Wolverine World Wide Inc (WWW) 2025 Q1 法說會逐字稿

Greetings and welcome to the Wolverine World Wide first-quarter fiscal 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Wolverine World Wide 2025 財年第一季財報電話會議。（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。你可以開始了。

Good morning and welcome to our first quarter fiscal 2025 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 2025 財年第一季電話會議。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。

Earlier this morning, we issued a press release announcing our financial results for the first quarter of 2025 and guidance for the second quarter of 2025. The press release is available on many new sites and can be viewed on our corporate website at wolverineworldwide.com.

今天早些時候，我們發布了一份新聞稿，宣布了 2025 年第一季的財務業績和 2025 年第二季的指引。新聞稿已在許多新網站上發布，並可在我們公司網站 wolverineworldwide.com 上查看。

This morning's 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）與新聞稿正文中附表或我們網站 wolverineworldwide.com 的投資者關係頁面上最可比較的 GAAP 財務指標進行了協調。

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 the second quarter of 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.

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、預測和預計的陳述，例如有關公司對 2025 年第二季度的展望、增長機會和預計將影響公司未來業績的趨勢的陳述，均屬於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提交給美國證券交易委員會的文件和我們的新聞稿中列明。

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 joining us for today's call. Given everything that's transpired since April 2, we have a lot of ground to cover this morning, so let's get right into it.

謝謝，亞歷克斯。早安，感謝大家參加今天的電話會議。鑑於 4 月 2 日以來發生的所有事情，我們今天早上有很多事情要討論，所以讓我們開始吧。

First, let me start here. The headline is simply that for the things that we can control, I feel very good about where we are today and more importantly, confident about where we're going tomorrow. With that said, there's definitely uncertainty in the marketplace. So on this call, I'm going to cover both what we know and what we don't know, along with the actions we've taken to date and our plans to navigate the challenges on the horizon.

首先，讓我從這裡開始。標題很簡單，對於我們能夠控制的事情，我對我們目前的狀況感到非常滿意，更重要的是，對我們明天的發展方向充滿信心。話雖如此，市場上肯定存在不確定性。因此，在這次電話會議上，我將討論我們知道的事情和我們不知道的事情，以及我們迄今為止採取的行動和應對未來挑戰的計劃。

First, what we know. Wolverine World Wide delivered sequential improvement in top line trends throughout 2024 and ultimately inflected the growth in the fourth quarter. A meaningful achievement marking the conclusion of a year of fast and bold actions to re-establish our footing as the company and reinvigorate our brands.

首先，我們知道什麼。2024 年全年，Wolverine World Wide 的營收趨勢持續改善，並最終在第四季度實現了成長。這是一項有意義的成就，標誌著我們一年來為重建公司基礎和重振品牌而採取的快速而大膽的行動圓滿結束。

Momentum generated last year that's (inaudible) to build into 2025. In the first quarter, we exceed our expectations on just about every financial measure. Revenue grew by over 5% on an ongoing basis and nearly 7% on a constant currency basis. We also achieved record Q1 gross margin in part due to healthier brands and better inventory management, resulting in improved pricing power and a stronger full price business. The foruth time in the last five quarters that we've posted record gross margins.

去年產生的勢頭（聽不清楚）將持續到 2025 年。在第一季度，我們幾乎所有的財務指標都超出了我們的預期。營收持續成長超過 5%，以固定匯率計算成長近 7%。我們還實現了創紀錄的第一季毛利率，部分原因是品牌更健康、庫存管理更好，從而提高了定價能力並增強了全價業務。這是我們過去五個季度中第十次創下毛利率紀錄。

As a result, I'm pleased to report that earnings increased by more than 3 times compared to last year. These results are another important proof point of our strategic direction and solid execution by our team. A sincere thank you to our team and partners around the world for a great start to the year.

因此，我很高興地報告，與去年相比，收入增加了3倍多。這些成果是我們的策略方向和團隊穩健執行力的另一個重要證明。衷心感謝我們的團隊和世界各地的合作夥伴為今年的良好開端。

Our first quarter results were driven by our two biggest brands. Let me start with Saucony, followed by Merrell. Saucony delivered revenue growth of 30% year over year in the first quarter, with broad-based contributions from all regions and channels. Led by strong double-digit growth in North America and more than doubling our age-specific business. In addition, the brand improved gross margin by nearly 400 basis points compared to the prior year continuing to drive a better, healthier, full price business.

我們第一季的業績是由我們最大的兩個品牌所推動的。我先從 Saucony 開始，然後是 Merrell。索康尼第一季營收年增 30%，所有地區和通路均做出了廣泛貢獻。受北美強勁的兩位數增長以及年齡特定業務增長一倍以上的推動。此外，該品牌的毛利率與前一年相比提高了近400個基點，並繼續推動更好、更健康的全價業務。

Saucony translated its brand heat and product innovation into significantly higher average selling prices throughout the quarter in the US coupled with strong market share gains in the important and highly competitive run specialty channel. Saucony these core four franchises, the Ride, Guide, Triumph and Hurricane along with the pinnacle Endorphin collection, continue to fuel the brand's growth in the performance running category. We launched new Ride and Guide models in the first couple of months of this year, and both franchises delivered solid double digit revenue growth at US retail.

索康尼將其品牌熱度和產品創新轉化為整個季度美國市場顯著更高的平均售價，同時在重要且競爭激烈的跑步專業通路中實現了強勁的市場份額成長。Saucony 的四個核心系列，Ride、Guide、Triumph 和 Hurricane，以及巔峰系列 Endorphin，繼續推動品牌在高性能跑步領域的成長。我們在今年頭幾個月推出了新的 Ride 和 Guide 車型，這兩個特許經營品牌在美國零售領域都實現了兩位數的穩健收入成長。

In March, Saucony launched the highly anticipated Endorphin Elite 2, incorporating next generation IncrediRUN foam and a full-length slotted carbon fiber plate. This supershoe helped drive growth for the Endorphin Elite franchise of over 30% versus last year at US retail. And I'm pleased to share that three of the brand styles placed in the top 10 most worn shoes by runners at the Boston Marathon last month. More than any other brand, and another proof point of Saucony's reinvigorated product innovation pipeline.

今年 3 月，Saucony 推出了備受期待的 Endorphin Elite 2，採用了下一代 IncrediRUN 泡棉和全長開槽碳纖維板。這款超級鞋幫助 Endorphin Elite 特許經營店在美國零售業的銷量較去年同期增長了 30% 以上。我很高興地告訴大家，上個月的波士頓馬拉鬆比賽中，該品牌的三款鞋子躋身跑者最常穿的十款鞋款之列。比其他品牌都多，這也是索康尼重新煥發產品創新活力的另一個證明。

On the lifestyle side, the brand continues to draw on its deep product archive and partner with leading pacemakers to deliver trend right styles to the marketplace. Saucony strategic positioning at the intersection of culture and authentic running heritage has repelled the brand in key franchises like the ProGrid Omni 9, Ryde Millennium, and others around the world.

在生活方式方面，該品牌繼續利用其豐富的產品檔案並與領先的起搏器合作，為市場提供符合潮流的款式。索康尼將策略定位於文化與真實跑步傳統相交匯處，這使得該品牌在 ProGrid Omni 9、Ryde Millennium 等全球主要特許經營品牌中脫穎而出。

Building on the roughly 900 door expansion and lifestyle especially this spring, brand expects to add over 400 more doors in the back half of this year as a result of positive sell through trends. The brand continues to take a methodical approach to strategically growing distribution with the right partners. We're also investing meaningfully to drive brand awareness and affinity.

基於今年春季約 900 家門市的擴張和生活方式，由於銷售趨勢良好，該品牌預計在今年下半年將增加 400 多家門市。該品牌繼續採取有條不紊的方法，與合適的合作夥伴策略性地擴大分銷。我們也進行了有意義的投資，以提高品牌知名度和親和力。

Last year, for example, Saucony sponsored the London 10K with a holistic set of activations around the event. This sponsorship drove strong results, including record brand search interests in the UK and accelerated e-commerce growth. This year we plan to repeat the sponsorship of this great event and expand the brand's investment to other runs, including the [shortage] 10K in London as part of our key city strategy.

例如，去年，索康尼贊助了倫敦 10 公里馬拉松，並圍繞該賽事開展了一系列活動。此次贊助取得了強勁的成果，包括英國創紀錄的品牌搜尋興趣和加速的電子商務成長。今年，我們計劃繼續贊助這項盛事，並將品牌投資擴展到其他跑步活動，包括作為我們重點城市策略一部分的倫敦 10K 跑步賽。

I'm pleased to report that Saucony opened a flagship store in Harajuku, Tokyo this past quarter, and we anticipate opening a second in London's Covent Garden in just a few weeks. With future plans to open a host of new stores across Asia Pacific with our best-in-class partners. At US retail, the brand is ramping up activations in retail marketing to drive through sell-through. We anticipate 2025 will be the single biggest investment year in Saucony since we acquired the brand nearly 13 years ago.

我很高興地告訴大家，Saucony 上個季度在東京原宿開設了一家旗艦店，我們預計幾週後將在倫敦科文特花園開設第二家旗艦店。我們未來計劃與一流的合作夥伴在亞太地區開設一系列新店。在美國零售業，該品牌正在加強零售行銷力度，以推動銷售。我們預計 2025 年將成為我們近 13 年前收購 Saucony 品牌以來最大的投資年。

I believe Saucony's immense potential in both performance and lifestyle and possesses the ability to blur the lines in a compelling way. I continue to maintain the brand is on a path to do something very special. Leveraging a unique synergy between superior performance run product innovation and cultural relevance on a global scale.

我相信 Saucony 在性能和生活方式方面都具有巨大的潛力，並且能夠以令人信服的方式模糊界線。我繼續堅持認為該品牌正在走一條做一些非常特別的事情的道路。利用卓越性能運行產品創新和全球範圍內的文化相關性之間的獨特協同作用。

Moving to Merrell. Merrell grew revenue by 13% compared to Q1 last year, with the largest contributions coming from Asia Pacific and EMEA. In the US, Merrell continue to take market share in its primary category of hike. Now the ninth time we've done so in the last 10 quarters. This quarter, we also took share in trail running and lifestyle. The brand improved gross margin by more than 200 basis points versus last year, driven in part by an increase in average selling price at US retail.

搬到梅雷爾。與去年第一季相比，Merrell 的營收成長了 13%，其中最大的貢獻來自亞太地區和歐洲、中東和非洲地區。在美國，Merrell 繼續在其主要健行產品類別中佔據市場份額。這是過去 10 個季度以來我們第九次這樣做了。本季度，我們也在越野跑和生活方式領域佔據了份額。該品牌的毛利率較去年同期提高了 200 多個基點，部分原因是美國零售平均售價上漲。

A strong quarter, about three consecutive quarters of growth, and another proof point for the company's biggest brand. Merrell's recent performance is a direct result of our focus on modernizing the trail as a leader in the category. The brand-initiated strategy with faster and lighter product innovation in core outdoor performance categories a little over a year ago.

這是一個強勁的季度，連續三個季度的成長，也是該公司最大品牌的另一個證明點。Merrell 最近取得的成績直接得益於我們作為該領域領導者對越野跑現代化改造的關注。該品牌於一年多前發起了在核心戶外性能類別中更快、更輕的產品創新策略。

Introducing award winning collections like the Moab Speed 2 in hike and the Agility Peak 5 in trail running. Both of which have become significant franchises and continue to grow rapidly in the first quarter. To push product innovation to an even greater level, Merrell launched the visually disruptive SpeedARC Surge BOA in January. Built on the brand's new SpeedARC platform for a uniquely comfortable ride with exceptional energy return.

推出屢獲殊榮的系列，例如健行系列中的 Moab Speed 2 和越野跑系列中的 Agility Peak 5。這兩家公司都已成為重要的特許經營企業，並在第一季繼續快速成長。為了將產品創新推向更高的水平，Merrell 在一月推出了外觀極具顛覆性的 SpeedARC Surge BOA。基於品牌的全新 SpeedARC 平台打造，帶來獨特舒適的駕駛體驗和卓越的能量回饋。

It's sold through almost entirely in a matter of a few months at a nearly $300 price point. In March, Merrell followed up with the launch of the SpeedARC Madness, the next iteration, the SpeedARC family which is driving healthy sell through in just a few weeks in the market. Merrell continue to make progress in his lifestyle business as well, driving very strong double-digit growth in both men's and women's at US retail in the first quarter, and even faster growth in influential tier zero accounts, albeit on a smaller base.

該產品售價近 300 美元，在短短幾個月內就幾乎全部銷售一空。3 月份，Merrell 又推出了 SpeedARC 系列的下一代產品 SpeedARC Madness，該產品在上市短短幾週內就取得了良好的銷售表現。Merrell 在其生活方式業務方面也繼續取得進展，第一季在美國零售領域，男裝和女裝均實現了非常強勁的兩位數增長，儘管基數較小，但在有影響力的零級賬戶中，增長速度甚至更快。

The brand continues to test and earn placement with huge accounts to reach younger consumers, particularly women. I'm pleased with the progress we've made to inflect and now accelerate the growth of our two largest brands through the fast and rigorous execution of our growth playbook. Our product pipelines are stronger. We've implemented disciplined distribution strategy while simultaneously cleaning up the marketplace, are bidding to build brand heat momentum through compelling new brand campaigns, key city activations, innovative collaborations, and investments in retail marketing on the sales floor.

該品牌繼續進行測試並透過大量帳戶贏得市場份額，以吸引年輕消費者，尤其是女性消費者。我很高興看到我們透過快速而嚴格地執行成長策略，取得了進展，並加速了我們兩個最大品牌的成長。我們的產品線更加強大。我們實施了嚴格的分銷策略，同時清理了市場，並透過引人注目的新品牌活動、重點城市活動、創新合作以及對銷售現場零售行銷的投資來打造品牌熱度勢頭。

While we've made great strides in these critical businesses, we have certain areas where we believe we can and should perform better, specifically the Wolverine brand and Sweaty Betty.

雖然我們在這些關鍵業務上取得了長足進步，但我們認為在某些領域我們可以而且應該做得更好，特別是 Wolverine 品牌和 Sweaty Betty。

Starting with Wolverine. We continue to work to find consistent footing here. As we shared previously, while the brand's Q4 results were strong, we cautioned that our trends were still inconsistent and the business was down in the first quarter on its continued choppiness. Our efforts to strengthen soft spots in [West category] and in premiums are gaining traction with new offerings like the Rancher Pro advantage. However, the brand is comping against a period of significant discounting on certain styles last year as we cleaned up our inventory position.

從金鋼狼開始。我們將繼續努力在這裡找到一致的基礎。正如我們之前所分享的，雖然該品牌第四季度的業績強勁，但我們警告稱，我們的趨勢仍然不一致，並且由於持續波動，第一季業務下滑。我們致力於加強[西部類別]和高端產品的薄弱環節，並透過 Rancher Pro 優勢等新產品獲得青睞。然而，由於我們清理了庫存，該品牌去年某些款式經歷了一段大幅折扣期。

A headwind which we anticipate will begin to dissipate as we move to the back half of the year. On a positive note, our year over year US market share turn in the quarter improved somewhat, and our DTC business is performing better. Finally, and importantly, we've initiated a search for a new leadership for the work group as Tom Kennedy is planning to retire later this year.

我們預計，隨著進入下半年，逆風將會開始消散。從積極的一面來看，我們本季在美國市場的份額同比變化有所改善，我們的 DTC 業務表現也更好。最後，也是最重要的一點，由於湯姆肯尼迪計劃在今年稍後退休，我們已經開始為工作小組尋找新的領導。

And closing of Sweaty Betty. Over the past year, we've largely been focused on better integrating and improving the profitability of Sweaty Betty, prerequisites to building a healthier brand and business. While fending for the brand is strong, with a unique and differentiated position in a desirable category, we believe we must further bolster our premium position. Whether the products we build, the stories we tell, or how we manage the business each day.

以及《Sweaty Betty》的結束。在過去的一年裡，我們主要致力於更好地整合和提高 Sweaty Betty 的獲利能力，這是打造更健康的品牌和業務的先決條件。雖然該品牌實力雄厚，在理想類別中擁有獨特且差異化的地位，但我們認為必須進一步鞏固我們的高端地位。無論是我們製造的產品、我們說的故事，或是我們每天如何管理業務。

We're focused on driving a less promotional business year at the expense of top line growth in the near term. Encouragingly, first quarter growth margins were up nearly 1,000 basis points year over year, driven by improving our full price mix at Sweaty Betty by approximately the same amount. With continued improvement in the first few weeks of the second quarter.

我們致力於減少今年的業務促銷，但短期內會犧牲營業額的成長。令人鼓舞的是，第一季的成長利潤率同比增長了近 1,000 個基點，這得益於 Sweaty Betty 的全價組合得到了大約相同幅度的改善。第二季前幾週情況持續改善。

Additionally, we're encouraged by some of the early results we're seeing in acquiring new consumers under our more full price strategy. As new consumer acquisition was ahead of our internal plan in the first quarter and the lifetime value of the full price consumer on average is 20% higher than consumers we acquired through promotional tactics. We've added a new town to the brand over the past six months as well, most notably a new product Chief. And we're chasing new products for the back half of this year, targeting the important holiday selling period.

此外，我們在更全面的價格策略下獲得新消費者方面所取得的一些早期成果令我們感到鼓舞。由於第一季新消費者的取得超出了我們的內部計劃，且全價消費者的終身價值平均比我們透過促銷策略獲得的消費者高出 20%。在過去的六個月裡，我們還為該品牌增加了一個新城鎮，最引人注目的是新產品 Chief。我們正在為今年下半年尋找新產品，瞄準重要的假期銷售期。

While not satisfy our top line results, we have confidence in our strategy, and we're intently focused on building a stronger brand and business the right way. While the challenges and opportunities are different for Wolverine and Sweaty Betty, we believe they've been properly identified, and we're working at pace to get these businesses moving in a more positive direction.

雖然我們的營收結果並不令人滿意，但我們對我們的策略充滿信心，並且我們專注於以正確的方式打造更強大的品牌和業務。雖然 Wolverine 和 Sweaty Betty 面臨的挑戰和機會有所不同，但我們相信它們已經得到了正確的認識，我們正在努力使這些業務朝著更積極的方向發展。

Now let me pivot to where we are as a company coming out of our turnaround and heading in the rest of the year. On my second call with US CEO in November 2023, I identified key areas we had to improve upon as an organization to become great global brand builders, and I outlined an ambitious plan to redesign the company to compete and win in the future. The central to this effort was transforming our culture and building new capabilities, squarely focused on our consumer and modern brand building. Since then, we've made good progress and I'm pleased with the improved results we're posting.

現在，讓我來談談我們公司目前的狀況，以及我們公司在今年剩餘時間內的轉型和發展方向。在 2023 年 11 月與美國首席執行官的第二次通話中，我確定了我們作為一個組織必須改進的關鍵領域，以成為偉大的全球品牌建設者，並概述了一項雄心勃勃的計劃，以重新設計公司，以便在未來競爭和取勝。這項工作的核心是轉變我們的文化和建立新的能力，並專注於我們的消費者和現代品牌建立。從那時起，我們取得了良好的進展，我對我們發布的改進結果感到滿意。

Given the turnaround in our business, our team's confidence continues to grow in our strategy and the ability to execute with distinctions. Confident in the progress we made in transforming the company and informed by our stronger performance of the business, we exited the first quarter with an outlook well on track to deliver our full year 2025 expectations which called for solid revenue growth led by our biggest brands, meaningful profit improvement year over year, and material investments in our brands and suite of new tools and capabilities.

鑑於我們業務的好轉，我們的團隊對我們的策略和出色執行能力的信心不斷增強。我們對公司轉型所取得的進展充滿信心，並得益於我們更強勁的業務表現，我們在第一季度結束時對實現 2025 年全年目標的前景充滿信心，即在我們最大的品牌的帶動下實現穩健的收入增長，利潤同比大幅增長，並對我們的品牌和一系列新工具和能力進行實質性投資。

Unfortunately, significant uncertainty entered the equation on April 2 with the initial tariff proclamations followed by the subsequent revisions. As we sit here today, it is difficult, it's not impossible to predict the potential twists and turns in trade policy, along with consumer sentiment and spending. Therefore, we were compelled to withdraw our full year guidance for 2025. A decision we did not take lightly but felt prudent given the dynamic situation.

不幸的是，4 月 2 日最初的關稅公告和隨後的修訂帶來了巨大的不確定性。今天我們坐在這裡，很難，但並非不可能預測貿易政策以及消費者情緒和支出的潛在曲折。因此，我們被迫撤回 2025 年全年業績預期。我們並不是輕易做出這個決定的，但考慮到當前的動態情勢，我們認為這個決定是謹慎的。

For what we can control, I remain optimistic and bullish on our prospects. Our current order book and DTC trends support the top end of our previous full year revenue outlook, not to mention improving market share gains across most brands in our portfolio. In addition, I can tell you that overall demand trends for our brands appear to be holding at this point. Sell through US retail, for example, has remained strong throughout April, and we're getting similar reports from our international regions.

對於我們能夠控制的事情，我對我們的前景保持樂觀和看好。我們目前的訂單和 DTC 趨勢支持我們之前全年收入預期的最高值，更不用說我們投資組合中大多數品牌的市場份額都在提高。此外，我可以告訴您，目前我們品牌的整體需求趨勢似乎保持不變。例如，整個四月份，美國零售業的銷售一直保持強勁，我們從國際地區也得到了類似的報告。

For what we can't control, we believe that we are well positioned to navigate the current challenges, thanks to the momentum we generated. A strong and gritty team, and a variety of strategic and operational advantages, along with many actions already taken or in motion to mitigate the risk.

對於我們無法控制的事情，我們相信，憑藉我們所創造的動力，我們完全有能力應對當前的挑戰。一支強大而堅韌的團隊，以及各種策略和營運優勢，以及許多已經採取或正在進行的降低風險的行動。

Let me provide a few details about why I'm optimistic. Today our sourcing footprint strategically diversified due to a very intentional evolution over the past several years. In 2019, nearly 40% of our products sold in the US was sourced from China. This year, we now expect that to be just high single digits, primarily related to our work group brands. Our supply chain is also nimbler today, enabling optimization across a mix of suppliers and factories. In some cases, leveraging dual sourcing of franchises to maximize flexibility.

讓我提供一些細節來解釋我為何樂觀。如今，經過過去幾年的精心發展，我們的採購足跡已實現策略多元化。2019年，我們在美國銷售的產品中近40%來自中國。今年，我們預計這一數字僅為高個位數，主要與我們的工作小組品牌有關。如今，我們的供應鏈也更加靈活，能夠實現跨供應商和工廠組合的最佳化。在某些情況下，利用特許經營的雙重來源來最大限度地提高靈活性。

Importantly, we've invested in developing our relationship with our key supply chain partners over the last couple of years through annual summits and close strategic partnership and planning. And we benefited greatly from planning an industry veteran as our chief global supply chain officer a little over a year ago. On the commercial side, our business is truly global, with our brands being sold in approximately 170 countries and territories around the world through an asset light model powered largely through wholesale and distributor partnerships.

重要的是，過去幾年，我們透過年度高峰會和密切的策略夥伴關係和規劃，致力於發展與主要供應鏈合作夥伴的關係。一年多前，我們計劃聘請一位行業資深人士擔任我們的首席全球供應鏈官，這讓我們受益匪淺。在商業方面，我們的業務是真正的全球性業務，我們的品牌透過輕資產模式銷往全球約 170 個國家和地區，主要透過批發和經銷商合作夥伴關係實現。

As on the sourcing side, we focused considerable effort on continuing to strengthen these relationships over the past 18 months. Engaging in top to top meetings, hosting our key partners here on campus, and we're regularly visiting important markets around the world. I'm pleased to report our business is strong and growing outside the US. Up mid-teens year every year in the first quarter with a good outlook for the balance of the year.

與採購方面一樣，我們在過去 18 個月中投入了大量精力來繼續加強這些關係。我們舉行高層會議，在校園裡接待我們的主要合作夥伴，並定期訪問世界各地的重要市場。我很高興地告訴大家，我們的業務在美國以外地區表現強勁且不斷成長。每年第一季的漲幅都維持在十幾歲左右，全年的前景也很好。

Finally, our team has developed critical capabilities and confidence over the last two years in facing the challenges of stabilizing and turning around the company. We've developed a penchant for fast and bold action as an organization, and we've implemented new tools and processes to help us better manage the business, in addition to adding talent with new skill sets and strong pedigrees to the company.

最後，我們的團隊在過去兩年中培養了應對穩定和扭轉公司局面的挑戰的關鍵能力和信心。作為一個組織，我們已經形成了快速而大膽行動的傾向，並且我們已經實施了新的工具和流程來幫助我們更好地管理業務，此外還為公司增加了具有新技能和強大血統的人才。

With the benefit of these advantages and building momentum for our team and brands, we're taking a proactive approach to address the current challenges head on. We have a solid plan to protect profitability while also working to protect the momentum we generated across a range of model scenarios. Our approach consists of three components mitigate, navigate, and elevate.

憑藉這些優勢以及為我們的團隊和品牌累積的動力，我們正在採取積極主動的方式來應對當前的挑戰。我們有一個完善的計劃來保護獲利能力，同時也努力保護我們在一系列模型場景中產生的勢頭。我們的方法包括三個部分：緩解、導航和提升。

To mitigate the impact of tariffs and deliver the products our consumers want at the best possible value, we've initiated a holistic balanced set of actions across the entire value chain. We plan to leverage our diversified supply chain and dual sourcing flexibility to the maximum extent possible to limit our exposure to elevated tariffs on goods sourced from China into the US.

為了減輕關稅的影響並以最優惠的價格提供消費者想要的產品，我們在整個價值鏈中採取了一系列全面平衡的行動。我們計劃最大限度地利用我們多樣化的供應鏈和雙重採購彈性，以限制我們從中國進口的商品受到美國提高關稅的影響。

As mentioned, we expect this will amount to be less than 10% of our volume this year, and we're targeting to push this down to near zero in 2026. In addition, we're in discussions with our supply chain partners on the financial impact of the tariffs and redirecting product into our vast international distribution network where we have demand tailwinds without onerous tariffs. While we intend to continue to invest in our brand's momentum, we're simultaneously we plan to capture SG&A savings across discretionary areas of the business in the near term until the dust settles.

如上所述，我們預計這將占到我們今年銷售的 10% 以下，我們的目標是到 2026 年將其降至接近零。此外，我們正在與我們的供應鏈合作夥伴討論關稅的財務影響，並將產品重新分配到我們龐大的國際分銷網絡，在那裡我們擁有需求順風，而沒有繁重的關稅。雖然我們打算繼續投資於我們品牌的發展勢頭，但我們同時計劃在短期內實現業務可自由支配領域的銷售、一般和行政費用的節省，直到塵埃落定。

Finally, we've communicated a set of strategic and surgical price adjustments to the marketplace. Taking price increases is not something we do without significant consideration, but we believe our brands and momentum, positioning in the marketplace and product innovation pipelines will help limit potential demand headwinds.

最後，我們向市場傳達了一系列策略性和精確性的價格調整。我們不會不經過深思熟慮就提高價格，但我們相信我們的品牌和發展動能、市場定位和產品創新管道將有助於限制潛在的需求阻力。

To navigate what is still a very fluid situation going forward, we formed a dedicated internal team which is meeting daily, helping surface insights, align planning, and drive action and pace across the global enterprise. We've taken the playbook from our turnaround stabilization efforts over the past 21 months and invite every learning to this new reality. This new muscle we've built will serve us well in the days and weeks and months ahead.

為了應對未來仍然非常不穩定的局勢，我們組建了專門的內部團隊，每天開會，幫助提出見解、協調計劃並推動全球企業的行動和步伐。我們借鏡了過去 21 個月扭轉局面穩定努力的經驗，並歡迎大家借鏡這個新現實。我們鍛鍊出來的新肌肉將在未來的日子、幾週和幾個月為我們提供良好的服務。

Despite the challenges, we are viewing the shifting landscape also as an opportunity to elevate and emerge a better and stronger company. We intend to proceed with our highest priority growth investments to accelerate share gains in certain areas at the same time scrutinize every expense. As in any difficult situation, there will inevitably be winners and losers. It's our responsibility to be among the former.

儘管面臨挑戰，我們仍將不斷變化的情況視為提升和發展更好、更強大的公司的機會。我們打算繼續進行最優先的成長投資，以加速某些領域的份額成長，同時仔細審查每項開支。正如任何困難的情況一樣，不可避免地會有贏家和輸家。我們有責任成為前者。

With that, I'd now like to hand the call over to Taryn Miller to take you through our first quarter results and how we're viewing 2025 in more detail. Taryn?

現在，我想將電話交給 Taryn Miller，讓她向您詳細介紹我們的第一季業績以及我們對 2025 年的展望。塔琳？

Thank you, Chris, and welcome everyone. We had a strong start to the year with growth across revenue, margin, and earnings per share ahead of our expectations. Our first quarter of performance demonstrates the strength of our focused portfolio investments to support our brands and strategic initiatives, and the dedicated execution by our team.

謝謝你，克里斯，歡迎大家。我們今年開局強勁，營收、利潤率和每股盈餘的成長都超出了我們的預期。我們第一季的業績證明了我們重點投資組合對品牌和策略計畫的支持力度，以及我們團隊的專注執行力。

First quarter revenue of $412 million was above our outlook of approximately $395 million. The majority of the overdelivery was driven by increased demand in the active group, and favorable foreign currency contributed $6 million. Constant currency revenue growth for our ongoing business in the quarter was 6.7% versus the prior year and reflects increased demand for our brands and products as we execute our consumer-focused strategy.

第一季營收為 4.12 億美元，高於我們預期的約 3.95 億美元。超額交付主要是由於活躍群體的需求增加，有利的外匯貢獻了 600 萬美元。本季度，我們持續經營業務的固定匯率收入年增 6.7%，反映出隨著我們實施以消費者為中心的策略，對我們的品牌和產品的需求增加。

The year over year comparison includes $6 million of revenue in the first quarter of 2024 that did not repeat this year related to the Merrell and Saucony kids' business model change. Active Group revenue grew 13% compared to the prior year, better than our outlook amid single digit growth. The beat was primarily due to accelerating momentum in Saucony, which was up 30% year over year due to strong demand in both performance run and lifestyle.

與去年同期相比，2024 年第一季的營收為 600 萬美元，由於 Merrell 和 Saucony 兒童業務模式的改變，今年沒有出現相同的收入。Active Group 的營收較去年同期成長了 13%，在個位數成長的背景下，成長幅度高於我們的預期。這一成長主要得益於索康尼 (Saucony) 的強勁成長勢頭，由於高性能跑步和生活方式的強勁需求，索康尼的銷售額同比增長了 30%。

Triumph 22, Ride 18, and Guide 18, as well as the Endorphin franchise led the way, driving higher replenishment orders from the wholesale channel and elevated consumer demand on Saucony.com. Merrell revenue grew 13% in the quarter, with growth in core product franchises including Moab 3, Agility Peak 5, and Moab Speed 2. Sweaty Betty revenue declined 16% this quarter, which was in line with our expectations. We shared in our fourth quarter call that we were taking actions to improve the profitability of Sweaty Betty.

Triumph 22、Ride 18、Guide 18 以及 Endorphin 系列產品一路領先，帶動了批發管道的補貨訂單增加，並提升了 Saucony.com 的消費者需求。本季度，Merrell 的營收成長了 13%，核心產品系列（包括 Moab 3、Agility Peak 5 和 Moab Speed 2）均有所成長。Sweaty Betty 營收本季下降了 16%，符合我們的預期。我們在第四季電話會議上表示，我們正在採取行動提高 Sweaty Betty 的獲利能力。

As Chris shared, Sweaty Betty made meaningful progress towards this goal in the first quarter with material gross margin expansion driven by lower levels of promotion, coupled with a better mix of full price sales. Work group revenue decreased 17% in the quarter, somewhat below our expectations. Approximately half of the decline was a result of a timing shift between the fourth quarter of 2024 and the first quarter of 2025 that we shared in our February call. The other half of the decline relates to the non-repeat of significant discounting on certain styles from the prior year and challenges in our product offering which we are actively addressing.

正如克里斯所分享的，Sweaty Betty 在第一季朝著這一目標取得了有意義的進展，由於促銷水平降低，加上全價銷售組合得到改善，材料毛利率有所擴大。本季工作組收入下降了 17%，略低於我們的預期。大約一半的下降是由於我們在 2 月的電話會議上分享的 2024 年第四季和 2025 年第一季之間的時間變化造成的。另一半下降的原因在於某些款式沒有像前一年那樣大幅打折，而且我們正在積極應對產品供應方面遇到的挑戰。

We expect work group performance to improve as new products go into market and inventory on key products is replenished. Adjusted gross margin of 47.3% increased 80 basis points compared to last year. Gross margins were above our expectations and reflect a healthier sales mix, lower promotional activity, and the benefit of supply chain initiatives. Adjusted operating margin of 6% increased 100 basis points compared to last year and exceeded our outlook for the quarter, driven by operating cost leverage on the stronger revenue performance.

我們預計，隨著新產品進入市場和主要產品庫存得到補充，工作小組的績效將會提高。調整後的毛利率為47.3%，較去年同期增加了80個基點。毛利率高於我們的預期，反映了更健康的銷售組合、更少的促銷活動以及供應鏈計劃的好處。調整後的營業利潤率為 6%，較去年同期增加了 100 個基點，超出了我們對本季的預期，這得益於更強勁的收入表現帶來的營業成本槓桿作用。

As a result of the improvement in revenue and operating margin, adjusted diluted earnings per share improved from $0.05 in the first quarter of 2024 to $0.18 in 2025, above our outlook of $0.10. Net debt was $604 million down approximately $80 million versus last year.

由於收入和營業利潤率的提高，調整後每股攤薄收益從 2024 年第一季的 0.05 美元提高到 2025 年的 0.18 美元，高於我們預期的 0.10 美元。淨債務為 6.04 億美元，較去年同期減少約 8,000 萬美元。

Turning to our outlook for the balance of the year. In response to the dynamic nature of our operating environment, particularly the evolving tariff situation and its impact on our business, we've reassessed our outlook. We are concentrating on several key factors. Our strategic progress, the effects of higher tariff rates on costs and inventory. Our initiatives to mitigate these costs. And anticipated consumer and customer responses.

談談我們對今年平衡的展望。為了因應我們經營環境的動態性質，特別是不斷變化的關稅情況及其對我們業務的影響，我們重新評估了我們的前景。我們集中在幾個關鍵因素。我們的策略進展，更高的關稅稅率對成本和庫存的影響。我們為降低這些成本所採取的措施。並預期消費者和顧客的反應。

As a result of our assessment, while we are providing guidance for the second quarter today, we are withdrawing the full year 2025 guidance we provided in February. Once we have better visibility regarding the tariff rates and their potential impact on our business and our consumers, we'll be in a better position to return to providing a current fiscal year outlook. We believe this approach provides a clear and strategic view of our progress and performance and allows us to navigate the complexities effectively.

根據我們的評估結果，雖然我們今天提供了第二季的指引，但我們將撤回 2 月提供的 2025 年全年指引。一旦我們更了解關稅稅率及其對我們的業務和消費者的潛在影響，我們將能夠更好地重新提供本財年的展望。我們相信，這種方法可以讓我們清晰、策略性地了解我們的進展和表現，並使我們能夠有效地應對複雜情況。

Let me walk you through how these factors informed our guidance update for 2025, starting with our strategic progress. Our first quarter results combined with the development of the order book strengthened our confidence in our February outlook. The active group led by our two largest brands, Merrell and Saucony, continues to build momentum bringing innovative products to market, growing distribution, and expanding market share.

讓我先從我們的策略進展開始，向您介紹這些因素如何影響我們 2025 年的指導更新。我們第一季的業績以及訂單的發展增強了我們對二月前景的信心。由我們最大的兩個品牌 Merrell 和 Saucony 領導的活躍集團繼續保持強勁勢頭，將創新產品推向市場，擴大分銷，並擴大市場份額。

Sweaty Betty remains focused on margin expansion driven by a continued shift to more full price business which provides a stronger foundation for future growth. In the work group, the focus remains on bolstering product innovation and maximizing trends through key franchises such as the Rancher and the Trade Wedge.

Sweaty Betty 繼續專注於利潤率的擴大，並透過持續轉向全價業務來推動利潤率的擴大，這為未來的成長提供了更堅實的基礎。在工作小組中，重點仍然是透過 Rancher 和 Trade Wedge 等主要特許經營權來加強產品創新和最大限度地發揮趨勢。

Turning to the direct impact of increased tariffs on the cost of goods. We accelerated plans to move production out of China in 2025 for US products. Less than 10% of our products are now expected to be sourced from China, down from the mid-teens just earlier this year. Using our current sourcing and incremental tariff rates of 145% for China and 10% for other sourcing countries. We expect these incremental tariffs to translate to an estimated $30 million profit impact to 2025 before any mitigation.

談到提高關稅對商品成本的直接影響。我們加快了2025年將美國產品生產遷出中國的計畫。預計目前我們來自中國的產品比例將不到 10%，而今年稍早這一比例還只有 10% 左右。使用我們目前的採購和增量關稅稅率，對中國徵收 145%，對其他採購國家徵收 10%。我們預計，在採取任何緩解措施之前，這些增量關稅到 2025 年將對利潤造成約 3,000 萬美元的影響。

Before the new tariffs were announced, we had already started strategic actions to enhance our profitability. Now we are intensifying those efforts and accelerating existing initiatives while prudently reducing spending in certain planned areas. We're working closely with our customers and partners to implement strategic pricing, reduce product costs and lower SG&A spending. In parallel, as I shared, we've already reduced our US sourcing from China and planned to lower it further over time.

在新關稅公佈之前，我們就已經開始採取策略行動來提高獲利能力。現在我們正在加大這些努力，加速現有舉措，同時審慎削減某些計劃領域的開支。我們正在與客戶和合作夥伴密切合作，實施策略定價，降低產品成本並降低銷售、一般及行政費用 (SG&A) 支出。同時，正如我所分享的，我們已經減少了從中國的美國採購量，並計劃隨著時間的推移進一步降低。

Our objective remains to balance the need to protect margins and cash flow with the imperative to invest in initiatives that fortify our brands to drive long-term sustainable growth. This approach will enable us to navigate a potential decline in consumer spending in the second half of 2025. Given the current trade uncertainty, we are reinforcing our emphasis on our balance sheet health.

我們的目標仍然是平衡保護利潤和現金流的需要與投資強化品牌以推動長期可持續增長的舉措的必要性。這種方法將使我們能夠應對 2025 年下半年消費者支出可能的下降。鑑於目前的貿易不確定性，我們正在加強對資產負債表健康的重視。

The investments we've made in integrated business planning are enabling us to make more informed decisions about inventory flow, allowing us to mitigate the impact of increased tariffs on the value and volume of our inventory. We remain committed to our capital allocation priorities, which are investing in the business to fuel profitable growth, reducing debt, and maintaining the dividend.

我們在綜合業務規劃方面所做的投資使我們能夠對庫存流動做出更明智的決策，從而減輕關稅上調對庫存價值和數量的影響。我們仍然致力於我們的資本配置優先事項，即投資業務以推動獲利成長、減少債務和維持股息。

Turning to our outlook for the second quarter. Based on current trends in the business, we are seeing the momentum we've built over the past several quarters continue into the second quarter. We expect the impact of higher tariffs to be more significant in the second half of 2025 than in the second quarter. We expect second quarter revenue to be in the range of $440 million to $450 million, a year over year increase of approximately 5% at the midpoint, or 4.6% on a constant currency basis.

談談我們對第二季的展望。根據當前的業務趨勢，我們看到過去幾季建立的勢頭將延續到第二季​​。我們預計，2025 年下半年關稅上調的影響將比第二季更為顯著。我們預計第二季營收將在 4.4 億美元至 4.5 億美元之間，年比中位數成長約 5%，或以固定匯率計算成長 4.6%。

The year over year comparison includes $2 million of revenue in the second quarter of 2024 that will not repeat this year related to the Merrell and Saucony Kids' business model change. Regarding foreign currency, spot rates have shifted significantly since the beginning of the year, with the US dollar weakening against most currencies. While the current rates are favorable to our original outlook, we are closely monitoring the situation and expect continued volatility, especially as the tariff situation evolves.

與去年同期相比，2024 年第二季的營收為 200 萬美元，由於 Merrell 和 Saucony Kids 的業務模式變化，今年不會重複出現這一收入。就外幣而言，自今年年初以來，即期匯率發生了顯著變化，美元兌大多數貨幣走弱。雖然目前的費率對我們最初的展望有利，但我們正在密切關注形勢，預計波動將持續，尤其是隨著關稅狀況的發展。

At the midpoint of the range, we expect active Group revenue for the second quarter to grow by high single digit percentage year over year. Work group revenue is expected to decline by a low single digit percentage, reflecting a sequential improvement compared to the first quarter. We expect improvements in operating margins and earnings with second quarter adjusted operating margins of approximately 7.2% and adjusted diluted earnings per share of $0.19 to $0.24.

在該範圍的中間點，我們預計第二季度集團主動收入將年增高個位數百分比。預計工作組收入將下降個位數百分比，與第一季相比有所改善。我們預計營業利潤率和收益將會改善，第二季調整後的營業利潤率約為 7.2%，調整後的每股攤薄收益為 0.19 美元至 0.24 美元。

In summary, Our first quarter performance and outlook for the second quarter highlight the effectiveness of our strategy in enhancing our brands and strengthening our financial position. The realities and challenges in our current market conditions are evident. Our actions are designed to thoughtfully balance earnings and cash flow improvement with essential reinvestment to ensure sustained, profitable growth and value for our shareholders.

總而言之，我們第一季的業績和第二季的展望凸顯了我們的策略在提升品牌和加強財務狀況方面的有效性。我們當前市場狀況的現實和挑戰是顯而易見的。我們的行動旨在精心平衡收益和現金流改善與必要的再投資，以確保為股東實現持續、盈利的成長和價值。

We are in a better position today to address these challenges than we were 12 months ago. Our brands are stronger, our teams are leveraging new capabilities, and our balance sheet has improved significantly.

與 12 個月前相比，我們今天能夠更好地應對這些挑戰。我們的品牌更加強大，我們的團隊正在利用新的能力，我們的資產負債表也得到了顯著改善。

And with that, let me hand the call back to Chris before we open it 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. After a very strong start to the year, we along with our entire industry are now facing a dynamic marketplace and uncertain road ahead. Despite this reality, I believe the new Wolverine World Wide is well positioned to navigate the challenges and emerge a better company. Our advances and actions include original leading brands and attractive categories that we believe are aligned with long-term macro consumer trends and present sizable opportunities for future growth.

謝謝，塔琳。在經歷了今年非常強勁的開局之後，我們和整個行業現在面臨著充滿活力的市場和不確定的未來道路。儘管有這樣的現實，我相信新的 Wolverine World Wide 已經準備好應對挑戰，成為更好的公司。我們的進步和行動包括原創領先品牌和有吸引力的類別，我們認為這些與長期宏觀消費趨勢一致，並為未來的成長提供了巨大的機會。

A proven playbook that's reinvigorated our biggest brands and is helping to drive momentum across the business. A diversified and nimble supply chain and global distribution network that enables us to optimize and pivot as needed. A holistic balanced tariff action plan designed to protect the business's profitability and our brand's momentum informed by the lessons learned from our stabilization and turnaround efforts.

經過驗證的策略為我們最大的品牌注入了新的活力，並有助於推動整個業務的發展。多樣化、靈活的供應鏈和全球分銷網絡使我們能夠根據需要進行最佳化和調整。一個整體平衡的關稅行動計劃旨在保護企業的盈利能力和我們品牌的發展勢頭，該計劃借鑒了我們在穩定和扭虧為盈努力中吸取的經驗教訓。

And finally, and possibly most importantly, a strong and resilient team with an emerging culture obsessed with winning. Coupled with enhanced capabilities bolstered by new talents, processes and tools. Every situation presents opportunity and our team is determined to be among the winners. We remain focused on building the new Wolverine World Wide. The company premised on building and leading great global brands, with everyone working together to win and ultimately to make every day better.

最後，也可能是最重要的一點，一個強大而有韌性的團隊，擁有一種沉迷於勝利的新興文化。再加上新人才、新流程和新工具所增強的能力。每個情況都蘊含著機遇，我們的團隊決心成為贏家。我們將繼續致力於打造新的 Wolverine World Wide。公司的宗旨是打造和領導偉大的全球品牌，讓每個人都齊心協力，共贏，並最終讓每一天都變得更好。

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

最後，感謝大家今天早上抽出時間與我們在一起，我們很高興回答你們的問題，接線員？

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Laurent Vasilescu, BNP Paribas Exane.

洛朗·瓦西萊斯庫，法國巴黎銀行 Exane。

Good morning. Thank you very much for taking my question.And I have to say congrats on a really solid first quarter, and thank you very much for giving at least guidance for 2Q. While I recognize you are pulling annual guidance, it sounds like most of your China sourcing is for the work business. Also, it sounded like Chris you were mentioning that the order book is holding up. So on those 2 points made in the prepared remarks, any high-level changes that you're seeing with regards to Saucony and Merrill business for the full year, relative to what you called out in February?

早安.非常感謝您回答我的問題。我必須對第一季的穩健表現表示祝賀，也非常感謝您至少給了第二季的指導。雖然我知道您正在製定年度指導，但聽起來您的大部分中國採購都是為了工作業務。此外，克里斯，聽起來你提到訂單簿被擱置了。那麼，根據準備好的演講中提出的這兩點，相對於您在二月份所說的情況，您認為 Saucony 和 Merrill 全年業務方面有什麼高層變化嗎？

Thanks, Laurent. Thanks for getting up early. I appreciate the question. Yes, you picked up those comments correct. We've Thankfully, several years ago, we began doing a better job diversifying our sourcing base. And obviously, those efforts have accelerated coming out of the tariff proclamation. And we'll be down, like we said, well below 10% this year and moving towards zero in '26. As it relates to our momentum in the business and sort of order book visibility, I think where we were. We feel good about how '25 is shaping up.

謝謝，洛朗。謝謝你早起。我很感謝你提出這個問題。是的，你正確地理解了這些評論。值得慶幸的是，幾年前，我們開始更好地實現採購基礎的多樣化。顯然，關稅聲明出台後，這些努力已經加速。正如我們所說的，今年的降幅將遠低於 10%，到 26 年將接近零。由於它與我們的業務動能和訂單可見性有關，我認為我們處於什麼位置。我們對 25 年的進展感到滿意。

And certainly, in some places, we think we've got a little bit more momentum than we had before. We're encouraged by where our brands sit, I think the product pipelines feel very good. We're obviously tracking the business each and every day, both focused on our own DTC business, along with order book trends and at once trends.

當然，在某些地方，我們認為我們的勢頭比以前更強了一點。我們的品牌地位讓我們感到鼓舞，我認為產品線感覺非常好。我們顯然每天都在追蹤業務，既專注於我們自己的 DTC 業務，也關注訂單趨勢和即時趨勢。

So I think, in general, certainly pre-April second, we felt good about where we sat for the year, the momentum we've seen, and we haven't seen anything materially change since then. But obviously, we're paying close attention to it. Even Fed Chairman, Powell yesterday talking about big changes in the data other than sentiment and sort of where the world is going. So that level of uncertainty with where the consumer is and certainly where the tariff situation will ultimately settle led us to the decision to withdraw the full year at the same time, give you a little bit more visibility on how we saw the second quarter playing out.

因此我認為，總體而言，尤其是在 4 月 2 日之前，我們對今年的狀況、所看到的勢頭感到滿意，並且自那時以來我們還沒有看到任何實質性的變化。但顯然，我們正在密切關注此事。甚至連聯準會主席鮑威爾昨天也談到了除了情緒和世界走向之外的其他數據的重大變化。因此，對於消費者的處境以及關稅情況最終將如何解決的不確定性，導致我們決定同時撤銷全年業績，讓您更清楚地了解我們對第二季業績的看法。

Very helpful. And then 2 housekeeping questions here. I think last quarter, there was a shift in work revenues between 1Q and 4Q. Did you see any shift between 2Q into 1Q? Is there one from 2Q into 3Q? And then second part of the housekeeping question. Taryn, I think it was very helpful that you quantified $30 million profit impact from the tariffs. Is that on the gross margin? Is that EBIT? Is that net income? And should we think about it between by equally split between 3Q and 4Q. Thank you.

非常有幫助。這裡還有 2 個基本問題。我認為上個季度，第一季和第四季之間的工作收入發生了變化。您是否看到第二季與第一季之間有任何轉變？從 2Q 到 3Q 有嗎？然後是內部問題的第二部分。塔琳，我認為你量化關稅對 3000 萬美元利潤的影響非常有幫助。這是毛利率嗎？那是息稅前利潤 (EBIT) 嗎？這是淨收入嗎？我們是否應該考慮在 3Q 和 4Q 之間平等分配？謝謝。

Yes. On the Work Group question, thank you, Laurent. The no other shift that I would call out other than the shift that we had called out in our earnings call in February and basically, that being half of the decline that we saw in the first quarter this year. No other shift to report. Regarding the second housekeeping item in terms of the $30 million tariff impact without taking any mitigation that's -- it's really gross margin profit, I think of it very similarly when we're giving you that approximate $30 million. And we did -- we're not providing right now a Q3, Q4, how it phases in.

是的。關於工作小組的問題，謝謝你，Laurent。除了我們在二月的收益電話會議上提到的變化之外，我沒有其他要提到的變化，基本上，這是我們今年第一季看到的下降的一半。沒有其他班次需要報告。關於第二個日常事務，即 3000 萬美元的關稅影響，不採取任何緩解措施 - 這實際上是毛利率，當我們給你大約 3000 萬美元時，我對此的看法非常相似。我們確實做到了——我們現在沒有提供第三季、第四季的具體實施。

Understood. Thank you very much for all the color. And best of luck.

明白了。非常感謝你們帶來的所有色彩。祝你好運。

Thanks.

謝謝。

Ashley Owens, Keybanc.

阿什利·歐文斯（Ashley Owens），Keybanc。

Hi, good morning. So maybe just to start, you mentioned taking price increases across the marketplace as part of the broader plan to help mitigate some of this tariff impact. Can you just discuss the magnitude of these increases? And then maybe more specifically, if these will be applied across all brands in select or if it's more limited and where the focus would be, if so, and then maybe how much these are helping to offset or recapture some of those product cost increases. Thank you.

嗨，早安。因此，也許首先，您提到將提高整個市場的價格作為更廣泛計劃的一部分，以幫助減輕部分關稅影響。您能討論一下這些成長的幅度嗎？然後也許更具體地說，如果這些措施將應用於所有選定的品牌，或者如果措施的範圍更有限，重點將放在哪裡，如果是這樣，那麼這些措施可能在多大程度上有助於抵消或收回部分產品成本的增加。謝謝。

Yeah. Thanks, Ashley. Great question. I think our approach to price increases were thoughtful and considered and strategic and surgical. We didn't apply a blanket across every brand, every category. We looked very closely at where our brand sat, where the competition was where we felt we had opportunities and we try to be thoughtful. So it's hard to take a broad stroke across everyone and say this is exactly what we did. It was done by brand specifically and at the same time, reviewed with us at the level and then communicated this week and will be effective later this quarter.

是的。謝謝，阿什利。好問題。我認為我們對漲價的態度是經過深思熟慮、經過深思熟慮、戰略性和針對性的。我們並沒有對每個品牌、每個類別實行一刀切的政策。我們仔細研究了我們的品牌所處的位置、競爭情況以及我們認為我們有機會的地方，並努力進行深思熟慮。因此，很難對所有人一概而論，並說這就是我們所做的。它是由品牌專門完成的，同時，與我們在層面上進行審查，然後在本週進行溝通，並將於本季度晚些時候生效。

So again, it was hard to paint with a broad brush. Surgically, I'll give you some examples in Saucony, sort of like mid-single digits for specific products similar to Merrell and similar to the Work Group. We don't anticipate this to fully offset the impact of the tariffs, which is why we are looking to other levers to pull to offset that risk, but it is a combination of efforts that will pull across the enterprise to react to the current situation. But again, the price increases were thoughtful, strategic, surgical and considered and with the best insights we had to partially offset the tariffs.

因此，再次強調，用粗筆來描繪是很困難的。確切地說，我會給你舉一些 Saucony 的例子，有點像是 Merrell 和 Work Group 等特定產品的中位數價格。我們預計這並不能完全抵消關稅的影響，這就是為什麼我們正在尋找其他手段來抵消這種風險，但這是一種綜合的努力，將推動整個企業對當前情況做出反應。但再次強調，價格上漲是經過深思熟慮的、有策略的、精準的和經過深思熟慮的，我們憑藉最好的見解部分抵消了關稅。

Okay. Great. And then just two quick follow-ups. So one, I didn't see an outlook or breakdown of expectations for second quarter by segments. Anything you can say quarter-to-date there? And then two, for gross margin for second quarter, I know a similar situation, understand with the ongoing volatility.

好的。偉大的。接下來是兩個簡短的後續問題。因此，首先，我沒有看到按細分市場劃分的第二季前景或預期細分。您能透露一下本季迄今的情況嗎？其次，對於第二季的毛利率，我知道也有類似的情況，並且了解持續的波動。

But just any guidelines as to how we should be weighing some of the higher full price sales you've been realizing versus initial impacts? And how much of that you're planning to absorb or maybe post in the second quarter? Just any goal posts for how we should be thinking about the gross margin line would be helpful. Thanks.

但是，對於我們應該如何權衡您已經意識到的更高的全價銷售與最初的影響，有什麼指導嗎？您計劃在第二季吸收或發布多少？關於我們應該如何思考毛利率的任何目標都會有所幫助。謝謝。

I'll take the first part and hand the second part to Taryn. As we've said, we haven't seen any fall off yet, both from the consumer sentiment or from customers. We haven't seen that yet. Obviously, we're paying very close attention to that. I would say, interestingly enough, we've actually seen an uptick in Saucony since the tariff announcements in that business.

我將負責第一部分，並將第二部分交給 Taryn。正如我們所說，我們還沒有看到任何下降，無論是消費者情緒還是客戶情緒。我們還沒有看到這一點。顯然，我們對此非常關注。我想說，有趣的是，自從該業務宣布徵收關稅以來，我們實際上看到了索康尼的業績上漲。

So -- but nothing adverse yet at the same time, we're all paying close attention to where the consumer is. Obviously, lots of talk about uncertainty and where consumer sentiment is. Obviously, sentiment doesn't equal spending, but we'll certainly pay attention to that moving forward.

所以——但目前還沒有什麼不利的情況，同時，我們都在密切關註消費者的狀況。顯然，很多人都在談論不確定性以及消費者情緒。顯然，情緒並不等於支出，但我們肯定會關注這一點。

And then regarding your question in terms of gross margins for the quarter, we did not give gross margin for the quarter, given the current operating margins or operating environment dynamics and the range of outcomes. We're giving a somewhat broader range for the quarter as opposed to the $440 million to the $450 million in revenue, a bit broader than we would normally give. We're also focusing the guidance on key metrics such as revenue, the operating profit and earnings per share rather than the specifics on gross margin or SG&A. I believe that these metrics can give you a clear view of the progress we're making, the momentum we're seeing in the business, and it also allows us to navigate the complexities and some of the uncertainties in the environment.

關於您提出的本季毛利率問題，考慮到目前的營業利潤率或經營環境動態以及結果範圍，我們沒有給出本季的毛利率。我們給出的本季營收範圍比我們通常給出的要寬一些，而不是 4.4 億美元至 4.5 億美元。我們也將重點放在收入、營業利潤和每股盈餘等關鍵指標，而不是毛利率或銷售、一般及行政費用（SG&A）的具體情況。我相信這些指標可以讓您清楚地了解我們正在取得的進展、我們在業務中看到的勢頭，同時也讓我們能夠應對環境中的複雜性和一些不確定性。

That's a bit of the reason in terms of of the guidance that we give for the second quarter. Regarding the segment expectations, what we had shared was for Active Group. We expect that to be high single-digit revenue growth. And for the Work Group, we would expect a decline of low single digits, which is that improvement sequentially that we're seeing quarter-to-quarter.

這就是我們給出的第二季指引的部分原因。關於分部的預期，我們分享的是針對 Active Group 的。我們預計收入將實現高個位數成長。對於工作小組，我們預計會出現較低的個位數下降，這是我們看到的季度環比改善。

Okay, got it, that's helpful. Thank you.

好的，明白了，這很有幫助。謝謝。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

Thank you, guys, for taking my questions. I've had a handful. But starting with we talk -- you're talking a lot about -- you talked about order book and things like that. What are you doing from like a demand planning basis when looking into the back half, are you pulling back on the supply in advance of the potential for less consumer demand regardless of what you're seeing now in order, so you don't get caught with too much inventory if it does slow down, taking the order book out of it, I'm really talking about consumer demand, not with some buyers from whatever retailer are placing.

謝謝你們回答我的問題。我已吃過好幾把了。但從我們談論開始——您談論了很多——您談到了訂單簿和諸如此類的事情。當展望下半年時，從需求規劃的角度來看，您會做什麼？無論您現在看到什麼，您是否會在消費者需求減少之前提前撤回供應，這樣如果需求確實放緩，您就不會陷入庫存過多的困境，從中拿出訂單，我實際上談論的是消費者需求，而不是來自零售商的一些買家的需求。

Good question, Sam. Thanks for getting up early with us. One of the things that we've done over the last year or so is to stand up a new integrated business planning group. We didn't do a particularly good job as a company navigating everything coming out of COVID, and we knew that we had to improve that capability. We haven't talked a lot about it, but this new team is really doing a very nice job orchestrating efforts across the enterprise, both demand signals coming from the marketplace and then how we plan and produce inventory. Specific to your question on how we're thinking about the back half of the year, it's hard to paint a broad brush across the entire enterprise.

問得好，山姆。感謝您和我們一起早起。我們在過去一年左右所做的事情之一就是建立一個新的綜合業務規劃小組。作為一家公司，我們在應對新冠疫情帶來的所有影響方面做得併不是特別好，我們知道我們必須提高這種能力。我們對此沒有進行過多的討論，但這個新團隊確實在協調整個企業的努力方面做得非常出色，包括來自市場的需求訊號以及我們如何規劃和生產庫存。具體到您問的我們如何看待下半年的情況，很難對整個企業進行概括。

I would -- there are some places we are certainly more cautious just given brand momentum, what's happening in that market, how we view the product pipeline. And we will be constrained there to make sure that we manage inventory responsibly. At the same time, where there is momentum where we have some excitement or we do think that demand will persist. I think we'll be a little more bullish on those prospects.

我會——考慮到品牌發展勢頭、市場現狀以及我們如何看待產品線，我們在某些​​方面肯定會更加謹慎。我們將受到限制，以確保我們負責任地管理庫存。同時，只要有發展勢頭，我們就會感到興奮，或者我們確實認為需求會持續下去。我認為我們會對這些前景更加樂觀。

And certainly, from a footwear standpoint, as the consumer in the marketplace goes through cycles, whatever we want to call them, we believe that certain segments generally hold up a little bit better. And we certainly think athletic and outdoor in some downward cycles generally hold up fair a little bit better than other categories.

當然，從鞋類的角度來看，隨著市場消費者經歷週期，無論我們如何稱呼它們，我們相信某些細分市場通常會表現得更好一些。我們確實認為，在某些下行週期中，運動和戶外產品的表現通常比其他類別的產品好一些。

So to answer your question, Sam, very close attention to the marketplace where the consumers and customers are paying attention to the order book, a new capability with our integrated business planning team. And then more surgical, not across the board cuts related inventory if we're nervous about the environment, but more thoughtful about where each brand sits and the momentum they possess.

因此，回答你的問題，山姆，我們非常關注市場，消費者和客戶正在關注訂單，這是我們綜合業務規劃團隊的新功能。然後採取更有針對性的措施，如果我們對環境感到緊張，就不會全面削減相關庫存，而是更加深思熟慮地考慮每個品牌所處的位置以及它們所擁有的發展勢頭。

Let me just ask a different way, real quick is like given -- I mean, given the momentum, let's say, of Saucony or Merrill at the moment, when you look at the back half, do you anticipate the same kind of momentum or are you going to temper your expectation for that momentum in the way you feed the beast to support it?

讓我換一種方式問一下，很快就像是給定的 - 我的意思是，考慮到目前的勢頭，比如說 Saucony 或 Merrill，當你看後半部分時，你是否預期會有同樣的勢頭，或者你會以你餵養野獸來支持它的方式來緩和你對這種勢頭的預期？

Yes. So again, we're not going to provide -- we're not providing second half guidance. I think what you can infer from what Chris just said is that somewhat, yes, we have pulled back on inventory versus our original expectations in the back half.

是的。所以，我們不會提供——我們不會提供下半年的指導。我認為您可以從克里斯剛才所說的推斷出，是的，與下半年我們最初的預期相比，我們的庫存有所減少。

And then I continue to get lots of promotional e-mails from Merrill. And you had a nice margin increase there, and it sounds like it's gaining some momentum. And you also talked -- you said that you were talking about your -- about your new -- how you were working with distribution with the Merrell brand.

然後我繼續收到大量來自美林的促銷電子郵件。並且您的利潤率有了很大的提高，聽起來它正在獲得一些發展動力。您還談到了——您說您正在談論您的新業務——您如何與 Merrell 品牌進行分銷合作。

Can you talk and give us some details on why we're seeing so much promotional at least e-mails directly from Merrill. And how -- and is that cleaning up old stuff or what's going on? And then was it sell-in or sell-through that drove the Merrell increase in Q1?

您能否詳細解釋為什麼我們看到如此多直接來自美林的促銷電子郵件？那麼怎麼做——這是在清理舊東西還是發生了什麼事？那麼，是銷售量還是銷售量推動了 Merrell 第一季的銷售成長呢？

Specifically on the promotional thing, it's a good question, and I appreciate you raising it. We are working hard to become a less promotional business. Certainly, the factors over the last handful of years led the company to a place where we had to clear more for a whole variety of reasons. We are much cleaner today.

具體來說，關於促銷的事情，這是一個很好的問題，我很感謝你提出這個問題。我們正在努力成為一家不太注重促銷的企業。當然，過去幾年的各種因素導致公司不得不清理更多庫存。今天我們乾淨多了。

Our brands are in a much better place today, and we're working to become a less promotional business. That does not happen overnight, though. But there is a period of time which we have to make that transition, and you're going to see that. I would anticipate a material increase across our portfolio and dropping those -- that promotional cadence of e-mails at the same time, improving our gross margins.

如今，我們的品牌狀況好多了，我們正在努力減少對促銷的依賴。但這並非一朝一夕就能實現的。但我們必須花一段時間來完成這一轉變，你會看到這一點。我預計我們的產品組合將大幅增加，同時減少電子郵件的促銷節奏，從而提高我們的毛利率。

But there will be a shift that has to take place Merrill specific in the first quarter from a DTC standpoint, it probably lagged a little bit of our other brands on a full price mix was largely due to one style that was a little bit late getting into our distribution centers so we could roll it out.

但從 DTC 的角度來看，美林在第一季必須做出一些轉變，它在全價組合上可能比我們的其他品牌稍微落後一點，主要是因為有一種款式進入我們的配送中心有點晚，所以我們可以推出它。

So specifically, you will see us become less promotional. That's very true in the facts, and it's something that we're talking about more broadly as an organization I'm pleased with the progress we've made, but it's not going to happen in a quarter. But certainly, as we get into the back half of this year and begin to lap next year, you should certainly feel it.

具體來說，你會發現我們的促銷活動減少了。事實確實如此，作為一個組織，我們正在更廣泛地討論這個問題，我對我們所取得的進展感到滿意，但這不會在一個季度內發生。但可以肯定的是，當我們進入今年下半年並開始迎接明年時，你肯定會感受到它。

And then lastly, can you -- and can you just give us a breakdown with your international business of units versus dollars or how does -- because you have so much distributor business in your international market, can you talk about how -- it's about 50% of the total revenue, but how much of it is it in units versus in units versus domestic sales? And any color you can give us on that? And I don't even I had to ask it. You haven't broken it out in the past with the subs and the distributors. But any color given all the noise here and how big in like wholesale equivalent, that would really be if it was all a sub or something like that.

最後，您能否 - 您能否給我們詳細解釋一下您的國際業務的單位數與美元數額，或者如何 - 因為您在國際市場上有如此多的分銷業務，您能否談談 - 它約佔總收入的 50％，但其中有多少是按單位計算的，有多少是按國內銷售額計算的？您能告訴我們有關情況嗎？我什至不需要問這個問題。您過去從未與潛水艇和分銷商分過手。但是，考慮到這裡的所有噪音以及批發等價物的大小，任何顏色都會真的像是潛水艇或類似的東西。

Alex provide a couple of points to that question.

亞歷克斯針對這個問題提出了幾點看法。

Sam and our investor presentation, which is on our website right now, you'll see on Page 9, we give you some insights into our regional dispersion of revenue and units. And so in there, you'll see outside of the US, you'll see a large chunk of our pairs kind of generated outside the US and international markets. So I won't go through each region for you, but I'll just point you to on that specific page in the investor presentation and happy to follow up with you after on any specific questions.

Sam 和我們的投資者簡報（現在在我們的網站上），您會在第 9 頁看到，我們為您提供了一些有關我們收入和單位區域分佈的見解。因此，在那裡，你會看到在美國以外，你會看到我們很大一部分的貨幣對都是在美國和國際市場以外產​​生的。因此，我不會為您詳細介紹每個地區，但我只會指出投資者簡報中的特定頁面，並很樂意就任何特定問題與您進行跟進。

All right, thank you.

好的，謝謝。

Peter McGoldrick, Stifel Financial Corp.

Peter McGoldrick，Stifel Financial Corp.

Alright, thanks for taking a question. I was curious on the Saucony lifestyle rollout to the 900 new retailers. Can you talk a bit about the audience you're attracting there and the initial response. And then the -- how we should think of the additional 400 stores and the consequence that has to the forward revenue trajectory?

好的，感謝您的提問。我對 Saucony 向 900 家新零售商推出的生活方式感到好奇。您能否談談您在那裡吸引的觀眾以及最初的反應。然後——我們應該如何看待新增的 400 家商店以及這對未來收入軌蹟的影響？

Sure. Thanks, Peter, and welcome to the coverage. Yes, we're very bullish on the prospects of Saucony lifestyle. Saucony is a century old brand, benefits from a great product archive. And we found this in sort of resetting the brand over the past handful of years and developing a new strategy with the new team there's an amazing opportunity this intersection of run heritage and lifestyle and being part of the cultural conversation.

當然。謝謝，彼得，歡迎收看報紙。是的，我們非常看好 Saucony 生活方式的前景。索康尼是一個百年品牌，擁有豐富的產品檔案。我們發現，在過去幾年重塑品牌並與新團隊制定新策略的過程中，經營傳統和生活方式的交匯以及成為文化對話的一部分是一個絕佳的機會。

And I think the team has done a very nice job in very short order tapping into that. The lifestyle side is a meaningful part of the business. We're showing up in new distribution doors like Foot Locker in Journeys and Snipe, we're seeing the branch up there in meaningful ways. And we've tested that product in those doors. And so the expansion that you're seeing is test-based saying, there is demand for the brand and brand heat, and we're going to open that up.

我認為團隊在很短的時間內就很好地利用了這一點。生活方式是業務中很有意義的一部分。我們出現在新的分銷管道，例如 Journeys 和 Snipe 中的 Foot Locker，我們以有意義的方式看到了那裡的分支機構。我們已經在這些門上測試了該產品。因此，您所看到的擴展是基於測試的說法，對品牌和品牌熱度有需求，我們將會開放這一點。

So -- we've opened that aperture. The business continues to perform well, men's, women's and kids, and we're encouraged by the reception. And it really helps balance and complement that performance run piece, which is where the brand certainly is known for and cuts its teeth. And that's why I think the prospects for the brand are so bright.

所以——我們打開了那個光圈。男裝、女裝和童裝業務持續表現良好，市場反應令我們感到鼓舞。它確實有助於平衡和補充性能運行部分，這也是該品牌聞名和磨練的地方。這就是我認為該品牌前景如此光明的原因。

On the February '24 call, in the middle of the turnaround, I said that I was bullish on the prospects for Saucony because I've been part of the strategy been part around the new leadership team, and certainly, from where the brand was its history of innovation being one of the original running brands and then be able to capitalize on both and lifestyle, I think, in an amazing opportunity. And I remain very bullish on the prospects of that brand and that team. And certainly, the lifestyle piece is an important part of our growth story.

在 2 月 24 日的電話會議上，在公司轉型期間，我表示我對 Saucony 的前景持樂觀態度，因為我參與了新領導團隊的戰略制定，當然，該品牌作為最初的跑步品牌之一，有著悠久的創新歷史，能夠同時利用這兩個優勢和生活方式，我認為，這是一個絕佳的機會。我仍然對該品牌和該團隊的前景非常樂觀。當然，生活方式是我們成長故事的重要部分。

And I think I caught this correctly that Sweaty Betty had 1,000 bps underlying margin improvement. That's pretty material to the overall gross margin progression, the underlying progression excluding tariffs, how should we think of the comparisons for that as the year rolls forward.

我認為我正確地理解了這一點，Sweaty Betty 的潛在利潤率提高了 1,000 個基點。這對於整體毛利率的成長、不包括關稅的基本成長至關重要，隨著時間的推移，我們應該如何看待這些比較。

Yes. I mean the Saucony thing, and hopefully, my prepared remarks spoke to it, we are committing -- committed to making that and bolstering its premium positioning. And I think we had gotten too promotional, too many sale messages and we need to do a better job there.

是的。我指的是 Saucony 的事情，希望我的準備好的發言能夠說明這一點，我們致力於實現這一點並加強其高端定位。我認為我們收到了太多促銷和銷售訊息，我們需要在這方面做得更好。

So at the expense of short-term top line revenue in the spirit of chasing long-term brand health and a premium positioning, we're going to walk that back. And you will see pressure on the top line, but the 1,000 basis points of gross margin expansion driven by 1,000 basis points of improvement in full price mix is material to that.

因此，為了追求長期品牌健康和高端定位，我們將以犧牲短期營業收入為代價來放棄這個目標。你會看到營業收入面臨壓力，但全價組合改善 1,000 個基點所推動的 1,000 個基點的毛利率擴張對此至關重要。

So we have work to do on Saucony. I'm headed there over the weekend, I'll be in London next week to spend -- sorry, Sweaty Betty not Saucony. I'll be spending time with the Sweaty Betty team next week. But we have work to go do there, but I think we're on the right path.

因此，我們在 Saucony 方面還有很多工作要做。我週末要去那裡，下週我會在倫敦度過——抱歉，是去 Sweaty Betty，不是去 Saucony。下週我將與 Sweaty Betty 團隊一起度過一段時間。但我們還有很多工作要做，但我認為我們走在正確的道路上。

All right. Thank you. Good luck in the future.

好的。謝謝。祝你未來好運。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

Great. Thanks so much. Good morning and Great. Really nice results. A couple from us. First on Merrell, great to see that double-digit momentum for the brand. In the US, can you guys talk about what are you seeing with the new distribution versus share gains at the existing doors? And are you seeing the high category improved at all? Or this has been more about share gain accelerating even further for the brand. And then we have a couple of others.

偉大的。非常感謝。早上好，太好了。確實效果很好。我們中的一對夫婦。首先是 Merrell，很高興看到品牌呈現兩位數的成長動能。在美國，你們能否談談新分銷管道與現有通路的份額成長情況？您是否看到高等級有所改善？或者這更多的是為了進一步加速品牌的市佔率成長。然後我們還有其他幾個。

Sure. Thanks. There's a lot of things to be excited about in Merrill. 3 consecutive quarters of growth. Nice movement in the MOB 3. The MOB 2 continues to gain traction. The Agility Peak 5 in trail run, gaining share in Hike Trail and lifestyle in the same quarter are certainly all encouraging.

當然。謝謝。美林有很多令人興奮的事情。連續3個季度成長。MOB 3 中的動作很棒。MOB 2 繼續受到青睞。Agility Peak 5 在越野跑、健行步道和生活方式領域的份額在同一季度內不斷增長，這無疑都是令人鼓舞的。

The drop of the SpeedARC surge Boa followed by the SpeedARK Matis, a $300 price point for Merrell is pretty thin there, and we're very pleased with that what that has done. It is visually disruptive. It looks different and importantly, it performs. And then the lifestyle piece, certainly some continued momentum in Jungle Moc.

SpeedARC surge Boa 和 SpeedARK Matis 的降價幅度都很大，對於 Merrell 來說，300 美元的價位相當低，我們對此感到非常滿意。這在視覺上會造成乾擾。它看起來與眾不同，更重要的是，它的性能出色。然後是生活方式部分，Jungle Moc 肯定會繼續保持一定的勢頭。

And then the wrap collection, which is the bare foot sort of transitional shoe that have so many uses it looks different. We're encouraged by where that is and where the product engine has come, we do have a new product fee from the brand, too, which we're very excited about. So there's a lot of things to be excited about for the Merrell brand.

然後是包裹系列，這是一種赤腳過渡鞋，用途廣泛，外觀也不同。我們對此感到鼓舞，產品引擎的發展也為我們帶來了品牌方面的新產品費用，我們對此感到非常興奮。因此，Merrell 品牌有很多值得興奮的事情。

And certainly, expansion from the lifestyle piece in the US is important. New doors that we talked about opening up in some lifestyle retailers, which we had not been in for a period of time is encouraging. Hike, outdoor hike, still obviously some pressure there, but we're pleased that we continue to gain share in that business. It's part of our responsibility as the market leader to help innovate.

當然，從美國生活方式領域進行擴張非常重要。我們談到在一些生活方式零售商中開闢新的市場，這些零售商我們已經有一段時間沒有涉足了，這是令人鼓舞的。徒步旅行，戶外徒步旅行，顯然仍然存在一些壓力，但我們很高興能夠繼續在該業務中獲得份額。身為市場領導者，推動創新是我們的責任之一。

And we certainly think the Moab Speed 2, the SpeedARC Surge Boa, those products certainly do help evolve and bring innovation to that category. So pleased with Merrell's progress. It's great to see the double-digit growth. And honestly, I'm excited about the team we have in the field and how we continue to evolve and grow that brand in the future.

我們當然認為 Moab Speed 2、SpeedARC Surge Boa 這些產品確實有助於該類別的發展並帶來創新。對 Merrell 的進步感到非常高興。看到兩位數的成長真是太好了。老實說，我對我們在該領域的團隊以及我們未來如何繼續發展和壯大該品牌感到非常興奮。

Okay. No, that's awesome. Very helpful. And MOAB looks great. On Sweaty Betty, appreciating the fact that you guys are managing the brand for profitability right now. But can you just give us the updated thoughts on the commitments to Sweaty Betty as part of the portfolio? And what KPIs are you watching to measure the success there?

好的。不，那太棒了。非常有幫助。MOAB 看起來很棒。關於 Sweaty Betty，我很欣賞你們現在管理品牌來獲利。但是，您能否向我們介紹一下對 Sweaty Betty 作為投資組合一部分的承諾的最新想法？您關注哪些 KPI 來衡量其成功？

Thanks for the question. Yes. I think certainly, our focus right now is improving the profitability, helping to build it and make it a great brand and then grow that business. We have some new players in place, which is important. -- certainly getting Saucony and Merrell growing again, adding Susie Kuhn the team, having her oversee the work group allows us to really focus our efforts in businesses that aren't quite tracking.

謝謝你的提問。是的。我認為，我們現在的重點當然是提高獲利能力，幫助打造它，使其成為一個偉大的品牌，然後發展業務。我們有一些新球員，這很重要。 ——當然，這會讓 Saucony 和 Merrell 再次成長，再加上 Susie Kuhn 的加入，讓她來監督工作小組，讓我們能夠真正集中精力在那些不太跟進的業務上。

So I'm excited to spend more time with the Sweaty Betty team, like I said, I'm on my way to London to be with that team plus visit the construction of our new Saucony store in Covent Garden. But we're committed to improving the profitability, making that great brand and then growing Sweaty Betty.

所以我很高興能花更多時間與 Sweaty Betty 團隊在一起，就像我說的，我正前往倫敦與該團隊在一起，並參觀我們在科文特花園的新 Saucony 商店的建設情況。但我們致力於提高獲利能力，打造偉大的品牌，並發展 Sweaty Betty。

Chris, is there a time line that you think about as a kind of a realistic recovery for the brand in the near to medium term?

克里斯，您認為該品牌在中短期內能否實現現實的復甦？

Well, I think we're comping some promotional activity from last year, and we talked about becoming less promotional, not giving specific time lines. I will point to where the company was a year ago and certainly where our biggest brands are today. We have a playbook for growth. We have in an aligned and motivated team. And frankly, we're doing fewer things, and we're doing those fewer things better today than we were 18 months ago. So I think we are committed to the work. We've got the right team. We've identified the issues, and now we have to go solve those.

嗯，我認為我們正在進行去年的一些促銷活動，我們討論過減少促銷，不給出具體的時間表。我將指出公司一年前的狀況，當然還有我們最大的品牌今天的情況。我們有成長的劇本。我們擁有一支團結、積極進取的團隊。坦白說，我們做的事情越來越少，但與 18 個月前相比，我們今天做得更好了。所以我認為我們致力於這項工作。我們擁有合適的團隊。我們已經發現了問題，現在我們必須去解決它們。

Okay. No, that's fair enough. And just as a final one. I think you mentioned that Saucony further accelerated here in the second quarter. Can you just confirm that?

好的。不，這很公平。最後再說一句。我想您提到過，Saucony 在第二季度進一步加速發展。能確認一下嗎？

Yes. My comment was -- I think in response to Laurent's question. about sort of what we had seen. Interestingly enough, we sort of track sort of pre-liberation day post liberation Day. And Saucony actually has accelerated since April 2. So that's just sort of early days. It's a very small data point, but we haven't seen any negative effect so far.

是的。我的評論是——我想是在回答 Laurent 的問題。關於我們所看到的東西。有趣的是，我們以某種方式追蹤了解放前和解放後的情況。而 Saucony 實際上自 4 月 2 日起就加速了。所以這只是早期階段。這是一個非常小的數據點，但到目前為止我們還沒有看到任何負面影響。

And we did -- we did not give any brand-specific guidance for the second quarter Anna.

我們確實沒有為第二季度的品牌提供任何具體的指導，安娜。

All right, well, thanks so much and best of luck.

好的，非常感謝，祝你好運。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Great. Congratulations on the results. I had a couple of questions. First, housekeeping on the provided outlook. Just making sure, for Q2, are you guys expecting any impact from tariff? And then on the $30 million impact on your gross profit. Does that include already China being high single digits of what's coming into the US?

偉大的。恭喜你取得這樣的成績。我有幾個問題。首先，對所提供的展望進行整理。只是想確認一下，對於第二季度，你們預期關稅會有什麼影響嗎？然後是 3000 萬美元對你的毛利的影響。這是否包括中國流入美國的金額已經達到個位數的高點？

The -- regarding your question, thank you, Mauricio, for the or what we have assumed in terms of the $30 million tariffs before mitigation, I will start there. That includes -- what it assumes is we didn't give any -- we're not giving the specifics of what it means in terms of of the sourcing. What we're saying is we expect it to be less than 10%. And that from where we started earlier this year to that less than 10% that we've talked about for 2025, that is included in the $30 million that we identified.

關於你的問題，謝謝你，毛里西奧，或者說，我們在減免關稅之前的 3000 萬美元關稅方面的假設，我將從這裡開始。這包括——它假設我們沒有提供任何資訊——我們沒有提供關於採購方面的具體資訊。我們所說的是，我們預計該比例將低於 10%。從我們今年早些時候開始的計劃到我們談到的 2025 年的不到 10%，這都包含在我們確定的 3000 萬美元中。

Okay, so being less than 10% is -- sorry go ahead.

好的，低於 10% 是 - 抱歉，請繼續。

Sorry, on your first question.

抱歉，關於你的第一個問題。

(multiple speakers) have any impact on tariffs.

（多位發言者）對關稅有何影響。

Yes, thank you. The Q2 tariff impact, we're not identifying any meaningful. We expect it to be more significant in the second half.

是的，謝謝。對於第二季度的關稅影響，我們尚未發現任何有意義的影響。我們預計下半年這項影響將更加顯著。

Okay. Got it. Okay. So sorry. And then just to make sure I understood that like the $30 million does include that it's going to be less than 10% of China sourcing for US? Is that correct?

好的。知道了。好的。非常抱歉。然後，我只是想確保我理解了，3000 萬美元確實包括了不到 10% 的中國為美國採購的商品？對嗎？

At the end of -- The mid-2025, yes.

是的，是在 2025 年中期。

Okay. Got it. And then maybe just one thing about the Q1 results. Just wondering, pretty strong results across the board. Just was wondering like what happened in the DTC channel that you saw like 7% decline on the ongoing business?

好的。知道了。然後也許只有一件事與第一季的結果有關。只是好奇，整體結果相當強勁。我只是想知道 DTC 管道發生了什麼，導致持續業務下降了 7%？

Yes. From a DTC standpoint, certainly, we've talked a little bit about that. I think that's part of our taking a less promotional stance in our DTC businesses. Saucony was up, Merrell was down a little bit. And then we talked about pressure in Sweaty Betty and Work Group.

是的。從 DTC 的角度來看，當然，我們已經討論過這一點了。我認為這是由於我們在 DTC 業務中採取較少促銷立場所致。Saucony 上漲，Merrell 略有下跌。然後我們討論了 Sweaty Betty 和 Work Group 中的壓力。

So I think we are trying to take a long approach in DTC trying to manage that business more responsibly, make that a more full-price business by and large, across all of our brands, we saw a nice increase in gross margin. I think it was 550 basis points in total in DTC up in the quarter, which is a nice lift.

因此，我認為我們正嘗試在 DTC 中採取一種長期方法，嘗試更負責任地管理該業務，使其成為一項更全價的業務，在我們所有的品牌中，我們都看到了毛利率的大幅增長。我認為本季 DTC 總共上漲了 550 個基點，這是一個不錯的提升。

And certainly, the increase in full price mix is an important metric. So it's something we pay attention to, obviously, we get reads every two hours. We're working to improve that channel. But right now, it's to make that a better experience for our consumers, a more full-priced business, a less promotional business and really give our consumers a more frictionless experience as they engage with our brands.

當然，全價組合的成長是一個重要指標。所以這是我們關注的事情，顯然，我們每兩小時就會讀一次。我們正在努力改善該管道。但現在，我們的目標是為我們的消費者提供更好的體驗，提供更全價的業務，減少促銷業務，並真正為我們的消費者在與我們的品牌互動時提供更順暢的體驗。

Great. And very last one, thanks again for the time. Any initiatives underway that you're thinking about to maybe resume kind of like the paydown of debt?

偉大的。最後，再次感謝您抽出時間。您是否考慮過恢復任何正在進行的舉措，例如償還債務？

The paydown of debt. I think in terms of where we're at, what we've called out was our capital allocation priorities haven't changed. And in terms of where -- in terms of paying down debt, investing in our business and maintaining the dividend. So we haven't -- given that we aren't giving any back half guidance, I don't have a debt leverage target for the year other than to say that our goal is to continue to focus on deleveraging.

償還債務。我認為就我們目前的狀況而言，我們所指出的是我們的資本配置優先事項並沒有改變。就償還債務、投資業務和維持股息而言。因此，鑑於我們沒有給出任何半數指導，我沒有今年的債務槓桿目標，只能說我們的目標是繼續專注於去槓桿。

Given the debt that we paid down last year, we're in a much better place than where we were a year ago, Mauricio. And I think from the standpoint that we made great progress in improving the financial of the company in terms of what you're seeing in the margins, but also strengthening the balance sheet. So with that lower healthier inventory and part of what Chris was talking about that we were able to do and our significantly reduced debt these improvements in our financial position makes us -- puts us in a much better place.

考慮到我們去年償還的債務，我們現在的狀況比一年前好多了，毛里西奧。我認為從利潤率的角度來看，我們在改善公司財務狀況方面取得了巨大進展，同時也增強了資產負債表。因此，有了更低、更健康的庫存，以及克里斯談到的我們能夠做到的部分，加上我們的債務大幅減少，我們財務狀況的改善使我們處於一個更好的境地。

Understood. Thanks so much and congratulations again on the results.

明白了。非常感謝，並再次恭喜所取得的成果。

Mitch Kummetz, Seaport Research Partners.

海港研究合作夥伴的米奇·庫梅茨 (Mitch Kummetz) 說。

Yes, thanks for taking my questions. I guess my first question, Chris, on the second quarter, the top line outlook. I mean it sounds like you guys had a good start to the quarter. You referenced Saucony also you said that you have yet to see any real change in the consumer or your customers. Can you maybe speak to the assumptions that you're using for the balance of the quarter? Are you kind of assuming that April trends hold through May and June? Or are you assuming a more cautious stance on the consumer and your customers? And then I have a couple of follow-ups.

是的，感謝您回答我的問題。克里斯，我想我的第一個問題是關於第二季的營收前景。我的意思是，聽起來你們本季有一個好的開始。您還提到了 Saucony，您說您還沒有看到消費者或客戶有任何真正的變化。您能否談談您對本季餘額所做的假設？您是否認為四月的趨勢會持續到五月和六月？還是您對消費者和客戶採取更謹慎的立場？然後我還有一些後續問題。

Yes. It's a good question, Mitch. I think it's a little bit of mix. I think we're sort of looking at the momentum we have, the backlog we have, the sell-through rates, the conversations we're having with our customers and what we're seeing from the consumer standpoint. At the same time, our eyes are wide open to what's happening in the more macro landscape. And I'll echo what was said yesterday. I think in the data right now, the data still looks pretty good, but there's obviously a ton of talk about where consumer sentiment is. And we look at those studies.

是的。這是個好問題，米奇。我認為它有點混亂。我認為我們正在關注我們的發展勢頭、積壓訂單、銷售率、我們與客戶的對話以及我們從消費者的角度看到的情況。同時，我們也對更宏觀的領域中正在發生的事情保持著敏銳的洞察力。我將重複昨天所說的話。我認為從目前的數據來看，數據仍然看起來相當不錯，但顯然有很多關於消費者情緒的討論。我們研究了這些研究。

There was a good report that the FDA published a week or so ago about where they see the consumer going. So it's mixed. We're trying to both understand where our brands are, where the momentum is, what we're hearing from our customers and sell-through rates and order book, at the same time, very cognizant of what's happening in the broader world and what downstream effect all of these things will have on the consumer.

大約一週前，FDA 發布了一份關於消費者走向的良好報告。所以它是混合的。我們試圖了解我們的品牌在哪裡、發展勢頭在哪裡、我們從客戶那裡聽到了什麼、銷售率和訂單情況，同時，我們也非常清楚外面正在發生的事情以及所有這些事情將對消費者產生什麼樣的下游影響。

And I would say that the processes and tools we've built over the last 2 years whether it's the new integrated business planning function, whether it's our Tuesday green react sessions and some of the new talent we brought to the business that have a more retail consumer mindset, I think we're sort of breaking old habits and old muscle how we weren't as tied into the pulse of what's happening with the consumer.

我想說的是，我們在過去兩年中建立的流程和工具，無論是新的綜合業務規劃功能，還是我們週二的綠色反應會議，以及我們為企業帶來的一些具有更多零售消費者思維的新人才，我認為我們正在打破舊的習慣和舊的力量，因為我們不再那麼關註消費者的動態。

It doesn't mean that we're going to be perfect, but I certainly think we've got a much better handle on how we run the business day to day and certainly more agile and nimble than we may have been historically. And again, we're not afraid to take fast action in the spirit of protecting and building our brands in the best interest of our shareholders.

這並不意味著我們會變得完美，但我確實認為，我們對日常業務的運作有了更好的把握，而且肯定比過去更加敏捷和靈活。再次強調，我們本著保護和建立我們品牌的精神，為了股東的最大利益，我們不懼採取快速行動。

Yes. And then on the $30 million, it sounds like you've built in the impact of China, I think you said less than 10% and then also 145% tariff. But are you actually currently landing goods from China at 145%? Are you holding off on doing that, hoping that maybe that number comes down from 145%, which might -- I mean, if you are doing that, that might imply maybe some upside to the $30 million?

是的。然後關於 3000 萬美元，聽起來你已經考慮到了中國的影響，我想你說過低於 10%，然後還有 145% 的關稅。但您目前從中國進口的貨物量是否真的達到了 145%？您是否會推遲這樣做，希望這個數字從 145% 下降，這可能 - 我的意思是，如果您這樣做，這可能意味著 3000 萬美元可能會有一些上漲空間？

Without getting too detailed in terms of what we are not shipping because it's going to vary a little bit by the brand. And to Chris' point of being very thoughtful being very surgical, about what we are moving. What I would say is, given the fact that we have said that earlier this year, China represented mid-teens, and now we're saying less than 10%. I think that all about that we have reduced significantly our sourcing from China and anything that we do plan to bring in is assumed in that $30 million unmitigated.

我們不會詳細說明哪些商品是我們不會運送的，因為不同品牌的商品會略有不同。克里斯對我們所做的事情非常深思熟慮，非常謹慎。我想說的是，鑑於我們今年早些時候說過，中國的比例為十幾歲，而現在我們說的比例不到 10%。我認為，我們已經大幅減少了從中國的採購，並且我們計劃進口的任何產品都是以 3000 萬美元為準。

Okay. And then lastly, you guys have referenced some potential offsets, whether it be price or SG&A savings. Is there any way to quantify the amount of offsets that you've identified? Or are you talking $5 million, $10 million, $15 million? I'm sure you've probably done some of that math. I'm hoping you could share that with us.

好的。最後，你們提到了一些潛在的抵銷措施，無論是價格或銷售、一般及行政費用節省。有什麼方法可以量化您所確定的偏移量嗎？還是您說的是 500 萬美元、1000 萬美元、1500 萬美元？我確信您可能已經做過一些這樣的計算。我希望您能與我們分享。

Yes. We're not going to share too much of the math with you. Obviously, for us, it's a handful of levers that we're going to pull. Certainly, as we're thinking about price that we're paying for these goods, certainly, our price in the marketplace. And then a high level of scrutiny on all the dollars that we spend, making sure that we're continuing to try to protect and fuel where we have brand momentum, other discretionary things that would have been nice to do.

是的。我們不會與您分享太多的數學知識。顯然，對我們來說，這是我們需要採取的幾個措施。當然，當我們考慮為這些商品支付的價格時，當然就是我們在市場上的價格。然後，我們會嚴格審查我們花費的所有資金，確保我們繼續努力保護和推動我們的品牌發展勢頭，以及其他一些值得自由支配的事情。

Those things are going to be on pause until we seem to see where the dust settles. We're obviously anxious to see what happens with the trade war and where that is. At the same time, we're moving quickly to mitigate the risk that we see today and then certainly work to exploit the opportunities that we believe we have or that we may have in the future at the same time, trying to run the company really responsibly in the face of this sort of unprecedented event.

這些事情將會暫停，直到我們看到塵埃落定。我們顯然急切地想知道貿易戰將如何發展以及最終走向何方。同時，我們正在迅速採取行動，降低目前看到的風險，並努力利用我們認為已經擁有或將來可能擁有的機會，努力在這種前所未有的事件面前真正負責任地經營公司。

Okay, great. Thanks guys.

好的，太好了。謝謝大家。

Mauricio, just one more comment. Alex pointed out to me. When I did say that reducing debt is definitely part of deleveraging as part of our priorities and plans. I think it is important to call out the reason I talked about the strength of our balance sheet compared to where we were a year ago and the confidence of moving through the challenges we see today it'd be important to point out the foundation of our capital structure is the $550 million, 4% senior notes that we have maturing in 2029 and complementing that our senior notes is are mostly undrawn bank credit facility of $830 million.

毛里西奧，還有一點評論。亞歷克斯向我指出。我確實說過，減少債務肯定是去槓桿的一部分，也是我們優先事項和計劃的一部分。我認為有必要指出我之所以談論我們的資產負債表與一年前相比更加強勁的原因，以及克服當今挑戰的信心，重要的是指出我們的資本結構的基礎是 5.5 億美元、4% 的優先票據，這些票據將於 2029 年到期，與此相輔相成的是，我們的優先票據大部分是 8.3 億美元。

So just to give you some color in terms of the debt structure that we have and the great progress that we made last year. Certainly, deleveraging is important and -- but we feel good about where we're at today.

因此，我只是想向您介紹我們的債務結構以及去年我們的巨大進展。當然，去槓桿很重要——但我們對目前的狀況感到滿意。

Thank you. There are no further questions. Ladies and gentlemen, that concludes today's meeting. Thank you all for joining, and you may now disconnect.

謝謝。沒有其他問題了。女士們、先生們，今天的會議到此結束。感謝大家的加入，現在可以斷開連線了。