Wolverine World Wide Inc (WWW) 2024 Q4 法說會逐字稿

Greetings and welcome to today's Wolverine Worldwide Fourth Quarter Fiscal 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加今天的 Wolverine Worldwide 2024 財年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host Alex Wiseman, Vice President of Finance. You may begin.

現在我很高興介紹您的主持人、財務副總裁亞歷克斯懷斯曼 (Alex Wiseman)。你可以開始了。

Good morning and welcome to our Fourth Quarter Fiscal 2024 Conference Call. On the call today are Chris Hufnagel, President and Chief Executive Officer; and Taryn Miller, Chief Financial Officer.

早上好，歡迎參加我們的 2024 財年第四季電話會議。今天參加電話會議的有總裁兼執行長 Chris Hufnagel；以及財務長 Taryn Miller。

This morning, we issued our press release announcing our financial results for the fourth quarter and full year 2024 and guidance for fiscal year 2025. The press release is available on many news sites and can be viewed on our corporate website at wolverineworldwide.com.

今天上午，我們發布了新聞稿，宣布了 2024 年第四季和全年的財務業績以及 2025 財年的指引。新聞稿可在許多新聞網站上查閱，也可在我們的公司網站 wolverineworldwide.com 上查看。

This morning's earnings press release and comments made during today's earnings call include non-GAAP financial measures. These non-GAAP financial measures, including references to the ongoing business, were reconciled to the most comparable GAAP financial measures in attached tables within the body of the release or on our Investor Relations' page on our website, wolverineworldwide.com.

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 GAAP 財務指標（包括對持續經營業務的引用）已與新聞稿正文中所附表格中或我們網站 wolverineworldwide.com 上的「投資者關係」頁面上最可比較的 GAAP 財務指標進行協調。

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 year 2025, 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. 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.

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、預測和預計會影響公司未來業績的趨勢等聲明，例如關於公司 2025 財年展望、增長機會和預計會影響公司未來業績的趨勢的聲明，均屬於美國證券法規定的前瞻性陳述。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。這些重要風險因素在本公司的美國證券交易委員會文件和我們的新聞稿中均有提及。

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

說完這些，我現在將電話轉給克里斯·赫夫納格爾 (Chris Hufnagel)。

Thanks Alex. Good morning and thanks to everyone for joining us on this morning's call.

謝謝亞歷克斯。早安，感謝大家參加今天上午的電話會議。

In the final quarter of 2024, our company inflected the top line growth with Merrell, Saucony when adjusted for business model changes, Wolverine, and three of our four global regions all posting revenue increases compared to the prior year.

2024 年最後一個季度，我們公司的營收成長得益於 Merrell、根據業務模式變化進行調整的 Saucony、Wolverine 以及我們四個全球地區中的三個地區的收入均比上年增加。

Gross margin expanded by more than 600 basis points compared to last year, achieving a new fourth quarter record. The end result was earnings that exceeded our expectations. It was a good quarter by almost any measure, a fitting conclusion to what was a pivotal year for Wolverine Worldwide.

毛利率較去年同期擴大逾600個基點，創下第四季新高。最終的結果是收益超出了我們的預期。無論以何種標準衡量，這都是一個良好的季度，為 Wolverine Worldwide 的關鍵一年畫上了圓滿的句號。

Last year on this call, we shared an update on our ambitious plan to turn around the company and provided our corresponding financial expectations for fiscal 2024. Today, I'm pleased to report that our team delivered.

去年在這次電話會議上，我們分享了扭轉公司經營狀況的雄心勃勃的計劃的最新進展，並提供了相應的 2024 財年財務預期。今天，我很高興地報告，我們的團隊完成了任務。

We successfully completed the stabilization of the company and strengthened our balance sheet, finishing with our lowest debt level since the second quarter of 2021 and the cleanest inventory position we've had since the pandemic. We also meaningfully improved the business' profitability, achieving record full year gross margin and delivering earnings per share nearly 6 times greater than last year.

我們成功完成了公司穩定工作並加強了資產負債表，最終實現了 2021 年第二季度以來的最低債​​務水平和疫情以來最清潔的庫存狀況。我們也大幅提高了業務獲利能力，全年毛利率創下歷史新高，每股盈餘幾乎是去年的 6 倍。

And finally, as we guided last February, the company inflected the growth to finish the year. In addition to solidifying our foundation and delivering improved financial results for our shareholders, we made good progress in transforming Wolverine Worldwide for the future.

最後，正如我們去年二月所預測的那樣，公司將在年底實現成長。除了鞏固我們的基礎並為股東提供更好的財務表現之外，我們還在 Wolverine Worldwide 的未來轉型方面取得了良好進展。

We reshaped and simplified our portfolio of brands to better align with long-term macro consumer trends, and we developed stronger capabilities to underpin our new brand building model, focused on building awesome products, telling amazing stories, and driving the business.

我們重塑並簡化了我們的品牌組合，以更好地適應長期宏觀消費趨勢，並開發了更強大的能力來支撐我們新的品牌建立模式，專注於打造優質的產品，講述精彩的故事並推動業務發展。

We started with the consumer and established the collective to bolster consumer and trend insights. We complemented our already strong product design and development capabilities by adding new talent with a merchandising mindset and by implementing advanced tools for greater effectiveness and efficiency.

我們從消費者開始，建立集體來增強消費者和趨勢洞察。我們透過引進具有行銷思維的新人才和實施先進的工具來提高效率和效益，從而增強了我們已經很強大的產品設計和開發能力。

We opened our first ever innovation hub in downtown Boston to tap into the concentration of exceptional talent in the region. We recruited new marketing leadership across our brands, and we equipped them with an in-house creative studio for fast, nimble asset creation to engage today's always-on consumers. We've been hard at work implementing new integrated planning processes to improve our forecasting and help ensure we've got the right product at the right place and at the right time.

我們在波士頓市中心開設了第一個創新中心，以充分利用該地區的傑出人才。我們為各個品牌招募了新的行銷領導，並為他們配備了內部創意工作室，以便快速、靈活地創造資產，吸引當今永遠在線的消費者。我們一直在努力實施新的綜合規劃流程，以改善我們的預測並幫助確保我們在正確的時間和地點獲得正確的產品。

To drive the business and become better brand builders, we cleaned up the marketplace through a variety of brand protection measures, coupled with more disciplined distribution management, develop more strategic relationships with our partners domestically and internationally, and establish a compelling platform to activate our brands with impact through our key city initiative beginning in Tokyo and London.

為了推動業務發展和成為更好的品牌建設者，我們透過各種品牌保護措施淨化市場，並輔以更規範的分銷管理，與國內外合作夥伴建立更具戰略性的關係，並透過以東京和倫敦為起點的重點城市計劃，建立一個強大的平台來激活我們具有影響力的品牌。

Finally, over the last year, we've significantly strengthened our team by adding great new talent to the organization. In the last few months alone, we've onboarded Susie Kuhn as President of our Active Group and two industry veterans to lead our product and marketing functions for Merrell.

最後，在過去的一年裡，我們透過為組織增添優秀的新人才，大大增強了我們的團隊實力。僅在過去幾個月裡，我們就聘請了 Susie Kuhn 擔任我們的 Active Group 總裁，並聘請了兩位業界資深人士來領導 Merrell 的產品和行銷職能。

To date, we've made good progress, but I'm the first to admit we have more work to do. There's no doubt Wolverine Worldwide is much stronger today than it was just 12 months ago, but the most important chapter is certainly the next one. While it's still early in our inflection chapter, and I'm sure the path won't be perfectly straight, our company is growing again, and our biggest brands are positioned to meaningfully grow this year.

到目前為止，我們已經取得了良好的進展，但我首先承認我們還有許多工作要做。毫無疑問，如今的金鋼狼全球比 12 個月前更強大，但最重要的篇章無疑是下一章。儘管我們的轉型還處於早期階段，我確信道路不會一帆風順，但我們的公司正在再次發展，我們最大的品牌將在今年實現有意義的成長。

Before handing the call over to Taryn Miller, our Chief Financial Officer, to provide more detail on our results and fiscal 2025 outlook, I'd like to share some additional insight on our brand's fourth quarter performance and how we plan to build on the momentum we generated.

在將電話交給我們的財務長 Taryn Miller 提供有關我們的業績和 2025 財年展望的更多詳細資訊之前，我想分享一些有關我們品牌第四季度表現的額外見解，以及我們計劃如何利用我們所創造的勢頭。

Beginning with Saucony. Saucony exceeded our expectations and grew 7% in the fourth quarter, adjusted for business model changes. In the quarter, the brand grew low-10s in the US and over 20% in EMEA, and it did so at much healthier price points and margins, expanding gross margin globally by more than 1,400 basis points.

從索康尼開始。索康尼超出了我們的預期，在第四季度根據商業模式的變化進行了調整後增長了 7%。本季度，該品牌在美國實現了 10% 左右的增速，在歐洲、中東和非洲地區實現了 20% 以上的增長，而且價格和利潤率都更為健康，全球毛利率擴大了 1,400 多個基點。

Saucony's running business gained market share for the second consecutive quarter in the highly competitive and important US run specialty channel. Serious runners have long respected the brand for its innovation, thanks to Pinnacle, award-winning product like the Endorphin collection and now Saucony successfully making progress on the broader run lifestyle opportunity in part with what we call its core four franchises, the Ride, Guide, Prime and Hurricane.

索康尼跑步業務在競爭激烈且重要的美國跑步專業通路中連續第二季獲得市佔率成長。憑藉 Pinnacle、Endorphin 系列等屢獲殊榮的產品，以及如今 Saucony 憑藉其四大核心系列（Ride、Guide、Prime 和 Hurricane）在更廣泛的跑步生活方式領域取得成功，嚴肅的跑步者長期以來一直十分尊重該品牌。

Across these key franchises, the team has improved performance with enhanced technology and cushioning and elevated style with more versatile wearable design, and the consumer is responding. In the fourth quarter, sell-through in the US of the core four franchise at retail was up very strong double-digits year-over-year.

在這些主要的特許經營中，該團隊透過增強技術和緩衝性能提高了性能，並透過更多功能的可穿戴設計提升了風格，消費者也做出了積極的反應。第四季度，美國四大核心特許經營店的零售額較去年同期強勁成長了兩位數。

To fuel the pace, the brand opened 2025 with the introduction of the new Ride and Guide models, which are encouragingly, also, off to a strong start. In a few weeks, Saucony will push its innovation to the next level with the launch of its highly anticipated new super shoe, the Endorphin Elite 2, built on next-generation IncrediRUN foam and a full-length slotted carbon fiber plate for unmatched energy return.

為了加快步伐，該品牌在 2025 年推出了新的 Ride 和 Guide 車型，令人鼓舞的是，這些車型也取得了強勁開局。幾週後，索康尼將推出備受期待的全新超級跑鞋 Endorphin Elite 2，將其創新推向更高水平。

On the Lifestyle side, Saucony continues to leverage its deep authentic product archive to deliver trend-right styles to the marketplace, led by the ProGrid Omni, Ride Millennium, ProGrid Triumph and others. And it continues to fuel brand heat with a powerhouse lineup of collaborations on these various platforms.

在生活風格方面，Saucony 繼續利用其深厚的正品庫存，向市場推出符合潮流的款式，其中包括 ProGrid Omni、Ride Millennium、ProGrid Triumph 等。並且它透過在這些不同平台上進行強大的合作陣容繼續增強品牌熱度。

Last quarter, the brand dropped collections with the likes of J. Tips, Minted New York, Sarkal Paris, Homework and Grayson. The team has done a remarkable job in a very short period of time, enjoying the social and cultural discourse and is now thoughtfully translating this newfound energy into meaningful growth.

上個季度，該品牌與 J. Tips、Minted New York、Sarkal Paris、Homework 和 Grayson 等品牌推出了系列產品。團隊在很短的時間內完成了一項卓越的工作，享受社會和文化話語，現在正在認真地將這種新發現的能量轉化為有意義的成長。

Saucony continues to advance the company's key city effort as well. This year, the brand plans to repeat its sponsorship of the London 10-K, expand its sponsorship efforts to include the Saucony Shoreditch and Eiffel Tower 10-Ks and open its first Pioneer store in London's Covent Garden in just a few months.

索康尼也繼續推進公司在重點城市的佈局。今年，該品牌計劃再次贊助倫敦 10 公里跑步賽，並將贊助範圍擴大到索康尼肖爾迪奇和艾菲爾鐵塔 10 公里跑步賽，並在短短幾個月內在倫敦科文特花園開設第一家 Pioneer 商店。

I'm also excited by the progress the brand is making in Asia Pacific, elevating our partnerships in the region's key markets and further expanding its branded store footprint. A year ago, I said, I was bullish on the brand's prospects. And today, I believe Saucony is on the cusp of doing something very special, leveraging its deep authentic running roots, its tremendous performance product credibility and the macro trends benefiting the category to leapfrog into a unique position at the intersection of running and culture, blurring the lines between performance and lifestyle.

我也對該品牌在亞太地區的進展感到興奮，提升了我們在該地區主要市場的合作夥伴關係，並進一步擴大了其品牌商店的足跡。一年前我說過，我對該品牌的前景很看好。今天，我相信索康尼即將做出一些非常特別的舉動，利用其深厚的跑步根基、卓越的性能產品可信度以及有利於該類別的宏觀趨勢，躍居跑步和文化交匯處的獨特地位，模糊了性能和生活方式之間的界限。

Moving on to Merrell. In the fourth quarter, Merrell posted its second consecutive quarter of growth, up 1% compared to the prior year. The health of the business continued to improve as well, resulting in gross margin expansion of nearly 400 basis points year-over-year.

繼續前往 Merrell。第四季度，Merrell 連續第二季實現成長，較上年同期成長 1%。業務狀況也持續改善，毛利率較去年同期擴大近400個基點。

In the US hiking category, the brand once again grew and took significant market share during the quarter, its eighth time it has done so in the last nine quarters, while simultaneously gaining share in trail running. As a leader in hiking, Merrell remains focused on modernizing the trail through faster, lighter and more versatile product like the Moab Speed 2 and Agility Peak 5.

在美國健行類別中，該品牌在本季度再次實現成長並佔據了顯著的市場份額，這是其在過去九個季度中第八次實現這一目標，同時該品牌在越野跑領域的份額也在增加。作為徒步旅行的領導者，Merrell 始終致力於透過更快、更輕、用途更廣的產品（如 Moab Speed 2 和 Agility Peak 5）來實現徒步旅行的現代化。

In Q4, both franchises continue to establish themselves as important collections for the brand, adding revenue and fueling performance with key accounts. This more athletic product has also enabled the brand to partner with several of its key retailers over the last year to reshape their assortments on the floor and begin evolving consumer perception of the brand in the marketplace.

在第四季度，這兩個特許經營權繼續成為該品牌的重要係列，增加了收入並推動了主要客戶的表現。這款更具運動感的產品也使得該品牌在過去一年中能夠與幾家主要零售商合作，重塑他們的產品組合，並開始改變消費者對該品牌在市場上的認知。

Further advancing its push to modernize the trail, Merrell launched the all-new highly disruptive SpeedARC Surge BOA franchise last month, one of Time's Best new inventions of 2024 and an ISPO award winner. It employs advanced materials, and the brand's new SpeedARC platform, including its Float ProPlus Supercritical Foam and a stabilizing FlexPlate for uniquely comfortable ride with exceptional energy return, so far has exceeded our expectations in selling through quickly at nearly a $300 price point. Layer that support of the brand we'll follow up this introduction with a second style in the collection, the SpeedArc Madness.

為了進一步推動越野跑鞋的現代化，Merrell 上個月推出了全新的極具顛覆性的 SpeedARC Surge BOA 系列，這是《時代》雜誌 2024 年最佳新發明之一，也是 ISPO 獎的得主。它採用了先進的材料和該品牌的全新 SpeedARC 平台，包括其 Float ProPlus 超臨界泡沫和穩定的 FlexPlate，可提供獨特的舒適乘坐體驗和卓越的能量回饋，到目前為止，其以近 300 美元的價格迅速售罄，超出了我們的預期。為了支持該品牌，我們將繼此介紹之後推出該系列的第二種款式，即 SpeedArc Madness。

Merrell continues to make steady progress on the lifestyle side of the business as well. Tests with key accounts this year have demonstrated demand with a younger consumer and driven an expansion of doors and revenue with US specialty independents grew strong double digits in Q4.

Merrell 在生活風格業務方面也持續取得穩步進展。今年對重點客戶的測試表明，年輕消費者的需求日益增長，推動了門市數量的擴張，美國專業獨立店的收入在第四季度實現了強勁的兩位數增長。

Shipments of key performance franchises, including the Moab Speed 2, Agility Peak 5 and Moab 3 nearly quadrupled the lifestyle counts last quarter. Merrell is actively driving innovation in the category and its strategy to modernize the trail is gaining real traction around the world.

上個季度，包括 Moab Speed 2、Agility Peak 5 和 Moab 3 在內的主要性能係列產品的出貨量幾乎使生活方式產品的數量增加了四倍。Merrell 正積極推動該領域的創新，其現代化路線策略正在全球獲得真正的支持。

Switching over to Sweaty Betty. Sweaty Betty's top line was softer than our expectations for the quarter, but in alignment with our strategy, the brand continued to significantly improve its profitability with nearly 900 basis points of gross margin improvement versus last year. Store revenue was flat year-over-year and e-commerce was down high single digits. The brand grew its mid-layer business in leggings along with strong sell-through in outerwear, most notably the Nimbus collection.

切換到 Sweaty Betty。Sweaty Betty 的營收低於我們本季的預期，但根據我們的策略，該品牌的獲利能力持續大幅提高，毛利率與去年相比提高了近 900 個基點。商店營收與去年同期持平，電子商務營收則下降個位數。該品牌的中層緊身褲業務不斷發展，同時外套銷量強勁，尤其是 Nimbus 系列。

Sweaty Betty entered the New Year with a healthier foundation and a strong team in place. The brand launched its new don't sweaty campaign a few weeks ago, which we plan to follow shortly with the next iteration of the Venerable Wear the Dam Shorts campaign.

Sweaty Betty 以更健康的基礎和強大的團隊迎接新的一年。該品牌幾週前推出了新的「不出汗」活動，我們計劃緊接著推出下一輪「穿大短褲」的經典活動。

In closing with the Wolverine brand. The print for Wolverine brands revenue performance in the quarter is encouraging. However, our trends remain inconsistent based on order patterns, supply chain timing and overall footing in the marketplace.

最後以 Wolverine 品牌結束。本季 Wolverine 品牌的營收表現令人鼓舞。然而，根據訂單模式、供應鏈時間和市場整體狀況，我們的趨勢仍然不一致。

Going forward, the brand is focused on bolstering its product innovation and pushing into more premium price points as a result, starting with several new launches in 2025, including the new Vantage and Rancher Pro collections, which are built on the brand's new HyperRest technology for superior cushing and energy return.

展望未來，品牌將專注於加強產品創新，並推向更高的價格點，首先是 2025 年推出的幾款新品，包括新款 Vantage 和 Rancher Pro 系列，它們基於該品牌的全新 HyperRest 技術打造，具有出色的緩衝和能量回饋效果。

In addition to improved product offerings, we're also focused on broadening the brand's reach. Wolverine plans to launch a new partnership in just a few weeks with country music superstar, Jordan Davis, including custom footwear collection and apparel capsule later this year, along with the Wolverine by Jordan Davis trade tour that will celebrate the trades and donate the high school programs during his concerts this fall.

除了改善產品供應之外，我們也致力於擴大品牌的影響力。金剛狼計劃在短短幾週內與鄉村音樂巨星喬丹戴維斯建立新的合作夥伴關係，包括今年晚些時候推出定製鞋類系列和服裝膠囊，以及喬丹戴維斯的金剛狼貿易之旅，該之旅將在今年秋天的音樂會上慶祝交易並捐贈高中項目。

As we turn the page to 2025, the company is on its firmest financial footing in years, and we believe our brands are well positioned. Our teams are focused on continuing to dial in our product, sharpen our marketing and drive the business forward. With the heavy lift of the stabilization behind us, everyone is excited for the next chapter for the company, a new chapter focused on growth.

當我們翻開 2025 年的新篇章時，公司的財務基礎已達到多年來最穩固的水平，而且我們相信我們的品牌已經佔據了有利地位。我們的團隊致力於繼續完善我們的產品、加強我們的行銷並推動業務向前發展。隨著穩定進程的穩步推進，每個人都對公司的新篇章、專注於成長的新篇章感到興奮。

With that, I'd now like to hand the call over to Taryn to walk you through our fourth quarter results in detail and outlook for 2025. Taryn?

說完這些，我現在想把電話交給 Taryn，讓她詳細地向您介紹我們第四季的業績以及 2025 年的展望。塔琳？

Thank you, Chris, and welcome, everyone. As we reflect on 2024, I am pleased to share that we successfully delivered the first phase of our strategic turnaround, exceeding our initial expectations across all key financial metrics. Our efforts to optimize the portfolio, revitalize our brands and enhance our operations have improved our performance. In addition, our strategic actions have strengthened the balance sheet, resulting in improved cash flow and a meaningful reduction in debt.

謝謝你，克里斯，歡迎大家。回顧 2024 年，我很高興地告訴大家，我們成功實現了策略轉型的第一階段，所有關鍵財務指標都超出了我們的最初預期。我們為優化產品組合、振興品牌和加強營運所做的努力已提高了我們的績效。此外，我們的策略行動加強了資產負債表，從而改善了現金流並大幅減少了債務。

As we move forward, we remain committed to building on these achievements to ensure sustainable growth and long-term value creation for our shareholders. Fiscal 2024 revenue for our ongoing business of $1.75 billion represents a decline of 12.1% versus prior year, primarily driven by discrete items in 2023 related to end-of-life inventory liquidation, business model changes and a timing shift of international distributor shipments that did not recur in 2024.

在前進的過程中，我們將繼續致力於在這些成就的基礎上再接再厲，確保可持續成長並為股東創造長期價值。我們持續經營業務的 2024 財年收入為 17.5 億美元，較上年下降 12.1%，主要原因是 2023 年與報廢庫存清算、業務模式變化以及國際分銷商發貨時間轉變相關的單獨項目，而這些項目在 2024 年沒有再次出現。

Performance strengthened throughout 2024 with an inflection to growth in the fourth quarter, demonstrating the success of our strategic initiatives and the dedicated execution of our team. Full year 2024 adjusted gross margin of 44.6%, increased 470 basis points versus last year. This improvement is a result of actions taken over the past year to transform the company and reduce costs. These measures encompass supply chain and product cost savings, healthier inventory levels, improved mix of full price sales and actions to protect our brands. Adjusted operating margin of 7.5% increased 360 basis points compared to 2023.

2024 年全年業績不斷增強，第四季度實現成長，證明了我們策略舉措的成功和團隊的專注執行。2024年全年調整後毛利率為44.6%，較去年增加470個基點。這項改善是公司過去一年採取的轉型和降低成本措施的結果。這些措施包括節省供應鏈和產品成本、提高庫存水準、改善全價銷售組合以及採取行動保護我們的品牌。調整後的營業利益率為 7.5%，較 2023 年增加了 360 個基點。

Lower adjusted selling, general and administrative expenses included restructuring savings, partially offset by incremental investment in the business, normalized incentive compensation and inflation. We made strategic investments in our brand-building model, including modernizing product line management tools, sponsoring the London 10-K with Saucony to elevate brand awareness, strengthening our first innovation hub in Boston and building additional talent and capabilities. Full year adjusted diluted earnings per share was $0.91 compared to $0.15 in 2023.

調整後銷售、一般及行政開支有所下降，其中包括重組節省，但被業務增量投資、正常化的激勵薪酬和通貨膨脹部分抵銷。我們對品牌建立模式進行了策略性投資，包括對產品線管理工具進行現代化改造、與索康尼合作贊助倫敦 10 公里跑以提升品牌知名度、加強我們在波士頓的第一個創新中心以及建立更多的人才和能力。全年調整後每股攤薄收益為 0.91 美元，而 2023 年為 0.15 美元。

Shifting to the fourth quarter performance. Fourth quarter revenue of $495 million was above the high end of our outlook with better-than-expected performance in both Active and Work Group, more than offsetting foreign currency headwinds. Revenue for our ongoing business grew 3% versus the prior year. Strong growth in wholesale and international distributor channels was partially offset by a decline in our direct-to-consumer business.

轉向第四季的表現。第四季營收為 4.95 億美元，高於我們預期的高位，Active 和 Work Group 的表現均優於預期，足以抵銷外匯不利因素的影響。我們持續經營業務的收入比上年增長了 3%。批發和國際經銷商通路的強勁成長被直接面向消費者業務的下滑部分抵消。

In the fourth quarter, DTC margins improved significantly as we focus on more full-price sales. Merrell revenue grew 1% in the quarter with growth in core product franchises, including Moab 3, Jungle Moc and Moab Speed. Saucony declined 5% due to the Kids and China joint venture business model changes. Excluding these discrete items, Saucony revenue grew 7%, which is better than original expectations due to strong demand in performance run and lifestyle expansion.

第四季度，由於我們更加重視全價銷售，DTC 利潤率大幅提高。本季度，Merrell 的營收成長了 1%，主要得益於 Moab 3、Jungle Moc 和 Moab Speed 等核心產品特許經營權的成長。由於兒童業務和中國合資企業業務模式的變化，索康尼股價下跌了 5%。除去這些獨立項目，索康尼的收入增長了 7%，由於性能跑步和生活方式擴展的強勁需求，這好於最初的預期。

Sweaty Betty declined 6% this quarter, reflecting strategic actions taken to improve profitability as well as a more challenging UK trading environment. The Work Group revenue increased 21% in the quarter. Most of the growth was driven by strong demand for core franchises, such as Trade Wedge, Rancher and Floorhand as well as the recovery of third quarter supply chain disruption shortfall. The remaining amount resulted from a timing shift between the fourth quarter of 2024 and the first quarter of 2025 as certain wholesale orders shipped earlier than originally expected.

Sweaty Betty 本季股價下跌 6%，反映出該公司為提高獲利能力而採取的策略行動以及英國貿易環境更具挑戰性。本季工作組營收成長了21%。大部分成長得益於對 Trade Wedge、Rancher 和 Floorhand 等核心特許經營權的強勁需求，以及第三季供應鏈中斷缺口的恢復。剩餘金額是由於 2024 年第四季和 2025 年第一季之間的時間變化造成的，因為某些批發訂單的出貨時間比原先預期的要早。

Fourth quarter adjusted gross margin of 44%, a year-over-year increase of 620 basis points was in line with our expectations and reflects a healthier sales mix and the benefit of supply chain cost saving initiatives. Adjusted operating margin of 10.2% exceeded our outlook for the quarter, driven by operating cost leverage on the stronger revenue performance.

第四季調整後的毛利率為 44%，年增 620 個基點，符合我們的預期，反映了更健康的銷售組合和供應鏈成本節約措施的好處。調整後的營業利潤率為 10.2%，超出了我們對本季的預期，這得益於更強勁的營收表現所帶來的營業成本槓桿。

As a result of the improvement in revenue and operating margin, fourth quarter adjusted diluted earnings per share was $0.42, above the high end of our guidance. We made solid progress in optimizing cash flow and strengthening our balance sheet. Inventory at the end of the fourth quarter was $241 million, down approximately 36% from last year as we realized the benefits of improved planning and execution.

由於收入和營業利潤率的提高，第四季度調整後每股攤薄收益為 0.42 美元，高於我們預期的高點。我們在優化現金流量和加強資產負債表方面取得了紮實的進展。由於我們意識到改進計劃和執行的好處，第四季末的庫存為 2.41 億美元，比去年下降約 36%。

Although, there is still more work to be done to fully optimize inventory, we consider the current overall level close to our near-term target, ensuring that we have adequate coverage for the business' future growth. We delivered $160 million of operating free cash flow in 2024, a result of improved profitability and lower working capital. These were key enablers to lowering net debt to $496 million, a 33% or $246 million reduction versus 2023 and better than expected due to higher profit and working capital timing.

儘管要全面優化庫存還有許多工作要做，但我們認為目前的整體水準接近我們的近期目標，確保我們為業務未來的成長提供足夠的保障。由於獲利能力提高和營運資本減少，我們在 2024 年實現了 1.6 億美元的經營自由現金流。這些是將淨債務降低至 4.96 億美元的關鍵因素，與 2023 年相比減少 33% 或 2.46 億美元，並且由於利潤和營運資本時機的提高而好於預期。

As we look to the future, our 2025 outlook builds on the momentum gained in 2024, reflecting a return to growth and improved profitability. This outlook highlights the strength of our focused portfolio and investments to support our brands and strategic initiatives. It also takes into account foreign currency headwinds and the impact of a 53rd week. A breakdown of these factors can be found in the investor presentation of our website.

展望未來，我們的 2025 年展望建立在 2024 年獲得的發展動能之上，反映出恢復成長和獲利能力提高。這一前景凸顯了我們重點投資組合和投資的實力，以支持我們的品牌和策略計劃。它還考慮了外匯逆風和第 53 週的影響。這些因素的詳細分類可在我們網站的投資者介紹中找到。

The outlook does not include potential impacts from recent tariff changes. This is a dynamic situation that we continue to monitor closely. As it relates to the February 4 tariffs on US imports from China, we believe the impact to 2025 is manageable given our current exposure and the actions we plan to take to mitigate higher costs.

該展望並未包括近期關稅變化的潛在影響。這是一個動態的情況，我們將繼續密切關注。至於 2 月 4 日對美國從中國進口的商品徵收的關稅，我們認為，考慮到我們目前的風險敞口以及我們計劃採取的降低成本的行動，對 2025 年的影響是可控的。

For the full year 2025, revenue is expected to be in the range of $1.795 billion to $1.825 billion, an increase of 2.5% to 4.3%. This includes an estimated $40 million currency headwind to the prior year. On a constant currency basis and excluding the 53rd week, we expect revenue to grow approximately 4.2% to 5.9%.

2025年全年，預計營收在17.95億美元至18.25億美元之間，成長2.5%至4.3%。其中包括比上年同期預計 4,000 萬美元的貨幣逆差。以固定匯率計算且不包括第 53 週，我們預計營收將成長約 4.2% 至 5.9%。

We expect the Active Group revenue to grow high single digit on a constant currency basis. New product launches, lifestyle expansion and focused go-to-market initiatives, including key city activations are expected to drive growth in the Active Group. The following brand outlook is on a constant currency basis.

我們預計，以固定匯率計算，Active Group 的營收將實現高個位數成長。新產品的推出、生活方式的擴展和有針對性的市場進入舉措（包括重點城市的活化）預計將推動活躍集團的成長。以下品牌展望以固定匯率計算。

Saucony is expected to drive outsized growth, up mid-10s, reflecting category momentum, new launches in both performance and lifestyle products and expanded distribution. Merrell is expected to grow mid single-digits, building on second half 2024 gains. We expect key products, including the Speed Art Collection, Moab Speed 2 and Agility Peak 5 will continue to drive the overall category. Sweaty Betty is expected to deliver low single-digit top line growth in 2025 as we take actions to further refine our retail footprint and product offering to focus on more profitable sales.

索康尼預計將實現超額 15% 左右的高速成長，反映出品類的發展動能、性能和生活方式產品的新產品推出以及分銷管道的擴大。在 2024 年下半年成長的基礎上，Merrell 預計將實現中等個位數成長。我們預計，包括 Speed Art Collection、Moab Speed 2 和 Agility Peak 5 在內的主要產品將繼續推動整體類別的發展。隨著我們採取行動進一步完善零售足跡和產品供應以專注於更有利可圖的銷售，Sweaty Betty 預計將在 2025 年實現低個位數的營收成長。

We expect the Work Group revenue to grow low single digits on a constant currency basis. Growth in the Work Group reflects gains from new products and strength in core franchises such as Wolverine, Trade Wedge and Rancher. Adjusted gross margin is expected to be approximately 45.5% at the midpoint of the outlook range, an increase of 90 basis points from last year as we continue to benefit from our full price sales and product cost savings.

我們預計，以固定匯率計算，工作組收入將達到個位數低成長。工作集團的成長反映了新產品的收益以及 Wolverine、Trade Wedge 和 Rancher 等核心特許經營權的實力。調整後的毛利率預計達到預期範圍中位數約45.5%，較去年增加90個基點，因為我們持續受惠於全價銷售和產品成本節約。

Adjusted operating margin is expected to be approximately 8.3% at the midpoint of the outlook range, up from 7.5% in 2024. Product costs and SG&A savings are expected to offset inflation and fuel investments for future growth. These investments are crucial for driving innovation, enhancing our competitive edge and expanding our market presence.

調整後的營業利潤率預計為預期範圍中位數左右的 8.3%，高於 2024 年的 7.5%。產品成本和銷售、一般及行政開支節省預計將抵消通貨膨脹並推動未來成長的投資。這些投資對於推動創新、增強我們的競爭優勢和擴大我們的市場佔有率至關重要。

With the reduction in net debt over the past year, interest and other expenses are projected to be between $25 million and $30 million, down from $39 million in 2024. With more than 80% of our debt now at a fixed rate, we are less affected by near-term interest rate fluctuations. The effective tax rate is projected to be approximately 18%. As a result of these key assumptions, adjusted diluting an $0.08 foreign currency headwind. This represents adjusted diluted earnings per share growth of 25% to 41% on a constant currency basis.

隨著過去一年淨債務的減少，利息和其他支出預計將在 2,500 萬美元至 3,000 萬美元之間，低於 2024 年的 3,900 萬美元。目前，我們的 80% 以上的債務都是固定利率，因此受短期利率波動的影響較小。預計有效稅率約為18%。由於這些關鍵假設，調整後外匯逆風攤薄了 0.08 美元。以固定匯率計算，調整後每股攤薄收益成長 25% 至 41%。

Operating free cash flow is expected in the range of $70 million to $80 million with approximately $40 million of capital expenditures. This range reflects higher earnings over prior year and incremental investments to fuel brand growth, capabilities and technology modernization. In addition, as working capital normalizes, we anticipate this to be a modest headwind in 2025.

預計經營自由現金流在 7,000 萬美元至 8,000 萬美元之間，資本支出約 4,000 萬美元。這一範圍反映了較上一年更高的收益和為促進品牌成長、能力和技術現代化而進行的增量投資。此外，隨著營運資本正常化，我們預計這將成為 2025 年的溫和阻力。

Turning to our outlook for the first quarter. As we transition from the stabilization phase to driving sustained profitable growth, we expect performance to accelerate throughout 2025 as it did in 2024. We expect first quarter revenue of approximately $395 million, an increase of 1.2% versus 2024. This reflects the impact of foreign currency headwinds and the kids business model change in May of 2024. On a constant currency basis and excluding the business model change, the projected first quarter revenue growth is approximately 5.1%.

談談我們對第一季的展望。隨著我們從穩定階段過渡到推動持續獲利成長，我們預計 2025 年的業績將像 2024 年一樣加速成長。我們預計第一季營收約為 3.95 億美元，較 2024 年成長 1.2%。這反映了外匯逆風和 2024 年 5 月兒童商業模式變化的影響。以固定匯率計算且不包括商業模式變化，預計第一季營收成長約為 5.1%。

First quarter gross margin is expected to be around 46.6%, approximately flat to last year's gross margin, which included a discrete benefit related to a business model change. We expect first quarter adjusted operating margin to be approximately 4.6%, roughly flat to prior year on a constant currency basis.

預計第一季毛利率約為46.6%，與去年同期的毛利率基本持平，其中包括與商業模式轉變相關的單獨收益。我們預計第一季調整後的營業利潤率約為 4.6%，以固定匯率計算與去年基本持平。

Adjusted diluted earnings per share is expected to be approximately $0.10. The first quarter is expected to be the lowest revenue quarter of the year, which is consistent with historical trends. As revenue ramps up over the balance of the year, we expect operating leverage to be a key driver in the sequential step-up in operating margin as demonstrated in 2024.

調整後每股攤薄收益預計約 0.10 美元。預計第一季將是今年營收最低的季度，這與歷史趨勢一致。隨著全年收入的增加，我們預期營業槓桿將成為營業利潤率持續上升的關鍵驅動因素，正如 2024 年所證明的那樣。

In summary, in 2024, we completed the stabilization phase of our turnaround and the transformation is well underway. We anticipate that 2025 will build on this foundation with plans to begin to drive sustainable, profitable growth. We are thoughtfully balancing the need for earnings and cash flow improvement with essential reinvestment to accelerate demand creation, build critical capabilities and modernize our technology.

總而言之，2024年，我們完成了轉型的穩定階段，轉型正在順利進行中。我們預計，2025年將在此基礎上開始推動可持續的獲利成長。我們正在仔細權衡盈利和現金流改善的需求與必要的再投資，以加速創造需求、建立關鍵能力並實現技術現代化。

Although we acknowledge that more work lies ahead, we are encouraged by the positive momentum of our business. In this dynamic operating environment, we remain focused on what we can control, investing in our brands, our team and technology to build new capabilities, drive growth and deliver value to our shareholders.

儘管我們承認未來還有更多的工作要做，但我們業務的積極勢頭令我們感到鼓舞。在這個充滿活力的營運環境中，我們仍然專注於我們能夠控制的事情，投資我們的品牌、我們的團隊和技術，以建立新的能力、推動成長並為我們的股東創造價值。

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

說完這些，在我們開始提問之前，請容許我把電話交還給克里斯。

Thanks, Taryn. We're focused on making people's lives better, healthier, happier and more productive. Our brands are originals and leaders in attractive markets that we believe are aligned with where consumers are today and importantly, where we believe they will be tomorrow. We believe the potential of our brands is significant, and we're now seeing our efforts begin to deliver better results, giving us confidence in our direction and brand-building investment strategies.

謝謝，塔琳。我們致力於讓人們的生活更美好、更健康、更快樂、更有成就。我們的品牌是原創的，並且在有吸引力的市場中處於領先地位，我們相信這些品牌與當今消費者的消費習慣相一致，更重要的是，我們相信這些品牌也與未來的消費者習慣相一致。我們相信我們的品牌潛力巨大，現在我們看到我們的努力開始取得更好的成果，這讓我們對我們的方向和品牌建立投資策略充滿信心。

In 2025, we're taking a thoughtful approach, prioritizing those initiatives focused on our biggest growth opportunities that we believe will be the most impactful. Most noteworthy is Saucony. Given tailwinds and consumer trends, combined with brand momentum, we plan to accelerate Saucony's lifestyle expansion and traction and performance with investments in trade marketing, event activations, brand media collaborations and key city executions, including the brand's first new brick-and-mortar concepts in London and Tokyo.

2025 年，我們將採取深思熟慮的方法，優先考慮那些專注於我們認為最具影響力的最大成長機會的舉措。最值得注意的是Saucony。考慮到順風和消費者趨勢，加上品牌發展勢頭，我們計劃透過投資貿易行銷、活動活化、品牌媒體合作和重點城市執行，包括該品牌在倫敦和東京的首個新實體店概念，來加速索康尼的生活方式擴張、牽引力和表現。

As a company, we plan to continue to strengthen our product and merchandising capabilities with improved tools and new talent, further elevating innovation and trend right design. In addition, we plan to update the systems needed to drive the business, notably our e-commerce platform to enhance consumers' digital experiences with our brands.

作為一家公司，我們計劃透過改進的工具和新的人才繼續加強我們的產品和行銷能力，進一步提升創新和潮流設計。此外，我們計劃更新推動業務發展所需的系統，特別是我們的電子商務平台，以增強消費者對我們品牌的數位體驗。

With the close of the stabilization chapter, we're planning a more balanced approach to managing the business moving forward, further expanding profitability while at the same time, investing in building our brands and platforms to drive long-term sustainable growth, all with a focus on maximizing returns and value to our shareholders.

隨著穩定階段的結束，我們計劃採取更加平衡的方式來管理未來的業務，進一步擴大盈利能力，同時投資建立我們的品牌和平台，以推動長期可持續增長，所有這些都側重於最大化股東的回報和價值。

I'd like to close my prepared remarks by expressing my sincere gratitude to our team. Thanks to their hard work, Wolverine World Wide is a much different company today. With a stronger financial footing, a more agile organization with improved brand-building capabilities and a new emerging culture of working and winning together as One Wolverine.

最後，我想向我們的團隊表達最誠摯的感謝。由於他們的辛勤工作，Wolverine World Wide 如今已煥然一新。憑藉更強大的財務基礎、更敏捷的組織、更強的品牌建立能力以及「One Wolverine」共同努力、共贏的全新文化。

I know I speak for our global team, when I say we're proud of the work we've done and the early proof points of validating our direction, but we aren't satisfied. We're intently focused on making every day better moving forward.

我知道我代表我們的全球團隊說，我們為我們所做的工作和驗證我們方向的早期證據點感到自豪，但我們並不滿足。我們全心全意地致力於讓每一天都變得更好。

With that, thank you for taking the time to be with us this morning, and we're happy to take your questions. Operator?

最後，感謝您今天上午抽出時間與我們一起接受採訪，我們很樂意回答您的問題。操作員？

(Operator Instructions) Anna Andreeva, Piper Sandler.

（操作員指示）安娜·安德烈耶娃、派珀·桑德勒。

Good morning and congrats. Really nice end to the year. Two quick ones from us. Great to hear on Saucony growing double-digits in 2025. And you talked about at least 900 new doors for the brand this year. Are any of these slated for the first quarter? Or is that something that's going to build throughout the year?

早安，恭喜你。真是美好的一年的結束。我們快速說兩句話。很高興聽到 Saucony 在 2025 年實現兩位數的成長。您剛才提到，該品牌今年將至少推出 900 扇新門。這些有計劃在第一季推出嗎？還是這是全年都會發生的事情？

And then just a similar question on Merrell. I'm not sure if you've shared how many new doors we should expect for the brand this year. But curious how has been reception to the brand in some of the more female levered specialty retail accounts that you guys opened?

然後是關於 Merrell 的一個類似問題。我不知道您是否分享過今年該品牌應該推出多少新門。但令人好奇的是，你們開設的一些女性槓桿專業零售帳戶對該品牌的接受度如何？

Thanks, Anna. Good morning. I appreciate the comments. Saucony doors, yes, I mean, I think we're very pleased with the progress we've made in Saucony in a very short period of time. And as the heat for that brand has grown and the product pipeline has gotten stronger, both in the performance piece and the lifestyle piece, we're responsibly growing door count.

謝謝，安娜。早安.我很感謝這些評論。索康尼門，是的，我的意思是，我認為我們對索康尼在很短的時間內取得的進展感到非常滿意。隨著品牌熱度的不斷增長以及產品線的不斷強大（無論是在性能方面還是生活方式方面），我們都在負責任地增加門市數量。

We mentioned last time expecting 900 incremental doors this year. A lot of those are online. We did test with retailers in the middle part of last year and have expanded beyond that. So more will open up, but we certainly do expect to benefit from that door expansion.

我們上次提到，預計今年將增加 900 扇門。其中很多都是在線的。我們去年年中確實與零售商進行了測試，並且已經擴大了範圍。因此將會開放更多領域，但我們確實希望從這一領域擴大中獲益。

And now we're obviously intently focused on driving sell-through in that business. But very encouraged by the progress in Saucony and the demand that we're seeing, at the same time, we're in this for the long haul, and we're going to work to responsibly grow that business over time.

現在我們顯然全神貫注於推動該業務的銷售。但我們對索康尼的進步和我們看到的需求感到非常鼓舞，同時，我們將長期堅持下去，並將努力隨著時間的推移負責任地發展這項業務。

Same story for Merrell. We worked hard to really work to reposition that business. And our team has done a great job, I think, sort of resetting the US wholesale landscape, both engaging with sort of long-term very successful partners and how Merrell shows up each and every day on the sales floor.

Merrell 的情況也是一樣。我們付出了巨大的努力來重新定位這項業務。我認為，我們的團隊做得非常出色，重塑了美國批發市場的格局，不僅與長期非常成功的合作夥伴建立了聯繫，而且讓 Merrell 每天都出現在銷售現場。

At the same time, opening up new distribution and taking the broader outdoor lifestyle opportunity and not just so focused on the trail. So opening up new doors is there as well, not quite at the pace at which Saucony has opened, but pleased with the early returns and especially for her.

同時，開拓新的分銷管道並抓住更廣泛的戶外生活方式機會，而不僅僅專注於路線。因此，她也正在開拓新的大門，雖然速度不如 Saucony，但對早期的回報感到滿意，尤其是對她而言。

Merrell is underpenetrated for the female consumer. We've worked hard to really work and evolve that product line. We've got a new Chief Product Officer. She brings a great track record of working for some great brands, but we're very focused on her and the broader opportunity. So I'm glad you brought those two brands up, very encouraged by the progress we made in 2024 and excited for what those brands are going to do in 2025.

對於女性消費者來說，Merrell 的滲透率還不夠高。我們一直努力工作以真正完善和改進該產品線。我們有一位新的首席產品長。她曾為一些知名品牌工作，有著出色的業績，但我們非常關注她和更廣泛的機會。因此，我很高興你提到這兩個品牌，我對我們在 2024 年的進展感到非常鼓舞，並對這些品牌在 2025 年將要取得的成就感到興奮。

That's awesome. Thank you so much, Chris. Can I just follow up to Taryn? Really strong gross margins. Can you guys talk about what inning are you in, in terms of the product savings? And I think you're now roughly at the low end of that 45% to 47% long-term goal on gross margins. Do you think reaching above that range is a possibility for the business over time? And thanks again.

太棒了。非常感謝，克里斯。我可以直接跟進 Taryn 嗎？毛利率確實很高。你們能談談在產品節省方面你們處於什麼階段嗎？我認為您現在的毛利率大致處於 45% 至 47% 的長期目標的低端。您認為隨著時間的推移，業務有可能突破這個範圍嗎？再次感謝。

Yes. Thanks for the question. On gross margin, where we're at, I think we are pleased with the progress we've made the last two years in terms of expanding our gross margin and -- sorry, not past two years, when you look at 2024, the results as well as for 2025, the guide that we're giving with incremental expansion in gross margin. So pleased with the performance and the results that we're getting both in terms of the cost savings, as well as in the less promotional, healthier inventory, more full price from our businesses.

是的。謝謝你的提問。就毛利率而言，我認為我們對過去兩年在擴大毛利率方面取得的進展感到滿意——抱歉，不是過去兩年，當你看 2024 年的結果以及 2025 年，我們給出的毛利率逐步擴大的指導。我們對所取得的成績和成果感到非常滿意，不僅因為成本節省，還因為促銷減少、庫存更健康、業務價格更高。

I think in 2025, what we're looking at there and beyond, when you say it's reached the 47% aspirational goal, we need to continue to work with the work we've done. We continue to see more opportunity, both in terms of the sourcing part of the business in terms of our product costs. So we're continuing to look for opportunities and get those in our results as well as in terms of our SG&A savings. And we have both of those planned in 2025. That's part of how we're fueling the investments for the growth in 2025.

我認為，在 2025 年及以後，當我們說已經達到了 47% 的理想目標時，我們需要繼續努力完成我們已經完成的工作。我們繼續看到更多的機會，無論是在業務的採購部分還是在產品成本方面。因此，我們將繼續尋找機會，並在業績以及銷售、一般及行政費用 (SG&A) 節省方面獲取這些機會。我們計劃在 2025 年實現這兩項目標。這是我們為2025年成長推動投資的一部分。

All right. Thank you so much.

好的。太感謝了。

Thanks, Anna.

謝謝，安娜。

Laurent Vasilescu, BNP Paribas Asset Management.

法國巴黎銀行資產管理公司 Laurent Vasilescu。

Chris, I wanted to follow-up on the slides from this morning. It's very intriguing to see the slide number 5 in terms of your long-term aspirations as the business inflects where you're calling for mid to high single-digit top line growth, 45% to 47% gross margin, but the operating margin of mid-10s percent.

克里斯，我想跟進一下今天早上的幻燈片。看到第 5 張幻燈片中關於長期願景的內容非常有趣，隨著業務的轉變，您呼籲中高個位數的營收成長，45％至 47％的毛利率，但營業利潤率要達到 10％左右。

First, if you could maybe parse out like what, kind of, time frame you're looking at? Is it over the next three years? And then to get to that operating margin, is there a part of the business that's underperforming from an operating margin perspective that you want to potentially divest? Or is it really around leveraging the SG&A cost base that you currently have? Thank you.

首先，您能否分析一下您所關注的時間範圍是什麼樣的呢？是未來三年嗎？那麼，為了達到營業利潤率，從營業利潤率的角度來看，是否有部分業務表現不佳而您想要剝離？還是真的利用您目前的銷售、一般及行政費用 (SG&A) 成本基礎？謝謝。

Yeah. I'll let Taryn begin, and then I'll add to that.

是的。我先讓 Taryn 開始，然後我再補充。

Thanks for the question. It's too early to provide a date on the mid-teen profit margin aspiration that we set for our objectives. We are encouraged, as I shared about the progress in 2024, up 360 basis points and in 2025, the guide would have another 80. So 440 basis points in two years.

謝謝你的提問。現在就為我們設定的十五六歲利潤率目標提供具體日期還為時過早。我們感到鼓舞，正如我所分享的 2024 年的進展情況，該指數上漲了 360 個基點，到 2025 年，該指數將再上漲 80 個基點。因此兩年內為440個基點。

And that includes, Laurent, for 2025, that includes close to a 900 basis point headwind from currency. So that's why we say we're pleased with the performance that we're seeing in the two years and the plans for 2025. That path to mid-10s really is to continue to make thoughtful brand-building investments to grow the top line and optimize the cost that I spoke to just a few minutes ago.

其中包括，勞倫特，到 2025 年，貨幣將面臨近 900 個基點的逆風。因此，我們對過去兩年的表現以及 2025 年的計劃感到滿意。實現 15% 左右的目標實際上是繼續進行深思熟慮的品牌建設投資，以增加營收並優化我幾分鐘前談到的成本。

I think as we think about 2025 specifically, we've obviously done a lot of work to stabilize the organization. We've highlighted that, and we're largely finishing talking about turnaround and now we can focus on the next chapter, which is growth. I think historically, we just haven't invested enough in our brands and our platforms. And this year, we're doing a step-up in those investments, leading with investments behind Saucony, because we think that is the brand with certainly the most momentum.

我認為，當我們具體考慮 2025 年時，我們顯然已經做了很多工作來穩定組織。我們已經強調了這一點，我們基本上已經結束了有關扭轉局面的討論，現在我們可以專注於下一章，即成長。我認為從歷史上看，我們對我們的品牌和平台的投資還不夠。今年，我們加大了投資力度，首當其衝的是索康尼 (Saucony) 的投資，因為我們認為這無疑是發展勢頭最強勁的品牌。

We certainly are seeing tailwinds within that category. And I think Saucony has some of the greatest potential in the portfolio. At the same time, we've got tools and platforms that we need to invest in as well as an organization. So we're stepping up those investments this year. We think it is the right thing to do to drive long-term sustainable growth for the organization. And we think it's in the best interest of our brands and certainly at the end of the day for our shareholders.

我們確實看到了該類別中的順風。我認為索康尼是該投資組合中最有潛力的品牌之一。同時，我們擁有需要投資的工具和平台以及組織。因此我們今年將加大投資。我們認為這是推動組織長期永續發展的正確做法。我們認為這符合我們品牌的最佳利益，並且最終也符合我們股東的利益。

Very clear. Thank you very much both for that. And then some housekeeping question on modeling. I think you mentioned there was a shift from 1Q into 4Q for revenues and work. Maybe can you quantify that number? Are there any shifts further that we should consider for 1Q, 2Q?

非常清楚。非常感謝你們二位。然後是一些關於建模的基本問題。我記得您提到收入和工作從第一季轉移到了第四季。也許您可以量化這個數字嗎？對於第一季和第二季度，我們還需要考慮哪些變化？

And on the gross margin, how does the gross margin evolve to get to roughly up 100 basis points? And lastly, what's the interest expense line for this year in terms of guidance? Thank you.

就毛利率而言，毛利率如何變化達到大約 100 個基點的水平？最後，今年的利息支出預期是多少？謝謝。

Great. Yes. So for -- I think there's three questions in there. Let me make sure I get them all. For Work Group, that is the one that we would highlight in terms of the shift that we saw. As Chris shared in his opening remarks, while the fourth quarter revenue trends were encouraging for the Work Group, I would say the results remain inconsistent based on three factors. One is the order patterns. The second is the supply chain timing and the third is the overall performance of our brands in the market.

偉大的。是的。所以—我認為其中有三個問題。讓我確認我能夠全部得到它們。對於工作小組來說，這是我們在看到的轉變中要強調的一點。正如克里斯在開場白中所說，雖然第四季的收入趨勢對工作小組來說令人鼓舞，但我認為基於三個因素，結果仍然不一致。一是訂單模式。第二是供應鏈時機，第三是我們品牌在市場上的整體表現。

The first quarter revenue in the materials we provided, you'll see we expect Work Group to decline low double digits constant currency. About half of this decline as a result, so approximately around $7 million, about half of that decline is a result of a timing shift between the fourth and the first quarter. So I think in the -- and I think while this is a slow start to the year for the Work Group, we do expect the performance to improve meaningfully starting the second quarter as our new products go into market and we replenish inventory on our key products across the brands. So that's on Work Group.

在我們提供的資料中，您會看到，我們預計工作小組第一季的收入將以恆定匯率計算下降兩位數。因此，約有一半的降幅（約 700 萬美元）是由於第四季和第一季之間的時間變化造成的。因此我認為——雖然對於工作小組來說，今年的開局比較緩慢，但我們確實預計，隨著我們的新產品進入市場以及我們補充各品牌主要產品的庫存，業績將從第二季度開始顯著改善。這是關於工作小組的內容。

In terms of gross margin, it really is what I've shared previously, it really is the continued benefit that we started in 2024 from the cost savings initiatives as well as on the better, more full price product that we're seeing in market as the innovation is going in and we have the cleaner inventories to get that full price through and the marketing is performing. So those are really the continued benefit in gross margin.

就毛利率而言，這確實就是我之前分享過的內容，這確實是我們從 2024 年開始實施的成本節約計劃以及隨著創新的進行我們在市場上看到的更好、更全價的產品所帶來的持續利益，我們擁有更清潔的庫存來獲得全價，並且營銷也在進行中。所以這些確實是毛利率的持續效益。

As it relates to interest expense, your question specifically on that, remind me.

由於它與利息支出有關，您的問題具體與此有關，請提醒我。

Just the line item, how much should we assume for this year?

僅就專案而言，我們今年應該假設多少？

Okay. Yes. So we expect net interest and other expenses to be around $25 million to $30 million in 2025. This is down from $39 million in 2024 and really a result of the reductions that we've driven in net debt.

好的。是的。因此，我們預計 2025 年的淨利息和其他支出將在 2,500 萬至 3,000 萬美元左右。這一數字較 2024 年的 3,900 萬美元有所下降，這實際上是我們減少淨債務的結果。

Very clear. Thank you very much for all the color. Best of luck.

非常清楚。非常感謝你們帶來的所有色彩。祝你好運。

Thanks, Laurent.

謝謝，Laurent。

Yes. And I do want to clarify a point I said earlier on FX. I was talking to -- when I talked about the headwind in terms of the FX, I was quoting in terms of EPS impact. It's really a 300 basis point impact on operating margin to clarify.

是的。我確實想澄清一下我之前關於外匯的觀點。當我談論外匯方面的不利因素時，我是在引用每股盈餘的影響。需要澄清的是，這確實對營業利潤率產生了 300 個基點的影響。

Sam Poser, Williams Trading.

薩姆·波瑟（Sam Poser），威廉斯貿易公司。

Thanks for taking my question. I have a handful here. One, you mentioned that the -- you identified specialty independent retailers as a positive growth vehicle for Merrell. If you could tell me -- give some example of the type of retailer you're speaking of.

感謝您回答我的問題。我這裡有一把。首先，您提到—您認為專業獨立零售商是 Merrell 的積極成長動力。如果您可以告訴我—請舉一些您所說的零售商類型的例子。

And then I wondered what the value of week 53 was -- and were you up for the quarter without week 53 and the split between men's and women's as a percentage for Saucony? And where do you see that going?

然後我想知道第 53 週的價值是多少——您是否已經準備好迎接沒有第 53 週的季度，而 Saucony 的男女款比例是多少？您認為這將會帶來什麼結果？

Thanks for the question, Sam. I'll start with the 53rd week. The 53rd week will be in 2025. So it was not in 2024. We'll see it in 2025. The 53rd week, we expect it to provide approximately 50 basis points of growth. So it's a -- the last week of the year is not a big trading period for us given the holiday shipments and the timing of it. So it's 50 basis points in terms of the full year growth for 2025. And the profit, I would say, is minimal given that it is a small revenue week and as we have our full cost SG&A going through it.

謝謝你的提問，山姆。我將從第 53 週開始。第 53 週是 2025 年。所以它不在 2024 年。我們將在 2025 年看到它。第53週，我們預計它將提供約50個基點的成長。因此，考慮到假期出貨量和時間安排，一年的最後一周對我們來說並不是一個重要的交易期。因此，就 2025 年全年成長率而言，這是 50 個基點。而且我想說，由於這是一個收入很少的一周，而且我們的全部成本都是銷售、一般及行政開支，因此利潤是微乎其微的。

And the first part, Sam, I appreciate the question. We are certainly encouraged by the progress we have seen in Merrell, both in the performance piece and the lifestyle piece. And you know as well as anyone, there have been really significant headwinds in that outdoor space, and Merrell is gaining share at the fastest rate since we've been tracking it, which we're encouraged by.

第一部分，山姆，我很感謝你的提問。我們對 Merrell 在性能和生活方式方面所取得的進步感到非常鼓舞。和所有人一樣，您也知道，戶外用品領域確實面臨著巨大的阻力，而自從我們跟踪 Merrell 以來，其市場份額正以最快的速度增長，這讓我們感到鼓舞。

Specialty doors, obviously, there's a lot of sort of one-off specialty outdoor accounts that we worked hard with our team to sort of reengage. At the same time, we're opening up new lifestyle expansion. You're going to begin to see and are seeing Merrell show up in a mall from a lifestyle perspective where we just -- we haven't been for years.

特種門，顯然，有很多一次性的特種戶外帳戶，我們與團隊一起努力重新吸引這些帳戶。同時，我們正在開啟新的生活方式的擴展。從生活方式的角度來看，您將開始看到 Merrell 出現在商場中，而我們已經很多年沒有出現過這種地方了。

So really a reset of that US wholesale landscape that I think the team has done a very good job and both resetting the business and then really engaging with them and really moving beyond the core products that Merrell has been known for years and dropping new products, whether it's the Moab Speed 2 or the Agility Peak 5, we're encouraged by. So nice steady on progress, two consecutive quarters of growth for Merrell and encouraging news in the wholesale channel for Merrell, both here in the US as well as EMA.

因此，我認為團隊已經做得非常好了，這確實重置了美國批發格局，既重置了業務，然後真正與他們接觸，真正超越了 Merrell 多年來所熟知的核心產品，並推出了新產品，無論是 Moab Speed 2 還是 Agility Peak 5，都讓我們感到鼓舞。進展非常順利，Merrell 連續兩個季度實現成長，而 Merrell 在美國和 EMA 的批發管道也傳出了令人振奮的消息。

Thanks. And then lastly, on Sweaty Betty, how many stores are there currently? And do you have plans to add stores in the US.

謝謝。最後，Sweaty Betty 目前有多少家商店？您有在美國增加商店的計劃嗎？

Yes. There's approximately 100 stores today. And we've got 10 new stores planned for this year. We have two stores currently open in the US, one in Georgetown and one in Chicago, really testing those markets.

是的。目前大約有 100 家商店。我們今年計劃開設 10 家新店。我們目前在美國開了兩家店，一家在喬治敦，一家在芝加哥，正在測試這些市場。

Early returns are positive reception to those doors. We are seeing some sort of key metrics, whether it's conversion or ASP. We're really checking where the UK stores are. But that's the store fleet. No specific plans to open more doors in the US this year. The 10 new stores are all UK-based.

早期的回報對這些門來說是正面的。我們看到了某些關鍵指標，無論是轉換率還是 ASP。我們確實正在檢查英國商店的位置。但那是商店車隊。今年沒有在美國開設更多門市的具體計畫。這 10 家新店均位於英國。

Thanks very much and good job.

非常感謝，幹得好。

Thanks Sam.

謝謝山姆。

Mitch Kummetz, Seaport Global Securities.

海港全球證券公司的米奇‧庫梅茲 (Mitch Kummetz) 說：

Yes, thanks for taking my questions. I guess the first one is a bit of a housekeeping. On the Q1 sales guidance, could you give us your expectations by your three main brands in the active groups, Merrell, Saucony and Sweaty Betty. I don't think that was in the presentation. I think you just gave an overall active number, but maybe I missed it?

是的，感謝您回答我的問題。我想第一個有點像家事。關於第一季的銷售預期，您能否告訴我們您對運動集團的三個主要品牌 Merrell、Saucony 和 Sweaty Betty 的預期？我認為這不在演示中。我認為您剛剛給出了一個總體活躍人數，但也許我錯過了？

No, you didn't miss it. In terms of -- we're shifting the details on our external revenue guidance to align closer to our reporting segments, Mitch. This means we will continue to provide quarterly guidance by segments, meaning active and work, but we're not providing them at the brand level.

不，你沒有錯過。就這一點而言——我們正在調整外部收入指引的細節，以便更貼近我們的報告分部，米奇。這意味著我們將繼續按部門（即活躍和工作）提供季度指導，但我們不會在品牌層面提供這些指導。

I believe -- I think we believe that it was important to provide that brand level of detail for the full year guidance for 2025 as we progress our transformation, but not on a quarterly basis.

我相信——我認為我們認為，在我們推進轉型的過程中，提供 2025 年全年指導的品牌級別細節非常重要，但不是以季度為基礎的。

Okay. And then a couple of other things. Chris, you talked about investment, particularly in Saucony. I'm curious from a -- maybe from a marketing standpoint, what was your marketing rate in 2024? And where is that going in 2025?

好的。還有一些其他的事情。克里斯，你談到了投資，特別是對索康尼的投資。我很好奇——也許從行銷的角度來看，您 2024 年的行銷率是多少？那麼 2025 年的情況又會如何呢？

Yes, it will be up in '25 versus '24. I think we finished '24 at right around 8%. It will be up again this year. And then even '23, it was well below 8% as a company. So that is part of the investment strategy to invest behind our brands.

是的，2025 年相對於 2024 年將會上升。我認為我們 24 年的成績大約是 8%。今年還會上漲。甚至到了 23 年，該公司的獲利率也遠低於 8%。這是投資我們品牌的投資策略的一部分。

We're leading with Saucony, again, because we think that brand has the momentum, the category tailwinds and I think a lot of good ideas. Investments for Saucony include new concept store in Covent Garden, which will open up in May, activation around sponsorships. The London 10-K will be back for a second year this year. We'll be sponsoring the Saucony Shortage 10-K for the first time this year, along with the IPO 10-K in Paris this year as well and bring those to life through run clubs and activations and all the things associated with that. I can't wait for those events.

我們再次選擇與 Saucony 合作，因為我們認為品牌具有發展勢頭、品類順風，我認為它有很多很好的想法。Saucony 的投資包括將於 5 月在科文特花園開設的新概念店以及圍繞贊助的激活活動。今年，倫敦 10 公里長跑將迎來第二屆。我們今年將首次贊助 Saucony Shortage 10-K 賽事，同時也將贊助今年在巴黎舉辦的 IPO 10-K 賽事，並透過跑步俱樂部、活動和所有相關活動將這些賽事變為現實。我已經等不及要參加這些活動了。

We're also sort of doubling down our investments here in the US and how we -- how our brands show up day in and day out in run specialty, in sporting goods, investing in boots on the ground to help us win the war on the floor against -- in a very competitive set. And then other investments in marketing as well. And then the company is going to invest in our e-commerce platform, which needs to be updated both to provide consumers a better brand experience, more frictionless experiences and allow us to be more nimble on the back end.

我們也在美國加倍投資，我們的品牌日復一日地出現在專業跑步產品和運動用品領域，投資實地考察，幫助我們在競爭激烈的市場中贏得勝利。然後還有在行銷方面的其他投資。然後公司將投資我們的電子商務平台，該平台需要更新，以便為消費者提供更好的品牌體驗、更順暢的體驗，並使我們在後端更加靈活。

So we're excited about the investment strategy. It is needed. I'm glad that we have been able to get through all the work over the past 18 months to give us the financial wherewithal to begin to invest meaningfully back in our brands. And I'm excited about what that's going to mean for our team, for our company, for our brands and ultimately for our shareholders.

所以我們對投資策略感到非常興奮。這是需要的。我很高興我們能夠完成過去 18 個月的所有工作，從而擁有足夠的資金來開始對我們的品牌進行有意義的投資。我很高興這對我們的團隊、我們的公司、我們的品牌以及我們的股東意味著什麼。

And then as a quick follow-up to that, can you say how much that rate is going up? Is it like 50 basis points for the year? And then my final question, just I'm curious, a lot of the cold weather that we've seen early in 2025, are you seeing that having any impact on the business, maybe a bit of a tailwind on Wolverine boots or possibly even a headwind on the Saucony running business?

然後作為對此的快速跟進，您能說一下該比率上升了多少嗎？今年的漲幅是 50 個基點嗎？然後我的最後一個問題，我很好奇，我們在 2025 年初看到的很多寒冷天氣，您是否認為這對業務有任何影響，也許對 Wolverine 靴子有點順風，甚至可能對 Saucony 跑步業務造成逆風？

Yes. No headwinds on the Saucony running business to report. I would say, winter seasonal styles and boots, I would say there is a benefit. We are seeing some good at-once orders as we turn to the new year. And we obviously have a close eye on the order book. And obviously, every day, we get our own e-commerce results. So I think the cold weather, which looks like it's here to stay for a little bit, has certainly not hurt the organization. And we're not giving specific guidance on marketing, but it will be up this year versus last year.

是的。索康尼跑步業務沒有遇到任何不利因素。我想說，冬季季節性款式和靴子，我想說是有好處的。新年伊始，我們看到一些不錯的即時訂單。我們顯然密切關注訂單。顯然，我們每天都會獲得自己的電子商務成果。因此我認為寒冷的天氣（看起來會持續一段時間）肯定不會對該組織造成影響。我們沒有給出關於行銷的具體指導，但今年的行銷額度將比去年有所上升。

Great. Thanks. Good luck.

偉大的。謝謝。祝你好運。

Thanks, Mitch.

謝謝，米奇。

Jim Duffy, Stifel.

吉姆·達菲（Jim Duffy），斯蒂費爾（Stifel）。

Chris, could you just speak about the state of the run specialty channel, the health of that category after a couple of years of really strong growth? Are you seeing any moderation there?

克里斯，您能否談談跑步專業管道的現狀，以及經過幾年的強勁增長之後該類別的健康狀況？您看到那裡有任何緩和嗎？

And then speak to Saucony's relative share within that category? Are you indeed continuing to gain share?

然後談談 Saucony 在該類別中的相對份額？您的份額確實在繼續增加嗎？

Yes. Thanks. Great question. The US run specialty channel is a really special and important channel in the US and certainly important to the performance running brands. You're right, running has been on a tear. And I'm pleased to report that Saucony is quickly catching up and beginning to gain share again after losing share for a number of years. And that really is driven by product innovation.

是的。謝謝。好問題。美國跑步專業管道是美國真正特殊且重要的管道，對性能跑步品牌來說當然也同樣重要。你說得對，跑步確實很流行。我很高興地告訴大家，在連續幾年失去市場份額之後，索康尼正在迅速趕上並重新獲得市場份額。這確實是由產品創新所推動的。

And I think a focus by the brand on both sort of our elite collections, the endorphin, at the same time, a really strong focus on our core 4, Ride Guy, Triumph and Hurricane, and we're seeing really positive sell-throughs. And like I mentioned, a good increase relative to market share.

我認為，該品牌專注於我們的兩個精英系列，即內啡肽，同時，也非常重視我們的四大核心系列，即 Ride Guy、Triumph 和 Hurricane，我們看到了非常積極的銷售表現。正如我所提到的那樣，市場份額有了很大的增長。

It is a very competitive channel, as you know. We're not seeing any sort of significant weakening that that trend continues. Obviously, the data lags a little bit, but still appears to be healthy. And I think our focus this year and some of the investments we're going to make on Saucony are going to benefit that brand in those doors as we invest in the team's ground game. So channel continues to appear to be healthy.

如您所知，這是一個競爭非常激烈的管道。我們沒有看到任何明顯的減弱，這種趨勢仍在繼續。顯然，數據有些滯後，但看起來仍然健康。我認為，我們今年的重點以及對 Saucony 進行的一些投資將使該品牌受益，因為我們投資了球隊的地面比賽。因此管道繼續呈現健康狀態。

Obviously, category has been one of the best-performing categories, and we're pleased that Saucony has been able to really reset the business in 2024 and then the momentum we're seeing really led by product innovation. And now we have to get the demand creation out there, which is why we're stepping up the marketing investment across the brand.

顯然，該類別一直是表現最好的類別之一，我們很高興 Saucony 能夠在 2024 年真正重置業務，然後我們看到的勢頭真正由產品創新引領。現在我們必須創造需求，這就是我們加大整個品牌行銷投資的原因。

Okay. Thanks for that. And Taryn, I wanted to ask on the inventories. You guys have done a great job managing the inventories. They're super tight. Do you see this as a sustainable rate of inventory levels? Or are there places where you're missing sales because the inventories are so tight and you need to make some investments back into that line item?

好的。謝謝。塔琳，我想問一下有關庫存的問題。你們在庫存管理方面做得很好。它們非常緊。您認為這個庫存水準是可持續的嗎？或者由於庫存非常緊張，導致您錯失了一些銷售機會，因此您需要對該產品進行一些投資？

Thanks for the question, Jim. Yes, as I had called in my prepared remarks, we've made meaningful reductions in inventory in the last two years. In the cash guide that we provided, that assumes a modest investment in inventory for 2025 as they've normalized.

謝謝你的提問，吉姆。是的，正如我在準備好的發言中所說的那樣，我們在過去兩年中已經大幅減少了庫存。在我們提供的現金指南中，假設 2025 年的庫存投資適度，因為庫存已經正常化。

I would say, overall, inventories, I would characterize as healthy and close to our target levels. We continue to chase opportunities more so, I'd say, in Saucony. But there are -- overall, it's healthy, but we are making a modest investment, a very thoughtful and disciplined investment in 2025 to be able to support the growth.

我想說，總體而言，庫存是健康的，接近我們的目標水準。我想說，我們會繼續在索康尼尋找機會。但總體而言，這是健康的，但我們在 2025 年進行了適度的投資，非常深思熟慮和有紀律的投資，以便能夠支持成長。

Thank you.

謝謝。

Thanks, Jim.

謝謝，吉姆。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Sorry if I missed this, but maybe could you elaborate a little bit more on what caused the decline in your DTC sales in Q4 Also maybe like, I think you talked about maybe too early to provide like an update on cost savings, but how are you thinking about that in fiscal year 2025?

抱歉，我錯過了這一點，但也許您能否詳細說明一下導致第四季度 DTC 銷售額下滑的原因？ 另外，我認為您談到現在提供有關成本節約的最新信息可能還為時過早，但您如何看待 2025 財年的成本節約問題？

And how do you reconcile that with maybe like it seems like the guidance implies some modest deleverage and expenses. Could you just elaborate a little bit more on that? Thanks so much.

您如何理解這一點，也許指導意見似乎暗示了適度的去槓桿和費用。能否進一步詳細說明一下呢？非常感謝。

I'll take the DTC question, and I'll hand it over to Taryn on the cost piece. I think in Q4, we really tried to be less promotional. Obviously, we were promotional in 2023 as we're working through the inventory piece. We were working through some inventory issues earlier in the year. And we really tried across the portfolio of brands to be less promotional, which put pressure on the top line, certainly put pressure on the top line, there's no doubt. I think in total, our full price penetration this year was 500 basis points higher in the quarter than it was last year, which is an important metric that we were tracking.

我將回答 DTC 問題，並將其交給 Taryn 有關成本的問題。我認為在第四季度我們確實嘗試減少促銷。顯然，我們在 2023 年進行了促銷，因​​為我們正在處理庫存問題。今年早些時候我們正在解決一些庫存問題。我們確實嘗試在所有品牌組合中減少促銷，這給營收帶來了壓力，毫無疑問，這肯定會給營收帶來壓力。我認為總體而言，今年季度我們的全價滲透率比去年高出 500 個基點，這是我們追蹤的重要指標。

At the same time, I think we can do better in our direct-to-consumer channel. I think we have to do better in our direct-to-consumer channel. We had some brands that over performed our expectations, and we had some brands that didn't quite meet what we had expected to see. I would say, specifically as it relates to the fourth quarter, our performance around the Black Friday Cyber Week was less than we expected. Encouragingly, the business did accelerate in the closing weeks of the year, which we are positive about. But there certainly is more work to go do there.

同時，我認為我們可以在直接面向消費者的管道方面做得更好。我認為我們必須在直接面向消費者的管道上做得更好。有些品牌的表現超出了我們的預期，有些品牌的表現則沒有達到我們的預期。我想說，具體到第四季度，我們在黑色星期五網路週的表現低於預期。令人鼓舞的是，業務確實在年底的幾週內加速發展，我們對此持樂觀態度。但肯定還有更多工作要做。

I do think in a couple of brands, we actually did have some inventory challenges, Saucony specifically. I think Saucony could have had a stronger fourth quarter, but we just -- the demand was so great for the product. So I think as the company moves forward, DTC is an important focus.

我確實認為，在幾個品牌中，我們確實遇到了一些庫存挑戰，尤其是索康尼。我認為索康尼第四季的表現本來會更強勁，但我們只是——這個產品的需求太大了。因此我認為隨著公司的發展，DTC 是一個重要的關注點。

Again, it's not necessarily all in on DTC. I do think the consumer wants to shop across, wholesale and owned. And I think we have to responsibly manage our brands in our own channels. And then thoughtfully manage distribution in our partner channels. So it's an important piece. It's where consumers come and learn about our products, where they engage with our brands, where we can tell our own stories. And I think we have the opportunity to do better there.

再次強調，這不一定全都依賴 DTC。我確實認為消費者希望跨店購物、批發購物和自營購物。我認為我們必須在自己的管道中負責任地管理我們的品牌。然後周到地管理我們合作夥伴通路中的分銷。所以這是一件重要的事。消費者在這裡了解我們的產品、與我們的品牌互動，我們在這裡講述我們自己的故事。我認為我們有機會在那裡做得更好。

At the same time, I think the planned investments in our eCommerce platform will give consumers a better experience. They'll be faster. They'll be easier to navigate. There'll be less friction. And we're excited about updating those tools to give the consumers a better branded experience.

同時，我認為我們對電子商務平台的計劃投資將為消費者帶來更好的體驗。它們會更快。它們將更加易於導航。摩擦就會減少。我們很高興更新這些工具，為消費者提供更好的品牌體驗。

And as it relates to the operating margin, the point, I think you had mentioned deleverage. We're actually getting leverage. Our operating margin is expanding. Both gross and operating margins are expanding 80 to 90 basis points, at the midpoint of our guide relative to 2024. And this really is a result of the better top-line performance coming through. The cost savings that we are continue to see in gross margins, both from actions that we took in 2024 as well as incremental initiatives that we are taking in 2025.

至於營業利潤率，我認為你提到了去槓桿。我們實際上正在獲得影響力。我們的營業利潤率正在擴大。毛利率和營業利潤率均擴大 80 至 90 個基點，處於我們相對於 2024 年的預期中點。這確實是更好的營收表現的結果。我們在毛利率方面繼續看到成本節約，這既來自於我們在 2024 年採取的行動，也來自於我們在 2025 年採取的漸進式舉措。

In the operating margin, SG&A line, it is basically as we are investing in the business and we are taking thoughtful investments in the business to build the brand-building model around the talent capabilities around our modernizing our tools as well as our marketing spend that Chris spoke to earlier.

在營業利潤率、銷售、一般及行政費用方面，基本上就像我們對業務進行投資一樣，我們正在對業務進行深思熟慮的投資，以圍繞人才能力、圍繞我們工具的現代化以及克里斯之前提到的營銷支出來構建品牌建設模式。

We're fueling those investments by further savings that we have line of sight to for 2025 as well as offsetting the inflation and normalized incentive compensation. So margins are expanding. We're benefiting from the carryover savings, better, healthier inventory. And we're using that to invest in the business.

我們將透過進一步節省資金來推動這些投資，以實現 2025 年的目標，同時抵消通貨膨脹和正常化的激勵薪酬。因此利潤率正在擴大。我們受益於結轉節省以及更好、更健康的庫存。我們將利用它來投資業務。

Great. And maybe if I may follow-up just on sales for the first quarter, I just want to make sure I didn't miss this on the presentation that you guys provided, you gave like the outlook for first quarter by brand. Is there anything that you can tell us by brand from that perspective?

偉大的。也許我可以只跟進第一季的銷售情況，我只是想確保我沒有錯過你們提供的演示文稿，你們給出了按品牌劃分的第一季度前景。從這個角度來說，您能透過品牌告訴我們什麼嗎？

Yeah. As I shared, we are not providing brand guidance on a quarterly basis. We're going to -- we're moving to our segment reporting, which is Active and Work Group. We're continuing to provide brand guidance on an annual basis so that you can see how we're growing the business and the trajectory over time, but not on the quarterly basis.

是的。正如我所說，我們不會按季度提供品牌指導。我們將轉向分部報告，即活躍和工作小組。我們將繼續按年度提供品牌指導，以便您了解我們的業務成長和發展軌跡，但不是以季度為單位。

Understood. Thank you very much.

明白了。非常感謝。

Thank you.

謝謝。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Maybe just a bigger picture question as you step back and look at 2025, guiding to mid-single-digit revenue growth constant currency. Just I'm curious, what are the main factors holding you back from achieving the long-term aspiration more mid-to-high-single-digit growth? Is it macro factors you're baking in? Is it maybe uncertainty on some of the new initiatives and the payoff, just any broader perspective there?

如果你回顧並展望2025年，這或許只是一個更大的問題，引導中等個位數的收入成長（以恆定貨幣計算）。我只是好奇，阻礙您實現長期願望（中高個位數成長）的主要因素是什麼？您正在考慮的是宏觀因素嗎？是不是對一些新措施及其收益存在不確定性，或者只是存在更廣泛的視角？

Yeah. I mean, I appreciate the question, Jon. Obviously, you're looking at total company growth. And across the portfolio of brands, -- it's really hard to get every brand working equally well at the exactly same time. I'm very encouraged by the progress, we've made in Saucony and very encouraged by our outlook for what Saucony can deliver this year.

是的。我的意思是，我很感謝這個問題，喬恩。顯然，您關注的是整個公司的成長。而在所有的品牌組合中，要讓每個品牌在同一時間發揮同樣好的運作效果是非常困難的。我對索康尼所取得的進步感到非常鼓舞，對索康尼今年的業績展望也感到非常鼓舞。

The same can be said for Merrell in what continues to be a tough category. So our two biggest brands, I think we've done tremendous work in a very short period of time to get those brands growing in a meaningful way. And importantly, at very good profit levels. Worked hard on the gross margin, worked to reset the business, thoughtfully expand distribution, probably could be growing faster. At the same time, we're trying to be responsible to drive sort of long-term sustainable growth.

對於 Merrell 來說，同樣如此，因為這仍然是一個艱難的類別。因此，我認為我們在很短的時間內為我們最大的兩個品牌做了大量的工作，使這些品牌以有意義的方式發展。而且重要的是，利潤水準非常好。努力提高毛利率，努力重塑業務，深思熟慮地擴大分銷，或許可以實現更快的成長。同時，我們正在努力承擔責任，推動長期永續成長。

At the same time, we've been very open. Our work group, we need to get better in our work group. And that really starts with compelling product and then driving that business each and every day. And then as it relates to Sweaty Betty, sort of thoughtfully continuing to finalize the integration of Sweaty Betty into the portfolio and then really working hard on the profitability of the business, which we're pleased by the results.

同時，我們也非常開放。我們的工作小組，我們需要在我們的工作小組中做得更好。而這其實始於引人注目的產品，然後每天推動業務發展。然後就 Sweaty Betty 而言，我們會經過深思熟慮，繼續完成將 Sweaty Betty 整合到投資組合中，然後真正努力提高業務的盈利能力，我們對結果感到滿意。

So certainly, at the headline at the corporate standpoint, you can draw that conclusion. At the same time, our biggest brands, I think, are going to well outpace their categories this year. And I think the line of sight we have to where they were to where they are and their order book gives us a lot of faith that we're going to be able to deliver those numbers. So -- and that's why we're going to continue to work to accelerate those, fuel those investments, which we've talked about. And then in places where we're not performing at pace, we're going to work really hard this year to get those teams to perform better.

因此，當然，從企業的角度來看，你可以得出這樣的結論。同時，我認為，我們最大的品牌今年的成長速度將遠遠超過其他類別品牌。我認為，透過了解他們之前和現在的情況以及他們的訂單情況，我們非常有信心我們能夠實現這些數字。所以——這就是為什麼我們將繼續努力加速這些進程、推動我們已經討論過的投資。在我們表現不夠好的地方，我們今年會非常努力地讓這些球隊表現得更好。

And Jon, I would -- just to build on what Chris said, when you look at the revenue guide that we've provided, it's a range when you exclude -- you do constant currency and exclude the benefit of 53rd week. We are putting a guidance of 4.2% to 5.9%, which is really at the midpoint of those aspirational targets. I think what Chris laid out is how do we move to the high -- to the mid to the high as we look to continue to grow the businesses.

喬恩，我想 - 只是基於克里斯所說的，當你查看我們提供的收入指南時，它是一個排除範圍 - 你採用恆定貨幣並排除第 53 週的收益。我們的預期成長幅度是 4.2% 至 5.9%，這實際上處於這些理想目標的中間值。我認為克里斯所闡述的是，當我們尋求繼續發展業務時，我們如何邁向高端——中端到高端。

Okay. Thanks again.

好的。再次感謝。

Thanks, Jon.

謝謝，喬恩。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Nice to see the achievement of the targets in 2024. As you think about 2025 and the newness where, Chris, you've always talked about you have to have exciting product to earn your place on the shelf. How are you thinking about newness and products, particularly for Merrell and Saucony? And how are you thinking about the full-price AUR this year compared to last year?

很高興看到 2024 年目標的實現。當您想到 2025 年和新事物時，克里斯，您一直在談論您必須擁有令人興奮的產品才能在貨架上佔有一席之地。您對於新產品有何看法，特別是對 Merrell 和 Saucony 來說？與去年相比，您認為今年的全價 AUR 怎麼樣？

And just lastly, I know mid-10s percent comes from China. Any change in that going forward? And any other big areas where you get the biggest percentage of your sourcing of manufacturing from?

最後，我知道其中 10% 左右來自中國。今後會有什麼改變嗎？還有其他什麼大地區佔你們製造採購的最大份額嗎？

Yes. Good question, Dana. Thanks. I'll hit the sourcing question first. We'll continue to reduce China. It is mid-10s today. We'll reduce it further this year. And we're obviously paying attention to the tariff situation, and that seems to be volatile and changing daily. But right now, with the announced tariffs in China, the February 4 announcement, we think we can navigate that within the current guide.

是的。問得好，達娜。謝謝。我將首先討論採購問題。我們將繼續減少中國。今天溫度大約是 10 度。今年我們將進一步減少。我們顯然在關注關稅情況，它似乎每天都在變化。但現在，隨著中國於 2 月 4 日宣布徵收關稅，我們認為我們可以在當前指南範圍內解決這個問題。

And you're right, in our business, it all begins with product. And product is the most important thing. And I think coming out of the pandemic, our innovation lacked. We had a lot of inventory that was not the right inventory, and we weren't bringing compelling products and newness was going to win, and we suffered through that. And we took 2024 to really reset that business and thoughtfully look to grow again. And I'm glad that we've closed that chapter and moving on.

您說得對，在我們的業務中，一切都始於產品。產品是最重要的。我認為，在疫情過後，我們的創新能力有所不足。我們有很多庫存，但這些庫存都不合適，而且我們也沒有帶來引人注目的產品，新產品也無法取勝，因此我們遭受了損失。我們利用 2024 年真正重置了業務，並深思熟慮地尋求再次成長。我很高興我們已經結束了這一章並繼續前進。

As it relates to newness, I think our product pipeline in Merrell and Saucony is as good as it's been. The focus on the core four, we just dropped the new Ride and Guide 18. Triumph continues to check. Hurricane is a new entrant. I think we're going to launch one of the best super shoes in the business here, the Endorphin Elite 2 in a couple of weeks, and I think that shoe is going to be a game changer.

就新穎性而言，我認為我們在 Merrell 和 Saucony 的產品線一直都很好。我們專注於四個核心產品，剛剛推出了新的 Ride and Guide 18。勝利繼續檢查。颶風 (Hurricane) 是新進者。我認為我們將在幾週內推出業內最好的超級鞋之一 Endorphin Elite 2，我認為這款鞋將會改變遊戲規則。

I think on the lifestyle piece, I think Saucony has done a great job tapping into a century old archive and making those styles relevant and they resonate with consumers, along with partnering some of the best collaborators in the business that are drawing really record brand heat for the brand and then how we take that brand heat and translate to sort of meaningful growth, which we're seeing in the door expansion.

我認為在生活方式方面，索康尼在挖掘百年歷史的檔案並使這些風格具有現實意義並引起消費者共鳴方面做得很好，同時還與業內一些最好的合作夥伴合作，為品牌帶來了創紀錄的品牌熱度，然後我們如何將這種品牌熱度轉化為有意義的增長，我們在門店擴張中看到了這一點。

So I'm very encouraged by the product pipeline in Saucony. And I'm lucky because I have eyes into what 2026 looks like, too. And I think that team continues to innovate, and I'm really pleased by the progress that we've made.

因此，我對 Saucony 的產品線感到非常鼓舞。我很幸運，因為我也能預見 2026 年的前景。我認為該團隊會不斷創新，我對我們所取得的進步感到非常高興。

Same can be said for Merrell. I think Merrell for a long time had sort of long in the tooth legacy styles that were critically important in very big businesses, but we weren't innovating fast enough. And I think we're really beginning to see some of those new products really begin to take root. The Moab Speed 2 continues to check and sell-through at rates that pleased both our partners and us. It takes color material extraordinarily well, great collaborations and really resonating with her and really bridges that outdoor trail to outdoor lifestyle in a very compelling way.

對於 Merrell 來說也是如此。我認為 Merrell 長期以來一直保留著一些對大企業至關重要的傳統風格，但我們的創新速度不夠快。我認為我們確實開始看到一些新產品真正開始紮根。Moab Speed 2 持續受到關注並且銷售火爆，讓我們和合作夥伴都感到滿意。它以極其出色的色彩材料、出色的合作和與她的真正共鳴為基礎，以非常引人注目的方式將戶外小徑與戶外生活方式聯繫起來。

Agility Peak 5, the same can be said, really a great trail shoe that people are wearing the trail when they're going to hike and they're wearing it as an everyday sneaker. And then I'd point to the Speed Arc Surge BOA, which we just dropped $290 price point a disruptive shoe that looks fundamentally different one-time best new invention last year was an ISPO award winner and is well outpacing our own expectations at our dot-com business at that $300 price point, and we're going to follow it shortly thereafter with the Speed Arc Matus.

同樣，Agility Peak 5 確實是一款出色的越野跑鞋，人們在徒步旅行時會穿著它，也可以將它作為日常運動鞋穿著。然後我想指出的是 Speed Arc Surge BOA，我們剛剛將其價格降至 290 美元，這是一款外觀完全不同的顛覆性鞋子，去年曾獲得最佳新發明獎，是 ISPO 獎得主，並且以 300 美元的價位遠遠超出了我們網絡業務的預期，隨後我們將推出 Speed Arc Matus。

So I think our product teams are moving with pace. I think 2024 was a very good year bringing new introductions. And I think the development in 2024 into 2025 has been great. Same time, we've also brought some new talent. We have a new product -- Chief Product Officer in Merrell. She has been on the ground for a couple of months now. I just had a meeting with her on Friday sort of reviewing the next season's line. And I'm really encouraged by the way she's thinking about the business and the opportunities that we have. So I'm very encouraged by the product pipeline. And I'm really pleased that we had the opportunity to really reset the business in 2024 and what it's going to mean for the company in 2025 and beyond.

所以我認為我們的產品團隊正在快速進步。我認為 2024 年是推出新產品的好年份。我認為 2024 年至 2025 年的發展將會非常出色。同時，我們也引進了一些新的人才。我們有一款新產品－Merrell 首席產品長。她已經在地上待了幾個月了。我星期五剛與她開了個會，討論下一季的劇情。她對於業務和我們所擁有的機會的看法確實令我深受鼓舞。因此，我對產品線感到非常鼓舞。我很高興我們有機會在 2024 年真正重置業務，並了解這對公司在 2025 年及以後意味著什麼。

And regarding your question on the average selling prices, we expect to see continued declines year-over-year in the amount of promotional spend as well with cleaner inventories and a concentrated effort to taper back our promotional levels over time.

關於您提到的平均售價，我們預計促銷支出將繼續同比下降，同時，隨著庫存的減少和我們集中精力逐步減少促銷水平。

Thank you.

謝謝。

Ashley Owens, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Ashley Owens。

So quickly, I wanted to just touch on the operating margin guidance for 1Q. I think it's a little bit lower than last year. Can you just provide a little more color on kind of the SG&A lines and if this is all stemming from increased marketing or what's driving the deleverage within that for 1Q? And then just how margins scale through the year to get to that 8.3% guidance that you gave?

所以，我想很快地談談第一季的營業利潤率預期。我認為它比去年略低一些。您能否稍微詳細地介紹一下銷售、一般和行政費用，以及這是否都是由於行銷增加而導致的，或者是第一季去槓桿的原因？那麼，利潤率全年將如何成長才能達到您給出的 8.3% 的預期呢？

Yeah. Great. So for operating margin, I'll start actually with the gross margin. So the Q1 guidance has a strong gross margin of 46.6% and this reflects the actions that we have taken and continue to take to reduce supply chain costs and to improve the level and health of our inventory.

是的。偉大的。因此，對於營業利潤率，我實際上將從毛利率開始。因此，第一季的毛利率預計達到 46.6%，這反映了我們為降低供應鏈成本和提高庫存水準和健康狀況而採取並將繼續採取的行動。

As it relates to operating margin, this is more a reflection of operating leverage. The first quarter revenue is and has historically been the lowest quarter of the year for revenue. And at this level, operating leverage is also lower than what we would expect to see when you look through Q2 and Q4. So it's really more a reflection of operating -- while the gross margin is strong, it is -- on an operating margin level, it is more a leverage situation, which we anticipate as revenue will grow sequentially throughout the year.

就其與營業利潤率而言，這更反映了營業槓桿。從歷史上看，第一季的收入是一年中收入最低的季度。在這個水準上，經營槓桿也低於我們預期的第二季和第四季的水準。因此，這實際上更反映了營業利潤率——雖然毛利率很高，但——在營業利潤率水平上，這更多的是一種槓桿情況，我們預計收入將在全年連續增長。

We will continue sequentially as well to see operating margin improvements as we did in 2024 as well. When -- I think you were saying, I do think the ForEx impact, which on the total year on the earnings per share line is around $8 million headwind to us on a full year, and that's probably about even. I won't get into specifics, but it's not disproportionate, I would say, in any particular half of the year. So that full year profit headwind on -- from currency is about an even spread.

我們將繼續逐級提高營業利潤率，就像我們在 2024 年所做的那樣。當 - 我想你是說，我確實認為 ForEx 的影響，對全年每股收益的影響，對我們全年來說是大約 800 萬美元的逆風，這可能差不多。我不會講得那麼詳細，但我想說，在任何特定的半年裡，這種現象並不失比例。因此，全年利潤受貨幣影響大致呈均等分佈。

Okay. Great. And then I just had one last one. So maybe a little bit of a state of the union on Sweaty Betty. I know it was softer than expectations. So one, just additional color potentially as to what categories may have underperformed relative to your expectations.

好的。偉大的。然後我只剩下最後一個了。因此，也許這有點像《Sweaty Betty》裡的國情咨文。我知道它比預期的要軟。因此，首先，需要對哪些類別的表現可能未達到您的預期進行補充說明。

And then additionally, what you're doing from an innovation perspective this year and overall thoughts on the broader athletic wear space and how you can effectively introduce new products in a competitive market? Thank you.

此外，今年您在創新方面做了哪些工作？謝謝。

Yes. At the print level, obviously, a softer quarter for Sweaty Betty than we anticipated. But I think in total for the year, really pleased by the progress we've made there and really pleased with where that team is, how we've worked to integrate that business and then the outlook moving forward. So we worked really hard on improving the profitability of that business. And really having that brand be part of the portfolio. So I think from a product standpoint, continue to attack a very attractive category in a very premium way with a very strong message around female empowerment.

是的。從印刷層面來看，Sweaty Betty 本季的表現顯然比我們預期的還要疲軟。但我認為，就今年整體而言，我們對所取得的進展感到非常高興，並對團隊的現狀、我們如何努力整合業務以及未來的前景感到非常滿意。因此，我們非常努力地提高該業務的獲利能力。並真正讓該品牌成為投資組合的一部分。因此，我認為從產品的角度來看，繼續以非常高端的方式進入非常有吸引力的類別，並傳達有關女性賦權的強烈訊息。

The new campaign, the Don't Sweat It campaign just debuted a week or so ago, and that is resonating with consumers, and we're going to follow it up with where the DAM Shorts campaign. So encouraged by that team.

新的活動「Don't Sweat It」大約一周前剛推出，引起了消費者的共鳴，我們將跟進 DAM Shorts 活動。非常受該團隊的鼓舞。

There's also a new Chief Product Officer in place in Sweaty Betty as of the fourth quarter of last year. But as that group team continues to move, again, encouraged by the progress, I think the product pipeline is good. We worked really hard to improve the profitability this year, and then we'll obviously look to grow that business moving forward.

自去年第四季起，Sweaty Betty 也任命了一位新的首席產品長。但隨著團隊繼續前進，再次受到進展的鼓舞，我認為產品管道很好。我們今年非常努力地提高獲利能力，然後我們顯然會尋求未來業務的成長。

Thanks. Appreciate the color. Thanks.

謝謝。感謝色彩。謝謝。

Thank you.

謝謝。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開您的線路。