威富公司 (VFC) 2027 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the V.F. Corporation first quarter 2027 earnings call. (Operator Instructions)

各位女士、先生，感謝各位加入我們，歡迎參加 V.F. Corporation 2027 財年第一季財報電話會議。(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. Thank you for joining us on V.F. Corporation's first quarter fiscal 2027 conference call. On our call today, 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.

各位好。感謝各位參加 V.F. Corporation 2027 財年第一季電話會議。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有重大差異。這些不確定性已在我們定期向美國證券交易委員會（SEC）提交的文件中詳述。

Unless we say otherwise, amounts that are referred to on today's call are all on an adjusted constant dollar continuing operations and excluding Dickie's basis, which we've defined in the presentation that we posted this morning on our Investor Relations website. We use those lead numbers in our discussion as we believe they more accurately represent the true operational performance and underlying results of our business.

除非我們另有說明，今天電話會議中提及的金額皆以「調整後、固定匯率（constant dollar）、持續營運」為基礎，並排除 Dickie's 的影響；相關定義已載於我們今早發布於投資人關係網站的簡報中。我們在討論中使用這些主要數字，因為我們相信它們更能準確反映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.

我們也可能會提及依照美國一般公認會計原則（US GAAP）編製的申報（reported）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；其中我們已辨識並說明所有排除項目，並提供管理層對於該等資訊為何對投資人有用的觀點。

Before we proceed, I want to highlight that scripted remarks have been posted at the start of the earnings call for ease of reference during the call. The scripted remarks will be removed after the earnings transcript is made available on our Investor Relations website.

在開始之前，我想提醒各位：為便於在會議期間查閱，我們已於財報電話會議開始時發布逐字稿式的預備講稿。在財報逐字稿於投資人關係網站上線後，該預備講稿將會移除。

Joining me on today's call are V.F.'s President and Chief Executive Officer, Bracken Darrell; Chief Financial Officer, Paul Vogel; and Chief Operating Officer, Abhishek Dalmia. Following our prepared remarks, we'll open the call for your questions. I'll now hand it over to Bracken.

今天與我一同出席電話會議的有：V.F. 總裁暨執行長 Bracken Darrell；財務長 Paul Vogel；以及營運長 Abhishek Dalmia。在我們的預備發言結束後，將開放提問。現在我把時間交給 Bracken。

Thank you, Allegra. Hello, everyone, and thank you for joining us. Before we get into our call for the quarter, let me talk about our CFO transition. As you know, if you read our release this morning, Paul Vogel will be stepping down, and Abhishek Dalmia will be taking on the newly combined role of Chief Financial Officer and Chief Operating Officer.

謝謝你，Allegra。各位好，感謝各位加入我們。在進入本季電話會議內容之前，我先談談我們財務長的交接。如各位今早閱讀我們的新聞稿所知，Paul Vogel 將卸任，而 Abhishek Dalmia 將接任新合併的職務：財務長兼營運長。

Let me start with Paul. I'm so thankful to Paul for being my partner these past two years. He's played a key role in dramatically improving our balance sheet, lowering our cost base and returning us to growth. Paul should be very proud of his accomplishments and I know he is. He's also been a good friend and partner to me and the entire team, and we're going to all miss him. Paul, I know you want to say a few words.

我先從 Paul 談起。我非常感謝 Paul 在過去兩年作為我的夥伴。他在大幅改善我們的資產負債表、降低成本基礎並讓我們重回成長軌道方面，扮演了關鍵角色。Paul 應該為他的成就感到非常自豪，我也知道他確實如此。他同時也是我以及整個團隊的好朋友與好夥伴，我們都會想念他。Paul，我知道你想說幾句。

Thanks, Bracken. As Bracken shared, after a lot of reflection over the past several months, we decided it's the right time to transition in my role. Over the past two years, I've become very passionate about the brands within V.F., and I've been driven to execute on the transformational work underway across the company. That work has required a significant amount of time away from my family who have remained on the East Coast. As I looked ahead and discussed with Bracken, the ongoing expectations, we decided now would be the right time for V.F. to transition to a new CFO.

謝謝你，Bracken。如 Bracken 所分享的，經過過去幾個月的深思熟慮，我們認為現在是我這個職務進行交接的適當時機。過去兩年，我對 V.F. 旗下品牌產生了非常深的熱情，也一直致力推動公司正在進行的轉型工作。這些工作需要我投入大量時間，因而長時間離開仍留在美國東岸的家人。在我展望未來並與 Bracken 討論持續的工作期待後，我們決定現在是 V.F. 交接新任財務長的合適時點。

I remain confident in the company the strategy, the progress we are making. In fact, I lead this role with great confidence in where V.F. is headed. Over the past few years, we've made meaningful progress, stronger financial discipline, improved execution, a significant reduction in debt and a sharpened portfolio. We returned to growth for the full year in fiscal '26 for the first time in three years expanded margins materially and reduced the leverage ratio by two full turns in two years, and I'm confident we will hit our previously provided guidance for the medium term.

我對公司、策略以及我們正在取得的進展仍充滿信心。事實上，我帶著對 V.F. 未來方向的高度信心離開這個職務。過去幾年，我們取得了實質進展：更強的財務紀律、更好的執行力、大幅降低負債，以及更聚焦的投資組合。我們在 26 財年全年重回成長，這是三年來首次；同時毛利率/利潤率顯著擴張，且在兩年內將槓桿比率降低了整整兩個倍數（two full turns）。我也有信心我們將達成先前提供的中期指引。

I'm also very pleased that Abishek will be stepping into the CFO role, combining with his current remit as COO. He understands the transformation agenda. He understands the operating model, and he brings a powerful combination of strategic, operational and financial perspective. I believe he is the right leader for this role and the right partner for Bracken and the leadership team in this next phase.

我也非常高興 Abishek 將接任財務長一職，並與他目前的營運長職責合併。他了解轉型議程。他了解營運模式，並帶來策略、營運與財務視角的強大組合。我相信他是這個職務的合適領導者，也是 Bracken 與領導團隊在下一階段的最佳夥伴。

On a personal note, Abhishek has been a true partner to me, and we've become real good friends and how a lot of fun working together. Over the next quarter, I will work with Abhishek to help ensure a smooth and thoughtful transition, and I'm committed to doing everything I can to support the team during this period.

就個人而言，Abhishek 一直是我真正的夥伴，我們也成為很好的朋友，一起合作非常愉快。在接下來的一季，我將與 Abhishek 合作，協助確保交接順利且周全；在此期間，我也承諾會盡我所能支持團隊。

And last, I want to say thank you. First, thank you to Bracken for his partnership, trust and leadership. It's been a privilege to work alongside him during such an important period for V.F. Thank you to the Board and the broader leadership team for their support and collaboration. Thank you to our shareholders and analysts. And most of all, thank you to the finance organization and to the teams across V.F.

最後，我想說聲謝謝。首先，感謝 Bracken 的合作、信任與領導。能在 V.F. 如此重要的時期與他並肩工作，是我的榮幸。也感謝董事會與更廣泛的領導團隊的支持與協作。感謝我們的股東與分析師。最重要的是，感謝財務組織以及 V.F. 各團隊。

Serving CFO of V.F. has been an honor. I'm proud of the progress we have made, and I'm confident in the company's future. And now, I'll turn it back over to Bracken.

擔任 V.F. 的財務長是一項榮耀。我為我們取得的進展感到自豪，也對公司的未來充滿信心。現在，我把時間交回給 Bracken。

Thank you, Paul. I would have put the rest any rumors there might be about the suspicious coincidence that Paul's move back to Philadelphia and Lebron James moved to Philadelphia in the 76ers. They seem to be uncoordinated, although we will try to confirm that over time.

謝謝你，Paul。我本來想澄清外界可能存在的各種傳聞：Paul 搬回費城，剛好 LeBron James 也轉到費城 76 人隊，這個「可疑的巧合」之間是否有關聯。看起來兩者並未協調，不過我們會隨時間嘗試確認。

Now for Abishek. We are really fortunate to have one of the most knowledgeable and impactful people in our industry as COO. After stance at Dell and Lululemon, and I didn't mention GE in the beginning of his career, Abhishek spent sevem years of BCG, working with almost every major company in our industry on a very wide range of projects. And that has already paid big dividends of V.F. As he is reengineered first, our technology organization, then supply chain and soon finance.

接著談 Abishek。我們非常幸運，能有業界最博學且最具影響力的人之一擔任營運長。在 Dell 與 Lululemon 的經歷之後——我一開始還沒提到他職涯早期在 GE 的經驗——Abhishek 也在 BCG 任職七年，與我們產業中幾乎每一家主要公司合作，參與非常廣泛的專案。而這些經驗已為 V.F. 帶來巨大回報：他先是重新打造我們的科技組織，接著是供應鏈，很快也將延伸到財務。

He's also been a partner for me in our strategy and execution across the business. He's a particularly good fit for the CFO role as an expansion of his current role. You'll soon see though, he's not going to be a COO who just adds finance. He will be a CFO who really understands at a practical level how to create total shareholder value. He deeply understands brand value creation. And the combination of these roles will drive sustainable and profitable growth, agility and cost efficiency.

他也一直是我在公司策略與全業務執行上的夥伴。就擴展他目前職責而言，他特別適合擔任財務長。不過你們很快就會看到，他不會是一位只是「加上財務」的營運長。他將是一位真正理解如何在實務層面創造股東總報酬（total shareholder value）的財務長。他對品牌價值創造有深刻理解。而這兩個職務的結合，將推動可持續且具獲利性的成長、敏捷性與成本效率。

As the business evolves into the next phase of growth, his ability to blend financial acumen with change management and transformative thinking will be just the right cocktail for V.F.'s ongoing transformation as we continue on our way to becoming a high-performing, high-growth business. Abhishek, I know you'd like to say a few words.

隨著業務邁入下一階段的成長，他將財務專業與變革管理及轉型思維相融合的能力，將成為V.F.持續轉型的最佳組合；在我們持續邁向成為高績效、高成長企業的道路上，這正是我們所需要的。Abhishek，我知道你想說幾句。

Hello, everyone. Thank you, Bracken, for your confidence and for the opportunity to take on this expanded role. I'm honored by the trust you and the Board have placed in me. I also want to thank Paul for his partnership and friendship. He has helped guide V.F. through an important period of transformation and has developed strong finance leaders. I look forward to partnering with this talented team as we enter our next phase.

各位好。謝謝你，Bracken，對我的信任，以及給我機會承擔這個擴大的職責。我很榮幸能獲得你與董事會對我的信賴。我也要感謝Paul的合作與友誼。他協助引領V.F.度過一段重要的轉型期，並培養了強而有力的財務領導團隊。在我們進入下一階段之際，我期待與這支才華洋溢的團隊攜手合作。

I chose to join V.F. a few years ago because I love our brands, and I believe in the long-term potential and success of this company. Going forward, my commitment is to ensure that every dollar of capital is deployed where it creates the greatest long-term value. That means maintaining discipline in how we invest, strengthening returns across our portfolio and balancing growth, profitability and cash generation to deliver sustainable TSR.

我在幾年前選擇加入V.F.，是因為我熱愛我們的品牌，也相信這家公司長期的潛力與成功。展望未來，我的承諾是確保每一美元的資本都投入在能創造最大長期價值的地方。這意味著在投資方式上維持紀律、提升我們投資組合的整體報酬，並在成長、獲利能力與現金創造之間取得平衡，以交付可持續的TSR（股東總報酬）。

I'm energized by what lies ahead in this next phase, as I continue to work closely with Bracken and key leaders in brands and commercial to make V.F. a high-performing and a highly profitable growth business. Now back to you, Bracken.

面對下一階段的發展，我感到充滿動能；我將持續與Bracken以及品牌與商務領域的關鍵領導者緊密合作，讓V.F.成為高績效且高獲利的成長型企業。接下來交回給你，Bracken。

Thanks, Abhishek. Now let's talk about the quarter. The first quarter was a solid start to the year. As a result of this start and better visibility into the rest of the year, we're raising our full year fiscal '27 outlook from 1% to 2% growth to 2% or better. We guided last quarter, we said you could expect another year of growth. Now you can expect a year of acceleration, albeit modest so far, but this is just the beginning of that.

謝謝你，Abhishek。現在我們來談談本季表現。第一季為今年打下穩健的開局。基於這個開局以及對今年其餘期間更清晰的能見度，我們將2027財年的全年展望由原先的1%至2%成長，上調至2%或更高。我們在上一季的指引中提到，你可以預期又是一個成長年。現在你可以預期是一個加速的一年——雖然目前加速幅度仍屬溫和，但這只是開始。

First quarter revenue was flat to last year, ahead of our guide. Q1 is typically a negative operating income quarter, but Q1 operating income was also slightly better than we expected, even though we invested in growth across multiple dimensions.

第一季營收與去年持平，優於我們的指引。第一季通常是營業利益為負的季度，但第一季營業利益也略優於我們的預期，儘管我們在多個面向投入以推動成長。

Turning to the individual brands. The North Face grew 4% in Q1. That was stronger than our expectations of a flat quarter that we shared with you earlier. You might recall that the primary driver of our flat quarter expectation was orders that would normally have occurred in Q1, actually shipped in Q4 last year. So we expected a stronger Q4 would result in a lighter Q1.

接著看各個品牌。The North Face在第一季成長4%。這比我們先前與各位分享的「本季持平」預期更強。你可能還記得，我們之所以預期本季持平，主要原因是原本通常會在第一季出貨的訂單，實際上在去年第四季就已出貨。因此我們預期較強的第四季會導致第一季相對偏輕。

As in the past, this year, we have timing ships across the quarters. In that vein, we expect Q2 to be flattish versus last year on North Face. However, we expect the full year to be roughly in line with last year's growth rate. Let me repeat that. We expect the full year to be roughly in line with last year's growth rate.

如同以往，今年我們在各季度之間仍有出貨時點的差異。因此，我們預期The North Face第二季相較去年將大致持平。不過，我們預期全年表現將大致與去年成長率相當。我再重申一次。我們預期全年表現將大致與去年成長率相當。

From a product standpoint, The North Face growth was led by transitional outerwear, shells and equipment. And we barely tapped the many opportunities to bring in strong spring and summer categories in the years ahead that we don't do much in today, which makes a solid quarter like this even more satisfying. Imagine what it will be when our assortment in stores and online is much broader and appropriate for warmer seasons.

從產品面來看，The North Face的成長主要由換季外套、外殼（shells）與裝備帶動。而我們對於未來幾年導入強勁春夏品類的眾多機會，現在其實才剛剛觸及一點點——目前我們在這些品類的布局還不多，這也讓像這樣的穩健季度更令人滿意。想像一下，當我們在門市與線上的商品組合更廣、更適合溫暖季節時，表現會是什麼樣子。

In footwear, the Altamesa Version 2, which I've actually been wearing all week, I've been wearing the 500 is absolutely amazing. We launched during the quarter with a very strong debut across regions. Now let me give you a little taste of what's coming for The North Face in Q3 and Q4, looking into the back half of the year.

在鞋類方面，Altamesa Version 2——我其實整週都在穿，我穿的是500——真的非常出色。我們在本季推出後，在各區域都有非常強勁的首發表現。接下來我先讓各位稍微感受一下The North Face在第三季與第四季、也就是下半年將推出的內容。

As I mentioned last quarter, The North Face is the exclusive performance apparel sponsor for the US Ski and Snowboard team. The athletes will wear our product across all major events, including World Cup and, of course, the Olympic Winter Games, and official training caps between now and through 2034 and beyond, we hope.

如我在上一季提到的，The North Face是美國滑雪與單板滑雪隊的獨家機能服飾贊助商。運動員將在所有主要賽事中穿著我們的產品，包括世界盃，當然也包括冬季奧運會；並且在從現在起一路到2034年及之後（我們希望如此）的官方訓練期間配戴官方訓練帽。

The first drop of the US Ski and Snowboard apparel is this winter. I'm wearing one of the T-shirts underneath this year right now. We'll be upgrading our largest single icon, the (inaudible) from Summit Series all the way down through all of our lifestyle. This one has an innovation twist as well, which I will share with you later.

美國滑雪與單板滑雪服飾的第一波上市會在今年冬季。我現在裡面就穿著其中一件T恤。我們將升級我們最大、最具代表性的單一經典款——（聽不清）——從Summit Series一路延伸到我們所有的生活風格系列。這款也會加入一個創新巧思，我稍後會再與各位分享。

From a marketing standpoint, there's also there's also something very exciting coming out. We can't tell you exactly what it is, but keep an eye out for your local IMAX theater. Just watch for developments ahead.

從行銷角度來看，也有——也有——一個非常令人興奮的內容即將推出。我們不能確切告訴你是什麼，但請留意你當地的IMAX影城。請持續關注後續進展。

Timberland revenue was up 3% in the quarter, both DTC and wholesale grew on a global basis. While regional performance was driven by continued strong growth in the Americas, up 10%. As expected, at this stage, the 6-inch premium boot is the growth engine. While behind the scenes, our initiatives to build and diversify around this strength are taking hold.

Timberland本季營收成長3%，DTC與批發在全球範圍內皆成長。區域表現則主要由美洲持續強勁的成長所帶動，成長10%。如預期，在現階段，6吋Premium靴款是成長引擎。同時在幕後，我們圍繞這項優勢進行建構與多元化的各項計畫也正在發揮成效。

Outside of the boot, shoes continue to perform strongly in all regions, led by the Boat Shoe. As we get into fall '26 season and beyond, you'll begin to see more of the new product lines being developed from below the ankle to sneakers in footwear and across apparel.

除了靴款之外，鞋款在所有地區仍持續強勁表現，其中以Boat Shoe領先。隨著我們進入2026年秋季及之後，你將開始看到更多正在開發的新產品線，從腳踝以下的鞋款到運動鞋（sneakers），以及服飾品類的更多新品。

Alongside those product initiatives, we continue to develop the brand distribution network. And for the first quarter, we opened 3 new full-priced DTC stores in the Americas, taking the total number of full-price stores to 14 in the region, and there are more to come.

在這些產品計畫的同時，我們也持續發展品牌的通路網絡。第一季我們在美洲新開了3家全價DTC門市，使該區全價門市總數達到14家，而且後續還會有更多。

We're driving brand energy with our social-first marketing strategy, as we talked about before, while leveraging the brand's cultural relevance. Search interest was up in all key markets.

我們透過以社群優先（social-first）的行銷策略來提升品牌熱度，如同我們先前所談，同時善用品牌的文化相關性。在所有主要市場的搜尋熱度皆有所上升。

The brand continues to play a central role in big cultural moments. For example, during the quarter, the yellow boot became a symbol of New York during the New York's magical New York Knicks championship run this year and an associated social media post generated the brand's highest engagement ever. We expect another good year of growth for Timberland as we continue to take steps to unlock the true potential of Timberland over the next few years.

該品牌持續在重大文化時刻扮演核心角色。例如在本季，黃色靴款成為紐約的象徵，伴隨今年紐約尼克隊那段神奇的奪冠征程；相關的一則社群貼文創下品牌史上最高互動。隨著我們持續採取措施，在未來幾年釋放Timberland的真正潛力，我們預期Timberland今年仍將是表現良好的成長年。

Now let's talk about Vans. Q1 revenue was down globally by 9% year-over-year. We expect a similar trend in Q2. We began signaling a few quarters ago, the business would turn around first in DTC then wholesale, and we focused on the Americas. And that's exactly what continues to happen. We expect to be a little bit better in Q1 than we were. We expect it to be a little bit better in Q1 than we were. But this quarter doesn't at all change our indication of what we see for the full year.

現在我們來談談Vans。第一季營收在全球年減9%。我們預期第二季將呈現類似趨勢。我們在幾個季度前就開始釋出訊號：業務將先在DTC回轉，接著才是批發，而我們聚焦在美洲。而這正是目前持續發生的情況。我們預期第一季會比我們原先的狀況稍微好一些。我們預期第一季會比我們原先的狀況稍微好一些。但本季的表現完全不會改變我們對全年走勢的判斷。

To that end, let me start by giving you a little more data than you've had before on our DTC. I'm going to focus on the US where half our business is, but the strategy is the same globally. Remember, we have more flexibility in introducing new products into our own DTC channels that we do in wholesale, just takes more time. E-comm is where we're starting to see accelerated growth.

為此，讓我先從我們的 DTC 開始，提供一些比你們先前掌握的更多數據。我將聚焦在美國，因為我們有一半的業務在那裡，但策略在全球是一致的。請記得，相較於批發通路，我們在自有 DTC 通路導入新品更具彈性，只是需要更多時間。電商是我們開始看到成長加速的地方。

Now let me talk about our fleet of stores, focused on the US where most are. Almost 60% of our comp stores are now flat to growing in Q1. There are stubborn stores we continue to work on. But you can see what our -- the e-com and the majority of our fleet is now positive in the US. So what's going to change between the first half of fiscal '27 and the second half fiscal '27 at Vans.

現在我來談談我們的門市組合，重點放在門市最多的美國。我們的同店中，將近 60% 在第一季已經持平到成長。仍有一些表現頑固的門市，我們持續在改善。但你可以看到，在美國，我們的電商以及大多數門市組合現在都轉為正成長。那麼，在 Vans，2027 會計年度上半年與 2027 會計年度下半年之間，將會有什麼改變？

In addition to the improvement we've seen in e-com in our stores, wholesale is going to be a lot better around the world. We're confident because we have much better visibility into our wholesale partners' plans. This is one of the things that gives me confidence to commit to a better second half of Vans. In fact, for Vans as a whole, while the first half revenue will be down about 9% versus last year. We expect second half to be down 2% or better versus last year.

除了我們在門市電商所看到的改善之外，批發業務在全球也會好很多。我們有信心，因為我們對批發合作夥伴的計畫有更好的能見度。這也是讓我有信心承諾 Vans 下半年會更好的原因之一。事實上，就 Vans 整體而言，雖然上半年營收相較去年將下滑約 9%。我們預期下半年相較去年將下滑 2% 或更好。

Let me go further on Vans now. There have been many green shoots in the past few months. DTC in the Americas continues to grow, as I said. We have more and more new products that are generating energy, excitement, engagement and sell-out, complete sellout. The press and social media analysts have published many headlines like Vans hot street is only getting hotter, and Vans might just be the footwear brand of the year. The brand is even inspiring luxury brands like Louis Vuitton, Prada, Dior and Miu Miu as they see the energy move to Vans silhouettes.

我再更深入談談 Vans。過去幾個月出現了許多正向訊號。如我所說，美洲地區的 DTC 持續成長。我們有越來越多新品帶來動能、興奮感、互動與售罄——完全售罄。媒體與社群媒體分析師刊出許多標題，例如「Vans 的街頭熱度只會越來越熱」，以及「Vans 可能就是年度鞋履品牌」。當能量轉向 Vans 的鞋型輪廓時，該品牌甚至也在啟發 Louis Vuitton、Prada、Dior 與 Miu Miu 等奢侈品牌。

And speaking of brand energy, in just its second year, the Vans work tour will have almost 600,000 attendees across its 6 venues, making it the -- for sure, the largest rock festival in North America and maybe Tide or one or two or three for the largest music festival in North America. And when you go, you see 2 out of every 3 people wearing Vans.

談到品牌動能，Vans Work Tour 才第二年，就將在 6 個場地吸引將近 60 萬名參與者，使其——毫無疑問——成為北美最大的搖滾音樂節，並且可能與一兩個或三個音樂節並列為北美最大音樂節之一。而當你到現場，你會看到每 3 個人就有 2 個穿著 Vans。

Our focus on innovation is driving consumer demand. We continue to reinvigorate the original icons. Authentic had another double-digit quarter. Slip-ons grew. Old Skool continues to benefit from Peralized, Distressed and collabs like the Travis Barker, collab all resonating and achieving a very high sell-through. The latest example just last week was the Souvenir Asphalt collection, which is Old Skool, we sold out in 30 minutes.

我們對創新的聚焦正在帶動消費者需求。我們持續讓原始經典款重獲新生。Authentic 又交出一個雙位數成長的季度。Slip-ons 成長。Old Skool 持續受惠於 Pearlized、Distressed，以及像 Travis Barker 這樣的聯名合作；這些都引發共鳴並達到非常高的售罄率。最新的例子就在上週：Souvenir Asphalt 系列（屬於 Old Skool），我們在 30 分鐘內就售罄。

The team is also putting out powerful new silhouettes, like loafers and others. One of the things we're under leveraging as some of this incredible energy we're creating, we can do a better job of having sufficient volumes of those hot styles of our icons and entirely new silhouettes to better capitalize on demand. We're working on that. But overall, our energy strategy on our DTC channels is starting to work, and we're going to keep going and build on this. Wholesalers will be bringing in more new products as we approach the holiday season and into the spring. We continue to be very optimistic on Vans.

團隊也推出了強而有力的新鞋型輪廓，例如樂福鞋等。我們目前對於這股我們正在創造的驚人動能，仍有一點未充分運用：我們可以做得更好，確保這些熱門經典款式與全新鞋型有足夠的供貨量，以更好地把握需求。我們正在處理這件事。但整體而言，我們在 DTC 通路的動能策略開始奏效，我們會持續推進並在此基礎上再加碼。隨著我們接近假期季並進入春季，批發商也將引進更多新品。我們對 Vans 仍然非常樂觀。

Beyond the top 3 brands, we're fueling the engines that are showing strong potential among the smaller brands, and there are a growing number of those. Altra is the most visible example. Altra continues to deliver, building on a strong performance last year and progressing towards another year of powerful growth. Franchise styles, including Lone Peak, Torin, Experience Flow and WILD continue to perform well. We're continuing to invest in brand awareness, which remains low but is growing.

除了前三大品牌之外，我們也在為較小品牌中展現強勁潛力的引擎加油，而這類品牌的數量正在增加。Altra 是最明顯的例子。Altra 持續交出成果，在去年強勁表現的基礎上，正邁向另一個強勁成長年度。主力系列款式，包括 Lone Peak、Torin、Experience Flow 與 WILD，持續表現良好。我們持續投資於品牌知名度；目前仍偏低，但正在提升。

Altra plays in a very large addressable market. For perspective, we're a leader in trail running, but rotary running is 10x as large of a market. Even though we've only recently gotten seriously into road running, over the past few quarters, road running has become larger for Altra than trail running for the brand. As I've said before, we believe this brand will be a $1 billion-plus brand over time.

Altra 所處的是一個可觸及的巨大市場。作為參考，我們在越野跑領域是領導者，但公路跑的市場規模是越野跑的 10 倍。儘管我們是最近才真正認真投入公路跑，但在過去幾個季度，對 Altra 而言，公路跑已經比越野跑更大。如我之前所說，我們相信這個品牌長期將成為一個年營收超過 10 億美元的品牌。

To conclude, I'm confident about the year, and we're raising our full year guidance as a result of our better visibility into the second half and our Q1 performance. With that, I'll hand it to Paul first for more financial depth on this quarter, and then Abhishek Dalmia for the forward-looking guidance for the next.

總結來說，我對今年充滿信心；基於我們對下半年更佳的能見度以及第一季的表現，我們因此上調全年指引。接下來我先交給 Paul，為本季提供更深入的財務說明，然後由 Abhishek Dalmia 提供下一步的前瞻性指引。

Great. Thank you, Bracken. Turning to our first quarter results. Q1 revenue was approximately $1.7 billion, flat year-over-year and above our guidance of down low single digits, and operating performance was slightly ahead of guidance. By brand, as Bracken said, The North Face grew 4%, Vans was down 9% and Timberland was up 3%.

很好。謝謝你，Bracken。接著看我們第一季的業績。第一季營收約 17 億美元，年對年持平，且優於我們先前「低個位數下滑」的指引；營運表現也略優於指引。按品牌來看，如 Bracken 所說，The North Face 成長 4%，Vans 下滑 9%，Timberland 成長 3%。

In Q1, Timberland's growth was impacted by the ongoing conflict in the Middle East as well as ongoing work with one of our distributors. This was roughly 3 points impact to Timberland in Q1. From a regional perspective, growth in the Americas was up 4%, while EMEA was down 7% and APAC was up -- was down 1%. And lastly, by channel, DTC led us up 5%, while wholesale was down year-over-year at minus 4%.

在第一季，Timberland 的成長受到中東持續衝突以及我們與其中一位經銷商持續合作調整的影響。這在第一季對 Timberland 約造成 3 個百分點的影響。從區域來看，美洲成長 4%，EMEA 下滑 7%，APAC 上升——是下滑 1%。最後，按通路來看，DTC 帶動我們成長 5%，而批發年對年下滑 4%。

Adjusted gross margin for the quarter was 54.9%, up slightly over last year. Our core underlying gross margin is actually stronger than it peers as this quarter's margin was impacted by 140 basis points as a result of unfavorable FX. As a reminder, there's roughly no incremental advantage or disadvantage of tariffs in Q1 this year versus Q1 last year.

本季調整後毛利率為 54.9%，較去年小幅上升。我們核心的基礎毛利率其實更強；本季毛利率受到不利匯率影響 140 個基點。提醒一下，今年第一季相較去年第一季，關稅大致沒有帶來額外的優勢或劣勢。

SG&A stepped up year-over-year as we deliberately invested in the business to drive growth. As we signaled in May, we are making first half investments in brand building initiatives. The $225 million of structural SG&A savings since fiscal 2024 remain in the run rate. This has been a choice to reinvest on a lower fixed base to drive growth.

SG&A 年對年上升，因為我們有意識地投資於業務以推動成長。如我們在 5 月所示意，我們正在上半年投入品牌建設計畫。自 2024 會計年度以來累計 2.25 億美元的結構性 SG&A 節省仍反映在目前的費用水準（run rate）中。這是我們在較低的固定成本基礎上選擇再投資，以推動成長。

Our Q1 adjusted operating loss for the quarter was $95 million, slightly ahead of guidance as a result of the higher-than-expected top line. Finally, adjusted loss per share was $0.27 versus $0.25 in Q1 and of last year. The tax rate was approximately 11% in Q1, and there is no change to our full year outlook for the tax rate in the low 30s.

我們第一季的調整後營業虧損為9,500萬美元，由於營收高於預期，表現略優於指引。最後，調整後每股虧損為0.27美元，相較去年第一季的0.25美元。第一季稅率約為11%，我們對全年稅率落在30%出頭的展望沒有變動。

On the balance sheet, we continue to strengthen our position. Inventories excluding Dickies and FX, were down 4% and net debt was down $1.1 billion or down 20% versus last year. Free cash flow was up approximately $75 million in Q1 year-over-year. This includes approximately $50 million benefit from tariff refunds. I'll now turn the call over to Abhishek, who will walk you through our guidance for Q2 and the full year.

在資產負債表方面，我們持續強化自身的財務狀況。扣除Dickies與FX後的庫存下降4%，淨負債較去年減少11億美元，或下降20%。第一季自由現金流年增約7,500萬美元。其中包含約5,000萬美元的關稅退稅收益。接下來我把電話交給Abhishek，他將帶各位了解我們對第二季與全年的指引。

Thank you, Paul. For full year fiscal '27, let me start with key metrics. First, on revenue, we had guided to up 1% to 2% and now expect to be up 2% or better versus last year. Second, we continue to expect our operating margin to be approximately 8% for the full year. Third, we expect free cash flow to be flat to up versus last year, with operating cash flow up over -- year-over-year.

謝謝你，Paul。針對2027財政年度全年，我先從關鍵指標開始。第一，營收方面，我們原先指引為成長1%至2%，現在預期將較去年成長2%或更高。第二，我們仍預期全年營業利益率約為8%。第三，我們預期自由現金流與去年持平至成長，營運現金流年增超過——較去年同期。

As a quick reminder, this excludes any potential net benefit from tariff refunds during fiscal '27. This also excludes the $100 million net impact of the pension termination that we received in fiscal '26. And finally, we continue to expect our year-end leverage ratio to be between 2.6 and 2.9x.

簡要提醒一下，這不包含2027財政年度期間任何可能來自關稅退稅的淨收益。這也不包含我們在2026財政年度收到的退休金終止所帶來的1億美元淨影響。最後，我們仍預期年末槓桿比率介於2.6至2.9倍之間。

As you know, it's not our standard practice to give you detailed brand guidance. But given we just raised our revenue guidance, we want to give you some additional color on the top 3 brands for the full year. For The North Face and Timberland, we expect the full year to be in line with their respective growth rates from last year, plus or minus a point or two on either side. For Vans, we continue to expect revenue trends to improve relative to last fiscal year, down mid-single digits.

如各位所知，我們通常不會提供各品牌的詳細指引。但鑑於我們剛上調營收指引，我們想就全年前三大品牌提供一些額外說明。The North Face與Timberland方面，我們預期全年將與各自去年的成長率大致一致，上下可能相差一到兩個百分點。Vans方面，我們仍預期營收趨勢相較上一財年有所改善，全年為中個位數下滑。

As you heard from Bracken, we expect better trends in the second half and expect revenue to be minus 2% or better for Q3 and Q4 combined. Let me share some details on the second quarter now. Revenue growth will be approximately in line with Q1, and operating income will be broadly in line with last year.

如同各位從Bracken那裡聽到的，我們預期下半年趨勢更佳，並預期第三季與第四季合計營收為-2%或更好。現在我分享第二季的一些細節。營收成長將大致與第一季相當，營業利益也將大致與去年持平。

Let me break down the key components for you. For our 2 largest brands, The North Face will be flat to slightly up year-over-year in Q2. And as mentioned before, this is primarily driven by wholesale timing. Vans' Q2 performance will be similar to Q1 of down 9%. Within this number, Americas DTC will continue to grow as we indicated in May with continued improvement in DTC for other regions. As you also heard from Bracken, we expect the wholesale business to improve in the second half, resulting the brand delivering a mid-single-digit decline for the full year.

我為各位拆解幾個關鍵組成。就我們兩個最大品牌而言，The North Face在第二季將較去年同期持平至小幅成長。如先前提到，這主要是由批發出貨時點所驅動。Vans第二季表現將與第一季相近，下降9%。在這個數字中，美洲DTC將如我們在5月所指出的持續成長，其他地區的DTC也將持續改善。如同各位也從Bracken那裡聽到的，我們預期批發業務在下半年改善，使該品牌全年呈現中個位數下滑。

We expect gross margin to be up versus last year. On SG&A, as you heard from Paul, we continue to make brand building investments specifically in DTC and marketing that will impact the overall SG&A in Q2 year-over-year. These Q2 gross margin and SG&A movements are contemplated within our full year operating margin guidance of approximately 8%.

我們預期毛利率將較去年提升。在SG&A方面，如同Paul所說，我們持續進行品牌建設投資，特別是在DTC與行銷上，這將影響第二季SG&A相較去年同期的表現。第二季毛利率與SG&A的變動已納入我們全年約8%的營業利益率指引之中。

Finally, Bracken, Paul and I have been working very closely over the last few years on V.F.'s transformation. We are on track to achieve our medium-term targets. Let me remind them. First, and operating margin exit run rate of at least 10% in fiscal 2028. As we clarified on our last call, it really means that we'll be 10% or better for full year '29; and second, a leverage ratio of 2.5x or better by fiscal '28.

最後，Bracken、Paul和我在過去幾年一直非常緊密合作推動V.F.的轉型。我們正按計畫達成中期目標。我再提醒一下這些目標。第一，2028財政年度的營業利益率退出（exit）運行水準至少達到10%。如我們在上次電話會議中澄清，這實際上意味著我們在2029財政年度全年將達到10%或更高；第二，至2028財政年度槓桿比率達到2.5倍或更佳。

So to conclude, we beat our first quarter expectations and raised our full year revenue guidance. We gave you a little more of the runway on Vans for rest of the fiscal year and also additional color for The North Face and Timberland for the full year. We confirmed our guidance on operating margin, free cash flow and leverage and have clear line of sight to our medium-term targets. We are well on our way to becoming a high-performing high-growth business. And with that, I will hand it back to our operator for your questions. Thank you.

總結來說，我們第一季表現優於預期，並上調了全年營收指引。我們也就本財年剩餘期間Vans的走勢提供了更多能見度，並對The North Face與Timberland的全年表現補充了更多說明。我們確認了營業利益率、自由現金流與槓桿的指引，並對中期目標有清晰的達成路徑。我們正穩步邁向成為高績效、高成長的企業。接下來我把電話交回主持人，進行提問。謝謝。

(Operator Instructions) Brooke Roach, Goldman Sachs.

（主持人指示）Brooke Roach，高盛。

Paul, best of luck in your next chapter. And Abhishek, congratulations on the expanded role. I was hoping we could unpack the trends that you're seeing in Americas wholesale at the Vans brand this quarter. Bracken, I think you mentioned in your prepared remarks that you were hoping to be a little bit better than where you were. Can you unpack what transpired in the quarter versus your expectations?

Paul，祝你在下一個篇章一切順利。Abhishek，恭喜你職責擴大。我想請你們拆解一下本季在Vans品牌美洲批發通路所看到的趨勢。Bracken，我記得你在事先準備的發言中提到，你原本希望能比目前的狀況再好一些。能否說明一下本季實際發生的情況與你們原先預期之間的差異？

And then also give us a little bit more color on what gives you confidence in the improvement and the magnitude of the improvement that you're expecting to see into the back half, perhaps you could give us a little bit of color on what you're seeing in the order book by geography and the types of products that are driving that inflection?

另外，也請再多提供一些細節，說明是什麼讓你們對下半年改善、以及預期改善幅度有信心；或許你們可以就各地區的訂單簿（order book）以及推動轉折的產品類型，提供一些觀察？

Thank you, Brooke. And it's good to hear from you. Yes, I'll go right into all those questions.

謝謝你，Brooke。也很高興聽到你的聲音。是的，我會直接回答這些問題。

So first, in terms of our performance in Vans in North America, we've been saying for a while that DTC is going to turn first in the wholesale will follow. And that's exactly what's happening, exactly what happened in Q2.

首先，就Vans在北美的表現而言，我們已經說了一段時間，DTC會先轉好，批發會隨後跟上。而這正是正在發生的情況，也正是第二季發生的情況。

Our wholesale business continues to be a lot weaker. I mean, if you look at our global number, I'll step up to the global number. If you look at that global number for the year, if we're -- or for the quarter, if you're -- if we were telling you we delivered 9% down overall, it was a lot better than that in our DTC globally and a lot worse than that in wholesale globally. And I'm talking a lot worse.

我們的批發業務仍然弱很多。我的意思是，如果你看我們的全球數字，我先拉高到全球層級。如果你看全年——或就本季而言——如果我們告訴各位整體下滑9%，那在全球DTC端其實好得多，而在全球批發端則差得多。而我說的是差很多。

Now our sellout is not that bad in wholesale. So the actual sellout is better. There's some destocking that's going on probably ahead of buying in new inventory.

不過我們在批發端的終端銷售（sellout）其實沒有那麼差。所以實際的終端銷售表現更好。目前有一些去庫存（destocking）正在進行，可能是在補買新庫存之前先行調整。

In terms of what are they buying? One of the cool things about having your own DTC, and that is most dramatic for us and Vans in the Americas is the fact that we have a shorter path to market, and we can be very choiceful about what we put out there. So if you go into our stores or certainly if you go online, you'll see a lot of new products from us now. I hope you can see that when you walk into our store, but you could certainly see it online, I encourage you to do it today. Those are selling very well, as I said in the script in the beginning. They're not in wholesale and anywhere near the same volumes as they are in DTC. So that's coming.

就他們在買什麼而言？擁有自有 DTC 的一個很酷之處——對我們以及美洲的 Vans 來說最為明顯——在於我們到市場的路徑更短，因此我們可以非常有選擇性地決定推出什麼產品。所以如果你走進我們的門市，或當然如果你上網，你會看到我們現在有很多新產品。我希望你走進門市時能看得到，但你在線上一定看得到，我也鼓勵你今天就去看看。正如我在一開始的講稿裡提到的，那些產品賣得非常好。它們不在批發通路，且銷量遠遠達不到 DTC 的同等規模。所以這部分正在到來。

Why do we have confidence in wholesale improving as we go in the back half of the year, both in the Americas and around the world, because we have (inaudible) order books, I'm not going to specifically go into order books, but I will say the discussions we're having with our wholesale partners around the world indicate that we're going to have a strong turn in wholesale in the back half.

為什麼我們有信心在今年下半年、無論在美洲或全球，批發業務會改善？因為我們有（聽不清）訂單簿；我不會具體深入談訂單簿，但我會說，我們與全球批發合作夥伴的討論顯示，下半年批發將出現強勁反轉。

Adrienne Yih, Barclays.

Adrienne Yih，巴克萊。

Congratulations to Abhishek. And Paul, thanks for the partnership. It's been really wonderful working with you.

恭喜 Abhishek。Paul，也謝謝你的合作夥伴關係。和你一起工作真的非常愉快。

So Bracken, you had talked about -- I mean, it's very clear that global luxury is kind of picking up some queues from some of your key styles, the Authentic, the Slip-on and skate-inspired. So it's pretty flattering. But your prices really haven't changed over time. And I'm wondering how you think about kind of materially building on this emerging brand moment, what do you do kind of in that competitive, excuse me, competitive atmosphere? And is that an upside opportunity for the back half?

所以 Bracken，你剛才談到——我的意思是，很明顯全球奢侈品牌某種程度上正在從你們的一些關鍵款式汲取靈感，例如 Authentic、Slip-on，以及滑板風格。所以這其實挺令人受寵若驚的。但你們的價格長期以來其實沒有太大變化。我想請教你如何看待在這個新興的品牌時刻上實質性地再往上加碼；在那個競爭——不好意思——競爭環境中，你們會怎麼做？而這是否是下半年的一個上行機會？

Also on this 8% operating margin, Paul and Abhishek, can you talk about kind of the upside and downside risks? You're putting a lot of SG&A into kind of the operating margin, could you pull back on that? Or is this really about kind of upside selling in the back half?

另外，關於這個 8% 的營業利益率，Paul 和 Abhishek，你們能談談上行與下行風險嗎？你們在 SG&A 上投入很多，壓在營業利益率裡，是否可以把這部分拉回？或者這其實主要是關於下半年銷售上行帶來的改善？

Okay. I'm going to take the first and then I'm going to let Abhishek answer the second one, so it's a forward-looking comment. In terms of -- one of the things I love about coming into this company, and it makes me so excited to walk in here every day is the fact that we serve millions and maybe even hundreds of millions of consumers as opposed to a fraction of the Earth, which is what luxury is doing. And it's wonderful, though, to be viewed as potentially competing with luxury because they sell at 10 to 20x our prices.

好的。我先回答第一個，然後讓 Abhishek 回答第二個，因為那是前瞻性的評論。就——我進入這家公司後最喜歡的一件事之一、也讓我每天走進來都很興奮的是：我們服務的是數以百萬、甚至可能數以億計的消費者，而不是地球上一小部分人——那是奢侈品在做的事。不過，被視為可能在與奢侈品競爭也很棒，因為他們的售價是我們的 10 到 20 倍。

So you're right, this is a moment where luxury is going into a lot of our silhouettes, an increasing number of our silhouettes. And that is not only flattering, but it's very good for the brand and brand heat.

所以你說得對，這是一個奢侈品牌正在採用我們許多鞋型輪廓、而且是越來越多鞋型輪廓的時刻。這不僅令人受寵若驚，對品牌與品牌熱度也非常有利。

Now how do we take advantage of that? So far, as you said, we have not raised price. We don't have a plan to raise price this year. It's certainly always an option. What we really are doing though is trying to move our mix a little higher. So you'll see us emphasize more premium styles not only collaborations, but in our own premium styles and then make sure we're delivering growth.

那我們要如何利用這點？到目前為止，如你所說，我們沒有調漲價格。我們今年也沒有漲價計畫。當然，這始終是一個選項。但我們真正正在做的是，嘗試把產品組合往更高端一點移動。所以你會看到我們更強調較高端的款式，不僅是聯名合作，也包括我們自有的高端款式，並確保我們能交付成長。

We got in this -- we're back here. This is a very -- this business is very sensitive to growth. So as we start to grow on Vans, you're going to see the profitability will expand rapidly as we know. So there's a lot of leverage there. Abhishek, do you want to take the second?

我們進入了這個——我們回到這裡。這個業務對成長非常敏感。所以當 Vans 開始成長時，你會看到獲利能力會如我們所知那樣快速擴張。因此這裡有很大的槓桿效應。Abhishek，你要回答第二個嗎？

First of all, Adrienne, thank you for the warm welcome, and I do look forward to working with you as well. To your question, first up, we don't see the risk to the guidance that we have given on the operating margin. However, the geography of that 8% might actually be more driven by gross margin because we are open to making discretionary investment in the SG&A as called out by Paul and Bracken in the previous call. So we definitely feel very confident on delivering the operating margin.

首先，Adrienne，謝謝你的熱情歡迎，我也很期待與你合作。回到你的問題，首先，我們不認為我們所給出的營業利益率指引存在風險。不過，這個 8% 的構成可能更主要由毛利率所驅動，因為正如 Paul 和 Bracken 在上一通電話會議中提到的，我們願意在 SG&A 上進行酌情投資。所以我們對交付營業利益率非常有信心。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

Guys, can you hear me okay?

各位，你們聽得到我嗎？

Yes, we can, Michael. Good to hear from you.

是的，我們聽得到，Michael。很高興聽到你的聲音。

Let me add my congrats, Abhishek and Paul. Really appreciate the time, Paul. Good luck on your next adventure.

我也補上我的恭喜，Abhishek 和 Paul。Paul，真的很感謝你撥冗。祝你下一段冒險旅程順利。

Let me ask you on Vans. Maybe in Europe, I'll just ask a near-term question here. Still a pretty tough quarter after three years of declines there. Maybe just some color between wholesale and DTC, what's going on in that region? Obviously, your comments on what Vans will be doing globally in the second half are interesting. That's one market that I'm interested to hear how that will go through that transition in the second half.

我想問一下 Vans。也許先從歐洲談起，我先問一個短期問題。在那裡經歷三年的下滑後，這一季仍然相當艱難。能否就批發與 DTC 之間提供一些背景，該區域到底發生了什麼？顯然，你們對 Vans 下半年在全球的作為的評論很有意思。這是我特別想了解的一個市場：下半年它將如何度過這個轉換期。

And then maybe we could just back up for a minute and take a historical look at Vans margins. A previous regime told us long ago that Vans had a low mid-20s operating margin at its peak. Today, it looks like it's lower mid-single digits. As I look back and think about it, maybe there's a diagnosis that R&D and marketing investments are far too low to drive that brand. Can you just help us understand a little bit better today how much of those investment lines have changed as we look at the current margins in the business?

然後也許我們可以先退一步，用歷史角度看 Vans 的利潤率。很久以前，前一個管理團隊告訴我們，Vans 在高峰期的營業利益率是 20% 出頭到中段。今天看起來是中段個位數偏低。我回頭想，也許有一個診斷是：研發與行銷投資遠遠不足以驅動這個品牌。你們能否幫助我們更好地理解，從目前業務利潤率來看，這些投資科目今天相較過去改變了多少？

I think that would really help us understand the margin opportunity from here. It seems like a lot of it is the gross margin, but maybe some of it is from the scale of the business and your confidence that you have the right size overhead from the medium-term top line outlook.

我認為這會很有助於我們理解從現在起的利潤率機會。看起來很大一部分是毛利率，但也許有一部分來自業務規模，以及你們對中期營收展望下、目前間接費用規模是否合適的信心。

Really interesting question. So first one, your question, what does Europe look like from a DTC and wholesale from a DTC and wholesale standpoint relative to the US. similar I would say, behind the US from a timing standpoint, similar in trajectory, same thing is happening. So DTC is outperforming wholesale by a wide margin.

這問題很有意思。先回答第一個：從 DTC 與批發的角度來看，歐洲相對於美國是什麼樣子？我會說相似，只是在時間點上落後於美國，軌跡相近，同樣的事情正在發生。所以 DTC 以很大的幅度優於批發。

E-com is positive this quarter. So it's already turned positive there and the brick-and-mortar is improving. So overall, it's a very similar profile. And then wholesale is way south of that, as I said in my last -- the answer to Brooke's question. So I think it's very, very similar. You want to answer the second one, Abhishek?

本季電商是正成長。所以那邊已經轉正，而實體門市也在改善。因此整體來看，輪廓非常相似。然後批發則遠遠低於這個水準，正如我在上一個——回答 Brooke 問題時所說的。所以我認為非常、非常相似。Abhishek，你要回答第二個嗎？

In terms of the overall investment in the shape, we are continuing our investments in R&D. Product investment is a big part of the investment. We are obviously with the momentum that we see in the brand marketing continues to be an area where we are doubling down, but more the right balance between brand and performance. We have taken a significant cost takeout in this part of the transformation. So I do, Michael, to your question, we definitely see opportunity both in gross margin and SG&A leverage on the bank side.

就整體投資的架構而言，我們持續加碼研發（R&D）投資。產品投資是投資中的一大部分。很明顯地，隨著我們在品牌行銷上看到的動能，這仍是我們加倍投入的領域，但會更著重在品牌與績效之間的適當平衡。在這一段轉型過程中，我們已大幅削減成本。所以，Michael，回到你的問題，我們確實在銀行端同時看到了毛利率與SG&A槓桿的機會。

I would just add to that. I think -- I mean, underneath your question is, can you expect the profitability kind of from the peak that we had on Vans in our future. I'd say, two years from now, three years from now. The answer is probably no. I don't -- I think we milked it too much. And we got to the point where I believe there was a point where I'm not sure I'm really doing a pure P&L here, but where we were making kind of 20% plus on operating margin, that's probably too high for a business like that. So we're not going to do that.

我再補充一下。我想——你的問題背後其實是：未來能否期待像我們在Vans達到高峰時那樣的獲利能力。我會說，兩年後、三年後。答案大概是否定的。我不——我認為我們把它榨取得太多了。而且我們到了某個程度——我相信曾經有一個點，我不確定這是不是完全以損益表（P&L）的角度來看——但當時我們的營業利益率大概有20%以上，對那樣的業務來說可能太高了。所以我們不會再那樣做。

On the other hand, I do think we're -- we'll spend a little ahead on marketing, maybe product development, but at least marketing. We're probably spending ahead of what we'll do on a rate basis for the long term. So the profitability is going to keep going up. And on top of that, you're going to get leverage on all the SG&A. So I think you're going to see -- we'll see the profitability to get to a really attractive level over the next several years, but probably not back to where we were five years ago.

另一方面，我確實認為我們——會在行銷上、也許在產品開發上稍微超前投入，但至少在行銷上會如此。我們目前的投入，可能高於長期以比例（rate basis）來看我們會維持的水準。因此獲利能力會持續上升。此外，你也會在所有SG&A上看到槓桿效益。所以我認為你會看到——我們會在未來幾年把獲利能力提升到非常有吸引力的水準，但大概不會回到五年前的水準。

Laurent Vasilescu, BNP.

Laurent Vasilescu，法國巴黎銀行（BNP）。

Much appreciate for all the color this morning. I want to ask quickly a near-term question, if I may. I think it's very helpful that you provided color on the brands, particularly for the quarter.

非常感謝今天早上提供的所有細節說明。如果可以的話，我想快速問一個短期問題。我覺得你們針對各品牌、特別是本季的表現提供的補充資訊非常有幫助。

I think you said Vans down 9%, TNF flat. I'm curious -- how do we get to overall flat revenues for 2Q? I mean, it would imply that Timberland needs to be up meaningfully. I'm just trying to under square that away. And within that, Bracken and team, I would love to hear what you're seeing in terms of wholesale demand in the Americas for the Timberland brand.

我想你們提到Vans下滑9%，TNF持平。我好奇——第二季（2Q）整體營收要如何做到持平？我的意思是，這似乎意味著Timberland需要有相當明顯的成長。我只是想把這個推導釐清。另外在這之中，Bracken和團隊，我也很想聽聽你們看到美洲地區（Americas）Timberland品牌在批發（wholesale）需求方面的情況。

And then one quick question. Paul, you've been very, very helpful over the last two years. And last quarter, you were very helpful in trying to break out the benefit from the receivables for the gross margin. I'm curious to know if you saw that in the 1Q gross margin, if you can potentially help us with the bridge for the gross margin of up 10 bps?

然後再一個快速問題。Paul，過去兩年你一直非常、非常有幫助。而且上季你也很幫忙，協助拆解應收款（receivables）對毛利率的貢獻。我想了解在第一季（1Q）毛利率中是否也有看到那個影響；如果可以的話，能否幫我們做一下毛利率上升10個基點（bps）的橋接分析？

I'll try to take the first two and then I'll hand the third one off. In terms of how do you get to flat revenue, I think we're trying our hardest not to guide every single brand here. But you're right, you need to do the math to get to your model, and we understand yes, we do expect Timberland to be better next quarter than we did last quarter. And -- but although the other brands are also doing well. So I think we've got some good stories underneath there, too. In terms of...

我先試著回答前兩個，第三個我再交給其他人。關於營收如何做到持平，我想我們會盡量避免在這裡對每一個品牌逐一給出指引。但你說得對，你需要做數學推導來建立你的模型；我們也理解，是的，我們確實預期Timberland下季會比上季表現更好。而且——其他品牌其實也表現不錯。所以我認為在底下也有一些不錯的故事。至於……

I think I can take that on the gross margin question. And on adding on the Timberland, if you got, Laurent, from the script that Paul talked about. Timberland was 3%, but there was a differential impact because of one of the distributor impact that we have been managing with the Middle East impact in EMEA. So we do expect that trend to be much better in Q2.

我想毛利率的問題我可以回答。另外補充Timberland的部分，Laurent，如果你從Paul剛才的講稿裡有注意到。Timberland是3%，但因為我們一直在管理的一項經銷商（distributor）因素，在EMEA受到中東影響而造成差異性的影響。所以我們預期第二季（Q2）那個趨勢會好很多。

I think on your gross margin, let me just clarify a few points there. One, from a year-over-year perspective, we are up about 10 basis points. But if you actually factor in from an FX perspective, it's another 140, 150 basis points. Part of that, we obviously predicted, but part of that was not predicted. So there is an impact around that.

關於你的毛利率問題，我先澄清幾點。第一，從年對年（year-over-year）的角度來看，我們大約上升了10個基點。但如果把外匯（FX）的因素納入，其實還要再加上約140到150個基點。其中一部分我們當然有預測到，但也有一部分是未預測到的。所以這裡確實有相關影響。

And then two, if you look at the segment reporting in the queue that will come out, you will see that, obviously, there's a mix shift between outdoor and active from our expectation. So outdoor obviously driven by TNF was better than our expectation in Q1. Vans was slightly slower. So that actually impacted the gross margin as well. But we feel very confident on the gross margin improving over the year as well even further going for the full year.

第二，如果你看即將發布的10-Q中的分部揭露，你會看到，很明顯地，戶外（outdoor）與運動（active）之間的組合（mix）變化與我們原先預期不同。所以戶外業務——主要由TNF帶動——在第一季（Q1）比我們預期更好。Vans則稍微慢一些。因此這也對毛利率造成影響。但我們對毛利率在今年內、以及全年進一步改善仍然非常有信心。

Let me just answer one other question I missed in the first one, which was, how is wholesale looking in Americas. We're trying to slice this too thin by quarter by channel, by everything. But what I would say is wholesale was solid. Search interest continue to be up in the key markets for Timberland so it looks pretty good.

我再回答一個我在第一題裡漏掉的問題，也就是美洲地區的批發情況如何。我們如果按季度、按通路、按各種維度去切分，可能會切得太細。但我會說，批發表現穩健。Timberland在關鍵市場的搜尋熱度（search interest）持續上升，所以看起來相當不錯。

I guess, to your tariff question, particularly a receivable question, I think there's no benefit on the gross margin at all, right? So we took the entire benefit in Q4 of last year from a receivables standpoint. You will obviously see it in the free cash flow side, which we talked about. So there was $50 million or so that we got back. So there's obviously going to be some quarterly mismatches between what you see in the P&L and what you see in the cash flow statement, which Abhishek will guide moving forward, but there was no impact at all in terms of anything with respect to tariffs on the P&L or the gross margin. You'll only see it on the cash flow statement, where we actually got cash in Q1.

我想，回到你的關稅問題，特別是應收款的問題，我認為毛利率完全沒有任何受益，對吧？所以從應收款的角度來看，我們在去年第四季（Q4）已經把全部的利益認列完了。你會很明顯在自由現金流（free cash flow）那一端看到它，我們也談過。所以我們大概收回了5,000萬美元左右。因此，你在損益表（P&L）上看到的，與你在現金流量表上看到的，季度之間可能會有一些不匹配；Abhishek之後會持續提供指引。但就關稅而言，對P&L或毛利率完全沒有任何影響。你只會在現金流量表上看到它，也就是我們在第一季（Q1）實際收到現金。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團（Citigroup）。

I want to come back to SG&A. I'm curious if mid-single-digit growth is the right way to think about the SG&A build in future quarters? And if not, for how long should we expect SG&A to grow in that range, anything lumpy we need to know about in the remaining quarters of this year?

我想回到SG&A。我好奇，未來幾季在建立SG&A時，以中個位數（mid-single-digit）的成長來思考是否是正確的方式？如果不是，那麼我們應該預期SG&A在那個區間成長多久？今年剩餘季度是否有任何我們需要注意的波動（lumpy）因素？

And then similarly, just as we look to that medium-term goal of 10% in F '29, from the current 8% this year, how much of that 200 basis points plus will be gross margin improvement versus SG&A as you think about it?

同樣地，當我們看向中期目標：從今年的8%提升到2029財年（F '29）的10%，這200個基點以上的改善中，你們認為有多少會來自毛利率改善、又有多少會來自SG&A（的改善/槓桿）？

Do you want to take that?

你想接這題嗎？

Yes, sure. So first of all, Paul, from an overall SG&A perspective, this is again something which we called out even in the May earnings and right now. It's a deliberate investment in marketing and DTC and brand-building initiatives in the first half versus the second half.

好的，當然。首先，Paul，從整體SG&A的角度來看，這其實是我們在5月財報以及現在都特別提到的。這是我們刻意在上半年相較下半年，加大對行銷、DTC以及品牌建設計畫的投資。

The good news there is two. One, all these savings that we actually did around SG&A from a transformation perspective is still part of the run rate. And two, a lot of the spend that we are seeing in the first half is discretionary. So we have full control over that. So that's one piece of it.

這裡有兩個好消息。第一，我們從轉型角度在SG&A上所做的所有節省，仍然反映在目前的常態化費用水準（run rate）中。第二，我們在上半年看到的許多支出是可自由裁量的。所以我們對這部分有完全的控制權。這是其中一塊。

To your question around the broader medium-term target of 10%, we did highlight that that the shape -- initially when we launched those medium-term targets back in FY24 in our first Investor Day, we did say that the shape of that is probably going to be about 55%, 45%. We absolutely see the geography changing on that. We see upside in gross margin, which actually gives us more flexibility to continue investing both in product development as well as in marketing and brand building initiatives. So the geography, the short answer is the geography of that 10% is going to be slightly driven more by gross margin versus SG&A leverage down to 45%.

至於你問到更廣泛的中期10%目標，我們確實也提過——當初在FY24、也就是第一場投資人日推出這些中期目標時，我們說過其結構（shape）大概會是55%、45%。我們絕對看到其中的「來源結構」會改變。我們看到毛利率有上行空間，這其實讓我們在持續投資產品開發，以及行銷與品牌建設計畫方面更有彈性。所以簡單回答是：這個10%的來源結構，將會稍微更由毛利率驅動，而不是靠SG&A槓桿下探到45%。

And remember, when we guided that, I think there was a 100 basis point impact on that by Dickies.

而且請記得，當我們給出那個指引時，我想Dickies對此有100個基點的影響。

That's right. Yes, we do get 100 basis points good guide just from Dickies divestiture itself.

沒錯。是的，光是Dickies的出售本身，就能帶來100個基點的正面指引效應。

I think that initial guidance was excluding any sales growth, you're now including sales growth as part of that 10%?

我記得最初的指引是不包含任何銷售成長的，你們現在是把銷售成長也納入這個10%的一部分了嗎？

So the guidance was a little lower sales growth from that time, right. So obviously, it's come down a little bit. So we've always said if it comes down a little bit. We've got to get back to that baseline, but it wasn't growth above the baseline.

當時的指引是較低的銷售成長假設，對吧。所以很明顯，現在（假設）稍微下修了一點。所以我們一直都說，如果它稍微下來一些，我們就必須回到那個基準，但並不是指高於基準的額外成長。

Simeon Siegel, Guggenheim.

Simeon Siegel，Guggenheim。

Paul, it's been great working with you. Best of luck. Abhishek, congrats on the added role.

Paul，和你合作很愉快。祝你一切順利。Abhishek，恭喜你新增職務。

So Bracken, just thinking about the Vans wholesale dynamics for a second, can you just to -- how much you think is, at this point, still resetting the wholesale base versus how much is demand continuing to rebase? And just maybe how has that evolved over time so as you think about those two dynamics? And then to the -- just follow-up on the regional, do you see any meaningful brand like divergence in brand perception health in the consumers by region?

Bracken，先談一下Vans批發端的動態，你能否說明——你認為到目前為止，有多少仍是在重置批發基礎（wholesale base），又有多少是需求持續重新定錨（rebase）？以及隨著時間推移，你怎麼看這兩股動能的演變？另外再追問區域面：你是否看到不同地區的消費者在品牌觀感健康度上，有任何顯著的品牌分歧？

Okay. So yes, on your first question, how much of it is resetting the base, how much is it demand? That's a hard one to answer. I think right now, you don't have -- what we have in our DTC is a different product mix than we have in wholesale. So whether you call that demand you call resetting, I wouldn't say it's bringing in new distribution and exiting just -- it's not that kind of strong mix change that we had when I first got here. It's more really making sure they've got the right assortments and the right amount of assortment on the floor. So that's really the change that we see happening ahead.

好。所以是的，針對第一個問題：有多少是重置基礎、有多少是需求？這很難回答。我認為目前，我們在DTC的產品組合和批發端的產品組合不同。所以你要把它稱為需求也好、稱為重置也好；我不會說這是在引入新的通路、退出某些通路——並不是我剛來時那種很強烈的組合變化。它更像是確保他們在賣場上有正確的品類組合，以及正確的陳列深度。所以這才是我們看到接下來正在發生的變化。

The second question was?

第二個問題是？

Bank perception between the regions?

各地區之間的銀行觀感？

Brand perception between regions. Yes, we've always -- the Vans brand has always been much stronger in the US than it is in Europe and stronger in Europe than it is in APAC, and that's still true. The good news is the trend line of the biggest -- the 2 biggest geographies looks very similar. EMEA is just behind the US in terms of that trend.

品牌觀感在各地區之間。是的，我們一直以來——Vans品牌在美國一直比在歐洲更強，而在歐洲又比在亞太更強，這點仍然成立。好消息是，最大的——兩個最大地區的趨勢線看起來非常相似。就趨勢而言，EMEA僅略落後於美國。

Jonathan Komp, Baird.

Jonathan Komp，Baird。

Bracken, just to follow up on Vans. Any more color as the team thinks about translating some of the success and more limited around styles, and do a broader reception and change in the mix for wholesale? Just any more color on how you see that playing out?

Bracken，延續Vans的問題。團隊在思考如何把一些在較少量款式上的成功，轉化為批發端更廣泛的接受度並改變產品組合時，你能否再多分享一些？你怎麼看這會如何發展？

And then Abhishek, a broader question as we think about the second half outlook here. The implied revenue inflection towards 4% plus and a very strong double-digit growth in operating profit year-over-year. Can you give a little more color just to get comfortable with that ramp into the second half year?

另外Abhishek，從下半年展望來看一個更宏觀的問題。隱含的營收拐點走向4%以上，以及營業利益年增非常強勁的雙位數成長。你能否再多補充一些細節，讓大家對下半年這個加速更有信心？

Yes. So a little more color. So as I said in my opening, I think we can do a better job. We're learning. I think we can do a better job of translating those immediate like really, obviously, I mean, I hope you're looking at it and saying, wow, they do really do have some hits. I mean, we're just -- we're serially notching things now they're selling out really fast.

可以。再多補充一些。如同我在開場提到的，我認為我們可以做得更好。我們正在學習。我覺得我們可以更好地把那些即時的——很明顯地，我希望你們看了會覺得：哇，他們確實有一些爆款。我們現在就是持續推出一波又一波，而且賣得非常快、很快就售罄。

Some have very low quantities like some of these collabs, some have larger quantities. Like this last (inaudible) was not a small quantity that sold out really fast. I think we can -- we know we can do a better job of translating that volume into sales, whether it's our own DTC or as you said or wholesale.

有些數量非常少，例如某些聯名款；有些數量更大。像最近這個（聽不清）並不是小量，但也很快售罄。我認為我們可以——我們也知道我們可以更好地把這個量轉化為銷售，不管是在我們自己的DTC，或如你所說的批發端。

In terms of wholesale, we're -- yes, a little more color on that. You're going to see us bring in some of those things like Pearlized into wholesale distribution. And there are consumers who want to buy that, and right now, if they're not going into our stores, they're not seeing it. So we don't look differentiated enough when you walk into wholesale.

就批發而言——是的，再多補充一些。你會看到我們把一些像Pearlized這類產品導入批發通路。有些消費者想買這些商品，但目前如果他們不進我們的門市，就看不到。所以當你走進批發通路時，我們看起來不夠有差異化。

One of the things I always said, well, things I love about wholesale is when somebody walks into wholesale, they often don't have a brand in mind. They walk in with a category in mind. And when you walk in with the category in mind, you need to have something distinctive to sell because other people will do that. And so, we don't need to have that.

我一直說，我喜歡批發的一點是：當有人走進批發通路時，他們往往不是帶著特定品牌而來。他們是帶著一個品類需求而來。而當你是以品類為目的走進來時，你就需要有一些獨特的東西可以賣，因為其他人也能提供那個品類。所以，我們不需要有那個。

We've tended to have the same kind of product in wholesale that we've had historically, whether it's black and white Old Skool or checker slip-ons. And so we really need to make sure we've got refreshed product. We have some of that in wholesale, but not nearly enough. So that's going to start to come.

我們在批發端往往仍是放著和過去一樣的產品，不管是黑白Old Skool或棋盤格Slip-On。因此我們真的需要確保有更新的產品。我們在批發端確實有一些，但遠遠不夠。所以這會開始逐步到位。

Now the challenge we have, I think, is how do we accelerate and maximize that heat. And I think this is a learning curve we're on right now to get better and better at that. And I think our team is really learning all the way throughout the chain of the business, and we'll get better at that over time. But we're not going to let up. We're going to keep coming with these new styles and new silhouettes serially forever. I mean, that's our -- that's the move we're making here as a company.

我認為我們現在面臨的挑戰是，如何加速並最大化那股熱度。我想這是我們目前正在經歷的一段學習曲線，讓我們在這方面做得越來越好。我認為我們的團隊確實正在整個業務鏈條上持續學習，並且我們會隨著時間推移在這方面變得更好。但我們不會鬆懈。我們會持續、源源不絕地推出這些新風格與新輪廓，永遠如此。我的意思是，這就是我們公司在這裡要採取的行動——這就是我們正在做的動作。

And Jonathan, to your question, first up, you might feel like it's a bold move for an incoming CEO to raise the guidance, but I've been in close -- but I've been working very closely with Bracken and Paul over the last two years. And we feel very confident because of three reasons.

Jonathan，回到你的問題，首先，你可能會覺得對一位即將上任的執行長來說，上調財測指引是個大膽的舉動，但我一直以來都非常密切——我在過去兩年一直與Bracken和Paul緊密合作。而我們之所以非常有信心，是因為三個原因。

One, Bracken did call out that Vans, we have better visibility into the wholesale business for Vans, which is going to be minus 2 or better. So that's one.

第一，Bracken確實提到，Vans方面，我們對Vans的批發業務能見度更高，預計將是負2%或更好。所以這是第一點。

I did call out as part of the guidance that both TNF and Timberland are going to be roughly in line with the growth rates of last year. So that is definitely something for TNF. It's a wholesale timing between Q2 and Q3 and the rest of the quarters.

我也在指引中提到，TNF和Timberland的成長率大致會與去年持平。所以這對TNF來說確實是一個因素。這主要是Q2與Q3之間，以及其餘季度之間的批發出貨時點差異。

And then for other brands, we expect again to be similar in the line. So if you do the math, you're right that the second half from a growth rate perspective will be around 3% to 4%, but that gives us the confidence that we will be definitely minus 2 or better for the full year, or plus 2 or better for the full year.

至於其他品牌，我們預期同樣會再次大致相近。所以如果你做一下數學計算，你說得沒錯，從成長率角度看，下半年大約會在3%到4%左右，但這也讓我們有信心，全年一定能做到負2%或更好，或是全年正2%或更好。

Jay Sole, UBS.

UBS的Jay Sole。

Great. Maybe if I can just ask you about trends in Asia and Greater China, specifically by brand. It seems like that region has been a little bit choppy side. But maybe just talk to us about what you're seeing there and maybe what the outlook is going forward for the rest of the year.

很好。我想請教一下亞洲與大中華區的趨勢，特別是按品牌來看。看起來那個地區的表現有點顛簸。但能否談談你們在那裡看到的情況，以及對今年剩餘時間的後續展望？

I mean, you can see in our numbers that the China APAC in general has been more muted than the rest than it's been historically, and we expect that to really continue. I think TNF's been relatively flat, and that's not a something we've historically had.

我的意思是，你可以從我們的數據看到，中國與亞太地區整體的表現相較於其他地區、也相較於歷史水準更為溫和，而我們預期這種情況會持續。我認為TNF大致持平，而這並不是我們過去一貫的狀態。

And I think, as I said before, I think part of that is us. We're just -- we don't have enough -- I don't think we have enough innovation in APAC especially with the competition there, which is really strong, as we talked about before, and I love strong competition. So it's making us better. And believe me, we are doubling down on what we're doing internally to make sure we're in a position to win there.

而且我想，如同我之前說過的，其中一部分原因在於我們自己。我們只是——我們的創新還不夠——我認為我們在亞太地區的創新不夠，尤其是在那裡競爭非常激烈的情況下，正如我們之前談到的，而我喜歡強勁的競爭。所以這正在讓我們變得更好。相信我，我們正在加倍投入內部正在做的事情，以確保我們有能力在那裡取勝。

So overall, I would say, you can kind of expect more of the same. There's no real new news there. I do think it's not as big a region as the other two for us, but it's super important, and we're going to get stronger and stronger there over time. But it will be a little more muted than it's been in the past for the next year or two.

所以整體而言，我會說，你大概可以預期大致維持現狀。那裡沒有什麼真正的新消息。我確實認為，對我們而言那不是像另外兩個地區那麼大的區域，但它非常重要，而且我們會隨著時間推移在那裡變得越來越強。但在接下來一到兩年，它會比過去更為溫和一些。

Excellent. Well, look, thank you so much. We're super -- we're finishing Q1. It's a little -- it's just Q1 -- but we -- but it was really important for Q1 for us because, as you know, we did exceed our guidance. And we also just feel like during this quarter, we've gotten much better visibility to the back half of the year. So we're pumped about the start of the year.

非常好。那麼，真的非常感謝。我們正——我們正在完成第一季。這有點——畢竟只是第一季——但對我們來說第一季非常重要，因為如你所知，我們確實超過了我們的指引。而且我們也覺得在本季度期間，我們對今年下半年的能見度提升了很多。所以我們對今年的開局感到非常振奮。

We're not going to pretend that this quarter was great. It wasn't, but it was better than our expectations, but it really sets us up for another year of -- for a year of accelerated growth, which is great. Very modest. I'll say that. But that accelerated growth story is going to get stronger and stronger over the following year. So thanks, everyone. We look forward to seeing you in one-on-ones or group meetings or next quarter.

我們不會假裝這一季很棒。它並不是，但它比我們的預期更好，而且它確實讓我們為接下來一年——為一個加速成長的一年——做好了準備，這很好。非常溫和。我會這麼說。但這個加速成長的故事在接下來的一年會變得越來越強。所以謝謝各位。我們期待在一對一或小組會議，或是下個季度再與各位見面。

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

今天的電話會議到此結束。感謝各位參與。您現在可以斷線。