Wolverine World Wide Inc (WWW) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to today's Wolverine Worldwide Inc. second-quarter fiscal 2024 earnings call. (Operator Instructions) Please note, this call is being recorded. I will be standing by if you should need any assistance.

大家好，歡迎參加今天的 Wolverine Worldwide Inc. 2024 財年第二季財報電話會議。（操作員說明）請注意，此通話正在錄音。如果您需要任何幫助，我將隨時待命。

It is now my pleasure to turn the conference over to Alex Wiseman, Vice President of Finance.

現在我很高興將會議交給財務副總裁 Alex Wiseman。

Good morning, and welcome to our second-quarter fiscal 2024 conference call. On the call today are Chris Hufnagel, President and Chief Executive Officer; and Taryn Miller, Executive Vice President and Chief Financial Officer. Earlier this morning, we issued our press release and announced our financial results for the second-quarter 2024.

早上好，歡迎參加我們的 2024 財年第二季電話會議。今天參加電話會議的是總裁兼執行長 Chris Hufnagel；執行副總裁兼財務長 Taryn Miller。今天早些時候，我們發布了新聞稿並公佈了 2024 年第二季的財務業績。

The press release is available on many news sites and can be viewed on our corporate website at wolverineworldwide.com. This morning's earnings press release and comments made during today's earnings call include non-GAAP financial measures. These non-GAAP financial measures were reconciled to the most comparable GAAP financial measures and attached tables within the body of the release.

新聞稿可在許多新聞網站上找到，也可以在我們的公司網站 wolverineworldwide.com 上查看。今天早上的收益新聞稿和今天的收益電話會議上的評論包括非公認會計準則財務指標。這些非公認會計原則財務指標與最具可比性的公認會計原則財務指標進行了調整，並在新聞稿正文中附上了表格。

References made regarding financial results and the outlook for 2024 and comparable results from 2023 in each case for our ongoing business exclude the impact of Keds, Wolverine Leathers, and Sperry. I'd also like to remind you that statements describing the company's expectations, plans, predictions, and projections such as those regarding the company's outlook for fiscal 2024, growth opportunities, and trends expected to affect the company's future performance made during today's conference call are forward-looking statements under US securities laws.

關於我們正在進行的業務的財務業績和 2024 年展望以及 2023 年的可比較業績的參考資料均排除了 Keds、Wolverine Leathers 和 Sperry 的影響。我還想提醒您，在今天的電話會議上做出的描述公司預期、計劃、預測和預測的陳述，例如有關公司 2024 財年展望、增長機會以及預計影響公司未來業績的趨勢的陳述，美國證券法規定的前瞻性陳述。

As a result, we must caution you that there are a number of factors that could cause actual results to differ materially from those described in the forward-looking statements. These important risk factors are identified in the company's SEC filings and in our press releases.

因此，我們必須提醒您，有許多因素可能導致實際結果與前瞻性陳述中所述的結果有重大差異。這些重要的風險因素已在公司向 SEC 提交的文件和我們的新聞稿中確定。

With that, I'll now turn the call over to Chris Hufnagel.

現在，我將把電話轉給克里斯·赫夫納格爾 (Chris Hufnagel)。

Thanks, Alex. Good morning, everyone. And thank you for joining us on today's call. For the second quarter, we exceeded our revenue and earnings expectations with broad-based contributions from across the portfolio. We saw sequential revenue improvement, again drove meaningful gross margin expansion year-on-year, and further reduced our inventory and debt.

謝謝，亞歷克斯。大家早安。感謝您參加今天的電話會議。第二季度，我們的收入和利潤超出了預期，整個投資組合的廣泛貢獻。我們看到收入連續改善，再次推動毛利率同比大幅增長，並進一步減少了庫存和債務。

Perhaps more importantly, we continue to strengthen our brand's positioning in the marketplace with improved product pipelines, more effective demand creation initiatives, and better brand management. While the micro -- macro environment remains dynamic and challenges no doubt remain on the horizon, we've seen key elements of our turnaround effort continue to build momentum, and we're encouraged that our strategies continue to gain traction.

也許更重要的是，我們透過改進的產品管道、更有效的需求創造計劃和更好的品牌管理，繼續加強我們的品牌在市場中的地位。雖然微觀-宏觀環境仍然充滿活力，挑戰無疑仍然存在，但我們看到我們扭虧為盈的關鍵要素繼續積聚動力，我們的策略繼續獲得牽引力，這讓我們感到鼓舞。

As a result, we're raising the midpoint of our revenue and earnings guidance for the year. Karen Miller, our new CFO, will provide more details on our second-quarter results and updated outlook for the year in a few minutes. But first, I want to provide an update on our turnaround journey.

因此，我們提高了今年收入和獲利指導的中點。我們的新任財務長凱倫·米勒 (Karen Miller) 將在幾分鐘內提供有關我們第二季度業績的更多詳細資訊以及今年的最新展望。但首先，我想介紹一下我們扭虧為盈之旅的最新情況。

Just under 365 days ago, on my first earnings call as CEO, I shared a picture of the company for the situation our company faced at the time. Wolverine Worldwide was in a precarious position, and the sale of the business was extraordinarily difficult, requiring decisive action.

就在不到 365 天前，在我擔任執行長的第一次財報電話會議上，我分享了一張公司圖片，以了解我們公司當時面臨的情況。Wolverine Worldwide 處境岌岌可危，出售業務異常困難，需要果斷行動。

In the weeks following that call, we outlined an ambitious turnaround plan to first stabilize the business and then transform the organization, ultimately leading to an inflection to growth, all premised on Wolverine Worldwide becoming great global brand builders. While our work is not yet finished, one year in, I'm proud of what our team has accomplished.

在電話會議之後的幾週內，我們制定了一項雄心勃勃的扭虧為盈計劃，首先穩定業務，然後改造組織，最終實現增長，而這一切的前提是 Wolverine Worldwide 成為偉大的全球品牌建設者。雖然我們的工作尚未完成，但一年過去了，我為我們團隊所取得的成就感到自豪。

We've done exactly what we said we plan to do. Our fast and bold actions have stabilized the company, streamlining our cost structure and materially expanding our gross margins, significantly reducing the debt that constrained our ability to invest, and attacking the inventory issues that undermine our brand position in the market and impeded our pipeline of new product innovation.

我們已經完全按照我們所說的計劃去做了。我們快速而大膽的行動穩定了公司，精簡了我們的成本結構，大幅提高了我們的毛利率，顯著減少了限制我們投資能力的債務，並解決了損害我們在市場上的品牌地位和阻礙我們的通路的庫存問題。

At the same time we were doing this essential work, we also made great strides in transforming Wolverine Worldwide for the future; building a new culture aligned with our vision of being consumer-obsessed global brand builders; shaping our portfolio to focus on brands with the unique potential to win in attractive performance in lifestyle categories; developing key capabilities to execute our strategy, including the Collective, a center of excellence, specialized in consumer and trend insight along with new in-house creative and PR resources for today's always-on consumer; implementing brand protection measures to help clean up the marketplace; fostering stronger relationships with our wholesale and distribution partners here in the US and around the world; fast-tracking new trend right innovative products to market, well ahead of our traditional development timelines; investing a greater portion of our dollars in demand creation to help drive our brands' awareness and finding with consumers; and enhancing our team with new talent keenly focused on growth and modern brand-building skill sets.

在我們進行這項重要工作的同時，我們也在 Wolverine Worldwide 的未來轉型方面取得了巨大進展；建立一種與我們成為消費者至上的全球品牌建立者願景一致的新文化；調整我們的產品組合，專注於具有獨特潛力的品牌，以在生活方式類別中贏得有吸引力的表現；發展執行我們策略的關鍵能力，包括卓越中心 Collective，專門從事消費者和趨勢洞察，以及為當今永遠在線的消費者提供新的內部創意和公關資源；實施品牌保護措施，協助清理市場；與我們在美國和世界各地的批發和分銷合作夥伴建立更牢固的關係；快速追蹤新趨勢，將創新產品推向市場，遠遠領先於我們的傳統開發時間表；將更多資金投入創造需求上，以幫助提高我們品牌的知名度並吸引消費者；並透過專注於成長和現代品牌建立技能的新人才來增強我們的團隊。

Thanks to our team's hard work and grit, combined with a clear vision and bold call to action, we find the company in a much better place today. But be assured no one is content with where we stand. We've done the work necessary to position the company to turn the page to the next chapter in its 141-year history, driving the business into the inflection phase of our turnaround to begin to generate profitable growth and doing it on a sustained basis quarter after quarter, year after year.

由於我們團隊的辛勤工作和勇氣，再加上清晰的願景和大膽的行動呼籲，我們發現公司今天處於一個更好的境地。但請放心，沒有人對我們的現狀感到滿意。我們已經完成了必要的工作，使公司能夠翻開其 141 年曆史的新篇章，推動業務進入扭虧為盈的拐點階段，開始產生盈利增長，並在季度中持續實現這一目標一個季度之後，一年又一年。

This next chapter in our story begins with our brands. Our brands have tremendous potential, possessing true authenticity and highly desirable categories that represent significant addressable markets today, and we believe are strongly aligned with consumer trends moving forward. More and more people are seeking to better their lives every day, gravitating towards activities that help them live healthier, more productive, more fulfilled lives physically and mentally.

我們故事的下一章將從我們的品牌開始。我們的品牌擁有巨大的潛力，擁有真正的真實性和非常理想的品類，代表著當今重要的潛在市場，我們相信它們與未來的消費者趨勢密切相關。越來越多的人每天都在尋求改善自己的生活，傾向於參與那些能夠幫助他們在身心上過上更健康、更有效率、更充實的生活的活動。

Our brands are well extracted for making great innovative products that enable consumers to run, hike, exercise, move, and work faster and longer and more comfortably, award-winning products that are simply better and have disrupted the market over time.

我們的品牌精於製造出色的創新產品，使消費者能夠更快、更長時間、更舒適地跑步、遠足、鍛煉、移動和工作，這些屢獲殊榮的產品只是更好，並且隨著時間的推移擾亂了市場。

Our brands are recognized as originals, trailblazers, innovators, and leaders in their categories and possess unique and compelling DNA. Their product design credibility present amazing advantages to both excel and performance categories and build lasting lifestyle businesses.

我們的品牌被公認為各自類別的原創者、開拓者、創新者和領導者，並擁有獨特而引人注目的 DNA。他們的產品設計可信度為卓越和性能類別提供了驚人的優勢，並建立了持久的生活方式業務。

Today, however, the marketplace requires more than well-positioned brands and great products. Brands need to resonate beyond function, and their products need to deliver style and trend as well as performance and innovation. Brands need to tell differentiated relevant stories that only they can incredibly tell. And those stores need to engage our consumers where and when they want to be engaged.

然而，今天的市場需要的不僅僅是定位良好的品牌和優質的產品。品牌需要超越功能產生共鳴，他們的產品需要提供風格和趨勢以及性能和創新。品牌需要講述只有他們才能講述的差異化相關故事。這些商店需要在消費者想要參與的時間和地點吸引他們。

In short, our brands need to build awesome products and tell amazing stories that make every day of our consumers' lives better. Our team is energized by the opportunity we have in front of us to drive for better, better brands, better products, better storytelling, and ultimately better performance, culminating in greater returns for our shareholders.

簡而言之，我們的品牌需要打造出色的產品並講述精彩的故事，讓消費者的每一天生活變得更美好。我們的團隊因眼前的機會而充滿活力，致力於打造更好、更好的品牌、更好的產品、更好的故事講述，並最終實現更好的業績，最終為我們的股東帶來更大的回報。

Our brand-building model focused squarely on the intersection of awesome products, amazing storytelling, and driving the business is beginning to produce better performance. Before I hand it over to Taryn, I'd like to take a few minutes to share some concrete examples from our brands related to each aspect of our model.

我們的品牌建立模式完全專注於出色的產品、精彩的故事敘述的交叉點，並推動業務開始產生更好的業績。在將其交給 Taryn 之前，我想花幾分鐘時間分享一些與我們模型各個方面相關的品牌的具體範例。

Beginning with building awesome products, from the very start of our turnaround effort, we prioritized bolstering our brand's product pipelines as quickly as possible to inject newness with compelling innovation and trend-right design. Saucony is the furthest along on this journey, accelerated product life cycles in the run category, driving a 900-basis point increase in revenue contribution year over year in the second quarter from new product introductions.

從打造出色的產品開始，從轉虧為盈的一開始，我們就優先考慮盡快加強我們品牌的產品線，透過引人注目的創新和順應潮流的設計注入新鮮感。索康尼在這趟旅程中走得最遠，加速了跑步類別的產品生命週期，新產品推出推動第二季營收貢獻年增 900 個基點。

On the heels of introducing the Ride and Guide 17 and Endorphin 4 collections earlier this year, the brand recently launched its award-winning premium runner, the Triumph 22, delivering strong double-digit growth for the collection and run specialty and on saucony.com. The brand followed the strong debut with the launch last month of its most premium max cushion franchise, the Hurricane 24, featuring wearable styling for performance and lifestyle use and sell through is off to a strong start.

繼今年稍早推出Ride and Guide 17 和Endorphin 4 系列之後，該品牌最近又推出了屢獲殊榮的優質跑步鞋Triumph 22，為該系列和跑步專業產品以及Saucony.com 帶來強勁的兩位數增長。該品牌繼強勢亮相後，於上個月推出了其最優質的最大氣墊系列產品 Hurricane 24，其特點是適合性能和生活方式的可穿戴款式，銷售量也有了良好的開端。

Finally, as an early preview of the planned 2025 introduction in advance of the Olympics, the brand offered a limited release of its pinnacle franchise, the Endorphin Elite 2, a few weeks ago, selling out in just an hour. The super shoe built on a credit run, the brand's most advanced foam developed through years of lab testing, will be worn by Olympic marathoner Melinda Elmore in Paris this weekend.

最後，作為計劃在 2025 年奧運會之前推出的早期預覽，該品牌在幾週前限量發售了其巔峰系列產品 Endorphin Elite 2，並在一小時內售罄。這款超級鞋以信用運行為基礎，是該品牌經過多年實驗室測試開發出的最先進的泡沫材料，本週末，奧運會馬拉松運動員梅琳達·埃爾莫爾(Melinda Elmore) 將在巴黎穿著這款鞋。

On the lifestyle side, Saucony has authentically leveraged its deep product archive along with influential collaborations tapped into the fast-growing retro tech trend. With styles like the ProGrid Omni, ProGrid Triumph and Ride Millennium driving strong sell-throughs and opening future distribution with the best retailers in tier zero through tier two.

在生活方式方面，索康尼真正利用了其豐富的產品庫以及有影響力的合作，迎合了快速增長的復古科技趨勢。ProGrid Omni、ProGrid Triumph 和 Ride Millennium 等款式推動了強勁的銷售量，並與零級到二級的最佳零售商展開未來的分銷。

While Saucony is building strong momentum here in the US, its best expression today may just be in London. The folks are the companies and brands new key city approach. Saucony.com grew 40% in the UK during Q2, contributing to an increase of over 20% in the brand's only commerce channel globally in the quarter.

雖然索康尼在美國正在建立強勁的勢頭，但它今天最好的表達可能只是在倫敦。人們是公司和品牌新的主要城市方法。Saucony.com 在英國的第二季度成長了 40%，該品牌全球唯一的商業管道在該季度的成長超過 20%。

In July, Saucony was the title sponsor for the London 10K, the centerpiece of a host of activations which collectively propelled the brand to record search interest in the UK. Saucony is just beginning to hit stride around the world.

7 月，索康尼成為倫敦 10K 賽事的冠名贊助商，這是一系列活動的核心，這些活動共同推動該品牌在英國的搜尋熱度創下歷史新高。索康尼剛開始在世界各地大步前進。

Moving on to telling amazing stories. As I shared earlier, I believe brands need to do more than just have great products that perform well to win. They also need to engage consumers with timely stories that only they can tell, leveraging their unique DNA.

繼續講述精彩的故事。正如我之前分享的，我相信品牌需要做的不僅僅是擁有性能良好的優質產品才能獲勝。他們還需要利用他們獨特的DNA，透過只有他們才能講述的及時故事來吸引消費者。

In the second quarter, based on insights from one of its consumers that women at times feel insecure about wearing shorts, Sweaty Betty inspired its history to embrace their bodies with its Wear the Dam Shorts campaign. The campaign featured full funnel messaging and activations, nearly double the sale of shorts versus last year, and helped the brand deepen its emotional connections with its consumers.

在第二季度，根據一位消費者的洞察，女性有時對穿短褲感到不安全，Sweaty Betty 透過其「Wear the Dam Shorts」活動激發了其擁抱自己身體的歷史。該活動以完整的漏斗資訊和活化為特色，短褲銷量幾乎是去年的兩倍，並幫助該品牌加深了與消費者的情感聯繫。

During the second quarter, Sweaty Betty saw double-digit growth of its important leggings category driven by its hero franchise, Power. Earlier this year, the brand expanded its trend-right explorer collection, a light and wrinkle-free casual collection for warm weather and travel that allows the brand to further diversify its assortment, resulting in very strong double-digit growth year to-date.

在第二季度，Sweaty Betty 在其英雄系列 Power 的推動下，其重要的緊身褲類別實現了兩位數的成長。今年早些時候，該品牌擴大了其順應潮流的探索者係列，這是一個適合溫暖天氣和旅行的輕便、無皺休閒系列，使該品牌能夠進一步多樣化其產品種類，從而實現了今年迄今為止非常強勁的兩位數成長。

The Sweaty Betty team remains intensely focused on its consumer and is beginning to influence our broader portfolio's thinking in this critical way, and finishing with driving the business. An intense focus on the health of the marketplace and driving sell-through performance every day has been a critical component of our turnaround as well.

Sweaty Betty 團隊仍然高度關注其消費者，並開始以這種關鍵方式影響我們更廣泛的投資組合的思維，並最終推動業務發展。對市場健康狀況的高度關注和每天推動銷售業績也是我們扭虧為盈的關鍵組成部分。

We've taken action to shut down rogue selling, optimize distribution, and elevate branded shopping experiences. Merrell, for example, has cultivated a much cleaner selling environment this past season and successfully reset several of its key accounts in the US with more modern assortments to position the brand more appropriately.

我們已採取行動杜絕流氓銷售、優化分銷並提升品牌購物體驗。例如，梅雷爾（Merrell）在上一季培育了一個更清潔的銷售環境，並成功地用更現代的品種重新調整了其在美國的幾個主要客戶，以使該品牌的定位更加合適。

As a result, in the second quarter, Merrell drove growth at retail and hike, despite the category headwinds and achieved its third straight quarter of acceleration and market share gains. Merrell's push to modernize the trail through key award-winning product franchises like the Moab Speed 2 and Agility Peak 5, faster and lighter styles at elevated price points, continues to drive sell-through and create momentum.

因此，在第二季度，儘管面臨品類逆風，梅雷爾仍推動了零售和升息業務的成長，並實現了連續第三個季度的加速成長和市場份額成長。Merrell 透過 Moab Speed 2 和 Agility Peak 5 等屢獲殊榮的主要產品專營權，以更高的價格提供更快、更輕的款式，推動越野鞋現代化，繼續推動銷售並創造動力。

The brand fueled energy and reached new consumers with several collaborations in the second quarter as well, including with Grayson, a very cool premium golf brand which quickly sold out and generated 500 million earned media impressions in the process.

該品牌在第二季度也透過多次合作激發了活力並吸引了新消費者，其中包括與非常酷的高端高爾夫品牌Grayson 的合作，該品牌很快就售罄並在此過程中產生了5 億次媒體印象。

Internationally, Merrell, together with its partner Japan, opened several key stores in Tokyo over the last year. The stores are performing well ahead of their plan while also helping position Merrell as a relevant outdoor lifestyle brand with the younger consumers in a highly influential city.

在國際上，去年，梅雷爾與其合作夥伴日本一起在東京開設了幾家主要商店。這些商店的表現遠遠超出了他們的計劃，同時也幫助將 Merrell 定位為與這座極具影響力的城市的年輕消費者相關的戶外生活方式品牌。

As a leader in outdoor footwear, Merrell stepping into the opportunity it has to reinvigorate the category through innovative and trend-right product and building the brand in key markets around the world.

作為戶外鞋領域的領導者，Merrell 抓住機遇，透過創新且緊跟潮流的產品重振該類別，並在全球主要市場打造品牌。

With that, I'm very pleased to hand the call over to Taryn Miller, our new CFO. Today is her 90th day with the company. She'll take you through our second quarter results and update guidance in much more detail. Taryn?

至此，我很高興將電話轉交給我們的新任財務長 Taryn Miller。今天是她在公司工作的第 90 天。她將帶您了解我們的第二季業績並更詳細地更新指導。塔林？

Thank you, Chris, and welcome everyone. I joined Wolverine Worldwide three months ago with a strong belief in the potential of our brands, our strategy to drive profitable growth, and our commitment to improve the financial health of the business and ultimately deliver greater and more consistent value to our shareholders.

謝謝克里斯，歡迎大家。三個月前，我加入 Wolverine Worldwide，堅信我們品牌的潛力、我們推動獲利成長的策略，以及我們對改善企業財務健康狀況並最終為股東帶來更大、更一致的價值的承諾。

We are beginning to see traction from the actions taken to become a new and better company and are pleased with how we are performing at this stage of our transformation. Turning to our financial results this quarter and the outlook for 2024, we are encouraged by the sequential revenue and earnings growth our teams delivered in the second quarter, and we made further progress towards building the foundation to drive sustained profitable growth.

我們開始看到為成為一家新的、更好的公司而採取的行動的牽引力，並對我們在轉型階段的表現感到滿意。談到本季的財務表現和 2024 年的展望，我們的團隊在第二季度實現的連續收入和盈利增長令我們感到鼓舞，並且我們在為推動持續盈利增長奠定基礎方面取得了進一步進展。

Second quarter revenue for our ongoing business of $424.8 million was above our outlook of approximately $410 million as demand trends and supply chain execution continue to improve. Approximately $10 million of the over delivery was a timing shift between the second and third quarters.

隨著需求趨勢和供應鏈執行持續改善，我們正在進行的業務第二季營收為 4.248 億美元，高於我們約 4.1 億美元的預期。大約 1000 萬美元的超額交付是第二季和第三季之間的時間轉變。

The transition of our Saucony inventory from our Louisville Distribution Center to our California Center was completed with minimal disruption, therefore avoiding the previously expected shift of approximately $5 million to the third quarter. In addition, there was approximately $5 million of wholesale orders that shipped earlier than originally expected.

在我們的索康尼庫存從路易斯維爾配送中心轉移到加州中心的過程中，幹擾最小，因此避免了先前預計的約 500 萬美元的轉移到第三季的情況。此外，還有約 500 萬美元的批發訂單出貨時間早於最初預期。

Revenue trends for our ongoing business improved sequentially from a year-over-year decline of 24.5% in the first quarter to a decline of 18.4% in the second quarter. We're seeing increased demand for our brands and products as we execute our consumer focused strategy.

我們持續業務的營收趨勢較上季改善，從第一季年減 24.5% 到第二季下降 18.4%。隨著我們執行以消費者為中心的策略，我們看到對我們品牌和產品的需求不斷增加。

The year-over-year comparison includes more than $55 million of revenue in the second quarter of 2023 that did not repeat in the second quarter this year, including excess end of life inventory liquidation and business model changes. Adjusted gross margin of 43.1% increased 400 basis points versus last year. Gross margins were in line with our expectations and reflect a healthier sales mix, lower promotional activity, and the benefit of supply chain cost initiatives.

年比比較包括 2023 年第二季超過 5,500 萬美元的收入，這些收入在今年第二季沒有重複，包括超額的報廢庫存清算和業務模式變化。調整後毛利率為 43.1%，較去年增加 400 個基點。毛利率符合我們的預期，反映了更健康的銷售組合、更少的促銷活動以及供應鏈成本計劃的好處。

Adjusted operating margin of 6.3% exceeded our outlook for the quarter driven by operating cost leverage on the stronger revenue performance. As a result of the improvement in revenue and operating margin, adjusted diluted earnings per share improved from $0.05 in the first quarter to $0.15 in the second quarter, adjusted diluted earnings per share was $0.19 in the second quarter of last year.

由於營運成本槓桿和強勁的收入表現，調整後的營運利潤率為 6.3%，超出了我們對本季的預期。由於收入和營業利潤率的改善，調整後的稀釋每股收益從第一季的0.05美元提高到第二季的0.15美元，去年第二季調整後的稀釋每股收益為0.19美元。

We continue to make progress on strengthening the balance sheet. Inventory was $297 million, down 44% from last year for the ongoing business as we further optimize inventory levels and benefit from improved planning and execution. Net debt was $666 million, down approximately $270 million versus last year.

我們在加強資產負債表方面持續取得進展。隨著我們進一步優化庫存水準並受益於改進的規劃和執行，持續業務的庫存為 2.97 億美元，比去年下降 44%。淨債務為 6.66 億美元，比去年減少約 2.7 億美元。

Now turning to our updated outlook for 2024. We are raising the midpoint of our revenue and earnings guidance. While we continue to operate in a dynamic environment, our solid first half results, combined with the development of the order book for our global wholesale and distributor business have strengthened our confidence in our outlook.

現在轉向我們更新的 2024 年展望。我們正在提高收入和盈利指導的中點。雖然我們繼續在充滿活力的環境中運營，但我們上半年的穩健業績，加上全球批發和分銷業務訂單的發展，增強了我們對前景的信心。

Fiscal 2024 revenue from our ongoing business is now expected in the range of $1.71 billion to $1.73 billion, an increase of $15 million at the midpoint versus our May outlook. This compares to 2023 revenue from our ongoing business of $1.99 billion and represents a decline of 13.7% at the midpoint of the range.

目前，我們持續業務帶來的 2024 財年收入預計在 17.1 億美元至 17.3 億美元之間，比我們 5 月份的預期增加了 1,500 萬美元。與 2023 年我們持續業務的收入 19.9 億美元相比，該範圍的中位數下降了 13.7%。

As we shared in our first quarter call, there were discrete items in 2023 that will not recur in 2024 related to end of life inventory liquidation, business model changes, and a timing shift of international distributor shipments. The total revenue generated by these items was $185 million, which was heavily weighted to the first half of the year.

正如我們在第一季電話會議中分享的那樣，2023 年有一些離散項目在 2024 年不會再出現，這些項目與報廢庫存清理、業務模式變化以及國際分銷商發貨時間的變化有關。這些項目產生的總收入為 1.85 億美元，佔今年上半年的比重很大。

Excluding the discrete items, full year 2024 revenue at the midpoint is expected to decline approximately 4.8%. We expect revenue to improve sequentially throughout the second half as our brands continue to build momentum behind new products and strengthening market activations.

不包括離散項目，2024 年全年收入中位數預計將下降約 4.8%。隨著我們的品牌繼續在新產品背後建立動力並加強市場激活，我們預計下半年收入將連續改善。

In addition, the discrete headwinds that I shared earlier will bait in the second half. We continue to expect full year 2024 active group revenue to decline by a mid-teens percentage year-over-year and work group revenue to decline by a percentage in the high single digits year-over-year. Brand performance expectations are consistent with what we shared in May and can be found in our investor presentation on our website.

此外，我之前分享的離散逆風將在下半年成為誘餌。我們繼續預期 2024 年全年活躍集團收入將年減中位數百分比，工作組收入將年減高個位數百分比。品牌業績預期與我們五月分享的一致，可以在我們網站上的投資者演示中找到。

Turning to gross margin. As a result of the actions we've taken over the last year, we continue to expect strong expansion compared to 2023. These include supply chain and product cost savings as well as brand protection actions, the benefit of healthier inventory levels, and better mix of full price sales.

轉向毛利率。由於我們去年採取的行動，我們預計與 2023 年相比將繼續強勁擴張。其中包括供應鏈和產品成本節約以及品牌保護行動、更健康的庫存水準的好處以及更好的全價銷售組合。

Adjusted gross margin is expected to be approximately 44.5% at the midpoint of the outlook range, a record for our company, up approximately 460 basis points compared to 2023. Adjusted selling, general, and administrative expenses are expected to be approximately $640 million at the midpoint of the outlook range, or approximately 37% of revenue compared to $716 million in 2023, or 36% of revenue.

調整後的毛利率預計約為 44.5%（處於展望範圍的中點），這是我們公司的記錄，比 2023 年上升約 460 個基點。以展望範圍的中點計算，調整後的銷售、一般和管理費用預計約為 6.4 億美元，約佔收入的 37%，而 2023 年為 7.16 億美元，約佔收入的 36%。

The lower operating cost structure includes restructuring savings partially offset by incremental investment in our business, normalized incentive compensation, and inflation. Adjusted operating margin is expected to be approximately 7.4% at the midpoint of the outlook range, compared to 3.9% in 2023.

較低的營運成本結構包括重組節省，部分被我們業務的增量投資、標準化激勵薪酬和通貨膨脹所抵消。調整後營業利潤率預計約為 7.4%，處於展望範圍的中點，而 2023 年為 3.9%。

Interest and other expenses are projected to be approximately $40 million, down from $63 million in 2023, which reflects the benefit from the significant debt reduction over the last year. The effective tax rate is projected to be approximately 18.5%.

利息和其他支出預計約為 4,000 萬美元，低於 2023 年的 6,300 萬美元，這反映了去年債務大幅削減帶來的好處。有效稅率預計約為18.5%。

Adjusted diluted earnings per share is now expected to be in the range of $0.75 to $0.85, including a $0.10 negative impact from foreign currency exchange. This compares to adjusted diluted earnings per share of $0.15 in 2023.

調整後的稀釋每股盈餘目前預計在 0.75 美元至 0.85 美元之間，其中包括外匯匯率帶來的 0.10 美元負面影響。相比之下，2023 年調整後稀釋每股收益為 0.15 美元。

Working capital and cash flow optimization remains a priority in 2024. We expect inventory to decline by at least $75 million during the year, as we continue to work through specific areas of excess inventory.

營運資本和現金流優化仍然是 2024 年的首要任務。隨著我們繼續解決特定領域的庫存過剩問題，我們預計今年庫存將減少至少 7500 萬美元。

Operating free cash flow is expected in the range of $110 million to $130 million, with approximately $35 million of capital expenditures. We expect net debt to improve by nearly $175 million to $565 million at year end.

營運自由現金流預計在 1.1 億至 1.3 億美元之間，其中資本支出約為 3,500 萬美元。我們預計年底淨債務將減少近 1.75 億美元，達到 5.65 億美元。

Shifting to our outlooks of the third quarter. We expect third quarter revenue of approximately $420 million, a year-over-year decline of approximately 11%, reflecting continued improvement in revenue performance compared to the prior two quarters.

轉向我們對第三季的展望。我們預計第三季營收約4.2億美元，年減約11%，反映出營收表現較前兩季持續改善。

Third quarter gross margin is expected to be approximately 45%, an increase of 300 basis points from last year and in line with our first half performance. We expect improvements in operating margin and earnings with third quarter adjusted operating margins of approximately 7% and adjusted diluted earnings per share of approximately $0.20.

第三季毛利率預計約45%，比去年增加300個基點，與我們上半年的業績一致。我們預計營業利潤率和收益將有所改善，第三季調整後營業利潤率約為 7%，調整後攤薄每股收益約為 0.20 美元。

In summary, the clarity and execution of our strategy is strengthening our brands and driving improvements in Wolverine's financial position. The transformation to more consistent and profitable revenue growth coupled with strong cash flow will enable us to invest in our brands and new capabilities to become consumer obsessed global brand builders.

總而言之，我們策略的明確性和執行力正在增強我們的品牌並推動 Wolverine 財務狀況的改善。向更持續、更有利可圖的收入成長轉型，加上強勁的現金流，將使我們能夠投資於我們的品牌和新能力，成為消費者癡迷的全球品牌建立者。

And with that, let me hand the call back to Chris before we open it up for questions.

就這樣，在我們開始提問之前，讓我把電話轉給克里斯。

Thanks, Taryn. For concluding our prepared remarks and as I reflect on my one year anniversary in this role tomorrow, I want to extend a sincere and heartfelt thank you to our global teams. I've asked a lot of you and you've delivered. You've been simply great. Thanks for your work and your support this past year. You've helped write the first chapter and what I believe will be a great turnaround story.

謝謝，塔林。在結束我們準備好的演講時，當我明天回顧我就職一周年時，我想向我們的全球團隊致以誠摯和衷心的感謝。我向你提出了很多要求，而你卻如願以償。你簡直太棒了。感謝您過去一年的工作和支持。你幫助寫了第一章，我相信這將是一個偉大的扭轉故事。

Over the last 364 days, our team has executed an extensive list of initiatives as a part of a comprehensive plan to stabilize and begin to transform the company. I'm inspired by what we've accomplished as one Wolverine, but I believe there's so much more in front of us.

在過去 364 天裡，我們的團隊執行了一系列廣泛的舉措，作為穩定公司並開始轉型的全面計劃的一部分。作為一名金鋼狼，我們所取得的成就為我帶來了啟發，但我相信我們面前還有更多的事情要做。

While we're excited by our brand's positioning and potential and motivated by the early proof points we've seen that give us confidence in our strategy, we know we must strive for better. Better brands, better products and storytelling and better performance, all leading to greater returns for our shareholders. That's our next chapter and time for us to turn the page. Thank you for taking time to be with us this morning.

雖然我們對我們品牌的定位和潛力感到興奮，並受到我們所看到的早期證據的激勵，這些證據讓我們對我們的策略充滿信心，但我們知道我們必須爭取更好。更好的品牌、更好的產品、更好的故事和更好的業績，所有這些都會為我們的股東帶來更大的回報。這是我們的下一篇章，也是我們翻開新頁的時候了。感謝您今天早上抽出時間來和我們在一起。

(Operator Instructions) Jim Duffy, Stifel.

（操作說明）Jim Duffy，Stifel。

Thank you. Good morning, Chris, Taryn and Alex. I want to start a big picture. Chris, there's good evidence you're executing the plan. There's some tangible proof points of brand elevation in the marketplace. I guess firstly, is the marketplace reset complete? And then secondly, can you give us an update on the dialogue you're having with channel partners and speak to how your efforts are translating to a forward visibility?

謝謝。早安，克里斯、塔林和亞歷克斯。我想開始一個大局。克里斯，有充分的證據表明你正在執行這個計劃。市場上有一些品牌提升的實質證據。我想首先，市場重置完成了嗎？其次，您能否向我們介紹您與通路夥伴對話的最新情況，並談談您的努力如何轉化為前瞻性可見度？

Yes, for sure. Thanks for the question. I would not say that the resets are fully complete. I mean, I think we are still working hard as part of the transformation phase of our turnaround plan. So I think I don't want to get out ahead of ourselves and say that it's done, that there is still certainly more work to do. At the same time, I think we've accomplished a tremendous amount in a very short period of time. And its efforts from just re-engaging our wholesale partners, both domestically and our distributor partners around the world in a very constructive manner over the past year.

是的，當然。謝謝你的提問。我不會說重置已經完全完成。我的意思是，我認為作為我們週轉計劃轉型階段的一部分，我們仍在努力工作。因此，我認為我不想超越自己的預期，說一切已經完成，肯定還有更多的工作要做。同時，我認為我們在很短的時間內取得了巨大的成就。在過去的一年裡，我們以非常建設性的方式重新吸引了我們的批發合作夥伴，包括國內的批發合作夥伴和世界各地的經銷商合作夥伴。

I think it's becoming more thoughtful about segmentation and distribution. I think it's about attacking rogue selling and really working to bring our inventory levels down and really not work so hard to push product out, but really begin to pivot to a stronger pull model. And I think the feedback and the results are early proof points that we're doing the right things.

我認為人們對細分和分銷的考慮變得更加周到。我認為這是關於打擊流氓銷售，真正努力降低我們的庫存水平，實際上不是努力推出產品，而是真正開始轉向更強大的拉動模式。我認為回饋和結果是我們正在做正確事情的早期證據。

At the same time, no one here is declaring victory or that we're all the way through. I think the feedback from sort of key partners on where the product pipeline is in demand creation is certainly positive. I think Saucony is certainly out in front of that. We've made a pretty hard pivot as we think about Saucony's strategy, the product line, where we want to sell and how we want to talk about those products. And I'm really encouraged by the reception that Saucony has had in the marketplace.

同時，這裡沒有人宣布勝利，也沒有人宣布我們已經成功。我認為一些主要合作夥伴對產品管道的需求創造的回饋肯定是正面的。我認為索康尼無疑處於領先地位。當我們思考索康尼的策略、產品線、我們想要在哪裡銷售以及我們想要如何談論這些產品時，我們已經做出了一個相當艱難的轉變。索康尼在市場上的反應讓我深受鼓舞。

And we're doing the same thing with Merrell, really modernizing that hike lighter and faster away from that traditional hike business, which you know, that outdoor category has been challenged. At the same time, I'm encouraged that Merrell is leading from a market share gain perspective and really accelerating its market share gains in what continues to be a pretty volatile market.

我們正在與梅雷爾做同樣的事情，真正使徒步旅行變得更輕、更快，遠離傳統的徒步旅行業務，你知道，戶外類別已經受到了挑戰。同時，令我感到鼓舞的是，Merrell 從市場佔有率成長的角度來看處於領先地位，並且在仍然相當不穩定的市場中真正加速了其市場份額的成長。

And then from a work standpoint, I'm encouraged by the progress our work group has made, really getting more product from a trend-right standpoint, really working with the wholesale partners on what that distribution looks like. So I would not say the reset is complete, but I think the early actions we've taken have proven successful and we're going to keep driving that business forward each day.

然後從工作的角度來看，我對我們的工作小組所取得的進展感到鼓舞，從正確的趨勢角度真正獲得了更多產品，真正與批發合作夥伴合作研究分銷方式。因此，我不會說重置已經完成，但我認為我們採取的早期行動已被證明是成功的，我們將繼續推動業務每天向前發展。

Thank you. I'll jump back in the queue.

謝謝。我會跳回到隊列中。

Thanks, Jim.

謝謝，吉姆。

Mauricio Serna, UBS.

毛里西奧·塞爾納，瑞銀。

Great. Good morning and thanks for taking my questions. Congratulations on the results. Nice to see also the progress on the overall DTC growth of the company flat year-over-year on a recurring basis. Maybe could you talk a little bit more about the DTC trends by brands?

偉大的。早安，感謝您提出我的問題。祝賀結果。很高興看到公司的整體 DTC 成長與去年同期相比持續持平。也許您能多談談品牌的 DTC 趨勢嗎？

And maybe also could you help us out, maybe bridge out the EPS implications for the second half? I'm just looking at the guidance. I think it implies for the fourth quarter, you will be making like more than at the higher end, you would be making more earnings there than in all the three previous quarters combined. So just want to understand what are the drivers behind that? Thank you.

也許你也可以幫助我們，也許可以彌補下半年每股盈餘的影響？我只是看指導而已。我認為這意味著在第四季度，你的收入將超過高端，你的收入將比前三個季度的總和還要多。所以只是想了解背後的驅動因素是什麼？謝謝。

Sure. I'll take the first DTC question and then I'll hand it over to Taryn to touch on the EPS. We did see a nice inflection in the second quarter from an e-commerce perspective and both an inflection to growth from where we were in the first quarter, which we talked about, which is encouraging, also working to be more thoughtful and how we manage those sites in the promotional cadence.

當然。我將回答第一個 DTC 問題，然後將其交給 Taryn 來討論 EPS。從電子商務的角度來看，我們確實看到了第二季度的良好拐點，並且與第一季度相比也出現了增長的拐點，我們談到了這一點，這是令人鼓舞的，同時也努力更加深思熟慮以及我們的管理方式這些網站的促銷節奏。

So I think we have seen a nice pivot in that business. Obviously, we have a big couple of quarters ahead of us from a DTC perspective, but specifically, Saucony's e-commerce business was up over 20% in the quarter, which we were certainly encouraged by. And we've seen other businesses tick improvement as well. So it's a business we're spending a lot of time on. It's a business that is near and dear to our hearts. It's important. We think it's a very good expression of the brand.

所以我認為我們已經看到了該業務的一個很好的支點。顯然，從 DTC 的角度來看，我們還有很長的幾個季度，但具體來說，索康尼的電子商務業務在本季度增長了 20% 以上，這無疑讓我們感到鼓舞。我們也看到其他企業也取得了進步。因此，這是一項我們花費大量時間的業務。這是一項我們非常關心的事業。這很重要。我們認為這是品牌的一個很好的表達。

And certainly us, as we think about proof points for the broader wholesale business, it's important that we get traction there. So encouraged by the DTC work, although we have two big quarters ahead of us, but certainly progress from where we had been in the first quarter and certainly at the latter part of last year. And over to, Taryn, to talk about the EPS expectations.

當然還有我們，當我們考慮更廣泛的批發業務的證據時，重要的是我們在那裡獲得牽引力。受到 DTC 工作的鼓舞，儘管我們還有兩個重要的季度，但我們肯定比第一季和去年下半年的情況有所進步。Taryn 來談談每股盈餘預期。

Yes, thank you. You're right. At the midpoint, earnings per share will increase from $0.20 in the first half to $0.60 in the second half of the year. And this is really the higher revenue that we're expected to be the primary driver of that step up in the second half. Supply chain cost savings and SG&A reductions are also driving a step up. Those are already in place and we're starting to see them, but we see a bigger impact from those in the back half.

是的，謝謝。你說得對。中期來看，每股盈餘將從上半年的 0.20 美元增加到下半年的 0.60 美元。這確實是更高的收入，我們預計將成為下半年成長的主要推動力。供應鏈成本的節省和銷售管理費用的減少也推動了這一進步。這些已經就位，我們已經開始看到它們，但我們看到後半區的影響更大。

The revenue, we're executing our plan and we're seeing the momentum in the brands from the increased new product introductions that we have in the market, improvements in our product design and a cleaner and lower inventories at retail. And that momentum that we're seeing is showing up in our wholesale and international order book as expected.

在收入方面，我們正在執行我們的計劃，我們看到了品牌的勢頭，因為我們在市場上推出了更多的新產品，改進了我們的產品設計，以及更清潔和更低的零售庫存。正如預期的那樣，我們看到的這種勢頭正在我們的批發和國際訂單中顯現出來。

So I think that revenue is the primary driver of that step up in the earnings in the second half of the year, and it's augmented by the supply chain cost savings and SG&A reductions.

因此，我認為營收是下半年獲利成長的主要驅動力，供應鏈成本節約和銷售管理費用（SG&A）減少也進一步增強了營收成長。

Got it. Super helpful. And then, one last one. Maybe do you have any thoughts or any commentaries that you can give us on -- preliminary reviews on the spring 2025 order books? Thank you.

知道了。超有幫助。然後，最後一件事。也許您對 2025 年春季訂單的初步評論有任何想法或評論可以提供給我們嗎？謝謝。

Yes, I appreciate that question. Obviously, it's still very, very early in those order windows for first half of '25. But I can say we're really encouraged by where the product pipelines are. The innovation we brought specifically in Saucony, I think is very strong. Reactions have been positive there. And the same things can be said in Merrell around the evolution of that brand from a traditional outdoor brand to a modern outdoor brand. And then even some of the pivots we've made in the workgroup.

是的，我很欣賞這個問題。顯然，25 年上半年的訂單窗口還非常非常早。但我可以說我們對產品管道的位置感到非常鼓舞。我認為我們專門為索康尼帶來的創新非常強大。那裡的反應是正面的。同樣的事情也發生在 Merrell 品牌從傳統戶外品牌到現代戶外品牌的演變過程中。然後甚至是我們在工作小組中所做的一些轉變。

So too early to provide in any color on the first half order book, other than to say that I am encouraged by where the pipeline sits. And then the early reads we've gotten from how we've shown that product to the wholesale partners is encouraging. But we'll see that order book develop more over the next handful of months. And we'll have a much clearer picture when we speak to you in November.

因此，在上半年訂單簿上提供任何顏色都為時過早，除了說我對管道所在的位置感到鼓舞之外。然後，我們從如何向批發合作夥伴展示該產品中獲得的早期資訊令人鼓舞。但我們將看到訂單簿在接下來的幾個月會有更多發展。當我們在 11 月與您交談時，我們會有更清晰的了解。

Understood. Thank you very much and congrats on the results again.

明白了。非常感謝並再次恭喜結果。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Hi, good morning, everyone. As you think about the wholesale channel of distribution, what did you see domestically? What did you see internationally? Does it break down differently by types of wholesale account?

嗨，大家早安。當您想到批發分銷管道時，您在國內看到了什麼？國際上你看到了什麼？批發帳戶類型的分類是否有所不同？

And then with inventory levels coming down as they have, how do you think about inventories going forward down by at least $75 million for year end? Any differences in puts and takes? And also anything on supply chain or freight costs that you're seeing? Thank you.

隨著庫存水準的下降，您如何看待年底庫存至少減少 7,500 萬美元？put 和 take 有什麼不同嗎？您還看到了有關供應鏈或貨運成本的任何資訊嗎？謝謝。

Yes, of course, Dana. I'll hand over the first part and I'll let Taryn speak to the supply chain costs and what we're expecting for the back half of the year. Certainly, we run a very large global business and it's different both by region and certainly different both by channel in which we operate. Our inventory health in the US market has come down materially and in Wolverine inventory at retail today is down materially, which is a key part of this turnaround phases, we've to clean up the marketplace.

是的，當然，達納。我將移交第一部分，然後讓 Taryn 談談供應鏈成本以及我們對今年下半年的期望。當然，我們經營著一個非常龐大的全球業務，而且每個地區的情況都不同，而且我們經營的管道也不同。我們在美國市場的庫存健康狀況已大幅下降，而今天金剛狼的零售庫存也大幅下降，這是這個週轉階段的關鍵部分，我們必須清理市場。

I think it varies a little bit by brand and certainly a little bit by channel. I think some of the challenges in the US wholesale marketplace are well-documented and I don't think we are immune from all of those challenges.

我認為它會因品牌而略有不同，當然也會因頻道而有所不同。我認為美國批發市場面臨的一些挑戰是有據可查的，而且我認為我們不能免受所有這些挑戰的影響。

At the same time, there are winners in every market. And where we are bringing innovative products with strong storytelling, we are getting really strong reactions, which we're encouraged by, which is why it was so important for us to work through the inventory as fast as we did, because it was impeding the innovation in our product pipeline. So, where we have been successful? Specifically a brand like Saucony, there is appetite both for new product introductions, very fast at once for punishment as things begin to check, and then even expansion of door count in new retailers as we bring products that satisfy their needs.

同時，每個市場都有贏家。當我們推出具有強大故事性的創新產品時，我們得到了非常強烈的反應，我們對此感到鼓舞，這就是為什麼我們盡快處理庫存如此重要，因為它阻礙了我們產品線的創新。那麼，我們的成功在哪裡呢？特別是像索康尼這樣的品牌，人們對推出新產品有興趣，隨著事情開始檢查，立即立即進行懲罰，甚至在我們推出滿足他們需求的產品時擴大新零售商的門數。

But I don't want to underestimate the challenges that are in the US wholesale landscape and we don't necessarily see those abating in the short term, certainly from where the consumer is and what's on the horizon. Around the world, I think the brands are all in a little bit different place as well, but encouraged, particularly by what we're seeing out of EMA, really led by Merrell and Saucony, really strong reaction. I was just in London a couple of weeks ago and met with some key customers and also was getting ready for the London Saucony 10K, which was a fantastic event.

但我不想低估美國批發領域面臨的挑戰，而且我們不一定會看到這些挑戰在短期內減弱，尤其是從消費者所在的位置以及即將發生的情況來看。在世界各地，我認為這些品牌的情況也略有不同，但都受到了鼓舞，特別是我們在 EMA 看到的情況，真正由 Merrell 和 Saucony 領導的，反應非常強烈。幾週前我剛在倫敦，會見了一些重要客戶，同時也在為倫敦索康尼 10K 賽事做準備，這是一場精彩的賽事。

Again, when brands can bring innovative products that solve consumers' needs and we can package them with compelling storytelling, there is an appetite there, certainly in a category like run, which has some momentum. So I think, again, it's hard to paint with a broad stroke given how diversified our portfolio is and the regions of the world we operate in.

同樣，當品牌能夠帶來滿足消費者需求的創新產品，並且我們可以用引人入勝的故事來包裝它們時，就會有興趣，尤其是像跑步這樣有一定動力的類別。因此，我再次認為，考慮到我們的投資組合以及我們業務所在的世界地區的多元化，很難進行概括性的描繪。

But again, US wholesale is not the easiest marketplace right now, but when brands can deliver, there is receptivity. And certainly, I think the consumer continues to buy things that inspire them, and they have shown a remarkable level of resilience given some of the headwinds they face. I hand it over to Taryn to talk about the supply chain question.

但同樣，美國批發市場目前並不是最容易的市場，但當品牌能夠提供服務時，就會有接受度。當然，我認為消費者會繼續購買那些能激發他們靈感的東西，考慮到他們面臨的一些阻力，他們展現了非凡的韌性。我把它交給 Taryn 來談談供應鏈問題。

Yes, on the supply chain point, I would say we don't have a lot of new news to share based on what we've talked about in the May guidance. As I shared earlier, we do expect in the second half to benefit from the cost initiatives, both in terms of our logistics as well as on our sourcing that we have in place to benefit us in the second half. We are closely monitoring the supply chain dynamics and the volatility that's going on right now and the ocean freight in terms of could it have impact in terms of deliveries or cost based on the contracts we have in place and based on how the supply chain is operating right now. We aren't anticipating a meaningful impact from that.

是的，在供應鏈方面，我想說，根據我們在五月指導中討論的內容，我們沒有太多新消息可以分享。正如我之前分享的那樣，我們確實預計下半年將受益於成本舉措，無論是在我們的物流方面還是在我們的採購方面，我們都在下半年使我們受益。我們正在密切監控供應鏈的動態和目前正在發生的波動，以及海運是否會根據我們現有的合約以及供應鏈的運作方式對交付或成本產生影響現在。我們預計這不會產生有意義的影響。

Thank you.

謝謝。

Thanks, Dana.

謝謝，達納。

Sam Poser, Williams Trading.

薩姆·波塞爾，威廉斯貿易公司。

Thank you for taking my questions. Good morning, everybody. I'd like to know a couple things. One, on Saucony, how are you seeing the breakout between performance and lifestyle? You brought up both. And I'll stop there and move on in a moment. Let's start there.

感謝您回答我的問題。大家早安。我想知道一些事情。一，對於索康尼，您如何看待性能與生活方式之間的突破？你把兩者都提出來了。我會停在那裡，稍後繼續前進。讓我們從這裡開始。

Sure. Good morning, Sam. I think on both fronts we're encouraged by the progress we've made in short order in Saucony. And again, I think there certainly is the performance run piece of Saucony. I think there's a performance run lifestyle piece of Saucony. And then I think there's a broader lifestyle really related to the retro tech. And I think congratulations to that brand in very short order.

當然。早上好，山姆。我認為在這兩個方面，我們都對索康尼在短時間內取得的進展感到鼓舞。再說一次，我認為索康尼肯定有高性能跑步產品。我認為索康尼有一個以性能為核心的生活方式。然後我認為還有更廣泛的生活方式與復古科技真正相關。我想在很短的時間內就祝賀這個品牌。

We brought great innovation to that performance run piece. Whether it's introductions of the Ride and Guide 17, the Hurricane 24, the Triumph 22, those sell-throughs are very strong. It really has been a pivot in how we used to manage the Saucony brand. And I really give the team credit for how they've approached the product line architecture and how they're thinking about distribution colors and materials.

我們為性能跑步產品帶來了巨大的創新。無論是 Ride and Guide 17、Hurricane 24、Triumph 22 的推出，銷售都非常強勁。這確實是我們過去管理索康尼品牌的關鍵。我真的對團隊如何處理產品線架構以及他們如何考慮分佈顏色和材料表示讚賞。

I'm really pleased about the innovation in the endorphin collection. We have a marathon runner in the Olympics running next weekend in the Elite 2 on a new and credit run platform, which is years in the making. And we sold out in just a couple of hours when we dropped it early just a month ago. So we're encouraged by that. And then certainly Saucony benefits from a very large archive.

我對內啡肽系列的創新感到非常高興。下週末，我們將在一個新的信用跑步平台上使用 Elite 2 參加奧運馬拉鬆比賽，該平台已經醞釀多年。一個月前我們提前下架時，我們在短短幾個小時內就賣完了。所以我們對此感到鼓舞。當然，索康尼也受益於龐大的檔案。

And certainly retro tech is having a moment now. We think about what we've done around collaborations to build brand heat and then how that can extend down in the business. We're seeing a really nice pickup. That's really is being led by selectively opening additional distribution that we've largely not played in before and having strong sell-throughs.

當然，復古科技現在正風靡一時。我們思考我們圍繞合作所做的事情來建立品牌熱度，然後如何將其延伸到業務中。我們看到了一個非常好的皮卡。這實際上是透過選擇性地開放我們以前基本上沒有參與過的額外分銷以及強勁的銷售來引領的。

And I also think it speaks to the nimbleness of what we're trying to adjust from a supply chain standpoint, really beginning to chase opportunities in a way that we probably wouldn't have been able to chase before. But as we work to pivot to become a more consumer obsessed organization, really nimbleness and agility are key to that. And I'm encouraged by the way the supply chain has been able to react.

我還認為，這說明了我們從供應鏈的角度試圖調整的靈活性，真正開始以一種我們以前可能無法追逐的方式追逐機會。但當我們努力成為一個更重視消費者的組織時，真正的彈性和敏捷性才是關鍵。供應鏈的反應方式令我深受鼓舞。

And honesty, there's lots of categories right now and product lines within Saucony that we're actually chasing, chasing trying to expedite that supply chain right now. That is a good problem to have considering where we were just a year ago. So, encouraged by the progress in Saucony and I can't say it's one or the other. It's a little bit of both.

老實說，索康尼現在有很多類別和產品線，我們實際上正在追逐，正在努力加快供應鏈。考慮到我們一年前的處境，這是一個很好的問題。因此，受到索康尼的進步的鼓舞，我不能說這是其中之一。兩者都有一點。

Thank you. I just want to follow up on that. I mean, you talk about your nimbleness. So I'm just going to go onto that. My checks are telling me that you're getting increasing orders now on a lot of that new distribution. I'm more of the retro tech product. People are writing January, February orders now. You didn't want to talk about your backlog. But given your nimbleness, I assume your guidance isn't assuming that there's pull forward. But would your nimbleness potentially allow you, if the demand signs are there to pull orders forward into Q4 if necessary?

謝謝。我只想跟進此事。我的意思是，你談論你的敏捷性。所以我要繼續講下去。我的支票告訴我，你們現在收到的許多新發行版的訂單都在增加。我比較喜歡復古科技產品。人們現在正在寫一月、二月的訂單。你不想談論你的積壓工作。但考慮到你的彈性，我認為你的指導並沒有假設有前進的動力。但是，如果需求跡像出現，在必要時將訂單提前到第四季度，您的靈活性是否可能允許您這樣做？

Yes, I think nimbleness is relative too. I would say we have not always been the fastest organization and we're working to become a faster organization and be more reactive and chase more opportunities. So I think we're evaluating all of that. Again, and I think also, Sam, and you've been thoughtful on this with us before, we're going to try to manage our brands a little bit differently.

是的，我認為靈活性也是相對的。我想說，我們並不總是最快的組織，我們正在努力成為一個更快的組織，更具反應性並追逐更多機會。所以我認為我們正在評估所有這些。再說一次，我也認為，山姆，你之前已經和我們考慮過這個問題，我們將嘗試以稍微不同的方式管理我們的品牌。

And we're not just going to jam sell in. We're going to focus on sell-through and we're going to have some level of selectivity on how fast we want to grow. We ultimately want to pivot to be able to drive long-term sustainable growth and returns for the shareholders and not just obsess about immediate sell-in to the detriment of how we manage our brands.

我們不只是要進行果醬銷售。我們將專注於銷售，並且對我們想要的成長速度有一定程度的選擇性。我們最終希望能夠推動長期永續成長並為股東帶來回報，而不僅僅是沉迷於立即出售，從而損害我們管理品牌的方式。

So we will chase responsibly. We will open responsibly. And we're also working to be that we can be more reactive. The world certainly is moving quicker. Wholesalers are behaving differently. Consumers are behaving differently. And we have to build a better company that can react to how the world has moved.

所以我們會負責任地去追。我們將負責任地開放。我們也在努力提高反應能力。世界確實正在變得更快。批發商的行為有所不同。消費者的行為有所不同。我們必須建立一家更好的公司，能夠對世界的變化做出反應。

I'm sorry to bother you for two more. One, on Wolverine, on the boot business, that was better, significantly better than anticipated, but you really didn't adjust the numbers that much. So I was wondering why, and was part of that the pull forwards or whatever?

抱歉又打擾您了兩次。第一，關於金剛狼，關於靴子業務，這比預期要好得多，明顯好得多，但你確實沒有對數字進行太多調整。所以我想知道為什麼，其中一部分是前拉還是其他什麼？

And then secondly, when you look at Merrell, Saucony, Sweaty Betty, and Wolverine, I guess, but really the boot business overall, which of those do you think is farthest along? It sounds like it's Saucony, but which of those with progress being made you think has the longest way to go to right there?

其次，當你看看 Merrell、Saucony、Sweaty Betty 和 Wolverine 時，我想，但實際上整個靴子業務，你認為哪一個走得最遠？聽起來像是索康尼（Saucony），但是您認為哪一家正在取得進展的公司距離到達那裡還有最長的路要走？

Yes, good question. I'll answer the latter part of that first. I'm really pleased by the progress Saucony has made in very short order. Some very thoughtful and significant shifts in how we've managed that brand from a strategy standpoint, but also really, really quick execution. Saucony also, in all fairness, benefits from operating in a category that has tailwinds. And I think in that market that has fragmented, there is space for brands to grow. And I think that is just a structural shift in that category. And I think Saucony is benefiting from that.

是的，好問題。我先回答後半部。我對索康尼在短時間內取得的進步感到非常高興。從策略的角度來看，我們在管理品牌的方式上進行了一些非常深思熟慮且重大的轉變，而且執行速度也非常非常快。平心而論，索康尼也從順風順水的品類中獲益。我認為在這個碎片化的市場中，品牌有成長的空間。我認為這只是該類別的結構性轉變。我認為索康尼正在從中受益。

Sweaty Betty, a ton of credit to that team. We've worked really hard with Sweaty Betty team over the past half a year. We have a new leader in place. I've spent a lot of time with Sweaty Betty, really encouraged by how they're running that business, the largely direct consumer business, which is where I grew up and what I love, because every single day the consumer votes and you have a lot of control how the business goes.

汗流浹背的貝蒂，這支球隊功不可沒。在過去的半年裡，我們和 Sweaty Betty 團隊一起工作。我們有了一位新的領導者。我和Sweaty Betty 待了很多時間，他們經營這項業務的方式讓我深受鼓舞，主要是直接消費者業務，這是我長大的地方，也是我喜歡的地方，因為每天都有消費者投票，你就有對業務的發展有很大的控制權。

But a really nice foundation for that Sweaty Betty team and encouraged by the progress we've made, along with really getting that integration done of the company, which honestly we were slow to do after the acquisition.

但這對於汗水貝蒂團隊來說是一個非常好的基礎，我們所取得的進步以及真正完成公司的整合都受到了鼓舞，老實說，我們在收購後進展緩慢。

Merrell, I'm encouraged by the progress we've made in Merrell, but certainly that category is facing some headwinds. And it has incumbent upon the market share leader. We gained another 210 basis points the last quarter to really innovate. And that's really what Merrell is working hard to do. And you've seen us really get after lighter and faster, more athletic trail styles, whether it's the Agility Peak 5, whether it's the Moab Speed 2. We're seeing really positive sell-throughs, and I'm encouraged by. But there are headwinds there.

梅雷爾，我對我們在梅雷爾的進步感到鼓舞，但當然該類別正面臨一些阻力。而它義不容辭地佔據了市場份額的領先地位。上個季度我們又獲得了 210 個基點，實現了真正的創新。這正是 Merrell 正在努力實現的目標。您已經看到我們真正追求更輕、更快、更運動的越野風格，無論是 Agility Peak 5，還是 Moab Speed 2。我們看到了非常積極的銷售，這讓我感到鼓舞。但也存在一些阻力。

And you know, and you've called us on this, is when Merrell is at its best, it's not just a trail brand, it's an outdoor lifestyle brand. And frankly, we have more work to go do there specifically for her. And that's what that team is focused on.

你知道，你已經打電話給我們了，正是 Merrell 處於最佳狀態時，它不僅僅是一個越野品牌，它還是一個戶外生活方式品牌。坦白說，我們還有更多的工作要做，專門為她做。這就是該團隊關注的重點。

And then from a work perspective, I think we probably missed a couple of trends in work. And I think we honestly sort of assessed where those brands were, what we were doing. And I think we had a model that we didn't pivot fast enough to consumer sentiment, particularly around the Western boot trend. And I think we've made some progress there. We've also worked hard on that marketplace.

然後從工作的角度來看，我認為我們可能錯過了一些工作趨勢。我認為我們誠實地評估了這些品牌的位置以及我們在做什麼。我認為我們的模式沒有足夠快地適應消費者情緒，特別是圍繞西部靴子趨勢。我認為我們已經在這方面取得了一些進展。我們也在這個市場上做了努力。

So to answer your question, I think Saucony is the furthest along, albeit benefiting from tailwinds. At the same time, I think there's broad-based advancements from a product pipeline standpoint that encourage us in our back half guide, and as we think about the first half of '25 and the second half of '25.

因此，回答你的問題，我認為索康尼是走得最遠的，儘管受益於順風。同時，我認為從產品管道的角度來看，存在著廣泛的進步，這鼓勵我們在後半部分指南中，以及當我們思考 25 年上半年和 25 年下半年時。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Okay. Good morning. Thank you very much for taking my question, and congrats on the continued execution on the business. Chris, I wanted to ask -- I appreciate that you quantified on the call and prepared remarks about a $5 million shift from 3Q into 2Q. And clearly there are some disruptions around supply chains. Are you anticipating that there might be a shift in revenues from 3Q into 4Q? And if so, what kind of numbers should we assume?

好的。早安.非常感謝您提出我的問題，並祝賀業務的持續執行。克里斯，我想問——我很感激你在電話會議上進行了量化，並準備了關於從第三季度向第二季度轉移 500 萬美元的評論。顯然，供應鏈存在一些中斷。您是否預計收入可能會從第三季轉向第四季？如果是這樣，我們應該假設什麼樣的數字？

At the headline, certainly there are disruptions in supply chain, whether it's what's happening in the Red Sea with shipping, whether it's where containers are, or what's happening in Bangladesh right now, where we do source footwear from. I think we have our eyes wide open to all of those realities and working to manage them, at the same time, really working to control weak control.

從頭條新聞來看，供應鏈肯定會受到干擾，無論是紅海的航運、貨櫃所在的地方，還是目前我們從那裡採購鞋類的孟加拉國所發生的情況。我認為我們對所有這些現實睜大眼睛，努力管理它們，同時真正努力控制薄弱的控制。

As it currently stands based on how Q3 and Q4 play out, we're not expecting any sort of material shifts between those quarters due to that disruption, at the same time, it's something that we're monitoring extraordinarily closely. And we talk about every single week.

由於目前基於第三季和第四季的情況，我們預計這兩個季度之間不會因這種中斷而出現任何實質變化，同時，我們正在非常密切地監控這一點。我們每週都會談論。

And I think one of the things that we've done as an organization has really worked hard over the past year to really tie all the parts of the organization together much more closely. And this notion of working together is one Wolverine. So I think our supply chain and our brands and our corporate functions are working as closely as they ever had. It doesn't mean that we're immune from some of those macro challenges. At the same time, I think we've got visibility to them and working collectively to solve them as best as we can.

我認為我們作為一個組織所做的一件事在過去的一年裡確實非常努力，真正將組織的所有部分更緊密地聯繫在一起。這種合作的理念就是金鋼狼的特色。因此，我認為我們的供應鏈、我們的品牌以及我們的公司職能部門正在一如既往地緊密合作。這並不意味著我們可以免受其中一些宏觀挑戰的影響。同時，我認為我們已經了解了這些問題，並共同努力盡可能解決這些問題。

So we're paying attention. We've got a great leader in the global supply chain. We're very connected to the brands. And we're going to do our very best to navigate through those challenges.

所以我們正在關注。我們在全球供應鏈中有一位偉大的領導者。我們與這些品牌有著密切的聯繫。我們將盡最大努力應對這些挑戰。

Chris, that's very helpful. And maybe on the supply chain, on Bangladesh, can you maybe quantify? I think your last impact report was from 2022. Maybe can you quantify how big is Bangladesh as a percentage of your sourcing? And then, if we think about China tariffs potentially for 2025, I think the last impact report showed that China was about 20% to 30% of your mix. Maybe can you give us some updates on those exposure for both countries?

克里斯，這非常有幫助。也許在孟加拉的供應鏈上，你可以量化嗎？我認為您上一份影響報告是 2022 年的。也許你能能量化一下孟加拉在你的採購中所佔的比例有多大嗎？然後，如果我們考慮 2025 年可能對中國徵收的關稅，我認為上一份影響報告顯示，中國約佔整個關稅組合的 20% 到 30%。也許您能為我們提供一些有關兩國風險敞口的最新資訊嗎？

Bangladesh is about 19% as it sits today, and China is less.

孟加拉目前的比例約為 19%，中國較少。

Okay, very helpful. And then, as we think about gross margins, it's great to see the 44.5 for the year. Absent of any increase in tariffs or shipping rates, how do you think about longer term the gross margin? Is there a new ceiling that we should contemplate longer term for the business?

好的，非常有幫助。然後，當我們考慮毛利率時，很高興看到今年 44.5 的毛利率。在關稅或運費沒有增加的情況下，您如何看待長期毛利率？我們是否應該為業務考慮更長期的新上限？

I think that we're pleased with where we're at in the first half. The midpoint of our guidance, gross margins in the second half are consistent with the first half, so right at that 44.5, 44.7 in the first half, 44.4 in the second half. And the expected benefit from that being, as I called out earlier, in terms of those supply chain savings and the SG&A reductions.

我認為我們對上半場的表現感到滿意。我們指引的中點，下半年的毛利率與上半年一致，所以就是44.5，上半年44.7，下半年44.4。正如我之前所指出的，由此帶來的預期好處是供應鏈節省和銷售管理費用 (SG&A) 減少。

I would say in terms of you think longer term, the range that we have put out there that we're targeting is in that 45% to 47% range. Based on what we see right now, I think that's still range that we're looking at for the business in terms of gross margins.

我想說的是，從長遠來看，我們的目標範圍是 45% 到 47%。根據我們現在所看到的情況，我認為這仍然是我們為該業務考慮的毛利率範圍。

Okay, very helpful. Thank you very much and best of luck.

好的，非常有幫助。非常感謝您，祝您好運。

Thanks, Laurent.

謝謝，洛朗。

Mitch Kummetz, Seaport Research.

米奇·庫梅茨，海港研究中心。

Yes, thanks for taking my questions. Chris, if I heard you correctly, I think you said that Saucony e-com business was up 20% or over 20%. So correct me if I'm wrong there. But I guess my real question is, what can you say about wholesale sell-through? I know you're probably constrained in terms of your inventory and the sell-in, but what do you see at retail with your wholesale partners in terms of how the brand is performing? Is it kind of comparable to what you're seeing on the e-com business or do you have much intel on that?

是的，感謝您回答我的問題。克里斯，如果我沒聽錯的話，我想你說索康尼電子商務業務成長了 20% 或超過 20%。所以如果我錯了請糾正我。但我想我真正的問題是，你對批發銷售有何看法？我知道您的庫存和銷售量可能會受到限制，但您認為零售合作夥伴與批發合作夥伴的品牌表現如何？這與您在電子商務業務中看到的情況類似嗎？

Yes, good question. Thanks, Mitch. Yes, Saucony.com on the quarter was up, I said over 20%, it was actually 21% year-on-year, which we're encouraged by. And honestly, probably could have been better. We certainly have holes in the assortment today because things have sold out sort of faster than we anticipated. And we really went into this year with a very mindful thought on how we wanted to manage inventory.

是的，好問題。謝謝，米奇。是的，Saucony.com 這個季度上漲了，我說超過 20%，實際上同比增長了 21%，我們對此感到鼓舞。老實說，可能會更好。我們今天的產品系列肯定有漏洞，因為東西售完的速度比我們預期的還要快。今年我們確實非常認真地思考如何管理庫存。

And I think given where the company was a year ago, we all sort of held hands and say that we will chase opportunity versus the risk of continuing some of the inventory challenges that we've had. So we're encouraged by the progress there, we're encouraged by where that business is. I wish we had a little bit more inventory today to chase more of that demand, but it certainly is a better place than we were a year ago.

我認為，考慮到公司一年前的情況，我們都握著手說，我們將追逐機會，而不是繼續面臨一些庫存挑戰的風險。因此，我們對那裡的進展感到鼓舞，我們對業務的現狀感到鼓舞。我希望我們今天有更多的庫存來滿足更多的需求，但這肯定比一年前更好。

And then wholesale sell-throughs, I think specifically in run specialty, which has been such a core part of that Saucony business for so long. I think we're encouraged by the sell-through rates we're hearing and the feedback we're getting from that run specialty channel. Again, when Saucony delivers innovation, it's a over a hundred year old brand, it is a favorite. And we clearly know when we deliver something that works because the initial reactions are strong.

然後是批發銷售，我認為特別是在跑步專業領域，長期以來，這一直是索康尼業務的核心部分。我認為我們聽到的銷售率以及從專業管道獲得的回饋令我們感到鼓舞。再說一次，當索康尼提供創新時，它是一個一百多年的老品牌，它是最受歡迎的。我們清楚知道何時交付有效的產品，因為最初的反應很強烈。

So we're encouraged by sell-throughs, Triumph 22, Ride and Guide 17, which I talked about. Hurricane 24 just dropped last month, and we're seeing sort of high single digit or better sell-throughs in the first couple of weeks.

因此，我們對我談到的 Triumph 22、Ride 和 Guide 17 的銷售情況感到鼓舞。24 號颶風上個月剛剛下降，我們在前幾週看到了較高的個位數或更好的銷售量。

So I think certainly from a Saucony perspective, and I talked about this in the February call, we're still obviously in the throes of the turnaround then. And I said I was a bullish on Saucony's prospects. And I think Saucony today continues to elevate its product line. And I think the changes we've made there have been positive. No one's declaring victory.

所以我認為，從索康尼的角度來看，我在二月的電話會議中談到了這一點，我們顯然仍處於轉型的陣痛之中。我說過我看好索康尼的前景。我認為索康尼今天繼續提升其產品線。我認為我們在那裡所做的改變是積極的。沒有人宣布勝利。

We have to get to a place where we're stealing share again. But the initial steps we've taken there from a brand perspective and how we thought about that brand, how we want to manage the brand, I think give us some very early initial stages that we're on the right path.

我們必須再次竊取份額。但我們從品牌角度採取的初步步驟以及我們如何看待該品牌，我們如何管理該品牌，我認為給我們提供了一些非常早期的初始階段，表明我們走在正確的道路上。

And then on Saucony, any early reads for back-to-school, particularly like in the South where a lot of kids have already gone back. And have you done more in terms of kind of gearing your marketing for back-to-school this year, particularly around kind of the lifestyle portion of the assortment?

然後在索康尼，任何返校的早期讀物，特別是在南方，那裡很多孩子已經返校了。今年您在返校行銷方面是否做了更多的工作，特別是圍繞該系列的生活方式部分？

Yes, good question. Nothing too early to report in back-to-school, other than we are seeing, and Mitch, you track this as well as anyone who covers us. I think from a brand perspective, we're seeing really good search interest in Saucony, which is continuing, particularly in the UK. I said in the prepared remarks, I think right now one of the best expressions of Saucony is what's happening in EMA and the activations we've done and certainly the sponsorship of the London 10K.

是的，好問題。除了我們所看到的之外，返校報道沒有什麼太早的，米奇，你和任何報道我們的人都在追踪此事。我認為從品牌的角度來看，我們看到索康尼的搜尋興趣非常高，而且這種興趣仍在持續，特別是在英國。我在準備好的發言中說過，我認為現在索康尼最好的表達之一就是 EMA 所發生的事情以及我們所做的活動，當然還有對倫敦 10K 的贊助。

We're seeing sort of record search interest for Saucony there. I was just there a couple of weeks ago and I thought the activations, the run clubs around the Saucony 10K, the London 10K sponsored by Saucony were fantastic. But we are seeing sort of broad-based search interest improvements, which we're encouraged by.

我們看到索康尼 (Saucony) 的搜尋熱度創歷史新高。幾週前我剛在那裡，我認為索康尼 10K 周圍的活動、跑步俱樂部以及索康尼贊助的倫敦 10K 都非常棒。但我們看到了廣泛的搜尋興趣的改善，對此我們感到鼓舞。

And then maybe last question. On the wholesale order shift. I think it was $5 million. How much of that is like a true order shift versus maybe just pulled forward demand? And if demand were to stay strong through the third quarter, kind of what's your ability to supply that just given kind of some of your inventory constraints and supply chain considerations?

然後也許是最後一個問題。關於批發訂單的轉移。我認為是 500 萬美元。其中有多少是真正的訂單轉移，而不是僅僅拉動的需求？如果需求在第三季保持強勁，那麼考慮到您的一些庫存限制和供應鏈考慮因素，您的供應能力如何？

Yes, no, I think the $5 million that we said, it really wasn't shipped earlier than we had expected. We've been working to become, as Chris talked about, to strengthen the execution in our supply chain. And I think that as we've been able to do that, then as the customer orders are coming in, we're more able to respond to that. And that's really -- we were able to ship it earlier than we had originally anticipated we'd be able to. So I don't -- in terms of the $5 million.

是的，不，我認為我們所說的 500 萬美元，它確實沒有比我們預期的更早發貨。正如克里斯所說，我們一直在努力加強供應鏈的執行力。我認為，既然我們已經能夠做到這一點，那麼隨著客戶訂單的到來，我們就更有能力對此做出回應。這確實是——我們能夠比我們最初預期的更早發貨。所以我不——就500萬美元而言。

When you're talking about the broader point on our ability to respond, I think Chris really hit that point earlier in terms of we're getting better. I would say the environment that we're in though, is probably getting a little choppier in terms of supply chain. So I think we're looking to balance the strength in our execution with the overall market backdrop that we're in.

當你談論我們的應對能力的更廣泛的觀點時，我認為克里斯確實更早地觸及了這一點，因為我們正在變得更好。我想說的是，我們所處的環境在供應鏈方面可能會變得更加不穩定。因此，我認為我們正在尋求平衡我們的執行力度與我們所處的整體市場背景。

All right, thank you and good luck.

好的，謝謝你，祝你好運。

Thanks, Mitch.

謝謝，米奇。

Ashley Owens, KeyBanc Capital Markets.

Ashley Owens，KeyBanc 資本市場。

Hi, good morning. So, just a few from me. One, can you help us unpack and kind of what led to the results versus the outlined expectations from last quarter for Sweaty Betty? I think it was flat versus upload single digits. And then on Merrell, the plans to inflect looks like 4Q could be the turning point there given the guys today. Was this always the expectation or just any shifts relative to three months ago that you're seeing or expect to play out?

嗨，早安。所以，只是我的一些。第一，你能幫我們分析一下是什麼導致了結果與上個季度對汗水貝蒂的預期的概述嗎？我認為與上傳個位數相比持平。然後是梅雷爾，考慮到今天的人，4Q 的計劃可能會成為轉捩點。這是否一直是您所看到或期望發生的預期或相對於三個月前的任何變化？

I think in terms of Sweaty Betty, the being -- approximately flat in the quarter was roughly in line with our expectations for the Sweaty Betty team. I think they -- in terms of the UK stores and the broader e-com, we've seen while the stores have been a little softer, e-com has compensated for that. So broadly in line with what we expected for Sweaty Betty.

我認為就 Sweaty Betty 而言，本季的表現大致持平，大致符合我們對 Sweaty Betty 團隊的預期。我認為，就英國商店和更廣泛的電子商務而言，我們已經看到，雖然商店有點疲軟，但電子商務已經彌補了這一點。基本上符合我們對汗水貝蒂的期望。

Regarding Merrell, when you look at the -- I'd say I'd take a step back and talk about the Q4, Q4 on the inflected growth. It's really -- I'll come back to it. That was the plan, and so we're executing against the plan that we laid out in February. And the momentum that we're seeing across the brands, we spent time on this call talking about Saucony, but I'd say the momentum and it was called out work earlier, but as well in Merrell.

關於梅雷爾，當你看到——我會說我會退後一步，談談第四季度，第四季度的成長。這真的是——我會回來再說的。這就是計劃，所以我們正在按照二月制定的計劃執行。我們在各個品牌中看到的勢頭，我們在這次電話會議上花了很多時間談論索康尼，但我想說的是，這種勢頭早些時候就被稱為工作，但在梅雷爾也是如此。

So we're seeing the momentum in our brands really coming from those new products that we talked about, as well as healthier inventory levels across the portfolio. Inventories are probably a little lower in Saucony and probably a little higher than the other two on that balance. And so when you think of more work to do in terms of when we've called out more work to do on inventory, it's probably more in the Merrell and workspace.

因此，我們看到我們品牌的動力實際上來自我們談論的那些新產品，以及整個產品組合中更健康的庫存水準。索康尼的庫存可能比其他兩家低一點，但也可能比其他兩家高一點。因此，當您考慮更多的工作要做時，我們已經要求在庫存方面做更多的工作，這可能更多是在梅雷爾和工作區域。

But with that, I'd say that feel good about the plans we have and the momentum we're seeing in the order book, as well as cleaner inventories across the page that would set us up for that inflected growth broadly in the fourth quarter.

但話雖如此，我想說的是，我們對我們的計劃和我們在訂單中看到的勢頭以及整個頁面更清潔的庫存感到滿意，這將為我們在第四季度的廣泛增長做好準備。

Okay, great. And then just one more. So with the new product collaborations, any early learning, we saw the Jae Tips come out. Merrell's been doing some with new colorways and more to come next year, obviously. Are you starting to see that intended effect of expanding beyond just specialty into more lifestyle wear occasions?

好的，太好了。然後還有一個。因此，隨著新產品的合作，任何早期的學習，我們都看到了 Jae Tips 的出現。顯然，梅雷爾已經推出了一些新配色，明年還會推出更多配色。您是否開始看到將專業範圍擴展到更多生活方式穿著場合的預期效果？

Yes, good question. Yes, I'm really encouraged by some of the progress you've made around the collaborations. And I think certainly Saucony, again, has done a fantastic job. The Jae Tips collaboration last year, which was named collaboration of the year, which was fantastic. I think we're doing more this year. We're following that up, which we're encouraged by. Just that those rate of drops are critically important.

是的，好問題。是的，你們在合作方面取得的一些進展讓我感到非常鼓舞。我認為索康尼再次做得非常出色。去年與 Jae Tips 的合作被評為年度最佳合作，非常棒。我認為今年我們做得更多。我們正在跟進此事，對此我們感到鼓舞。只是這些掉落率至關重要。

We did a minted ProGrid Triumph collection with Saucony as well. It's a three-hour line for the launch event and sold out in just about 10 minutes. We sold out to the pair. So those things, those special moments where you can capture a consumer's attention, build brand heat, brand love, brand affinity, and always sort of be on that radar screen with that consumer is critically important.

我們也與 Saucony 合作打造了 ProGrid Triumph 系列。記者會前排了三個小時的隊，大約 10 分鐘就賣完了。我們把錢賣給了這對夫婦。因此，那些可以吸引消費者註意力、建立品牌熱度、品牌喜愛度、品牌親和力並始終出現在消費者雷達螢幕上的特殊時刻至關重要。

And the same thing can be said for both what Wolverine brand has done. They just dropped a great thousand mile collection with the University of Michigan celebrating this year's team. And then even in Merrell, whether it's the Parks project, which was a great collaboration, or something that I love, which is the Grayson collaboration. We make fantastic shoes for the trail. And those shoes are equally good for the course. And a great little brand, another Michigan-based brand, Grayson.

對於金剛狼品牌所做的事情也可以說是同樣的事情。他們剛剛與密西根大學一起推出了一個很棒的千英里系列來慶祝今年的團隊。即使在 Merrell，無論是 Parks 專案（這是一次很棒的合作），還是我喜歡的東西（Grayson 合作）。我們為越野打造出色的鞋子。這些鞋同樣適合球場。還有一個很棒的小品牌，另一個來自密西根的品牌，格雷森。

We did a fantastic collaboration with that drove a tremendous amount of interest. It was very polarizing, which we loved. At the same time, now people are beginning to talk about the extensions of Merrell as well. So those things are important as we manage these brands.

我們進行了出色的合作，引起了極大的興趣。這是非常兩極分化的，我們喜歡這一點。同時，現在人們也開始談論梅雷爾的延期。因此，在我們管理這些品牌時，這些事情很重要。

And again, it's not just about building awesome products, because we build great products. It's also being able to package them with great storytelling and give consumers a reason to pay attention to what we're doing. So those are all important things. You'll see only more of that from us in the future. And we're excited about where we can go from here.

再說一遍，這不僅僅是打造出色的產品，因為我們打造出色的產品。它也能夠用精彩的故事來包裝它們，讓消費者有理由關注我們正在做的事情。所以這些都是重要的事情。將來您會從我們這裡看到更多這樣的內容。我們對接下來的發展感到興奮。

Great. Thanks so much.

偉大的。非常感謝。

Jonathan Komp, RW Baird

喬納森·康普，RW·貝爾德

Yes, thanks. Good morning. Hoping, Taryn or Chris, you might be willing to give a little more color on the channel assumptions embedded in the fourth quarter inflection to growth. And then, Chris, just curious as you look forward, I know it's early, but are there scenarios already next year you might be approaching your aspirational revenue growth targets or any other directional color as you look forward?

是的，謝謝。早安.希望塔倫或克里斯，您可能願意對第四季度增長拐點中嵌入的渠道假設提供更多資訊。然後，克里斯，當你展望未來時，我只是好奇，我知道現在還為時過早，但是明年你是否已經有可能接近你期望的收入增長目標或任何其他方向顏色的情景？

Yes. Thanks, John. I think no material changes in how we're thinking about channel assumptions. I think Taryn said it well a little bit ago. We set out an ambitious plan as part of the turnaround. And then we talked about the full year and what our expectations were for 2024. And we're very much on that plan right now and sort of doing what we said we're going to go do.

是的。謝謝，約翰。我認為我們對通路假設的思考方式並沒有重大變化。我認為塔林之前說得很好。作為轉型的一部分，我們制定了一項雄心勃勃的計劃。然後我們討論了全年情況以及我們對 2024 年的期望。我們現在非常重視這個計劃，並且正在做我們說過要做的事情。

So there's no material changes as we think about Q3 and Q4. And at the same time, as I think about 2025, right now we're very focused on continuing to strengthen innovation in that product pipeline and really trying to generate that brand heat as wholesalers think about where they're going to go, both domestically as well in the U.S.

因此，當我們考慮第三季和第四季時，沒有重大變化。同時，正如我對 2025 年的展望，現在我們非常專注於繼續加強該產品線的創新，並真正努力在批發商考慮他們的發展方向時產生品牌熱度，無論是在國內還是在國內。在美國

So the order book for 2025 will be coming together here in the next handful of months. Every brand is a little bit different from an order window standpoint. And every region and channel is actually a little bit different, too, just based on when those orders are placed. But I would say, I'm encouraged by the innovation we have seen and certainly encouraged by some of the reactions that we've seen and then encouraged by some of the sell-throughs that we've seen as well from a wholesale perspective.

因此，2025 年的訂單簿將在接下來的幾個月內匯總。從訂單視窗的角度來看，每個品牌都略有不同。每個地區和通路其實也有點不同，只是基於下訂單的時間。但我想說，我對我們所看到的創新感到鼓舞，當然也對我們所看到的一些反應感到鼓舞，然後對我們從批發角度看到的一些銷售也感到鼓舞。

But at the same time, I can't underscore. We still have a lot of work to go do. No one's declaring victory. We're happy with where we stand. But the work we've done over the past year has only given us the privilege to really keep driving the company forward and keep driving for growth. So we are, while again, we're -- (technical difficulty)

但同時，我又不能強調。我們還有很多工作要做。沒有人宣布勝利。我們對自己的現狀感到滿意。但我們過去一年所做的工作只是讓我們有幸真正繼續推動公司前進並繼續推動成長。所以我們是，同時，我們又是——（技術難度）

(Operator Instructions)

（操作員說明）

I think we got disconnected, but I think Taryn also answered John's last question, unless there's a follow-up. Okay, operator, I think we're good.

我認為我們已經斷線了，但我認為塔林也回答了約翰的最後一個問題，除非有後續行動。好的，接線員，我認為我們很好。

All right. This does conclude today's question-and-answer period. I will now turn the call back over to our presenters for any additional or closing remarks.

好的。今天的問答環節到此結束。現在，我將把電話轉回給我們的主持人，以徵求任何補充或結束語。

Thanks very much. Thanks for joining us. We appreciate the questions and we'll look forward to the follow-ups. Look forward to speaking to you in November. Thanks, everyone. Be well. Be safe.

非常感謝。感謝您加入我們。我們感謝您提出的問題，並期待後續行動。期待十一月與您交談。謝謝大家。祝你一切順利。確保安全。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。