威富公司 (VFC) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to V.F. Corporation's Q3 fiscal 2026 earnings call. (Operator Instructions) I will now hand the conference over to Allegra Perry, Vice President of Investor Relations. Please go ahead.

女士們、先生們，感謝各位的到來，歡迎參加 V.F. Corporation 2026 財年第三季業績電話會議。（操作員指示）現在我將把會議交給投資者關係副總裁艾莉格拉·佩里。請繼續。

Hello, everyone. Welcome to V.F. Corporation's third-quarter fiscal 2026 conference call. On today's call, we 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V.F.集團2026財年第三季電話會議。在今天的電話會議上，我們將發表一些前瞻性聲明。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 we say otherwise, amounts that Bracken and Paul refer to on today's call are all on an adjusted constant dollar continuing operations and excluding Dickies basis, which we've defined in the presentation that was posted this morning on our Investor Relations website. We use those as lead numbers in our discussion as we believe they more accurately represent the true operational performance and underlying results of our business.

除非另有說明，Bracken 和 Paul 在今天的電話會議上提到的金額都是按調整後的固定美元持續經營業務計算的，並且不包括 Dickies 業務，我們在今天早上發佈在我們投資者關係網站上的演示文稿中對此進行了定義。我們在討論中使用這些主要數據，因為我們相信它們能更準確地反映我們業務的真實營運績效和潛在成果。

We may also refer to reported amounts, which are in accordance with US GAAP. Reconciliations of GAAP measures to adjusted amounts are found in the supplemental financial tables, which are included in the presentation where we identify and qualify all excluded items and provide management's view of why this information is useful to investors.

我們也可以參考已報告的金額，這些金額符合美國通用會計準則。GAAP 指標與調整金額的調整表可在補充財務報表中找到，這些報表包含在簡報中，其中我們識別並說明所有排除的項目，並提供管理層對這些資訊對投資者有用性的看法。

Joining me on today's call are V.F.'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 your questions. I'll now hand over to Bracken.

今天與我一起參加電話會議的有 V.F. 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 so much, Allegra. Before I get into anything else, I can't help but talk about Alex Honnold. Over the weekend, Alex set a record for the biggest urban free solo climb in history, climbing the 1,667-foot skyscraper Taipei 101. Alex has been an athlete of The North Face for over 20 years. And he's one of the many super impressive and brave human beings we work with as we develop products and marketing.

非常感謝你，艾莉格拉。在談其他事情之前，我忍不住要談談亞歷克斯·霍諾德。上週末，Alex 創造了歷史上最大的城市徒手攀岩紀錄，他攀登了 1667 英尺高的摩天大樓台北 101 大樓。Alex 擔任 The North Face 的運動員已超過 20 年。他是我們在產品開發和行銷過程中合作的眾多令人印象深刻、勇敢無畏的人之一。

You might remember just last quarter, we highlighted that Jim Morrison completed the first ski descent of The North Face of Mount Everest. That was captured by another athlete of ours, Jimmy Chin, and will be released as a feature film later this year. And Jim's back story is simply incredible. Our athletes continue to push the boundaries wearing The North Face product, and we continue to push the boundaries of our results.

你可能還記得，就在上個季度，我們重點報導了吉姆·莫里森完成了珠穆朗瑪峰北坡的首次滑雪下山。這段影片由我們另一位運動員吉米金拍攝下來，並將於今年晚些時候以電影的形式上映。吉姆的背景故事簡直令人難以置信。我們的運動員穿著北面產品不斷突破極限，我們也不斷突破成績的極限。

So let me get into the third quarter. We had a strong third quarter. I'm incredibly proud of the team, and I'd like to thank all of our employees for their relentless hard work and dedication. Importantly, our business improved in Q3 relative to last quarter, returning to growth during our peak holiday quarter. In Q3, total revenue was up 2%, exceeding our own expectations. Over 75% of our business was up by revenue.

那麼，讓我們進入第三部分。我們第三季表現強勁。我為團隊感到無比自豪，我要感謝所有員工的不懈努力和奉獻精神。重要的是，與上一季相比，我們第三季的業務有所改善，並在假日旺季恢復了成長。第三季總收入成長了 2%，超出了我們自己的預期。超過75%的業務收入實現了成長。

And excluding Vans and Dickies, revenue was up 5% versus last year. On a global basis, the DTC returned to growth, up 3%, driven by the US, particularly in Digital. We also had one of our strongest performances in the Americas in over three years, up 6%, driven by growth in both DTC and wholesale.

如果排除 Vans 和 Dickies，營收比去年增長了 5%。從全球範圍來看，DTC（直接面向消費者）市場恢復成長，成長了3%，這主要得益於美國市場的成長，尤其是數位市場的成長。在 DTC 和批發業務雙雙成長的推動下，我們在美洲的業績也達到了三年多來的最高水平，成長了 6%。

As you'll remember, fixing the US has been a top priority of our turnaround. Our revenue performance also helped drive stronger-than-anticipated operating income of $341 million. Reported net debt, excluding lease liabilities, was down almost $600 million versus last year or down almost 20%. To summarize, we had a very strong Q3, growing revenue, expanding margins and reducing debt, exactly as we said we'd do.

你應該還記得，整頓美國一直是我們扭轉局勢的首要任務。我們的營收表現也推動了營業收入超出預期，達到 3.41 億美元。報告顯示，不包括租賃負債在內的淨債務比去年減少了近 6 億美元，減少了近 20%。總而言之，我們第三季業績非常強勁，收入成長，利潤率擴大，債務減少，完全按照我們之前所說的那樣實現了目標。

Let's talk through some of our highlights from our brands, where we continue to see continued progress across the board. Starting with The North Face, which delivered strong growth during the peak season with revenue up 5%. Both DTC and wholesale were up globally, and I'm particularly proud of the fact that we grew 15% in the Americas. The North Face is generating broad-based growth across categories.

讓我們來談談我們旗下品牌的一些亮點，我們看到各方面都在持續進步。首先是The North Face，該公司在旺季期間實現了強勁成長，營收成長了5%。在全球範圍內，DTC 和批發業務均有所成長，尤其令我感到自豪的是，我們在美洲的業務成長了 15%。The North Face 在各個類別中都實現了全面成長。

In the quarter, all product categories were up versus last year with strength in performance apparel and footwear, which was up double digits again this quarter. Last quarter, we talked about the expanded product offering of Summit Series. That is also performing strongly with double-digit growth in all regions. We're making inroads as well into elevated products and elevated fabrication. And let me give you an example.

本季所有產品類別均較去年同期成長，其中功能性服飾和鞋類表現強勁，本季再次實現兩位數成長。上個季度，我們討論了 Summit 系列產品線的擴展。該業務也表現強勁，所有地區均實現了兩位數成長。我們在高端產品和高端製造領域也取得了進展。我舉個例子。

Our leather collection, I have the jacket right in front of me, with a leather jacket priced at $1,100 sold out in less than 24 hours. The brand was again recognized for design and innovation through multiple awards, including the top outdoor brand in America in Times the World's Best Brands of 2025 list.

我們的皮具系列，我眼前就有一件皮夾克，售價 1100 美元，不到 24 小時就售罄了。該品牌憑藉其設計和創新再次獲得認可，榮獲多項大獎，其中包括在《時代》雜誌2025年全球最佳品牌榜單中被評為美國頂級戶外品牌。

You might remember, we also won Fast Company's 2025 Innovation by Design Award, Times Best Innovations of 2025 and the Popular Science 50 greatest inventions or innovations of 2025. In addition to elevating our product offering, we also continue to advance on another key strategic priority to enhance our distribution.

您可能還記得，我們​​還獲得了《快公司》雜誌 2025 年創新設計獎、《時代》雜誌 2025 年最佳創新獎以及《大眾科學》雜誌 2025 年 50 項最偉大的發明或創新獎。除了提升產品供應能力外，我們還將繼續推動另一個關鍵策略重點，即加強分銷。

During the quarter, we opened our largest global flagship store in New York on Fifth Avenue, which represents how we're reimagining physical retail for the brand. The stores delivered strong results in its initial weeks of trading. We continue to refine and advance our marketing tactics.

本季度，我們在紐約第五大道開設了我們全球最大的旗艦店，這代表了我們正在如何重新構想品牌的實體零售。這些門市在開業的最初幾週就取得了強勁的業績。我們將不斷改進和提升我們的行銷策略。

Our social-first marketing approach is driving brand heat while broadening reach and Q3 marked our strongest social-first performance to date, and that was before Alex's climb. During the quarter, we launched the second installment of our collaboration with SKIMS, which also delivered strong results. As you can see, lots of great developments at The North Face.

我們以社群為先的行銷策略正在提升品牌熱度，同時擴大影響力，第三季是我們迄今為止社群優先策略表現最強勁的一年，而這還是在 Alex 攀升之前。本季度，我們與 SKIMS 合作推出了第二期項目，也取得了強勁的成果。正如你所看到的，The North Face 取得了許多重大進展。

Moving on to Timberland. This is another brand with great momentum. Brand revenue was up 5% in Q3 with global growth across both wholesale and DTC. Americas had another strong quarter, up 9%. From a product perspective, the 6-inch premium boot was a key driver behind the brand's strong momentum.

接下來是添柏嵐。這是另一個發展勢頭強勁的品牌。第三季品牌營收成長 5%，全球批發和 DTC 業務均成長。美洲地區又迎來一個強勁的季度，成長了9%。從產品角度來看，6 吋的高級靴子是品牌強勁發展動能的關鍵驅動力。

And we're innovating this core -- innovating against this core icon while also continuing to develop products across other categories. The boat shoe continues to grow strongly, up double digits in all regions. And we're developing the brand's product lineup, including new transitional styles for the warmer seasons.

我們正在對這一核心進行創新——圍繞這一核心標誌進行創新，同時繼續開發其他類別的產品。船鞋銷售持續強勁成長，在所有地區均實現了兩位數的成長。我們正在開發品牌的產品系列，包括適合溫暖季節的新過渡款式。

Timberland has incredible energy, and we're amplifying that brand's cultural relevancy and reach through social-first marketing as well. Building on last quarter's trends, search interest continues to grow in the US and key EMEA markets. The brand consistently shows up in key cultural moments and is embraced by celebrities everywhere from courtside to the red carpet. As you can probably tell, I couldn't be more excited about Timberland's growth opportunity over the long term. More to come.

Timberland 擁有令人難以置信的活力，我們也透過社群媒體優先的行銷方式來增強品牌的文化相關性和影響力。延續上一季的趨勢，美國和歐洲、中東及非洲主要市場的搜尋興趣持續增長。該品牌經常出現在重要的文化時刻，並受到從賽場邊到紅毯等各界名人的喜愛。正如你可能已經看到的那樣，我對添柏嵐的長期發展前景感到無比興奮。更多內容敬請期待。

Moving on to Altra. It's clearly a smaller brand today than our top three, but I have to tell you, I love the brand's energy and distinctive products. The potential here is large and probably underappreciated. The brand delivered another quarter of extremely strong growth, up 23% versus last year.

接下來是Altra。如今它顯然比我們前三名的品牌規模要小，但我必須說，我非常喜歡這個品牌的活力和獨特的產品。這裡的潛力巨大，但可能尚未被充分重視。該品牌連續第二個季度實現了強勁增長，比去年同期增長了 23%。

Key franchise in both trail and road running continue to drive growth, and we're fueling this growth with more and more innovation. New products are delivering, including Via and Temp 6. We're investing strongly in marketing given the very high ROI. We're well on track to exceed $250 million in revenue for Altra in fiscal '26, but the addressable market is large and growing.

越野跑和公路跑的關鍵特許經營權持續推動成長，我們正在透過越來越多的創新來推動這種成長。新產品正在陸續交付，包括 Via 和 Temp 6。鑑於行銷投資報酬率非常高，我們正在大力投資行銷。我們預計在 2026 財年實現 Altra 超過 2.5 億美元的收入，但潛在市場規模龐大且不斷成長。

Now let's turn to Vans. We continue to make progress here, and we're seeing green shoots. In line with our expectation, revenue was down 10%, similar to last quarter. You already know that we're focused on executing the key commercial moments as we continue to refresh and upgrade the product lineup. This strategy is starting to deliver.

現在我們來看看Vans。我們在這裡持續取得進展，並且看到了積極的跡象。正如我們預期的那樣，營收下降了10%，與上一季的情況類似。您已經知道，我們正專注於掌握關鍵的商業機遇，同時不斷更新和升級產品線。這項策略開始奏效了。

In fact, global digital revenue grew in the quarter -- grew in the quarter, led by the Americas. In terms of product newness -- in terms of product, new products delivered growth again this quarter with consistently strong trends delivered by the Super Lowpro, the Skate Loafer, which I'm wearing right now, and the Crosspath XC, where we continue to innovate with design colors and materials.

事實上，本季全球數位收入有所成長，其中美洲地區的成長最為顯著。就產品新穎性而言——就產品而言，本季新產品再次實現了成長，Super Lowpro、我現在穿著的 Skate Loafer 以及 Crosspath XC 都保持了強勁的趨勢，我們在設計顏色和材料方面不斷創新。

Elevation, innovation and newness are also increasingly visible and having an impact across our icons. The Authentic and the Slip-On are delivering improving trends, benefiting from a rising interest among the high fashion brands in skate-inspired shoes.

提升、創新和新穎性也越來越明顯，並對我們的標誌性產品產生了影響。Authentic 和 Slip-On 鞋款引領潮流，受益於高端時尚品牌對滑板風格鞋款日益增長的興趣。

The KPop Demon Hunters collaboration launched in early December, just a few months after the movie hit the screens. In this one, we showed how fast we can bring a product to market. We went from idea to store shelf in 10 weeks. We're working on product creations free across our portfolio now for 2027.

KPop 惡魔獵人聯名合作活動於 12 月初啟動，距離電影上映僅幾個月。在這個案例中，我們展示了我們能以多快的速度將產品推向市場。我們僅用了 10 週就將想法變成了現實，並擺上了商店貨架。我們正在努力開發2027年全線免費產品。

Turning to marketing. Our shift in strategy is visible. Our holiday campaign, Meet the Vans, featured lifestyle product and drove online energy during the gift-giving holiday period. Our digital traffic trends improved in the Americas and in EMEA, which led to growth in our global e-commerce sales for the first time in over four years, led by the Americas.

轉向市場行銷。我們的策略轉變顯而易見。我們的假日行銷活動「遇見 Vans」以生活風格產品為主題，在節日送禮期間帶動了線上熱度。我們在美洲和歐洲、中東及非洲地區的數位流量趨勢有所改善，這帶動了我們全球電子商務銷售額四年多來首次成長，其中美洲地區的成長最為顯著。

We are excited about the influence we see as well. We'll see later this year from SZA in her role as Artistic Director. Just last week, SZA was in Paris at Paris Fashion Week, seated in the front row at Louis Vuitton and Dior fashion shows, wearing bespoke Vans, Old Skool and Authentic jeweled with gemstones by New York-based jewelry designer, Rachel Goatley. We'll see more of SZA and her artistic vision for the brand in the coming months.

我們也對所看到的這種影響力感到興奮。今年晚些時候，我們將看到 SZA 以藝術總監的身份亮相。就在上週，SZA 還身在巴黎參加巴黎時裝週，坐在 Louis Vuitton 和 Dior 時裝秀的前排，腳穿由紐約珠寶設計師 Rachel Goatley 設計的鑲嵌寶石的定制 Vans、Old Skool 和 Authentic 鞋款。在接下來的幾個月裡，我們將看到更多 SZA 和她對品牌的藝術構想。

In summary, Vans continues to make progress. I'd like to share a planned transition now within our global leadership team. Our Chief Commercial Officer, Martino Scabbia Guerrini, is stepping down from his role. Martino will continue to support the company's adviser to me to ensure a smooth transition. Brent Hyder will assume the role of Chief Commercial Officer, in addition to the continuing role -- his continuing role as President for the Americas, a role he's held since last spring with strong results.

總而言之，Vans 持續取得進展。現在我想和大家分享我們全球領導團隊內部的過渡計畫。我們的首席商務官馬蒂諾·斯卡比亞·格里尼即將卸任。馬蒂諾將繼續支持公司顧問，以確保平穩過渡。除了繼續擔任美洲區總裁之外，Brent Hyder 還將兼任首席商務官一職。自去年春天以來，他一直擔任美洲區總裁，並取得了顯著的業績。

I want to sincerely thank Martino for his 20 years of outstanding contributions to the company. Martino's energy, passion and deep focus on design and consumer-led brands have left an enduring impact on our business and on me. I'm confident this leadership team comprised of best-in-class talent will enable us to fulfill V.F.'s significant growth opportunities ahead.

我衷心感謝馬蒂諾20年來為公司做出的傑出貢獻。Martino 的活力、熱情以及對設計和以消費者為主導的品牌的專注，對我們的業務和我本人都產生了深遠的影響。我相信，這支由一流人才組成的領導團隊將使我們能夠抓住V.F.未來巨大的成長機會。

To conclude, we have momentum. And now we've gone positive for the first time in a while. We're on track to deliver our targets. I'll now hand it over to Paul, who will dive in deeper into the numbers. Paul?

總之，我們勢頭正盛。現在我們一段時間以來第一次轉正了。我們正按計劃實現目標。現在我將把任務交給保羅，他將深入研究這些數據。保羅？

Great. Thank you, Bracken. Before I go into the details of Q3 actuals and Q4 guidance, let me give you the punchline for how fiscal '26 is shaping up. Annual revenue will be flat to up this year versus last year. Gross margin will be at 54.5% or better within striking distance of our fiscal year '28 target of 55%. Operating margin will be 6.5% or better. Operating and free cash flow will be up versus last year. Leverage will be 3.5 times or lower, down from 4.1 times at the end of fiscal 2025.

偉大的。謝謝你，布雷肯。在詳細介紹第三季實際業績和第四季預期之前，讓我先給你們總結一下 2026 財年的大致情況。今年的年度營收將與去年持平或有所成長。毛利率將達到 54.5% 或更高，接近我們 2028 財年 55% 的目標。營業利益率將達到6.5%或更高。經營活動現金流和自由現金流將比去年有所成長。槓桿率將降至 3.5 倍或更低，低於 2025 財年末的 4.1 倍。

So now turning to Q3. We delivered strong results with revenue up 2% and nicely ahead of our guidance. Our operating profit was also better than planned. As Bracken said, we had a good holiday selling period across our key brands. Q3 revenue was $2.8 billion, up 2% year-on-year on a constant dollar basis, above our guidance of down 1% to down 3%. The better-than-expected performance was primarily due to stronger results from the Americas across both DTC, especially e-com and wholesale.

現在來看第三季。我們取得了強勁的業績，營收成長了 2%，遠超預期。我們的營業利潤也超出了預期。正如布雷肯所說，我們旗下主要品牌在假日銷售期間表現良好。第三季營收為 28 億美元，以固定美元計算年增 2%，高於我們先前預測的下降 1% 至 3%。業績優於預期主要歸功於美洲地區在 DTC（尤其是電子商務）和批發業務方面表現強勁。

By brand, The North Face grew 5%, led by growth in both DTC and wholesale, with particularly strong results in the Americas region, up 15%. As anticipated, APAC was down 3% and EMEA was down 2%. Vans revenue in the quarter was down 10%, broadly in line with last quarter and in line with expectations.

按品牌劃分，The North Face 成長了 5%，這主要得益於 DTC 和批發業務的成長，其中美洲地區的業績尤為強勁，成長了 15%。正如預期的那樣，亞太地區下降了 3%，歐洲、中東和非洲地區下降了 2%。Vans本季營收下降10%，與上一季基本持平，也符合預期。

And finally, Timberland had another good quarter with continued momentum with revenue up 5%, reflecting growth across all channels and in the Americas and EMEA, while APAC was down. By region, the Americas region had a strong performance, up 6%, while international regions performed as expected with EMEA region down 3% and APAC down 4%.

最後，添柏嵐又迎來了一個不錯的季度，繼續保持增長勢頭，收入增長了 5%，反映出所有渠道以及美洲和歐洲、中東和非洲地區的增長，而亞太地區的增長則有所下降。按地區劃分，美洲地區表現強勁，成長 6%，而國際地區表現符合預期，其中 EMEA 地區下降 3%，APAC 地區下降 4%。

And lastly, by channel, DTC was up 3%, our first positive quarter in a couple of years, driven by strong e-com performance, while wholesale was down 1%, although growing in the Americas region. Our adjusted gross margin was up 10 basis points versus last year as mix and sourcing savings resulted in lower product costs and offset the impact from tariffs. As expected, we had the first meaningful impact of tariff flow through the gross margin in the third quarter.

最後，按通路劃分，DTC 成長了 3%，這是我們近幾年來的第一個正成長季度，這主要得益於強勁的電子商務表現；而批發業務下降了 1%，儘管在美洲地區有所增長。由於產品組合和採購方面的節約降低了產品成本，抵消了關稅的影響，我們調整後的毛利率比去年提高了 10 個基點。正如預期的那樣，關稅對毛利率的影響在第三季首次顯現。

The unmitigated impact was approximately $40 million. And as a reminder, pricing actions were only implemented in Q4 and did not have an effect in Q3. Our SG&A rate leveraged 20 basis points as we continue to realize cost savings across the business. SG&A expense in constant dollars was up 1% due to increased marketing efforts and higher variable costs associated with higher revenue within the quarter.

未加緩解的影響約為 4000 萬美元。再次提醒大家，價格調整措施僅在第四季實施，對第三季沒有任何影響。隨著我們持續在業務各個方面實現成本節約，我們的銷售、一般及行政費用率降低了 20 個基點。以固定匯率計算，由於本季行銷力度加大以及與收入增加相關的變動成本上升，銷售、一般及行政費用增加了 1%。

Our adjusted operating margin for the quarter was 12.1%, up 30 basis points year-over-year. Net interest expense of $35 million was a little better than expected and below last year. Tax was $81 million or a rate of approximately 26%, also better than our guidance due to slightly different geographical mix in the quarter. And finally, adjusted earnings per share was $0.58 versus $0.61 in Q3 of last year.

本季調整後的營業利潤率為 12.1%，年增 30 個基點。淨利息支出為 3,500 萬美元，略優於預期，低於去年同期水準。稅收為 8,100 萬美元，稅率約為 26%，也優於我們的預期，這主要是由於本季地域組成略有不同。最後，經調整後的每股收益為 0.58 美元，而去年第三季為 0.61 美元。

Now moving on to our balance sheet. Inventories were down 4% in constant dollar year-on-year. On a reported basis, free cash flow through Q3 was $513 million, in line with our expectations for the year and broadly flat to last year. Year-to-date, cash flow includes the payment of approximately $100 million of incremental tariffs.

接下來我們來看資產負債表。以固定匯率計算，庫存年減 4%。根據報告顯示，截至第三季末的自由現金流為 5.13 億美元，符合我們對全年的預期，與去年同期基本持平。今年迄今為止，現金流包括支付約 1 億美元的增量關稅。

Overall, we are right where we expected to be. Reported net debt, including lease liabilities, was down approximately $500 million versus last year or down 11%. In addition, earlier this month and post the end of the quarter, we announced that in February, we will be prepaying the March 2026 [$500] million notes.

總的來說，我們目前的情況符合預期。報告顯示，淨債務（包括租賃負債）比去年減少了約 5 億美元，降幅達 11%。此外，在本月初和季度末，我們宣布將於 2 月提前償還 2026 年 3 月到期的 5 億美元票據。

Turning to the outlook for the fourth quarter. We expect Q4 revenue to be flat to up 2% on a constant dollar basis. We expect a positive FX benefit of about 5% on the top line. The North Face is expected to be broadly in line with Q3 growth. We will see slower growth at Timberland as we discussed last quarter, and we expect Vans to decline roughly mid-single digits.

接下來展望第四季。我們預計第四季營收將與上季持平或成長 2%（以固定美元計算）。我們預計外匯收益將為營收帶來約 5% 的正成長。預計The North Face的業績將與第三季的成長基本持平。正如我們上個季度所討論的，Timberland 的成長速度將會放緩，我們預計 Vans 的銷售額將出現中等個位數的下滑。

Moving down the P&L, we expect Q4 adjusted operating income to be in the range of $10 million to $30 million. Our gross margin will be flat to slightly up versus last year as the impacts from tariffs are expected to be offset by initial pricing actions and ongoing sourcing savings. SG&A rate is expected to be flat to slightly down versus last year due to cost-saving initiatives.

從損益表來看，我們預期第四季調整後的營業收入將在 1,000 萬美元至 3,000 萬美元之間。由於關稅的影響預計將被初步的價格調整和持續的採購節約所抵消，我們的毛利率將與去年持平或略有增長。由於採取了節約成本的措施，預計銷售、管理及行政費用率將與去年持平或略有下降。

And finally, we expect Q4 interest of approximately $30 million. Our Q4 tax rate is based on an estimated full year effective rate of 33% to 34%. And 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 geographic mix.

最後，我們預計第四季利息收入約為 3,000 萬美元。我們第四季的稅率是根據全年預計實際稅率 33% 至 34% 計算得出的。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。

Let me now give a bit more detail on our progress in fiscal '26. As I said, we expect revenue to be flat to up for the full year. This will mark the first year since fiscal '23, excluding Dickies and Supreme, in which revenue was stable or grew versus the prior year. We continue to expect operating income to be up versus last year.

現在讓我更詳細地介紹一下我們在 2026 財年的進展。正如我所說，我們預計全年營收將持平或成長。這將是自 2023 財年以來（不包括 Dickies 和 Supreme），營收與前一年相比保持穩定或成長的第一個財年。我們仍預期營業收入將比去年有所成長。

Within that, we expect gross margin to be 54.5% or better, reflecting progress made on various work streams unveiled at the Investor Day last year. In addition, we anticipate operating margin to be at least 6.5% for the year, up versus last year's comparable margin of 5.9%, reflecting further progress made on streamlining costs while also prioritizing investments in key strategic areas.

其中，我們預計毛利率將達到 54.5% 或更高，這反映了去年投資者日上公佈的各項工作進度。此外，我們預計今年的營業利潤率至少為 6.5%，高於去年同期的 5.9%，這反映出我們在精簡成本方面取得了進一步進展，同時我們也優先考慮對關鍵策略領域的投資。

On cash flow, we continue to expect both reported operating cash flow and free cash flow to be up year-on-year. This includes over $100 million negative impact of tariffs and the negative impact from the sale of Dickies, which we estimate to be about $35 million.

在現金流方面，我們繼續預期報告的營運現金流和自由現金流都將年增。這其中包括關稅造成的超過 1 億美元的負面影響，以及 Dickies 出售的負面影響，我們估計約為 3500 萬美元。

And finally, we expect to end the year with leverage at or below 3.5 times as we continue to make progress on our top financial priority to reduce debt and leverage. This is a nice improvement from where we entered the year at 4.1 times and continues to put us on a path to hit the goal of 2.5 times by year-end fiscal '28 as we outlined at our Investor Day.

最後，我們預計年底槓桿率將達到或低於 3.5 倍，因為我們將繼續推動降低債務和槓桿率這一首要財務目標。這比我們年初的 4.1 倍有了顯著改善，並使我們繼續朝著在投資者日上概述的到 2028 財年末實現 2.5 倍的目標邁進。

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

現在我把麥克風交還給接線員，讓他來回答您的問題。

(Operator Instructions)

（操作說明）

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Great, good morning. I think you can hear me. I think I unmuted properly. First of all, congratulations on the milestone. Great to see sales growing again. Bracken, I guess the big question for the year is kind of the price increases that are happening broadly, not just kind of at your company, but broadly across the space, starting to come through, potential consumer demand erosion.

太好了，早安。我想你聽得到我說話。我覺得我已經正確取消靜音了。首先，恭喜你取得這項里程碑式的成就。很高興看到銷售額再次成長。布雷肯，我想今年最大的問題是價格上漲，這不僅發生在你們公司，而是整個產業普遍存在，而且這種上漲可能會導致消費者需求下降。

And obviously, we got some consumer conference board metrics yesterday, some competing ones against sentiment versus consumer confidence. How are you thinking about the consumer? What metrics are you looking at to assess whether there is sort of a slowing? And what is your kind of plan if we do see that?

顯然，我們昨天獲得了一些消費者大會的指標，其中一些指標與消費者情緒和消費者信心進行了對比。您是如何看待消費者的？你們關注哪些指標來評估是否有某種程度的放緩？如果這種情況真的發生，你的計畫是什麼？

Then number two, for Paul, if you can just talk about you're close to your gross margin, as you just said, the FY28 target. How should we think about that in terms of potential upside to the margin now that you're also gaining leverage on the sales?

其次，對保羅來說，如果你能談談你剛才所說的，你離2028財年的毛利率目標很近的話。既然您在銷售方面也獲得了優勢，我們該如何看待利潤率的潛在提升空間？

Thank you, Adrienne, and it is very exciting to be positive again. And that's what we're here for. It's all about growth. On the -- in terms of the market and price increases and all the consumer sentiment discussions we're all having, I think it's -- the good news for us is we have so much under -- within our control. I have never been in a position where I felt like we had many levers to pull to really drive our business.

謝謝你，艾德琳，再次擁有積極的心態真是太好了。這就是我們來這裡的目的。一切都與成長有關。關於市場和價格上漲以及我們都在討論的消費者情緒，我認為對我們來說的好消息是，我們有很多事情都在我們的掌控之中。我從未遇到過那種感覺，覺得我們有很多手段可以真正推動業務發展的情況。

So it's kind of the nature of a turnaround. We're in that sweet spot right now where we've just gone positive. We've got a lot of engine firing, a lot of green shoots in every direction. So I feel really confident even in a really choppy environment that we're going to do well.

所以，這算是轉型過程中的必然結果。我們現在正處於一個絕佳的階段，我們剛剛轉正。我們看到很多引擎都在運轉，各方面都湧現了許多新的成果。所以即使在如此動盪的環境下，我也非常有信心我們會取得好成績。

Yes. And then on the gross margin side, yes, I mean, we are getting close to 55%. I think all along, our target was 55% or better. So we're -- it's great that we're sort of heading in that direction. I mean obviously, keep in mind, tariffs are just starting to hit us. We've talked about our ability to mitigate those tariffs within fiscal '27 and nothing's changed on that at all. So I'd say, a, we feel good about where we are on gross margin.

是的。至於毛利率方面，是的，我的意思是，我們已經接近 55% 了。我認為我們一直以來的目標都是達到 55% 或更高。所以，我們朝著這個方向發展，這真是太好了。我的意思是，很明顯，請記住，關稅才剛開始對我們產生影響。我們已經討論過在 2027 財年內減輕這些關稅影響的能力，這一點沒有任何改變。所以我覺得，a，我們對目前的毛利率狀況感到滿意。

We've made great progress. B, 55% is obviously the target, but hopefully, over time, we can do better than that. And C, we feel like we're in really good shape. But obviously, we got to make sure that we're able to manage the tariffs the way we expect. And we -- again, we have no reason to expect we won't. But again, just something to keep -- keep in mind forward.

我們取得了巨大進展。B，55% 顯然是目標，但希望隨著時間的推移，我們能做得更好。C，我們感覺我們狀態非常好。但很顯然，我們必須確保能夠以預期的方式管理關稅。而我們——再說一遍，我們沒有理由認為我們不會。但再次提醒大家，這一點需要牢記在心。

Right, thank you very much. Thank you, Adrienne. You sound kind of horse.

好的，非常感謝。謝謝你，艾德琳。你聽起來像匹馬。

I know it's been a long day.

我知道今天很漫長。

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

Hey guys, good morning and thanks for taking my question. I want to ask about Vans. So the last couple of quarters, you kind of said that the underlying trend was down high single digits, excluding some of the deliberate actions you took. Was that the case also in Q3?

各位好，早安，感謝你們回答我的問題。我想問一下關於Vans的問題。所以，在過去的幾個季度裡，您曾說過，基本趨勢是下降了接近兩位數的幅度，當然，這不包括您採取的一些刻意措施。第三季也是這種情況嗎？

And then for Q4, you're guiding to down mid-singles, which is kind of an improvement from there. So is it kind of safe to assume that you're expecting some improvement in the underlying Vans trend, I guess, kind of beginning in Q4 and hopefully thereafter?

然後，對於第四季度，你們的預期是下降到個位數，這比之前有所改善。所以，我們可以比較有把握地認為，你預期 Vans 的整體趨勢會有所改善，大概從第四季開始，並希望之後會持續改善？

Yes. I mean I think that's a pretty good description of what we see going on. We're finally lapping that quarter those -- that year ago quarter when we took a lot of strong actions, and we feel really good about the steps we're taking. I talked briefly in my introduction about some of the green shoots we're seeing.

是的。我的意思是，我認為這很好地描述了我們所看到的情況。我們終於趕上了去年同期——去年同期我們採取了許多強有力的措施，我們對正在採取的措施感到非常滿意。我在開場白中簡要地談到了我們看到的一些積極跡象。

But I think it's the first time we saw e-com growth in something like 19 quarters or so it's a long time. We feel really good about that. We're excited about -- we saw traffic up in the US. We saw a lot of strength in the US in general. The new products are picking up steam, Super Lowpro and the Skate Loafer, which I'm tempted to pull off my foot and show you because I bet a lot of you have not -- okay, I'm going to do it.

但我認為這是我們大約 19 個季度以來第一次看到電子商務成長，時間很長了。我們對此感到非常滿意。我們對此感到興奮——我們看到美國的交通流量上升了。我們看到美國整體實力很強。新產品越來越受歡迎，例如 Super Lowpro 和 Skate Loafer，我真想把 Skate Loafer 脫下來給你們看看，因為我敢打賭你們很多人都沒穿過——好吧，我這就脫下來給你們看看。

A lot of you have not seen -- this is such a cool product because it literally is a Skate Loafer. So I could almost go out and shoot around and play basketball on this thing, but it's a loafer and it looks good. So we've got a lot of good things. And even in the icons, which have been such a difficult area for us for so many years, we're seeing some bright spots. We really innovating against those icons.

很多人可能都沒見過——這是一款非常酷的產品，因為它實際上就是一雙滑板鞋。所以，我幾乎可以穿著這雙鞋出去投籃、打籃球，但畢竟它是一雙樂福鞋，而且看起來很棒。所以我們有很多好東西。即使在圖標設計領域，這個多年來一直困擾著我們的領域，我們也看到了一些亮點。我們正在以創新的方式對抗這些傳統觀念。

The Authentic and the Slip-On, both -- we've seen real improvement trends there, even in the Old Skool. So overall, I feel just very, very good about Vans, but we're going to be patient. We're not going to push it. We're not going to force anything. We're going to let this thing really play out as it should. We've learned one thing about turnarounds. You don't want to force a turnaround early. You want to let it develop, and we are letting it develop.

Authentic 和 Slip-On 兩款鞋——我們看到了真正的改進趨勢，即使是 Old Skool 款也是如此。總的來說，我對Vans的前景非常看好，但我們會保持耐心。我們不會強求。我們不會強求任何事。我們會讓這件事順其自然地發展下去。我們從企業扭虧為盈中學到了一課。你不想過早強行扭轉局面。你想讓它發展，我們也讓它發展。

And just, yes, you're right on the numbers. The reported constant dollar was down 10%. Again, on the like-for-like, it is kind of down high single digits in the same way we talked about it in quarters past. And so yes, the underlying trend kind of down high single digits. And obviously, I guided to down mid-single digits for Q4. So there is some improvement there in the underlying trend in Q4.

是的，你說的數字完全正確。據報道，美元以固定匯率計算下跌了10%。同樣，以同等數據來看，降幅接近兩位數，就像我們上個季度討論的那樣。所以，是的，基本趨勢是略微下降個位數百分比。顯然，我預期第四季將出現個位數中段的下滑。因此，第四季基本趨勢有所改善。

All right, sounds good. Thanks very much, guys.

好的，聽起來不錯。非常感謝各位。

Thanks, Tom. I'm waiting for an Alex Honnold question. First one gets a prize.

謝謝你，湯姆。我在等一個關於亞歷克斯·霍諾爾德的問題。第一個獲勝者將獲得獎品。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Good morning and thank you, for taking our question. Brack and Paul, I was hoping you could unpack the sequential acceleration that you saw at TNF Americas this quarter. How much of the strength is repeatable as you move into calendar 2026? How are inventory levels exiting the season? And were there any onetime tailwinds that may have benefited the trend this holiday season?

早安，感謝您回答我們的問題。Brack 和 Paul，我希望你們能分析一下本季在 TNF Americas 上看到的連續加速成長現象。進入2026年，這種優勢有多少可以延續？季末庫存水準如何？假期季節期間，是否有任何一次性的利多因素可能促進了這一趨勢？

I'm going to let you talk about the inventories. What I'd say is, I don't -- we're not really forecasting into '27. What I would say is the underlying business was very strong in the Americas, but I think it's more a reflection of the fact that we are just very weakly developed in the Americas. We have a lot of upside there. Compared to the other regions of the world, whether you look at average price or our market share, we're just underdeveloped what we could be given this is our home market.

庫存情況就交給你來講吧。我想說的是，我們並沒有真正預測到 2027 年。我想說的是，美洲地區的基礎業務非常強勁，但我認為這更反映了我們在美洲地區發展非常薄弱。我們在這方面有很大的發展空間。與世界其他地區相比，無論是從平均價格還是市場份額來看，考慮到這是我們的本土市場，我們的發展還遠遠不夠。

We've got so many places we can grow there, and you saw them this quarter, and you see them in the Americas. You've got -- we grew in our footwear business. We grew in e-com. We really just grew across the -- we talked about elevated products we're launching. So we've got just one after another thing that we really -- levers we can pull, and they're all very, very visible in the Americas.

我們在那裡有很多可以發展的地方，你們這季已經看到了，在美洲也看到了。你們已經——我們在鞋類業務方面取得了發展。我們在電子商務領域發展壯大。我們確實在各個方面都取得了發展——我們談到了即將推出的高端產品。所以我們現在有很多可以採取的措施，而且這些措施在美洲都非常明顯。

Probably the strongest opportunity in the world right now is the Americas. So I feel really good about what's happening there. And we don't want to forecast into '27, but I don't see anything extraordinary about this quarter that makes it an outlier. I really think this is the kind of -- we should be able to deliver strong performance across The North Face over time.

目前全球最具發展潛力的地區可能就是美洲。所以我對那裡正在發生的事情感到非常滿意。我們不想預測 2027 年的情況，但我認為本季沒有什麼特別之處，不會成為一個異常值。我真的認為這就是我們應該能夠隨著時間的推移在 The North Face 各個方面取得優異成績的原因。

Yes. On the inventory side, dollars are up slightly. That's just to support the strong sales we've had. But overall, inventory days are down pretty much across the board.

是的。庫存方面，美元略有上漲。這只是為了配合我們強勁的銷售業績。但整體而言，庫存週轉天數幾乎全面下降。

You know what else is really good, Brooke, is so many things aren't working well enough yet. We have so many things we can do better, and that makes me even more optimistic. If I look at APAC, I'm sure I'm going to get a question there. APAC, we're soft. And we know we're going to be soft, we'll be soft probably through most of next year because we've really consolidated gains.

布魯克，你知道還有一件好事是，很多事情目前還不夠順利。我們有很多方面可以做得更好，這讓我更樂觀。如果我查看亞太地區，我肯定會在那裡收到問題。亞太地區，我們比較軟弱。我們知道，明年大部分時間裡，我們的股價都會比較疲軟，因為我們已經鞏固了先前的漲幅。

We've had such a long period of strong growth in APAC. We've really expanded our distribution. We're where we ought to be. Now we need to get -- we're missing some products. We really need to have there and get our marketing rev up even more. By the way, thank you, Alex.

我們在亞太地區經歷了長期的強勁成長。我們的分銷管道確實得到了極大拓展。我們現在所處的位置正是我們應該在的位置。現在我們需要進貨——我們缺少一些產品。我們真的需要在那裡開展業務，並進一步加強行銷。對了，謝謝你，亞歷克斯。

And then in EMEA, EMEA is just a macro -- kind of a macro slowdown. I mean we have a really good business in EMEA and optimistic for The North Face there. But I think in general, if you just look across our portfolio, we have a really good performance, and we can do a lot better.

而在歐洲、中東和非洲地區，經濟整體呈現一種宏觀放緩的態勢。我的意思是，我們在歐洲、中東和非洲地區的業務發展得非常好，我對The North Face在那裡的發展前景持樂觀態度。但我認為整體而言，如果你縱觀我們的投資組合，我們表現得非常好，但我們可以做得更好。

Thanks so much.

非常感謝。

Thanks, Brooke.

謝謝你，布魯克。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

Hey guys, I'll add my congrats to the positive inflection there. Did you -- I guess for Vans, did you see the traffic in the US stores improved sequentially? I know you said it improved all the way to positive digitally. Are the stores following that trend to a lag? So we see some impact from the new products working in the physical stores? And then I'm curious, any kind of initial thought you can give us to how the order books are building up for Vans for back-to-school.

嘿，夥計們，我也要祝賀你們，這真是個好兆頭。我猜想，對於Vans來說，您是否注意到美國門市的客流量逐週增長？我知道你說過情況已經完全好轉，數位化方面也轉為正面了。商店是否落後於此趨勢？所以我們看到新產品在實體店產生了一些影響？然後我很好奇，您能否就 Vans 返校季的訂單情況提供一些初步看法？

We probably won't talk about the order books because we usually don't. But I'd say in terms of traffic in stores, no, we didn't see it in stores. I mean it was just traffic -- physical traffic is much tougher to get rolling, and I think it's going to take us longer. But we're really excited about the traffic we saw online.

我們可能不會談論訂單簿，因為我們通常不會。但就門市客流量而言，不，我們沒有在門市看到這種情況。我的意思是，問題就出在交通上——實際的交通狀況要好得多，我認為我們需要更長的時間才能恢復正常。但我們對線上流量感到非常興奮。

So I think we're just going to have to keep going. We continue to try to identify ways that we think we can start to bring the traffic up in our stores. And that is -- that's kind of the holy grail, and we get that going, look out. But right now, the traffic online is exciting to see.

所以我覺得我們只能繼續堅持下去了。我們將繼續努力尋找能夠提升門店客流量的方法。那可是——那才是真正的聖杯，如果我們實現了它，那就等著瞧吧。但就目前而言，網路流量令人興奮。

And I do think things like Demon Hunters, like some of the really specialized products we're launching, we need to direct them more into our stores first. So that you really have to come to our stores to see them because we've got some really cool things that are kind of exclusive. And you look at Demon Hunter, that was super.

而且我認為像惡魔獵人這樣的產品，以及我們正在推出的一些非常專業的產品，我們需要先引導它們更多地進入我們的實體店。所以您真的需要來我們店裡看看，因為我們有一些非常酷的獨家商品。你看惡魔獵手，那真是太棒了。

But we refilled that already, and we've already sold really strongly in the second running of that. So we need to be bringing those more into our stores and making sure our customers are aware that's the place to buy them. We might have made it too easy to buy some of that stuff online. So anyway, so bottom line is, no, the traffic in stores wasn't up yet. But give us time, I think we'll get there.

但我們已經重新補貨了，而且第二批貨的銷量也非常好。所以我們需要把這些商品更多地引入我們的門市，並確保我們的顧客知道這是購買這些商品的最佳地點。我們可能讓網上購買某些東西變得太容易了。總之，結論是，商店的客流量還沒有上升。但給我們一些時間，我想我們一定能做到。

Yes. I would just add that traffic is still down. We did see a slight improvement sequentially from Q2 to Q3. So traffic to Bracken's point, is still down. We haven't yet seen positive traffic yet, but at least the trend is moving in the right direction.

是的。我還要補充一點，交通還是不順暢。從第二季到第三季度，我們確實看到情況略有改善。所以，通往布雷肯角的交通仍然擁擠。雖然我們還沒有看到流量的顯著增長，但至少趨勢正朝著正確的方向發展。

Okay, thanks a lot, guys.

好的，非常感謝各位。

Thanks, Michael.

謝謝你，麥可。

Simeon Siegel, Guggenheim.

西蒙西格爾，古根漢美術館。

Hey guys, morning. I was curious if you could help how you're thinking about the broader just AUR versus unit dynamic across the brands as you're seeing these inflections. And then Bracken, it feels like you're starting to speak, at least mentioned Altra a little bit more than historically.

嘿，各位，早安。我很好奇，在您看到這些轉折點時，您是如何看待各個品牌整體平均用戶銷售與銷售之間的動態關係的。然後，布雷肯，感覺你開始說話了，至少比以前更多地提到了阿爾特拉。

Anything you can elaborate on the brand, the signals you're seeing there just to give you confidence that maybe this becomes a VFC pillar brand, if I'm reading the Easter eggs correctly. Obviously, early, but any way to think about how you'd see sizing potential of that brand? And then just lastly, out of curiosity, what floor were you waving to Alex on as he did that? What's my price?

您能否詳細說明一下這個品牌，以及您在那裡看到的信號，以便讓您確信，如果我正確解讀了彩蛋的話，它可能會成為 VFC 的一個支柱品牌。現在看來還為時過早，但您能否思考一下您認為該品牌在尺寸方面有哪些潛力？最後，出於好奇，當 Alex 做出那個動作時，你是在哪一層樓向他揮手？我的價格是多少？

It's average unit retail, but AUR versus retail -- so first of all, Altra, yes, you do hear me talking about it more. You can see me wearing it a lot more. I've become a raving fan both from -- both because I love the business and also because I love the product. So I've also got a few things I don't want to talk about just yet, but we'll bring them out a little bit later of other people that are now wearing this product that you're going to be surprised at. So we've got a lot of quiet momentum.

這是平均單位零售價，但 AUR 與零售價對比——所以首先，Altra，是的，你會聽到我更多地談論它。你會經常看到我穿它。我成了他們的鐵粉，既是因為我喜歡這家公司，也是因為我喜歡他們的產品。所以，我還有些事情現在不想談，但稍後我們會介紹一些其他正在使用這款產品的人，你們一定會感到驚訝。所以我們現在擁有很大的發展動能。

And as I've said before, we're really holding the brand back. I mean it could be growing faster. We're just not letting it go because we want to control distribution, make sure it's in the places where it establishes a really strong pedigree and awareness as a running brand and a running brand, not just on the trail, but also on the road.

正如我之前所說，我們真的在拖累品牌的發展。我的意思是，它的成長速度還可以更快。我們之所以不放手，是因為我們想控制分銷管道，確保它能夠建立起強大的跑步品牌聲譽和知名度，不僅在越野跑領域，也在公路跑領域。

So I am excited about Altra. I do think it's got -- I said it before, I think it's got $1 billion-plus potential, and it's up to us to make that happen. I was with the founder yesterday here in our Denver headquarters. And he was -- he said to me, he said, when we -- he said, I remember the day when I knew that business could hit $500 million.

所以我對Altra感到很興奮。我確實認為它有——我之前說過，我認為它有超過 10 億美元的潛力，而能否實現這一點取決於我們。昨天我和創辦人一起在我們位於丹佛的總部。他說——他對我說，他說，當我們——他說，我記得我知道公司業務可以達到 5 億美元的那一天。

And I said, wow, I remember the day when I knew it could hit $1 billion. So we're both living a little bit in the future. He was before and we are now, but it's going to go over $250 million this year, probably $270 million and I see a lot of potential beyond that. Do you want to average?

我當時就想，哇，我還記得我知道它能達到 10 億美元的那一天。所以我們兩個都有點活在未來了。他以前是，我們現在也是，但今年肯定會超過 2.5 億美元，可能達到 2.7 億美元，我認為還有很大的成長潛力。你想取平均值嗎？

Yes. I mean I'd say across all the brands, not much change. I'd say for Vans in particular, you're seeing a little bit of an uptick in AUR in the Americas, which is great. And TNF AUR is up as is Timberland. So they're all up, nothing, I would say, too crazy, but all up like moderately.

是的。我的意思是，就所有品牌而言，變化不大。我覺得特別是對於 Vans 來說，美洲地區的 AUR 值略有上升，這很棒。TNF AUR 和 Timberland 的股價都上漲了。所以他們都漲了，我覺得沒什麼太瘋狂的，但都漲得差不多了。

I know you're joking about the floor I was on waving at Alex. I was hiding under my couch waving at Alex while he was on TV. And I was -- I literally had it on in the other room and I would walk in and watch it for a few seconds, and I had to run back out of there. That was the most terrifying thing I've ever seen.

我知道你在開玩笑，說我當時站在地板上向亞歷克斯揮手。電視上播放Alex的畫面，我躲在沙發底下朝他揮手。我當時——我當時就在另一個房間裡看著它，我走進去看了幾秒鐘，然後就不得不跑出去。那是我見過的最恐怖的事。

But I talked to Alex when he flew back when we got back in Las Vegas. And it's amazing how humble the guy is, and he's such a great reflection of what it is to be a great human being and a great athlete.

但我們回到拉斯維加斯後，我和亞歷克斯聊了聊，當時他正搭飛機回來。令人驚嘆的是，他非常謙遜，他完美地體現了偉大的人和偉大的運動員的品質。

And he reflects it really reflects what unfortunately, you can't see every day, which is we have 100 -- 200 people like a lot like Alex, who are super courageous. They really love, love, love what they're doing. They really would and some of them do, do it for almost free or free. And it's just exciting to be part of a business that has a little piece of that.

他所反映的，確實反映了一些不幸的、你無法每天都看到的現象，那就是我們有 100 到 200 個像 Alex 這樣的人，他們非常勇敢。他們真的非常非常熱愛自己正在做的事情。他們確實會這樣做，而且有些人確實這樣做，幾乎是免費或免費。能夠成為一家涉足其中的企業的一份子，真是令人興奮。

It's great. Thanks guys. Best of luck for the year.

這很棒。謝謝各位。祝您新年一切順利。

Tracy Kogan, Citigroup.

崔西‧科根，花旗集團。

Hi, thanks, guys. I was hoping you could talk more about the drivers of the gross margin beat versus your expectations in this quarter. Wondering if you were able to mitigate more. I know you mentioned mix and lower product costs, but I was also wondering about promotions versus your expectations. And then if you could just talk about the drivers of your view for gross margin to be up -- flat to up slightly in 4Q?

嗨，謝謝大家。我希望您能詳細談談本季毛利率超出預期的原因。想知道您是否能夠採取更多措施來緩解這種情況。我知道您提到了產品組合和降低產品成本，但我也想知道促銷活動是否符合您的預期。那麼，您能否談談您認為第四季毛利率將持平或略有成長的驅動因素？

Yes. So on the puts and takes on gross margins, it's a little bit less promotion. So the full price was better. We did have a tariff impact, which we did not mitigate, and we got a little bit of a benefit on the sourcing side. So those are kind of the main components in -- on the gross margin side. And then for Q4, kind of similar trends. We will have some pricing benefiting us to help mitigate some of the tariff impact in Q4 that we didn't have in Q3.

是的。因此，在毛利率的買賣方面，促銷力道會稍微小一些。所以原價比較划算。我們確實受到了關稅的影響，但我們沒有採取任何緩解措施，不過我們在採購方面獲得了一些好處。所以這些是毛利率方面的主要組成。第四季也出現了類似的趨勢。第四季度，我們將有一些定價策略對我們有利，以幫助減輕第三季沒有出現的關稅影響。

Are you expecting lower promotions year-over-year similar to 3Q?

您是否預計促銷活動將像第三季一樣年減？

We don't really talk that much. I mean maybe slightly. We've been -- again, we've been getting a little bit better in that overall, but I would say slightly, but nothing really to call out.

我們其實不太常說話。我的意思是，或許有一點點吧。我們——再說一遍，我們在這方面總體上有所進步，但只能說進步不大，沒有什麼值得特別指出的。

Got it. Thank you.

知道了。謝謝。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, good morning. I'm surprised nobody suggested yet, Alex, do the next climb in the Skate Loafer, just as a thought for cross-brand initiative there. But Bracken, if I could follow up, just in your view, what's it going to take to translate positive global digital traffic for Vans into total growth as you think forward here or a better trajectory for total revenue?

早安.我很驚訝居然還沒有人建議 Alex 下次爬山時穿滑板樂福鞋，這只是一個跨品牌合作的想法。但 Bracken，如果可以的話，我想問一下，在你看來，要將 Vans 的全球數位流量轉化為整體成長，或者說要實現更好的總收入成長軌跡，需要做些什麼？

And then, Paul, if I could just follow up, the medium-term targets, I think you've said you're not putting all the eggs in the basket for fiscal 2028. So can you just give any more flavor how you see revenue and the margin progression playing out at a high level?

然後，保羅，如果我可以追問中期目標，我想你說過你不會把所有雞蛋都放在 2028 財年的籃子裡。那麼，您能否再詳細闡述您對營收和利潤率成長前景的看法？

I'll take the first two, and then Paul can take away it was directed to you. So in terms of how is that translation of this -- finally seeing some good traffic on Vans going to eventually turn into growth on Vans. I've just so carefully avoided ever saying when will the brand turn positive and I'll do it again. But I would say it is a very good sign.

我先收下前兩個，然後保羅可以把這個給你。那麼，從這個角度來看——Vans 終於獲得了一些不錯的流量，這最終會如何轉化為 Vans 的成長？我一直小心翼翼地避免說這個品牌何時會扭轉頹勢，我以後還會這麼做。但我認為這是一個非常好的跡象。

And I think we've got -- we also have just a lot of -- there's a lot of good brand discussion now happening at the Tier zero accounts. We've really got strong interest in our very premium elevated product that we're launching, which we're bringing down into our channels and over time into the wholesale channels, too.

而且我認為我們現在有很多——在零級客戶中有很多關於品牌的好討論。我們即將推出的這款高端產品受到了消費者的熱烈追捧，我們將逐步把它引入我們的銷售管道，並隨著時間的推移，也會引入批發管道。

So I'm really -- I love the path that we're on. It really does feel like the right kind of meaningful path. When I talk to the team that's running the business, you could feel the enthusiasm they have for it. Now they're admittedly living into the future. We live a year out and 2 out, but I feel really good about what they feel. So it's really very, very exciting. I think I will call Alex when we hang up and talk to them about the Skate Loafer for climb. It seems like a great idea.

所以我真的——我非常喜歡我們正在走的這條路。這確實感覺是一條正確的、有意義的道路。當我與負責公司營運的團隊交談時，你能感受到他們對這份事業的熱情。現在他們承認，他們正在生活在未來。我們提前一年和兩年就結婚了，但我對他們的感受感到非常滿意。所以這真的非常非常令人興奮。我想掛斷電話後給 Alex 打個電話，跟他們談談攀岩用的滑板樂福鞋。這似乎是個好主意。

So on the medium-term targets, yes, I mean look, we still feel good about all those targets. So nothing changes from the perspective of what we've given you in terms of our goals, where we get to. So you think about the operating margin, we said it will be 6.5% or better this year, exit run rate, fiscal '28 to 10%.

所以就中期目標而言，是的，我的意思是，我們仍然對所有這些目標感到樂觀。所以從我們向你們展示的目標以及我們最終要達到的程度來看，一切都沒有改變。所以，想想營業利益率，我們說今年會達到 6.5% 或更高，2028 財年最終達到 10%。

So you can assume we're going to have some improvements in '27, '28 to get there. So we still expect to get that. We continue to pay down debt. So if you think about we went from 4.1 times to 3.5 times leverage. So you can see there's a pretty clear path to go from 3.5 times to 2.5 times just if we stayed where we are, we obviously expect our operating income to do better and our operating cash flow to do better over time, which will obviously help on reducing that leverage. And so we feel like we're in a really good place to hit that 2.5 times leverage.

所以你可以預期，在 2027 年和 2028 年，我們會有一些改進來實現這個目標。所以我們仍然期望能得到它。我們繼續償還債務。所以想想看，我們的槓桿率從 4.1 倍降到了 3.5 倍。所以你可以看到，如果我們保持現狀，從 3.5 倍降至 2.5 倍是有一條相當清晰的路徑的。我們顯然預期隨著時間的推移，我們的營業收入和營運現金流會變得更好，這顯然有助於降低槓桿率。因此，我們感覺我們處於非常有利的位置，可以實現 2.5 倍的槓桿。

And our free cash flow was strong this year, and it was strong in the face of $100 million headwind from tariffs, a $35 million headwind from Dickies. And we also are spending about 33%, 35% more in CapEx right now year-to-date. And so -- and we're able to do all that and still generate the free cash flow we want to continue to pay down debt. So we feel like we're in a really good place to hit those targets. And as we get closer to the end of the year, we'll give you more guidance and thoughts on fiscal '27.

今年我們的自由現金流表現強勁，即使面臨關稅帶來的 1 億美元不利影響和 Dickies 帶來的 3500 萬美元不利影響，仍然保持強勁。而且，我們今年迄今的資本支出也增加了約 33% 到 35%。因此──我們能夠做到這一切，也能產生我們想要的自由現金流，繼續償還債務。所以我覺得我們處於非常有利的位置，能夠實現這些目標。隨著年底臨近，我們將就 2027 財年提供更多指導和想法。

I'll just throw out one thought on debt. You heard -- those of you who have been listening for a while, you've heard both Paul and me independently and practically as a do out, say how much we dislike debt. And it's -- that's certainly not changed, which is why we're aggressively bringing down the debt levels. But there's a big benefit to that, which is it's really forced us to not rely on M&A.

關於債務，我只想說一點看法。你們都聽到了——那些一直關注我們節目的人，你們都聽到保羅和我分別、實際上也一起說過，我們多麼討厭債務。這一點肯定沒有改變，所以我們才要積極降低債務水準。但這樣做有一個很大的好處，那就是它真的迫使我們不再依賴併購。

And so we've really focused on organic growth. And it's the reason why you saw us go positive this quarter. It's complete obsession with getting our businesses growing and our brands growing the right way, so systematically. I think it's partly because there is that discipline of debt hanging out there that as we bring it down, we're bringing it down fast.

因此，我們真正專注於有機成長。這也是你們看到我們本季獲利的原因。我們完全沉迷於以正確的方式、有系統地發展我們的業務和品牌。我認為部分原因是債務帶來的約束力，使得我們在降低債務的同時，也能快速降低債務。

We don't have a lever that we're going to go try to pull on M&A. We're going to grow these brands. We have amazing brands and some of the particularly impressive brands we have, we don't talk about very much. So we've got growth opportunities across the board.

我們沒有可以藉以左右併購的手段。我們將發展壯大這些品牌。我們擁有許多優秀的品牌，但其中一些特別令人印象深刻的品牌，我們很少提及。因此，我們各個領域都有發展機會。

That's great. Thank you.

那太棒了。謝謝。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

Hey guys, this is Noah on for Anna. So good to hear Vans expected down mid-single digits for 4Q. Can you elaborate how we should think about DTC versus wholesale for the brand? And then anything by geo going forward?

大家好，我是諾亞，今天替安娜為你們報道。很高興聽到 Vans 預計第四季業績將出現個位數百分比的下滑。您能否詳細說明一下，對於品牌而言，我們應該如何看待 DTC（直接面向消費者）和批發模式？接下來還會有按地理位置劃分的嗎？

And then as a follow-up, on North Face, you've mentioned premiumization as a focus as an opportunity for the brand. How do you think about that? And why now is the right time to do so? How do you envision The North Face positioning versus some of the newer brands in the category?

然後，作為後續討論，關於北面品牌，您提到高端化是該品牌關注的重點和機會。你對此有何看法？為什麼現在是做這件事的好時機？您認為The North Face與該類別中的一些新興品牌相比，市場定位有何不同？

Yes. On the DTC versus wholesale, I probably -- if you had to rank them, I'd say probably we'll see -- first of all, if you asked me where am I focused? I'm focused on the Americas right now. It's 50% of the Vans business. As the North American market goes, Vans goes. So we're really focused there.

是的。關於 DTC 與批發，我可能會——如果要給它們排名的話，我會說我們拭目以待——首先，如果你問我我的關注點在哪裡？我現在主要關注美洲地區。這佔Vans業務的50%。北美市場的走向決定了Vans的命運。所以我們非常關注這一點。

So -- and then within that, I would say, yes, DTC first, but even there, e-com first. So e-com is the fastest lever we can pull because the products can get there faster, they can be displayed well. We're getting better at social marketing, which we can bring consumers to our site. And so between good products and good marketing, I think you'll see that we're really keeping our eye on DTC for Vans first, but particularly e-com.

所以——然後在此基礎上，我會說，是的，DTC優先，但即使在DTC中，電子商務也優先。所以電子商務是我們能採取的最快措施，因為產品可以更快地送達，並且可以得到很好的展示。我們在社群行銷方面越來越出色，我們可以利用社群行銷將消費者吸引到我們的網站。因此，憑藉好的產品和好的行銷，我認為你會看到我們首先真正關注的是 Vans 的 DTC（直接面向消費者）管道，尤其是電子商務管道。

And the stores are harder. So that's going to come. It's just going to come with a little lag and then wholesale after that. In terms of premiumization for North Face, why now? It's kind of one of those things where there's just -- it's such a great opportunity, and I'll go back to the comment I made a minute ago, especially in North America, we're not going to go start selling 50% of our business at $1,100. But we do have opportunities around the world in premiumization.

而且商店也更難進了。所以，那件事終究會發生。一開始會有一點延遲，然後就會全面鋪開。就北面品牌而言，為什麼現在要進行高端化？這有點像是那種——這是一個絕佳的機會，我再回到我剛才說的評論，尤其是在北美，我們不會以每股 1100 美元的價格出售我們 50% 的業務。但我們在全球範圍內確實存在高端化方面的機會。

Summit Series, we don't talk about it that way, but Summit Series is a very premium product lineup, and it's very small today, but it has a really good growth potential, too, as does the more lifestyle-oriented product like the Leather Pack that we talked about. So there's -- why now? Because there's just such a good opportunity. You're not going to see us go crazy.

我們不這麼稱呼 Summit 系列，但 Summit 系列是一個非常高端的產品系列，目前規模很小，但它也具有非常好的成長潛力，就像我們之前提到的皮革套裝等更注重生活方式的產品一樣。所以問題來了──為什麼是現在？因為機會實在太好了。你不會看到我們發瘋的。

We're not. I don't like jigsaw. I don't like these ups and downs. I like systematic growth. So you'll see us systematically change that North Face offering to systematically see us premiumize. So don't expect a revolutionary change. That would be dangerous in my view. We're going to do it systematically and carefully and well. Thank you, Noah. Otherwise, aka Anna.

我們不是這樣。我不喜歡拼圖遊戲。我不喜歡這種起伏不定。我喜歡循序漸進的發展方式。所以你會看到我們逐步改變北面的產品線，逐步提升其高端化水準。所以不要期待革命性的改變。在我看來，那樣做很危險。我們將有條不紊、認真細緻地做好這件事。謝謝你，諾亞。否則，就叫安娜吧。

Jay Sole, UBS

Jay Sole，瑞銀

(Operator Instructions)

（操作說明）

Hi, is that working? You are working. Yes, I thought you were on the fourth floor and you lost connection like Alex.

你好，這個功能可以用嗎？你正在工作。是的，我以為你在四樓，然後像 Alex 一樣失去了網路連線。

I don't think I was admitted to the fourth floor on that. I would have been up on that (inaudible) and I climbed. But I think the question is about guidance. We're still doing one quarter time guidance. How are you thinking about possibly giving full year guidance? What needs to change for you to start giving a longer-term outlook?

我覺得我當時沒被允許進入四樓。我本來應該要爬上去的（聽不清楚），而且我爬了上去。但我認為問題在於指導。我們仍然只提供季度業績指引。您打算如何提供全年業績指引？你認為需要做出哪些改變才能開始著眼於更長遠的未來？

I'm going to jump in ahead of Paul because I'm afraid he's going to answer that we agree with, but we haven't decided whether we really agree with it. Look, at the end of the day, we pull guidance because I think you can guide when you have predictability. And then we haven't put it back because, gosh, it's really nice not to give full year guidance. It's really comfortable. But we also know that investors like it.

我打算搶在保羅前面發言，因為我擔心他會給出我們同意的答案，但我們還沒有決定是否真的同意。歸根究底，我們之所以發布指導意見，是因為我認為只有具備可預測性才能進行有效指導。然後我們也沒有把它放回去，因為，哎呀，不用給出全年業績指引的感覺真好。它真的很舒服。但我們也知道投資者喜歡它。

And so we're seriously considering. We're going to think through it, and we're weighing the pros and cons. It's a really -- I think it's a really good thing in some ways and a really bad thing in other ways from some viewpoints. But we're thinking carefully through it. And I promise you that we are not underestimating that there's a lot of interest out there for it. So stay tuned.

所以我們正在認真考慮。我們會仔細考慮，權衡利弊。我覺得從某些角度來看，這確實是件好事，但從其他角度來看，這又是一件壞事。但我們正在認真考慮這個問題。我向你們保證，我們絕對不會低估外界對它的興趣。敬請期待。

Bracken, maybe just a follow up on that. I mean just given the fourth quarter is coming up, I mean, would the fourth quarter be a more important quarter to try to reintroduce that kind of full year guide? Or does it really not matter what quarter you're reporting?

布雷肯，或許可以就此做個後續說明。我的意思是，鑑於第四季即將到來，第四季是否是重新推出全年業績指引的重要時機？或者說，你報告的是哪個季度的報告真的無關緊要嗎？

Yes. I mean, logically, if you were going to reintroduce the guide, you'd probably do it in the fourth quarter of this year or next year or something. So yes, I think that makes a lot of sense, either they close the quarter kind of after you finish the year or something like that.

是的。我的意思是，從邏輯上講，如果你要重新推出該指南，你可能會在今年第四季或明年某個時候這樣做。所以，是的，我認為這很有道理，要么他們會在一年結束後才結束季度結算，或者類似的情況。

Yes. I would just add one thing on guidance, too, because I know this quarter, obviously, we exceeded expectations. Our philosophy on guidance in terms of whatever we guide hasn't really changed, right? We're always going to give ranges. Our goal is to hit the top end of the range in a really good quarter, exceed the range, but really at the top end of the range. And so nothing has changed with that.

是的。關於業績指引，我還要補充一點，因為我知道本季我們顯然超出了預期。就我們所指導的事物而言，我們的指導理念並沒有真正改變，對吧？我們總是會給出範圍。我們的目標是在一個非常好的季度達到預期範圍的上限，甚至超過預期範圍，但真正達到預期範圍的上限。所以，這方面沒有任何改變。

So I know sometimes you have quarters where you're right in the range, sometimes you have quarters when you outperform. We outperformed just organically in this quarter. If you look at the outperformance, it was really all DTC. DTC is obviously a little bit less predictable than wholesale. And so our guidance philosophy hasn't changed. We just had a really strong quarter and it was really led by DTC, which can always be a little bit more variable in any quarter. So I just want to kind of reiterate sort of how we think about guidance.

所以我知道，有時候你的業績會處於正常範圍內，有時候你會有業績超出預期的季度。本季我們的自然成長業績就超過了預期。如果仔細分析效能提升，就會發現這完全是DTC的功勞。DTC（直接面向消費者）的銷售顯然比批發銷售更難以預測。因此，我們的指導理念並沒有改變。我們剛剛經歷了一個非常強勁的季度，這主要得益於 DTC 業務，而 DTC 業務在任何季度都可能出現一些波動。所以我想重申我們對指導的看法。

Okay, thank you so much.

好的，非常感謝。

It sounds like that's the last question unless you have another one, operator.

聽起來這是最後一個問題了，除非您還有其他問題，接線員。

There are no further questions at this time.

目前沒有其他問題了。

Okay. Well, I'll bring this to a close. We feel great about our progress. We feel great about the results we delivered this quarter. There are so many things that we can do better. That's the best news. We're really seeing great improvement, and we have so many more things to make better.

好的。好了，我就說到這裡吧。我們對所取得的進展感到非常滿意。我們對本季所取得的業績感到非常滿意。我們有很多方面可以做得更好。這是最好的消息。我們確實看到了很大的進步，但還有很多方面需要改進。

So I'm really excited about where we are. I'm going to -- at some point soon, I'm going to stop calling this a turnaround of V.F. because it will no longer be. It's about growth. And we're going to stay focused on really fulfilling this enormous potential we have across each of our brands, all of our brands and creating exceptional shareholder value. So thanks, everyone. Stay tuned. We'll see you in a quarter.

我對我們目前所取得的成就感到非常興奮。我打算－不久的將來，我將不再稱V.F.的這次轉型為轉機，因為它不再是了。關鍵在於成長。我們將繼續專注於充分發揮我們所有品牌所蘊含的巨大潛力，為股東創造卓越的價值。謝謝大家。敬請關注。我們下個季度再見。

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。