威富公司 (VFC) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the VF Corporation Q2 full-year 2026 earnings call. (Operator Instructions)

大家好。感謝您參加本次會議，歡迎來到 VF 公司 2026 年第二季全年業績電話會議。（操作說明）

I will now hand the call over to Allegra Perry, Vice President of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係副總裁艾莉格拉·佩里。請繼續。

Hello, and welcome to VF Corporation's second-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.

大家好，歡迎參加VF公司2026財年第二季業績電話會議。今天參加電話會議的人員將發表前瞻性聲明。這些陳述是基於目前的預期，但存在不確定性，實際結果可能與預期有重大差異。這些不確定因素在定期提交給美國證券交易委員會的文件中均有詳細說明。

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

除非另有說明，今天電話會議中提到的金額將以調整後的固定美元和持續經營為基礎，我們在投資者關係網站上發布的演示文稿中對此進行了定義，我們在討論中使用這些數字作為引子，因為我們認為它們更準確地反映了我們業務的真實運營業績和基本結果。

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.

您可能還會聽到我們提到報告金額，這些金額是根據美國通用會計準則 (US GAAP) 計算的。GAAP 指標與調整金額的調整表可在簡報中包含的補充財務表格中找到，這些表格識別並量化了所有排除的項目，並提供了管理層對該資訊對投資者有用性的看法。

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

今天與我一起參加電話會議的有 VF 總裁兼執行長 Bracken Darrell，以及執行副總裁兼財務長 Paul Vogel。在我們發言完畢後，我們將開放提問環節。現在我將把麥克風交給布雷肯。

Thank you, Allegra. We picked a strange day to do a video conference call because many of us were up for 18 straight innings of baseball and probably the -- even though this is the most important event happening today is our conference call in the world, and the second most important event will be one of the two Major League Baseball games. It's also happening today because it's never happened, I guess or maybe rarely.

謝謝你，艾莉格拉。我們選擇了一個奇怪的日子進行視訊會議，因為我們中的許多人都連續看了 18 局棒球比賽，而且——儘管今天世界上最重要的事情是我們的電話會議，而第二重要的事情將是兩場美國職棒大聯盟比賽之一。今天發生這件事也是因為它以前從未發生過，或者說很少發生。

You'll hear more later as Paul talks about it, let me talk you through the financials, but at a really high level. It was a good quarter. We delivered on our commitments, and we made further progress on our turnaround and we delivered this performance despite admittedly a pretty uncertain unpredictable environment around the world.

保羅稍後會詳細講解，我先從宏觀層面跟你介紹一下財務狀況。這是一個不錯的季度。我們履行了承諾，在扭轉局面方面取得了進一步進展，儘管全球環境相當不確定且難以預測，但我們仍然取得了這樣的業績。

Total revenue was up 2% in reported dollars and down 1% in constant dollars, a little better than planned and showed an improving trend versus last quarter. Operating income was $313 million, well above our guidance range of $260 million to $290 million.

以報告美元計算，總收入增長了 2%，以固定美元計算下降了 1%，略好於預期，並顯示出與上一季相比有所改善的趨勢。營業收入為 3.13 億美元，遠高於我們先前預測的 2.6 億美元至 2.9 億美元範圍。

Net debt, excluding lease liabilities, was down $1.5 billion versus last year or down 27%. We're focused on returning the entire company to growth. Last quarter, I highlighted that 60% of our business by revenue was growing, up from just 10% in the prior year. In Q2, so this quarter, that figure expanded over 65%.

不計租賃負債，淨債務較去年同期減少15億美元。27%。我們的目標是讓整個公司重回成長軌道。上個季度，我重點提到，我們公司 60% 的業務收入實現了成長，而去年同期這一比例僅為 10%。第二季（即本季），這一數字成長了 65% 以上。

And if you took out Dickies, that would be almost 70%. Speaking of Dickies, during the quarter, we announced our plans to sell the brand. I'm confident it's a very good move for the company and for our shareholders. As we've said before, we'll always evaluate any offer we receive reflecting our commitment to shareholder value creation.

如果把 Dickies 拿掉，差不多就佔 70% 了。說到 Dickies，本季我們宣布了出售該品牌的計劃。我相信這對公司和我們的股東來說都是一個非常好的舉措。正如我們之前所說，我們將始終評估收到的任何報價，以反映我們對創造股東價值的承諾。

We had an inbound with a very good price of $600 million. We've done a lot of terrific work behind the scenes on the brand and the product portfolio and I believe this positions the brand well for growth. This was a unique opportunity. On our end, we'll use the proceeds to pay down debt, consistent with our capital allocation priorities.

我們收到了一筆價格非常優惠的報價，6億美元。我們在品牌和產品組合方面做了大量幕後工作，我相信這使品牌在成長方面處於有利地位。這是一個千載難逢的機會。我們將把所得款項用於償還債務，這符合我們的資本配置優先事項。

This allows us to accelerate our path towards our medium-term leverage target of 2.5x or below. We're well on track. Let me now give you some of the highlights from the quarter on our biggest brands. Let's start with The North Face. The brand delivered another quarter of growth with revenue up 4%. All three regions grew versus last year. We grew in Wholesale and DTC.

這將使我們能夠加快實現中期槓桿率目標（2.5倍或以下）的步伐。我們進展順利。現在讓我為大家介紹一下本季我們旗下最大品牌的一些亮點。我們先從北面（The North Face）說起。該品牌連續第二個季度實現成長，營收成長 4%。三個地區均較去年成長。我們在批發和DTC（直接面向消費者）領域都取得了成長。

In terms of categories, performance apparel was up in every region with momentum in core styles. Transitional outerwear was strong, and footwear continues to gain traction and grew double digits in every region. Across categories, product innovation, newness and elevation drove growth as we continue to show the extraordinary reach of The North Face from the Summit to the Street.

從品類來看，功能性服飾在各地區均有所成長，核心款式的銷售量也保持強勁動能。換季外套表現強勁，鞋類持續走強，在各個地區均實現了兩位數的成長。在各個類別中，產品創新、新穎性和提升推動了成長，我們繼續展現 The North Face 從山頂到街頭的非凡影響力。

We also celebrated 25 years of the Summit Series, expanding the collection with innovation, adding exciting new colors and designs. This is supported by an athlete lead campaign, featuring our incredible stable of The North Face athletes, including the mountain near Jim Morrison, who recently with Jimmy Chin, became the first person ever to climb and ski down The North Face of Mt. Everest.

我們也慶祝了 Summit 系列誕生 25 週年，透過創新擴展了該系列產品，增加了令人興奮的新色彩和設計。這項活動由運動員主導，我們旗下擁有眾多傑出的北面運動員，其中包括吉姆莫里森 (Jim Morrison) 所在的山峰。吉姆莫里森最近與吉米欽 (Jimmy Chin) 一起，成為有史以來第一個攀登珠穆朗瑪峰北坡並滑雪而下的人。

Across our marketing strategy, we're driving high consumer engagement and brand experiences and amplifying that through social channels. In addition to the Ultra-Trail du Mont-blanc or UTMB, this included climb fast in San Francisco, community hiking events in APAC and a Beijing 100,000 Ultra-Trail race.

在我們的行銷策略中，我們致力於提升消費者參與度和品牌體驗，並透過社群管道擴大影響力。除了環勃朗峰超級越野賽（UTMB）之外，還包括在舊金山進行快速攀登、在亞太地區舉辦社區健行活動以及在北京舉辦的 10 萬公里超級越野賽。

As you know, as good as I feel about The North Face, I can't help but express what an enormous opportunity remains to be realized. We have potential in new categories and ability to develop the women's business and to build across all seasons of the year. Timberland revenue was up 4% in Q2 with growth across both wholesale and DTC as well. Americas is up double digits, reflecting a strong back-to-school period. In terms of product, demand for the 6-inch premium boot remains very strong.

如你所知，儘管我對北面公司（The North Face）的印像很好，但我仍然忍不住要表達，它還有巨大的發展機會尚未實現。我們在新領域擁有潛力，有能力發展女裝業務，並實現全年各季節的業務成長。Timberland 第二季營收成長 4%，批發和 DTC 業務均成長。美洲地區實現了兩位數的成長，反映出強勁的返校季需求。就產品而言，市場對6吋高級靴子的需求依然非常強勁。

But today, the premium 6-inch icon represents only about 20% of our global revenue. So we have a lot of opportunity for growth. We can continue to grow the 6-inch business through colors, materials, innovations, collaborations and more, while we also pursue the huge opportunity to grow this brand across other footwear and apparel categories.

但如今，這款高階 6 吋圖示電視僅占我們全球收入的 20% 左右。因此，我們有很多發展機會。我們可以透過色彩、材料、創新、合作等方式繼續發展 6 吋鞋業務，同時我們也在尋求將品牌拓展到其他鞋類和服裝類別的巨大機會。

Closer to home, the strategy is already showing up with our recent launch of the Timberland 25, a lightweight version of the boot, which is very small now, but it's resonating well in its early weeks in our stores. A step further away from the boot, we're building our growing business around boat shoes. These sales are growing very strongly in all regions as we diversify the product lineup and give the brand more versatility of fire power during the warmer seasons.

就我們本身而言，這項策略已經初見成效，我們最近推出了 Timberland 25，這是一款輕便的靴子，目前銷量還很小，但在我們門市上市的最初幾週內反響良好。我們正逐步擺脫靴子的束縛，圍繞著船鞋打造我們不斷發展的業務。隨著我們不斷豐富產品線，並在溫暖的季節為品牌提供更多樣的火力選擇，這些產品的銷售額在所有地區都實現了強勁增長。

Timberland's adoption of a social-first marketing strategy has been instrumental in driving brand heat globally. During the quarter, the brand launched its advice of an icon campaign with high visibility events in New York, London, Shanghai and Tokyo. Brand interest grew during the summer months with consumer search interest positive in key markets in the US and in EMEA.

Timberland 採用社群媒體優先的行銷策略，這對在全球範圍內提升品牌熱度起到了至關重要的作用。本季度，該品牌推出了以偶像形象為主題的宣傳活動，並在紐約、倫敦、上海和東京舉辦了高調的活動。夏季期間，品牌關注度提升，美國和歐洲、中東及非洲等主要市場的消費者搜尋興趣也呈現正面態勢。

The opportunity in Timberland is really significant because we can continue to grow the boot we can grow in other -- or franchises, and we can unlock apparel around the world, all at the same time. And in the US, especially, this will be supported by expanded and enhanced distribution. We have the game plan to do that now.

Timberland 的機會真的非常重要，因為我們可以繼續發展靴子業務，也可以發展其他品牌或特許經營業務，而且我們還可以同時在全球擴展服裝業務。尤其是在美國，這將得到更廣泛、更完善的分銷管道的支持。我們現在已經有了實現這一目標的計劃。

Altra accelerated further with revenue up over 35% versus last year, the third consecutive quarter of strong double-digit growth for the brand. Key franchises that represent a mix of road running and trail running styles show our broad our broad-based approach to building this brand. The growth opportunity for Altra across both road and trail is significant.

Altra 的成長勢頭進一步增強，營收比去年增長超過 35%，這是該品牌連續第三個季度實現兩位數的強勁增長。代表公路跑和越野跑風格的重點特許經營權，體現了我們打造品牌的廣泛方法。Altra在公路和越野領域的成長機會非常巨大。

We're fueling this growth and driving higher brand awareness with targeted marketing investments which, as a reminder, our awareness is less than 10% in the US and even lower in other regions. Let me repeat that. Our brand awareness in the US is less than 10%, yet we still have this sized business, and it's growing fast.

我們正在透過有針對性的行銷投資來推動這一成長並提高品牌知名度。需要提醒的是，我們在美國的知名度不到 10%，在其他地區甚至更低。我再說一次。我們在美國的品牌知名度不到 10%，但我們仍然擁有如此規模的業務，而且成長迅速。

This is helping e-commerce deliver particularly strong growth, driven by higher traffic and stronger conversion. Altra is on track to exceed $250 million of revenue this year, and I'm confident the brand has a long, strong runway for growth for many years to come.

在流量增加和轉換率提高的推動下，電子商務實現了特別強勁的成長。Altra 今年的營收預計將超過 2.5 億美元，我相信該品牌在未來很多年裡都有著強勁的成長勢頭。

Let's turn to Vans. Performance was a little better this quarter with revenue down 11% versus last year. We're really focused on getting the commercial moments right as we upgrade our portfolio of products. I told you that SZA's impact on product could be visible in the back-to-school period, and it is. Product newness across footwear is drawing in new consumers, particularly women, but also youth, and kids.

讓我們來看看Vans。本季業績略有好轉，營收較去年同期下降了 11%。在升級產品組合的過程中，我們非常注重掌握好商業機會。我之前說過，SZA 對產品的影響會在返校季顯現出來，事實也的確如此。鞋類產品的不斷推陳出新，吸引了新的消費者，尤其是女性，但也吸引了年輕人和兒童。

In terms of new styles, non-icons are up in the quarter, driven by the Super Lowpro, which continues to perform well. The new skate Loafer, which I'll -- I decided to show you this one because many of you haven't seen it, which had a very strong debut and has sold out in most sizes and the CrossPath XC, which has had a very strong launch.

就新款式而言，非標誌性款式在本季度有所增長，這主要得益於 Super Lowpro 款式的持續良好表現。我決定向大家展示這款新的滑板樂福鞋，因為你們中的許多人還沒有見過它，這款鞋一推出便大獲成功，大多數尺碼都已售罄；還有 CrossPath XC，它的上市也非常成功。

Within existing styles and icons, we're also beginning to realize the impact of elevation, innovation, and newness. For example, the authentic is up globally as a franchise, helped by the halo effect of the Valentino co-lab, which drove positive search trends in key markets.

在現有的風格和圖標中，我們也開始意識到提升、創新和新穎性的影響。例如，Authentic品牌在全球發展成為一個特許經營品牌，這得益於Valentino合作的光環效應，該合作推動了主要市場的積極搜尋趨勢。

Within the Old Skool franchise, newness has driven higher sales of women's styles. And just last week at ComplexCon, the largest event for young shoe dogs in the world, I think, mostly guys, by the way, it's in Las Vegas. In that event, Vans had one of the longest, if not the longest line of people waiting for the paralyzed Old Skool shoe relaunch there. This is just the start. More newness is coming as we head into holiday and into spring of 2026.

在 Old Skool 系列產品中，新穎性推動了女裝款式的銷售成長。就在上週，在拉斯維加斯舉行的 ComplexCon 鞋展上，這是世界上最大的年輕鞋迷盛會，我認為，參與者大多是男性。當時，Vans 的 Old Skool 鞋款重新上市時，排隊的人潮可能是當地最長的，甚至可能是最長的。這只是個開始。隨著假期臨近和2026年春季的到來，更多新鮮事即將面世。

In the meantime, our shift in marketing strategy starting to yield results. Digital traffic trends improved in the Americas and EMEA, particularly during relevant consumer moments like back-to-school when digital traffic was up in the Americas. And looking ahead, we're excited about the recently announced new partnership with SZA as the brand's first-ever Artistic Director. It's early days, but in coming season, she'll add her voice and her touch to product and marketing.

同時，我們行銷策略的轉變開始取得成效。美洲和歐洲、中東及非洲地區的數位流量趨勢有所改善，尤其是在返校季等重要的消費時期，美洲的數位流量上升。展望未來，我們很高興最近宣布與 SZA 建立新的合作夥伴關係，SZA 將擔任品牌的第一位藝術總監。現在還為時過早，但在即將到來的賽季中，她將為產品和行銷注入自己的聲音和風格。

To wrap it up on bands, each quarter, we're making great progress. We took actions to clean up the marketplace and set the stage for a very exciting product pipeline that started to roll in and is delivering early results. I'm as confident as ever in Sun and her team leading us to return to growth at Vans. Looking ahead, we're making progress in the turnaround of VF, and I'm super confident in our ability to deliver both our near term and our medium-term targets. Our teams are energized for the upcoming holiday seasons -- season.

最後總結一下樂團的情況，每個季度我們都取得了很大的進步。我們採取措施清理市場，為一系列令人興奮的產品奠定了基礎，這些產品已經開始陸續推出並取得了初步成效。我對孫女士和她的團隊帶領Vans重回成長軌道充滿信心。展望未來，我們在扭轉 VF 頹勢方面取得了進展，我對我們實現近期和中期目標的能力充滿信心。我們的團隊已為即將到來的節日季節充滿活力。

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

現在我將把任務交給保羅，他將深入研究這些數據。保羅？

Great. Thanks, Bracken. Let me first by building on Bracken's comments about Dickies. As he mentioned, this is just a great opportunity for the company. While we are big fans of Dickies, we believe this divestiture will help further accelerate the transformation of VF back to being a growth company while also further enabling us to pay down our debt.

偉大的。謝謝你，布雷肯。首先，我想補充布雷肯對迪基斯的評論。正如他所說，這對公司來說是一個絕佳的機會。雖然我們非常喜歡 Dickies，但我們相信這種剝離將有助於進一步加速 VF 向成長型公司轉型，同時也能讓我們進一步償還債務。

We believe this will create increased and faster shareholder value. Dickies is a great asset, and we know the work we have done to date sets the brand up for return to profitable growth. In fact, is the work we've put in that has created an environment for others to be interested in the asset. With that in mind, the offer we received the $600 million is incredibly attractive.

我們相信這將更快地創造更高的股東價值。Dickies 是一項寶貴的資產，我們知道我們迄今為止所做的工作為該品牌恢復盈利增長奠定了基礎。事實上，正是我們投入的工作，創造了一個讓其他人對該資產產生興趣的環境。考慮到這一點，我們收到的 6 億美元的報價非常有吸引力。

Based on fiscal '26 estimates, this equates to an EBITDA sales multiple of 1.2 times and an EV to EBITDA multiple of over 20 times. Going a little deeper into the transaction, we will incur deal-related expenses as well as the small tax considerations but we will also save on future planned capital expenditures as well as the reduction in our net interest expense.

根據 2026 財年的估計，這相當於 EBITDA 銷售額倍數為 1.2 倍，EV 與 EBITDA 倍數超過 20 倍。更深入地分析這筆交易，我們將產生與交易相關的費用以及一些稅務方面的考慮，但我們也將節省未來計劃的資本支出，並減少淨利息支出。

After considering all of these moving parts, we expect the overall cash benefit of two VF to be greater than $600 million. Importantly, the Dickie sell will help us strengthen the balance sheet and bring us closer towards our medium-term leverage targets. It will also help us focus time, energy and resources on our brands as we continue to make progress towards a return to growth.

考慮到所有這些變數，我們預計兩個創投項目的總現金收益將超過 6 億美元。重要的是，出售 Dickie 的股份將有助於我們加強資產負債表，並使我們更接近其中期槓桿目標。這將有助於我們集中時間、精力和資源發展我們的品牌，同時我們將繼續朝著恢復成長的目標邁進。

Now let's turn to the review of the second quarter. We are pleased with our results in the second quarter. Revenue finished slightly ahead of our guidance, while our operating profit outperformed nicely. Back-to-school was encouraging across our key brands. Q2 revenue was $2.8 billion, up 2% on a reported basis.

現在讓我們來回顧一下第二季的情況。我們對第二季的業績感到滿意。營收略高於預期，營業利潤表現也相當優異。各大品牌的返校季表現都令人鼓舞。第二季營收為 28 億美元，按報告數據計算成長 2%。

On a constant dollar basis, revenue was down 1% year-over-year, a little bit better than our guidance. By brand, The North Face grew 4% led by growth in both DTC and Wholesale. Vans revenue in the quarter was down 11%, a little better than we expected, but still reflecting the impact of channel rationalization actions, which accounted for more than 20% of the reported decline.

以固定美元計算，營收年減 1%，略優於我們的預期。按品牌劃分，The North Face 成長了 4%，主要得益於 DTC 和批發業務的成長。Vans 本季營收下降了 11%，略好於我們的預期，但仍反映了通路合理化措施的影響，這些措施佔報告下降額的 20% 以上。

And finally, Timberland continued to see good momentum with revenue up 4%, reflecting growth across all channels, in particular, DTC. By region, the Americas region was down 1%, EMEA region was flat and APAC was down 2%. And lastly, by channel, DTC was down 2%, while Wholesale was flat. Our adjusted gross margin for the quarter was flat versus last year as the benefit from fewer discounts was offset by FX headwinds.

最後，添柏嵐繼續保持良好的成長勢頭，營收成長了 4%，反映出所有通路（尤其是 DTC 通路）的成長。按地區劃分，美洲地區下降 1%，歐洲、中東和非洲地區持平，亞太地區下降 2%。最後，按通路劃分，DTC 下降了 2%，而批發通路則持平。本季經調整後的毛利率與去年同期持平，折扣減少帶來的好處被匯率不利因素抵銷。

And there's minimal impact in our P&L from tariffs in the quarter. Our gross profit dollars were higher than expected on the back of revenue coming in ahead of guidance. SG&A dollars were up 1% year-over-year but are down 1% in constant dollars. In the quarter, we increased back-to-school marketing year-on-year, which was mostly offset by cost savings across the business. Overall, SG&A was a little bit lower than expected.

本季關稅對我們的損益表影響甚微。由於營收超出預期，我們的毛利高於預期。銷售、一般及行政費用年增 1%，但以不變美元計算下降 1%。本季度，我們增加了返校季行銷支出，但這一成長大部分被公司整體成本節約所抵消。整體而言，銷售、管理及行政費用略低於預期。

Our adjusted operating margin for the quarter was 11.8%, up 40 basis points year-over-year and both interest and tax were up versus last year as per guidance. And finally, our adjusted earnings per share was $0.52 versus $0.60 in Q2 of last year.

本季調整後的營業利潤率為 11.8%，年增 40 個基點；利息和稅收均較去年有所增長，符合預期。最後，我們調整後的每股收益為 0.52 美元，而去年第二季為 0.60 美元。

Now moving on to the balance sheet. Inventories were down 4% or $86 million at the end of the quarter, excluding Dickies from both periods. Excluding the impact of FX, inventories were down 5%. Overall levels are down year-on-year as we continue to improve the quality of our inventories.

接下來來看資產負債表。本季末庫存下降 4%，即 8,600 萬美元（不包括 Dickies 品牌在兩個期間的庫存）。剔除匯率影響，庫存下降了 5%。由於我們不斷提高庫存質量，整體水準年減。

Free cash flow through Q2 was negative $453 million, in line with our expectations for the year. And as a reminder, given the seasonality and working capital needs of our business, we typically start generating cash in Q3. It is also worth highlighting that first half cash flow includes the payments of roughly $60 million of incremental tariffs in addition to the usual seasonal increase in inventory at this time of year.

第二季自由現金流為負 4.53 億美元，符合我們對全年的預期。再次提醒大家，考慮到我們業務的季節性和營運資金需求，我們通常在第三季開始產生現金流。值得一提的是，上半年現金流包括支付約 6,000 萬美元的額外關稅，此外還包括每年這個時候庫存的正常季節性增長。

Overall, we are right where we expected to be for free cash flow. Net debt, including lease liabilities, was down $1.5 billion versus last year or down 21%. Turning to the outlook for the third quarter. Now note, this excludes Dickies in both this year and last year. We expect Q3 revenue to be down 1% to down 3% on a constant dollar basis.

整體而言，我們的自由現金流符合預期。淨債務（包括租賃負債）比去年減少了 15 億美元，減少了 21%。接下來展望第三季。請注意，這不包括今年和去年的 Dickies。我們預計第三季營收將以固定匯率計算下降 1% 至 3%。

We are well positioned across our brands heading into the peak holiday period. Moving down the P&L. We expect Q3 operating income to be in the range of $275 million to $305 million. For reference, last year, Dickies adjusted operating income was approximately $5 million in Q3. Gross margin will be down versus last year, reflecting the initial impact from tariffs, which are partially offset from lower discounts. While we have taken some initial pricing actions, the majority of these will be reflected starting in Q4.

我們旗下所有品牌都已做好充分準備，迎接即將到來的假日銷售旺季。向下移動損益表。我們預計第三季營業收入將在 2.75 億美元至 3.05 億美元之間。作為參考，去年 Dickies 第三季的調整後營業收入約為 500 萬美元。毛利率將比去年下降，這反映了關稅的初步影響，但部分被較低的折扣所抵消。雖然我們已經採取了一些初步的價格調整措施，但其中大部分措施將從第四季開始生效。

Reported SG&A dollars are expected to be slightly up versus last year. However, on a constant dollar basis, SG&A is expected to be broadly flat versus last year. Finally, we expect Q3 interest of approximately $40 million and an effective tax expense that is approximately double the prior year. This is in line with my recent comments about the increasing trend in our tax rate over the next one to two years and quarterly fluctuations as a result of the changes in global tax rates and in our geographical mix.

預計銷售、管理及行政費用將比去年略有成長。然而，以固定美元計算，銷售、一般及行政費用預計與去年基本持平。最後，我們預計第三季利息收入約為 4,000 萬美元，實際稅收支出約為去年的兩倍。這與我最近關於未來一到兩年內我國稅率上升趨勢以及由於全球稅率變化和我國地域結構變化而導致的季度波動的評論相一致。

As a reminder, this higher tax rate will have minimal impact on cash taxes. Now moving to fiscal '26. We continue to see operating income up versus last year for the year as a whole, inclusive of all known anticipated tariffs. And second, on cash flow, we continue to expect operating cash flow and free cash flow, excluding the sale of noncore assets to be up year-on-year. This includes all expected tariffs and after the negative impact from the sale of Dickies, which we estimate to be $35 million.

需要提醒的是，此次稅率調高對現金稅收的影響微乎其微。現在進入2026財年。我們看到，包括所有已知的預期關稅在內，全年營業收入繼續比去年有所增長。其次，關於現金流，我們繼續預計，不包括出售非核心資產的營運現金流和自由現金流將年增。這包括所有預期的關稅，以及 Dickies 出售的負面影響，我們估計為 3500 萬美元。

As I said last quarter, we are working on a number of initiatives that are expected to improve our free cash flow throughout the year, which gives me confidence we will achieve our guidance. And last, we are progressing towards our medium-term targets of $500 million to $600 million of operating income expansion in fiscal '28 and a leverage ratio of 2.5 times or below by fiscal '28 that we introduced a year ago.

正如我上個季度所說，我們正在推進多項舉措，這些舉措預計將在全年改善我們的自由現金流，這讓我有信心我們能夠實現預期目標。最後，我們正在朝著一年前提出的中期目標邁進，在 2028 財年實現 5 億至 6 億美元的營業收入增長，並在 2028 財年將槓桿率控制在 2.5 倍或以下。

Overall, we've made meaningful progress on simplifying work to unlock creativity, building deep functional capabilities and resetting the culture across the organization. We are confident we will achieve our targets. So in summary, this quarter marks another quarter of meaningful progress, the year in our turnaround are progressing according to plan.

總體而言，我們在簡化工作流程以釋放創造力、建立深厚的功能能力以及重塑整個組織的文化方面取得了實質進展。我們有信心實現目標。總而言之，本季標誌著又一個取得實質進展的季度，我們扭虧為盈的年度計畫正在按計畫進行。

While we acknowledge the greater uncertainty in some of our markets as we head into our peak trading period, we are confident in our strategy and ability to execute in any environment. We remain focused on getting each of our brands back to sustainable and profitable growth and continuing to make progress towards our medium-term goals.

雖然我們承認，隨著交易高峰期的到來，部分市場的不確定性增加，但我們對我們的策略和在任何環境下執行的能力充滿信心。我們將持續專注於使旗下每個品牌恢復可持續獲利成長，並持續朝著其中期目標邁進。

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

現在我將把電話交還給接線員，讓他回答您的問題。

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

謝謝。現在開始問答環節。（操作說明）

Jay Sole, UBS. (Operator Instructions)

Jay Sole，瑞銀集團。（操作說明）

Jay is still watching World Series.

傑伊還在看世界大賽。

Bracken, can you hear me now? We.

布雷肯，你現在聽得到我說話嗎？我們。

We can hear you.

我們能聽到你的聲音。

All right. All right. Thank you so much. My question is about Vans. You talked about how you had some improvement in sell-through in the Americas wholesale channel in the full-price stores. Can you just talk about the path back to growth for Vans.

好的。好的。太感謝了。我的問題是關於Vans的。您提到在美洲批發管道的全價商店中，銷售情況有所改善。您能談談Vans重回增長之路嗎？

I mean you said you have a lot of confidence in what Sun is doing, can you talk about the path back to growth and maybe within the second quarter guide. Just give us a sense of where you think Vans will be for revenue growth?

我的意思是，你說過你對Sun公司正在做的事情很有信心，你能談談公司重回成長軌道的路徑，以及第二季的業績指引嗎？請您大致描述一下您認為Vans的營收成長前景如何？

Second quarter guide? Yeah. Our expectation is, it's pretty much the same story we've been giving, which is we're going to increase the amount of newness. You started to see that coming in fact this quarter, Super Lowpro as we said last quarter, it would did really well, continues to be very, very strong. In fact, I mentioned it in the script in the beginning, we're also starting to see some pickup even on the Old Skool with women, in particular, with our women's only styles. It grew strong double digits, I think, over 20%.

第二季業績指引？是的。我們的預期與我們一直以來所傳達的訊息基本上相同，那就是我們將增加創新元素。事實上，你已經開始看到這種情況了，正如我們上個季度所說，Super Lowpro 的表現非常好，而且持續非常強勁。事實上，我在劇本開頭就提到過，我們也開始看到一些復古風格的流行趨勢，尤其是在女性群體中，特別是我們專為女性設計的款式。我認為它實現了強勁的兩位數成長，超過了 20%。

So our expectation is as we keep rolling in newer and newer product into the stores, we're going to see more and more performance. And we're obviously upgrading our marketing. If you're watching us on Instagram and TikTok, you're seeing it, if you're not pleased to, you'll see a shift away from the state-only marketing into really that plus a lot more. You'll see surfwears, see a lot more product, we've got a lot more product to talk about, especially as we go into Q3 and into Q4 and into Q1 of next year.

因此，我們預計隨著我們不斷將更新的產品引入商店，我們將看到越來越好的業績。顯然，我們正在升級我們的行銷策略。如果你在 Instagram 和 TikTok 上關注我們，你會看到這一點；如果你不滿意，你會看到我們的行銷方式從僅限於州政府的行銷轉向更多其他內容。你會看到衝浪服，會看到更多產品，我們有很多產品要介紹，尤其是當我們進入第三季、第四季以及明年第一季的時候。

So we're just going to keep paring it on. This is a fundamental business. You got to be in the right places with the right products with the right story, and we think we're really going to have that as we go forward.

所以我們要繼續削減它。這是一項基礎性業務。你必須帶著合適的產品和合適的故事出現在合適的地方，我們認為隨著我們不斷前進，我們真的會做到這一點。

Yeah. And then on the numbers, if you look at Q2 down 11% in constant dollars, we talked about 20% of that was related to the actions we've talked about around the value channel. So that would imply sort of a decline of high single digits for the quarter. I would expect Q3 of kind of a similar pace in Q3.

是的。然後從數字上看，如果看第二季度以不變美元計算下降了 11%，我們說過其中 20% 與我們之前討論的價值管道行動有關。所以這意味著本季會出現接近兩位數的下滑。我預計第三季的發展速度將與此類似。

Also keep in mind, we mentioned that Q3 will be the last quarter where we really see this impact, so it will be in the quarter, not entirely, but most of that quarter. And then by Q4, the dynamic around the value channel has moderated mostly.

另外請記住，我們提到第三季度將是我們真正看到這種影響的最後一個季度，所以這種影響會在該季度的大部分時間出現，而不是整個季度。到第四季度，價值管道的動態變化基本上趨於緩和。

Yeah. And I'll also add, I feel -- you can see in our -- we mentioned in the script that we're we had traffic up in the online during the back to school period, which is a good sign. It shows you we're executing better. We're starting to get the message out there. Winning in these commercial moments is really key for Vans, even more than the other brands.

是的。我還要補充一點，我覺得——你們可以從我們的腳本中看到——我們在返校期間提到，我們的在線流量有所上升，這是一個好兆頭。這說明我們的執行力正在提升。我們正在逐步將訊息傳遞出去。在這些商業時刻取得勝利對 Vans 來說至關重要，甚至比其他品牌更為重要。

Got it. Thank you so much.

知道了。太感謝了。

Thanks, Jay.

謝謝你，傑伊。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, hi, good morning. Paul, I'm hoping maybe you could give a little bit more color on gross margin, some of the puts and takes in Q2. And then, if you could quantify either the tariffs or some of the positive offsets from less discounting, just any more of the pieces you see? And then maybe bigger picture around the cost discipline and shifting into Phase 2 of some of the savings. Can you share any updates on progress either broadly for the organization or even for Vans specifically as you think about some of the next phase of cost savings?

是啊，你好，早安。保羅，我希望你能更詳細地介紹一下毛利率，以及第二季的一些買賣交易。然後，如果您能量化關稅或因折扣減少而產生的一些積極抵消措施，以及您看到的更多其他方面，那就更好了？然後或許可以從更大的角度考慮成本控制，並進入部分節約措施的第二階段。在您考慮下一階段的成本節約措施時，能否分享一下組織整體或 Vans 的具體進展？

Yeah, I'll start. So on the gross margin side, there wasn't really that much of note, a little negative impact from FX, a little bit positive impact from lower promotions. That was really most of the puts and takes when you think about the impact of -- on the quarter in terms of gross margin. In terms of -- the second part of the question was on just the long-term initiatives, the medium term issue?

好的，我先來。因此，在毛利率方面，並沒有太多值得注意的地方，外匯波動帶來了一些負面影響，促銷活動減少帶來了一些正面影響。當你考慮對本季毛利率的影響時，這其實就是大部分的買賣操作了。至於問題的第二部分，是關於長期措施還是中期問題？

Yeah, that's right, really shifting to Phase 2 and some of the expectations there.

是的，沒錯，我們真的要進入第二階段了，以及一些相關的預期。

Yeah. So we're making great progress. We'll hopefully give you guys a more detailed view of how we're doing on all the initiatives at year-end. We actually thought at trying to give some -- it's tough to give them out exactly in the middle of the year. But we're -- everything is on plan.

是的。我們取得了巨大進展。希望到年底的時候，我們能向大家更詳細地介紹一下我們各項舉措的進展。我們其實考慮過要不要送一些——但是要在年中送出去真的很難。但是我們——一切都在按計劃進行。

As I said, we reiterated our guidance in terms of what we gave at the Investor Day a year ago in terms of our ability to hit those targets, whether it's our debt leverage or operating margin. So we're on track with all of that. So everything is on pace. Again, we're -- on the gross margin side, we've got the market on management and integrated business planning.

正如我所說，我們重申了我們在一年前的投資者日上給予的指導意見，即我們有能力實現這些目標，無論是債務槓桿率還是營業利潤率。所以所有這些工作都在按計劃進行。一切都在按計劃進行。再說一遍，在毛利率方面，我們在管理和綜合業務規劃方面佔據市場優勢。

On the SG&A side, we've got things like store management and optimization and things on the technology side as well as the overall SG&A side. So we're making progress on everything. So we feel like we're on pace. And like I said, we'll give you more details as we get to year-end, exactly how we're trending at the end of this year and how we're tracking for fiscal '27 and '28.

在銷售、一般及行政費用方面，我們有門市管理及優化、技術方面的事項以及整體的銷售、一般及行政費用。所以我們各方面都在取得進展。所以我們感覺一切都在按計劃進行。正如我所說，隨著年底的臨近，我們會提供更多細節，包括我們今年年底的趨勢以及我們對 2027 財年和 2028 財年的追蹤情況。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks, Jonathan.

謝謝你，喬納森。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Good morning, and thank you for taking our question. I wanted to follow up on John's question to talk a little bit more about promotional recapture, particularly in the Americas business. Paul, can you give us a little bit of a sense of where you are in the promotional recapture journey and the plans for pricing and promos this holiday and the opportunity on a medium-term basis?

早安，感謝您回答我們的問題。我想就約翰提出的問題再多談談促銷回收，尤其是在美洲地區的業務。保羅，你能否簡要介紹一下你在促銷復甦計劃中處於什麼階段，以及今年假期的定價和促銷計劃，以及中期內的機會？

So do you want me to take it?

所以你想讓我拿走嗎？

I can start. I think generally speaking, we're well on track. We had another good quarter, I think, of really having improvement from -- versus a year ago on our promotion levels, especially around the world. I think as we go forward, we're going to be aggressive, though. We're going to make sure if we have to give a little bit back in the Americas, in particular, we will, but generally speaking, we continue to think we can operate at a lower promotional environment than we have in the past, and that's our game plan.

我可以開始了。總的來說，我認為我們進展順利。我認為，我們又迎來了一個不錯的季度，與去年同期相比，我們的晉升水平有了顯著提高，尤其是在全球範圍內。我認為，展望未來，我們將採取積極進取的態度。我們會確保如果需要在美洲地區做出一些貢獻，我們一定會這樣做，但總的來說，我們仍然認為我們可以在比過去更低的推廣環境下運營，這就是我們的策略。

Yes. I think we'll continue to see benefit for the rest of the year on the promotional side in terms of the cadence this year versus what we had last year, so that will be part of it. The pricing will kick in, in Q4 in terms of the impact for tariffs. And so you'll see some impact on gross margins more from the tariff side, not the promotional side in Q3. So we need to be clear about what we're going to see in Q3 there.

是的。我認為，就今年的促銷節奏而言，與去年相比，我們將繼續從促銷方面受益，這將是其中的一部分。關稅方面的影響將在第四季開始顯現。因此，第三季毛利率受到的影響更多來自關稅方面，而不是促銷方面。所以我們需要明確第三季將會看到什麼。

But the promotional environment has -- year-over-year has gotten better, and you'll continue to see that throughout the rest of the year. And as I mentioned kind of on one of the earlier questions, if you look at the gross margin in the quarter, promotional environment actually was a benefit to gross margin, but that was offset by FX, which impacted us negatively on the gross margin side.

但促銷環境——與去年相比——已經有所改善，而且在今年餘下的時間裡，你還會看到這種情況繼續下去。正如我在之前的一個問題中提到的，如果你看一下本季的毛利率，促銷環境實際上對毛利率有利，但這被匯率波動抵消了，匯率波動對我們的毛利率產生了負面影響。

I'll add one more comment, Brooke. I think on Vans in particular, we're benefiting, we're going to be in a better position from a promotional standpoint simply because we're not being aggressive in raising price to lower end price points. And so unless we see a requirement to do that, we're going to try to avoid that.

布魯克，我再補充一點。我認為就 Vans 而言，我們尤其受益，從促銷角度來看，我們將處於更有利的地位，因為我們沒有積極地將價格提高到較低的價格點。因此，除非有此必要，否則我們將盡量避免這樣做。

Great, thanks so much.

太好了，非常感謝。

Thank you.

謝謝。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

(Operator Instructions)

（操作說明）

Hey guys, can you hear me. Okay?

嘿，夥計們，你們聽得到我說話嗎？好的？

Yes, we can.

是的，我們可以。

Sorry. I had to go through the process there for a second. I was wondering if you could just dissect Asia a little bit more for us. The first time we've seen a negative number there in total in a little while. I'm wondering if there's any kind of a timing element there? Or maybe how do you think about that over the next few quarters, just to help us understand what you're seeing in that business.

對不起。我當時需要走一遍那個流程。我想請您再為我們詳細分析一下亞洲的情況。這是我們一段時間以來第一次看到總數為負數。我想知道這裡面是否存在某種時間上的考量因素？或者，您能否談談您對未來幾季的展望，以便我們了解您對該業務的看法。

And then on -- Paul, I wanted to clarify, I think you said if I take out the 20% Vans from the actions you had in the value channel gets you down about high singles in 2Q as the underlying run rate and should be about the same in the third quarter.

然後——保羅，我想澄清一下，我想你說過，如果我從你在價值管道採取的行動中剔除 Vans 的 20%，那麼第二季度單價就會下降到很高的水平，而第三季度應該也差不多。

Is that an ex-currency comment? And does that take into effect what I think you mentioned before was that some of those mitigation efforts start to wane a little bit in the third quarter before going away in forward part. Maybe you can just kind of help us that we understand kind of exactly what you're thinking on reported revenues should look like in the fourth quarter -- or sorry, in the third quarter.

這是關於外匯交易的評論嗎？那是否考慮到了您之前提到的情況，即某些緩解措施在第三季開始減弱，然後在接下來的一段時間內消失？或許您能幫我們了解一下您對第四季（或抱歉，是第三季）報告收入的具體預期。

Yeah, I'll take the first one and Paul will take the second one. I think my experience with APAC in general, and especially China within APAC is you have these long periods of run up and then you kind of stabilize for a while and then you have the long period to start again. I think we're in one of those stabilizing periods.

好的，我拿第一個，保羅拿第二個。我認為我的整體亞太地區經驗，尤其是亞太地區的中國，就是會有很長一段時間的增長期，然後會穩定一段時間，之後又會經歷很長一段時間的重新開始。我認為我們正處於一個相對穩定的時期。

We've had a very long run long, strong run of growth in China, particularly in The North Face. And I think that's going to stabilize for a little while. The good news is we have so much opportunity in the rest of the world, especially in the Americas. I mean I feel really lucky to be in a company right now where, honestly, one of our biggest growth opportunities longer term is the Americas. We're just underdeveloped in many of our brands. And in some of our channels, if I take Timberland, for example, we really are terribly under-distributed in the US, and yet we're growing very strongly. We've got good brand heat.

我們在中國市場，特別是The North Face品牌，已經實現了非常長期、強勁的成長。我認為這種情況會穩定一段時間。好消息是，我們在世界其他地方，尤其是在美洲，有很多機會。我的意思是，我感到非常幸運，現在能在一家公司工作，坦白說，從長遠來看，我們最大的成長機會之一就是美洲。我們很多品牌的發展都還不夠完善。以添柏嵐 (Timberland) 為例，我們的部分通路在美國的分銷非常不足，但我們的成長勢頭卻非常強勁。我們的品牌熱度很高。

So we're going to address that going forward. And so overall, I feel good about where we're going to be from a global profile, but I think APAC, it wasn't going to grow that strongly forever. It will flatten out for a while and then probably come back.

所以接下來我們會著手解決這個問題。所以總的來說，我對我們在全球格局上的發展前景感到滿意，但我認為亞太地區的成長不會永遠如此強勁。它會暫時趨於平穩，然後可能會再次上漲。

Yeah. And then just a couple of things. So one, just as, I guess, a blanket statement. All the numbers I quoted, they're almost always in constant dollars. So if it's not that, I will let you know. But it's -- yes, so it is constant dollars.

是的。還有幾件事。所以，第一點，我想，可以算是一個概括性的說法。我引用的所有數字，幾乎都是以不變美元計價的。如果不是那樣的話，我會通知你的。但是——是的，所以它是不變美元。

On the Vans side, down 11% in constant dollars. So -- and we -- what I said was about 20% of the decline is related to the actions we've been talking about around the value channel. So that gets you to -- and as well as store closures. That gets you to sort of a negative high single digit for the quarter in terms of an actual run rate.

Vans股價以不變美元計算下跌11%。所以——而且——我剛才說的，大約 20% 的下滑與我們一直在討論的價值管道相關的行動有關。所以這就引出了——以及商店關閉的問題。這樣一來，該季度的實際運行率就接近負個位數了。

The run rate we believe will be kind of similar in Q3 as well. What I also said was the impact from the value channel changes and the door closures will also impact us in Q3, not quite as much as it did in Q1 and Q2 because it starts to -- we start to annualize our anniversary it in Q3. And then by Q4, these impacts we've been talking about, for the most part, go away.

我們認為第三季的運行率也會大致相同。我還說過，價值管道變化和門市關閉的影響也會在第三季對我們產生影響，但不會像第一季和第二季那麼嚴重，因為我們從第三季開始將週年紀念日計入年化。到了第四季度，我們一直在討論的這些影響，大部分都會消失。

So it won't be entirely but mostly a true underlying trend by the time we get to Q4. And hopefully, we'll get away from having to back anything out for you guys.

所以到第四季度，這不會完全成為一種真正的潛在趨勢，但大部分情況下會如此。希望我們以後都不需要再為你們做任何撤回決定了。

Great, thanks a lot guys. I appreciate it.

太好了，非常感謝各位。謝謝。

Thank you.

謝謝。

Ike Boruchow, Wells Fargo Securities.

艾克·博魯喬夫，富國證券。

Hey guys, thanks for taking the question. Just curious on -- I know it's early in the holiday, but any initial signs from how retailers are behaving with orders or order books? Is there any difference by channel or region? Just kind of curious how your partners are kind of looking at the initial holiday season from an orders perspective and a demand perspective?

各位，謝謝你們回答這個問題。我只是好奇——我知道現在離假期還有一段時間，但從零售商的訂單或訂單簿來看，有沒有什麼初步跡象表明假期臨近？不同頻道或地區之間有差別嗎？我只是有點好奇，你們的合作夥伴是如何看待即將到來的假期季節的訂單和需求情況的？

It's a little too early for us to say. It's -- we also have a lot of direct-to-consumer too. So just a little too early to say. This is always the period when it's really, really exciting in this business because things start to ramp up. It starts to get cold.

現在下結論還為時過早。我們也有很多直接面向消費者的銷售模式。現在下結論還為時過早。在這個行業裡，這段時間總是非常非常令人興奮，因為一切都開始加速發展。天氣開始轉冷了。

There's a lot of good things that happen between now and thanksgiving. So it's a little too early for us to say, but we're really excited about it. We feel like we've got a good plan. We've got good products and yeah. So we're optimistic, but it's too early to say how it's going to play out.

從現在到感恩節之間會發生很多好事。現在說這個還為時過早，但我們對此感到非常興奮。我們覺得我們已經制定了一個不錯的計劃。我們有很好的產品，是的。所以我們持樂觀態度，但現在說事情最終會如何發展還為時過早。

There's a lot of -- as you said, there is uncertainty out there about the overall macro environment. There's the shutdown, et cetera. But I think I said in a conference a couple of months ago, the consumer has been stubbornly positive. And I'm hoping that will happen again.

正如你所說，宏觀經濟環境存在著許多不確定性。還有停工等等。但我記得幾個月前在一次會議上我說過，消費者一直保持樂觀態度。我希望這樣的事情能夠再次發生。

Yeah, thanks.

嗯，謝謝。

Adrienne Yih, Barclays. (Operator Instructions)

艾德琳伊，巴克萊銀行。 （操作說明）

Can you hear me now?

現在能聽到我說話嗎？

Yes, we can.

是的，我們可以。

Oh goodness, thank you. I'm not great at this stuff.

天哪，謝謝你。我不太擅長這些。

Loud and clear.

聲音洪亮清晰。

Thank you so much. Okay. So Bracken and Paul, the three-year long range plan was sort of anchored to FY24. And so we've had four quarters -- consecutive quarters of op margin expansion, in this fifth quarter because of tariffs, we now have kind of a reversal of that trend.

太感謝了。好的。所以布雷肯和保羅，三年長期計畫基本上是以 2024 財年為基準的。因此，我們已經連續四個季度實現了營業利潤率擴張，但在第五個季度，由於關稅的影響，這種趨勢出現了某種逆轉。

So historically, you've always kind of talked us to look at half years and I guess a couple of questions. You talked about back-to-school being strong. Just wondering what you're seeing kind of on the exit of that. You talked about the consumer being still resilient. And then last quarter, you had mentioned sort of like how you think about philosophically demand elasticity.

所以從歷史上看，你總是讓我們專注於半年的數據，我想問幾個問題。你提到返校季情勢一片大好。我只是好奇你從出口看到了什麼。你提到消費者仍然具有很強的韌性。上個季度，您曾提到您從哲學角度思考需求彈性。

We're going to start to see price increases, Paul, in the mid-single-digit range, low single-digit range. If you can help us out with that. And what are you thinking about with respect to kind of how the volume plays into that? Thank you very much.

保羅，我們將開始看到價格上漲，漲幅在個位數中段到個位數低段之間。如果你能幫我們解決這個問題就太好了。那麼，你認為音量在其中扮演什麼角色呢？非常感謝。

Yeah. Why don't I take -- I think your first question was kind of what do we see coming, it's a little hard to answer. Maybe I'll go back to Timberland since it's an interesting one to talk about. I think Timberland, we probably have more growth potential than we're going to get, because we're -- you saw this quarter, 4% growth. I think for the rest of the year, you can expect kind of low single-digit growth.

是的。我為什麼不說——我覺得你的第一個問題有點像是“我們預見到什麼”，這個問題有點難以回答。也許我會再聊聊添柏嵐（Timberland），因為這的確是個值得探討的話題。我認為添柏嵐的成長潛力可能比我們實際獲得的成長要大，因為——你們也看到了，本季我們實現了 4% 的成長。我認為今年剩餘時間裡，經濟成長率預計會維持在個位數左右。

That's not because the brand heat is not out there. It's out there. We're just going to really control our expansion. And we're going to make sure that we're very deliberate about executing. Right now, we have only, for example, only six full-price stores in the United States where there is very strong demand, we could go out and expand aggressively into our Wholesale -- new Wholesale, et cetera, but we're really not going to do that.

那並不是因為該品牌的熱度不夠高。它就在那裡。我們將嚴格控制擴張步伐。我們將確保在執行過程中非常謹慎。例如，目前我們在美國祇有六家全價門市，而這些門市的需求非常強勁。我們可以積極拓展批發業務——開設新的批發店等等，但我們真的不會這麼做。

We're going to very deliberately open new stores. It's going to start later in Q3 and into Q4, although they won't really kick in and be high performing until next year. So we're really trying to think in terms of driving growth longer term, not just more we can do this holiday and in Q4 so that's our mindset on this whole business is really how do we -- I hope you're starting to get a feel for that. We're going to execute on the key commercial moments, but our real game plan is longer term than that.

我們將有意識地開設新店。雖然要到明年才會真正發揮作用並取得優異成績，但這種情況會在第三季末和第四季開始出現。所以我們真的在努力從長遠角度考慮如何推動成長，而不僅僅是考慮我們在這個假期和第四季度能做多少事情，這就是我們對整個業務的思路，我們真的該如何——我希望你們開始有所體會了。我們將把握關鍵的商業時機，但我們真正的策略規劃著眼於更長遠的未來。

We're going to put -- systematically put these building blocks in place, they're going to deliver for years and years to come.

我們將有條不紊地把這些基礎模組搭建到位，它們將在未來很多年發揮作用。

Yeah. And on the gross margins, I think I had the question. So on the gross margin side, so as you get to the next couple of quarters, so obviously, we've had some good gross margin expansion. We've lapped a lot of the work we've done to reset our inventories, get inventories in a better position. We've talked about a better promotional environment for us in terms of discounting.

是的。至於毛利率，我想我已經問過這個問題了。因此，就毛利率而言，接下來的幾個季度，顯然，我們的毛利率已經實現了良好的成長。我們已經完成了許多重置庫存、改善庫存狀況的工作。我們已經討論過，我們需要更好的促銷環境，例如折扣優惠。

So that's all been productive. You get into Q3, you do have some impact, as I said, from the tariffs, which we won't really start to mitigate tariffs until Q4 from a pricing perspective. So you will have that. You also are lapping all of the work we've done over the past year or so you've got -- you're starting to get tougher comps in terms of the gross margin improvement.

所以這一切都很有成效。進入第三季度，正如我所說，關稅確實會產生一些影響，從定價的角度來看，我們真正開始緩解關稅影響要到第四季度。所以你會擁有它。你們也正在超越我們過去一年左右所做的所有工作——在毛利率提升方面，你們開始面臨更嚴峻的競爭。

We still think there's more there, obviously, and we've talked about getting to 55% or better in our longer-term targets. But we did make a lot of progress over the last year and a lot of the reset actions and cleanup we've done. So that will impact us in the next couple of quarters. And then there was one other part to that question.

我們仍然認為還有更大的提升空間，顯然，我們也討論過在長期目標中達到 55% 或更高的目標。但在過去一年裡，我們取得了很大的進步，也做了許多調整和清理工作。所以這將在未來幾季對我們產生影響。這個問題還有另一部分。

Elasticity.

彈性。

Elasticity, yeah.

彈性，沒錯。

Single digit. How much will you raise.

一位數。你們計劃籌集多少資金？

Yeah. We don't really get into the exact amount of pricing. You can think about it in a couple of ways. One is there's always going to be a part of this between working with our vendors, work with our wholesale partners and in pricing. So it's going to be a combination of all three of those things, which is probably not a surprise to any of you, will also be targeted and thoughtful by brand, right?

是的。我們並不真正討論具體的定價金額。你可以從幾個方面來考慮這個問題。一方面，在與供應商合作、與批發合作夥伴合作以及定價方面，總是會存在一些問題。所以，這將是這三者結合的產物，這對你們來說可能並不意外，而且品牌也會有針對性地進行深思熟慮，對吧？

So it's not going to be a uniform price increase across the board. Each brand is going to take it differently in terms of product, in terms of how they do in terms of where they do it and we'll give them the flexibility to do that.

所以不會出現全面統一的價格上漲。每個品牌在產品、銷售方式和銷售地點等方面都會有不同的做法，我們會給他們足夠的彈性。

And in some areas, as Bracken mentioned, excuse me, you've got places where were Vans where maybe it's not so much on the pricing side, but we've been much better on the discounting side, so that can have an effect of better pricing year-over-year just based on lower discounting.

在某些地區，正如布雷肯所提到的那樣，抱歉，有些地方范斯門市的價格可能不是主要問題，但我們在折扣方面做得更好，因此，僅僅因為折扣減少，就可以實現逐年更優惠的價格。

Great. Thank you very much, very helpful. Best of luck.

偉大的。非常感謝，這很有幫助。祝你好運。

Yeah, if you wanted one headline on that, I'd say surgical. We're still assuming pretty normal elasticity, but we're very surgical in the pricing.

如果要用一個標題來概括這件事，我會說「外科手術」。我們仍然假設市場彈性相當正常，但我們在定價方面非常謹慎。

And it's US only, correct? Or is incorrect?

而且僅限美國地區，對嗎？或者說，這是不正確的？

Yeah, generally speaking. I mean, there's always some kind of pricing happening around the world, but certainly US.

是的，總的來說是這樣。我的意思是，世界各地總是會有價格波動，美國更是如此。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Anna Andreeva, Piper Sandler. (Operator Instructions)

安娜·安德烈耶娃，派珀·桑德勒。 （操作說明）

Apologies, great, thank you so much for taking our question. Good morning. We had a question on where are we with the number of doors. So you guys have closed own doors globally and also exited a number of wholesale doors in the US, but also added some doors, so are we now in a stable kind of a number of doors environment, both in wholesale and DTC.

抱歉，太好了，非常感謝您回答我們的問題。早安.我們有一個關於門數量的疑問。所以你們已經在全球範圍內關閉了自己的門市，也退出了美國的多個批發市場，但同時也新增了一些門市，那麼我們現在是否處於一個穩定的門市數量環境，無論是在批發還是直接面向消費者（DTC）領域？

Do you think there's an opportunity to further rain in own doors, especially Vans where I think you still have 600 doors or so globally. And then we had a follow-up. Did you quantify the earlier wholesale demand in 2Q? Thanks so much.

你認為還有機會進一步拓展自有品牌門市嗎？尤其是 Vans，我認為你們在全球還有大約 600 家門市。然後我們進行了後續跟進。您是否對第二季早期的批發需求進行了量化分析？非常感謝。

I'll let Paul take the second one. On the number of doors, yeah, I think we're pretty stable going in. We're going to increase the number of doors, especially in Timberland, but also in North. And there will be some continue to be churn on Vans. But as I've said before, but the biggest reduction is kind of in the past now, so -- and that will start to dissipate especially in Q4.

我請保羅拿第二個。關於門的數量，是的，我認為我們目前的情況相當穩定。我們將增加門的數量，尤其是在 Timberland，但 North 也會增加。Vans的商品還會繼續出現一些流動。但正如我之前所說，最大的降幅現在已經過去了，所以——而且這種情況將在第四季開始逐漸消失。

Our total number of doors, I think we're in the US. We're at about 580 globally, I think, about 480 in the US, which is consistent with what we said before, and about 90 in EMEA and not too many in APAC, although we have partner stores in APAC. So most of that looks like our door, even if it isn't technically.

我想我們總共有這麼多扇門，我們在美國。我們全球大約有 580 家門市，美國大約有 480 家，這與我們之前所說的一致，歐洲、中東和非洲地區大約有 90 家，亞太地區不多，儘管我們在亞太地區有合作門市。所以大部分看起來很像我們的門，即使嚴格來說它不是。

Yeah. And then I think just overall in the stores, so I think we're down about 5%, but it's the majority of that is Vans, we're actually growing in North Face and other areas? And then the second question was the question on the wholesale in Q2, how much that impacted the increased demand. Is that -- was that the question?

是的。然後我覺得整體而言，門市銷售額下降了大約 5%，但其中大部分是 Vans 的銷售額下降，實際上我們在 North Face 和其他領域都在成長？第二個問題是關於第二季度的批發情況，以及這對需求成長產生了多大影響。那——那是問題嗎？

Yeah, if you want to pin that in back.

是的，如果你想把它固定在後面的話。

Yeah. So it was probably about -- it was about 50, 60 basis points on the revenue side. So if you look at the revenue number and the outperformance relative to our guidance, there are really two main factors, call it, half of it or so that was that we had some orders where the demand came to ship in September versus October and the other was just some better DTC, particularly around back-to-school, did a little bit better. Those are the two big factors.

是的。所以，收入方面大概下降了 50 到 60 個基點。所以，如果你看一下收入數字以及相對於我們預期的超額收益，實際上有兩個主要因素，可以說，大約一半是因為我們有一些訂單的需求在 9 月份而不是 10 月份才開始發貨，另一半是 DTC 業務有所好轉，尤其是在返校季期間，表現略好一些。這是兩個主要因素。

Terrific. Thanks so much.

了不起。非常感謝。

Thank you.

謝謝。

Matthew Boss, JPMorgan. (Operator Instructions)

馬修‧博斯，摩根大通。 （操作說明）

Great. Thanks. Maybe two questions. Bracken, could you speak to health of The North Face brand and market share opportunity you see across the outdoor channel. And then just to circle back on Vans, underlying revenue is down high singles, excluding the reset actions. I mean what do you see still constraining the brand despite the product improvements that you've cited?

偉大的。謝謝。或許可以問兩個問題。Bracken，您能否談談The North Face品牌的健康狀況以及您認為戶外通路的市場份額機會？最後再回到 Vans 的話題，如果不計重置措施，其基本收入大幅下降。我的意思是，儘管您已經提到了一些產品改進，但您認為還有哪些因素在限製品牌發展？

Yeah. So on T&F, I think the brand is very healthy. The key now is we just have to keep doing -- playing out the initiatives we've been talking about, which is not just playing in the winter quarters, but really playing year around, making sure we really getting to women, taking full advantage of these categories we're performing in like footwear, for example, where we had strong double-digit growth in this quarter around the world.

是的。所以就T&F而言，我認為這個品牌發展得非常健康。現在的關鍵在於我們必須繼續推進我們一直在討論的各項舉措，這不僅僅是在冬季季度開展業務，而是要全年開展業務，確保我們真正觸達女性消費者，充分利用我們在鞋類等品類方面的優勢，例如，我們本季度在全球範圍內的鞋類品類都實現了強勁的兩位數增長。

So really, we've just got opportunity. We just got to execute right through everything. So T&F, I feel I'm excited about. In terms of Vans, I think it really does come back to, you asked me to talk about something more than product, but I'll go back to product. It really is -- this is a product business.

所以說，我們其實只是擁有了一個機會。我們必須全程執行到位。所以，我對T&F感到很興奮。就 Vans 而言，我覺得最終還是要回到產品本身，你讓我談談產品以外的事情，但我還是會回到產品上。確實如此——這是一家產品型企業。

We've got to have a great product. And I'm excited about the Super low Pro. I think the Skate Lopes going to do well. You will see -- I see more and more. It's funny when you think you've got something originally, you realized you were actually right on a trend and you see it from especially the legacy segment, and we're seeing lowers come in across the luxury segment.

我們必須擁有出色的產品。我對超低專業版感到興奮。我認為滑板洛佩斯會表現出色。你會看到的——我看到的越來越多。當你認為自己擁有某種原創的東西時，你會覺得很有趣，但後來你意識到你實際上把握住了某種趨勢，尤其是在傳統產品領域，我們看到奢侈品領域也出現了價格下降的趨勢。

I remember when we were working on this, we were -- I thought, well, this is really original, and I kind of scratched my head and looked at Sun and said, sure, you want to do this. She said, oh, yes, it's going to work. And -- and it did really well in very small quantities in the beginning, and we'll see how it does as we go through the holiday season on next year.

我記得我們當時在做這件事的時候，我想，嗯，這真的很有創意，我搔了搔頭，看著孫說，當然，你想做這件事。她說，哦，是的，這肯定會奏效。而且——而且它在初期小批量銷售時表現非常好，我們將看看它在明年假期期間的表現如何。

So it's about product, product, product and then making sure our marketing is relevant and powerful. And I think our marketing is getting stronger and will get stronger and stronger as we go through. We're more and more socially centered. I think SZA, both on the product side and the marketing side will be helpful. But getting right product out there for guys and women and kids as the game advance, and we're going to keep pouring it on.

所以關鍵在於產品、產品、產品，然後確保我們的行銷具有相關性和影響力。我認為我們的行銷正在不斷加強，而且隨著時間的推移，它會變得越來越強。我們越來越注重社交。我認為SZA無論在產品方面或行銷方面都會有所幫助。但隨著比賽的進行，我們需要為男士、女士和兒童提供合適的產品，我們將繼續努力。

Great, best of luck.

太好了，祝你好運。

Thank you.

謝謝。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Good morning. A question for Paul, just back on tariffs. I think you had talked about mitigating about 50% of the growth impact this year, now that you've been going through some initial pricing actions. Just any updated thoughts on that? And then I think you had spoken to offsetting tariffs in their entirety at some point in fiscal '27. Just if you could put a finer point on that, in terms of timing? Thank you.

早安.想問保羅一個關於關稅的問題。我認為您之前說過，鑑於您已經採取了一些初步的定價措施，今年應該可以減輕約 50% 的成長影響。關於這個問題，大家有什麼最新的想法嗎？然後，我想您在 2027 財年的某個時候曾談到過完全抵消關稅的問題。如果您能在時間安排上再精確一些就好了？謝謝。

Yeah. The -- on the -- we haven't really raised prices yet. There's very little in -- there's really nothing in Q2, very little in Q3, the pricing really comes in Q4. So I really don't have any -- really not much I can comment on in terms of the impact of pricing. We'll see it as it comes through.

是的。目前我們還沒有真正提高價格。第二季幾乎沒有什麼新東西，第三季也幾乎沒有什麼新東西，定價策略要到第四季才會真正出台。所以，就價格的影響而言，我真的沒有什麼好評論的。我們拭目以待。

But like I said, we're going to have the impact of tariffs hit us the most in Q3 just from the standpoint of not having the offset of revenue or the offset will come in Q4. And then, yeah, we think we'll be able to offset tariffs within fiscal '27.

但正如我所說，關稅的影響將在第三季對我們造成最大的衝擊，因為我們沒有收入抵消，或者抵消將在第四季度到來。是的，我們認為我們可以在 2027 財年內抵銷關稅。

We haven't been more specific on that as we get to the end of '26, again, as we see some of the elasticity stuff, so the pricing and see where we end the year, we'll have probably more clarification at year-end. But again, nothing changed at all from the comments you made last quarter about the impact of tariffs, our ability to mitigate and the timing of when all this comes through.

隨著 2026 年接近尾聲，我們還沒有就此給出更具體的說明。同樣，隨著我們看到一些彈性因素，定價以及年底的情況，我們可能會在年底給出更明確的說明。但是，你上個季度就關稅的影響、我們的緩解能力以及這一切何時發生等問題發表的評論，仍然沒有任何改變。

Thanks a lot.

多謝。

Thank you.

謝謝。

Trevor Tomkins, Bank of America. (Operator Instructions)

特雷弗湯姆金斯，美國銀行。（操作說明）

John Kernan, TD Cowen. (Operator Instructions)

約翰·克南，TD Cowen。（操作說明）

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

Hey, can you guys hear me?

嘿，你們聽得到我說話嗎？

Yes, we can.

是的，我們可以。

All right. Okay, I'm glad I got to, my --

好的。好吧，我很高興我能做到，我的--

We too. We're so happy you're. We can hear you.

我們也是。我們很高興你在這裡。我們能聽到你的聲音。

I want to ask about the ongoing debt deleveraging on the balance sheet. And you've now sold a couple of brands and you've divested some noncore assets, is it now just a function of fundamental improvement and growing to EBITDA? Or is there kind of anything else you can do from a kind of non-EBITDA perspective to bring the debt leverage down.

我想詢問一下資產負債表上正在進行的債務去槓桿化。現在你們已經賣了幾個品牌，剝離了一些非核心資產，現在是否只是基本面改善和 EBITDA 成長的問題了？或者，從非 EBITDA 的角度來看，還有其他方法可以降低債務槓桿率嗎？

Well, let me make a quick comment and then I'll let Paul answer in a little more detail. Overall, we feel good about our ability to delever down to 2.5 times. Now Paul and I have said, we like to be -- we'd like to be below 2.5 times because neither one of us is a particular big fan of dad in general so - but 2.5 times seems like a reasonable leverage ratio. And we're on the path where in '28, we will be there. As you said, just executing our plan. You want to add anything.

好，我先簡單說幾句，然後讓保羅詳細解答。總體而言，我們對將槓桿率降至 2.5 倍的能力感到樂觀。現在保羅和我說過，我們希望槓桿率低於 2.5 倍，因為我們倆都不是特別喜歡父親，所以——但 2.5 倍似乎是一個合理的槓桿率。我們正走在正確的道路上，到 2028 年，我們將到達那裡。正如你所說，我們只是在執行計劃。你想添加什麼嗎？

No, I think a couple of things to be clear. One, we firmly believe we were able to get to our targets with or without the sale of Dickies. So the sale of Dickies will help speed that up will help us get there faster. But we 100% believe we would have gotten there on the fundamentals either way. So that's number one.

不，我覺得有幾件事需要澄清。第一，我們堅信，無論是否出售 Dickies，我們都能實現我們的目標。所以，迪基斯的出售將有助於加快這一進程，幫助我們更快實現目標。但我們百分之百相信，無論如何，從基本面來看，我們最終都會成功。這是第一點。

Number two is, yeah, I mean, a lot of it moving forward will be continued improvements in EBITDA, we will also continue to work on improvements in working capital, better inventory management, things that we can bring down. I think we can bring our inventory days down further.

第二點是，是的，我的意思是，未來許多方面都將是持續改善 EBITDA，我們也將繼續努力改善營運資本、更好地管理庫存，以及其他我們可以降低的成本。我認為我們可以進一步縮短庫存週轉天數。

I think we can probably improve our overall working capital management as well. So it will be mostly on the pure fundamentals of growing the business. But also, I think there's other things we can do that will help free up cash moving forward.

我認為我們或許還可以改善整體營運資金管理。所以，重點將主要放在企業發展的基本面。但同時，我認為我們還可以做其他一些事情來幫助釋放未來的現金流。

All right, thanks very much.

好的，非常感謝。

Okay. I guess that was our last question after a couple of extra innings here. Well, look, to close, it was a really good quarter, and we delivered on our commitments again as we tried to always do. We made further progress on the entire turnaround plan. Looking ahead, we're going to continue to generating value across our brands and returning the company to sustainable and profitable growth.

好的。我想這是我們經過幾輪加時賽後的最後一個問題了。總之，本季業績非常好，我們再次兌現了我們的承諾，就像我們一直以來努力做的那樣。我們在整個扭虧為盈計畫方面取得了進一步進展。展望未來，我們將繼續為其品牌創造價值，並使公司重回可持續獲利成長的軌道。

So we're excited about the future. Looking forward to talking to many of you in meetings throughout the rest of this month and next month here and in Europe. And then again next quarter. Thanks again.

所以我們對未來充滿期待。期待在本月剩餘時間和下個月的會議上與各位見面，無論是在這裡還是在歐洲。下個季度又會是這樣。再次感謝。

Thank you.

謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。