，這讓我們變得更加敏捷和靈活，能夠更快地做出更好的決策。無論宏觀環境如何波動，我們都在朝著中期目標前進。我們將繼續朝著創建獨特的多品牌組合公司的目標邁進。我比以往任何時候都更相信，我們所採取的行動將使 VF 恢復成長並實現強勁、可持續的價值創造。

With that, I'll now hand it over to Paul to run through the financials. Paul?

說完這些，我現在將把任務交給保羅來處理財務事宜。保羅？

Great. Thank you, Bracken. While I normally dive right into the numbers, I did want to start today by addressing the current tariff environment. As Bracken mentioned, we have been highly proactive in addressing the potential impact from the newly implemented tariffs to ensure that we not only overcome any changes from tariff policy, but that we also emerge even stronger as a company. And while we continue to closely monitor the situation, we believe the opportunity to unlock value within VF lies within our control. This is what will ultimately drive improved performance and lead to VF turnaround.

偉大的。謝謝你，布雷肯。雖然我通常會直接深入研究數字，但今天我確實想先討論一下當前的關稅環境。正如布雷肯所說，我們一直積極主動地應對新實施關稅的潛在影響，以確保我們不僅能夠克服關稅政策的任何變化，而且使我們公司變得更加強大。在我們繼續密切關注局勢的同時，我們相信釋放 VF 內部價值的機會就在我們的掌控之中。這最終將推動業績提升並帶來 VF 的扭虧為盈。

We are activating a multi-pronged plan to address the potential impact from tariffs and believe we can offset these. Let me start by sharing some additional information on our sourcing structure into the US. From a total company perspective, approximately 35% of our global cost of goods sold is related to product costs for goods sold in the US. And geographically, our exposure looks like this. Starting with China. China is less than 2% of total cost into the US and some may recall a higher global number for China. That was because we do manufacture in China, but mostly for goods sold within China.

我們正在啟動一項多管齊下的計劃來應對關稅的潛在影響，並相信我們能夠抵消這些影響。首先，我想分享一些有關我們在美國採購結構的附加資訊。從整個公司的角度來看，我們全球銷售成本的約 35% 與在美國銷售的產品成本有關。從地理上看，我們的曝光情況如下。從中國開始。中國占美國總成本的不到 2%，有些人可能還記得中國在全球的比例更高。這是因為我們確實在中國生產，但主要銷售的是中國境內的商品。

Outside of that, our top sourcing regions of Southeast Asia and Central and South America in aggregate account for about 85% of what comes into the US. Included in the 85%, our top four sourcing countries are Vietnam, Bangladesh, Cambodia and Indonesia in that order. I also want to start at the potential additional costs created by the current 10% incremental tariff for goods coming into the US. To be clear, this is an unmitigated number, meaning it is the total impact on the business if we did absolutely nothing to offset changes in current tariff policy.

除此之外，我們的主要採購地區東南亞和中美洲和南美洲總計占美國進口量的 85% 左右。在這85%中，我們的前四大採購國依序為越南、孟加拉、柬埔寨和印尼。我還想先談談目前對進入美國的商品徵收 10% 的增量關稅可能造成的額外成本。需要明確的是，這是一個未減輕的數字，這意味著如果我們完全不採取任何措施來抵消當前關稅政策的變化，這就是對業務的整體影響。

On an annualized basis, the impact would be approximately $150 million in costs. The timing on tariff implementation stays as currently planned, we would see an impact of 65% of the annualized cost in fiscal '26, with most of the impact in the second half of the year.

以年計算，其影響成本約為 1.5 億美元。關稅實施時間保持當前計劃，我們將看到 26 財年 65% 的年度成本影響，其中大部分影響將出現在下半年。

We actually believe we can offset the impact from the tariffs, and we've activated our plans to do so. This entails cost management, select sourcing relocations and pricing actions. We are leveraging our deep and long-standing relationships with our partners and are working with them to ensure that we have the right cost structure. And on pricing, our approach is strategic and thoughtful. We have strong brands, which is always an advantage in pricing. In cost and supply chain locations, remember, we have an asset-light model, as Bracken mentioned. This provides us great flexibility to move things and adjust quickly.

我們確實相信我們可以抵消關稅的影響，並且我們已經啟動了我們的計劃。這需要成本管理、選擇採購地點和定價行動。我們正在利用與合作夥伴的深厚而長期的關係，並與他們合作以確保我們擁有正確的成本結構。在定價方面，我們的方法具有策略性和深思熟慮。我們擁有強大的品牌，這在定價上始終具有優勢。在成本和供應鏈位置，請記住，正如布雷肯所提到的，我們有一個輕資產模式。這為我們提供了極大的靈活性，可以快速移動事物並進行調整。

We're every confident, we will fully offset these costs and emerge stronger as a business. So now turning to the financial review of the fourth quarter, starting with the P&L. Our Q4 revenue was $2.1 billion and down 3% year-over-year in line with guidance of down 2% to down 4%. Overall, we are flat in the second half of the year as a whole versus last year after being 7% in the first half.

我們完全有信心，我們將完全抵消這些成本，並使企業變得更強大。現在轉向第四季的財務回顧，從損益表開始。我們的第四季營收為 21 億美元，年減 3%，符合下降 2% 至 4% 的預期。總體而言，上半年成長率為 7%，而下半年與去年同期相比持平。

By brand, the North Face grew 4%, led by the brand's DTC performance. Vans revenue in the quarter was down 20%, driven by our intentional actions that Bracken mentioned earlier and continued softness in DTC and rounding out the top three, Timberland posted strong results at up 13%.

從品牌來看，North Face 成長了 4%，這主要得益於該品牌的 DTC 表現。Vans 本季營收下降了 20%，這歸因於 Bracken 之前提到的我們採取的有意行動以及 DTC 的持續疲軟；而排在第三的 Timberland 則取得了強勁的業績，增長了 13%。

By region, the APAC region grew 2%, while the Americas and EMEA regions were down 5% and 2%, respectively, as we intentionally reduced promotional activity. The Americas is performing in line with expectations and excluding Vans grew approximately in line with Q3 trends. And lastly, by channel, DTC was down 3%, while wholesale was down 2%.

按地區劃分，亞太地區成長了 2%，而美洲和歐洲、中東和非洲地區分別下降了 5% 和 2%，因為我們有意減少了促銷活動。美洲地區的表現符合預期，除 Vans 外，其成長與第三季的趨勢大致一致。最後，按通路劃分，DTC 下降了 3%，而批發下降了 2%。

Gross margin for the quarter was up 560 basis points to 53.4%, driven primarily by continued cost tailwinds, lower promotions and higher quality inventory versus last year. SG&A was down 2% as faster-than-expected cost savings from the Reinvent program and initiatives more than offset inflation and investment in product and marketing.

本季毛利率上升 560 個基點至 53.4%，主要由於成本持續順風、促銷減少以及庫存品質高於去年同期。銷售、一般及行政費用下降 2%，因為重塑計畫和措施帶來的成本節約快於預期，足以抵銷通貨膨脹和產品及行銷投資的影響。

Our adjusted operating margin in the quarter was 1%, up 400 basis points year-over-year. Importantly, we're making real margin and profitability improvements as we continue to reshape and strengthen the foundation of our business. Finally, adjusted loss per share was a negative $0.13 versus negative $0.30 in Q4 of last year.

本季調整後的營業利益率為 1%，較去年同期成長 400 個基點。重要的是，隨著我們不斷重塑和加強業務基礎，我們正在實現真正的利潤率和獲利能力的提高。最後，調整後的每股虧損為負 0.13 美元，而去年第四季為負 0.30 美元。

Let me just make one comment on the full year. The adjusted operating margin improved 110 basis points versus last year, and we continue to make great progress to turn this into an efficient and well-run business as we advance towards our medium-term targets that we outlined to you in the fall.

我只想對全年發表一點評論。調整後的營業利潤率比去年提高了 110 個基點，我們將繼續取得巨大進展，將其轉變為高效且運作良好的業務，並朝著我們秋季向您概述的中期目標邁進。

Moving to our balance sheet, where we continue to make good progress. Inventories were down 4% or $71 million at the end of the year. Net debt was down $1.8 billion versus last year, down 26%. As we fully paid off the $750 million April '25 senior notes at the end of March, in line with our stated intentions. As a result, our leverage was 4.1 times at year-end, down 1 full turn versus last year.

轉向我們的資產負債表，我們繼續取得良好進展。年底庫存下降了 4%，即 7,100 萬美元。淨債務較去年同期下降了 18 億美元，降幅達 26%。由於我們已於 3 月底全額償還了 7.5 億美元的 25 年 4 月優先票據，這符合我們的既定意圖。因此，截至年底，我們的槓桿率為 4.1 倍，比去年同期下降了整整 1 倍。

Our free cash flow was $330 million, which when added to the sale of non-core assets was $401 million versus our guidance of $440 million. Importantly, cash flow from earnings was in line with our expectations. The delta was due to a timing impact that affected working capital.

我們的自由現金流為 3.3 億美元，加上非核心資產的出售，為 4.01 億美元，而我們的預期為 4.4 億美元。重要的是，獲利現金流符合我們的預期。這種差異是由於時間效應影響了營運資本而造成的。

Moving on to the outlook. As you know, we are not guiding for the full year, but let me give you a few metrics beyond next quarter to give some indication of where we believe we are heading. First, on cash flow. We do expect operating cash flow and free cash flow -- again, not including the sale of noncore assets to be up year-on-year.

繼續討論展望。如您所知，我們不會為全年提供指導，但讓我為您提供下個季度之後的一些指標，以表明我們認為的發展方向。第一，關於現金流。我們確實預期經營現金流和自由現金流（同樣不包括非核心資產的出售）將較去年同期成長。

Second, while you won't see leverage on the operating margin in Q1, we expect to see operating margin expansion in fiscal 2026. We will continue to make progress on our Reinvent work streams and advance towards our medium-term targets.

其次，雖然您在第一季不會看到營業利潤率的提升，但我們預計 2026 財年的營業利潤率將會擴大。我們將繼續推動重塑工作流程並向中期目標邁進。

Let me turn to Q1, which, as a reminder, is our smallest quarter for the year and also one where Vans has an outsized impact on the consolidated growth relative to other quarters. For revenue, we expect Q1 to be down 3% to 5% on a constant dollar basis. We stated in late January that we expected the first half of the year to be similar in growth rates in the second half of the last fiscal year. We expect Vans in Q1 to be similar to the Q4 trend due to the additional actions we've executed on stores and wholesale value channels.

讓我轉到第一季度，提醒一下，這是我們今年最小的一個季度，也是 Vans 對綜合成長的影響相對於其他季度而言最大的一個季度。就收入而言，我們預計第一季以固定美元計算將下降 3% 至 5%。我們在一月底曾表示，預計今年上半年的成長率將與上一財年下半年的成長率相似。由於我們在商店和批發價值管道採取了額外措施，我們預計第一季 Vans 的趨勢將與第四季度相似。

As a result of these actions, the revenue trends in the first half of fiscal '26 is expected to be slightly below the second half of fiscal '25. Moving down the P&L, we expect Q1 operating loss to be in the range of $110 million to a loss of $125 million. Gross margin will continue to benefit from fewer discounts and promotions and FX, while SG&A dollars are expected to be flat to down slightly versus last year.

由於這些行動，預計26財年上半年的營收趨勢將略低於25財年下半年。順著損益表來看，我們預期第一季的營業虧損將在 1.1 億至 1.25 億美元之間。毛利率將繼續受益於折扣、促銷和外匯的減少，而銷售、一般和行政費用預計將與去年持平或略有下降。

Finally, we expect Q1 interest of approximately $40 million and an effective tax rate in the range of 13% to 14%, which is higher than last year's reported tax rate. We will continue to provide you with quarterly guidance on tax rate as things evolve.

最後，我們預計第一季利息約為 4,000 萬美元，有效稅率在 13% 至 14% 之間，高於去年報告的稅率。隨著事態的發展，我們將繼續為您提供季度稅率指導。

I also want to take a moment to give you context around our long-term tax expense. Given the changes in global tax rates and our geographic mix, we do expect our reported tax rate to increase over the next one to two years and fluctuate quarter-to-quarter. This will have minimal impact on cash taxes, and we will provide quarterly guidance to help you model this going forward.

我還想花點時間向您介紹我們的長期稅費狀況。鑑於全球稅率和我們的地理結構的變化，我們預計我們的報告稅率將在未來一到兩年內增加，並且逐季度波動。這對現金稅的影響將微乎其微，我們將提供季度指導，以幫助您在未來進行建模。

In closing, we remain confident in our strategy and are well underway in transforming VF to strengthen our business and navigate any challenges or obstacles that come our way.

最後，我們對我們的策略充滿信心，並且正在順利進行 VF 轉型，以加強我們的業務並應對我們遇到的任何挑戰或障礙。

And with that, we'll now take your questions.

現在我們來回答你們的問題。

Okay. Thank you. We will now begin the question-and-answer session. (Operator Instructions)

好的。謝謝。我們現在開始問答環節。（操作員指示）

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Thanks. Hey everyone, good morning. So nice job on the gross margin -- nice job on the gross margin improvement. Obviously, the uncertainties there, and you guys were alluding to it, but just maybe any help how you're thinking about gross margin further into the year and then how we should think about how this looks structurally longer term?

謝謝。大家好，早安。毛利率方面做得很好——毛利率提高方面做得很好。顯然，那裡存在不確定性，你們也暗示了這一點，但也許你們能提供一些幫助，讓你們了解一下今年以後的毛利率情況，以及我們應該如何看待長期結構性問題？

And then an ignorant question for you guys, sorry, the $313 million free cash flow from this year, does that include anything from Supreme? And if so, can you just talk about bridging the past years $313 million to the expected growth for next year? Thanks guys.

然後問你們一個無知的問題，抱歉，今年的 3.13 億美元自由現金流，其中包括 Supreme 的部分嗎？如果是這樣，您能否談談如何將過去幾年的 3.13 億美元與明年的預期成長聯繫起來？謝謝大家。

Okay. Yeah. So obviously, you know we don't give out full year guidance. I'd sort of just rear what I said about margins in general. So we expect to see continued improvement on the margin side in fiscal '26. We believe we're still on track to meet the goals we stated at the Investor Day from a few months ago.

好的。是的。顯然，您知道我們不會提供全年指導。我只是想重申我對利潤率的整體看法。因此，我們預計 26 財年的利潤率將持續改善。我們相信，我們仍然有望實現幾個月前在投資者日上提出的目標。

Obviously, there's lots of puts and takes for now, but we still feel really good about that. We're not going to guide specifically on gross margin or SG&A right now, but that's kind of what we're headed as I mentioned on my prepared comments. You won't see much of it in Q1, which implies you can kind of make your indication where that will go for the rest of the year.

顯然，目前還有很多事情要做，但我們對此仍然感到非常高興。我們現在不會具體指導毛利率或銷售、一般及行政費用，但正如我在準備好的評論中提到的那樣，這就是我們的方向。您在第一季不會看到太多這樣的情況，這意味著您可以大致預測今年剩餘時間內這種情況的走向。

Free cash for the $313 million does not include Supreme. What we are trying to do is, I guess, last year, we've given some free cash flow numbers, included asset sales and things like that. Going forward, we're not going to do that. We'll just talk about pure free cash flow. So what we said is, we expect operating cash flow importantly to be up next year. Free cash flow will be up as well. And the magnitude of that, we'll see depending on sort of exactly where CapEx lands for the full year.

3.13 億美元的免費現金不包括 Supreme。我想，我們正在嘗試做的是，去年，我們已經給出了一些自由現金流數字，包括資產銷售等。展望未來，我們不會再這麼做了。我們只討論純自由現金流。因此，我們所說的是，我們預計明年的經營現金流將大幅上升。自由現金流也將增加。至於其規模，我們將根據全年資本支出的具體情況來判斷。

Great, thanks a lot guys. Best of luck for the year.

太好了，非常感謝大家。祝你今年好運。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Hi Brooke.

你好，布魯克。

Good morning. Thank you for taking your question. Hi Brack and Hi Paul. Was hoping that you could talk a little bit more about the onetime strategic reset actions that you are taking at Vans that weighed on fourth quarter results and are expected to weigh again on first quarter results. Can you just give us a sense of when you might be fully through some of those actions that have already been taken and whether or not you're contemplating any additional strategic reset actions to return the brand to health. Thank you.

早安.感謝您提出這個問題。你好，布拉克，你好，保羅。希望您能多談談您在 Vans 採取的一次性策略重置行動，這些行動對第四季度的業績產生了影響，預計也會再次對第一季的業績產生影響。您能否告訴我們，您何時才能完全完成已經採取的一些行動，以及您是否正在考慮採取任何其他策略重置行動來恢復品牌健康。謝謝。

Yeah, thanks for the question. We expected that. By the way, I'm on the -- I think, my seventh day of post-COVID. So if Paul sounds like he's sitting far for me in the corner, and he had a leger huddled over there, and I'm in one corner or so if I cough in the middle, you will know why.

是的，謝謝你的提問。我們預料到了這一點。順便說一句，我想，這是我擺脫新冠疫情的第七天。因此，如果保羅聽起來像是坐在角落裡離我很遠的地方，並且他在那邊擠了一杯酒，而我則在一個角落裡，如果我在中間咳嗽，你就會知道原因。

Yeah. So I kind of highlighted in my script. I mean the bottom line is there are four things in there. One is actions in China that are really deliberately set at trying to reduce the overall level of channel availability in China to get it to the right size and the right places. And that really peaked in Q4 and that impact will continue into Q1, Q2 and then fade in Q3 and be gone in Q4.

是的。所以我在腳本中強調了這一點。我的意思是，底線是這裡面有四件事。一是在中國採取的行動，旨在刻意降低中國通路可用性的整體水平，以使其達到適當的規模和位置。這種影響在第四季度達到頂峰，並將持續到第一季、第二季度，然後在第三季逐漸減弱，並在第四季消失。

And then you've got the others that we talked about before, which are the -- we reduced the number of doors of our own doors. We started that in last year, and it really flows through, I think it's the highest quarter this quarter and that will begin to fade as we go into Q1 and then Q2 and then more in Q3 and gone in Q4.

然後你就得到了我們之前談到的其他內容，即——我們減少了我們自己的門的數量。我們從去年就開始這樣做了，而且它確實持續下去，我認為本季是最高的一個季度，隨著我們進入第一季、第二季、第三季和第四季度，這種趨勢將開始消退。

And then you've got value door closures, which we talked about before, peaks in Q4, starts to come down in Q1, Q2, Q3, Q4 and it's gone in Q4. And then the last one is distressed sales, where we're bringing those down. So I think you can kind of say the impact of these will continue kind of proportionately right through Q1 and Q2 and then in Q3, they come down and then come all the way down in Q4.

然後你會看到價值門關閉，我們之前談到過，在第四季度達到頂峰，在第一季、第二季、第三季、第四季開始下降，並在第四季消失。最後一個是不良銷售，我們正在降低不良銷售量。所以我認為你可以說這些影響將按比例持續到第一季和第二季度，然後在第三季下降，然後在第四季一路下降。

Great, thanks so much. I'll pass it on.

太好了，非常感謝。我會傳達的。

Thank you, Brooke.

謝謝你，布魯克。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Oh good morning. Thank you very much for -- Hi Bracken, how are you?

噢，早安。非常感謝——嗨，布雷肯，你好嗎？

Better. Much better.

更好的。好多了。

Thank you very much for taking my question. Good to hear from you guys. So I understand that you're guiding for free cash flow to be higher at $313 million from last year. I think you have the EUR 500 million note due March 2026, should we assume that you refinance that amount or pay it down? And then Bracken, really specifically here, I think I remember a few quarters ago, you called out that you were happy with the portfolio as it stands. Is that still the right way to think about it? I'd love to get your take there as the environment continues to change.

非常感謝您回答我的問題。很高興收到你們的來信。因此我理解您預計自由現金流將比去年增加 3.13 億美元。我認為您有一張 2026 年 3 月到期的 5 億歐元票據，我們是否應該假設您為該金額進行再融資或償還？然後布雷肯，具體來說，我記得幾個季度前，您曾說過您對目前的投資組合感到滿意。這仍然是正確的思考方式嗎？隨著環境的不斷變化，我很想聽聽您的看法。

Sure. I'll let Paul talk.

當然。我讓保羅講。

So I'll take the debt first. Yeah, so we have the next maturity about a year from now. So yeah, between free cash flow, we have about a $2 billion revolver right now, which we'll have access to and so. Our expectation right now is that between free cash flow and drawing a little bit on the revolver, we'll be able to pay that down a year from now and then moving forward again, we expect free cash flow to continue to improve year-on-year, along with our operating performance and our operating margins. And so that's how we'll move moving forward. So we feel really confident that we're in a good place to continue to pay down debt and particularly the one that's coming up in about a year from now.

所以我先承擔債務。是的，下一個成熟期大約在一年後。是的，在自由現金流之間，我們現在有大約 20 億美元的循環信貸額度，我們可以使用它等等。我們目前的預期是，透過自由現金流和少量循環信貸，我們將能夠在一年後償還這筆款項，然後再次向前邁進，我們預計自由現金流將繼續逐年改善，我們的經營業績和經營利潤率也將隨之提高。這就是我們前進的方向。因此，我們非常有信心，我們有能力繼續償還債務，特別是大約一年後即將到期的債務。

On your second question, Laurent, yeah, we're happy with the portfolio. I think it lines up with the strategy we laid out in October. Now that said, there's always things around the edges that we're going to keep raising and we do a kind of a firm review with our board every year. So we're going to go through that. If there's something that doesn't belong in the portfolio, you can bet that we'll exit it, but there's nothing significant that we talk about.

關於您的第二個問題，Laurent，是的，我們對投資組合感到滿意。我認為這與我們十月制定的策略一致。話雖如此，我們總是會繼續提出一些邊緣問題，我們每年都會與董事會進行嚴格的審查。所以我們將進行這個過程。如果有什麼東西不屬於投資組合，你可以打賭我們會退出它，但我們談論的並不是什麼重要的事情。

Okay, very helpful. Thank you very much and best of luck.

好的，非常有幫助。非常感謝，祝你好運。

Thank you.

謝謝。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey guys, thanks for taking our questions here. Hope you're feeling okay.

嘿夥計們，感謝你們在這裡回答我們的問題。希望你一切安好。

Paul, not to beat a dead horse on the free cash guide. Would you mind just helping us think about the -- I think you said wait to see where CapEx falls out, any initial plan on CapEx and then working capital. I think there's no benefit this year, and you talked about a strategic timing shift. I'm wondering if you shifted some working capital benefit into fiscal '26 as we think about the build there.

保羅，不要再重複免費現金指南上說的那些無用之事了。您介意幫我們考慮一下嗎——我想您說過要等著看資本支出如何下降，有任何關於資本支出和營運資本的初步計劃。我認為今年沒有任何好處，你談到了戰略時機的轉變。我想知道，當我們考慮建設時，您是否將一些營運資金收益轉移到了 26 財年。

And then more on the fundamentals on Vans since you mentioned that the next quarter is seasonally important. And maybe you can talk about the strategy for Vans back-to-school, what we'll see this different coming out of Sun and the team. I know it's a seasonally very important part of the year.

既然您提到下個季度具有季節性重要性，那麼我們就來了解更多 Vans 的基本情況。也許您可以談談 Vans 的返校策略，我們將看到孫正義和團隊有何不同表現。我知道這是一年中非常重要的一個季節。

Sure, I'll take that one after Paul.

當然，我會在保羅之後接受這個。

Yes. So on the -- first on the free cash flow, yeah, the shift was basically -- we had something payable that was due in the very beginning of early April and to avoid any issues and any potential interest and things of that sort of we actually decided to prepay at the end of March, it was literally probably a shift of a couple of weeks.

是的。因此，首先關於自由現金流，是的，轉變基本上是——我們有一些應付款項將於 4 月初到期，為了避免任何問題和任何潛在的利息和諸如此類的事情，我們實際上決定在 3 月底預付，這實際上可能是幾週的轉變。

Again, doing it, you knew we'd end up -- this is where we end up with free cash flow relative to our guidance, but we'll always do what's right for the business and it was the right business decision to pay at that time to avoid potentially additional charges. So that's why we did it. And yes, so that will kind of flip just from basically late -- early April until late March, and that's what that was.

再說一次，這樣做，你知道我們最終會得到——相對於我們的指導，我們最終會得到自由現金流，但我們始終會做對業務有利的事情，當時付款是正確的商業決策，可以避免潛在的額外費用。這就是我們這麼做的原因。是的，所以情況會從四月初到三月底發生轉變，就是這樣。

And then on CapEx, again, the operating cash flow will go up, free cash flow go up. CapEx, we have a plan. We're not going to really guide to CapEx right now. We don't -- but to me, CapEx is also we will -- we're looking at remodels. We're looking at store openings. We're looking at things we need to do on the technology side. And we have a plan that we go through and then we kind of look throughout the year, and we'll adjust accordingly depending on what's working and what's not and where we want to double down.

然後在資本支出方面，營運現金流將再次上升，自由現金流也將上升。資本支出，我們有一個計劃。我們現在不會真正指導資本支出。我們不會——但對我來說，資本支出也是我們會的——我們正在考慮重塑。我們正在尋找新開的商店。我們正在研究技術方面需要做的事情。我們有一個計劃，我們會仔細研究全年的情況，並根據哪些措施有效、哪些措施無效以及我們想要加倍投入的地方進行相應的調整。

So we've got long-term plans in place, intermediate-term plans and then we have always had some short-term flexibility to move up or down based on need. So that's kind of where we are.

因此，我們制定了長期計劃和中期計劃，我們始終擁有一些短期靈活性，可以根據需要增加或減少計劃。這就是我們現在的狀況。

Yeah. And Michael, to answer your second question, I'll just remind you some of the things that Sun said, and she is very deeply executing. It all starts with leadership. We feel so good about having the right leaders in our president roles. And I feel super about Sun, and she is a magnet for talent. She's worked with a lot of people in this industry, and they seem to -- everybody seems to want to work with her. I can see why after I've been around her. So she's attracting the right people. That's the first step, and it's really happening.

是的。邁克爾，回答你的第二個問題，我只想提醒你孫正義所說的一些事情，而且她正在非常深入地執行。一切都始於領導力。我們很高興能有合適的領導者擔任我們的總裁職位。我對孫女士的印象非常好，她就像一塊吸引人才的磁鐵。她與這個行業的許多人合作過，而且他們似乎——每個人都想與她合作。和她相處之後我明白了為什麼。所以她吸引了合適的人。這是第一步，而且它正在真正發生。

The second thing is product. She's a product person through and through and product is the most important thing we can do on the Vans brand. We're systematically going to continue to roll out new products. This quarter, we rolled out Super LowPro at a very small level and sold out of the top two styles almost immediately, and they were positioned really for women and youth. And so that's a very, very good sign to us.

第二件事是產品。她是個徹頭徹尾的產品人，而產品是我們在 Vans 品牌上能做的最重要的事。我們將有計劃地繼續推出新產品。本季度，我們小規模推出了 Super LowPro，前兩種款式幾乎立即售罄，它們的定位是女性和年輕人。這對我們來說是一個非常非常好的跡象。

But she's not just focused on women now. She's focused on men, boys, women, youth and footwear first, apparel second and she's well underway there. You might remember the four-season strategy, which plays itself right in. If you look at our social media now, you'll see a lot of activity in surf, for example, which is a lifestyle queue. But we obviously don't have a lot of products for surf, but the lifestyle is there. And so we're going to continue to build as we go through the year into all those four different activities she's talked about.

但她現在不僅僅關注女性。她首先關注的是男士、男孩、女士、青少年和鞋類，其次是服裝，並且她在這方面取得了進展。您可能還記得四季策略，它發揮著重要作用。如果你現在看看我們的社群媒體，你會看到很多衝浪活動，例如，這是一種生活方式隊列。但我們顯然沒有很多衝浪產品，但這種生活方式是存在的。因此，我們將繼續在這一年中進行她所談到的所有四項不同的活動。

And then making the hard choices to make sure we have the right places to distribute that we're not dragging along unprofitable stores and then profitable value channels, which we've already talked about. And so she's really well underway, and I feel very, very good about our progress. And you'll still see that as we come into [bag] you see a little more and then holiday more, still more and then in spring even more. So it's just going to keep rolling through and cascading.

然後做出艱難的選擇，確保我們有正確的分銷地點，這樣我們就不會拖累無利可圖的商店，然後再選擇盈利的價值管道，我們已經討論過了。所以她現在進展非常順利，我對我們的進展感到非常非常滿意。而且你仍然會看到，當我們進入 [bag] 時，你會看到更多，然後在假期看到更多，然後在春天看到更多。所以它會持續滾動並級聯。

Matthew Boss, JP Morgan.

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

Good morning thanks. Bracken, maybe just to switch gears a bit. Could you maybe talk to the health of the North Face brand where you see that brand today? Any changes with direct-to-consumer momentum as we move into spring.

早安，謝謝。布雷肯，也許只是稍微換個話題。能否談談 North Face 品牌的健康狀況？您目前對這個品牌有何看法？隨著春季的到來，直接面向消費者的勢頭會發生任何變化。

And then maybe just for Paul. I guess what's the best way to think about progress that you are making with cost actions. Where we stand on that curve?

然後也許只是為了保羅。我想，思考您在成本行動方面取得的進展的最佳方法是什麼。我們處於這條曲線的什麼位置？

Yes. So on TNF, I feel really good about TNF. We've got -- you saw we had very strong sell -- direct-to-consumer sales this quarter, which is terrific. It continues to be a good signal. And that's without what I know is coming. So I'm really excited about the whole approach. In terms of spring, I guess the one thing I'd point to in spring is our footwear business, which is really an all-season business, but probably -- and probably literally skews outside of the winter window, and we grew around the world in footwear and strongly, by the way.

是的。所以對於 TNF，我對 TNF 感覺非常好。您看到，我們本季的直接面向消費者的銷售非常強勁，這非常棒。這仍然是一個好信號。而那並不是我所知道的即將發生的事情。所以我對整個方法感到非常興奮。就春季而言，我想指出的一件事就是我們的鞋類業務，這實際上是一項四季皆宜的業務，但可能 - 而且可能確實在冬季窗口之外有所偏差，順便說一下，我們的鞋類業務在世界各地都實現了強勁增長。

So I feel good about that. I think it just shows that this brand really has a role to play outside of the winter period. And we are going to get more and more over time, you'll see more and more products come through. A little bit like story on brands, you're going to see every successive season, you'll see more coming from us on that. We have also, by the way, this is a fine point, but we used to develop just two seasons a year. We're moving to four.

所以我對此感覺很好。我認為這表明該品牌在冬季之外確實可以發揮重要作用。隨著時間的推移，我們將獲得越來越多的產品，您將看到越來越多的產品問世。有點像品牌故事，你會看到每個連續的季節，你會看到我們在這方面有更多進展。順便說一句，這是一個很好的觀點，但我們過去每年只開發兩個季節。我們正在轉向四個。

And the significance of that is that when you do two seasons a year, it is very easy for your design team to design kind of winter and winter because it kind of overlaps when you had fall.

其重要性在於，當你一年設計兩個季節時，你的設計團隊可以輕鬆設計出冬季和冬季，因為它與秋季有重疊。

So I'll explain that any further. I hope I didn't confuse you and making it four forces us to be better in the spring and the summer. And you are not going to see the impact of that this year, but you're going to see -- it's absolutely going to see a next spring and next summer. So that being said, we certainly have good products for this year. So we're going to keep rolling out and have more and more coming.

因此我將進一步解釋這一點。我希望我沒有讓您感到困惑，將數量設為四個會迫使我們在春季和夏季做得更好。今年你不會看到它的影響，但你會看到——它絕對會在明年春天和明年夏天顯現。話雖如此，我們今年肯定有好產品。因此，我們將繼續推出更多產品。

Yeah. And then on the cost side, I'd say a couple of things actually. So first is we've now achieved $300 million -- actually a little more than $300 million from the first phase of Reinvent, which we talked about. So we've hit our goals and targets there, which is great.

是的。然後就成本方面來說，我實際上想說幾件事。首先，我們現在已經實現了 3 億美元——實際上比我們談到的 Reinvent 第一階段的 3 億美元略高一點。因此，我們已經實現了我們的目標，這很好。

Second, we started to see a little bit from the second initiative we talked about that incremental $500 million to $600 million of operating profit that was split between SG&A and gross margin. We started to see a little bit of that as well in Q4. So if you look at that and you see we beat on the operating income line and the operating margin in Q4 with revenue that was right in-line with our expectations.

其次，我們從第二項措施開始看到，我們談到的增量營業利潤為 5 億至 6 億美元，分為銷售、一般及行政費用和毛利率。我們在第四季也開始看到一些這樣的情況。因此，如果你看一下，你會發現我們在第四季度的營業收入和營業利潤率都超過了預期，收入完全符合我們的預期。

So again, you are seeing that we're getting some of that benefit a little bit earlier than we thought. And we are seeing good progress across our DT business, our supply chain, stores, all those areas. And with that, I did mention that SG&A would be flat to down in Q1. So in general, I think you are starting to see it all come through from a cost perspective.

所以，您再次看到，我們比想像中要早一點獲得一些好處。我們的 DT 業務、供應鏈、商店等所有領域都取得了良好的進展。我確實提到過，第一季銷售、一般及行政開支將持平或下降。所以總的來說，我認為你從成本角度開始看到這一切。

Great, best of luck.

太好了，祝你好運。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Great. Thank you very much. Hi. Sorry you're sick.

偉大的。非常感謝。你好。很抱歉你病了。

Yeah, me too. But I feel better now.

是的，我也是。但我現在感覺好多了。

Good, just in time for earnings. So my question is not to keep on the Vans, but it sounds like there are four things that are kind of like non-comp sales headwinds in two of them, the value doors and the reducing of the inventory seem like they are largely done. But the other two kind of at various levels, diminishing kind of follow-ups into all four quarters, is that -- is the comp progress that you are seeing in the non-value doors enough to offset that? Or are you fantastically guiding us to think that Vans will be down throughout the year, all four quarters?

很好，正好趕上獲利。所以我的問題不是繼續經營 Vans，但聽起來有四件事有點像其中兩件非同類銷售的阻力，價值門和庫存的減少似乎已經基本完成。但是另外兩種情況在不同層面上，對所有四個季度的後續行動都在減少，您在非價值門上看到的競爭進展是否足以抵消這一點？還是你是在奇妙地引導我們認為 Vans 全年、四個季度都會處於低迷狀態？

And then I guess a follow-on to that is non-value channel demand is one thing, and consumer demand, right? And I think you're talking about the sellout, it's actually getting better. But in your own DTC, what are you seeing in terms of that end consumer talking to you about kind of brand equity, mind share, et cetera. Sorry, we'll do a last one. Go ahead.

然後我想接下來的是非價值管道需求是一回事，還有消費者需求，對嗎？我認為您說的是售罄情況，但實際上情況正在好轉。但是在您自己的 DTC 中，您看到最終消費者與您談論品牌資產、心智份額等情況嗎？抱歉，我們只做最後一次。前進。

Okay. So first of all, I think your first question, yeah, the answer to the question at a high level is the impacts of those four things will keep appearing in the base in Q2 -- Q1, Q2 and then a lot less in Q3 and then you're gone in Q4 and that's pretty much true for all of them on some level. So they are about the same. They all have their Vans that keep showing, they basically – we are not doing more of them. They just -- once you do these look for example, when you close a door, you lose four quarters of the door.

好的。所以首先，我認為你的第一個問題是，是的，從高層次上回答這個問題是，這四件事的影響將在第二季度（第一季、第二季）繼續出現在基礎中，然後在第三季度會少很多，然後在第四季度就會消失，從某種程度上來說，所有這四件事的影響幾乎都是如此。所以它們大致相同。他們都有自己的 Vans 不斷展示，基本上——我們不會再生產更多這樣的 Vans。他們只是——一旦你這樣做，例如，當你關上一扇門時，你就會失去門的四分之四。

So if you close value channel, use four quarters of the value channel. So those are going to keep trailing through there. They'll be about proportionately the same through those first two couple of quarters and less in Q3 and then gone in Q4. In terms of in-consumer demand, we're still not getting enough traffic into our stores and our websites. And I refer to that in my script. And this is fundamental brand heat. And we're doing a lot of experimenting to see what we need to do to trigger that. And I don't want to let the count of the bag on anything that's ahead of us.

因此，如果您關閉價值通道，請使用價值通道的四分之四。所以這些將會繼續存在。在前兩個季度中，它們的比例大致相同，在第三季度會減少，然後在第四季度消失。就消費者需求而言，我們的商店和網站仍然沒有獲得足夠的流量。我在我的劇本中提到了這一點。這就是根本的品牌熱度。我們正在進行大量實驗，以了解需要做什麼才能實現這一點。我不想讓我們面前的任何事情受到威脅。

So we are certainly learning a ton. And the good news is that when we have traffic and when there is traffic, when you have a curated assortment, as you do in our non-value wholesale, we're actually flat to up. And if you looked at our key accounts, we are really making sure we have the best assortment, the best execution that we can have. We're up double digits.

所以我們確實學到了很多。好消息是，當我們有流量時，當您有精選的商品時，就像您在我們的非價值批發中所做的那樣，我們的銷售額實際上是持平或上升的。如果你看一下我們的主要客戶，你會發現我們確實在確保擁有最好的產品組合和最好的執行力。我們領先兩位數。

So the key now for us is to take the medicine that we've talked about and then get the traffic up. And so that's a function of two things. You got to have things people want to come by and they've got to know about them. And so Sun is working feverishly on developing those new products and Super LowPro is a great example of what's ahead of us.

因此，現在我們的關鍵是採取我們討論過的措施，然後提高流量。這是兩個因素的作用。你必須擁有人們想要得到的東西，並且他們必須了解這些東西。因此，Sun 正在積極開發這些新產品，而 Super LowPro 就是我們未來產品的一個很好的例子。

And then the second one is we just got to keep working on that marketing. So we've got a stronger and stronger marketing program. We've made a lot of changes in there. They're not -- you aren't seeing all of them flow through yet, so it's coming. But we'll get there. We've done it in Timberland. We know how to do this. We just got to execute.

第二點就是我們必須繼續致力於行銷。因此，我們擁有越來越強大的行銷計劃。我們在那裡做了很多改變。它們還沒有——你還沒有看到它們全部流過，所以它正在到來。但我們會到達那裡。我們在 Timberland 已經做到了這一點。我們知道如何做到這一點。我們只需執行。

Timberland looks great.

Timberland 看起來很棒。

My follow-up is either Bracken or Paul, the tariff dollar amount unmitigated if you were to try to mitigate that through pricing, it looks like a low to mid-single-digit price increase across all geos -- well, yes, across the geographies. So, A, when does the inventory come off of the balance sheet and impact you? Which brands, which geos and then just any other color and thoughts on pricing?

我的後續問題是布雷肯或保羅，如果您試圖透過定價來緩解關稅金額，那麼看起來所有地區的價格都會出現低到中等個位數的上漲 - 嗯，是的，在所有地區都是如此。那麼，A，庫存什麼時候從資產負債表中消失並對您產生影響？哪些品牌、哪些地理位置以及任何其他顏色和定價想法？

Let me take the first part of that. I'm going to let Paul take the -- when it starts to show up in our P&L. Yeah, sorry about that. Paul just ran out of the room. Yeah, that's -- you're exactly right. To mitigate that, we have a history of pricing. So pricing is not completely foreign to us. We've systematically priced over time. So we're comfortable with our ability to price. I've gone through really dug into this, and we're pretty good at it.

讓我先談第一部分。當它開始出現在我們的損益表中時，我會讓保羅來接管。是的，很抱歉。保羅剛跑出房間。是的，你說得完全正確。為了緩解這種情況，我們制定了定價歷史。因此定價對我們來說並不完全陌生。我們已經隨著時間的推移有系統地定價。因此我們對自己的定價能力感到滿意。我已經深入研究過這個問題，而且我們在這方面做得相當好。

And you're right, it's a completely offset that 10% would be a low or a mid-single-digit number but we are not going to do that. We're going to be very strategic about how we price. We're also going after cost. We're going after relocations of manufacturing, as we said in the script. So we're leaving no stone unturned. And we're also not viewing this as a problem that we've just got to try our hardest to offset as much as we can. We view this as an opportunity. We're going to more than offset what comes our way and turn this into an opportunity. That never waste a crisis is not just a cliche, I have gone through three or four of these in my career.

你說得對，這完全可以抵消 10% 可能是一個低或中等個位數的影響，但我們不會這樣做。我們將非常有策略地制定定價。我們也在考慮成本。正如我們在劇本中所說的那樣，我們正在尋求製造業的遷移。因此，我們會盡一切努力。我們也不認為這是一個問題，我們只需要盡最大努力抵消它。我們認為這是一個機會。我們將竭盡全力彌補所遇到的困難，並將其轉化為機會。永遠不要浪費危機不僅僅是陳腔濫調，在我的職業生涯中我已經經歷過三、四次這樣的危機。

One time, I took the mindset of gosh, we'll try to mitigate all we can, and we did, and we got pats on the back by investors and our Board. And then after about a week after we closed the year, I was like, wow, what was I think it if we just said -- if we really have the right mindset, we could have more than offset all of it. And we did the next year. And that's what we're going to do here. So we're really after it.

有一次，我抱著「天哪，我們會盡力減輕一切損失」的心態，我們做到了，並得到了投資者和董事會的稱讚。然後，在我們結束這一年大約一周後，我想，哇，如果我們只是說 - 如果我們真的有正確的心態，我們就可以抵消所有這些。我們第二年就這麼做了。這就是我們在這裡要做的。所以我們真的在追求它。

Yeah. I mean, Bracken out the most I say just from the impact, you'll see most of the impact in the back half of the year. We are not going to be in specific by brand. We don't really disclose sort of the brand geographic mix of our COGS. But yeah, second half of the year, and as I said, the numbers that we gave you, we expect if nothing changes, if the timing of the implementation doesn't change. It is exactly where it is. We'll see about 65% of that, as I mentioned, in fiscal '26, again with most of that coming in the last two quarters of the year.

是的。我的意思是，從影響來看，你會在今年下半年看到大部分影響。我們不會針對特定品牌進行討論。我們實際上並沒有揭露我們的 COGS 的品牌地理組合。但是的，正如我所說，我們預計下半年的數字不會改變，如果實施時間沒有改變的話。它就在那裡。正如我所提到的，我們將在 26 財年看到其中約 65% 的成長，其中大部分將出現在今年最後兩個季度。

Great. Thank you very much. Best of luck and feel better.

偉大的。非常感謝。祝你好運，感覺更好。

Thank you. I do. I don't sound better, but I feel better.

謝謝。我願意。我聽起來沒有好轉，但我感覺好多了。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hi, good morning guys. Bracken and Paul. Hope you're feeling better, Bracken. I guess just two questions for me. Just one, if we can talk about Vans, maybe not the revenue per se, but can you talk about the thoughts on what you plan to do with the store base from here? I don't know yet what the ending store count was for Q4. But are there more closures you guys are planning? How are you thinking about that strategically?

大家早安。布雷肯和保羅。希望你感覺好些，布雷肯。我想我只有兩個問題。就一個問題，如果我們可以談論 Vans，也許不是收入本身，但您能否談談您計劃如何處理這裡的商店基礎的想法？我還不知道第四季的最終門市數量是多少。但你們還打算關閉更多門市嗎？您從戰略角度如何考慮這個問題？

And then maybe, Bracken, higher level on the dividend, I know you've reduced it given what's kind of going on in the business and tariffs and the macro? Like are there any thoughts going on about potentially reducing it further or even cutting it out right? Just curious how you are thinking about cash preservation in that sense.

那麼，布雷肯，也許更高層次的股息，我知道你考慮到業務、關稅和宏觀的情況而減少了股息？例如，有沒有想過要進一步減少它，甚至將其切斷？我只是好奇您是如何從這個意義上考慮現金保全的。

Okay. I will take the first, and I'll let Paul take the second one. Yeah, on the store count, we've added our store count pretty aggressively as we suggested in the last two calls. And I think that's great. We're never going to be done. You're always going to be editing away stores that aren't working and adding where you feel like you have opportunities, and we'll be doing both. But I think the heavy lifting is basically done.

好的。我將選擇第一個，而讓保羅選擇第二個。是的，就門市數量而言，正如我們在過去兩次電話會議中所建議的那樣，我們積極地增加了門市數量。我認為這很棒。我們永遠不會完成。你總是會刪除那些不起作用的商店，並添加你認為有機會的商店，我們會同時做這兩件事。但我認為，重任基本上已經完成了。

Yeah, on the store count, it is down on a percentage term about 7%. Yeah, or so year-on-year, down 8% actually officially globally, I think its 8%. And we are going to continue to look to optimize with no news. I think you've probably seen a majority of it, but we'll see where it goes. And again, it is all part of CapEx. I will strategically look at stores to close. We look at stores open if it makes sense. We'll look at ways to remodel stores. If that makes sense. We've been testing some new remodels that have gone pretty well.

是的，就商店數量而言，百分比下降了約 7%。是的，年減了 8% 左右，實際上全球官方數據下降了 8%，我認為是 8%。我們將繼續尋求在沒有新聞的情況下進行優化。我想你可能已經看過了其中的大部分內容，但我們會看看它會走向何方。再說一遍，這都是資本支出的一部分。我將策略性地考慮要關閉的商店。如果合理的話，我們會考慮開設商店。我們將研究改造商店的方法。如果這有道理的話。我們一直在測試一些新的改造，效果非常好。

Again, very early days. So we'll see we'll roll them out slowly. Again, that's why I said that we lease some room in our CapEx budget to adjust, right? So we have some new store remodels, not just in Vans but across our entire store footprint. When we get traction, if we think they are working, we'll have the capacity to accelerate remodels if we don't get the ROI on those that we think we will, we can always decide to pull back and think about it other ways. So -- that's how I think about both Vans, but the store count in general and how we're thinking about it from a growth perspective and a CapEx perspective.

再次強調，這只是個開始。因此，我們將慢慢地推出它們。再說一次，這就是為什麼我說我們在資本支出預算中留出一些空間來調整，對嗎？因此，我們對一些新店進行了改造，不僅在 Vans，而且在我們整個門市範圍內。當我們獲得牽引力時，如果我們認為它們正在發揮作用，我們將有能力加速重塑；如果我們沒有獲得我們認為可以獲得的投資回報，我們總是可以決定退後一步，用其他方式思考。所以——這就是我對兩款 Vans 的看法，但總體而言，我們關注的是門市數量，以及我們從成長角度和資本支出角度對此的看法。

Dividend, I'll start, and Paul can finish. If it feels like I didn't do a good job. There's nothing to announce. We reduced our dividend twice. We took it down to – it’s about $140 million a year now. That's always on the table. If we felt like we needed it, we would certainly open that back up. We said our priority is to bring the leverage down under 2.5 times. So if we feel like we needed to do something that we would. But we have made that decision that we -- and I don't anticipate that.

股息，我先開始，保羅可以完成。如果感覺我沒有做好。沒什麼好宣布的。我們兩次減少了股息。我們將其降至——現在每年約為 1.4 億美元。這始終是擺在桌面上的。如果我們覺得需要它，我們肯定會重新開放它。我們表示，我們的首要任務是將槓桿率降至 2.5 倍以下。所以如果我們覺得需要做某件事，我們就會去做。但我們已經做出了決定——我並不期待這一點。

Yeah, no, nothing else to add.

是的，沒有了，沒什麼好補充的。

Thank you.

謝謝。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Good morning everyone. Hi. As you think about the buckets of the gross margin, where you mentioned the product cost tailwinds, the lower promos and the higher quality inventory. How does that relate by channel and by brand and is any of these buckets continue going forward? What's your outlook? Thank you.

大家早安。你好。當您考慮毛利率的各個方面時，您提到了產品成本的順風、較低的促銷和更高品質的庫存。這與通路和品牌有何關係？這些類別中的任何一個是否會繼續向前發展？您的前景如何？謝謝。

Boy, that's a pretty complex question. I'm not sure how to answer that except I'll take a stab at a higher-level answer, and then I'll let Paul see if he can go deeper to try to help you here.

哎呀，這是一個相當複雜的問題。我不知道該如何回答這個問題，除非我嘗試給出一個更高層次的答案，然後我會讓保羅看看他是否可以更深入地嘗試在這裡幫助你。

Overall, what we're doing goes forward. So these are not temporary changes to boost our gross margin and they kind of fade over time. We're fundamentally improving our gross margin. The mix between the suggestion here that there is a gross margin difference between wholesale and retail, you had a higher SG&A on one on the retail side and lower SG&A than the other, but then the gross margins coming is true.

總體而言，我們正在做的事情正在向前發展。因此，這些並不是為提高我們的毛利率而進行的臨時性改變，而且隨著時間的推移，這些改變會逐漸消失。我們正在從根本上提高我們的毛利率。這裡的建議是批發和零售之間存在毛利率差異，零售方面的銷售、一般和行政費用較高，而零售方面的銷售、一般和行政費用較低，但毛利率是真實的。

But we really think that we'll have a pretty balanced balance portfolio of channel choices there that should actually have very strong gross margins.So we expect it to carry forward. I mean I'm really excited about the gross margin improvement we are getting in Vans as planned. A lot of this medicine we are taking is absolutely healing the patient just to stay on the theme today. And I think we can certainly see it in our P&L, especially in our gross margin. So we are excited about it, and we have no interest, desire or willingness to backslide on that. So we expect it to stay.

但我們確實認為，我們將擁有一個相當均衡的通路選擇組合，實際上應該具有非常高的毛利率。因此，我們預計它會繼續保持下去。我的意思是，我對 Vans 的毛利率按計劃提高感到非常興奮。今天我們繼續討論這個主題，我們服用的許多藥物確實可以治癒患者。我認為我們肯定可以在損益表中看到這一點，特別是在毛利率中。因此我們對此感到興奮，並且我們沒有興趣、願望或意願對此產生反作用。因此我們希望它能夠保留下來。

Yeah. I mean I guess I would just add that obviously, the Reinvent initiatives are initiatives that affect all of our brands positively, things like integrated business planning. Again, it's the benefits that Bracken has talked about and why we think it will become a great multi-brand company is the things -- the initiatives that we're doing on the Reinvent side, the things we're doing on integrated business planning, they will affect, and it is a standardized process that will help all of our brands, and so that will help gross margins again, markdown management will help all of our brands.

是的。我的意思是，我只想補充一點，重塑計畫顯然會對我們所有的品牌產生正面影響，例如綜合業務規劃。再說一遍，這就是布雷肯談到的好處，也是我們認為它會成為一家偉大的多品牌公司的原因是——我們在重塑方面所做的舉措，我們在綜合業務規劃方面所做的事情，它們都會產生影響，這是一個標準化的流程，將幫助我們所有的品牌，從而再次幫助提高毛利率，降價管理將幫助我們所有的品牌。

So that helps everything. And then as Bracken mentioned, getting rid of some of the distress and the unproductive value doors at Vans helps gross margins there specifically. But in general, most of the initiatives we have, most we talk about really go against all the brands.

這對一切都有幫助。然後，正如布雷肯所提到的，擺脫 Vans 的一些困境和不俱生產力的價值門有助於提高毛利率。但總的來說，我們所採取的大多數舉措、我們所談論的大多數舉措實際上都與所有品牌背道而馳。

Yeah. I guess -- and maybe I'll parlay that into a close here. So thank you for the question. Paul and I, and I think I can speak from my whole leadership team, we all recognize gross margin is the most important number in any P&L. And so we're absolutely fixated on improving it systematically over time.

是的。我想——也許我會利用這一點來結束這一切。謝謝你的提問。保羅和我，我想我可以代表我的整個領導團隊發言，我們都認識到毛利率是任何損益表中最重要的數字。因此，我們全心全意地致力於隨著時間的推移系統地改進它。

My last company, we improved 900 basis points almost 1,000 basis points in gross margin over the time I was there. And while I realize this is a different world, different industry, different, I'm very realistic. We have a lot, we have significant improvement in gross margin still. So I expect to continue to make good progress there.

我上一家公司在我任職期間，毛利率提高了 900 個基點，幾乎 1,000 個基點。儘管我意識到這是一個不同的世界，不同的行業，不同的，但我非常現實。我們有很多，我們的毛利率仍然有顯著的提高。所以我希望在那裡繼續取得良好的進展。

In closing, we really are confident about our strategy. We are really well underway in transforming VF to really strengthen the business and navigate whatever challenges from a macro standpoint. They're not going to distract us. We feel good about where we are. We have a fantastic team. We are making great progress, and we’ll keep you updated as time goes on.

最後，我們對我們的策略確實充滿信心。我們正在順利推進 VF 轉型，以真正加強業務並從宏觀角度應對任何挑戰。它們不會分散我們的注意力。我們對目前的狀況感到滿意。我們擁有一支出色的團隊。我們正在取得巨大進展，我們會及時向您通報最新進展。

Thanks, everyone, for the questions and the engagement, and we’ll see you next quarter.

感謝大家的提問和參與，我們下個季度再見。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。