威富公司 (VFC) 2027 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to VF Corporation second quarter 2027 earnings call. (Operator Instructions) I will now hand the conference over to Allegra Perry, Vice President of Investor Relations. Please go ahead.

各位女士、先生，感謝各位加入我們，歡迎參加 VF Corporation 2027 年第二季財報電話會議。(接線員指示) 現在我將把會議交給投資人關係副總裁 Allegra Perry。請開始。

Thank you for joining us on VF Corporation's second 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. 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 earnings release that was posted this morning on our Investor Relations website.

感謝各位參加 VF Corporation 2027 會計年度第二季電話會議。在今天的電話會議中，我們將發表前瞻性陳述。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陳述內容有重大差異。這些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皆以「調整後、固定匯率、持續營運」並排除 Dickies 的基礎計算；相關定義已載於今晨發布於我們投資人關係網站的財報新聞稿中。

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. 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 earnings release, where we identify and qualify all excluded items and provide management's view of why this information is useful to investors. 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.

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我們業務的真實營運表現與基本成果。我們也可能提及依美國一般公認會計原則（US GAAP）編製的報告數字。GAAP 指標與調整後金額之間的調節表，載於財報新聞稿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。在我們開始之前，我想特別提醒：為方便各位在會議期間參考，我們已在財報電話會議開始時張貼逐字稿式的講稿內容。

The scripted remarks will be removed after the earnings transcript is made available on our Investor Relations website. Joining me on today's call are VF's President and Chief Executive Officer, Bracken Darrell; and Chief Financial Officer and Chief Operating Officer, Abhishek Dalmia. Following our prepared remarks, we'll open the call for your questions. Before I hand it over to Bracken, I will leave you with one of the most incredible videos I've ever seen from a movie featuring The North Face. Everest: The Other Side opens in IMAX theaters this Friday enjoy.

在財報逐字稿於我們投資人關係網站上線後，該講稿內容將會移除。今天與我一同出席電話會議的有：VF 總裁暨執行長 Bracken Darrell，以及財務長暨營運長 Abhishek Dalmia。在我們的準備發言結束後，將開放各位提問。在我把時間交給 Bracken 之前，先請各位欣賞我看過最令人驚嘆的電影影片之一，內容由 The North Face 參與呈現。《Everest: The Other Side》本週五將於 IMAX 戲院上映，敬請欣賞。

(video playing)

(影片播放中)

Every time I see that I am inspired Everest: The Other Side directed by one of our athletes, Jimmy Chin and featuring two others, Jim Morrison and Hilaree Nelson. It's a unique first-of-its-kind documentary, one of the most incredible feats of outdoor challenge ever attempted. I can't wait to watch it live again in an IMAX theater when it's released later this week. It's a prime example of how VF is deeply rooted in exploration and adventure, product and brand building and authenticated through remarkable athletes. Our work on design and innovation is being brought to life by our brands and is trusted by the best athletes in the world in the harshest conditions on earth, just as Jimmy and Jim demonstrate in the film.

每次看到那段影片我都深受啟發。《Everest: The Other Side》由我們的一位運動員 Jimmy Chin 執導，並由另外兩位運動員 Jim Morrison 與 Hilaree Nelson 共同出演。這是一部獨一無二、前所未有的紀錄片，呈現了戶外挑戰史上最令人難以置信的壯舉之一。我迫不及待想在本週稍晚上映後，再次到 IMAX 戲院現場觀看。這正是 VF 深深扎根於探索與冒險、產品與品牌打造，並透過卓越運動員加以真實驗證的最佳例證。我們在設計與創新上的努力，正由各品牌具體呈現，並在地球上最嚴苛的環境中獲得世界頂尖運動員的信賴，正如 Jimmy 與 Jim 在影片中所展現的一樣。

VF's story is about our amazing brands. And over time, each of these brands will be known more and more for the incredible products we bring to life through design and innovation. I'm going to spend most of this call on product and brand building. But before I do that, I want to talk about something that's probably a little underrecognized about VF right now. Great sustained performance occurs when your revenue outgrows your cost, leverage.

VF 的故事，關乎我們令人驚豔的品牌。隨著時間推進，這些品牌將愈來愈以我們透過設計與創新所打造出的卓越產品而聞名。我今天大部分時間會聚焦在產品與品牌打造上。但在此之前，我想談一件目前市場對 VF 可能略為低估的事情。真正長期且優異的表現，發生在營收成長速度超過成本成長速度時——也就是槓桿效應。

The really remarkable turnaround stories are often associated with that. Companies compound that leverage, and we all know the law of compounding. By a few years in, the impact is remarkable. None of that is new news to you. What we might not have made clear enough is just how several forms of leverage are all working at once.

許多真正令人驚嘆的轉型故事，往往都與此相關。企業會把這種槓桿效應持續複利化，而我們都知道複利法則。幾年之後，其影響將非常顯著。這些對各位而言都不是新消息。但我們可能沒有說得足夠清楚的是：目前有好幾種不同形式的槓桿正在同時發揮作用。

First, you're starting to see our operating leverage. That's the one where operating income line -- or the operating income line outgrows the revenue line. Gross margins expand, the SG&A base is reset. This one you're seeing now as our revenue has begun to accelerate from down 11% in fiscal 2024, including Dickies to up 1% last year to 2% or better this year, and so on and so on ahead. Our gross margins have expanded.

第一，你們開始看到我們的營運槓桿。也就是營業利益線——或營業利益這一行——成長速度超過營收線。毛利率擴張，SG&A（銷售、一般及行政費用）基礎已重設。你們現在看到的正是如此：我們的營收已開始加速，從 2024 會計年度（含 Dickies）下滑 11%，到去年成長 1%，今年成長 2% 或更高，未來還會持續推進。我們的毛利率已擴張。

We have taken our structural costs from SG&A. And as a result, our operating margin has expanded from 4.8% in fiscal '24, including Dickies to 7% in fiscal '26 to approximately 8% as reflected in our guidance this year. And we expect it to be 10% or more in the full year fiscal '29. And we're absolutely not stopping at 10%. The second form of leverage from our -- is a form of leverage from our declining tax rate.

我們已從 SG&A 中移除結構性成本。因此，我們的營業利益率已從 2024 會計年度（含 Dickies）的 4.8%，提升至 2026 會計年度的 7%，並在今年的財測指引中反映約 8%。我們預期在 2029 會計年度全年可達 10% 或更高。而我們絕對不會止步於 10%。第二種槓桿——來自我們稅率下降所帶來的槓桿效應。

Our unique tax structure results in a relatively high tax rate, which will fall steadily from the mid-30s to the low 20s over the next few years. And there's actually a third form of leverage. As we pay off our debt over time, we first -- we reduced our interest expense in coming years, which further increases net income. So our EPS ought to expand faster yet than our operating income. And that's not all.

我們獨特的稅務結構使得稅率相對偏高，但未來幾年將從 30% 中段穩步下降至 20% 出頭。而且其實還有第三種槓桿。隨著我們逐步償還債務，未來幾年我們將降低利息費用，進一步推升淨利。因此，我們的每股盈餘（EPS）成長速度應會比營業利益更快。而且還不只如此。

Paying down the debt benefits the overall enterprise value of the company, which, in turn, raises the market cap as the equity value goes up. This combined form of leverage is really unique, and it sets us up for a remarkable period of value creation over the coming years. Now let me turn to our Q2 performance. Revenue grew 1% against our guidance of flat. Operating income was $364 million, about $50 million above our guidance of $315 million, including gross margin expansion of almost 300 basis points versus last year to 55.4%.

降低負債也有助於提升公司整體企業價值，進而在股權價值上升時推高市值。這種綜合性的槓桿效應非常獨特，讓我們在未來幾年具備創造顯著價值的絕佳條件。接下來我談談我們第二季的表現。營收成長 1%，優於我們「持平」的指引。營業利益為 3.64 億美元，較我們 3.15 億美元的指引高出約 5,000 萬美元；其中包含毛利率較去年擴張近 300 個基點至 55.4%。

EPS was $0.70, up over 40%, more than twice the rate of our operating income growth. While 40% EPS growth on 1% top line growth is obviously a quarterly jump that isn't predictive of the year, it is a dramatic illustration of all the leverage at once. Today, we're also reaffirming our full year guidance for fiscal '27 and our medium-term targets, which Abhishek will speak about in a little bit more detail in a few minutes. From a brand perspective, The North Face, Timberland and Altra all continue to grow, and Vans is broadly in line with our expectations, down 9% in the first half. One of the metrics we track is the percentage of our business that's growing.

EPS 為 0.70 美元，成長超過 40%，增速超過營業利益成長率的兩倍。雖然在營收僅成長 1% 的情況下，EPS 成長 40% 顯然屬於單季跳升，並不代表全年趨勢，但它生動地展示了多種槓桿同時作用的效果。今天，我們也重申 2027 會計年度全年指引以及中期目標；Abhishek 稍後將在幾分鐘後更詳細說明。就品牌而言，The North Face、Timberland 與 Altra 皆持續成長，而 Vans 的表現大致符合我們的預期，上半年下滑 9%。我們追蹤的其中一項指標，是我們業務中正在成長的占比。

In fiscal '24, including Dickies, 43% of our business by revenue grew. This quarter, we're now at 75%. I told you a few years ago, we would move from that number of around 40% to 80% or better, which is what you should expect long-term from a good multi-brand company. Let me go through the brand highlights, starting with Vans. In case you have not seen all the buzz around Vans, I'm going to give you a summary here.

在 2024 財年（含 Dickies）中，以營收計算，我們有 43% 的業務實現成長。本季我們已提升至 75%。我在幾年前就告訴各位，我們會把這個比例從約 40% 提升到 80% 或更高；從長期來看，這正是一家優質多品牌公司應有的水準。我先從 Vans 開始，帶各位快速回顧各品牌重點。若各位尚未看到圍繞 Vans 的各種熱度，我在此做個摘要。

Vans continues to be recognized for the innovation and excitement that's happening. Some of you might have seen the latest announcement from a highly respected teen survey that Vans shows as one of the top brands by our target consumer. The brand enthusiasm is showing up all over. At ComplexCon, one of the biggest sneaker fan fests in the world, the Satoshi collab shoe launch was so strong that we had to briefly shut down our booth. We followed up that event with a small DTC-only drop of the Satoshi shoe, and it sold out in five minutes.

Vans 持續因正在發生的創新與熱度而受到肯定。各位之中有些人可能看過一項備受尊敬的青少年調查最新公告：在我們的目標消費者中，Vans 名列最受青睞品牌之一。品牌熱情在各處都看得到。在 ComplexCon（全球最大的球鞋迷盛會之一）上，Satoshi 聯名鞋款上市反應強勁到我們不得不短暫關閉攤位。活動後我們又進行了一次僅限 DTC 的 Satoshi 鞋款小批量發售，五分鐘內即售罄。

This product is also on the top 10 list for ComplexCon Sneaker of the Year for 2026. And just last week, AlixPartners named Vans the number two fashion footwear brand in its Consumer Sentiment Index. And you can feel throughout our organization that Vans is getting its mojo back. There's beginning to be a swagger in Costa Mesa that was missing for some time. Vans was down 9.8% in Q2, a little below what we indicated.

該產品也入選 2026 年 ComplexCon 年度球鞋前 10 名榜單。而就在上週，AlixPartners 在其《消費者情緒指數》中將 Vans 評為第二大時尚鞋履品牌。你也能在我們整個組織中感受到：Vans 正在找回它的狀態與自信。在 Costa Mesa 開始重新出現一種久違的氣勢。Vans 在第二季下滑 9.8%，略低於我們先前的指引。

Global DTC was positive for the first time in almost five years as our product engine shows up in our channels first. Remember, we started with improved performance in US e-com a few quarters ago, then in Americas DTC in total. And now global DTC was up versus last year. That result reflects continued growth in Americas DTC, improved performance in EMEA DTC and encouraging signs in APAC as well.

隨著我們的產品引擎優先在自有通路發力，全球 DTC 近五年來首次轉為正成長。請記得，我們先是在幾個季度前看到美國電商表現改善，接著是美洲地區整體 DTC 改善。而現在，全球 DTC 較去年同期成長。這一結果反映了美洲 DTC 持續成長、EMEA DTC 表現改善，以及 APAC 也出現令人鼓舞的跡象。

Our approach towards the product engine we've been -- we've built is helping drive these results. We're introducing new ideas first with small batches in e-com as well as with appropriate partners and cultural platforms and quickly introducing a few of these ideas into limited stores, our own, then scaling a subset of those products into the wider fleet. Only after that product flows into wholesale, we're selling -- only after that, our product flows into wholesale, and that will follow six to nine months behind DTC. In fact, wholesale in Q2 was down slightly more than last quarter. We have a lot of confidence in the wholesale channel for Q3 and especially Q4 based on a strong response from our partners to our increased product newness.

我們對已建立的產品引擎所採取的方法，正在推動這些成果。我們會先在電商端以小批量方式推出新點子，同時也透過合適的合作夥伴與文化平台導入，並迅速將其中部分概念引進到有限的門市（先是自營門市），再把一部分產品擴大到更廣泛的門市網絡。只有在那之後，產品才會流入批發通路；而批發通常會落後 DTC 約 6 到 9 個月。事實上，第二季批發下滑幅度略大於上一季。基於合作夥伴對我們提升產品新鮮度的強烈回饋，我們對第三季、尤其是第四季的批發通路表現很有信心。

And that's factored into our second half, which Abhishek will talk about later in the call. In fact, this turnaround is primarily driven by our focus on product. We're refreshing our icons and offering new silhouettes. Icons grew in DTC in the quarter, led by Old Skool as fresh expressions like Pearlized and Souvenir drove excitement and demand. The Pearlized Old Skool Yacht Club achieved 100% sell-through in the Americas in less than 24 hours.

這也已納入我們對下半年的規劃，Abhishek 稍後會在電話會議中說明。事實上，這次扭轉主要是由我們對產品的聚焦所驅動。我們正在更新經典款並提供新的鞋型輪廓。本季經典款在 DTC 端實現成長，其中 Old Skool 表現領先；Pearlized 與 Souvenir 等新詮釋帶動了熱度與需求。Pearlized Old Skool Yacht Club 在美洲地區於 24 小時內達成 100% 售罄率。

Authentic delivered another standout quarter with strong double-digit growth across channels. Slip-On within DTC returned to growth, while smaller franchises like Half Cab and Era had strong growth off a smaller base. Some of the amazing products that are driving that strong DTC performance are our icons and others are new styles. We're reinvigorating those icons launching new styles like the Super Lowpro, Mules and the Loafer. And together, these are driving energy into the core styles.

Authentic 再次交出亮眼的一季，在各通路均實現強勁的兩位數成長。DTC 端的 Slip-On 重回成長；而 Half Cab、Era 等較小系列也在較小基期上實現強勁成長。推動 DTC 強勁表現的一些令人驚豔的產品，部分來自我們的經典款，另一些則是新風格。我們正透過推出 Super Lowpro、Mules 與 Loafer 等新款式，為這些經典注入新活力。整體而言，這些正為核心款式帶來更多能量與動能。

Our product-led improvement in DTC, in addition to the expected recovery of wholesale started in Q3 and builds in Q4 is what gives us the confidence to commit to down 2% or better in the second half of fiscal '27. To summarize, we're three months closer to what we told you would happen in wholesale, and we're reconfirming it. Our direction at Vans is clear, and I'm confident we'll see the acceleration. Next, let's talk about The North Face, which was up 4% versus last year. There is growing excitement about The North Face as well.

由產品帶動的 DTC 改善，加上預期批發自第三季開始復甦並在第四季進一步增強，讓我們有信心承諾：2027 財年下半年下滑幅度可控制在 2% 以內或更佳。總結來說，我們距離先前告訴各位批發端將發生的變化又近了三個月，我們也再次確認該判斷。Vans 的方向很清楚，我有信心我們會看到加速成長。接下來談 The North Face，其較去年同期成長 4%。The North Face 的市場熱度也在升溫。

The same teen survey I mentioned earlier named North Face a top 10 athletic clothing brand for the first time in three years. Growth this quarter was broad-based across categories. Apparel growth was driven by bottoms, reflecting our focus on growing this category as well as transitional jackets, including the Quest and Yumiori Fleece. Footwear was up double digits globally and across all regions, driven by Clyffe, ThermoBall and Altamesa. Bags was another strong performer, led by Hot Shot in the Base Camp family.

我先前提到的同一份青少年調查，三年來首次將 North Face 列為前 10 大運動服飾品牌。本季成長涵蓋多個品類，呈現廣泛性。服裝成長主要由下身類帶動，反映我們對該品類成長的聚焦；同時也包括過渡季外套的成長，例如 Quest 與 Yumiori Fleece。鞋履在全球及各區域均實現兩位數成長，主要由 Clyffe、ThermoBall 與 Altamesa 帶動。包袋也是另一個強勁品類，其中以 Base Camp 家族的 Hot Shot 表現領先。

There is so much to be excited about for this brand. The US Ski and Snowboard partnership is live. The first drop lands this quarter, and athletes are already starting to compete in our product and will be through the upcoming World Cup season and at every major event at least between now and 2034, including the next Winter Olympic Games in 2030 in France. Last quarter, I also teased an innovation that's coming for The North Face.

這個品牌有太多值得期待的地方。我們與美國滑雪與單板滑雪協會（US Ski and Snowboard）的合作已正式上線。首波發售將在本季落地，運動員已開始穿著我們的產品參賽，並將在接下來的世界盃賽季以及至少從現在到 2034 年間的每一項重大賽事中持續使用，其中也包括 2030 年在法國舉辦的下一屆冬季奧運。上季我也預告了 The North Face 即將推出的一項創新。

And you can see it -- actually, you can see it right behind me, and Abhishek and I both have them here, the reversible Nuptse. It's our biggest style, and now you can essentially get two jackets for the price of one. And we're driving our business behind a wide range of Nuptse for the first time in several years from the Summit Series to lifestyle. And our campaign for this will feature none other than Jim Morrison, the star of the Everest film. Many of you have heard me say there are five ways to grow brands, growing the category, growing market share within the category, growing into new categories, growing by elevation and entering new markets and channels.

各位其實可以看到它——就在我身後；Abhishek 和我也都帶來了：可雙面穿的 Nuptse。這是我們最大的主力款式，現在基本上等於用一件的價格買到兩件外套。而我們也將首次在數年來，以更完整的 Nuptse 產品帶動業務，涵蓋從 Summit Series 到生活風格系列。我們的相關行銷活動將由《聖母峰》電影主演 Jim Morrison 擔綱。各位常聽我說，品牌成長有五種方式：擴大品類規模、在品類內提升市占、拓展到新類別、透過升級（elevation）成長，以及進入新市場與新通路。

All of these are relevant at The North Face. The power of our brand gives me the conviction that we can double The North Face over time. Next, Timberland. Timberland grew 4% in the quarter and continues to build strong brand heat and relevance with new consumers. We're seeing that momentum reflected in continued acceleration of search interest in the US and key markets in EMEA as well as external measures of brand relevance. For the first time ever, Timberland ranked among the top 10 footwear brands in the teen survey we referenced earlier and was also ranked as the number one fashion footwear brand in the Consumer Sentiment Index done by AlixPartners.

以上五種方式在 The North Face 都適用。品牌的力量讓我堅信，長期而言我們能讓 The North Face 規模翻倍。接下來是 Timberland。Timberland 本季成長 4%，並持續在新消費者中建立強勁的品牌熱度與相關性。我們看到這股動能反映在美國與 EMEA 主要市場的搜尋熱度持續加速，以及外部品牌相關性衡量指標的提升。這是 Timberland 有史以來首次在前述青少年調查中名列前 10 大鞋履品牌，並且在 AlixPartners 所做的《消費者情緒指數》中被評為第一大時尚鞋履品牌。

The Timberland product story is exciting as our diversification strategy begins to take hold. The 6-inch continued to grow and momentum is building across our footwear portfolio on key franchises, including Field Boot, Stone Street, Euro Hiker and Boat Shoes as well as core PRO franchises. Relative to the 6-inch boot, shoes and other boots actually grew at a faster rate, reinforcing that growth is becoming increasingly broad-based across the brand.

Timberland 的產品故事令人振奮，因為我們的多元化策略開始發揮成效。6 吋靴款持續成長，我們的鞋履產品組合在多個關鍵系列上動能正在累積，包括 Field Boot、Stone Street、Euro Hiker 與 Boat Shoes，以及核心的 PRO 系列。相較於 6 吋靴款，鞋款與其他靴款實際上以更快的速度成長，進一步印證品牌的成長正變得愈來愈廣泛、遍及各產品線。

What's even more exciting is the growth potential we see beyond our core footwear franchises. Sneakers and apparel represent significant white space for Timberland. You won't see a meaningful contribution in the near-term numbers yet, but there's a lot happening behind the scenes, and we see substantial opportunity as we invest into those categories. We're also increasing our focus on Timberland PRO, where franchises like Boondock are resonating with the target consumer. Our multiyear NASCAR partnership just went live and is helping us bring PRO to an even broader audience, including last week's Timberland PRO 200 in Phoenix.

更令人振奮的是，我們在核心鞋履系列之外看到的成長潛力。運動鞋與服飾對 Timberland 而言仍有相當大的市場空白。你在短期的數字上還不會看到有意義的貢獻，但幕後正在發生很多事情，隨著我們加大對這些品類的投入，我們看見可觀的機會。我們也正在提高對 Timberland PRO 的聚焦，其中像 Boondock 這樣的系列正與目標消費者產生共鳴。我們為期多年的 NASCAR 合作夥伴關係剛剛上線，正協助我們將 PRO 帶給更廣泛的受眾，包括上週在鳳凰城舉行的 Timberland PRO 200。

We see big potential for PRO over time. Finally, we opened five additional full-price stores in the Americas this quarter, bringing us to 19 in the region. We'll continue to expand thoughtfully and selectively, focusing on the key cities where we believe Timberland can have the greatest impact. As we look ahead, we feel very good about Timberland's trajectory. The core is healthy, momentum is broadening across the portfolio, and we have multiple growth opportunities ahead that give us confidence in the brand's ability to deliver consistent and durable growth.

我們看好 PRO 隨時間推進的巨大潛力。最後，本季我們在美洲新增開設 5 家全價門市，使該區門市總數達到 19 家。我們將持續以審慎且有選擇性的方式擴張，聚焦於我們相信 Timberland 能發揮最大影響力的關鍵城市。展望未來，我們對 Timberland 的發展軌跡感到非常樂觀。核心業務健康，產品組合的動能正擴散，我們也有多項成長機會在前方，讓我們對品牌實現穩健且具韌性的持續成長能力充滿信心。

Next to Altra. Altra had another strong quarter with growth over 40% and up in every region and channel. This growth was fueled by the brand's robust product innovation pipeline, momentum in its core franchises and investment in brand awareness, which is reinforcing our brand storytelling. So retailers and consumers understand the power behind the Altra story. Road and Trail both grew strongly in the quarter.

接下來談 Altra。Altra 本季再度交出強勁表現，成長超過 40%，且在各區域與各通路皆呈現成長。這項成長由品牌強健的產品創新管線、核心系列的動能，以及對品牌知名度的投資所驅動，進一步強化我們的品牌敘事。讓零售商與消費者都能理解 Altra 故事背後的力量。本季 Road 與 Trail 兩大類別皆強勁成長。

As a reminder, we already lead in trail and the market for road running is 10 times bigger. The Torin 9 launch was the biggest launch of the season with strong sell-through and the new Vanish Carbon 3 and Tempo 2 elevated our Pinnacle race offerings ahead -- heading into this fall's marathon season. Altra is our fastest-growing brand. So to summarize, we're growing at The North Face, Timberland and Altra and in other brands. In fact, 75% of our portfolio is now growing.

提醒一下，我們在越野跑領域已居領先地位，而公路跑步市場規模是其 10 倍。Torin 9 的上市是本季最大的一次新品上市，銷售動能與售罄表現強勁；全新的 Vanish Carbon 3 與 Tempo 2 也提升了我們的 Pinnacle 競賽產品陣容——為今年秋季的馬拉松賽季做好準備。Altra 是我們成長最快的品牌。總結來說，我們在 The North Face、Timberland 與 Altra 以及其他品牌都在成長。事實上，我們的產品組合中已有 75% 正在成長。

And even at Vans, which will be down 2% or better in the second half, we're on our way. That's the power of VF as a multi-brand portfolio company. To put it in context, while Altra is relatively small today, in fiscal '27, we expect its growth in footwear to fully offset the decline in Vans footwear. And just imagine when we're firing on all cylinders.

即使是 Vans，我們預期下半年將下滑 2% 或更好，我們也正在走在正確的路上。這就是 VF 作為多品牌產品組合公司的力量。從脈絡來看，雖然 Altra 目前規模相對較小，但在 2027 財年，我們預期其鞋履成長將足以完全抵銷 Vans 鞋履的下滑。更別提當我們全面火力全開時會是什麼樣子。

Let's get into some of the financials, Abhishek.

Abhishek，讓我們來看一些財務數據。

Thank you, Bracken. Good morning, everyone. As you heard Bracken share the high-level Q2 performance, let me dive into some more details. Revenue was up 1% versus last year, modestly ahead of our guidance of flat or in line with Q1's growth rate. The North Face and Timberland continued to grow, both up 4% in the quarter versus last year.

謝謝你，Bracken。各位早安。正如你們聽到 Bracken 分享第二季的高層次表現，我來補充更多細節。營收較去年成長 1%，略高於我們先前「持平」或與第一季成長率一致的指引。The North Face 與 Timberland 持續成長，本季兩者相較去年同期皆成長 4%。

At North Face, we indicated roughly flat in Q2 versus last year, driven by volume moves from Q2 to Q3. We delivered 4% growth in Q2, partially due to earlier demand in Q2 versus Q3 for wholesale and the balance of growth driven by stronger execution, specifically in Americas DTC. The North Face was up 8% in Americas, up 3% in EMEA and down 4% in APAC. For Timberland, we came in better than Q1 at up 4% versus last year. Americas drove the growth again, up 15% in the quarter, partially offset by international softness.

在 The North Face 方面，我們原先指出第二季相較去年大致持平，主要因為部分出貨量從第二季移轉到第三季。我們在第二季實現 4% 成長，部分原因是批發端在第二季相較第三季出現較早的需求，另外的成長則來自更強的執行力，特別是在美洲的 DTC。The North Face 在美洲成長 8%，在 EMEA 成長 3%，在 APAC 則下滑 4%。至於 Timberland，我們表現優於第一季，較去年同期成長 4%。美洲再次帶動成長，本季成長 15%，部分被國際市場的疲弱所抵銷。

EMEA was up 1% and APAC, which is relatively a small part of the global business, declined roughly 20% or approximately $12 million versus last year. This was in line with our expectations as we continue to work with our partner in the region. For the quarter, Vans revenue was down 9.8%, about $3 million to $4 million softer than what we indicated, driven by the wholesale softness in Q2 that Bracken mentioned. The expected turn in wholesale in the second half of the year remains on plan. We are three months from when we gave the initial expectation of the second half, have better visibility into the confirmation of our orders for Fall/Winter '26 and more importantly, Spring/Summer '27.

EMEA 成長 1%，而 APAC（在全球業務中占比相對較小）較去年同期下滑約 20%，或約 1,200 萬美元。這符合我們的預期，因為我們持續與該區域的合作夥伴共同推進相關工作。本季 Vans 營收下滑 9.8%，比我們先前所指出的情況再疲弱約 300 萬至 400 萬美元，主要受 Bracken 提到的第二季批發端疲弱所影響。我們預期下半年批發端回升的計畫仍按進度進行。距離我們首次提出下半年預期已過三個月，我們對 2026 年秋冬以及更重要的 2027 年春夏訂單確認情況有更高的能見度。

And as mentioned, DTC continues to improve globally. Hence, we are confirming our expectation that revenue will be down 2% or better in the second half. Now triangulating the brand performances back to VF revenue by region. Americas grew 5%, driven by a strong performance in DTC across most of our brands. EMEA declined 1%, and the decline was impacted mainly by Vans performance in the region.

如前所述，DTC 在全球持續改善。因此，我們確認下半年營收將下滑 2% 或更好的預期。接著把各品牌表現對應回 VF 依區域劃分的營收。美洲成長 5%，主要由我們多數品牌在 DTC 的強勁表現所帶動。EMEA 下滑 1%，下滑主要受到該區域 Vans 表現的影響。

APAC declined 7% with almost half of the decline driven by Timberland, which was expected and is being worked on by our teams. Overall, the current APAC performance is contemplated in our full year expectations and the execution of our brands remains a key priority. Moving on to operating income. In Q2, we delivered $364 million, almost $50 million ahead of our guidance. Of the additional $50 million, approximately half was driven by better delivery on revenue and gross margins and the other half by a shift of spend from Q2 to Q3.

APAC 下滑 7%，其中近一半的下滑由 Timberland 所致；這在預期之內，我們的團隊也正在處理。整體而言，目前 APAC 的表現已納入我們全年預期之中，而各品牌的執行仍是關鍵優先事項。接著談營業利益。第二季我們達成 3.64 億美元，較我們的指引高出將近 5,000 萬美元。這額外的 5,000 萬美元中，約一半來自營收與毛利率的優於預期，另一半則來自部分支出從第二季移轉到第三季。

Let me break down the operating income into gross margin and SG&A. Gross margin expanded 290 basis points to 55.4%, approximately 180 basis points was structural, lower product costs, our work in integrated business planning and surgical price increases. The balance 110 basis points was an FX tailwind. If you recall on FX, in Q1, we had 140 basis points FX headwind, and we still expected the full year impact to be about flat. Most of those FX moves are driven by transactional hedges and thereby within our expectations.

我將把營業利益拆解為毛利率與 SG&A。毛利率擴張 290 個基點至 55.4%；其中約 180 個基點屬於結構性因素，包括較低的產品成本、我們在整合式營運規劃（integrated business planning）上的工作，以及精準的價格調升。其餘 110 個基點來自匯率的順風。如果你們還記得，在第一季我們有 140 個基點的匯率逆風，但我們仍預期全年影響大致持平。這些匯率變動多由交易性避險所驅動，因此仍在我們的預期之內。

Hence, Q2, Q3 and Q4 carry the tailwind from FX, and we see the majority of that flow through in Q2. Also, there was minimal net impact from tariffs in Q2 as we lap similar rates year-over-year and see the benefits of vendor negotiations as part of our overall tariff mitigation plans. I would also like to take a second to break down the tariff refund accounting, as I know there are a lot of moving parts there.

因此，第二季、第三季與第四季都受惠於外匯帶來的順風，我們看到其中大部分在第二季反映出來。此外，第二季關稅的淨影響很小，因為我們在年對年比較上已經與去年相近的稅率基期相接，同時也看到供應商談判帶來的效益，這是我們整體關稅緩解計畫的一部分。我也想花一點時間拆解關稅退稅的會計處理，因為我知道其中有很多變動因素。

As you recollect, in Q4 of fiscal 2026, we booked the entire refund amount as a receivable and the entire COGS on the inventory was reversed against: one, the COGS for the goods already sold in 2026; and two, we took an inventory reserve on the inventory on hand. Hence, any inventory from that refunded amount, that is an adjustment to the reserve and not to the COGS.

如各位所記得，在2026會計年度第四季，我們將全部退稅金額入帳為應收款，並將該批存貨的全部銷貨成本（COGS）沖回：第一，沖回2026年已售出商品的銷貨成本；第二，對手上持有的存貨提列了存貨準備。因此，任何來自該筆退稅金額所對應的存貨，其影響是對準備的調整，而不是對銷貨成本的調整。

Tariff refunds, therefore, have no net impact on gross margins in fiscal 2027. Moving on to SG&A dollars. SG&A dollars were up about 4% versus last year. And as I already mentioned, we rebalanced some of our Q2 investments into Q3. This investment in SG&A is already contemplated in our full year guidance of approximately 8% operating margin.

因此，關稅退稅在2027會計年度對毛利率沒有淨影響。接著談SG&A費用金額。SG&A費用金額較去年約增加4%。如我先前提到的，我們將第二季的部分投資重新平衡到第三季。這些在SG&A上的投資已納入我們全年指引中約8%的營業利益率假設。

The growth in SG&A dollars is driven by investment in three key areas: one, DTC, where we are investing in the consumer experience and selected fleet expansion; two, marketing where we are putting more dollars behind both brand building and demand generation activities; and three, and most important, product design and innovation. These investments are propelling the brand heat and growth across our brands.

SG&A費用金額的成長主要來自三個關鍵領域的投資：第一，DTC（直面消費者），我們投資於消費者體驗與選擇性的門市/據點擴張；第二，行銷，我們在品牌建設與需求創造活動上投入更多資金；第三，也是最重要的，產品設計與創新。這些投資正在推動我們各品牌的熱度與成長。

The structural cost savings we have taken out remain in the run rate, and we continue our work to find additional efficiencies across VF. Earnings per share was $0.70, up 40% versus $0.49 last year, primarily benefiting from operating income growth. In addition, net interest expense was $24 million, slightly lower than approximately $30 million that we previously indicated.

我們已實現的結構性成本節省仍反映在目前的費用水準中，我們也持續在VF全公司尋找更多效率提升。每股盈餘為0.70美元，較去年的0.49美元成長40%，主要受惠於營業利益成長。此外，淨利息費用為2,400萬美元，略低於我們先前所指出約3,000萬美元的水準。

Our effective tax rate came in at approximately 18%. For the full year, our effective tax rate is expected to come in at about high 20s versus our original expectation of the low 30s. This is primarily driven by resolution of some of the historical tax matters. That bottom line performance also reflects the balance sheet work of the past three years, lower debt, lower interest expense and more durable financial foundation. We are starting to see the leverage that Bracken just talked about.

我們的有效稅率約為18%。就全年而言，我們預期有效稅率約落在20%高段，低於原先預期的30%低段。這主要是因為部分歷史稅務事項獲得解決。這樣的最終獲利表現也反映了過去三年在資產負債表上的努力：更低的負債、更低的利息費用，以及更具韌性的財務基礎。我們開始看到Bracken剛才提到的槓桿效益。

Turning to the balance sheet. Net inventory ended the quarter up 7% versus last year. This is a deliberate investment we are making to support the business in the back half of the year. And as we told you, inventory will be up for the year fiscal 2027 versus last year. We have an opportunity in managing overall inventory levels, which will be a key priority in fiscal 2028 and beyond.

接著看資產負債表。期末淨存貨較去年增加7%。這是我們為了支撐下半年業務而刻意進行的投資。如同我們先前所說，2027會計年度全年存貨將較去年增加。我們在整體存貨水位管理上仍有改善空間，這將是2028會計年度及之後的關鍵優先事項。

Free cash flow through Q2 was negative $323 million, which includes the tariff refunds received year-to-date. Normalized for tariff refunds, first half free cash flow is roughly in line with last year and is accounted for within our full year guidance. Let's now turn to guidance, starting with our affirmation for the full year fiscal 2027. On revenue, we continue to expect growth of 2% or better for the full year. For The North Face and Timberland, we are tightening the range and now expect the full year growth for each to be up mid-single digits versus last year.

截至第二季的自由現金流為負3.23億美元，其中包含年初至今收到的關稅退稅。若以關稅退稅進行常態化調整，上半年自由現金流大致與去年持平，且已納入我們全年指引之中。接下來談指引，先從我們對2027會計年度全年指引的重申開始。在營收方面，我們仍預期全年成長2%或更高。就The North Face與Timberland而言，我們收斂了區間，現在預期兩者全年成長皆為較去年增加中個位數百分比。

For Vans, we delivered on our first half expectation and are confirming our second half expectation of down 2% or better, which results in down mid-single digits for the full year. On operating margin, we continue to expect approximately 8%, reflecting gross margin expansion and disciplined SG&A management. As just mentioned, we now expect our full year effective tax rate to be in the high 20s range. On free cash flow, we are on track to deliver our full year guidance of flat to up versus last year on a normalized basis of $405 million. But our actual free cash flow for the year will be approximately $515 million or better.

就Vans而言，我們達成了上半年預期，並確認下半年預期為下滑2%或更小，因而使全年呈現中個位數百分比下滑。在營業利益率方面，我們仍預期約8%，反映毛利率擴張與嚴謹的SG&A管理。如前所述，我們現在預期全年有效稅率將落在20%高段。在自由現金流方面，我們正按計畫達成全年指引：以常態化基礎（4.05億美元）計算，較去年持平至成長。但我們今年實際自由現金流將約為5.15億美元或更高。

Let me unpack that for you. If you recall, in fiscal 2026, there was a net approximately $100 million benefit from the termination of our pension plan. Adjusting for that normalized fiscal 2026 free cash flow base was about $405 million, which is the baseline for our fiscal 2027 guide. In fiscal 2027, we also received almost all of the tariff refunds, which translates to net cash of approximately $110 million. Hence, our total free cash flow for the full year will be approximately $515 million or better, including the net tariff refund.

我來為各位拆解一下。如果各位記得，在2026會計年度，因終止我們的退休金計畫而帶來約1億美元的淨受益。將此因素調整後，2026會計年度的常態化自由現金流基期約為4.05億美元，這也是我們2027會計年度指引的基準。在2027會計年度，我們也收到了幾乎全部的關稅退稅，折算為淨現金約1.10億美元。因此，包含關稅退稅淨額在內，我們全年自由現金流總額將約為5.15億美元或更高。

And finally, we continue to expect our year-end leverage ratio to be between 2.6 times and 2.9 times. Our capital allocation priorities remain unchanged. As part of that, paying down debt remains our first priority, and we expect to prepay the April 2027 maturity in March. Turning to our outlook for the third quarter. We expect revenue growth of approximately 3% or better.

最後，我們仍預期年末槓桿比率介於2.6倍至2.9倍之間。我們的資本配置優先順序維持不變。其中，償還債務仍是第一優先事項，我們預期在3月提前償還2027年4月到期的債務。接著談第三季展望。我們預期營收成長約3%或更高。

Our operating income is expected to be approximately $390 million or better, which translates to about $50 million or more above last year. This OI guidance includes about $25 million of SG&A dollars shifting from Q2 to Q3 that I just talked about before. By brand, we expect The North Face and Timberland to each be up 4% or better versus last year and Vans to be down 4% or better versus last year in Q3. Looking at a little further out, we remain on track to achieve our previously defined medium-term targets. First, a leverage ratio of 2.5 times or better by fiscal 2028.

我們預期營業利益約為3.90億美元或更高，換算約較去年增加5,000萬美元或以上。這項營業利益指引包含我先前提到、約2,500萬美元的SG&A費用從第二季移轉至第三季。以品牌別來看，我們預期第三季The North Face與Timberland各自較去年成長4%或更高，而Vans較去年下滑4%或更小。再往後看一些，我們仍按計畫達成先前所定義的中期目標。第一，於2028會計年度達成槓桿比率2.5倍或更低。

Second, an operating margin of 10% or better for the full year fiscal 2029. We continue to focus on execution, specifically around building amazing products and great brands and are excited about the future of VF.

第二，於2029會計年度全年達成營業利益率10%或更高。我們將持續專注於執行，特別是在打造卓越產品與優秀品牌方面，並對VF的未來感到振奮。

And with that, I will hand it back to the operator for your questions. Thank you.

接下來，我把時間交還給接線員，進行各位的提問。謝謝。

(Operator Instructions)

(接線員指示)

Anna Andreeva, Piper Sandler.

Anna Andreeva，Piper Sandler。

Great. We had a few on Vans. So do you guys see the second quarter as that last quarter of destocking in wholesale? Or is some of it continuing into Q3? And how should we think about composition of the brand in the back half between wholesale and DTC?

很好。我們有幾個問題想問 Vans。你們是否認為第二季是批發通路去庫存（destocking）的最後一季？還是有一部分會延續到第三季？另外，下半年在批發與 DTC 之間，品牌組合應該怎麼看？

And as you talk about the strong order book, which is great to hear, is majority coming from new partners? Or is it a balance with existing ones? And should we see bigger scale and innovation as we move through the year and kind of moving that a little bit faster than what you've seen so far?

還有，當你們談到強勁的訂單簿（order book）時，這很令人振奮；其中大多數是來自新合作夥伴嗎？還是與既有合作夥伴之間比較均衡？以及隨著今年推進，我們是否會看到更大規模與更多創新，並且推進速度比目前看到的更快一些？

Well, that's four questions from my count. Anna, you fired off quickly. First, the second quarter, yes, I would say there continues to be a little destocking. I think that's kind of natural, and it might continue for a little bit longer. But we're very confident.

嗯，照我算這是四個問題。Anna，你問得很快。先回答第二季：是的，我會說仍然會有一點去庫存。我認為這很自然，而且可能還會再持續一段時間。但我們非常有信心。

As you said, we have the orders and we have a good visibility on our orders now for Q3 and Q4. We're very confident about that guide for the back half. In terms of -- let's see, your second question. Yes, balance between wholesale and DTC. The natural flow of our business is Q3 -- our Q3 tends to be a higher DTC quarter and then Q4 goes back to higher wholesale.

如你所說，我們有訂單，而且現在對第三季與第四季的訂單能見度很高。我們對下半年的指引非常有信心。至於——我們看看，你的第二個問題。是的，批發與 DTC 之間會是平衡的。我們業務的自然節奏是第三季——第三季通常是 DTC 較高的一季，然後第四季又回到批發占比較高。

So you'll see a bigger effect of the wholesale change in Q4 and a bigger trajectory change. Is it more of an effect of newer products? Will you see more new products in the back half of the year? Certainly in wholesale. You're definitely going to see more.

所以你會在第四季看到批發變化帶來更大的影響，以及更明顯的走勢變化。這是否更多是新產品帶動的效果？下半年會看到更多新產品嗎？在批發通路當然會。你肯定會看到更多。

We have a continuous stream of new products coming everywhere else. We have -- I actually have a pile of new things sitting next to me, and there's a bigger pile coming. We're really going to continue to refresh our icons bring out new styles. I mentioned in my script at the beginning, how many new things we brought out, how we're refreshing those icons, how the icons are starting to lift again in our own DTC. We are super, super excited about Vans.

我們在其他各處都有持續不斷的新產品推出。我們——其實我旁邊就堆著一堆新品，而且還會有更大一堆要來。我們會持續更新我們的經典款（icons），推出新風格。我在一開始的講稿裡提到，我們推出了多少新品、如何更新那些經典款，以及這些經典款在我們自有 DTC 的表現又開始回升。我們對 Vans 非常、非常興奮。

I think we're really on a roll. So I don't expect that level of innovation and renovation to stop. It's going to keep going. Probably it might even accelerate, but it will keep going right through the end of this year on into next year and the year after that. And we've got a lot of new categories we haven't touched yet, especially in apparel and women's footwear.

我覺得我們真的勢頭正旺。所以我不預期這種創新與翻新（renovation）的力度會停止。它會持續下去。可能甚至會加速，但會一路延續到今年年底，並延伸到明年、後年。而且我們還有很多尚未觸及的新類別，特別是在服飾與女鞋。

So a lot of good stuff happening. Do you want to add anything?

所以有很多好事正在發生。你要補充什麼嗎？

Fourth question was new partners on existing partners.

第四個問題是新合作夥伴還是既有合作夥伴。

Yes, yes, yes. No, this is mostly existing partners. There may be somebody in there who's carried us kind of lightly before who's excited about us. But for the most part, this is existing partners.

是的，是的，是的。不，這主要是既有合作夥伴。可能其中有一兩家以前對我們的鋪貨比較輕、現在對我們很興奮的。但大部分是既有合作夥伴。

All right. Best of luck.

好。祝你們好運。

Thank you, Anna.

謝謝你，Anna。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

I was just checking out -- thanks for all the detail today. And --

我剛剛在看——謝謝你們今天提供這麼多細節。然後——

We can't hear you, Michael. We lost you there. We hear the hay and then we lost you.

Michael，我們聽不到你。你那邊斷線了。我們聽到你說「嗨」然後就聽不到了。

Can you hear me, okay?

你們現在聽得到我嗎？

No, we can't hear you. Now, we can hear you.

不，我們聽不到你。現在可以了，我們聽得到你了。

Can you hear me, okay?

你們現在聽得到我嗎？

Yes. Perfect.

可以。很完美。

Thanks for all the detail. The North Face movie looks really cool. Just can we get a little bit more? I was just reading the 10-Q, it looks like the Active segment wholesale was down 18%. I think a lot of that will be Vans. And then we've got some inventory. We've got the guidance for third quarter. I'm just curious if you could kind of walk us a little more closely through wholesale improving from such significant declines right now to what's going to lead us to negative 4% for Vans in total in third quarter, and then it looks like about flat or better in the fourth quarter. It seems like we need a pretty meaningful change.

謝謝你們提供這麼多細節。The North Face 的影片看起來很酷。我想再多了解一點。我剛讀了 10-Q，看起來 Active 部門的批發下滑了 18%。我想其中很大一部分會是 Vans。然後我們也有一些庫存。我們也有第三季的指引。我想請你們更仔細地帶我們走一遍：批發端要如何從目前這麼顯著的下滑改善，進而帶到第三季 Vans 全體合計約 -4%，然後第四季看起來大約持平或更好。感覺需要一個相當有意義的變化。

And I guess, normal operating pattern for wholesale would be retailers don't start placing positive orders until their POS turns positive. So there's obviously a bit of a bet they're making on the product here. If we could just hear a little bit more because I think the go-forward look is pretty sensitive to that wholesale order book.

我想，一般批發的運作模式是：零售商通常要等到他們的 POS（銷售點）轉正，才會開始下正向的訂單。所以很明顯他們在這裡對產品做了一些押注。如果可以的話，想再多聽一些，因為我認為未來展望對這個批發訂單簿非常敏感。

Yes. I think, first of all, Michael, thanks for that question. You are right that the Active segment was soft in wholesale in Q2. And as Bracken called out, that was driven primarily by Vans. Vans was softer in Q2 compared to Q1 in wholesale.

是的。Michael，首先謝謝你的問題。你說得對，第二季 Active 部門在批發端偏弱。而如 Bracken 所指出，主要是由 Vans 所驅動。Vans 在第二季的批發表現比第一季更疲弱。

A lot of it for the prior question was driven by a little bit of a destocking. We do have visibility into the confirmed and the cancellation orders for both Fall/Winter '26, which flows into Q3 and Spring/Summer '27, which actually starts with Q4. So that gives us the confidence in terms of where we see the orders tracking for Vans, and that kind of is factored into the guidance of minus 2% or better. To recap, Q3 is a very heavy DTC quarter for Vans, which obviously continues to perform strongly and is going to improve. But it's the wholesale swing is what we are seeing coming through in Q4 of the fiscal year and hence, the guide of the back half.

前一題提到的原因，有一部分是因為些許去庫存。我們對 2026 年秋冬（Fall/Winter '26）的已確認訂單與取消訂單，以及 2027 年春夏（Spring/Summer '27）的已確認與取消訂單都有能見度；後者其實是從第四季開始。這讓我們對 Vans 訂單走勢更有信心，而這也已納入指引中，也就是 -2% 或更好。再回顧一下：第三季對 Vans 來說是 DTC 占比非常高的一季，DTC 顯然持續強勁表現並且會改善。但我們看到的批發端擺動會在本財年的第四季更明顯地反映出來，因此才有下半年的指引。

Is there any more context you can add as to what's materially different in Q4 versus Q3 as the retailers kind of even qualitatively?

你能否再補充一些背景：就算是定性描述，第四季相較第三季，有哪些實質上不同之處，讓零售商會——？

The biggest difference is around -- if you look at the sell-in process, it's on a six to nine month lag. So the Spring/Summer '27 sell-in process started somewhere around mid of this year. And that's where if you look at the cycle, we started launching a lot of the new silhouettes and the new styles in e-com in Q3 of last year, as Bracken highlighted, in small batches, really started to replicate that in the -- our limited footprint in the DTC stores and then started to expand that and bring that into the sell-in process as well. So it is a natural progression where wholesale will only catch into this heat on a six to nine month lag, which starts to swing from Q4 but Q3, but Q3 is a relatively small wholesale quarter. That's what you start to see more in Spring/Summer '27 starting Q4 of this year.

最大的差異在於——如果你看 sell-in（鋪貨/進貨）流程，它有 6 到 9 個月的落後期。所以 2027 年春夏的 sell-in 流程大約在今年年中某個時間點開始。而如果你看這個週期，我們在去年第三季開始在電商推出許多新鞋型（silhouettes）與新款式，如 Bracken 所強調，是以小批量方式推出；接著在——我們有限的 DTC 門市據點中也開始複製這個做法，然後再擴大，並把它帶入 sell-in 流程。因此這是一個自然的推進：批發端要在 6 到 9 個月後才會跟上這股熱度，這個擺動從第四季開始出現；而第三季本來就是相對較小的批發季度。你會在今年第四季開始、隨著 2027 年春夏的啟動而看到更多這些變化。

Again, congrats.

再次恭喜。

Thanks, Michael.

謝謝，Michael。

Adrienne Yih, Barclays.

Adrienne Yih，巴克萊。

Great. And thanks for reiterating the pattern that is kind of the DTC to wholesale. I guess you helping bridge that kind of big jump is the notion that you see the strength that's happening at DTC and it's kind of the wholesale part of it is kind of binary, right? So over those six to nine months, is it fair to say that there is an increasing penetration? And if you can tell me whether it's units, more SKUs, more doors and across which regions are you expecting the biggest positive impact?

很好。也謝謝你再次強調那個從 DTC 到批發的模式。我想你協助銜接那個很大的跳升，背後的概念是：你看到 DTC 端正在發生的強勁動能，而批發端某種程度上是比較二元的，對吧？所以在那六到九個月期間，是否可以說滲透率在提高？另外你能否告訴我，這是以件數、更多 SKU、更多門店（doors）來體現，並且你預期哪些地區會有最大的正面影響？

Yes. I'll take a stab at that and then Abhishek will clean up whatever I leave out. I think overall, the big answer to your jump is just the strength of DTC. We've got so much strength there, and that's not lost on our wholesale partners. And it's because of product and also the heat.

是的。我先嘗試回答一下，然後 Abhishek 會補上我遺漏的部分。我想整體而言，你提到的那個跳升，最大的答案就是 DTC 的強勁。我們在那裡有非常強的力道，而我們的批發合作夥伴也沒有忽視這點。這來自產品，也來自熱度。

I gave just a partial list all the evidence that's coming in on the strengthening of the brand. And I think that's being -- it's product-driven and design driven. So it's really working and they're seeing it. And so they're bringing in more of it. You asked what's -- is it -- what explains that jump?

我剛才只列了一部分證據，顯示品牌正在走強。我認為這是由產品驅動、也由設計驅動。所以確實有效，他們也看得到。因此他們引進更多。你問的是——這個跳升是由什麼解釋的？

What gives us confidence in that jump is really -- we're looking at orders. It's that simple. This isn't -- we got a lot of questions after the last call. What gives you the confidence? We were a little hesitant to go any deeper than that.

讓我們對這個跳升有信心的，真的——我們在看訂單。就這麼簡單。上次電話會議後我們收到很多問題。你們的信心來自哪裡？我們有點不太願意再深入到超過這個程度。

We're not going to give exact numbers on our order books, but we're looking at firm orders. So that's just the way it is. In terms of units, SKUs, doors, I think there's some door expansion on a few things, but for the most part, it's mostly really expanded expectation of sell-through and some new styles that are coming in and being put on the shelf. And so we'll have a bigger offering in a lot of places.

我們不會提供訂單簿的精確數字，但我們看的是確定訂單（firm orders）。所以就是這樣。至於件數、SKU、門店數，我認為在少數項目上有一些門店擴張，但大多數情況下，主要是對銷售售罄率（sell-through）的預期大幅提高，以及一些新款式進來並上架。因此我們在很多地方會有更大的產品供給。

Yes. And just to add to that, I think, Adrienne, to your question around units, SKUs, doors, it's all, but it's primarily driven by the existing stores actually kind of opening up more shelf to the brand. So that's something which is driving it. We've got to remember that Vans is also positioned in a very unique price position. So that also helps in addition to the product heat and the brand heat that we have.

是的。再補充一下，Adrienne，針對你關於件數、SKU、門店數的問題，答案是全部都有，但主要驅動因素其實是既有門店把更多貨架空間留給這個品牌。所以這是推動因素之一。我們也要記得，Vans 的定價定位非常獨特。因此，除了我們的產品熱度與品牌熱度之外，這也有所幫助。

Yes. I want to double down on that because I think it's kind of probably could get lost on people. We're an incredible -- even in an economy where K-shaped economy where things are tough, both sides of that K are interesting for us because we've got so much elevation potential across all of our brands, but even on Vans, where we're selling things now at $120 and above that are actually getting some of the highest recognition. And then we've got great product at $60, $70. And so that's very affordable.

是的。我想再強調這點，因為我覺得大家可能會忽略。我們非常——即使在一個 K 型經濟、景氣艱難的環境下，K 的兩端對我們都很有意思，因為我們所有品牌都有很大的升級（elevation）潛力；甚至在 Vans，我們現在賣到 120 美元以上的產品，反而獲得一些最高的認可度。同時我們也有 60、70 美元的優秀產品。所以非常可負擔。

And so I really feel kind of maybe not totally insulated from, but really protected from fear of the economy, too. So I feel like we're in a really good space going into post-election in the US and whatever might happen in Q3 and Q4 around the world.

因此我真的覺得，或許不是完全不受影響，但也確實在很大程度上受到保護，不太會被經濟疑慮所衝擊。所以我覺得，面對美國選後，以及全球在 Q3、Q4 可能發生的各種情況，我們所處的位置非常好。

Bracken, just a quick follow-up on that. Can you just talk about -- there's a little bit of worry that there's contagion from the lifestyle leisure category with all the retro product that needs to be liquidated. And Deckers reported and had a little bit of that kind of spillover. So can you talk about how you are not really in general sporting goods distribution and help everybody understand your wholesale distribution, how different it is and what insulates you from that particular notion?

Bracken，針對這點我快速追問一下。能否談談——市場有點擔心生活休閒（lifestyle leisure）品類會出現傳染效應，因為有很多需要清庫存的復古產品。Deckers 也有提到並出現一些這類外溢影響。所以你能否談談，為什麼你們並不太在一般運動用品通路中，並幫大家理解你們的批發通路結構有何不同，以及是什麼讓你們不受這種擔憂影響？

Yes. We're -- as you said, we're much more limited than a traditional athletic shoe in distribution to those sporting goods retailers. We do have some, but it's relatively limited for us. Our biggest opportunities are in lifestyle, and we continue to -- and we're looking at order books, and we're feeling good about them.

是的。正如你所說，相較於傳統運動鞋，我們在那些運動用品零售商的通路分布要有限得多。我們確實有一些，但對我們而言比例相對有限。我們最大的機會在生活風格（lifestyle）領域；而且我們持續——我們在看訂單簿，對其感覺良好。

Great.

很好。

Thank you. Thanks, Adrienne.

謝謝。謝謝你，Adrienne。

Laurent Vasilescu, BNP.

Laurent Vasilescu，法國巴黎銀行（BNP）。

Firstly I have two questions, so apologies here. But first question is really on the gross margin. Abhishek, I think you gave us the fact that there were three drivers of 180 basis points for the gross margin. Can you maybe just unpack that a little bit more? And how do we think about Q3 gross margins?

首先我有兩個問題，所以先致歉。第一個問題是關於毛利率。Abhishek，我想你提到毛利率 180 個基點有三個驅動因素。你能否再把這部分拆解得更清楚一些？以及我們該如何看待 Q3 的毛利率？

And then the second question really is around Vans. I think you have a 53rd week in the fourth quarter. So I would assume it's a little bit more weighted. Maybe -- I don't know, is it 300 basis point benefit on that front? And then within this Vans conversation, we do know that Jordans are going to be pulled back. We heard that from Nike. I'm curious, Bracken, if you're going to see some benefit from that to fill up the shelves at some key retailers?

第二個問題是關於 Vans。我想你們在第四季有第 53 週。所以我猜這會讓權重稍微偏向那邊。也許——我不確定，這方面是否有 300 個基點的利多？另外在 Vans 的討論中，我們知道 Jordan 產品會縮減供給。我們從 Nike 那邊聽到這點。我很好奇，Bracken，你是否會因此在一些關鍵零售商那裡獲得一些上架空間的好處，來填補貨架？

I was just --

我剛才——

Laurent, thanks for asking that question. I'll start off and then Bracken will add if needed. So on the gross margin, so first, in Q2, as I highlighted, overall expansion of 290 basis points, 110 basis points is FX. So that's -- FX still is tracking to flat for the full year. The 180 basis points, if you look at it, that's the work that we have been talking around gross margin.

Laurent，謝謝你問這個問題。我先開始，如果需要 Bracken 再補充。關於毛利率，首先在 Q2，如我強調的，整體擴張 290 個基點，其中 110 個基點來自外匯（FX）。所以——外匯對全年仍預期是持平。那 180 個基點，如果你拆開來看，就是我們一直在談的毛利率相關工作成果。

In Q1, that was a little bit masked because if you look at in Q1 as well, we did increase 10 basis points despite 140 basis points of FX headwind. So in Q1 as well, there was about 150 basis points of gross margin expansion. This relates to a lot of work that we are doing around the product mix, the surgical price increases that we took coming out of last year and also a lot of work we are doing around our planning, our sourcing and our work with our vendors. Remember, the tariff impact is minimal. So a lot of that benefit is flowing through in a full way into Q1 and Q2.

在 Q1，這部分有點被掩蓋，因為如果你看 Q1，我們也增加了 10 個基點，儘管有 140 個基點的外匯逆風。所以 Q1 其實也有大約 150 個基點的毛利率擴張。這與我們在產品組合（product mix）上的大量工作、去年底以來採取的精準（surgical）漲價，以及我們在規劃、採購（sourcing）與供應商合作上的大量工作有關。請記得，關稅影響很小。因此，這些利多在 Q1 和 Q2 都以完整的方式反映出來。

To your question around how should we model Q3, again, because of this tariff refund in Q4, there is going to be a little bit of a balancing act between Q3 and Q4 in terms of the adjusted gross margin and the reported gross margin, which we will explain as we come in. But there will be incremental tariff coming in. We called out about $70 million to $80 million for the second half for overall unmitigated tariff. The best way to think about it is gross margin will be still up for Q3, but it will be not as high as 180 basis points. And that is what is factored in, in our overall OI of about $390 million, which is a $50 million expansion from last year.

針對你關於我們應該如何建模第三季（Q3）的問題，再次說明，因為第四季（Q4）會有這筆關稅退稅，因此在調整後毛利率與報告毛利率方面，Q3 與 Q4 之間會有一些需要平衡的地方，我們會在後續說明。但仍會有額外的關稅進來。我們提到下半年整體未緩解的關稅約為 7,000 萬至 8,000 萬美元。最好的理解方式是：Q3 的毛利率仍會上升，但不會高到 180 個基點。而這也已反映在我們整體約 3.9 億美元的營業利益（OI）之中，較去年擴大 5,000 萬美元。

So that's there. You want to -- on the 53rd week you want to go ahead?

所以就是這樣。你想要——關於第 53 週，你要繼續嗎？

Yes, the 53rd week, yes, we -- I think we said at the beginning of the year, we expect about 50 basis points for the full year. And if you translate that into Q4, only it would be 300 to 200 basis points, something like that. So yes, that definitely affects Q4. The more important thing there, though, is we just have such strong underlying momentum, both on the brand heat side and the product side and the wholesaler interest. And of course, our own DTC is already back to growing consistently now.

是的，第 53 週，是的，我們——我想我們在年初就說過，我們預期全年大約影響 50 個基點。如果把它換算到僅 Q4 的影響，會是 300 到 200 個基點，大概是那樣。所以是的，那確實會影響 Q4。不過更重要的是，我們的基本動能非常強，不論是在品牌熱度、產品端，還是批發商的興趣。當然，我們自有的 DTC 現在也已經回到持續成長。

So we feel super good about Vans.

所以我們對 Vans 感覺非常好。

Yes. I would just add one thing on Vans, Laurent, like one, we again, reiterate, we are three months closer to the order books that we actually called out back in July. We are still confirming the full year guidance to be mid-single digit. We are accelerating Q3 to minus 4% or better from the first half being minus 9%. And we are also confirming how we are seeing the order books for Spring/Summer '27. So hopefully, that gives the confidence and the assurance of where Vans is going to turn despite the 53rd week.

是的。Laurent，我只想再補充 Vans 的一點：第一，我們再次重申，我們距離我們在 7 月提到的訂單簿又近了三個月。我們仍確認全年指引為中個位數成長。我們把 Q3 加速到 -4% 或更好，相較於上半年為 -9%。我們也確認我們對 2027 年春夏（Spring/Summer '27）訂單簿的觀察。所以希望這能在第 53 週的影響之下，仍讓大家對 Vans 何時轉正更有信心與把握。

Actually, you know what, I'm going to steal the moment, Laurent, if you don't mind, and answer a question you didn't ask, which is we seem to have better visibility on things than we have in the past. And it's true. I think one of the things -- one of the changes Abhishek made is to really go deeper on some of the things -- some of the fundamentals here. And across our organization, we have better visibility. In fact, I don't know if you saw -- somebody mentioned it, Michael, I think we actually filed the Q today.

其實你知道嗎，Laurent，如果你不介意，我想趁這個時機回答一個你沒問的問題：也就是我們似乎比過去對事情有更好的能見度。而這是真的。我認為其中一件事——Abhishek 做的一個改變，是在一些事情上更深入——更深入地回到一些基本面。而在整個組織中，我們的能見度更好了。事實上，我不知道你有沒有看到——有人提到過，Michael，我想我們今天其實已經提交了 10-Q。

I've never in my career, filed a Q the same day we did the earnings. We actually filed it before we came on this call. We knew our numbers five to six days after the call, thanks to the team that Abhishek got working for. So we're just really on top of things. In fact, we're at the point now where I feel like I could guide for next year right now. That's how strong I feel on the transparency and visibility of our own business. Now we're not going to do that today. But -- so I feel really, really good about Q3, Q4.

我職涯中從來沒有在公布財報的同一天就提交 10-Q。我們其實在上這通電話之前就已經提交了。多虧 Abhishek 帶領的團隊，我們在電話會議後五到六天就掌握了數字。所以我們真的把事情掌握得很到位。事實上，我們現在甚至到了我覺得我此刻就可以對明年給出指引的程度。這就是我對我們自身業務透明度與能見度的信心。當然我們今天不會這麼做。但——所以我對 Q3、Q4 真的感覺非常好。

Fantastic.

太棒了。

Thank you, Laurent.

謝謝你，Laurent。

Thank you, Laurent.

謝謝你，Laurent。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

Final question. That was fast.

最後一個問題。這很快。

Bracken, you mentioned that you have so much more visibility, but you could potentially guide for next year today, though you're not going to do it. Wondering if you could provide a few guardrails on how you're thinking about the potential improvement of Vans and the P&L as you look ahead into next fiscal year. How are you thinking about the opportunity for Vans brand margins to improve as you get back to flat growth exiting this year?

Bracken，你提到你們的能見度高很多，甚至今天就可能對明年給出指引，雖然你不會這麼做。想請你提供一些框架，談談你在展望下一個會計年度時，如何看待 Vans 的潛在改善以及損益表（P&L）的走向。當你們在今年結束時回到持平成長，你如何看待 Vans 品牌毛利率改善的機會？

I'm going to dodge that question for now. And when we do come back and guide for next year at some point in the future, we'll go a little deeper on that. But what I will say about next year is 2029 is the year after that. And we committed to 10% operating margins in that year. And we're going to deliver that.

我現在先迴避這個問題。等到未來某個時間點我們回來對明年提供指引時，我們會在那方面講得更深入一些。但我對明年要說的是：2029 年是再下一年。而我們承諾在那一年達到 10% 的營業利益率。而我們會做到。

And so all of our eyes are fixated on making sure we deliver consistent long-term sustainable growth in both top line and profitability. I expect -- I've said from the beginning, I wasn't going to commit to too much on Vans until we're really seeing it, boy, we're seeing it. So we'll commit more and more as we go forward, Brooke. So I promise you to be a little more explicit on Vans when we do guide at some point for next year.

因此，我們所有人的目光都聚焦在確保我們能在營收與獲利兩端，交付一致、長期且可持續的成長。我預期——我從一開始就說過，在我們真的看到之前，我不會對 Vans 承諾太多；而天啊，我們現在真的看到了。所以隨著我們往前走，我們會做出越來越多的承諾，Brooke。我向你保證，等到我們在某個時間點對明年提供指引時，我會把 Vans 講得更明確一些。

Okay. Great. If I could just ask a follow-up on one that you perhaps might be a little bit more willing to give a little bit more on today. I was hoping you could unpack the comp trends that you're seeing in your physical retail stores versus your e-com business in the Americas in particular, and what you're seeing on traffic versus conversion. Are you seeing that halo effect to the core beyond the key new launches such as limited edition and pearlized on your regular traffic for the rest of the assortment?

好的。很好。如果我可以再追問一個你今天或許更願意多談一些的問題。我希望你能拆解一下你們在美洲地區（Americas）實體零售門市相較於電商業務所看到的同店（comp）趨勢，以及你們在客流（traffic）與轉換率（conversion）方面看到的情況。除了限量版與珠光（pearlized）等關鍵新品上市之外，你們是否看到對核心款的光環效應（halo effect），帶動其餘商品組合的常態客流？

Yes. I know you're talking about Vans. So yes, the e-com is stronger than physical retail, which is, of course, stronger than wholesale. And it's been that way. And I think e-com is responding to our direct marketing activities and the newness.

是的。我知道你在談 Vans。所以是的，電商比實體零售更強，而實體零售當然又比批發更強。而且一直都是這樣。我認為電商對我們的直效行銷活動以及新品反應更好。

The cool thing about e-com is you can put everything on e-com. You can't put everything in a retail store even. There's just too much. And so it's -- that isn't surprising to us. In terms of comp store sales, our comp store sales are improving.

電商很酷的一點是，你可以把所有東西都放到電商上。你甚至不可能把所有東西都放進一家零售店。東西實在太多了。所以——這對我們來說並不意外。至於同店銷售（comp store sales），我們的同店銷售正在改善。

I think last quarter, we talked about that about 60% of the fleet was growing. It's a little better than that this quarter. And so we expect that -- something like that trend to continue. At some point, we'll come back and we'll probably come back and do the tail end cleanup of whatever stores are really not delivering what we think. I don't expect that to be a big number, but it will be something.

我想上個季度我們談到，大約 60% 的門市組合（fleet）在成長。這一季比那個比例再好一些。因此我們預期——類似的趨勢會持續。在某個時間點，我們會回來，可能會對那些表現確實未達我們預期的門市做最後一波收尾整理。我不預期那會是很大的數量，但會有一些。

But overall, the trend is headed in the right direction. Do you want to add anything to that?

但整體而言，趨勢正朝著正確的方向前進。你還想補充什麼嗎？

No, I think you said it. In terms of -- the only one thing I would add to that is from your product question, Brooke, if you look at the explanation that Bracken gave on the product, it is in three big buckets, right? There's a lot of new silhouettes that are coming out, new styles that are coming out, which is obviously generating a lot of heat, like the Loafers, the Super Lowpro. There's a lot of reinvigoration of the existing icons. And when you do one and two really well, it also really starts to create a better heat. It also starts to create a better heat on the core styles. And all three are actually seeing that. And our traffic trends, both in stores as well as in e-com, even in stores is improving year-over-year.

沒有，我想你已經說到了。就——我唯一想補充的是，回到你關於產品的問題，Brooke，如果你看 Bracken 對產品的說明，它分成三大類，對吧？有很多新的鞋型輪廓推出、很多新款式推出，這顯然帶來了很高的熱度，比如 Loafers、Super Lowpro。也有很多對既有經典款的再度活化。當你把第一點和第二點做得很好時，也會真的開始帶動更好的熱度。同時也會開始讓核心款式的熱度更高。而這三個面向其實都看得到這種情況。我們的客流趨勢，不論是門市還是電商（e-com），甚至門市端，都在年對年改善。

Sorry, I tried to flash a not-yet-launched product. And then I got waved from the offside that hasn't been launched yet. So don't take a screenshot of that. To close, okay, we delivered a really strong quarter. We're on track to deliver fiscal '27 guidance, and we -- the one we just raised in July and to achieve the medium-term targets we talked about way back in October '24, which seems so long ago.

抱歉，我剛剛試著閃過一個尚未上市的產品。然後我就被場邊提醒那個還沒上市。所以請不要截圖。最後總結一下，好，我們交出了一個非常強勁的季度。我們正按計畫達成 2027 財年的指引——也就是我們在 7 月剛上調的那個——並且達成我們早在 2024 年 10 月就談到的中期目標，現在回頭看感覺已經是很久以前了。

But what excites me most is that what we're building underneath that. My comments about leverage, the various kinds we have over the next several years were to help highlight what a dramatic impact turnarounds can have if they're built on sturdy foundations to create long-term value. The most exciting -- the single most exciting thing is that we're doing is just that we will become -- what we're going to become over the next few years. I spent 12 years at P&G and 11 years at Logitech, 12 in a multi-brand environment, 11 in a mono-brand environment. What made P&G really extraordinary was never one brand.

但最讓我興奮的是，我們在其下方所打造的東西。我關於槓桿的評論、以及未來幾年我們擁有的各種槓桿，旨在凸顯：如果重整是建立在穩固的基礎之上，它能對創造長期價值帶來多麼巨大的影響。最令人振奮——最單一、最令人振奮的一件事，是我們正在做的正是如此：我們將會成為——未來幾年我們將成為的樣子。我在 P&G 待了 12 年，在 Logitech 待了 11 年：12 年在多品牌環境，11 年在單一品牌環境。讓 P&G 真正非凡的，從來都不是某一個品牌。

It was their constantly growing knowledge base of how to build brands from small to medium size, sometimes from zero to one, but certainly from small to medium sized, from medium-sized to large, from larger to -- from large to even larger. They just did it repeatedly. And every experience they had was a learning opportunity for all the other brands. We lived and we worked in a learning lab.

而是他們不斷成長的知識體系：如何把品牌從小做到中型，有時候從零到一，但至少是從小到中型、從中型到大型、從大型到——從大到更大。他們只是反覆地做到這件事。而他們每一次的經驗，都是其他所有品牌的學習機會。我們生活、工作在一個學習實驗室裡。

The core capabilities across the enterprise just kept improving all the time. And we, the presidents of those brands, had the independence to build our own worlds, but also the resources to pull from the best doing it. Nobody has built that in footwear and apparel yet. That's what we're building at VF. One company that knows how to build brands where design, marketing, planning, innovation and talent are so strong that every brand is better for being here.

整個企業的核心能力一直在持續提升。而我們這些品牌總裁，既有獨立性去打造自己的世界，也有資源可以汲取做得最好的那些最佳實務。在鞋履與服飾領域，至今還沒有人建立起這樣的體系。這正是我們在 VF 正在打造的：一家懂得如何打造品牌的公司，在這裡，設計、行銷、規劃、創新與人才都非常強，使得每個品牌因為在這裡而變得更好。

We're early in that. But you can already see it in this quarter. So let me leave you with three things. First, this is a brand and product company, and both are working. three quarters of our portfolio is growing today against 43% in fiscal '24, and that's going to go up over time.

我們還在早期階段。但你已經可以在本季看到它。所以我想用三點作結。第一，我們是一家品牌與產品公司，而這兩者都在發揮作用。目前我們投資組合中有四分之三在成長，相較於 2024 財年的 43%，而且這個比例會隨時間上升。

Second, Vans is turning. The sequence is playing out exactly as we described. e-com first, Americas DTC second, and this quarter, global DTC grew for the first time in almost five years. And third, we have several forms of leverage working at the same time, growth ahead of costs, gross margin expansion and SG&A base reset, debt coming down and a tax rate starting to drift back down. Those are going to compound.

第二，Vans 正在扭轉局勢。這個順序正如我們所描述的那樣精準展開：先是電商（e-com），其次是美洲 DTC，而在本季，全球 DTC 在將近五年來首次實現成長。

You're seeing only the early stages of it so far. We opened with something really inspiring. So let me close with something that's pretty inspiring too, but it's also just a lot of fun. Meet the Altra legacy team. Thanks again.

到目前為止，你看到的還只是早期階段。我們以一個非常鼓舞人心的內容開場。所以我也想用一個同樣相當鼓舞人心、但也非常有趣的內容作結。來認識 Altra 的傳承團隊。再次感謝。

Thank you.

謝謝。