威富公司 (VFC) 2026 Q1 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 first-quarter fiscal year 2026 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 2026 財年第一季財報電話會議。（操作員指示）

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

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

Thank you. Hello and welcome to VF Corporation's first quarter fiscal 2026 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.

謝謝。您好，歡迎參加 VF Corporation 2026 財年第一季電話會議。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，我們已經在今天上午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運營績效和基本結果。

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到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。

Thanks, Allegra, and a good early morning to all of you from Van's headquarters on the West Coast. Welcome to our Q1 fiscal '26 earnings call. In spite of all the macro noise out there, we delivered above our guidance this quarter, a good start to the fiscal year.

謝謝您，阿萊格拉，我謹代表西海岸 Van 總部向大家致以早安。歡迎參加我們的 26 財年第一季財報電話會議。儘管存在各種宏觀噪音，但本季我們的業績仍超出預期，為本財年開了個好頭。

But the much more exciting thing happening is inside the company. You can feel how dramatically we're transforming, the processes, teams, product engine, and marketing approach, even the culture, almost everything. And that's all happening as we improved our top line trend to negative 2% in constant dollars and flat in reported.

但更令人興奮的事情發生在公司內部。您可以感受到我們正在發生多麼巨大的轉變，包括流程、團隊、產品引擎、行銷方法，甚至文化，幾乎所有的一切。這一切都發生在我們將營業收入趨勢改善至按不變美元計算的負 2% 和按報告美元計算的持平之時。

A year ago, only 10% of our business by revenue is growing. And today, that number is almost [60%]. We also delivered a much stronger bottom line, a loss of $56 million in our seasonally low Q1, about $50 million ahead of the high end of our guidance and ahead of last year. Paul will cover the numbers in more detail, but in short, we're making solid progress towards our goals and are highly confident that we'll turn VF back into a growth company.

一年前，我們的業務收入僅有 10% 成長。如今，這個數字幾乎[60%]。我們的獲利也大幅提升，第一季的虧損為 5,600 萬美元，創下季節性低點，比預期最高值高出約 5,000 萬美元，也高於去年同期。保羅將更詳細地介紹這些數字，但簡而言之，我們正在朝著我們的目標穩步前進，並且非常有信心我們將使 VF 重新成為成長型公司。

Now let me summarize where we are in the VF turnaround as I passed the two-year mark as CEO this month. I love transformation and we are transforming. We've assembled a great team at the top with some of the industry's best when we've either brought in from the outside or are promoting from the many leaders who grew up in VF and experienced it during its long, strong growth phase.

現在，讓我總結一下 VF 轉型所取得的進展，本月我擔任執行長已經滿兩年了。我喜歡變革，我們也正在改變。我們組建了一支優秀的高層團隊，其中包括一些業內最優秀的人才，我們要么從外部引進人才，要么從眾多在 VF 成長並經歷過其長期強勁增長階段的領導者中提拔人才。

We've dramatically improved our cost structure, reduced well over $300 million of cost and have another $500 million to $600 million of net operating income improvement in our sites. Even more importantly, for the long term, we're building a unified product and marketing engine across each brand globally and leveraging the strong standardized processes we've created.

我們大幅改善了成本結構，減少了超過 3 億美元的成本，而我們的工廠淨營業收入又增加了 5 億至 6 億美元。更重要的是，從長遠來看，我們正在全球範圍內為每個品牌建立統一的產品和行銷引擎，並利用我們已經創建的強大的標準化流程。

The architecture and organizational structure changes are now complete to deliver results. You'll see more powerful product and marketing as time flows. We prioritize strengthening our balance sheet. And in fiscal 2025, as you know, we reduced our leverage at full turn and have a clear path to below the 2.5 times leverage, target that we were initially set by fiscal 2028. That's just two years away despite the anticipated tariff impacts, all the anticipated tariff impacts.

架構和組織結構的變更現已完成並產生成果。隨著時間的推移，您將看到更強大的產品和行銷。我們優先考慮加強我們的資產負債表。如您所知，在 2025 財年，我們全面降低了槓桿率，並明確了低於 2.5 倍槓桿率的路徑，這是我們最初在 2028 財年設定的目標。儘管預計會有關稅影響，所有預期的關稅影響，但這只需兩年時間。

Paul will talk more about that shortly. We continue to be focused on paying down our debt, but we're doing it as we invest in growth. So lower costs, improved margins, declining debt and a transformed organization. But what's all this leading to, why are we doing this? Of course, it's all about one goal, growth.

保羅很快會就此進行更多討論。我們將繼續專注於償還債務，但我們在投資成長的同時也會這樣做。因此，成本降低、利潤提高、債務減少、組織轉型。但這一切會導致什麼結果？我們為什麼要這麼做？當然，這一切都是為了一個目標，那就是成長。

Turnarounds, by definition, start with declines. It's been two years of resetting the table and soon, we too will move to growth as we did in every turnaround, I've been part of. That's the focus of every leader on my team and throughout the company right now. We're all here to grow.

顧名思義，轉機就是從衰退開始的。我們已經重新設定了兩年，很快，我們也將走向成長，就像我們在我參與的每一次轉型中所做的那樣。這是目前我的團隊和整個公司每位領導關注的重點。我們都在這裡成長。

We have so many opportunities for growth. But today, let me focus on them by brand, starting with our top three. First, we're going to bring Vans back to growth. We don't like the numbers on Vans any more than you down 15% in Q1. About 40% of the decline can be attributed to channel rationalization actions, as you know.

我們擁有很多成長機會。但今天，讓我按品牌來重點介紹它們，首先從前三名開始。首先，我們要讓 Vans 恢復成長。我們不喜歡 Vans 的數據，就像你們第一季的銷售額下降了 15% 一樣。如您所知，約 40% 的下降可歸因於通路合理化行動。

Excluding these, if you look at the underlying trends, Vans is running down high single digits, but we're seeing some bright spots. We'll get Vans back to flat and then to healthy growth as fast as we can. There are some out there who think this will never happen. I sort of love having that point of view out there. I get it. And it's our job to show you how wrong that point of view is. I'll come back to Vans and talk more in just a minute.

除此之外，如果你看一下潛在的趨勢，Vans 的銷售額正在下降，但我們看到了一些亮點。我們將盡快讓 Vans 恢復平穩，然後實現健康成長。有些人認為這種事永遠不會發生。我有點喜歡聽到這樣的觀點。我得到它。我們的工作就是向你們表明這種觀點是多麼的錯誤。我稍後會回到 Vans 並進行更多討論。

Second, the North Face grew 5% this quarter, but our goal is to go from mid single digits to high single digits and even to double-digit growth on a path to doubling revenue. That might sound ambitious today, but it's exactly what our brand president, Caroline Brown, laid out at Investor Day.

其次，North Face 本季成長了 5%，但我們的目標是從中等個位數成長到高個位數，甚至達到兩位數的成長，實現營收翻倍。這在今天聽起來可能有些雄心勃勃，但這正是我們的品牌總裁 Caroline Brown 在投資者日上所闡述的。

We aren't promising to achieve those growth rates in the near term, but that's what we're focused on delivering. Our product innovation pipeline continues to build momentum for the brand. Footwear was up strong double digits again this quarter and is becoming a meaningful part of the business.

我們不承諾在短期內實現這些成長率，但這正是我們致力於實現的目標。我們的產品創新管道持續為品牌累積動力。本季鞋類銷售額再次強勁成長兩位數，並正在成為業務的重要組成部分。

In addition, our bags and packs business also grew strong double digits. But our biggest potential is actually in lifestyle apparel in general and spring and summer in particular. In fact, this is all to say we have many, many untapped growth opportunities in the North Face.

此外，我們的箱包業務也實現了兩位數的強勁成長。但我們最大的潛力其實在於生活風格服裝，尤其是春夏季服裝。事實上，這一切都表明我們在 North Face 中擁有許多尚未開發的成長機會。

Third, we're going to support the sustained momentum and growth of Timberland. The brand grew 9% this quarter with global momentum in the 6 inch boot and a growing business in the Boat shoe. Our marketing strategy is working, enhancing the brand's visibility and further broadening its reach and relevance in warmer weather.

第三，我們將支持 Timberland 的持續發展和成長。該品牌本季成長了 9%，得益於 6 吋靴子的全球發展勢頭以及船鞋業務的成長。我們的行銷策略正在發揮作用，提高了品牌的知名度，並在溫暖的天氣中進一步擴大了其影響力和相關性。

As we've seen with its presence at events like the Met Gala and the NBA Finals and just a lot of organic social media that we see and amplify. We're more confident than ever that the upside opportunity to break out of Timberland's historic revenue range is real, and we have the team in place to do it, led by Nina Flood.

正如我們在 Met Gala 和 NBA 總決賽等活動中看到的那樣，以及我們看到和放大的大量有機社交媒體。我們比以往任何時候都更有信心，突破 Timberland 歷史收入範圍的上升機會是真實存在的，而且我們擁有由 Nina Flood 領導的團隊來實現這一目標。

This is a business where the brand and the culture are much bigger than the business itself in size and therein lies the potential. Finally, we'll fuel the other growth engines as they show their potential and truly turn VF into a multi-brand powerhouse. Let me point to Altra in this case, which had another strong quarter, up well over 20% and has grown from $60 million of revenue when we bought it to being on track to exceed $250 million this year.

這是一個品牌和文化比企業本身規模大得多的企業，並且蘊藏著潛力。最後，我們將為其他成長引擎提供動力，因為它們展現了潛力，並真正將 VF 打造成多品牌巨頭。讓我以 Altra 為例，該公司又度過了一個表現強勁的季度，漲幅超過 20%，收入也從我們收購時的 6000 萬美元增長到今年預計超過 2.5 億美元。

And that size with less than 10% awareness in the US and much lower than that in the rest of the world. This is the kind of business that we can scale. It's already tied for the number one shoe in trail running in the US and one of the fastest-growing franchises in the road running business.

而這規模在美國的認知度還不到10%，遠低於世界其他地區的認知度。這是我們可以擴展的業務。它已經成為美國越野跑鞋領域的頭號品牌，也是公路跑步產業成長最快的品牌之一。

Now let me return to Vans. As a management team, we know the impact of Vans on BS evaluation, and we can see the focus around the timing of a turnaround. We get it. So let's talk about what we're seeing in thinking. First, we have a great leader, Sun Choe, and she and her team are executing on the plan laid out at Investor Day.

現在讓我回到 Vans。作為管理團隊，我們知道 Vans 對 BS 評估的影響，並且我們可以看到圍繞轉機時機的焦點。我們明白了。那麼讓我們來談談我們在思考中看到的東西。首先，我們有一位很棒的領導者 Sun Choe，她和她的團隊正在執行投資者日制定的計劃。

I was just looking at more of our future lineup last week here in Costa Mesa, and things are really coming together. Each quarter, you'll see new entries. This team's freedom to innovate will be less and less constrained by the practicalities of the old product creation process as each quarter passes. So you'll see more and more ahead.

上週我在科斯塔梅薩剛剛了解了我們未來的陣容，一切都很順利。每個季度，您都會看到新的條目。隨著每季的過去，這個團隊的創新自由將越來越少受到舊產品創造流程的實際情況的限制。因此，你會看到越來越多的未來。

But there are already positive signals in the Pinnacle side of the business. We had a 50% increase in appointment bookings at Paris Fashion Week in June, including new accounts and accounts who are delisted Vans in recent years coming back. And if you didn't notice, there was also a strong reaction to the sheer number of skate inspired silhouettes featured by many luxury brands in Paris this year.

但 Pinnacle 的業務方面已經出現了積極的信號。我們在 6 月巴黎時裝週的預約量增加了 50%，其中包括新客戶和近年來從 Vans 下架的客戶重新回歸。如果你還沒注意到，今年巴黎許多奢侈品牌推出的大量滑板風格服裝也引起了強烈反響。

These are the style centers and the taste makers. Trends start in the luxury market, as we saw in Fashion Week for Timberland with Louis Vuitton last June. I'm not suggesting Vans will be growing 9% a year from now, but I am excited to see the tide turning on skates style shoes and luxury or trend start.

他們是風格中心和品味創造者。潮流始於奢侈品市場，正如我們在去年 6 月的 Timberland 與 Louis Vuitton 時裝週上所看到的。我並不是說 Vans 每年的成長率會達到 9%，但我很高興看到滑板風格鞋子的潮流開始轉變，並開始成為一種奢侈或潮流。

Premium today is a small part of Vans, but this shows how sensitive this business is to new products. We don't have enough new products in the premium or the mainline yet, but Sun and her team, she is assembling our new product machines. New products are coming. With the recent changes in our supply chain, we're starting to accelerate our pace to market too.

如今，高端品牌只佔 Vans 的一小部分，但這表明該行業對新產品的敏感度。我們的高階產品或主線產品中還沒有足夠的新產品，但 Sun 和她的團隊正在組裝我們的新產品機器。新產品即將上市。隨著我們供應鏈的近期變化，我們也開始加快產品上市的腳步。

Meanwhile, Sun and her team are working away on increasing supply and variety in our latest products that already have strong interest like the Super Lowpro, the Curren Caples Skate and the latest from OTW from our Pinnacle offering. We're also seeing encouraging signs in one of our classics, the authentic. We have an exciting collaboration with Valentino and that shoe hitting the market this fall.

同時，Sun 和她的團隊正在努力增加我們最新產品的供應和多樣性，這些產品已經引起了人們的濃厚興趣，例如 Super Lowpro、Curren Caples Skate 以及 OTW 最新推出的 Pinnacle 產品。我們也在我們的經典作品之一、正宗作品中看到了令人鼓舞的跡象。我們與 Valentino 進行了令人興奮的合作，這款鞋將於今年秋季上市。

Now what about the actions we're taking to make sure those new products, all of our products are in the right places with the right support for long-term growth and profitability. As we've discussed, we've taken deliberate actions to improve our channel mix to set us up for high-quality, sustained and profitable growth. These actions will continue to impact the Vans business through Q3.

現在，我們正在採取哪些行動來確保這些新產品，我們所有的產品都放在正確的位置，並獲得正確的支持，以實現長期成長和獲利。正如我們所討論的，我們已採取深思熟慮的措施來改善我們的通路組合，從而實現高品質、持續和盈利的成長。這些舉措將持續影響 Vans 業務至第三季。

So as we exit the year, our channels should be at our future state. We're already seeing some solid results in wholesale. Americas sell outs continue to improve as non-value accounts grew again this quarter. In DTC, over the last two years, we closed about 140 stores, about 20% of our global network. While it's tough medicine affecting revenue, it's improved our profitability.

因此，當我們結束這一年時，我們的管道應該處於未來的狀態。我們已經看到批發業務取得了一些實質的成果。本季度，隨著非價值帳戶再次成長，美洲的銷售情況持續改善。在DTC領域，過去兩年我們關閉了約140家門市，約占我們全球網路的20%。雖然這是影響收入的強效藥物，但它提高了我們的獲利能力。

We've also now reoriented about 90% of our full-price America stores to provide greater gender clarity and we'll continue to change the format to show more newness and footwear focus in our visual merchandising. In the pilot store on Fifth Avenue, we delivered positive comps in Q1, significantly outperforming the rest of the fleet.

我們現在也重新調整了大約 90% 的美國全價商店，以提供更清晰的性別劃分，並且我們將繼續改變形式，以在視覺行銷中展示更多新穎性和鞋類焦點。在第五大道的試點商店中，我們在第一季取得了積極的業績，遠遠超過其他商店。

Over in Europe, the elevated London store generated a 15% better revenue performance than the rest of the EMEA fleet, driven by a significantly higher average selling price, 35% higher through a more premium product offering. Based on these early successes, we'll be rolling out our new retail playbook to improve assortment, curation and navigation to other regions.

在歐洲，倫敦高端門市的收入表現比 EMEA 地區其他門市高出 15%，這得益於其平均售價大幅上漲，透過提供更優質的產品，平均售價高出 35%。基於這些早期的成功，我們將推出新的零售策略，以改善其他地區的分類、管理和導航。

It's also worth mentioning that in EMEA, we've executed on a key city strategy we have elevated our merchandising and focus in those stores. And this is generating exciting early results in that region with those stores starting to perform better than the rest of the network.

另外值得一提的是，在歐洲、中東和非洲地區，我們實施了一項重點城市策略，提升了我們在這些商店的商品推銷和關注。這在該地區產生了令人興奮的早期成果，這些商店的表現開始優於網路中的其他商店。

And finally, on marketing. Our approach simply hasn't driven enough traffic. While the whole industry is affected by slower traffic right now, we don't accept that, and we're changing our marketing approach. I can't disclose too much now but keep watching the space.

最後，關於行銷。我們的方法根本無法帶來足夠的流量。雖然目前整個行業都受到交通放緩的影響，但我們不接受這種情況，我們正在改變我們的行銷方式。我現在不能透露太多，但請繼續關注此事。

An aspect of our marketing that is powerful is the long-awaited return of the Vans [Work Tour]. And it's a restart year, we planned three locations, and we intended to sell 50,000 tickets in each location, which would be about twice any single Work Tour event in history. Then we sold out of all three events in hours. We added a lot more tickets and sold those out immediately, too.

我們行銷的一個強大方面是期待已久的 Vans 回歸【工作巡演】今年是重新開始的一年，我們計劃在三個地點舉行，每個地點計劃售出 5 萬張門票，這個數字大約是歷史上任何一場工作巡迴活動的兩倍。然後我們在幾個小時內就把所有三場活動的門票全部賣光了。我們增加了許多門票，也立即銷售一空。

Sunday, I was at the second of these events is in Long Beach. And over the two days, we had almost 170,000 people. That's surely the largest single collection of Vans footwear and apparel ever assembled in one place. Everyone was in Vans of all kinds. You could really feel the love for Vans.

星期天，我第二次參加了這樣的活動，地點是長灘。兩天內，我們接待了近 17 萬名觀眾。這無疑是 Vans 鞋類和服裝有史以來最大的單一集合。每個人都乘坐各種類型的貨車。你真的可以感受到對 Vans 的熱愛。

People came because they love music and they love Vans, and they're inseparable for many. 80, as 80 different artists, eight stages and just a huge boost for the brand.

人們來這裡是因為他們熱愛音樂，熱愛 Vans，對很多人來說，Vans 是不可分割的。 80，80 位不同的藝術家，8 個舞台，對品牌來說是一個巨大的推動。

To wrap up on Vans, we're on track with the turnaround and could be more excited about what's coming next. Keep watching. We are well on our way to transforming VF and this quarter is another step in the right direction.

總而言之，Vans 的轉型進展順利，我們對接下來的計畫更加期待。請繼續關注。我們正在順利轉型 VF，本季我們又朝著正確的方向邁出了一步。

Our powerful portfolio of brands and the sustainable growth model we're creating will help us accelerate growth and improve margins. We're on a path to achieve our targets and build a stronger VF. Our focus is on growth.

我們強大的品牌組合和正在創建的可持續成長模式將幫助我們加速成長並提高利潤率。我們正在努力實現目標並建立更強大的 VF。我們的重點是成長。

I'll now hand it over to Paul, who will go deeper into the numbers.

現在我將把麥克風交給保羅，他將更深入地研究這些數字。

Thank you, Bracken. Before I start, let me build on what Bracken said and remind you of where we are going. We committed to a 55% gross margin and a 45% SG&A to sales ratio in fiscal '28. In the first quarter of this fiscal year, we are continuing to show progress toward those goals. Our quarterly two-year stack trends have shown gross margins up roughly 200 basis points, with SG&A down 5% over that same time period.

謝謝你，布雷肯。在我開始之前，請容許我根據布雷肯所說的話提醒大家我們要去的地方。我們承諾在 28 財年實現 55% 的毛利率和 45% 的銷售、一般及行政費用佔銷售額的比率。在本財年第一季度，我們繼續朝著這些目標取得進展。我們的季度兩年堆疊趨勢顯示，毛利率上升了約 200 個基點，而同期銷售、一般及行政費用 (SG&A) 下降了 5%。

We've done all of this without any growth. But s we said time and time again, that's not what we're here for. We are here for growth and our whole organization is focused on the next stage, which is about growth.

我們做了所有這些，但沒有任何成長。但正如我們一再強調的，這不是我們來這裡的目的。我們來這裡是為了成長，我們整個組織都專注於下一階段，也就是成長。

So now let me turn to review of the first quarter. Our first quarter was solid and our operating results came in above the guidance we provided. We feel particularly good about the improvement what progress towards our stated medium-term goals. As a quick FYI before I get into the numbers, currency movements in the quarter were significant, positively impacting reported revenue by 200 basis points. These FX changes also had a positive effect on gross margin with a negative impact on SG&A.

現在讓我來回顧一下第一季。我們的第一季表現穩健，經營業績高於我們提供的預期。我們對實現既定中期目標的進展感到特別高興。在介紹數字之前，我先快速了解一下，本季的貨幣變動非常顯著，對報告收入產生了 200 個基點的正面影響。這些外匯變化也對毛利率產生了正面影響，但對銷售、一般及行政費用產生了負面影響。

The net of these effects and a negligible impact on our operating income. Q1 revenue is $1.8 billion flat on a reported basis and down 2% year over year in constant dollars. This compares to our guidance of down 3% to down 5%. Excluding vans, revenue was up 5%.

這些影響的淨值對我們的營業收入的影響微乎其微。第一季營收以報告基礎持平於 18 億美元，以固定美元計算年減 2%。相比之下，我們的預期是下降 3% 至 5%。除貨車外，收入增長了 5%。

Total revenue of the quarter did benefit from a wholesale timing shift which landed in Q1, rather than Q2, excluding this benefit revenue would have been down roughly [3%] at the top. End of our guidance range.

本季的總收入確實受益於批發時間的轉變，批發時間轉移到第一季度，而不是第二季度，如果不考慮這一收益，收入最高時將下降約 [3%]。我們的指導範圍結束。

By brand, the North Face grew 5%, led by growth in both DTC and wholesale. Van's revenue the quarter was down 15%, similar to last quarter. The impact of the direct actions we are taking in the value channel and our own stores was about 40% of the reported decline. And finally, Timberland's momentum continued with revenue up 9%, reflecting growth across all channels.

按品牌劃分，North Face 成長了 5%，主要得益於 DTC 和批發業務的成長。Van 本季的營收下降了 15%，與上一季相似。我們在價值管道和我們自己的商店採取的直接行動的影響約佔報告下降的 40%。最後，Timberland 的動能持續，營收成長 9%，反映出所有通路的成長。

By region, the APAC region grew 4%, while the Americas and EMEA regions were down 3% and down 2% respectively. Excluding Vans, the America region was up 3% for last year. And lastly, by channel, DTC was down 4% while wholesale was flat.

從地區來看，亞太地區成長了 4%，而美洲和歐洲、中東和非洲地區分別下降了 3% 和 2%。除 Vans 外，美洲地區去年的銷售額成長了 3%。最後，按通路劃分，DTC 下降了 4%，而批發則持平。

Adjusted gross margin in the quarter was up 200 basis points to 54.1%, driven primarily by higher quality inventory, lower discounts and FX. This reflects our transformation efforts to make us structurally higher business.

本季調整後的毛利率上升 200 個基點至 54.1%，主要原因是庫存品質提高、折扣降低和外匯影響。這體現了我們為實現業務結構性提升所做的轉型努力。

S&A dollars were flat year by year as we continue to realize cost savings across the business. Our adjusted operating margin for the quarter was negative 3.2%, up 270 basis points year over year. We're continuing to make fundamental margin of profitability improvements by reshaping and strengthening the foundation of our business. Finally, adjusted loss per share was $0.24 versus $0.35 each one of last year.

由於我們繼續在整個業務中實現成本節約，S&A 美元逐年持平。本季調整後的營業利益率為-3.2%，較去年同期上升270個基點。我們將透過重塑和加強業務基礎來持續提高獲利能力的基本幅度。最後，調整後的每股虧損為 0.24 美元，而去年同期為 0.35 美元。

Moving on to our balance sheet. Inventories were up 4% or $76 million at the end of the quarter, excluding the impact of FX inventories were up 1%. Importantly, we improve the quality of our inventories, which is driving stronger gross margins, and our inventory days are down 4% year on year. Net debt was down $1.4 billion last year or down 20%.

繼續我們的資產負債表。本季末庫存增加 4% 或 7,600 萬美元，不包括外匯庫存的影響則增加 1%。重要的是，我們提高了庫存質量，從而提高了毛利率，我們的庫存天數比去年同期下降了 4%。去年淨債務減少了 14 億美元，降幅為 20%。

Let's now turn to the outlook for the second quarter. We expect Q2 revenues to be down 2% to down 4% on a constant dollar basis. As a reminder, Q1 did benefit by roughly 1 point of growth from a timing shift in wholesale, which will conversely negatively impact Q2 growth by 1%. Taking Q1 and Q2 together, our first half performance is expected to be in line with the comments we provided on our last earnings call in May.

現在讓我們來看看第二季的展望。我們預計第二季營收以固定美元計算將下降 2% 至 4%。提醒一下，批發時間的轉變確實使第一季受益約 1 個百分點的成長，但這反而會對第二季的成長產生 1% 的負面影響。綜合第一季和第二季的數據，我們預計上半年的業績將與我們在 5 月上次財報電話會議上給出的評論一致。

Moving down the P&L, we expect Q2 operating income to be in the range of $260 million to $290 million. Gross margins will be broadly flat as we continue to benefit from fewer discounts and healthier inventory, but we'll lap the twins from last year's inventory actions.

根據損益表，我們預計第二季營業收入將在 2.6 億美元至 2.9 億美元之間。由於我們繼續受益於更少的折扣和更健康的庫存，毛利率將基本持平，但我們將克服去年庫存行動的影響。

SG&A dollars are expected to be up slightly reversed last year, mainly due to our decision to invest more into marketing headed back-to-school, as well as a negative FX impact. On a constant dollar basis, SG&A is expected to be broadly flat versed last year.

預計銷售、一般及行政費用將比去年略有上漲，這主要是因為我們決定增加對開學行銷的投入，以及外匯的負面影響。以固定美元計算，預計銷售、一般及行政開支與去年同期基本持平。

And finally, we expect Q2 interest of approximately $50 million in an effective tax rate in the range of 30% to 33%, which is higher than last year's reported tax rate, and in line with my comments last quarter about increasing trend in our tax rate over the next one to two years and quarterly fluctuations as a result of the change in the global tax rates and in our geographical mix. As a reminder. This higher tax rate will have minimal impact on cash taxes.

最後，我們預計第二季的利息約為 5000 萬美元，有效稅率在 30% 至 33% 之間，高於去年報告的稅率，並且與我上個季度關於未來一到兩年內我們的稅率呈上升趨勢以及由於全球稅率和地域結構變化而導致的季度波動的評論一致。提醒一下。較高的稅率對現金稅的影響微乎其微。

Now let me give you a quick update on tariffs as things have moved since we last updated you. When we spoke in May, we quantified the annualized unmitigated impact from the 10% incremental tariff on goods coming into the US as $150 million. Based on what had been agreed at the time in terms of the timing of implementation, we estimated 65% of the impact would hit in fiscal 26, and then we will start to see the impact flow through in Q3.

現在讓我向您簡要介紹一下關稅的最新情況，因為自我們上次更新以來情況已經改變了。當我們在五月進行交談時，我們將對美國進口商品徵收 10% 的增量關稅所造成的年度未緩解影響量化為 1.5 億美元。根據當時就實施時間達成的一致，我們估計 65% 的影響將在 26 財年顯現，然後我們將在第三季開始看到影響的顯現。

Based on the latest information that has become public, we estimate an incremental annualized tariff impact of $100 million to $120 million, bringing the total annualized amount to $250 million to $270 million. We expect [50%] of this total to flow through in fiscal '26, based on the timing of the expected tariff increases.

根據已公開的最新消息，我們估計年度關稅影響增量為 1 億至 1.2 億美元，使年度總金額達到 2.5 億至 2.7 億美元。根據預期關稅上調的時間，我們預計其中[50%]將在26財年到位。

As we communicate, we have actions in place to mitigate the tariff impact through sourcing savings and pricing actions that will take effect later this year. From a timing perspective, we will begin seeing the impact of tariffs in the P&L before we realize the full offsets from the mitigating actions. Therefore, we expect a negative net impact to the gross profit of $60 million to $70 million due to tariffs in fiscal '26. We remain confident we will be able to fully mitigate all currently anticipated tariffs in fiscal '27.

正如我們所溝通的，我們已採取措施，透過採購節省和定價行動來減輕關稅的影響，這些措施將於今年稍後生效。從時間角度來看，在我們意識到緩解措施帶來的全部抵銷作用之前，我們將開始看到關稅對損益表的影響。因此，我們預計關稅將對 26 財年的毛利產生 6,000 萬至 7,000 萬美元的負面淨影響。我們仍然相信，我們將能夠在 27 財年完全減輕所有目前預期的關稅。

On the back of these developments, I also want to update you on the directional year over your guidance for operating income and free cash flow in fiscal '26. First, we continue to see operating income up versus last year in fiscal '26. This is inclusive of all expected tariffs that we believe to be on the table at this point, as outlined earlier, and as we continue to make progress towards our medium-term targets.

基於這些發展，我也想向您通報 26 財年營業收入和自由現金流的指導方向。首先，我們看到 26 財年的營業收入較去年同期持續上升。正如前文所述，這包括我們認為目前討論的所有預期關稅，並且我們正在繼續朝著中期目標前進。

Second, on cash flow. We continue to expect operating cash flow and free cash flow, excluding the sale of non-core assets to be up year on year. Also including all expected tariffs at this point. So let me repeat, free cash flow for the year will be up versus last year, even after we account for tariffs.

第二，關於現金流。我們繼續預計，不包括非核心資產出售的營運現金流和自由現金流將年增。此時也包括所有預期的關稅。因此，讓我重複一遍，即使考慮到關稅，今年的自由現金流仍將比去年上升。

We're working on a number of initiatives that are expected to improve our free cash flow throughout the year, which gives me confidence that we are well positioned to achieve our guidance. And we anticipate that leverage will decline at the year end of fiscal '26.

我們正在實施一系列舉措，預計將改善我們全年的自由現金流，這讓我相信我們有能力實現我們的預期目標。我們預計槓桿率將在 26 財年末下降。

In addition to improving our cash flow, we remain vigilant about lowering our debt. As many of you are aware, we utilize our revolving credit facility to manage fluctuating working capital needs throughout the year. To ensure we maintain a strong liquidity position moving forward, we're in the final stages of executing a $1.5 billion dollar asset-backed revolving loan.

除了改善現金流之外，我們還密切注意降低債務。許多人都知道，我們利用循環信貸額度來管理全年波動的營運資金需求。為了確保我們在未來保持強大的流動性狀況，我們正處於執行 15 億美元資產支持循環貸款的最後階段。

This will replace the current revolver we have in place. We are pursuing this option as we believe the ABL gives us more flexibility, more certainty, and eliminates the majority of covenants associated with our current borrowing. It also aligns with the puts and takes associated with the cadence of quarterly working capital needs. So to be clear, we are on track to meet our guidance to reduce leverage to 2.5 times by fiscal 2028.

這將取代我們現有的左輪手槍。我們追求這個選擇是因為我們相信 ABL 為我們提供了更多的靈活性、更多的確定性，並消除了與我們目前借款相關的大多數契約。它也與季度營運資本需求節奏相關的投入和產出相一致。因此，需要明確的是，我們預計將實現到 2028 財年將槓桿率降低至 2.5 倍的預期。

Before we close, I want to highlight changes we've made to our segment reporting, as well as post-quarter and update to our financing structure. First, in Q1 fiscal '26, we have changed our segment reporting to make it easier for investors to track our key areas of focus across brands and segments.

在結束之前，我想強調我們對分部報告所做的更改，以及季度後和融資結構的更新。首先，在 2026 財年第一季度，我們更改了分部報告，以便投資者更輕鬆地追蹤我們各個品牌和分部的重點關注領域。

We'll continue to disclose revenue for our top three brands, the North Face, Vans and Timberland. And as for segments, here's what has changed. We have combined Timberland [3] and Timberland Pro into one operating segment. This combined Timberland, along with North Face, now constitutes our outdoor segment.

我們將繼續披露我們前三大品牌 North Face、Vans 和 Timberland 的收入。至於細分市場，變化如下。我們將 Timberland [3] 和 Timberland Pro 合併為一個營運部門。合併後的 Timberland 與 North Face 共同構成了我們的戶外部門。

Vans and packs make up the Active segment, while Dickies Altra, Smartwool, Icebreaker and Napa are reported in all other categories. While we will no longer disclose Dickies as a standalone brand, we continue to be excited about and committed to growing the Dickies brand. Our new brand President, Chris Goble has made an excellent start to resetting the brand since joining last October, and is already executing on the strategy he introduced at Investor Day in March.

貨車和背包構成了 Active 部分，而 Dickies Altra、Smartwool、Icebreaker 和 Napa 則分佈在所有其他類別中。雖然我們不再將 Dickies 作為獨立品牌公開，但我們仍然對 Dickies 品牌的發展感到興奮並致力於品牌的發展。我們的新品牌總裁 Chris Goble 自去年 10 月上任以來，為重塑品牌做出了良好的開端，並且已經開始執行他在 3 月投資者日上提出的策略。

The leadership team being rebuilt. We believe the brand has significant growth potential under Chris's leadership. By the way, even though we are no longer disclosing it separately, Dickies decline versus last year moderated significantly this quarter.

領導團隊正在重建。我們相信，在克里斯的領導下，該品牌具有巨大的成長潛力。順便說一句，儘管我們不再單獨披露，但本季度 Dickies 的跌幅與去年同期相比明顯緩和。

So in closing, we are pleased with our results in the first quarter of fiscal '26. As Bracken said, we are focused now on getting each of our brands growing and getting stronger and stronger.

最後，我們對 26 財年第一季的業績感到滿意。正如布雷肯所說，我們現在專注於讓我們的每個品牌不斷成長。

I'll now hand it back to the operator to take your questions.

我現在將電話交還給接線員來回答你們的問題。

(Operator Instructions) Adrienne Yih, Barclays.

（操作員指示）巴克萊銀行的 Adrienne Yih。

Great. Thank you very much and nice to see the progress. So congratulations on that. Bracken, I guess, I'm going to start with sort of the Work Tour. So what did you expect to see? I mean, obviously, you gave us some of the metrics, but what do you expect in terms of mind share market share kind of before the event? And what metrics kind of suggest to you that you've engaged other than selling the tickets in terms of kind of feedback, et cetera?

偉大的。非常感謝，很高興看到進展。對此我表示祝賀。布雷肯，我想，我將從工作之旅開始。那你期望看到什麼？我的意思是，顯然，您給了我們一些指標，但是您對活動前的心理份額市場份額有何預期？除了售出門票之外，還有哪些指標可以顯示您參與了回饋等活動？

And then Paul, can you talk about the $60 million to $70 million of gross profit impact? Obviously, given the guidance that you had for the first half of the year, all of that is coming in the back half. Are you able to offset this through the SG&A.

那麼保羅，你能談談 6000 萬到 7000 萬美元的毛利影響嗎？顯然，根據您對今年上半年的指導，所有這些都將在下半年實現。您能透過銷售、一般和行政費用來抵銷這筆費用嗎？

Can you talk about some of the other parts of the P&L that can offset that. And I'm assuming that, that does not include the price actions that you would be taking? Or just some clarity on how much of that includes forward price out? Thank you very much.

您能否談談損益表中可以抵銷此影響的其他部分？我假設這不包括您將採取的價格行動？或者只是澄清一下其中有多少包括遠期價格？非常感謝。

Okay. Let me jump on the first question. What expectations we have for the working well, as I said earlier, our expectations were -- first of all, realize the Work Tour hasn't been around since 2018. And we made the decision actually within the first few weeks that I got here to go ahead and restart it. And Kevin and I, we should make sure to give credit, especially Steve and or really ran with it, and they've recreated the Work Tour.

好的。讓我先回答第一個問題。我們對工作有什麼期望，正如我之前所說，我們的期望是——首先，要意識到工作之旅自 2018 年以來就沒有再出現過。事實上，在我來到這裡的頭幾週內，我們就決定繼續並重新開始。凱文和我都應該給予讚揚，特別是史蒂夫和他們真的做到了，他們重新創造了工作之旅。

We only planned three events. So we expected a pretty modest impact, although social media is a magical thing. And those three locations feel like it's happening all over the United States now. We sold 50,000 tickets. Our plan is to make the events much bigger than they've ever been before.

我們只規劃了三項活動。因此，儘管社交媒體是一個神奇的東西，但我們預計其影響會相當小。這三個地方現在感覺就像是整個美國都在發生這樣的事情。我們賣了5萬張票。我們的計劃是讓這些活動的規模比以往更大。

So from 25,000 was the peak size of any event in the past. We plan to sell 50,000 tickets. We sold out of those, I think, in 1.5 hours or something. So we added another 35,000 tickets we sold out of those just as fast. And so, the demand was just enormous. And you probably -- if you followed it at all in social media, you see how much activity there was.

因此，25,000 是過去任何活動的峰值規模。我們計劃銷售5萬張門票。我認為，這些產品在 1.5 小時左右就已經銷售一空了。因此我們又增加了 35,000 張門票，並且很快就銷售一空。因此，需求量非常大。您可能——如果您在社交媒體上關注過它，您會看到有多少活動。

In terms of the impact on the business, in year one, we're only doing three cities, and it's the first time back, so we'll see. But I would just say we sold a lot of merchandising. And if you stack on top of that, all the merchandising was sold by us, the event manager, the different bands around it, you can see how powerful this is as a driver of product. And that's physically at the event. We expect that to continue, especially as we go into year two at this event.

就對業務的影響而言，第一年我們只涵蓋三個城市，而這是我們第一次回歸，所以我們拭目以待。但我只想說我們賣了很多商品。如果你把所有這些商品都由我們、活動經理以及周圍的不同樂團銷售，你就可以看到這作為產品驅動力有多強大。這是在活動現場實際發生的事。我們期望這種情況能夠持續下去，特別是當我們進入活動的第二年時。

So it's a super, super powerful event for us. It's a fan fest. It's a flat out, all out, huge fan fest. And I wish we could have had every investor standing in the middle of that monster's crowd that I was on Sunday, and you would have felt it (multiple speakers) you can come to Orlando in November.

所以這對我們來說是一個非常、非常有影響力的活動。這是一場粉絲盛宴。這是一場全力以赴、盛大的粉絲盛會。我希望我們能讓每位投資人站在我星期日所在的那群怪物中間，你會感覺到（多位發言者）你可以在 11 月來到奧蘭多。

Bracken was very excited with his world tour. I guess, to clarify the question. So the $60 million to $70 million we talked about, you're right, it's mostly the back half of the year, and that's the net number when you sort of account for everything that's in play right now between how much flows through this fiscal year, what we believe we can offset between pricing and other actions.

布雷肯對他的世界巡迴演出感到非常興奮。我想，是為了澄清這個問題。因此，您說的 6000 萬到 7000 萬美元，我們談到的，主要是下半年，這是考慮到目前所有正在發生的情況，包括本財年的資金流入，以及我們認為可以通過定價和其他行動來抵消的金額，得出的淨數字。

But also keep in mind a couple of things, we've been working to improve gross margins anyway throughout the year. So obviously, this has an impact on gross margins, but it's not in a steady state or static environment in terms of gross margins.

但也請記住幾件事，我們全年都在努力提高毛利率。因此，顯然這會對毛利率產生影響，但就毛利率而言，它並不處於穩定狀態或靜態環境。

And so, we'll continue to work sort of on the gross margin improvements outside of tariffs. And then yes, obviously, we'll continue to be very diligent on our other cost initiatives, which we've talked about.

因此，我們將繼續致力於提高關稅以外的毛利率。是的，顯然，我們將繼續非常認真地執行我們已經討論過的其他成本計劃。

And just to be clear, it's 20% Indonesia -- 19% Indonesian and 20% Vietnam, is that the incremental?

需要明確的是，20% 是印度尼西亞——19% 是印度尼西亞，20% 是越南，這是增量嗎？

I mean that's what we're -- yeah. So, I guess the set on that as well. Everything that we've put in now is what we see as well from the public from what's been made public by the administration or others. So we don't really know anything more than anyone else in terms of expectations. So we've modeled what we believe is the most likely outcome based on what we've seen from public information as well.

我的意思是這就是我們——是的。所以，我猜這也是如此。我們現在所做的一切都是我們從公眾那裡看到的，也是政府或其他人公開的內容。因此，就期望而言，我們實際上並不比其他人知道更多。因此，我們根據從公開資訊中看到的情況，對我們認為最可能的結果進行了建模。

But think of that as 9 or 10 points in Southeast Asia, something comparable around the world.

但可以想像東南亞的比例為 9 或 10 分，全球的情況也大致如此。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good morning. I just wanted to get your longer-term views on gross margin. Clearly, we'll have some pressure for the rest of the year from tariffs, but as you step back and you look at the gross margins of each of your brands, where do you see the most opportunity to improve those going forward?

謝謝。早安.我只是想了解您對毛利率的長期看法。顯然，今年剩餘時間我們會面臨來自關稅的一些壓力，但如果您退一步來看每個品牌的毛利率，您認為未來最大的改善機會在哪裡？

Yeah. In our Investor Day, we laid out I think Investor Day one, we actually -- and we reiterated in number two, we set our gross margin target over the next few years to get to 55% and stay there and potentially go beyond that. And we continue to feel very strongly about that when we look at our overall business.

是的。在我們的投資者日，我們列出了我認為投資者日第一天，我們實際上 - 我們在第二天重申，我們設定的未來幾年的毛利率目標是達到 55％ 並保持在這個水平，並可能超越這個目標。當我們審視我們的整體業務時，我們仍然對此有強烈的感受。

In terms of gross margin improvement, we've got really gross margin opportunities across every brand. It's just a question of how much we try to exploit that. I mean, I think in the North Face, we have premiumization opportunities across the board and mix opportunities. If you really -- I don't want to go down in the mix of our gross margin by brand, it will get really complex if we do that. But I would just say where we see the growth opportunities long term, the gross margins are better.

在毛利率提高方面，我們每個品牌都確實有提高毛利率的機會。問題只是我們在多大程度上嘗試利用這一點。我的意思是，我認為在 North Face，我們擁有全面的高端化機會和混合機會。如果你真的──我不想降低我們各品牌的毛利率，那樣的話情況會變得非常複雜。但我只想說，我們看到長期成長機會的地方，毛利率會更高。

If you look at Vans, I think we talked premiumization today. We talked about the Fifth Avenue store. We're selling 35% more premium mix in the Fifth Avenue store. It tells you how much upside there is. This is like all of our brands, I think, Vans is a brand that has the ability to stretch across such a wide range of price points.

如果你看 Vans，我想我們今天討論的是高端化。我們談論了第五大道的商店。我們在第五大道商店銷售的優質混合產品增加了 35%。它告訴你有多少上漲空間。就像我們所有的品牌一樣，我認為 Vans 是一個能夠跨越如此廣泛價格範圍的品牌。

And generally speaking, as you go up in price points of higher gross margins. And we're barely touching the tip of the iceberg in terms of the premium mix that we can sell. So I think across all of our brands, we have opportunities. And I think I can safely say that Paul and our gross margin fanatics. I mean, we're really focused on that.

一般來說，價格越高，毛利率越高。就我們能夠銷售的優質產品而言，我們僅僅觸及了冰山一角。所以我認為我們所有的品牌都有機會。我想我可以肯定地說，保羅和我們的毛利率狂熱者。我的意思是，我們確實專注於此。

I've learned in my career and so Paul. Gross margin is where the action is. If you get gross margin right, everything else flows. It's also a great reflection that the strength of the brand and the strength of the business as long as you've got growth, and we will get growth. So we're going to get better gross margin.

我在自己的職業生涯中學習到了東西，保羅也是如此。毛利率是行動所在。如果毛利率正確，其他一切都會順利。這也很好地體現了品牌實力和業務實力，只要你有成長，我們就會獲得成長。因此我們將獲得更好的毛利率。

Yeah. I would just add, so just kind of refresh to in terms of what we said at the Investor Day, right? We mentioned the three big gross margin initiatives. We mentioned some of the nine initiatives that we talked about that are going to help generate that incremental $500 million to $600 million of operating income.

是的。我只是想補充一下，所以只是稍微回顧一下我們在投資者日所說的內容，對嗎？我們提到了三大毛利率舉措。我們提到了我們討論過的九項舉措中的一部分，這些舉措將有助於產生 5 億至 6 億美元的增量營業收入。

The three that we specifically called out in gross margin were product creation, integrated business planning and markdown management. Markdown management, you can think about is something that is more immediately actionable.

我們在毛利率方面特別提到的三個面向是產品創造、綜合業務規劃和降價管理。您可以認為 Markdown 管理是更容易立即執行的事情。

The other two take a little bit of time right on product creation and integrated business planning. And so, I think you'll start to see the impact of [markdown management] you already have, right, in terms of where we've seen sort of better execution there in terms of overall markdown and then you'll see from the product creation and integrated business plan and that stuff that will start to benefit us but really get rolling over the next kind of year or two.

另外兩個則花了一點時間在產品創造和綜合業務規劃上。因此，我認為您將開始看到降價管理的影響，就整體降價而言，我們已經看到了更好的執行效果，然後您將看到產品創建和綜合業務計劃等方面的效果，這些效果將開始使我們受益，但真正開始發揮作用要等到未來一兩年。

Jay Soul, UBS.

瑞銀的 Jay Soul。

Super. Thank you so much. I just want to ask you another question about tariffs. It sounds like you're going to mitigate a whole lot of the [250 to 275] gross impact. What kind of impact do you expect on unit volumes as you raise prices and do some of the other actions to offset the tariff.

極好的。太感謝了。我只想問您另一個有關關稅的問題。聽起來你將要減輕 [250 到 275] 的整體影響。當您提高價格並採取其他措施來抵消關稅時，您預計會對單位銷售產生什麼樣的影響。

Nobody really knows. I mean this is a very unusual circumstance where the whole industry is affected kind of equally. And if our competitive assessment is right, I think everybody's hit fairly equally in this industry, whether it's footwear apparel on the tariffs. So it's a little hard to model. We've modeled different scenarios as you'd expect.

沒有人真正知道。我的意思是，這是一種非常不尋常的情況，整個行業都受到了同等的影響。如果我們的競爭評估是正確的，我認為這個行業中的每個人都會受到相當同等的打擊，無論是鞋類還是服裝，都會受到關稅的影響。因此建模有點困難。正如您所期望的，我們已經模擬了不同的場景。

So we're all the way down to a worst-case scenario and then the best case scenario, which we then ignore. And we focus kind of on an expected case and making sure we're protected against the downside case.

因此，我們首先會考慮最壞的情況，然後再考慮最好的情況，然後我們會忽略它。我們關注的是預期的情況，並確保我們能夠免受不利情況的影響。

Generally, I suspect we're modeling somewhere in the 1:1 or a little bit better, given that the whole industry is raising. So we'll see. And then on top of that, you could have a macro impact. Do you want to add anything, Paul?

總的來說，考慮到整個產業都在發展，我認為我們的模型比例在 1:1 左右，或更好一點。我們拭目以待。除此之外，你還可能產生宏觀影響。保羅，你還有什麼要補充嗎？

No. I would just say exactly that. I'd say, as you can imagine, we have different scenarios around different elasticity curves. And so, we'll just some of it's going to be a wait and see how things go. And then I think Bracken mentioned in a number of our brands, where we are at the product. And I think some of them probably had some pricing opportunity with or without tariffs anyway. So we'll how that works out.

不。我只是想說這一點。我想說，正如你所想像的，我們圍繞著不同的彈性曲線有不同的場景。所以，我們只是拭目以待，看看事情會如何發展。然後我認為布雷肯在我們的許多品牌中提到了我們的產品。我認為，無論有沒有關稅，其中一些公司可能都有一定的定價機會。那我們來看看結果如何。

Yeah. So Bracken, I think you mentioned 1:1 (inaudible) elasticity, does that imply like any elasticity like raise price 1%, unit volumes go down 1%? Is that what that means?

是的。那麼 Bracken，我認為您提到了 1:1（聽不清楚）彈性，這是否意味著任何彈性，例如價格上漲 1%，單位數量就會下降 1%？就是這個意思嗎？

Yeah, roughly. Although there's an argument, and we certainly think that's very possible that it could be a little better than that because of the nature of the tariff increase impact on everybody's costs. That might not show up right away. So it's kind of our expectation. It's going to take a while for that just to play out. I think there's a lot of questions about why is the economy so good? Why is it why are the tariffs that shown up?

是的，大致是如此。儘管存在爭議，但我們確實認為，由於關稅上調對每個人的成本的影響，情況可能會比這更好。這可能不會立即顯現出來。所以這是我們的期望。這需要一段時間才能實現。我認為有很多人有疑問：為什麼經濟這麼好？為什麼會出現這樣的關稅？

I think it's because the tariffs really haven't shown up most people's costs yet. They're flowing through inventory or making their way into our cost and everybody else's. So it's a little hard to know. So we're just going to be flexible.

我認為這是因為關稅實際上還沒有反映出大多數人的成本。它們流經庫存或進入我們和其他所有人的成本。所以這有點難知道。所以我們會靈活變通。

One of the things I'm proud of what we've done in the last year is we've built an ability to be a great response machine to what's happening. And so, we'll react to whatever we need to from a pricing cost and factory relocation standpoint with a lot more agility than we could possibly have done before to whatever it is.

對於我們在過去一年中所做的事，我感到自豪的一件事是，我們已經建立了對正在發生的事情做出出色反應的能力。因此，從定價成本和工廠搬遷的角度，我們將以比以前更靈活的方式回應我們需求。

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

Hey guys, good morning. Congrats on the next quarter and thanks for taking our question. I guess North Face America, it's good to see the 5% growth rate on a global basis. North Face America, I know it's an unimportant quarter, but down 3% in the summer. I know you mentioned that you're pretty excited about some of the lifestyle stuff coming in.

大家好，早安。恭喜下一季度，感謝您回答我們的問題。我想對於 North Face America 來說，看到全球 5% 的成長率是件好事。North Face America，我知道這是一個不重要的季度，但夏季下降了 3%。我知道您提到您對即將推出的一些生活方式產品感到非常興奮。

Maybe just help us connect with the down 3% over the summer and what's on the common lifestyle, and then I guess just some thought on how we should expect to see North Face America's trend into the fall and winter based on the order books.

也許只是幫助我們將夏季 3% 的下降與常見的生活方式聯繫起來，然後我想只是一些想法，我們應該如何根據訂單來預測 North Face America 在秋季和冬季的趨勢。

And then I know on Vans, Bracken, you've mentioned a few times on public calls since you got back, you thought Europe was closer to a turn than the US. You mentioned it earlier in the year when you and I got together.

然後我知道，在 Vans，Bracken，自從你回來後，你在公開電話會議上提到過幾次，你認為歐洲比美國更接近轉折點。今年早些時候你和我在一起的時候你就提到過這一點。

Can you just help us connect that too, I guess it was down [16%] in the quarter, but you're saying some nice things about the store in London getting better. Maybe just help us understand where the brand sits in the NBA today.

您能否也幫我們聯繫起來，我猜本季它下降了 [16%]，但您說倫敦商店的情況正在好轉，這很好。也許只是幫助我們了解品牌目前在 NBA 中的地位。

Yeah. I'll start with your questions on North Face. I think generally speaking, I am really excited about the ability to really go for real quarters for North Face. I think we've really not done -- we've talked a lot about in the past, we've not really brought out enough product and if we have brought our product, we haven't invested enough in it in stores and then through wholesale to see a difference in the spring and summer.

是的。我先從您關於 North Face 的問題開始。我認為總的來說，我對能夠真正為 North Face 效力感到非常興奮。我認為我們確實沒有做到——我們過去已經談過很多，我們並沒有真正推出足夠的產品，如果我們推出了我們的產品，我們也沒有在商店和批發上投入足夠的資金來看到春夏季節的變化。

As you said, this is a very light seasonal quarter for us. So I wouldn't draw too many conclusions also early. We really don't have enough spring and summer product out yet, but I can promise you that is a real focus of the team and they're really working to get there. So I think as we get into the next spring and summer, you'll see more and then more and more. So I'm excited about that.

正如您所說，對我們來說這是一個非常淡季的季度。所以我不會太早得出太多結論。我們確實還沒有足夠的春夏產品推出，但我可以向你保證，這是團隊真正關注的重點，他們正在努力實現這一目標。所以我認為隨著我們進入下一個春季和夏季，你會看到越來越多。所以我對此感到很興奮。

In terms of -- we're really trying not to get into kind of forecasting where the business is going by brand, so I'm probably not going to do that now. But I want to talk briefly about your brands question for Europe. I think this business in general is when you're doing a turnaround, it's got ebbs and flows on its way out, hopefully or it's way less down at this point.

就這一點而言——我們確實不想根據品牌來預測業務的發展方向，所以我現在可能不會這樣做。但我想簡單談談你們針對歐洲的品牌議題。我認為，總體而言，當你進行扭虧為盈時，這個行業就會出現起伏，但願現在的低迷程度能減輕一些。

And I think the same thing is true for Europe. I think we've got really great spots in Europe. We talked about the large city plan where we're going into key cities and seeing a difference there. I think that's great. And basically, I don't think it's turned any faster than the US. I think it looks a lot like the US. I think the pattern is the same. So we expect to turn to happen at about the same pace.

我認為歐洲也存在同樣的情況。我認為我們在歐洲確實擁有很棒的景點。我們討論了大城市計劃，我們將進入主要城市並看到那裡的變化。我認為這很棒。基本上，我認為它的轉變速度並不比美國快。我認為它看起來很像美國。我認為模式是一樣的。因此我們預期轉變將以大致相同的速度發生。

Any comment on the forward order book for fall winter for North Face.

對 North Face 秋冬預售訂單有何評論？

No. We're really trying not to do that. We really don't want to get into any kind of forward-looking forecasting by brand.

不。我們確實在努力避免這樣做。我們確實不想根據品牌做出任何形式的前瞻性預測。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Thanks. It's Tracy Kogan filling in for Paul. I was wondering, are your quarter to date trends in line with your revenue guidance of down, I think 2% to 4%, or are you expecting trends to accelerate or decelerate from here?

謝謝。特蕾西·科根 (Tracy Kogan) 代替保羅 (Paul) 上場。我想知道，您本季迄今的趨勢是否符合您的收入預期下降（我認為是 2% 到 4%），或者您是否預計趨勢會從現在開始加速或減速？

And then I thought on Vans you expected a similar drag from your deliberate actions as you saw in 4Q, but it seemed like it was significantly less, and I was just wondering if you took fewer deliberate actions than you initially anticipated. Thank you.

然後我想到 Vans，您預計您的蓄意行動會帶來與第四季度類似的拖累，但似乎拖累要小得多，我只是想知道您採取的蓄意行動是否比最初預期的要少。謝謝。

So on the first question, we're not really going to answer that. I think we'll just say we put out our guidance for the quarter. I mean, that's obviously the expectation we have for the quarter. And so, I'll leave it at that. And on the Vans, no, I mean, it's roughly in line with expectations. We said it was roughly 50% last quarter, roughly 40% this quarter.

因此，對於第一個問題，我們實際上不會回答。我想我們只會說我們發布了本季的指導。我的意思是，這顯然是我們對本季的期望。那麼，我就不多說了。至於 Vans，不，我的意思是，它大致符合預期。我們說上個季度大約是 50%，本季大約是 40%。

It's just sort of how it impacts, I mean, it's really just math more than anything else the overall initiatives are the same and the overall intent is the same. It's really just a question of how everything falls out where the math falls out. So to us, the 40%, 50%, it's roughly [0.5%-plus or minus]. Last quarter was a little bit more. This quarter is a little bit less, but we've talked about that and we've talked about that the impact would be felt most significantly Q4 of last year, Q1 and then Q2 as well this year. Hopefully, you start to see some moderation of that in Q3 and then a lot more in Q4.

這只是它的影響方式，我的意思是，它實際上只是數學，而不是其他任何東西，整體舉措是相同的，整體意圖是相同的。這實際上只是一個數學如何發揮作用的問題。所以對我們來說，40%、50% 大概是[0.5% 正負]。上個季度稍微多一點。本季稍微少一些，但我們已經討論過這個問題，而且我們已經討論過，影響將在去年第四季、今年第一季和第二季最為明顯。希望您能在第三季度看到這種情況有所緩和，然後在第四季度看到更多緩和。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

Hey there, thanks for taking our questions. So one of the call outs was leaning into marketing for back to school. Is this entirely related to the Vans brand, and should we expect this to be a sustained area of investment for fiscal '26?

嘿，感謝您回答我們的問題。因此，其中一個呼籲就是傾向於開學行銷。這是否完全與 Vans 品牌相關？我們是否應該預期這將成為 26 財年的持續投資領域？

Yeah. So back-to-school is definitely not only a Vans thing. And yeah, we are absolutely leaning into back to school. School comes every year, and it's going to come this year. So I think we've got a good program for it.

是的。所以返校絕對不僅僅是 Vans 的事情。是的，我們絕對傾向於重返校園。每年都會開學，今年也會開學。所以我認為我們已經有一個很好的計劃。

But yeah, I would expect this will be an annual thing. I don't think we did it as well as we could have last year and back to school. So we're more focused on that this year, and I think well especially Vans. So we'll see how we do this year, but I'm optimistic about it.

但是是的，我希望這將成為每年一次的事情。我認為我們做得沒有去年和回到學校時那麼好。因此我們今年更加關注這一點，我認為尤其是 Vans。所以我們會看看今年的表現如何，但我對此感到樂觀。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good morning. Thank you very much for taking my question. I want to ask about the free cash flow for the first quarter. It was down $174 million. I think last quarter, Paul, you mentioned there was an intentional timing shift.

早安.非常感謝您回答我的問題。我想問一下第一季的自由現金流。下降了1.74億美元。保羅，我想上個季度你提到有一個有意的時間轉變。

So by my math, it looks like the free cash flow for the quarter was down maybe even more than $200 million. So I'm trying to understand the deterioration of free cash flow and can you walk us through how do you get to over $500 million of free cash flow for the remaining quarters. Thank you.

因此，根據我的計算，本季的自由現金流似乎下降了 2 億美元以上。因此，我想了解自由現金流惡化的原因，您能否向我們介紹如何在剩餘幾季內實現超過 5 億美元的自由現金流。謝謝。

Yeah. So the Q1, it's really around timing. It's around timing of working capital around those types of dynamics. But when you sort of look at the components of free cash flow for the year, right, between our operating income, what we expect to spend on CapEx, how we're thinking about CapEx throughout the year and other movements in working capital, we're right on pace.

是的。因此，第一季確實與時機有關。這是圍繞這些類型的動態的營運資本時機問題。但是，當你看一下今年自由現金流的組成部分時，對吧，在我們的營業收入、我們預計的資本支出、我們如何考慮全年的資本支出以及營運資本的其他變動之間，我們正按計劃進行。

It's why I don't guide free cash flow on a quarterly basis, but we try and give some idea on an annual basis because you can have a pretty big fluctuations sometimes with respect to timing in any one quarter. As I said, we do feel good about it. There is an incremental impact from the tariffs, which we talked about.

這就是為什麼我不按季度指導自由現金流，而是嘗試按年度給出一些想法，因為有時在任何一個季度的時間方面都會出現相當大的波動。正如我所說，我們確實對此感覺良好。正如我們討論過的，關稅會產生增量影響。

We have some offsets that we think we're working on throughout the year to improve free cash flow. And it's a big focus on us. I mean, I think Bracken mentioned before, there's a couple of things that we really focus on. Gross margin is one of them. And free cash flow is the other one for me.

我們有一些抵銷措施，我們認為我們正在全年努力改善自由現金流。這是我們關注的重點。我的意思是，我認為布雷肯之前提到過，有幾件事是我們真正關注的。毛利率就是其中之一。對我來說，自由現金流是另一個。

We're really committed to generating incremental free cash flow to paying down our debt, reducing our leverage and we expect free cash flow to be up this year. Again, there's lots of moving parts. There's lots of moving parts in every quarter. There's things that we're working on that will hopefully come through that will impact our free cash flow throughout the year. And as that happens, we'll update you.

我們確實致力於產生增量自由現金流來償還債務、降低槓桿率，我們預計今年自由現金流將會增加。再次強調，有很多活動部件。每個季度都有許多活動部件。我們正在進行一些工作，希望這些工作能成功，並影響我們全年的自由現金流。一旦發生這種情況，我們會向您通報最新情況。

Wonderful. And then a follow-up here, Paul. Net debt actually increased this quarter, that might be due to seasonality, but obviously, you have that target for the five years, but where do you think net debt goes, I know you have the $500 million bond that you're going to use. I guess, are you still using the revolver for that. But where do you think net debt -- the leverage goes for this fiscal year?

精彩的。接下來是後續問題，保羅。本季淨債務實際上有所增加，這可能是由於季節性因素，但顯然，你們有五年的目標，但你們認為淨債務會流向何處，我知道你們有 5 億美元的債券要使用。我猜，你還在用左輪手槍嗎？但您認為本財年的淨債務－槓桿率會如何呢？

Yeah. So we expect leverage to decline. We haven't given a target for this year, we've given sort of the medium-term target, but we do expect it to continue to move down. We ended last year at 4.1 times. So you can expect it to be below that at the end of the year and hopefully making reasonable progress to getting to the 2.5 times that we've talked about.

是的。因此我們預期槓桿率將會下降。我們沒有給出今年的目標，我們給出了中期目標，但我們確實預計它會繼續下降。去年我們以 4.1 倍結束。因此，你可以預期到今年年底這一數字將低於這個水平，並有望取得合理的進展，達到我們所說的 2.5 倍。

And with respect to the $500 million maturity, so a couple of things. One is currency has negatively impacted us in terms of debt on the balance sheet. So that's been a little bit of a negative in terms of where the debt shows up given the currency moves.

關於 5 億美元的到期日，有幾件事。一是貨幣對我們的資產負債表上的債務產生了負面影響。因此，考慮到貨幣走勢，這對債務的出現來說有點不利。

And then yeah, we continue to expect to pay out the $500 million at the end of the year and that would be mostly from free cash flow and then again other short-term borrowing if we need, but we feel pretty reasonably confident we'll be that won't be any issue whatsoever.

是的，我們仍然預計在年底支付 5 億美元，這筆錢主要來自自由現金流，如果需要的話，還會來自其他短期借款，但我們相當有信心這不會有任何問題。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Great, thanks. So Bracken, on your reset actions across the portfolio, what remains or anything new that you anticipate relative to actions in place today? And just on your visibility for the portfolio to soon move to growth that you cited, is there any reason this would not happen in the second half of the year? .

太好了，謝謝。那麼，布雷肯，在您重新調整投資組合的行動中，相對於目前採取的行動，您預計還會有什麼新的舉措或舉措呢？就您所提到的投資組合很快就會實現成長的前景而言，有什麼理由不會在下半年實現這一目標嗎？。

All the reset actions were -- No, I think I really feel good about what we've done, and I think we're in a pretty good spot. Don't get me wrong, they're always -- when you're in a company of our scale, there are always things you're going to be doing they'll be pruning and fixing things that pop up and that kind of stuff.

所有的重置行動都是——不，我認為我對我們所做的事情感到非常滿意，而且我認為我們處於一個非常好的位置。別誤會我的意思，他們總是——當你在我們這種規模的公司時，你總是會做一些事情，他們會修剪和修復突然出現的問題之類的事情。

But basically, our reset actions -- the major reset actions, I think are really behind us. We're nearly not guiding for the year. So we're not going to talk much about that, Matthew. But as we come through the year, I promise you we'll be as transparent as we possibly can be.

但基本上，我們的重置行動——主要的重置行動，我認為已經過去了。我們今年幾乎沒有做導遊。所以我們不會談論太多這個，馬修。但隨著這一年過去，我向你們保證，我們會盡可能保持透明。

And then Paul, are there any puts and takes to consider in the flat gross margin outlook for the second quarter that's constraining expansion on gross margin?

那麼保羅，第二季毛利率前景持平，是否存在任何需要考慮的利弊因素，從而限制了毛利率的擴張？

No. Again, it's a little a couple of things. One is, obviously, we had some step-ups over last year as we lap some of our other initiatives. We still feel good about the gross margin progression. Again, you saw some of it in Q1. And so, again, sometimes there's ebbs and flows with every quarter, but it's flat year-on-year. We feel good about where the trajectory of gross margins have gone overall.

不。再次強調，這只是幾件事。顯然，首先，我們比去年取得了一些進步，因為我們在其他一些舉措上取得了進展。我們仍然對毛利率的成長感到滿意。再次，您在第一季度看到了其中的一些內容。因此，有時每個季度都會有起伏，但同比來看是持平的。我們對整體毛利率的走勢感到滿意。

Brook Roche, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning and thank you for taking our question. Bracken, I was hoping you could talk about how your conversations with wholesale partners are trending as you've implemented some of these actions across all of your brands in North America, especially given a choppy macro backdrop.

早安，感謝您回答我們的問題。布雷肯，我希望您能談談您與批發合作夥伴的對話趨勢，因為您已經在北美的所有品牌中實施了其中一些行動，尤其是在宏觀背景波動的情況下。

Are you seeing any signs of hesitancy in taking additional inventory levels or orders into the holiday season? And is that being offset by some stronger product innovation and marketing given what you're doing across the brands? Thank you.

您是否看到任何跡象表明企業對於在假期期間增加庫存或訂單猶豫不決？考慮到您在各個品牌中所做的努力，這種影響是否會被更強大的產品創新和行銷所抵消？謝謝。

I think around the world, you've got a little bit of hesitation by wholesalers to overextend themselves on inventory. So we're aware of that. I'm sure everyone in the industry is and the traffic is generally slowed a little bit as you've gone through the summer, especially during this period of real uncertainty around what's going to happen to tariffs.

我認為，世界各地的批發商都對過度擴張庫存有些猶豫。我們知道這一點。我確信業內每個人都是如此，而且隨著夏季的到來，客流量總體上會有所放緩，尤其是在關稅將如何變化的真正不確定時期。

I do think it's kind of caused a bit of a just conservatism, and I think you can kind of see and feel it. But we're just as optimistic as we've been before. We feel like, we laid the right bricks in terms of innovation and we're going to keep investing in marketing as we've planned and we're not letting up at all.

我確實認為它在某種程度上引起了某種保守主義，我想你能夠看到和感受到它。但我們還是像以前一樣樂觀。我們覺得，我們在創新方面已經打下了正確的基礎，我們將按照計劃繼續投資行銷，而且我們不會放鬆。

And yeah, I mean, our whole game plan here is to keep getting stronger and stronger from a product portfolio standpoint from a marketing execution standpoint and from an innovation standpoint. And our expectation is that's going to offset any of the headwinds that come from -- as long as they're reasonable, any of the headwinds that come from concern about the economy.

是的，我的意思是，我們的整個計劃是從產品組合的角度、從行銷執行的角度和從創新的角度不斷變得越來越強大。我們的預期是，這將抵消任何來自經濟擔憂的不利因素——只要這些因素是合理的。

Great, thanks so much.

太好了，非常感謝。

Thank you, Brooke. Thanks a lot. And thanks to everyone. I guess I'll close by saying we started this -- this is the end of my first two years. And it's been an incredibly exciting two years, but I think the next two years are going to be a lot more exciting. Everybody likes working more on growth than on cost and organization change. And I'm certainly in that camp and so is my leadership team.

謝謝你，布魯克。多謝。並感謝大家。我想最後我要說的是，我們開始了這一切——這是我前兩年的結束。這是令人難以置信的令人興奮的兩年，但我認為接下來的兩年將會更加令人興奮。每個人都喜歡致力於成長而不是成本和組織變革。我和我的領導團隊都屬於這一陣營。

We are really excited about the growth path we have had and stay tuned. It will be fun to talk to you next quarter, the quarter and the quarter after that. And Orlando, Work Tour, if you want to go, I've got T-shirts right next to me that if you're in first, and I'd be handing them out, and we'll see you in three months.

我們對於我們過去的成長道路感到非常興奮，並將繼續關注。下個季度、本季以及下個季度與您交談將會很有趣。奧蘭多工作之旅，如果你想去的話，我旁邊就有 T 卹，如果你是第一個去的話，我會把它們分發給你，我們三個月後再見。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，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。