威富公司 (VFC) 2026 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the VF Corporation fourth quarter and full year fiscal '26 earnings call. (Operator Instructions)

各位女士、先生，感謝各位加入我們，歡迎參加 VF Corporation 2026 會計年度第四季暨全年財報電話會議。(接線員指示)

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

現在我將把會議交給投資人關係副總裁 Allegra Perry。請開始。

Hello, everyone. Coming to you live from Vans headquarters in sunny Southern California, welcome to VF Corporation's fourth quarter fiscal 2026 conference call.

各位好。我們從陽光明媚的南加州 Vans 總部現場連線，歡迎參加 VF Corporation 2026 會計年度第四季電話會議。

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. Unless we say otherwise, amounts that are referred 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 present the true operational performance and underlying results of our business.

在今天的電話會議中，我們將作出前瞻性陳述。這些陳述係基於目前的預期，並受不確定性影響，可能導致實際結果與所述內容出現重大差異。相關不確定性已在我們定期向 SEC 提交的文件中詳述。除非我們另有說明，今天電話會議中提及的金額均以調整後、固定匯率、持續營運，且排除 Dickies 的基礎呈列；我們已在今早發布於投資人關係網站的簡報中加以定義。我們在討論中以這些作為主要指標，因為我們相信它們能更準確呈現本公司業務的真實營運表現與基本成果。

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 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.

我們也可能提及依照美國 GAAP 編製的報告金額。GAAP 指標與調整後金額之間的調節表載於簡報所附的補充財務表中；其中我們辨識並說明所有排除項目，並提供管理層對於為何此資訊對投資人有用的觀點。

Joining me on today's call are VF's President and Chief Executive Officer, Bracken Darrell; EVP and Chief Operating Officer, Abhishek Dalmia; and EVP and Chief Financial Officer, Paul Vogel. Following our prepared remarks, we'll open the call for your questions.

今天與我一同參與電話會議的有 VF 總裁暨執行長 Bracken Darrell；執行副總裁暨營運長 Abhishek Dalmia；以及執行副總裁暨財務長 Paul Vogel。在我們的準備發言結束後，將開放各位提問。

I'll now hand over to Bracken.

現在我把時間交給 Bracken。

Allegra, I've got to correct you. It's not sunny here. It's 5:00 in the morning, let's be honest. (laughter) Although it always feels sunny in California, and we had a pretty sunny quarter. Thanks, Allegra. Everybody, thank you for joining the call.

Allegra，我得更正你一下。這裡並不晴朗。老實說，現在是清晨 5 點。(笑聲) 不過加州總讓人感覺陽光普照，而我們這一季也相當「陽光」。謝謝你，Allegra。各位，感謝加入本次電話會議。

We finished this year strong, exceeded our fourth quarter guide, and took another big step towards transforming VF. We returned to sales growth for the year for the first time in three years. Our portfolio is getting healthier. In fiscal year 2024, taking it back a way, including Dickies, 43% of our business was growing. Now, as we finish fiscal year '26, 70% of our business is growing. We also expanded operating margins to 7% in fiscal year '26. To remind you, that's an expansion of 220 basis points over the 4.8% we had in fiscal '24, including Dickies.

我們以強勁表現結束本年度，第四季表現超越指引，並在推動 VF 轉型方面再邁出一大步。我們在三年來首次實現全年銷售成長。我們的品牌組合正變得更健康。回顧 2024 會計年度（往前說一點），包含 Dickies 在內，我們有 43% 的業務在成長。如今在 2026 會計年度結束時，我們有 70% 的業務在成長。我們也在 2026 會計年度將營業利益率擴大至 7%。提醒各位，這相較於 2024 會計年度（包含 Dickies）4.8% 的水準，擴大了 220 個基點。

Over the last three years, we've paid off over half of our net debt, excluding lease liabilities. Let me repeat that. Over half of our net debt is paid off, excluding lease liabilities. Net debt has dropped from $5.8 billion to $2.7 billion. As a result, we've dropped our leverage from 5.1 times to 2 times, a full 2 turns in two years. A lot of strong progress on growth, on cost, and on the balance sheet.

過去三年，我們已償還超過一半的淨負債（不含租賃負債）。我再重申一次。我們已償還超過一半的淨負債（不含租賃負債）。淨負債已從 58 億美元降至 27 億美元。因此，我們的槓桿倍數從 5.1 倍降至 2 倍，兩年內足足下降 2 個 turn。在成長、成本與資產負債表方面都取得了許多強勁進展。

We've strengthened our financial position while we've increased our investment in brand building, product creation, and ultimately in growth, which is what it's all about. Our results demonstrate that our strategy is working and that we're well on track with VF's transformation. I'm very confident in our ability to drive strong performance and shareholder value in the years ahead.

我們在強化財務體質的同時，也加大對品牌建設、產品創造，最終對成長的投資——這才是核心。我們的成果證明策略正在奏效，且 VF 的轉型正穩步推進。我對未來幾年推動強勁表現並為股東創造價值的能力非常有信心。

Now, let me turn briefly to Q4. We delivered our strongest revenue performance in three years with revenue up 3% versus last year, ahead of our expectations and despite an evolving macro environment. In the Americas, our largest market, we accelerated growth to 10%, including a return to growth for Vans for the first time in almost four years.

接著我簡要談談第四季。我們交出三年來最強的營收表現，營收較去年成長 3%，優於我們的預期，且是在宏觀環境持續演變的情況下達成。在我們最大的市場美洲地區，成長加速至 10%，其中 Vans 也在近四年來首次重返成長。

Our revenue performance helped drive stronger than anticipated operating income of $54 million. We ended the fiscal year with a strong Q4, growing revenue and expanding margins while further strengthening our balance sheet.

我們的營收表現帶動營業利益達到高於預期的 5,400 萬美元。我們以強勁的第四季結束本會計年度，在營收成長與利潤率擴張的同時，進一步強化資產負債表。

Now, let me talk just about a few brand highlights for the quarter. We're continuing to see progress across the portfolio, starting with The North Face. The brand grew 7%, driven by broad-based growth across categories and by stellar performance in the Americas, up 16%. Our investments in product creation and innovation are delivering results. Softshells and fleece were key drivers in apparel. Our investment into footwear is showing strong results, or continues to, and in fact, we have now delivered five consecutive double-digit growth quarters.

接下來我談幾個本季的品牌重點。我們持續看到整體品牌組合的進展，先從 The North Face 開始。該品牌成長 7%，受惠於各品類的廣泛成長，以及美洲地區亮眼表現（成長 16%）。我們在產品創造與創新上的投資正在帶來成果。在服飾方面，軟殼與刷毛是主要驅動因素。我們對鞋類的投資持續展現強勁成效；事實上，我們已連續五個季度達成兩位數成長。

Finally, we made an exciting announcement last week, which I hope you saw, which further underlines the performance credentials of this brand. We announced a new multi-year strategic partnership for The North Face with the US Ski & Snowboard Team. In other words, we'll be outfitting the US Ski & Snowboard athletes as they compete on the world stage, including at the upcoming Winter Olympic Games.

最後，我們在上週發布了一項令人振奮的公告——希望各位已看到——這也進一步凸顯該品牌的性能實力。我們宣布 The North Face 與美國滑雪與單板滑雪隊（US Ski & Snowboard Team）建立新的多年期策略合作夥伴關係。換言之，我們將為美國滑雪與單板滑雪選手提供裝備，讓他們在世界舞台上競賽，包括即將到來的冬季奧運會。

As the exclusive performance apparel sponsor, athletes will wear The North Face across all major events, including the World Cup, all World Cup events, and of course, the Winter Olympic Games and official training camps through at least 2034. Of course, our customers can also buy this apparel, and we're sure they will. The brand will be front and center on the world stage, further cementing its commitment to elite mountain and adventure sport athletes.

作為獨家性能服飾贊助商，選手將在所有主要賽事穿著 The North Face，包括世界盃、所有世界盃賽事，當然也包括冬季奧運會，以及官方訓練營；合作至少延續至 2034 年。當然，我們的消費者也能購買這些服飾，我們相信他們一定會。該品牌將在世界舞台上成為焦點，進一步鞏固其對頂尖山岳與冒險運動選手的承諾。

This is an exciting time for The North Face, and we're making progress on our path to doubling this business over time. There's so many ways we can grow this brand. Category growth, market share growth, new categories we can expand into, and finally, elevation to more premium versions of the products we already sell at higher price points. We have a lot of pent-up opportunity to drive growth at The North Face.

對 The North Face 而言，這是令人振奮的時刻；我們也正朝著長期將這項業務規模倍增的道路上持續前進。我們有很多方式可以推動這個品牌成長。包括品類成長、市占率成長、可擴展的新類別，以及最後，將我們既有產品升級為更高端版本並以更高價格帶銷售。The North Face 仍有大量蓄積的機會可用來推動成長。

Let's turn now to Timberland, which grew 2% this quarter as expected. Our DTC growth was up 8%, driven in part by full price stores. Wholesale was slightly down versus last year, primarily due to lower distressed sales. The 6-inch premium boot continues to be the key engine behind the brand's momentum.

接著看 Timberland，本季如預期成長 2%。我們的 DTC 成長 8%，部分由全價門市帶動。批發業務較去年小幅下滑，主要因為低價清庫（distressed sales）減少。6 吋 Premium 靴款仍是推動品牌動能的關鍵引擎。

We're also seeing good results from the boat shoe, which is growing across all regions with significant growth potential ahead. We'll continue to both build on the strength of the iconic boot, but also introduce more innovation across the rest of our footwear assortment.

我們也看到船鞋（boat shoe）帶來良好成果，該品項在所有地區皆呈成長，且未來仍有顯著的成長潛力。我們將持續在經典靴款的優勢基礎上再接再厲，同時也在其餘鞋類產品組合中導入更多創新。

And starting this fall, we're resetting our apparel proposition to create a better head-to-toe expression that matches our footwear offering. As part of these efforts, we're also focusing on our women's business, and you'll see more there, too. We're driving the brand's energy and leveraging its cultural relevancy through collaboration, seeding, and partnerships. We're continuing to see positive brand search interest in the US and the UK. More recently, in April, Timberland was awarded the Fashion Maverick Award of the Year at the American Image Awards.

並且從今年秋季開始，我們將重新調整服飾產品主張，打造更完整的「從頭到腳」整體呈現，以匹配我們的鞋類產品供給。作為這些努力的一部分，我們也將聚焦女性業務，各位也會在這方面看到更多動作。我們正透過聯名合作、種草投放（seeding）與夥伴關係，提升品牌能量並運用其文化相關性。我們持續看到 Timberland 在美國與英國的品牌搜尋熱度呈正向趨勢。更近期地，在 4 月，Timberland 於 American Image Awards 獲頒年度 Fashion Maverick Award。

We also, as you know, are expanding our distribution footprint with 11 full-price stores now open and operating in our home market. The outsized productivity shown by our new stores are early proof points of our new operating model working as planned. We have exciting plans for Timberland in the coming seasons as we continue to set the stage for long-term profitable growth ahead. This brand could become much larger over time, and I'm confident we're taking the right strategic steps to ensure that happens.

我們也如各位所知，正在擴大我們的通路版圖，目前在本土市場已有 11 家正價門市開幕並營運。新店展現的超預期生產力，是我們新營運模式按計畫奏效的早期證據。未來幾季我們對 Timberland 有令人振奮的規劃，並將持續為長期獲利成長奠定基礎。這個品牌隨時間推移有機會變得更大，我有信心我們正採取正確的策略步驟來確保這一點發生。

Now let's talk about Altra. Altra had an exceptional Q4 performance. Another fifth consecutive quarter -- the fifth consecutive quarter of double-digit growth here too, across all regions and channels. Revenue grew 45%, driven by broad-based growth everywhere and new launches. Growth for the year was over 30%, with revenues surpassing $270 million.

現在我們來談談 Altra。Altra 在第四季表現非常出色。這也是連續第五個季度——同樣是連續第五個季度在所有地區與通路都達成雙位數成長。營收成長 45%，主要由各地全面性成長與新品上市所帶動。全年成長超過 30%，營收突破 2.7 億美元。

Performance was led by successful franchise launches including the original Lone Peak, now the Lone Peak 9, and the Experience, and strong execution in both DTC and wholesale. We have a really differentiated product in this space, and we're continuing to drive awareness, which remains very low.

表現主要由成功的主力系列上市所帶動，包括原始的 Lone Peak（現為 Lone Peak 9）、Experience，以及在 DTC 與批發兩端的強勁執行力。我們在這個領域擁有非常差異化的產品，並持續提升品牌認知度，而目前認知度仍然非常低。

I talked about investing in product creation and marketing, and Altra is a brand where we've absolutely increased the investment to drive growth. We're excited to see outsized growth in search interest, traffic, and new consumer acquisition. This brand plays in a very large addressable market, and we believe this can be a billion-dollar-plus brand over time. There's so much opportunity here.

我先前談到在產品創造與行銷上的投資，而 Altra 正是我們確實加大投資以推動成長的品牌。我們很高興看到搜尋興趣、流量與新客獲取都出現超預期成長。這個品牌所處的是一個可觸及市場非常龐大的領域，我們相信長期來看它可以成為年營收超過 10 億美元的品牌。這裡有非常多的機會。

Now let's talk about Vans. Q4 was down globally by 5% year-over-year. What I'm most excited about by far is our progress in Americas DTC. Remember, DTC is where we are closest to the consumer with our products and our marketing. Americas is more than 50% of our total business, and it's where the trends start for Vans.

現在我們來談談 Vans。第四季全球年對年下滑 5%。到目前為止最令我振奮的是我們在美洲 DTC 的進展。請記得，DTC 是我們在產品與行銷上最貼近消費者的地方。美洲占我們總業務超過 50%，也是 Vans 趨勢的起點。

If you remember, our e-comm business in the Americas first turned to growth in Q3 of 2026 with 4% growth. In Q4, Americas total DTC grew 5%. The Americas is the foundation for the brand's energy. This is where we said the recovery would start, and as the Americas DTC continues to grow, its brand heat will start to show up elsewhere. These tangible green shoots are a result of our focus on product and brand energy at Vans. You'll hear Abhishek talk more on the work we're doing on speed to market, which helps us with newness.

如果各位還記得，我們在美洲的電商業務在 2026 年第三季首次轉為成長，成長 4%。第四季，美洲整體 DTC 成長 5%。美洲是品牌能量的基礎。我們曾說復甦會從美洲開始，而隨著美洲 DTC 持續成長，其品牌熱度也將開始在其他地區顯現。這些具體的正向跡象，是我們聚焦於 Vans 的產品與品牌能量所帶來的成果。你們也會聽到 Abhishek 更深入談到我們在縮短上市速度（speed to market）上的工作，這有助於提升新品供給。

Newness continues to build across the assortment as we re-energize our core icons, one silhouette at a time. As an example, the Pearlized drops are having great consumer response and driving improving results within the Old Skool franchise. Another icon, the Authentic, delivered outstanding growth in the quarter, up 80% versus last year. Slip-Ons returned to growth, too. Apparel also returned to growth in Q4. Vans continued to leverage a social-first, culture-led marketing approach, amplifying product stories and driving traffic, particularly into digital channels.

隨著我們逐一為核心經典款注入新能量，整體商品組合的「新品感」持續累積。例如，Pearlized 系列上市獲得消費者熱烈回應，並帶動 Old Skool 系列的表現改善。另一個經典款 Authentic 在本季也交出亮眼成長，較去年成長 80%。Slip-Ons 也重回成長。服飾品類在第四季同樣回到成長。Vans 持續採用以社群優先、文化引領的行銷方式，放大產品故事並帶動流量，特別是導入數位通路。

During our fourth quarter, we launched our Off the Wall campaign anchored around the Authentic, it resonated with consumers and supported improved search and engagement trends in key markets. Our strategic investments in design, brand energy, and demand creation have been instrumental in driving improved performance for the brand. We are excited about the progress at Vans.

在第四季期間，我們推出以 Authentic 為核心的 Off the Wall 行銷活動，與消費者產生共鳴，並支持關鍵市場的搜尋與互動趨勢改善。我們在設計、品牌能量與需求創造上的策略性投資，是推動品牌表現改善的關鍵。我們對 Vans 的進展感到振奮。

Turning to FY 2027. Paul will go deeper in a minute. I feel very good about our forecasting abilities, and today we're reinstating annual guidance. We're expecting our second consecutive year of growth and strong progress towards our 10% operating margin medium-term goal.

接著談 2027 財年。Paul 等一下會更深入說明。我對我們的預測能力非常有信心，因此今天我們將恢復提供全年財測指引。我們預期將連續第二年成長，並朝中期 10% 營業利益率目標取得強勁進展。

I also understand better the seasonality of our business today, based on the wholesale order flows and the mix of our business quarter by quarter. As you'll hear from Paul, we expect Q1 revenue to be down slightly, low single digits. Remember, it's a very small quarter for the year and has no impact on our ability to deliver our guidance for the year.

我也更了解我們業務的季節性，這是基於批發訂單流向以及我們逐季的業務組合。如同你們將聽到 Paul 所說，我們預期第一季營收將小幅下滑，約為低個位數。請記得，第一季在全年中占比很小，且不影響我們達成全年指引的能力。

With respect to Vans, first let me say that for the full year, we're going to move from a double-digit decline last year to a mid-single digit decline this year. The more important signal is that we will continue to deliver growth in Americas DTC throughout fiscal year '27.

就 Vans 而言，首先我想說，全年我們將從去年雙位數下滑，改善為今年中個位數下滑。更重要的訊號是，我們將在 2027 財年全年持續交付美洲 DTC 的成長。

Overall, the front half will be weaker than the back half. Wholesale will start weaker and pick up steam as the DTC growth drives order flow. We still have work to do in our wholesale business in the US and around the world. We'll be focusing on continuing to accelerate in DTC and developing a stronger global wholesale growth engine.

整體而言，上半年會比下半年疲弱。批發端將先偏弱，並隨著 DTC 成長帶動訂單流而逐步加速。我們在美國及全球的批發業務仍有工作要做。我們將聚焦於持續加速 DTC，並打造更強健的全球批發成長引擎。

In the near term, as Abhishek and Paul will also tell you in a minute, we're operating in an unusual macro environment with two wars at least and tariffs in flux. Like others in our sector, we're impacted by the developments in the Middle East. Despite these headwinds, we're on track to deliver our medium-term targets.

短期內，正如 Abhishek 與 Paul 稍後也會提到，我們正處於一個不尋常的總體環境中，至少有兩場戰爭，且關稅變動不定。與本產業其他公司一樣，我們也受到中東局勢發展的影響。儘管面臨這些逆風，我們仍按計畫推進以達成中期目標。

Important, I'd like to emphasize our confidence in getting to the 10% margins we promised. Now we've returned to growth in fiscal year 2026, and we'll grow again in 2027, and we're not going back. We're shifting our initial turnaround phase to our growth phase. So this next part of our story is all about driving durable, profitable growth for many years to come.

重要的是，我想強調我們對達成所承諾 10% 利潤率的信心。我們已在 2026 財年重回成長，2027 年也將再次成長，而且不會走回頭路。我們正把最初的扭轉階段轉向成長階段。因此，接下來這段故事的重點，就是在未來多年推動可持續、具獲利性的成長。

Overall, looking ahead through fiscal year '27, just like looking back on the past two years, you'll see more growth, better margins, lower debt, and better leverage in the coming years.

整體來看，展望至 2027 財年，正如回顧過去兩年一樣，你們將看到更多成長、更佳利潤率、更低負債，以及未來幾年更好的槓桿表現。

Today, I've asked our Chief Operating Officer, Abhishek Dalmia, to provide an update on our turnaround strategy a year on from our last Investor Day. We've really accomplished a ton over the last year, and all these building blocks are contributing to both near-term success and will contribute a lot more as we move forward.

今天，我請我們的營運長（Chief Operating Officer）Abhishek Dalmia，在距離上次投資人日一年後，為各位更新我們的轉型策略。過去一年我們確實完成了大量工作，而這些基礎建設不僅正在促成短期成功，也將在我們持續前進時帶來更大的貢獻。

Abhishek, welcome to the earnings call. The floor is yours.

Abhishek，歡迎加入法說會。接下來交給你。

Thank you, Bracken. Good morning, everyone. It's great to be here, and I'm excited to speak directly about the work our teams are doing every day to transform this company.

謝謝你，Bracken。各位早安。很高興來到這裡，我也很期待直接談談我們團隊每天為轉型這家公司所做的工作。

What gives me energy is that transformation is no longer just a plan or a set of initiatives. It shows up in the way we operate, the decisions we make, and the results we are delivering. As you heard, gross margins of 55% plus, leverage ratio improvement of 2 turns, and positive growth for full-year.

讓我充滿動力的是，轉型不再只是計畫或一系列倡議。它體現在我們的營運方式、我們做出的決策，以及我們正在交付的成果上。如各位所聽到的，毛利率達 55% 以上、槓桿比率改善 2 個 turns，以及全年正成長。

In October 2024, we shared with you our plan to transform VF with a focus on strengthening the balance sheet and creating a more durable foundation for profitable growth. Paul will share more detail around our commitments, but we remain focused on delivering against these medium-term commitments. Gross margin of at least 55%, exit run rate operating margin of 10% in FY 2028, and leverage ratio of 2.5x or less by FY 2028.

在 2024 年 10 月，我們與各位分享了轉型 VF 的計畫，重點在於強化資產負債表，並建立更具韌性的獲利成長基礎。Paul 將就我們的承諾提供更多細節，但我們仍專注於達成這些中期承諾。毛利率至少 55%、在 2028 財年達到 10% 的營業利益率退出運行率（exit run rate），以及在 2028 財年前將槓桿比率降至 2.5 倍或以下。

We are two years into a four-year journey to our medium-term targets. While macro environment has become more complex, our commitment has not changed. At the start of the turnaround, our primary focus was liquidity and leverage. You heard from Bracken, we have made meaningful progress there, and this matters because it gives us flexibility to reinvest behind our brands to pursue growth.

我們正處於邁向中期目標的四年旅程中的第二年。儘管宏觀環境變得更為複雜，我們的承諾並未改變。在轉型初期，我們的首要重點是流動性與槓桿。正如你們從 Bracken 那裡聽到的，我們在這方面已取得實質進展；這很重要，因為它讓我們有彈性在品牌上加大再投資以追求成長。

Beyond portfolio moves, our turnaround has been focused on three key areas: expanding gross margin, controlling SG&A, and accelerating top-line growth. All three are progressing in parallel to create fuel for further growth, strong EBITDA, and target operating margin.

除了投資組合調整之外，我們的轉型聚焦於三個關鍵領域：擴大毛利率、控制 SG&A，以及加速營收成長。三者正並行推進，為進一步成長、強勁的 EBITDA 與目標營業利益率提供動能。

Let me start with gross margin, where we have made significant progress and have more room to improve. In FY24, VF's full-year gross margin, including Dickies, was 51.6%. In FY26, we finished the year at 55.2%, an expansion of approximately 360 basis points. Now about 100 basis points came from Dickies' divestiture. The remaining 260 basis points came from the work we have done across several work streams across our brands and portfolio.

我先從毛利率談起；我們已取得顯著進展，且仍有提升空間。在 FY24，VF 的全年毛利率（包含 Dickies）為 51.6%。到 FY26，我們全年達到 55.2%，約擴張 360 個基點。其中約 100 個基點來自出售 Dickies。其餘 260 個基點則來自我們在各品牌與投資組合多個工作流上的努力成果。

How did we achieve this? We strengthened our product creation engine and inventory planning capabilities that are improving decisions across the business. The work we are doing to strengthen our capabilities has driven gross margin expansion in certain key areas. One, we are driving a stronger mix of higher-margin products. Two, we are taking targeted pricing actions. And three, we are executing sharper markdowns.

我們是如何做到的？我們強化了產品創造引擎與庫存規劃能力，改善全公司各項決策。我們在能力建設上的工作，推動了若干關鍵領域的毛利率擴張。第一，我們推動更高毛利產品的更佳組合。第二，我們採取有針對性的定價行動。第三，我們執行更精準的折扣（markdown）策略。

For example, The North Face and Timberland Americas were the first to deploy our improved markdown capabilities at scale using AI and stronger in-season analytics. The result has been meaningful uplift in gross margin dollars. We have reengineered our processes, built new capabilities, and upskilled our talent. As we scale them across our brands and regions, we expect to drive further improvement in gross margin rate and dollars.

例如，The North Face 與 Timberland 美洲區率先以 AI 與更強的當季分析能力，將我們改良後的折扣能力大規模導入。結果是毛利額出現顯著提升。我們重新設計流程、建立新能力，並提升人才技能。隨著我們在各品牌與各區域擴大推行，預期將進一步改善毛利率與毛利額。

Let me talk about SG&A now. Since FY24, excluding Dickies, we have taken out more than $225 million of sustained savings, now fully in the run rate. These structural savings, not temporary actions. We have taken significant actions to simplify the organization, to drive efficiencies in DTC and distribution, and to optimize our digital and technology expenses.

接著談 SG&A。自 FY24 以來（不含 Dickies），我們已削減超過 2.25 億美元的可持續性節省，且目前已完全反映在 run rate 中。這些是結構性節省，而非暫時性措施。我們採取了重大行動以簡化組織、提升 DTC 與配送效率，並最佳化數位與科技支出。

For example, in distribution, we consolidated some of our footprint and balanced it more between our owned and 3PL DCs. In digital and technology as an example, we deployed faster, more cost-optimized commerce platform, which allowed us to elevate our consumer experience at a much lower structural cost. Now, while we have made good initial progress, we continue to streamline our cost base. As you can see, when we commit to something, we deliver.

例如在配送方面，我們整併了部分據點，並在自有與第三方物流（3PL）配送中心（DC）之間取得更平衡的配置。再以數位與科技為例，我們導入更快速、成本更優化的電商平台，使我們能以更低的結構性成本提升消費者體驗。目前雖已取得良好的初步進展，我們仍持續精簡成本基礎。如你們所見，當我們承諾一件事，我們就會交付成果。

SG&A savings have been partially offset by ForEx impacts and inflation, and we have deliberately made some incremental investments in product development and marketing. Marketing is an investment engine for VF, and we are shifting it toward more working media spend, which means more of our dollars are reaching consumers directly and supporting brand momentum and demand creation.

SG&A 的節省部分被外匯（ForEx）影響與通膨所抵銷，而我們也刻意在產品開發與行銷上做了一些額外投資。行銷是 VF 的投資引擎；我們正將其轉向更多的工作型媒體（working media）支出，意味著更多資金能直接觸及消費者，並支持品牌動能與需求創造。

The work we have done on gross margin and SG&A sets the foundation to drive growth, and hence I'm talking about it now. That is why we are here. Now let me get into a little bit more details there.

我們在毛利率與 SG&A 上所做的工作，為推動成長奠定基礎，因此我現在先談這部分。這也是我們今天聚在這裡的原因。接下來我會再深入一些細節。

As Bracken mentioned, we delivered full-year FY26 revenue growth of 1%, our first year of growth in three years. Deeper understanding of our consumers and building back consumer love for our iconic brands is central to driving this growth. We started the work by segmenting consumer demand to make clear choices about where each brand will compete and win. This commitment continues to shape what products we design and how we curate relevant experiences for our consumers.

如 Bracken 所提到，我們在 FY26 全年實現 1% 的營收成長，這是三年來首次恢復成長。更深入理解消費者，並重新建立消費者對我們標誌性品牌的喜愛，是推動此成長的核心。我們從將消費者需求分群開始，清楚做出每個品牌要在哪些領域競爭並取勝的選擇。這項承諾持續影響我們設計哪些產品，以及如何為消費者策劃具相關性的體驗。

Ultimately, we need to get the right products for our consumers at the right time. This is where our product go-to-market process matters. As you all know, in our industry, go-to-market cycles are long. Speed is and will continue to be a critical enabler to accelerate this growth, and we have done a lot of work there.

最終，我們必須在正確的時間，為消費者提供正確的產品。這正是我們產品上市（go-to-market）流程的重要性所在。各位都知道，在我們的產業中，上市週期很長。速度是、也將持續是加速成長的關鍵推動因素，而我們在這方面已做了大量工作。

Let me share a few examples from Vans. In fall 2025, Vans pulled forward products originally planned for season fall 2026 and delivered them in less than six months, roughly a third of the time a standard cycle would take. We did that by working more closely with our vendors, being more precise in our product briefs, and making sharper decisions with creative confidence in design.

我分享幾個 Vans 的例子。在 2025 年秋季，Vans 將原本規劃於 2026 年秋季的產品提前推出，並在不到六個月內交付，約為標準週期所需時間的三分之一。我們透過與供應商更緊密合作、在產品簡報上更精準，以及在設計上以更具創意自信做出更果斷的決策來達成。

And that speed mattered. It allowed the team to test new silhouettes on smaller scale, read consumer responses, and make better decisions about what to scale, what to refine, or what to discontinue. Some styles were dropped from fall 2026 line, while others were refined with those insights. This kind of speed enables improved Vans performance in Americas DTC, as you heard from Bracken.

而這樣的速度很重要。它讓團隊能以較小規模測試新鞋型（silhouettes）、讀取消費者反應，並更好地決定哪些要放大、哪些要精修、哪些要停止。有些款式從 2026 年秋季產品線中被移除，另一些則依據這些洞察進行優化。正如你們從 Bracken 那裡聽到的，這種速度有助於提升 Vans 在美洲 DTC 的表現。

At the same time, Vans has been rebuilding brand energy through a more social-first content-led model. Targeted product and content drops with artists including Cortis, SZA, Hayley Williams, Travis Barker, are helping reconnect the brand with culture and drive consumer engagement. These efforts are becoming visible in the marketplace. It is early, and we are clear about the work ahead at Vans.

同時，Vans 也透過更以社群優先（social-first）、內容驅動的模式，重建品牌能量。與包含 Cortis、SZA、Hayley Williams、Travis Barker 等藝術家合作的精準產品與內容投放（drops），正協助品牌重新連結文化並提升消費者互動。這些努力正逐步在市場上顯現。目前仍在早期階段，我們也清楚 Vans 後續仍有許多工作要做。

This combination of speed, product newness, and sharper marketing will be the building blocks we continue to execute into the next year and beyond. That's the growth engine we are building across VF brands.

速度、產品新鮮度與更精準的行銷三者的結合，將是我們在明年及更長遠持續執行的基石。這就是我們正在 VF 各品牌打造的成長引擎。

Looking ahead, let me reiterate our priorities. Keep expanding gross margin, maintain cost discipline, and accelerate growth across our brands. We are encouraged by the momentum we see in the business. We have made significant gross margin progress, which gives us fuel to drive growth, and we continue to realize additional margin expansion opportunities. We have mitigated outsized external challenges while continuing to invest in accelerated growth.

展望未來，我再重申我們的優先事項。持續擴大毛利率、維持成本紀律，並加速各品牌的成長。我們對業務所展現的動能感到鼓舞。我們在毛利率方面已取得顯著進展，為推動成長提供燃料，同時也持續發掘更多毛利率擴張機會。我們在持續投資以加速成長的同時，也已緩解外部挑戰帶來的過度衝擊。

Now while we manage our cost discipline, we have two near-term cost challenges: oil price fluctuations and potential tariffs. On oil price fluctuations, there are two areas of impact: freight and product cost. Freight, we are leveraging scale with our carriers and partners and driving cost discipline across the supply chain. On product cost, we are consolidating materials across brands and leveraging our VF materials library to drive pricing scale while also reviewing our pricing strategies.

在我們維持成本紀律的同時，短期內有兩項成本挑戰：油價波動與潛在關稅。就油價波動而言，影響主要在兩個面向：運輸與產品成本。在運輸方面，我們運用規模與承運商及合作夥伴協作，並在整個供應鏈推動成本紀律。在產品成本方面，我們正跨品牌整合材料，運用 VF 材料資料庫（materials library）以擴大議價規模，同時檢視我們的定價策略。

On service levels, we are adjusting sourcing flows, monitoring logistics, and working closely with our regional teams. We have contingency plans in place and are operating with extreme flexibility. On tariffs, we are closely watching a potential step-up to take effect mid-July following the conclusion of the Section 301 investigations. Over the past year, we have been actively mitigating, rebalancing our sourcing footprint, reducing exposure to higher tariff routes, and working with partners to share cost burden.

在服務水準方面，我們正在調整採購來源流向、監控物流，並與各區域團隊密切合作。我們已備妥應變計畫，並以極高的彈性運作。在關稅方面，我們正密切關注《301 條款》（Section 301）調查結束後，可能於 7 月中旬生效的關稅上調。過去一年，我們已積極進行緩解措施，重新平衡採購版圖、降低對較高關稅路線的曝險，並與合作夥伴共同分攤成本負擔。

Putting this all together, we continue our work across several initiatives and remain extremely confident in our ability to achieve our margin targets in FY28. We have many opportunities ahead, including the ones that I can highlight in particular. First, our faster go-to-market enables us to drive outsized growth in DTC channel, which in turn generates a higher level of profitability and fixed cost leverage for us.

綜合以上各點，我們將持續推進多項計畫，並對在FY28達成我們的利潤率目標保持高度信心。我們面前有許多機會，包括我特別想強調的幾項。首先，我們更快速的上市策略使我們能在DTC通路推動超額成長，進而為我們帶來更高的獲利水準與固定成本槓桿效益。

Second, our return to top-line growth and a more efficient marketing approach that we are deploying results in further leverage on marketing spend.

第二，我們重回營收成長軌道，以及正在推行的更高效率行銷方法，將進一步提升行銷支出的槓桿效益。

And finally, AI is creating incremental optimization opportunities across our brands and corporate functions. We are leveraging AI where we see clear value, scaling what works, and embedding it into how we operate. You will see us communicate progress in terms of operational outcomes, margin dollars, inventory quality, speed, and productivity, not just AI investment dollars.

最後，AI正在我們的品牌與企業職能各領域創造額外的最佳化機會。我們會在看見明確價值之處運用AI，將有效的方法擴大規模，並把它嵌入我們的營運方式之中。你們將看到我們溝通的進展會聚焦在營運成果、利潤金額、庫存品質、速度與生產力，而不僅僅是AI投資金額。

The work is not finished, but VF is operating with more discipline, more speed, and more focus than it did a few years ago. The conversation inside this company has shifted from turnaround to growth, and that is what gives us extreme confidence in the next phase.

這項工作尚未完成，但VF相較於幾年前，正以更高的紀律、更快的速度與更聚焦的方式在運作。公司內部的對話已從「扭轉局面」轉向「成長」，這正是我們對下一階段充滿高度信心的原因。

With that, I will hand it over to Paul.

接下來，我把時間交給Paul。

Great. Thank you, Abhishek. Welcome to the call.

很好。謝謝你，Abhishek。歡迎加入本次電話會議。

As Bracken and Abhishek illustrated earlier, we made important strides in fiscal '26. We returned to top-line growth, expanded our gross margin to 55%, and achieved an operating margin of 7%. I want to underscore what Abhishek just said. Leverage is down a full turn compared with fiscal '25 and down 2 full turns versus two years ago.

如同Bracken與Abhishek先前所說，我們在2026會計年度取得了重要進展。我們重回營收成長，毛利率擴大至55%，並達成7%的營業利益率。我想再次強調Abhishek剛才提到的重點。相較於2025會計年度，槓桿比率下降了整整1倍，與兩年前相比則下降了2倍。

Let's turn to the financial review of the fourth quarter. We closed out the year with another quarter of revenue growth. Q4 revenue was $2.2 billion, up 3% versus last year and above our guidance of flat to up 2%. Wholesale demand in the quarter drove our better-than-forecast results, led by The North Face.

接下來進入第四季的財務回顧。我們以另一個營收成長的季度為本年度畫下句點。第四季營收為22億美元，較去年成長3%，高於我們先前「持平至成長2%」的指引。本季批發需求帶動了我們優於預期的表現，其中以The North Face領軍。

By brand, The North Face grew 7%, led by the Americas region, which had another quarter of double-digit growth. Vans was down 5%, as expected, including about 2% benefit from earlier orders from wholesalers. And lastly, Timberland grew 2%, its sixth consecutive quarter of growth.

按品牌來看，The North Face成長7%，主要由美洲地區帶動，該地區再度繳出雙位數成長的季度表現。Vans如預期下滑5%，其中約有2%受惠於批發商提前下單。最後，Timberland成長2%，為連續第六個季度成長。

By region, the Americas grew 10% in the quarter and up 3% for the full year, reflecting the continued progress in our largest region. EMEA was down 5% as we're navigating the macro headwinds in the region, and APAC was up 1%, driven by demand across The North Face and Timberland.

按地區來看，美洲地區本季成長10%，全年成長3%，反映我們在最大市場持續取得進展。EMEA下滑5%，因我們正因應該地區的總體環境逆風；APAC成長1%，主要由The North Face與Timberland的需求帶動。

Lastly, we grew across both channels. DTC delivered another quarter of growth at up 2%, and wholesale was up 3%, aided by higher-than-expected demand.

最後，我們在兩個通路皆實現成長。DTC再度繳出成長季度，年增2%；批發年增3%，受惠於高於預期的需求。

Before I review the rest of the P&L, I want to address a few items that impacted comparability in the quarter. Following the Supreme Court's ruling in February related to certain tariff refunds, we recognized a net benefit to our gross margin during Q4. We also elected to accelerate select restructuring costs in the quarter, which drove a higher SG&A rate and partially offset the gross margin benefit.

在我回顧損益表其餘項目之前，我想先說明幾個影響本季可比性的事項。在2月最高法院就特定關稅退稅作出裁決後，我們在第四季確認了對毛利率的淨利多。我們也選擇在本季加速認列部分重組成本，導致SG&A費用率較高，並部分抵銷毛利率的利多。

On a normalized basis, excluding these items, operating income would have come in at the midpoint of our guidance range. Gross margin for the quarter was up 240 basis points versus last year to 56.4%, helped by a roughly $50 million net benefit from the tariff receivable and offsetting charges. Normalized gross margin was roughly flat versus last year, driven by the benefits from targeted price actions offset by mix and FX.

在常態化基礎上，排除上述項目後，營業利益將落在我們指引區間的中點。本季毛利率較去年提升240個基點至56.4%，主要受惠於關稅應收款及相抵費用帶來約5,000萬美元的淨利多。常態化毛利率與去年大致持平，主要由精準的調價措施帶來的效益所驅動，但被產品組合與匯率（FX）因素所抵銷。

SG&A as a percentage of revenue was up 70 basis points versus last year or down slightly excluding the accelerated restructuring costs. Our operating margin for the quarter was 2.5%, up 170 basis points versus last year.

SG&A占營收比重較去年上升70個基點；若排除加速的重組成本，則略為下降。本季營業利益率為2.5%，較去年提升170個基點。

In Q4, net interest expense was $27 million, while tax expense was $25 million, reflecting a full-year adjusted rate of 36%. This should be the peak year in tax rate, with the expectation that a reported rate should be in the low 30s in fiscal '27 and back in the 20s beyond that. Finally, Q4 adjusted earnings per share was $0 versus a loss of $0.14 in Q4 of last year.

第四季淨利息費用為2,700萬美元，所得稅費用為2,500萬美元，反映全年調整後稅率為36%。這應是稅率的高峰年度；預期2027會計年度的申報稅率將落在30%出頭，之後將回到20%區間。最後，第四季調整後每股盈餘為0美元，相較去年第四季為每股虧損0.14美元。

Now I'll turn to the balance sheet. Inventories declined 11% in constant currency, and inventory days were down year-over-year, reflecting improved inventory discipline across the organization. Net debt was down approximately $800 million versus last year or down 16% following the repayment of the EUR500 million maturity made earlier this year. As noted, year-end leverage improved to 3.1 times, down 1 full turn versus last year.

接著看資產負債表。以固定匯率計算，庫存下降11%，庫存天數亦較去年下降，反映全組織的庫存紀律有所改善。在今年稍早償還到期的5億歐元債務後，淨負債較去年減少約8億美元，或下降16%。如前所述，年末槓桿比率改善至3.1倍，較去年下降整整1倍。

Our free cash for the year was $505 million, including a $100 million cash benefit from the net impact of the pension termination. Normalizing for this activity, free cash flow of $405 million was approximately $90 million above last year.

本年度自由現金為5.05億美元，其中包含退休金終止淨影響帶來的1億美元現金利多。若將此活動常態化調整後，自由現金流為4.05億美元，較去年高出約9,000萬美元。

Now on to our outlook. As Bracken mentioned, we are reinstating annual guidance effective fiscal '27. For the full year, we expect another year of growth and operating margin expansion as we advance towards our medium-term targets. We expect revenue to be up 1% to 2% in constant dollars. By brand, we expect continued growth at The North Face, Timberland, and Altra, driven by our ongoing focus on investing in product and marketing. We expect Vans to deliver moderating declines for the year as a whole, with improving trends in H2 relative to H1.

接下來談我們的展望。如Bracken所提，我們將自2027會計年度起恢復提供年度指引。就全年而言，隨著我們朝中期目標邁進，預期將再迎來一年的成長與營業利益率擴張。我們預期以固定美元計算，營收將成長1%至2%。按品牌來看，我們預期The North Face、Timberland與Altra將持續成長，主要由我們持續聚焦於產品與行銷投資所帶動。我們預期Vans全年降幅將趨緩，且下半年（H2）的趨勢將較上半年（H1）改善。

We recognize that 1% to 2% is a somewhat specific range. Incorporated into this guidance is our belief that we will grow in fiscal '27, but that there are real headwinds related to the Middle East conflict and that we expect about 0.5-point benefit from the 53rd week. To date, we've had some impacts to our operations in the Middle East, in particular on the wholesale side. We are anticipating the conflict in the Middle East to negatively impact revenue by about 100 basis points.

我們理解1%至2%是一個相對明確的區間。此指引納入了我們對2027會計年度將實現成長的判斷，但同時也存在與中東衝突相關的實質逆風，且我們預期第53週將帶來約0.5個百分點的利多。截至目前，我們在中東的營運已受到一些影響，尤其是在批發端。我們預期中東衝突將使營收受到約100個基點的負面影響。

While we have full confidence on where we will land for the year, we expect slower top-line trends across the first half of the year. This is reflective of the slowdown in the Middle East and Europe due to the war and company-specific trends, including wholesale timing shift, which can have a disproportionate effect given the relatively small size of Q1 in particular, as such, we expect Q1 to be down low single digits.

雖然我們對全年落點充滿信心，但我們預期上半年整體營收趨勢將較為放緩。這反映了戰事導致中東與歐洲放緩，以及公司特定趨勢（包括批發出貨時點的移轉）；鑑於第一季（Q1）規模相對較小，這些因素可能造成不成比例的影響，因此我們預期Q1將呈現低個位數下滑。

For Q1 operating income, partly driven by some investments we are making in the quarter and particularly around investments in Altra and DTC, both of which Bracken highlighted earlier, we do expect a $100 million loss for the quarter, about $40 million more than last year. This is all contemplated in our annual guidance.

就第一季營業利益而言，部分受到我們在本季進行的一些投資所影響，特別是對Altra與DTC的投資（Bracken先前也特別提到），我們預期本季將虧損1億美元，較去年多虧約4,000萬美元。這些都已納入我們的年度指引之中。

And for Vans, we feel very good about the direction of the business and the underlying momentum. Execution is translating into tangible improvements, particularly in the Americas, where DTC continues to lead the recovery.

至於Vans，我們對業務方向與內在動能感到非常樂觀。執行力正轉化為具體改善，尤其是在美洲地區，DTC持續引領復甦。

Let me reiterate what Bracken said earlier. For the full year, we expect Vans to be down mid-single digits compared to minus 11% in '26 and down 15% in fiscal '25. Americas is our most important region, and DTC Americas is approximately 40% of our global business, and the DTC Americas business has turned. The progress here is a clear harbinger of where we are headed for Vans.

讓我重申一下 Bracken 先前所說的。就全年而言，我們預期 Vans 相較於 '26 年的 -11% 以及 2025 財年的 -15%，將呈現中個位數百分比下滑。美洲是我們最重要的區域，而 DTC 美洲約占我們全球業務的 40%，且 DTC 美洲業務已經出現轉折。這裡的進展清楚預示了 Vans 未來的走向。

For Q1 on a reported basis, we do expect a softer performance relative to Q4 2026, mainly related to the wholesale timing I mentioned previously. On a normalized basis, the growth across the two quarters is roughly the same.

以第一季的申報口徑來看，我們確實預期相較於 2026 年第四季表現會較疲弱，主要與我先前提到的批發出貨時點有關。以常態化口徑來看，這兩個季度的成長幅度大致相同。

Moving down the consolidated P&L, we expect fiscal 2027 operating margin of approximately 8%, supported by gross margin expansion at a lower SG&A rate relative to last year. Full-year operating cash flow will be up versus last year, and free cash flow will be flat to up versus last year when you exclude the $100 million net impact of the pension termination from both years.

往下看合併損益表，我們預期 2027 財年營業利益率約為 8%，主要受惠於毛利率擴張，以及相較去年較低的 SG&A 費用率。全年營運現金流將較去年增加；若將兩年度的退休金終止所帶來的 1 億美元淨影響排除，自由現金流將與去年持平至略增。

On the working capital side, we're making additional investments in inventory to support top-line growth and expect inventory to be up year on year. This is an intentional decision to invest behind a few of our brands, and we still see our overall inventory in the long-term heading lower and expect our inventory days to be flat this year and lowering moving forward beyond that.

在營運資金方面，我們正加碼投資存貨以支撐營收成長，並預期存貨將年增。這是我們有意在部分品牌上加大投入的決策；同時我們仍認為整體存貨在長期將走低，並預期今年存貨天數持平，之後將逐步下降。

We also expect a step-up in CapEx this year, about $100 million year-over-year increase, with new full-year store openings of Timberland as one key driver. We continue to focus on strengthening the balance sheet, and we expect to exit the fiscal year with leverage between 2.6 times and 2.9 times, driven by both the further reduction in net debt as well as improved operating performance.

我們也預期今年資本支出（CapEx）將上升，年增約 1 億美元，其中 Timberland 全年新店開幕是主要驅動因素之一。我們持續聚焦強化資產負債表，並預期在財年結束時槓桿倍數介於 2.6 倍至 2.9 倍，主要由淨負債進一步下降以及營運表現改善所帶動。

Our plans for fiscal '27 represent another step towards our medium-term goals, namely an exit run rate of 10% operating margin in 2028 and lowering our leverage below 2.5 times by fiscal '28. As we continue to progress towards our operating margin targets, we are seeing gross margin come in even better than planned, with our SG&A percentage slightly higher. Much of this can be attributed to the elimination of Dickies in our portfolio, where that brand had structurally lower gross margins and lower SG&A. While the makeup of our 10% margin target may be slightly different, the goal is still the same and we are on track to achieve it.

我們對 '27 財年的規劃，代表我們朝中期目標再邁進一步，也就是在 2028 年達到 10% 營業利益率的期末運行率（exit run rate），並在 '28 財年前將槓桿倍數降至 2.5 倍以下。隨著我們持續朝營業利益率目標推進，我們看到毛利率表現甚至優於原先規劃，但 SG&A 百分比略高。這在很大程度上可歸因於我們投資組合中移除 Dickies，該品牌結構性毛利率較低且 SG&A 也較低。雖然我們 10% 利潤率目標的組成可能略有不同，但目標仍然一致，我們也正按計畫達成。

To close, fiscal '26 represented meaningful progress for VF, we remain on track to achieve our medium-term financial targets.

最後，'26 財年對 VF 而言代表了具意義的進展，我們仍按計畫達成中期財務目標。

With that, I'll hand it back to the operator for your questions.

接下來我把時間交還給主持人，進行提問。

(Operator Instructions) Michael Binetti, Evercore.

(主持人指示) Michael Binetti，Evercore。

Just a couple, the D2C improvement, are you -- maybe you could just help us understand what you're seeing if you're seeing the same level of improvement itself through wholesale. As you're seeing a D2C, we're trying to parse together how you're looking at it in total, but I know you're managing sell-in to some extent on wholesale.

我只有幾個問題。關於 D2C 的改善，你們是否也在批發通路看到同等程度的改善？你們看到 D2C 的表現後，我們試著把整體情況拼湊起來理解，但我知道你們在批發端某種程度上也在管理 sell-in。

So I'm curious what you're seeing at sell-through at wholesale, how similar it is to D2C? And what you think is the difference between the two today? Just kind of help us understand how you're looking at it for the year. And then any comment on how you think we should model Vans for first quarter would be helpful.

所以我想了解你們在批發端看到的 sell-through 如何，與 D2C 的相似度有多高？以及你們認為目前兩者之間的差異是什麼？請協助我們理解你們今年是如何看待這件事的。另外，若能談談你們認為我們應如何建模第一季的 Vans，也會很有幫助。

I'll take the first one, and I'll give Paul a second one. Yes, sell-through, it wouldn't be as strong as our DTC because the DCC has a different mix. And also DTC includes e-com, we're able to really drive a lot of traffic to our own websites -- and we're not strong -- we don't normally drive everywhere else. So I would say the sellout in wholesale is not as strong as in our DTC in the Americas. Our DTC is a good harbinger of what's going to come because products that we have in our wholesale -- sorry, our DTC are coming.

第一個我來回答，第二個我交給 Paul。是的，批發端的 sell-through 不會像我們的 DTC 那麼強，因為 DCC 的組合不同。而且 DTC 包含電商，我們能夠把大量流量導到自家網站——但我們不強——我們通常不會把流量導到其他地方。所以我會說，在美洲，批發端的 sell-out 不如我們的 DTC 強。我們的 DTC 是一個很好的先行指標，因為我們在批發端——抱歉，是在 DTC 的產品正在到來。

So the piece one by one, they'll come into the wholesale network, both online and offline. And so you'll see a stronger and stronger set of products in the portfolio. And I think you -- we view that as a really clear harbinger of what's to come. Now what's the time frame on that? We're being a little cagey on that intentionally.

因此這些產品會一個接一個進入批發網路，包含線上與線下。所以你會看到產品組合中更強、更強的一系列產品。而我們認為這是非常清楚的先行指標，預示接下來會發生什麼。那時間框架是什麼？我們刻意在這點上說得比較保守。

So we're going to wait and see how it plays out, but we feel very strong about the trend line on DTC and then how it's going to play out in wholesale over time.

所以我們會先觀察實際發展，但我們對 DTC 的趨勢線非常有信心，也對它隨時間在批發端的呈現方式很有信心。

Yes. And then on Vans, so I think for Q1, the reported number will be slightly lower than what we experienced in Q4 of this year. Again, keep in mind, we did have some demand that pulled forward some orders into Q4 and given the size of Q1, it does impact that. So on a normalized basis, Q4 and Q1 are roughly the same. But on a reported basis, Q1 will be slightly worse than Q4 and then we expect it to improve throughout the year.

是的。至於 Vans，我認為第一季的申報數字會略低於我們今年第四季的表現。再次提醒，我們確實有一些需求把部分訂單提前拉到第四季，考量第一季的規模，這會造成影響。因此以常態化口徑來看，第四季與第一季大致相同。但以申報口徑來看，第一季會比第四季略差，之後我們預期全年會逐季改善。

And I know normal practice for VF has been to take a conservative approach to DTC as you get further out in the calendar. Is the confidence in the improving growth rate in advance through the year related to something you could tell us about with the order books on wholesale?

我知道 VF 的慣例是在日曆越往後時，對 DTC 採取較保守的做法。那麼，你們對於今年成長率逐步改善的信心，是否與你們在批發端的訂單簿（order books）所看到的情況有關，能否跟我們分享？

We normally don't talk about order books. I mean our confidence is really built on everything we can see internally, especially the DTC sellout just looks really, really strong. And new product performance, in particular, is really strong. And of course, we also get to look at what you can't see at all, which is the new products that are coming. And we're seeing in a room, it's about 400 feet from where we look at one and two and three seasons out, and we just feel really, really good about what's coming.

我們通常不談訂單簿。我們的信心主要建立在我們內部能看到的一切，尤其是 DTC 的 sell-out 看起來真的非常、非常強。而新產品表現特別強勁。當然，我們也能看到你們完全看不到的部分，也就是即將推出的新產品。我們在一個房間裡——距離我們看一季、兩季、三季之後的產品大概 400 英尺——我們對即將到來的產品感覺非常、非常好。

Janine Stichter, BTIG. (Operator Instructions).

Janine Stichter，BTIG。(主持人指示)。

Sorry about that. There's still some work to do in US wholesale. Can you help us understand exactly what that means. Is that a reference to need to clean up more distribution? Or is that a reference to kind of need to build back the order books? And maybe give us some thoughts on how you're thinking about the US wholesale distribution currently.

不好意思。美國批發端仍有一些工作要做。你們能否協助我們理解這到底是什麼意思？這是指需要進一步清理通路分銷嗎？還是指需要把訂單簿重新建立起來？也請分享一下你們目前如何看待美國批發通路的分銷狀況。

Yes, it's mostly just really building back the order flow into the business. The distribution looks pretty good. We're going to continue to edit that. Remember, we took down the value channel pretty significantly over the last year. We've done some editing -- we may have overcorrected there a little bit, so we're going a little bit back into that, but not dramatically.

是的，主要就是把進入業務的訂單流量重新建立起來。分銷看起來相當不錯。我們會持續做調整。記得我們在過去一年大幅縮減了價值通路（value channel）。我們做了一些調整——那裡可能有點矯枉過正，所以我們會稍微回到那個通路，但不會大幅度。

So overall, though, I think our distribution about right in wholesale. It's really more about just going to continue to follow the DTC performance, make sure that our wholesale partners really get to see that and they have and then have the orders that kind of hide it. So it's really much more of a follow the leader mode now rather than add on to the number of players in the market.

不過整體而言，我認為我們在批發端的分銷大致到位。更重要的是持續跟隨 DTC 的表現，確保我們的批發夥伴真的能看到這點——他們也確實看到了——並且能下達相應的訂單來支撐。所以現在更像是「跟隨領先者」的模式，而不是在市場上增加更多參與者。

Great. And then just on DTC. It sounds like a lot of that improvement is coming from online. Can you elaborate a little bit more on what's going on with stores in terms of both traffic and conversion?

很好。接著談一下 DTC。聽起來很多改善來自線上。你能否再多說一點，門市端在客流與轉換率方面的情況？

Yes. Certainly, traffic has gotten a little better and conversion has gotten a lot better. I think our execution at retail has really improved. We put in -- we had a new leader go in in two quarters ago. and he has really reenergized the team got focused on execution, and that's really -- that performance has really improved on retail and e-com.

是的。當然，客流確實有稍微改善，而轉換率改善幅度更大。我認為我們在零售端的執行力真的提升了。我們在——兩個季度前引進了一位新主管，他確實重新激勵了團隊、聚焦於執行，因此——零售與電商的表現都明顯改善。

So bricks-and-mortar and e-com, he's now taken over the rest of the world, as you know, and we're bringing some of that magic into the rest of the world over this year. So that's another reason we feel so strongly about our ability to deliver kind of the performance we're seeing in DTC in the US into the rest of the world and into the wholesale US over time, and we're excited about it.

所以在實體門市與電商方面，如你所知，他現在也接管了全球其他地區，我們今年會把那套「魔法」帶到世界其他地方。因此，這也是我們對於能把美國 DTC 目前看到的表現，隨時間推進複製到全球其他地區以及美國批發通路，感到非常有信心的另一個原因，我們也很期待。

Laurent Vasilescu, BNP.

Laurent Vasilescu，法國巴黎銀行（BNP）。

I've got a quick question as the sun comes up here in California. But it's a question about, I think you mentioned, Paul, that the gross margin for 4Q would have been flat, if I understood correctly, on the tariffs -- ex the tariff benefit? And if that's the case, how do we think about 1Q gross margins? And obviously, there's no precedent with this tariff refund, but how do we think about the tariff benefit for the fiscal year '27 guide relative to the gross margin and the free cash flow guide?

我這邊有個簡短問題，因為加州這邊太陽剛升起。但問題是，我想你提到過，Paul，如果我理解正確的話，第四季（4Q）的毛利率若把關稅——扣除關稅利益——的影響拿掉，本來會是持平？如果是這樣，我們該如何看待第一季（1Q）的毛利率？而且顯然這種關稅退稅沒有先例，但我們該如何看待 2027 財年（fiscal year '27）指引中的關稅利益，相對於毛利率與自由現金流指引的影響？

Yes. So for Q4, yes, if you back out the receivable gross margin, it will be roughly flat for Q4. So that is correct. Q1 gross margin will be up. SG&A is also going to be up, as we mentioned, some of the investments we're making.

是的。所以就第四季而言，是的，如果你把應收款項帶來的毛利率影響扣除，第四季大致會是持平。所以這點沒錯。第一季毛利率會上升。我們也提到過，SG&A 也會上升，因為我們正在做一些投資。

Q1, in particular, is a smaller quarter. And so we're starting the year with some investments we think are really going to help throughout the full year. So that's why you're seeing that dynamic in Q1 with a better gross margin, but the higher SG&A, which is why the OI is down year-on-year in Q1. But again, that's all part of our plan for the fiscal year '27, and you see our expanding operating margin to 8% for the full year on the better gross margins and leverage of SG&A. So you'll see, again, higher gross margins in Q1, higher SG&A.

第一季尤其是一個較小的季度。因此我們在年度一開始就投入一些我們認為能在全年帶來幫助的投資。所以你會在第一季看到這種動態：毛利率較好，但 SG&A 較高，這也是為什麼第一季營業利益（OI）年對年下降。但再次強調，這都是我們 2027 財年的計畫之一；你也看到我們在全年透過更好的毛利率與 SG&A 的槓桿，讓營業利益率擴張到 8%。所以你會看到，第一季毛利率較高、SG&A 也較高。

For the full year, you'll see higher gross margins, leverage on SG&A, you'll see us get to the 8%. So that's how it works out. On the tariff side, yes, so we're assuming that the tariffs are back in place at the end of July. And so we expect to have sort of a full year impact of tariffs of an incremental $70 million to $80 million for the year. Again, we'll see how it goes.

就全年來看，你會看到更高的毛利率、SG&A 的槓桿效益，並看到我們達到 8%。所以大致就是這樣。在關稅方面，是的，我們假設關稅會在 7 月底恢復。因此我們預期全年關稅的影響，增量約為 7,000 萬到 8,000 萬美元。同樣地，我們會再觀察後續發展。

Obviously, it's very fluid. It could be better, it could be worse, but we're assuming they're going to be back in place. And we're assuming it's going to be, call it, roughly $70 million $80 million impact -- negative impact on our gross margin.

顯然情況變化很快。可能更好，也可能更差，但我們的假設是關稅會恢復。而我們假設其影響大約是 7,000 萬到 8,000 萬美元——對毛利率的負面影響。

Paul, that's super helpful. And then I think you mentioned to Michael, there were some timing shifts between 1Q, 4Q due to the timing shift on wholesale. Maybe can you quantify that number? I think you said anywhere they would have been roughly equal. So it seems like a pretty big delta.

Paul，這非常有幫助。另外我想你對 Michael 提到，由於批發端的時點移轉，第一季與第四季之間有一些時點上的變動。你能否量化一下那個數字？我記得你說過原本兩季大致會差不多。所以看起來差異相當大。

And then are you assuming that there's some timing shift from 2Q to 1Q and -- so I know you're not ready to guide for 2Q, but should we at least assume that there's probably 2Q be flat for the year on the top line?

另外，你是否假設第二季到第一季之間也會有一些時點移轉——我知道你還沒準備好提供第二季指引，但我們至少能否假設第二季營收年對年大概會持平？

Yes. The biggest impact was Q4 and Q1. So we just had some stronger demand and orders just came in earlier for the season, which is obviously a positive sign. We knew that. So again, with the Vans number, the guidance, it was in there in the guide, we knew the demand was going to be there.

是的。最大的影響是在第四季與第一季之間。我們只是看到需求更強，訂單在該季更早進來，這顯然是正面的訊號。我們也知道會這樣。所以再說一次，以 Vans 的數字與指引來看，這些都已反映在指引中，我們知道需求會在。

It was about 2 points in each quarter. And so kind of -- that's why I say if you normalize it out, the gross is about the same. And if you look at the trends relative to kind of the normalized trends in Q2 and Q3 and Q4 and Q1 are again slightly better from a kind of normalized trend in terms of the client's advance.

每個季度大約是 2 個百分點。所以——這也是為什麼我說如果把它正常化，毛利大致相同。而如果你看相對於正常化趨勢的走勢，第二季、第三季、第四季與第一季，相較於客戶提前下單的正常化趨勢，整體又略好一些。

And the one thing I should add also because it also impacted The North Face as well. North Face also has had some really strong demand as well. That impacts -- it was a benefit to them in Q4. Given the size of Q1, it actually has a bigger -- the negative benefit on the actual growth rate is higher in Q1, just it's a smaller quarter. So one of the other things that's impacting again, growth just for Q1, but not for the full year is, again, some of that timing shift for The North Face as well.

另外我也要補充一點，因為這也影響到 The North Face。The North Face 的需求也非常強。這在第四季對他們是有利的。由於第一季的規模較小，實際成長率上的負面效應在第一季反而更大——只是因為那是一個較小的季度。所以另一個再次影響第一季成長、但不影響全年成長的因素，就是 The North Face 也有部分時點移轉。

And so again, the demand was there, which is great, fell in Q4 versus Q1. That has a disproportionate impact on North Face in Q1 in particular. But again, we still expect good growth in North Face for the full year again. So there's a lot of things going on that just kind of specifically impact Q1, but don't really impact the -- what we think will be a stronger -- or fiscal '27.

因此再說一次，需求確實存在，這很好，只是落在第四季而不是第一季。這對 The North Face 尤其在第一季造成不成比例的影響。但我們仍預期 The North Face 全年會有良好成長。所以有很多事情是特別影響第一季，但不太影響我們認為會更強勁的——也就是 2027 財年。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

In the prepared remarks, you talked a little bit about some of the drivers of product cost as a result of some of these higher oil prices that will be flowing through the P&L. You mentioned several mitigating factors, including pricing. Can you unpack for us a little bit more what that annualized headwind is going to be when it gets fully into your inventory cost? And how much pricing actions you're contemplating both this year and into next year as a result of these inflationary factors, whether it is oil cost or tariffs or other factors in the environment?

在事先準備的發言中，你提到一些產品成本的驅動因素，源自較高的油價，這些將會反映到損益表（P&L）。你也提到幾個緩解因素，包括定價。你能否再為我們拆解一下，當這些因素完全反映到存貨成本時，按年化計算的逆風會是多少？以及基於這些通膨因素（無論是油價成本、關稅或環境中的其他因素），你們今年以及明年各自考慮採取多少定價行動？

So the impact on fiscal '27 is pretty minimal. We are obviously looking at oil prices in general in terms of product costs and how that could impact fiscal '28. So I think it's kind of a wait and see where oil prices sort of net out between 80, 90 at the low end, 100 to 110, maybe even more at the high end. And so we have it out there. Again, it's really not getting back to product cost all that much in fiscal '27 if anything.

所以對 2027 財年的影響相當有限。我們當然會從產品成本的角度關注整體油價，以及它可能如何影響 2028 財年。所以我認為目前就是觀察油價最終會落在什麼區間：低端可能在 80、90；高端可能在 100 到 110，甚至更高。因此我們把這個因素納入考量。再說一次，在 2027 財年，它即使有影響，也不太會回傳到產品成本上。

And then we'll give you more guidance as we get towards the back half of the year, what that may or may not do from a headwind for fiscal '28.

然後，隨著我們接近今年下半年，我們會提供更多指引，說明這可能或不可能在 2028 財年帶來哪些逆風影響。

And then from a pricing standpoint, we're just being strategic across the brands. There's nothing really incremental new to call out on pricing, just sort of strategically going through the portfolio and changing prices where appropriate.

另外，從定價角度來看，我們只是針對各品牌採取策略性作法。在定價方面沒有什麼真正新增、增量的內容需要特別指出，只是策略性地檢視整個產品組合，並在適當之處調整價格。

Great. And then just a follow-up. Can you unpack the trends that you're seeing in EMEA? What assumptions are you embedding for Western Europe beyond the 100 bps related to the Middle East? Are you seeing any change in demand in that region for any of your brands?

很好。接著再追問一下。你能否拆解一下你們在 EMEA 看到的趨勢？除了與中東相關的 100 個基點之外，你們對西歐還納入了哪些假設？你們是否看到該地區對你們任何品牌的需求出現變化？

I'd say, generally speaking, no. I think it's been weaker. I mean Europe has been weaker for us. And in general, I think the whole macro environment is kind of swirled Europe. The traffic has been down across the board, across the whole industry, and it certainly affected us.

我會說，整體而言，沒有。我認為一直比較疲弱。我的意思是，歐洲對我們來說一直比較疲弱。而且整體來看，我覺得整個總體環境某種程度上讓歐洲局勢更為混亂。整個產業的客流量全面下滑，當然也影響到我們。

So it has been weaker for us. We sort of -- looking forward, we're not expecting magic there. I mean the good news is our DTC is stronger than our wholesale there. So that feels good. It kind of echoes the same story we told about the bands in the US in general. So I think as we go forward, we expect -- we certainly expect it will get back to good growth over time. We've also got new -- we're taking a new approach there. We've learned so much as we brought the -- just to take you back a few years even -- we brought this European platform for our commercial engine into the US It was a very successful multibrand platform.

所以對我們而言確實比較疲弱。往前看，我們不期待那裡會有什麼奇蹟。好消息是，我們在那裡的 DTC 表現比批發更強。所以這點讓人感覺不錯。這也呼應了我們先前談到美國各品牌的同樣故事。因此我認為，隨著我們往前推進，我們預期——我們確實預期——隨著時間推移會回到良好的成長。我們也採取了新的——我們正在採取一個新的做法。在我們把——就算帶你回到幾年前——我們把這個歐洲平台作為我們商業引擎導入美國時，我們學到了很多；那是一個非常成功的多品牌平台。

We weren't doing that in the US We put it in the US It certainly has driven improvement in the US

我們當時在美國並沒有這樣做。 我們把它導入美國，確實推動了美國的改善。

Then we've upgraded that even further by getting focused on our DTC in the US and really improving our execution engine. Now we're bringing that execution over into Europe. So it's kind of an illustration of this whole value of having multi-brand, multi-category, multi-region business like we have, where we're going to keep learning in different parts of the world as we tap into a new vein of understanding and insight it improves our business. We're going to bring it to the rest of the world and the rest of our brands.

接著，我們又進一步升級，聚焦於美國的 DTC，並真正提升我們的執行引擎。現在我們正把這套執行方式帶到歐洲。這也算是在說明我們這種多品牌、多品類、多區域的商業模式的價值：當我們在世界不同地方持續學習、挖掘新的理解與洞察時，就能改善我們的業務。我們會把它帶到世界其他地方以及我們其他品牌。

That's exactly what's happening now. So you'll see that happen. It's already happening in the US That's why you saw such a strong quarter. And I think you'll see it in the quarter and certainly years ahead around the world.

現在正是如此。所以你會看到這件事發生。它在美國已經在發生了，這也是你看到如此強勁季度表現的原因。我認為你也會在接下來的季度、以及未來幾年在全球各地看到。

Ike Boruchow, Wells Fargo.

Ike Boruchow，富國銀行。

Can you hear me?

你聽得到我嗎？

Perfectly.

非常清楚。

Excellent. Bracken, Paul, clarification and a question. I think for Paul, the refund benefit you saw in the first quarter, should we basically be modeling that as a bad guy, $50 million in the fourth quarter of next year? I'm assuming we should I just want to kind of make sure that, that's the case.

太好了。Bracken、Paul，我想先釐清一下再問個問題。我想問 Paul，你們在第一季看到的退稅（refund）利益，我們是否基本上應該把它建模為明年第四季的一個負面項目（bad guy），約 5,000 萬美元？我假設應該是這樣，我只是想確認一下確實如此。

It's not really a bad guy. So if you really -- if you think about it, so the full -- if you think about the full year, the full year just basically assumes that we didn't have to pay the tariffs. We took a receivable to account for that, which all hit in Q4. So we tried to normalize out for Q4. So just as a level set, like the operating margin, the 7% operating margin in fiscal '26 is a good clean margin.

它其實不算是負面項目。如果你真的——如果你從全年來看，全年基本上只是假設我們不需要支付關稅。我們認列了一筆應收款來反映這件事，而這些都在第四季入帳。所以我們試著把第四季的影響正常化。所以先校準一下：例如 2026 財年的營業利益率 7%，是一個乾淨的利潤率。

I wouldn't think about the -- is it a benefit in Q4. I think more a function of if the tariffs are put back in place at the end of July and if we're back in an environment where where we're having to overcome the tariffs, it will impact the back half of the year. That was the $70 million to $80 million or so that I mentioned earlier in terms of the incremental impact we would see in the back half of the year. So it's not really -- we had a benefit, we didn't because it's not really a benefit. It's just we had been assuming we're going to have to pay something we didn't.

我不會把它想成——第四季是不是有一個利益。我認為更重要的是：如果 7 月底關稅被重新恢復，且我們回到需要克服關稅的環境，那就會影響今年下半年。這就是我先前提到的約 7,000 萬到 8,000 萬美元，指的是我們在下半年會看到的增量影響。所以它不太是——我們有一個利益、或我們沒有，因為它其實不算是利益。只是我們原本假設要支付某些費用，但最後沒有。

So there's no impact really at all. We have a clean 7% margin in '26. But next year, we will potentially have to face increasing tariffs if the July announcement goes through and then we have higher tariffs.

所以其實完全沒有什麼影響。我們在 2026 財年有一個乾淨的 7% 利潤率。但明年，如果 7 月的公告成真、關稅提高，我們可能就必須面對更高的關稅。

It will make Q4 a tougher compare, but it's not really like-for-like. It's more that we will potentially have tariffs back in the mix through Q4 of next year, I'm sorry.

這會讓第四季的比較變得更具挑戰，但它並不是真正的同口徑比較。更重要的是，明年第四季我們可能會把關稅重新納入考量之中，抱歉。

And Paul, if I can just add. I think two things. One, to underscore the point that the 7 points of operating income in FY26 is clean. It doesn't have the tariff impact. And two, the $70 million to $80 million that Paul is talking about, we do have mitigation action, as I highlighted as part of the work that we have been doing over the last one year in terms of thinking about our sourcing footprint, thinking about readouting the product and also working with our vendors.

Paul，我再補充兩點。第一，再次強調：2026 財年 7 個點的營業利益率是乾淨的。它不包含關稅影響。第二，Paul 提到的 7,000 萬到 8,000 萬美元，我們確實有緩解措施（mitigation action），正如我所強調的，這是我們過去一年在思考採購布局、重新規劃產品，以及與供應商合作等工作的一部分。

So we do feel confident of mitigating almost all of it in FY27. So that's what we are saying when we are committing to the guidance of 8%.

因此我們有信心在 2027 財年緩解幾乎全部影響。這也就是為什麼我們在承諾 8% 指引時所表達的意思。

Got it. Okay. That's helpful. And then as a follow-up on the fiscal '28 margins, I know at the Analyst Day, I believe you guys said you were committed to achieving a margin of at least 10% in fiscal '28. I think now you're saying it's a run rate.

了解。好。這很有幫助。接著再追問 2028 財年的利潤率。我知道在分析師日（Analyst Day）上，我相信你們說過你們承諾在 2028 財年至少達到 10% 的利潤率。我想現在你們說的是「run rate」。

I know there's noise, there's tariffs and things like that. So that's understandable. But can you just elaborate what a run rate means that coming in a lot of things? Is there any more clarity you could kind of give us into what your expectations for the annual margin in '28?

我知道有雜音，像是關稅之類的因素。所以這可以理解。但你能否再說明一下「run rate」的意思——它涵蓋很多事情。你們是否能更清楚地說明一下，對 2028 年全年利潤率的預期是什麼？

Yes. Let me be crisper. So when we gave that, we said in fiscal '28, we would deliver 10%, what we meant was a run rate, and we then got a lot of feedback, very understandable, like, so you mean for the full year and we said, no, we didn't mean for the full year. We never intended that to be the full year. The idea was that during the year of fiscal '28, we'd reach that point where we'd be a 10% margin business.

可以。我講得更明確一點。所以當我們給出那個說法時，我們說在 2028 財年我們會達到 10%，我們的意思是「run rate」，之後我們收到很多回饋——非常可以理解——像是：所以你們是指全年嗎？我們說，不，我們不是指全年。我們從來沒有打算把它解讀為全年。概念是：在 2028 財年期間，我們會達到那個時間點，使我們成為一家 10% 利潤率的企業。

So we redescribed that a couple of quarters ago. We've tried to reiterate that to everybody, that it's -- so we used the term exit rate. So you can kind of count on it as an exit rate, fiscal year -- as we exit fiscal year '28, we've got a 10% operating margin run rate. So the other way we could have said it, maybe we should have said it is full fiscal '29, you can count on 10% or better. So during fiscal '28, we'll hit 10% sometime during that year, and we've committed now to a 10% exit rate.

所以我們在幾個季度前重新表述過這件事。我們也一直試著向所有人重申，也就是——我們用了「退出率」（exit rate）這個詞。所以你可以大致把它當作一個退出率：在我們退出 2028 財政年度時，我們的營業利益率（operating margin）運行水準（run rate）是 10%。換個說法，我們也許應該這樣講：在完整的 2029 財政年度，你可以預期 10% 或更好。因此在 2028 財政年度期間，我們會在那一年中的某個時間點達到 10%，而我們現在也承諾 10% 的退出率。

Is that clear enough?

這樣夠清楚嗎？

Yes. Appreciate it.

是的。感謝。

Thanks for asking that. We were hoping we'd get that. If you had ask Abhisek and Paul.

謝謝你問這個問題。我們一直希望會有人問到。如果你去問 Abhisek 和 Paul 的話。

(Operator Instructions) Jay Sole, UBS.

（接線員指示）UBS 的 Jay Sole。

Can everybody hear me now?

大家現在聽得到我嗎？

We can hear you perfectly.

我們聽得非常清楚。

I just want to ask about the free cash flow guidance for this year. Maybe can you elaborate on what flat to up means? And then what are you comparing to? Because it looks like in the slide deck, you're comparing it to $405 million for this year? And maybe how do we think about the pension expense and the pension termination cash benefits from this year?

我想問一下今年的自由現金流（free cash flow）指引。你們能否再說明一下「持平到成長」（flat to up）是什麼意思？另外你們是拿什麼來比較？因為看起來在簡報投影片裡，你們是拿今年的 4.05 億美元來比較？以及我們該如何看待今年的退休金費用（pension expense）與終止退休金計畫所帶來的退休金終止現金給付（pension termination cash benefits）？

Are you excluding those from that number? If you can just maybe just define the fiscal '26 number, what's in there. and then tell us how you think about free cash flow in '27 in a little bit more detail, that would be great.

你們在那個數字裡有把這些排除嗎？如果你們能先界定一下 2026 財政年度的數字、裡面包含哪些項目，然後再更詳細說明你們如何看待 2027 年的自由現金流，那就太好了。

Yes. Sure. So yes, so the pension benefit was when we terminated the pension, there was a cash benefit of about $100 million. So our free cash flow, including that is $505 million. On a normalized basis, we obviously don't expect that.

是的。當然。所以是的，退休金利益是在我們終止退休金計畫時，帶來約 1 億美元的現金利益。因此我們的自由現金流若包含那筆，會是 5.05 億美元。以常態化（normalized）基礎來看，我們顯然不會預期每年都有這種情況。

That was a onetime thing. We won't get that every year. It's real cash in the door. But so on a normalized basis, it's $405 million is our free cash flow. Now that's up $90 million versus last year.

那是一次性的。我們不會每年都拿到。那是真正進帳的現金。但以常態化基礎來看，我們的自由現金流是 4.05 億美元。而這比去年增加了 9,000 萬美元。

And so again, we had said all along that we would have free cash flow in fiscal '26. That will be flat to up versus last year, and we obviously delivered $90 million more than that. So the base rate -- the base number we're talking about is the $405 million. So it's excluding the pension, it's $405 million. And then we said free cash flow will be flat to up this year.

所以再說一次，我們一直以來都說 2026 財政年度會有自由現金流。相較去年會持平到成長，而我們顯然交出了比去年多 9,000 萬美元的成果。所以我們談的基準——基準數字就是 4.05 億美元。也就是排除退休金影響後是 4.05 億美元。然後我們說今年自由現金流會持平到成長。

Again, the biggest variable there is we are upping our CapEx spend this year, which I mentioned.

同樣地，最大的變數是我們今年會提高資本支出（CapEx）投入，我剛才也提到過。

We're investing about $100 million more this year in CapEx than last year. A lot of that is going to investment. Some of that, as we talked about, is on the growth in Timberland and the full-price stores that were we're growing in Timberland. So even with that increased investment, we still believe that we will have free cash flow that is equal to or better than last year. We're going to continue to delever.

我們今年在資本支出上的投資比去年多約 1 億美元。其中很大一部分是用於投資。其中一部分，如我們所談到的，是用在 Timberland 的成長，以及我們在 Timberland 擴張的全價門市（full-price stores）。所以即使投資增加，我們仍然相信自由現金流會與去年相當或更好。我們會持續去槓桿（delever）。

So as we said, we finish this year at 3.1 times. It's a full turn better than last year, we'll get below 3 times this year. So between 2.6 and 2.9 is what we said. We're still on track to be at 2.5 or better in fiscal '28. So everything is on track.

所以如我們所說，我們今年結束時是 3.1 倍。比去年改善整整一個 turn，我們今年會降到 3 倍以下。所以我們說的區間是 2.6 到 2.9。我們仍按計畫在 2028 財政年度達到 2.5 倍或更好。所以一切都在軌道上。

And given the fact that everything is on track, and then we actually had an even better improvement in our leverage ratio for fiscal '25 or fiscal '26, we are giving ourselves the ability to invest even more, particularly on the store side in fiscal '27. So hopefully that was clear.

而且鑑於一切都在軌道上，再加上我們在 2025 財政年度或 2026 財政年度的槓桿比率改善甚至更好，我們也讓自己有能力在 2027 財政年度投入更多投資，特別是在門市端。希望這樣說清楚了。

It was.

很清楚。

Samuel Poser, Williams Trading.

Williams Trading 的 Samuel Poser。

I have a handful here. One, the 53rd week in fiscal '27. I assume that, that will be gross margin accretive because most of that additional business comes from DTC. The wholesale part of that is small. Would that be a fair assumption?

我這裡有幾個問題。第一，2027 財政年度的第 53 週。我假設那會對毛利率有增益（gross margin accretive），因為那多出來的大部分生意來自 DTC（直接面向消費者）。批發（wholesale）那部分很小。這樣的假設合理嗎？

I mean, it's small. We haven't really quantified. It is small. I mean your logic is definitely sound, but it's pretty small. And then just while you're on the 53rd week, just to be clear, we said it'd be on a revenue side, about -- at about 0.5 point growth overall.

我的意思是，確實很小。我們還沒有真正量化。它是小的。你的邏輯當然是合理的，但幅度相當小。另外，既然你提到第 53 週，為了說清楚，我們說它在營收端大約——整體約貢獻 0.5 個百分點的成長。

So that is helpful because it somewhat mitigates the point or so impact we see from the conflict over in the Middle East.

所以這是有幫助的，因為它在某種程度上可以緩解我們看到的、來自中東衝突約 1 個百分點左右的影響。

Got you. And then in in The North Face, how long will it take to double? And then with Vans, how -- you talked about the speed to market, given some of the strength of some of the new shoes how like if -- like when could a wholesale partner write an order for right now and expect to get some deliveries? And lastly, there's a new authentic called the authentic kickdown which apparently isn't on your website, but is being sold through some like urban and free people. I'm wondering just the strategy there because you talked about your DTC, but that's the shoes that appears to do decently but isn't showing up on your website.

了解。再來，在 The North Face，要花多久才能翻倍？然後 Vans 方面——你們談到上市速度（speed to market），考量到一些新鞋款的強勢表現，如果——比如說，批發合作夥伴現在下單，大概什麼時候可以期待開始交貨？最後，有一款新的 Authentic 叫 Authentic Kickdown，顯然不在你們網站上，但在像 Urban 和 Free People 這類通路有在賣。我想了解你們那邊的策略，因為你們談到 DTC，但這雙鞋看起來賣得不錯，卻沒有出現在你們網站上。

So that's -- there's a lot of questions, a lot of stuff I want to understand.

所以——問題很多，有很多事情我想弄清楚。

Sure, sure, sure. Absolutely, Sam. So first, on the doubling of TNF, we're not committing to a time frame, but we're very optimistic about it. And I do think at some point, because we're really laying a lot of groundwork right now to grow across multiple categories around the world, we're really putting the next phase of planning in to drive that long-term sustainable growth. The growth should start to accelerate.

當然，當然，當然。沒問題，Sam。首先，關於 TNF 翻倍，我們不承諾具體時間表，但我們非常樂觀。而且我確實認為在某個時間點，因為我們現在正在打下大量基礎，以在全球多個品類擴張成長，我們正在投入下一階段的規劃，來推動長期且可持續的成長。成長應該會開始加速。

Now we're not committing to that, and we're not going to do it today. But at some point, maybe at an Investor Day, we'll lay kind of a time line out for that.

目前我們不承諾這件事，也不會在今天做出承諾。但在某個時間點，也許在投資人日（Investor Day），我們會大致提出一個時間線。

In terms of brands? And can you place an order today? Absolutely, they can. You know as well as anybody, maybe better than anybody else in this call how wholesale works. They can play absolutely place orders today.

就品牌而言？以及他們今天能下單嗎？當然可以。你跟任何人一樣——甚至可能比這通電話裡的任何人都更了解批發是怎麼運作的。他們絕對可以今天就下單。

They've also got product in their currently in their stores. So it's a process of one by one by one. And we were just a cookout last night with our wholesalers for Vans as a matter of fact. And there's a lot of optimism out there, but this is going to take time. You've got to keep the momentum going.

他們的門市目前也已經有產品在賣。所以這是一個一步一步、逐一推進的過程。事實上，我們昨晚才和 Vans 的批發商一起辦了烤肉聚會（cookout）。外界有很多樂觀情緒，但這需要時間。你必須持續把動能維持下去。

We've also got approved to them, as you know, from being a former buyer. We got to prove to them. These things are selling. I think they're now seeing it. So the optimism is starting now it's got to turn into orders.

我們也已經獲得他們的核准，如你所知，因為我們以前是買手。我們得向他們證明。這些產品賣得動。我想他們現在也看到了。所以樂觀情緒現在開始了，接下來就得轉化成訂單。

My question was, if I wrote an order today, could I get it in three months? Or would it still take the speed situation.

我的問題是，如果我今天下單，三個月內拿得到貨嗎？還是仍然會受制於交期／速度的狀況？

Let me take that, Sam, because you actually asked a really good question, which is one of the big unlocks we actually executed on last year. So we had a lot of success with Super Lowpro as you know, on Vans as well. And that was a great example where we actually saw the initial buys. We saw the momentum in the product. We actually chased down and got the product back on the floor in exactly 77 days.

Sam，這題我來回答，因為你問得非常好，而這其實是我們去年真正落地執行、帶來重大解鎖的一件事。如你所知，我們在 Vans 的 Super Lowpro 上也取得了很大成功。那是一個很好的例子：我們確實看到了初期採購。我們看到了產品動能。我們實際上加速追單，並在剛好 77 天內把產品重新補回到店內陳列。

So we did demonstrate that we have the capability, the capacity and the partners on the supply chain side to actually accelerate any product chase if it's on the same silhouette and the same with the variation of fabrication and color and material. So that's good news.

所以我們已經證明，我們具備能力、產能，以及供應鏈端的合作夥伴，能在同一鞋型（silhouette）且僅在面料、顏色與材質做變化的情況下，去加速任何產品的追單補貨。所以這是好消息。

On your question around wholesale, if we do get the order we feel very confident that we can meet it. And that's what the team does in the works for in terms of looking at their open to buy and really figuring out what, where we can actually drive. Your last question that you had around a particular style available only in the wholesale partner. Now this is the kind of another shift in mindset that we are seeing at that we are constantly going to be testing different ideas and scaling them pretty fast. Like one of the ideas could be that do we actually take a particular style, a particular silhouette, test that in wholesalers, take that in DTC stores for take that in online first.

針對你關於批發（wholesale）的問題，如果我們拿到訂單，我們非常有信心能夠如期交付。而團隊正在做的工作，就是從他們的 open-to-buy（可用採購額度）角度去看，並真正釐清我們可以在哪裡、以什麼方式推動成長。你最後一個問題是關於某個特定款式只在某個批發合作夥伴那裡販售。這其實是我們正在看到的另一種思維轉變：我們會持續測試不同想法，並且很快放大規模。例如其中一個想法是：我們是否把某個特定款式、某個特定鞋型，先在批發商那裡測試；或先放在 DTC 門市；或先在線上通路上架。

So this was one of the examples. I'm glad you observed it, which is where we are testing that what if we actually kind of push a certain style more at a rapid speed in wholesale partner first, see the velocity there, see the sell-through there and then replicate that across the other channels.

所以這就是其中一個例子。我很高興你注意到了：也就是我們在測試——如果我們先在某個批發合作夥伴那裡，以更快的速度去主推某個款式，先看那邊的銷售速度（velocity）、看那邊的售罄率（sell-through），再把成功做法複製到其他通路。

(Operator Instructions) Anna Andreeva, Piper Sandler.

（接線員指示）Anna Andreeva，Piper Sandler。

Can you guys hear me?

你們聽得到我嗎？

Yes, we can.

是的，聽得到。

Terrific. Yes. Thank you for the color this morning. Very helpful. We wanted to follow up on Timberland.

太好了。是的。謝謝你們今天早上提供的補充說明。非常有幫助。我們想追問一下 Timberland。

I think you mentioned wholesale declined on lower distressed sales in the fourth quarter. What was that amount? And is that dynamic continuing into fiscal '27. Just any color on that would be great.

我想你們提到第四季因折扣清庫（distressed sales）較少，導致批發下滑。那個金額是多少？而這個動態會延續到 2027 會計年度嗎？任何補充說明都會很有幫助。

And then secondly, you talked about marketing and moving towards the upper funnel across the brands, which makes a lot of sense. Just what was your marketing as a percent of sales for the year? And how should we think about that for '27?

第二，你們談到行銷並朝向各品牌的上層漏斗（upper funnel）移動，這很合理。想請問你們今年行銷費用占營收的比例是多少？那我們該如何看待 2027 年？

Yes. On the Timberland side, it's just the inventory is actually in a healthier position. And so we were selling less distress there. And so that's some impact on that, that falls through into the beginning of this year. But it's actually all a good sign because we're in a really good place there.

是的。Timberland 這邊主要是庫存其實處在更健康的位置。因此我們做的折扣清庫就比較少。所以這對結果有一些影響，並延續到今年年初。但這其實都是好跡象，因為我們那邊的狀態非常好。

Yes. Just to answer your question on cost. So we're investing, I would say, pretty strongly in marketing. So we're at 8.6% about fiscal year '26. And our game plan is to continue to invest pretty strongly in marketing.

是的。回答你關於費用的問題。我們在行銷上的投資，我會說相當積極。以 2026 會計年度來看，我們約為 8.6%。而我們的計畫是持續相當積極地投資行銷。

I do think there's somewhere in the future where we can bring that down a little bit. We're probably at the high end of the upper quartile of the industry right there. But given where we are and what we're seeing from a responsiveness standpoint, we'll probably stay in that range for a while, but we'll eventually bring it down.

我確實認為在未來某個時間點，我們可以把這個比例稍微降一點。我們目前大概位在產業上四分位區間（upper quartile）的高端。但考量我們目前所處的位置，以及我們從成效回應（responsiveness）的角度所看到的情況，我們可能會在這個區間維持一段時間，但最終會把它降下來。

Lorraine Hutchinson, Bank of America. (Operator Instructions)

Lorraine Hutchinson，美國銀行。（接線員指示）

I was hoping that you could have been -- just help talk through a little bit of the strategies you've used to turn Vans America to really move that around the world.

我希望你們能——幫忙談談你們用來讓 Vans 美洲業務扭轉局勢、並真正把這套做法推向全球的一些策略。

We got part of your question, but let me try to restate it and see if I got it right, just say yes. You want to understand a little bit of the Vans strategies that have driven the turnaround in the DTC in Americas and ultimately presumably that will move around the world. Correct?

我們聽到你問題的一部分，但我試著重述一下，看看我理解得對不對；如果對你就說「對」。你想更了解一些 Vans 的策略：這些策略如何推動美洲 DTC 的復甦，而最終推廣到全球。對嗎？

Yes. So it's pretty much what we've been laying out from two years ago. It comes back to product, marketing and in this case, really good great commercial execution. So the product is coming. You've seen a lot of new product from us.

對。所以基本上就是我們從兩年前開始一直在闡述的方向。核心回到產品、行銷，以及在這個案例中，真正很強的商業執行力。產品正在到位。你們也看到我們推出了很多新產品。

If you're not already and I'm sure most of you are, if you're not following us and all the social media you should you'll get a lot of color on what we're doing, and you'll see just the range of things we're doing and the excitement around them. I'm sitting on -- literally, I just wanted to -- I was going to bring this out for those of you who are looking at the video, but this shoe, we just launched. We had lines in front of stores and all the places we sold it. We actually had flights in front of which we're not proud of.

如果你們還沒有——我相信大多數人都有——如果你們還沒有在各個社群媒體上追蹤我們，建議你們去追蹤，會看到很多我們正在做的事情與細節，也會看到我們做的事情範圍之廣，以及大家對它們的興奮感。我現在手上——其實我本來想把這個拿出來給看影片的人看——這雙鞋是我們剛上市的。在所有販售它的門市前面都出現排隊人潮。我們甚至出現了「打架」的情況，這點我們並不以為傲。

But we're generating that kind of heat for some of the collaborations that are harder to get is and then bringing those same attributes like the pearlized down into more available, more affordable shoes that you can buy almost everywhere is really part of our game plan. So we're doing that, and we've got really, really great product out and coming. The second thing we're doing is we're really trying to make sure that our marketing is, you mentioned upper final and lower funnel. We're really doing a lot on both ends of that spectrum. We're trying to make sure our low-for marketing is really strong in brand building, too.

但我們確實為一些更難入手的聯名合作帶出了那種熱度，然後把同樣的特質——例如那種珠光感（pearlized）——下放到更容易買到、更親民的鞋款上，讓你幾乎到處都買得到，這就是我們計畫的重要一環。所以我們正在這麼做，而且我們已經有、也即將推出非常非常棒的產品。第二件事是，我們真的在確保行銷——你提到上層漏斗與下層漏斗（lower funnel）——我們在這個光譜的兩端都做了很多。我們兩端都在加強。我們也在確保我們的下層漏斗行銷在品牌建立上同樣很強。

And so we're -- you've probably seen the character of our marketing change. It used to be a lot of skateboarders, and now it's a lot more about California lifestyle, some skateboarding and some just off-the-wall stuff.

所以我們——你們可能已經看到我們行銷調性的改變。以前很多是滑板選手，現在更多是在講加州生活風格，包含一些滑板元素，以及一些很跳脫框架的內容。

We've got a new campaign on off the wall. But generally speaking, we're trying to more and more you'll see us tie it directly to individual silhouettes and products because we want to make sure it really converts into sales. The third thing we're doing is really great commercial execution. I think hats off to Brent Hyder who's taken -- took over the American was now running our global commercial team. He's really done a super job of raising the caliber of play there, and he's got a fantastic team under him, including Shack and so many others that have really raised the execution level in our stores and in our e-commerce execution.

我們有一個新的 Off The Wall（不按牌理出牌）企劃。但整體而言，我們會越來越多把行銷直接連結到單一鞋型（silhouette）與產品，因為我們希望它能真正轉化為銷售。第三件事是非常出色的商業執行。我要向 Brent Hyder 致敬，他接手美洲業務、現在負責我們的全球商業團隊。他在提升整體作戰水準方面做得非常出色，他底下也有一支很棒的團隊，包括 Shack 以及許多其他人，確實把我們門市與電商的執行水準大幅拉升。

Abhishek is sitting next to me. His team did a great job of building websites that are more responsive, they look better, they feel better, they sell better. So just all the elements that you would expect us to be doing, I think we're really doing in the DTC, and that's going to make its way around the world and into wholesale over time.

Abhishek 就坐在我旁邊。他的團隊在打造更具回應性的網站方面做得非常出色：看起來更好、體驗更好、銷售表現也更好。所以，所有你會期待我們該做的要素，我認為我們在 DTC 端確實都在落實，而這些成果也會隨著時間推進，逐步擴散到全球並進入批發通路。

Blake Anderson, Jefferies.

Blake Anderson，Jefferies。

For most of them. I just wanted to ask Bracken, first on Vans. I would be interested to hear how the customer base is evolving kind of versus your expectations over the last year. Maybe talk about the growth of new customers versus existing and there are a lot of loyal Vans customers out there. Anything on retention rates and how the younger female demographic is trending?

對大多數來說。我想先請教 Bracken，關於 Vans。我很想聽聽過去一年客群的演變，和你們原先的預期相比如何。也許可以談談新客成長相對於既有客的情況，因為外面有很多忠誠的 Vans 顧客。在留存率方面有沒有什麼可分享的？以及較年輕的女性族群趨勢如何？

I know you guys have mentioned that as a key segment as well.

我知道你們也提到這是關鍵客群之一。

Yes. I'll give you a little color, but I'm going to go a little deep on parts of this. I'd say the most important thing to point out is that the customer base is predominantly men. I think when we came out of the gate, we really felt like there's -- we have a lot of opportunity in women, and we have a lot of opportunity in women and we have a lot of products out and more coming that are going to be able to women. We've really doubled down on men and it's in our DTC in the Americas, and it seems to really be working, and we're going to keep that up.

是的。我可以補充一些背景，但其中有些部分我會講得稍微深入一點。我認為最重要的一點是：客群主要仍以男性為主。我想我們一開始就很清楚——女性市場有很大的機會；我們也已經推出許多產品，後續還會有更多，能夠更好地服務女性。但我們確實在男性市場上加倍投入，尤其是在美洲的 DTC 端，看起來效果非常好，我們也會持續這麼做。

And now we're also doing a lot more than that. We think there is a big opportunity in men. Now we're also focusing on a couple of different segments, and I won't bore you with our segmentation strategy. But let me just say they tend to be kind of the people that you tend to notice if you walk down the street. They are the ones who look a little cooler, seem like they're on the edge of a trend and we have different segments to go after it.

而且現在我們做的也不只如此。我們認為男性市場有很大的機會。同時我們也聚焦在幾個不同的族群細分，我就不拿我們的細分策略讓大家覺得無聊了。但我想說的是，這些族群通常是你走在街上會注意到的那種人。他們看起來更酷一點，似乎站在潮流前緣；我們有不同的細分族群可以去切入。

Now that said, we've also expanded our marketing footprint a little bit because we have a lot of lapsed users and even older users who love the brand and just we kind of fell out of favor with. So we've broadened our media buys a little bit so that we're reaching even some of these older people as old as people like me who love Vans and want to buy like the latest stuff that's coming out. So we have a very clear specific targets, very narrow, but we're opening the aperture sure a little bit to make sure that the -- our awareness is staying up among that a broader group that really wants to buy, and that seems to be working.

話雖如此，我們也稍微擴大了行銷觸及範圍，因為我們有很多流失用戶，甚至是一些年紀較大的用戶，他們很愛這個品牌，只是我們某種程度上不再那麼受他們青睞。所以我們把媒體投放稍微擴大，讓我們也能觸及一些年長族群——甚至像我這樣年紀的人——他們喜歡 Vans，也想買最新推出的產品。因此我們仍有非常清楚、非常明確且相對聚焦的目標客群，但也確實把視野稍微打開一點，確保在更廣泛、真正有購買意願的族群中，我們的品牌認知度能維持在高檔，而看起來這樣做是有效的。

That's really helpful. And if I could ask one more. I was curious, Paul and Abhishek on SG&A and COGS. I know there's big initiatives to generate savings there. Can you quantify at all how much you're taking in savings this year versus last year?

這非常有幫助。如果我可以再問一個問題。我想請教 Paul 和 Abhishek，關於 SG&A 和 COGS。我知道你們有很大的計畫要在那裡創造節省。你們能否量化一下，今年相較去年大概取得了多少節省？

Just was curious, directionally, if you can talk anything about how much you're able to generate, excluding revenue, just taking cost out of the business this year versus last year?

我只是想了解一下方向性：如果不看營收因素，單純談今年相較去年，你們從業務中拿掉了多少成本、能產生多少節省？

Do you want to take that, Paul.

Paul，你要回答這題嗎？

Yes. I mean we're not going to be overly specific other than to say Well, a, what Abhishek already said, right? So we have taken out $225 million out on a run rate basis. Some of that's been offset by inflation and then specific and decisive investment decisions, we will get SG&A leverage this year, but we're not going to specifically talk about the overall numbers other than to say, to get to the 8% operating margin on, call it, 1% to 2% revenue growth, we're going to see both gross margin expansion leverage on the SG&A side?

好的。我的意思是，我們不會講得過於具體；不過可以說——第一，正如 Abhishek 剛才已經提到的，對吧？我們已經以年化（run rate）基礎削減了 2.25 億美元。其中一部分被通膨抵銷，另外也有一些是特定且果斷的投資決策所致；今年我們會在 SG&A 上取得槓桿效益，但我們不會具體談整體數字。只能說，若要在約 1% 到 2% 的營收成長下達到 8% 的營業利益率，我們會同時看到毛利率擴張，以及 SG&A 端的槓桿效益。

Yes. And the only thing I would add is like I want to underscore the point that I made on the gross margin. We did expand 350 basis points, 360 basis points, but 100 of that was actually through the Dickies divestiture. So we do see the composition of that 10% that Bracken talked about for the full year FY29 and beyond, it could be a little bit of a different mix than what we said earlier between gross margin and SG&A, but we definitely see opportunities both in gross margin dollars as well as in SG&A dollars going forward.

是的。我唯一想補充的是：我想再次強調我在毛利率上提到的重點。我們的確擴張了 350 個基點、360 個基點，但其中有 100 個基點其實是來自 Dickies 的剝離（divestiture）。因此，我們確實看到 Bracken 談到的、FY29 全年以及之後的 10%（目標）之組成，毛利率與 SG&A 之間的組合，可能會和我們先前所說的略有不同；但我們明確看到未來在毛利額以及 SG&A 金額兩方面都有機會。

Okay. I think that was the last question. The sun is up and very bright here, as it often is in California at this time of the day. Just to close, we return to full year growth in fiscal year '26, and we expect to keep growing in fiscal year '27. We're going to continue to expand our margins and continue to reduce our leverage.

好的。我想那是最後一個問題了。這裡太陽已經升起而且非常刺眼——在加州這個時段常常如此。最後做個總結：我們在 2026 會計年度將回到全年成長，並且預期在 2027 會計年度持續成長。我們將持續擴大利潤率，並持續降低槓桿。

So all the things that we've been doing, we're going to keep doing in more, and we're going in the right direction, and we'll see more improvement. North Face and Timberland are growing. We're seeing tangible signs of momentum advance led by Americas DTC. We didn't get that from that call, we said it many times can we feel so strongly about it.

所以，我們一直在做的所有事情，我們會持續做、而且做得更多；我們正朝正確方向前進，也會看到更多改善。North Face 和 Timberland 正在成長。我們看到由美洲 DTC 帶動的動能推進，且有具體跡象。我們在那通電話裡沒有得到這點——我們已經說過很多次了，我們對此感受非常強烈。

We're growing for the first time in over four years in Americas DTC. We're on track to achieve our medium-term targets, an exit run rate of 10% operating margin in fiscal '28 and a leverage ratio of 2.5 times or lower by fiscal year '28. So this has been a very strong year for VF And I am super excited about the momentum we have and that we're building for the future. So thanks, everyone, for the call.

我們在美洲 DTC 已經超過四年來首次恢復成長。我們正按計畫達成中期目標：在 2028 會計年度達到 10% 營業利益率的期末年化水準（exit run rate），並在 2028 會計年度將槓桿比率降至 2.5 倍或更低。因此，這對 VF 來說是非常強勁的一年，而我對我們目前擁有、並正在為未來建立的動能感到非常振奮。所以，謝謝各位參與這通電話。

Thanks for all the questions, and we'll see all of you -- many of you around the world as we do investor meetings and things in the quarter ahead.

謝謝大家所有的提問；接下來一季我們會進行投資人會議等活動，也會在世界各地見到各位——至少會見到你們當中的許多人。

Thank you, everyone.

謝謝大家。

Thank you, and thanks to you.

謝謝，也謝謝你。

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。感謝各位出席。您現在可以中斷連線。