Wolverine World Wide Inc (WWW) 2025 Q2 法說會逐字稿

Greetings and welcome to the Wolverine World Wide second-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 財年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce you to your host Jared Filippone, Head of Investor Relations. You may begin.

現在我很高興向你們介紹主持人、投資人關係主管 Jared Filippone。你可以開始了。

Good morning and welcome to our second quarter of fiscal 2025 conference call. On the call today are Chris Hufnagel, President and Chief Executive Officer; and Taryn Miller, Chief Financial Officer. Earlier this morning, we issued a press release announcing our financial results for the second quarter of 2025 and guidance for the third quarter of 2025. The press release is available on many news sites and can be viewed on our corporate website at wolverineworldwide.com.

早安，歡迎參加我們 2025 財年第二季電話會議。今天參加電話會議的有總裁兼執行長 Chris Hufnagel 和財務長 Taryn Miller。今天早些時候，我們發布了一份新聞稿，宣布了 2025 年第二季的財務表現和 2025 年第三季的指引。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 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）已與新聞稿正文中附表或我們網站 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 the third quarter of 2025, growth opportunities and trends expected to affect the company's future performance made during today's conference call or forward-looking statements under US securities laws.

我還想提醒您，在今天的電話會議中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年第三季度的展望、增長機會和預計會影響公司未來業績的趨勢的陳述或美國證券法下的前瞻性陳述。

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在公司的美國證券交易委員會文件和我們的新聞稿中都有提及。

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

現在，我將把電話轉給克里斯·赫夫納格爾 (Chris Hufnagel)。

Thanks, Jared, and welcome again to Wolverine World Wide. It's great to have you on the team. And good morning, everyone. Thanks for joining us on today's call. In the second quarter, we exceed our expectations on nearly every financial measure, head on by double digit revenue growth with increases in every region and strong growth from our two biggest brands.

謝謝，賈里德，歡迎再次來到 Wolverine World Wide。很高興你能加入我們的團隊。大家早安。感謝您參加今天的電話會議。在第二季度，我們幾乎所有的財務指標都超出了我們的預期，收入實現了兩位數的成長，每個地區的收入都在成長，我們最大的兩個品牌也實現了強勁的成長。

Saucony was up 42% compared to last year, achieving record revenue for Q2, and Merrell grew 11%. The Active Group returned to growth, hosting a 2% revenue gain, while Sweaty Betty improved sequentially in the quarter, reflecting important progress in these two divisions.

Saucony 較去年同期成長 42%，創下第二季營收新高，Merrell 成長 11%。Active Group 恢復成長，營收成長 2%，而 Sweaty Betty 在本季也實現了環比成長，反映出這兩個部門取得了重要進展。

Our teams are intently focused on driving growth, building stronger brands, better managing the marketplace, and fueling consumer demand and doing so in a healthy profitable way. In the quarter we delivered more than 400 basis points of gross marginal expansion versus the prior year, once again achieving a quarterly record.

我們的團隊專注於推動成長、打造更強大的品牌、更好地管理市場、刺激消費者需求，並以健康獲利的方式實現這一目標。本季度，我們的毛利率比上年增長了 400 多個基點，再次創下了季度紀錄。

Our high-quality growth enabled us to more than double earnings at the bottom line compared to last year. A good quarter by most measures. A new brand building playbook has proven effective, and we've been able to sequentially improve our year over year revenue trends for five consecutive quarters now. This past quarter posting our best year-over-year comparison in nearly three years.

我們的高品質成長使我們的利潤較去年同期增加了一倍以上。從大多數指標來看，這是一個不錯的季度。新的品牌建立策略已被證明是有效的，我們已經能夠連續五個季度連續改善我們的同比收入趨勢。上個季度，我們的年比業績創下了近三年來的最佳水準。

Our teams have done a tremendous job of embracing a new growth focused mindset, and I'm grateful for their drive and resilience as we continue to build the new Wolverine World Wide.

我們的團隊在擁抱新的以成長為中心的思維模式方面做出了巨大的努力，我很感謝他們在我們繼續建立新的 Wolverine World Wide 過程中所展現出的動力和韌性。

Looking ahead, I'm pleased we've built momentum in the business and that the company is on much firmer financial footing. We believe we're well positioned to navigate today's volatile macro environment, and that the actions we've taken to date and can take in the future will enable us to largely mitigate the impact of tariffs going forward.

展望未來，我很高興我們在業務上取得了進展，公司的財務基礎也更加穩固。我們相信，我們已做好準備應對當今動盪的宏觀環境，而我們迄今為止採取的行動以及未來可能採取的行動將使我們能夠在很大程度上減輕未來關稅的影響。

A new reality, however, is uncertainty in the global marketplace. Due to the ever-shifting global trade policies coupled with a downstream effect on the economy and consumers. This reality informs both our outlook and our actions as we move forward into the back half of the year.

然而，一個新的現實是全球市場的不確定性。由於全球貿易政策不斷變化，加上對經濟和消費者的下游影響。這一現實將引導我們下半年的展望和行動。

With that, I'd like to share the progress our brands continue to make around the world for handing the call over to Taryn for more detail on the quarter and our Outlook.

藉此，我想分享我們的品牌在全球範圍內不斷取得的進展，並將電話交給 Taryn，以了解有關本季度和展望的更多詳細資訊。

Beginning with Saucony. Saucony delivered very strong broad-based revenue growth of 42%, coupled with 560 basis points of gross margin expansion in the quarter. The brand grew in every region and channel while delivering record second quarter revenue. I believe 2025 will be a pivotal year for the brand. The results of an ambitious strategic reset in 2023 and 2024 and our new growth agenda.

從 Saucony 開始。索康尼本季實現了 42% 的強勁全面收入成長，同時毛利率擴大了 560 個基點。該品牌在各個地區和通路均實現成長，同時實現了第二季創紀錄的收入。我相信2025年將是該品牌的關鍵一年。2023 年和 2024 年雄心勃勃的策略調整和新增長議程的成果。

We position the brand at the intersection of authentic performance and lifestyle running, given unique foothold in the competitive landscape and opening of a significant addressable market opportunity for the brand. Over the last several months, Saucony executed with excellence on many fronts.

我們將品牌定位於真實性能和生活方式跑步的交匯點，在競爭格局中佔據獨特的立足點，並為品牌開闢重要的可尋址市場機會。在過去的幾個月裡，索康尼在許多方面都表現得非常出色。

It's run as one campaign launched earlier this year continue to position and build a brand with its target consumer. Brands which interest is up meaningfully around the world compared to last year, and we're seeing stronger affinity for the brand, specifically among runners and younger consumers.

該活動於今年稍早啟動，旨在繼續針對目標消費者定位和建立品牌。與去年相比，全球對這些品牌的興趣顯著上升，我們發現人們對這些品牌的喜愛度越來越高，尤其是在跑步者和年輕消費者中。

Saucony also continued to advance its key city strategy. Just a few weeks ago following the recent opening of its store in Harajuku, Tokyo, the brand opened its pioneer store in London's Covent Garden, one of the premier shopping destinations in the world. Importantly, the store serves as a valuable hub for brand activations in London.

索康尼也持續推動重點城市策略。繼東京原宿門市開業之後，該品牌幾週前又在全球首屈一指的購物勝地之一倫敦科文特花園開設了先鋒門市。重要的是，該商店是倫敦品牌活化的重要中心。

Last month, building on a success in 2024, Saucony was again the title sponsor for the London 10K, an amazing event with over 17,000 runners this year. The brand took over the city for the week with an impactful slate of great marketing and brand activations.

上個月，在 2024 年取得成功的基礎上，索康尼再次成為倫敦 10 公里馬拉鬆的冠名贊助商，這是一項令人驚嘆的賽事，今年有超過 17,000 名跑者參加。該品牌透過一系列具有影響力的行銷和品牌活化活動佔領了整座城市一周。

I was fortunate to run in the events. It could have been more impressed by the brand's overwhelming presence around the city and how far the brand has come in such a short time. Saucony will expand its event sponsorship in London with a shortage 10K and then to France with the Eiffel Tower 10k later this year.

我很幸運能夠參加這些比賽。該品牌在城市中佔據壓倒性的地位，並且在如此短的時間內取得如此大的進步，這給人留下了更深刻的印象。索康尼將擴大在倫敦的賽事贊助，贊助計畫為 10 公里跑，今年稍後還將擴大到法國的艾菲爾鐵塔 10 公里跑。

In Paris, the brand garnered extensive interest a few weeks ago at Paris Fashion Week, highlighting its disruptive approach to collaborations and taking appointments with a rapidly growing number of highly influential retail partners. I'm also pleased to announce we just signed a lease to open the brand's third pioneer store in Paris next year.

在巴黎，該品牌幾週前在巴黎時裝週上引起了廣泛關注，突顯了其與合作的顛覆性方式以及與數量迅速增長的極具影響力的零售合作夥伴的合作。我也很高興地宣布，我們剛剛簽署了一份租約，將於明年在巴黎開設該品牌的第三家先鋒店。

Saucony's activations and compelling retail execution are engaging consumers directly and providing a vision inspiration for our partners around the world. Building on our efforts in Tokyo, for example, we've already started opening a host of new stores with our best-in-class partners in Asia Pacific with plans to open more in the second half of this year.

Saucony 的活化和引人注目的零售執行直接吸引了消費者，並為我們在世界各地的合作夥伴提供了願景靈感。例如，在東京努力的基礎上，我們已經開始與亞太地區一流的合作夥伴開設一系列新店，並計劃在今年下半年開設更多新店。

Saucony continue to fuel product innovation as well with its pinnacle Endorphin franchise. The brand followed up the introduction of the award-winning Endorphin Elite 2 Supershoe in March with the new Endorphin Speed 5, combining a nylon plate with power run PD foam for a fast lightweight design at less than $200, a compelling price point for so much innovation.

索康尼 (Saucony) 繼續憑藉其巔峰之作 Endorphin 系列推動產品創新。該品牌繼 3 月推出屢獲殊榮的 Endorphin Elite 2 Supershoe 之後，又推出了新款 Endorphin Speed 5，將尼龍板與動力運行 PD 泡沫相結合，打造快速輕便的設計，價格不到 200 美元，對於如此多的創新而言，這是一個極具吸引力的價格。

The brand also continued to push forward its core four franchises, squarely aimed at the broader casual run opportunity with the launch of the Triumph 23, its premium neutral runner engineered to deliver plus comfort through innovative geometry and cushioning. Together, the core four franchises, including the Ride, Guide, Triumph and Hurricane, grew at a very strong double digit pace at US retail in the quarter.

該品牌也繼續推動其四大核心系列產品，並瞄準更廣泛的休閒跑步市場，推出了 Triumph 23，這是一款優質中性跑鞋，透過創新的幾何形狀和緩衝技術，為用戶帶來更舒適的跑步體驗。總體而言，Ride、Guide、Triumph 和 Hurricane 等四大核心特許經營品牌在本季在美國零售業實現了非常強勁的兩位數成長。

On the lifestyle side, Saucony continues to leverage its deep track archive to deliver authentic trend right styles to the marketplace. The brand's expansion of distribution within the lifestyle, athletic specialties and continues to progress as a result of positive self-performance, adding roughly 400 doors for the back half of this year.

在生活方式方面，Saucony 繼續利用其豐富的跑道檔案向市場提供真正的潮流風格。該品牌在生活方式、運動專業領域的分銷擴張得益於積極的自我表現而繼續取得進展，今年下半年增加了約 400 家門市。

This will raise the brand's door count in this channel to roughly 1,300 doors. While the opportunity is meaningful, we continue to take a methodical approach to thoughtfully expanding distribution. Saucony has made a remarkable amount of progress, but I maintain that it's poised to do more.

這將使該品牌在該通路的門市數量增加至約 1,300 家。雖然這個機會很有意義，但我們仍會繼續採取有條不紊的方法來深思熟慮地擴大分銷。索康尼已經取得了顯著的進步，但我認為它還能取得更大的進步。

The brand possesses a unique and compelling combination of heritage and authenticity, coupled with best in class innovation and emerging cultural relevance. I believe that Saucony visions to something very special.

該品牌擁有獨特而引人注目的傳統與真實性的組合，並結合了一流的創新和新興的文化相關性。我相信 Saucony 的願景非常特別。

Moving to Merrell, our biggest brand, which came to build momentum and delivered another strong performance. The brand grew 11% in the second quarter, its fourth consecutive quarter of growth with increases in most regions and channels and delivered nearly 600 basis points of gross margin expansion versus the prior year.

我們最大的品牌是 Merrell，品牌發展勢頭強勁，再次取得強勁表現。該品牌第二季度成長了 11%，這是其連續第四個季度實現成長，大多數地區和通路均實現成長，毛利率較上年同期成長了近 600 個基點。

Merrell remains focused on modernizing the trail. The brand's faster, lighter, more athletic product offerings continue to fuel momentum and drive significant share gains in the hike category. Moab Speed 2 revenue nearly quadrupled year over year at US retail, making it the brand's second largest hype franchise behind the industry leading Moab 3, which grew high single digits in the quarter.

梅雷爾 (Merrell) 仍致力於這條步道的現代化。該品牌更快、更輕、更具運動性的產品繼續激發成長勢頭，並推動健行類別的市場份額大幅成長。Moab Speed 2 在美國零售市場的營收年增近四倍，成為該品牌第二大暢銷系列，僅次於業界領先的 Moab 3，Moab 3 在本季實現了高個位數的成長。

The award winning SpeedARC Matis built on the brand's new visually disruptive SpeedARC platform for uniquely comfortable ride with exceptional energy return is now the number four hike franchise at merrell.com after just a few months of selling.

屢獲殊榮的 SpeedARC Matis 建立在該品牌全新的視覺顛覆性 SpeedARC 平台上，可提供獨特的舒適騎行體驗和卓越的能量回報，在銷售僅幾個月後就已成為 merrell.com 上排名第四的徒步特許經營產品。

Merrell has built good momentum, outpacing the market for 10 of the last 11 quarters in the US hike category, which had been under pressure for the better part of two years, but encouragingly, we've now begun to see a broader hike trend improve a bit. We believe this is another positive indicator for Merrell, the market leader, moving forward.

邁瑞 (Merrell) 在美國健行類別中形成了良好的發展勢頭，在過去 11 個季度中，有 10 個季度的表現超過了市場，而該類別在過去兩年的大部分時間裡一直承受著壓力，但令人鼓舞的是，我們現在開始看到更廣泛的健行趨勢有所改善。我們相信，這對市場領導者 Merrell 的未來發展來說，是另一個正面的訊號。

On a trail running side, the Agility Peak 5 franchise is up double digits at US retail, and the brand launched the new ProMorph, an all-terrain hybrid runner designed with premium foot flow plus foam for superior cushioning. Merrell's continued progress in mordern hike and trail helps strengthen its ability to advance in lifestyle as well.

在越野跑方面，Agility Peak 5 系列在美國零售額增長了兩位數，該品牌推出了新款 ProMorph，這是一款全地形混合跑鞋，採用優質足部流動設計，並配有泡沫，可提供出色的緩衝性能。Merrell 在現代健行和小徑領域的持續進步也有助於增強其在生活方式方面的進步能力。

Performance products like the Moab Speed 2 and Agility Peak 5 and lifestyle colorations and materials continue to gain traction at certain lifestyle retailers, reaching a younger consumer for the brand. In addition, revenue from progressive casual styles like our rap franchise and the iconic Jungle Moc grew significantly in the second quarter as well.

Moab Speed 2 和 Agility Peak 5 等性能產品以及生活方式的色彩和材料繼續在某些生活方式零售商中受到青睞，為該品牌吸引了更年輕的消費者。此外，我們的饒舌系列和標誌性的 Jungle Moc 等前衛休閒風格的收入在第二季也大幅成長。

In the US, Merrell still in the early stages of evolving its distribution, has rationalized its points of distribution over the last couple of years. The brand is focused on developing more impactful go to market plans with its key strategic outdoor specialty and sporting goods partners and is establishing a footprint in the healthier lifestyle market.

在美國，Merrell 仍處於分銷管道演變的早期階段，過去幾年來已對其分銷點進行了合理化。該品牌致力於與其主要策略戶外專業和體育用品合作夥伴制定更具影響力的市場進入計劃，並在更健康的生活方式市場中佔據一席之地。

Globally, the brand saw accelerated growth in Asia Pacific in the quarter, thanks in part to its key city strategy which has initially focused on Tokyo with its partner in Japan. Retail store concepts in Harajuku and Shibuya have continued to perform well and together with compelling marketing and storytelling in the market have effectively helped elevate the brand in one of the most influential cities in the world.

在全球範圍內，該品牌本季在亞太地區實現了加速成長，這在一定程度上得益於其與日本合作夥伴共同實施的重點城市戰略，該戰略最初以東京為重點。原宿和澀谷的零售店概念持續表現良好，加上市場上引人注目的營銷和故事講述，有效地幫助該品牌在世界上最具影響力的城市之一提升了地位。

Now it's also now beginning to activate Paris as part of its key city strategy with focused campaign investment and a key to the brand built on its market share leading outdoor footwear in France and delivered strong growth in the broader EMEA region.

現在，該公司也開始將巴黎作為其重點城市策略的一部分，透過有針對性的活動投資，以及利用其在法國領先的戶外鞋類市場份額建立品牌並在更廣泛的 EMEA 地區實現強勁增長的關鍵。

Moving on to Sweaty Betty and Wolverine, the two brands were focused on getting on track. Encouragingly, both brands saw sequential improvement in the second quarter. I'll start with Sweaty Betty. As we've previously shared, our party with Sweaty Betty has been to establish a healthy foundation from which to grow. We continue to make steady progress on re-establishing the brand's premium positioning.

接下來是 Sweaty Betty 和 Wolverine，這兩個品牌都專注於走上正軌。令人鼓舞的是，這兩個品牌在第二季都取得了連續的改善。我先從 Sweaty Betty 開始。正如我們之前所分享的，我們與 Sweaty Betty 的聚會是為了建立一個健康的成長基礎。我們持續在重塑品牌高端定位方面取得穩步進展。

In Q2, we again increased the brand's full price mix and expanded gross margin by more than 500 basis points. Sweaty Betty's female-focused inclusive positioning and storytelling has been effective, and our recent Wear the Damn Shorts campaign reinforced the brand's original rebellious, distinctive voice.

第二季度，我們再次提高了品牌的全價組合，毛利率擴大了500多個基點。Sweaty Betty 以女性為中心的包容性定位和故事敘述非常有效，而我們最近的 Wear the Damn Shorts 活動強化了品牌原有的叛逆、獨特的聲音。

Brand awareness is up, consumer sentiment is dramatically higher and perception as an inner hot brand is trending positively. And while consumers already rank Sweaty Betty at the top of the competitive landscape for product quality, we're enhancing future product offerings with elevated design and more style innovation, including inducing more newness for the important holiday season this year.

品牌知名度上升，消費者情緒顯著高漲，作為內部熱門品牌的認知趨勢呈現正向趨勢。雖然消費者已經將 Sweaty Betty 評為產品品質競爭領域的佼佼者，但我們正在透過更高級的設計和更多的風格創新來增強未來的產品供應，包括在今年重要的假期季節推出更多新品。

Looking ahead with a stronger foundation in place, we're taking action to drive profitable growth and Sweaty Betty with a multi-pronged strategy. First, the brands direct-to-consumer business in the UK will be the number one priority.

展望未來，在擁有更堅實基礎的情況下，我們將採取行動，透過多管齊下的策略推動獲利成長和 Sweaty Betty。首先，該品牌在英國的直接面向消費者的業務將是首要任務。

Digitally we plan to deliver a reinvigorated flow of innovative premium products with a keen focus on our made well mover consumer target and deliver enhanced digital experiences for her, including the brand's recently launched app which has been among the top downloaded shopping apps in the UK.

在數位化方面，我們計劃推出一系列充滿活力的創新優質產品，重點關注我們精幹的消費者目標，並為她們提供增強的數位體驗，包括該品牌最近推出的應用程序，該應用程式已成為英國下載次數最多的購物應用程式之一。

We're also taking action to further improve the productivity and profitability of our UK stores, along with a full fleet review of real estate to ensure we're in the right doors driving strong returns.

我們也正在採取行動進一步提高英國門市的生產力和獲利能力，同時對房地產進行全面的審查，以確保我們走在正確的道路上，並獲得強勁的回報。

Second, we're moving to a more disciplined full price DTC business online in the US. Sweaty became too promotional too often, which only served to erode the brand's equity. Third, we plan to expand the brand into new or nascent international markets, including leveraging Wolverine World Wide's global network of best-in-class distributor partners, as we began to do in China last year.

其次，我們正在轉向在美國開展更規範的全價 DTC 線上業務。Sweaty 的宣傳過於頻繁，這只會削弱品牌資產。第三，我們計劃將品牌拓展到新的或新興的國際市場，包括利用 Wolverine World Wide 的全球最佳經銷商合作夥伴網絡，就像我們去年在中國開始做的那樣。

Finally, we're integrating the brand's tools and processes into the Wolverine World Wide ecosystem. We anticipate this will be largely complete later this month. This will be a critical enabler of our strategy and part of a broader technology modernization effort across the portfolio.

最後，我們將品牌的工具和流程整合到 Wolverine World Wide 生態系統中。我們預計這項工作將於本月晚些時候基本完成。這將是我們策略的關鍵推動因素，也是整個投資組合中更廣泛的技術現代化努力的一部分。

In addition to these growth strategies for Sweaty Betty, we're exploring options to better leverage this team's DTC and broader apparel expertise across the portfolio to drive improve performance and growth in our footwear brands.

除了針對 Sweaty Betty 的這些成長策略之外，我們還在探索各種方案，以更好地利用該團隊的 DTC 和整個產品組合中更廣泛的服裝專業知識，推動我們鞋類品牌的業績提升和成長。

One example is the brand's use of AI to better manage pricing and maximize margins, a solution Sweaty Betty piloted, and we expect to have a wider benefit across the portfolio. Today, Sweaty Betty stands on better footing to scale over time, and I feel good about the recent work we've done to hone its strategy. I remain excited about the potential and opportunities Sweaty Betty provides for Wolverine World Wide in the future.

一個例子是該品牌使用人工智慧來更好地管理定價和最大化利潤，這是 Sweaty Betty 試用的解決方案，我們預計它將在整個產品組合中帶來更廣泛的利益。如今，Sweaty Betty 已具備更好的基礎，能夠隨著時間的推移不斷擴大規模，我對我們最近為完善其策略所做的工作感到滿意。我仍然對 Sweaty Betty 未來為 Wolverine World Wide 提供的潛力和機會感到興奮。

And concluding with Wolverine. In the second quarter, the brand's topline revenue trend improved and gross margin expanded over 400 basis points. We expect the brand to now be on a path of quarterly sequential improvement as new product and marketing initiatives begin to impact performance and the effects of comping elevated discounting in the prior year begin to dissipate.

最後以金鋼狼結束。第二季度，品牌的營收趨勢有所改善，毛利率擴大了400個基點以上。我們預計，隨著新產品和行銷舉措開始影響業績，以及上一年高折扣的影響開始消散，該品牌現在將走上季度連續改善的道路。

As we've discussed, the brand has been focused on strengthening its western and premium price collections with products like the Rancher Pro. Over the past year, it has gained well over 100 basis points of market share in the US at prices above $125.

正如我們所討論的，該品牌一直致力於透過 Rancher Pro 等產品來加強其西部和高端價格系列。在過去的一年裡，它在美國以超過 125 美元的價格獲得了超過 100 個基點的市佔率。

To further this effort in June, the brand launched its new USA built workshop wedge, featuring premium full grain leather, of Goodyear Welt construction, and priced at $250. It's sold out on wolverine.com in less than a day.

為了進一步推動這項努力，該品牌於 6 月推出了其在美國製造的新款工坊坡跟鞋，採用優質全粒面皮革和固特異沿條結構，售價為 250 美元。它在 wolverine.com 上不到一天就銷售一空。

Just yesterday on the innovation front, the brain announced its new infinity system, the pinnacle expression of its performance comfort technology, delivering 2 times the impact absorption and energy return of the leading work boot in the category, with price points between $175 and $250.

就在昨天，在創新方面，大腦宣布了其新的無限系統，這是其性能舒適技術的巔峰體現，其衝擊吸收和能量回饋是同類領先工作靴的 2 倍，價格在 175 美元到 250 美元之間。

As the market leader in the US work boot category, the brand continues to elevate product quality and innovation while simultaneously telling better, more compelling stories and investing in the ground game with its wholesale partners. Well, we've made good progress for both Sweaty Betty and Wolverine in the last few months. There's more work to do to get them growing, contributing as we'd expect.

作為美國工作靴類別的市場領導者，該品牌不斷提升產品品質和創新，同時講述更好、更引人入勝的故事，並與其批發合作夥伴一起投資地面業務。好吧，在過去的幾個月裡，我們在 Sweaty Betty 和 Wolverine 方面都取得了良好的進展。為了讓它們成長，並如我們期望的那樣做出貢獻，我們還有很多工作要做。

With that, I'd now like to hand the call over to Taryn Miller to take you through our second quarter results and how we're viewing 2025 in greater 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二季業績以及我們對 2025 年的展望。塔琳？

Thank you, Chris, and welcome everyone. Results in the second quarter exceeded our expectations for both revenue and profitability, reflecting the momentum we've built in the business led by our two largest brands, Merrell and Saucony. Our inflection to growth in the fourth quarter of 2024, which has accelerated through the first half of 2025 underscores that our growth playbook is working in a dynamic market environment.

謝謝你，克里斯，歡迎大家。第二季的業績超出了我們對營收和獲利能力的預期，反映了我們在以兩大品牌 Merrell 和 Saucony 為主導的業務中所建立的勢頭。我們的成長在 2024 年第四季開始拐點，並在 2025 年上半年加速，這凸顯了我們的成長策略在動態的市場環境中發揮作用。

For today's call, I will start with a review of our second quarter results, provide an update on the financial impact from tariffs and our mitigation initiatives and close with our third quarter 2025 outlook.

在今天的電話會議上，我將首先回顧我們的第二季度業績，然後介紹關稅和我們的緩解措施對財務的影響，最後展望 2025 年第三季。

Starting with our results for the second quarter. Revenue was $474 million which exceeded the high end of our outlook of $450 million. The over delivery was driven by stronger than expected performance in both the active and Active Groups, highlighting underlying momentum and solid execution by our teams.

從我們第二季的業績開始。收入為 4.74 億美元，超過了我們預期的 4.5 億美元的最高限額。超額交付是由於活躍組和活躍組的表現都強於預期，凸顯了我們團隊的潛在動力和穩健的執行力。

The quarter also benefited from a timing shift between the second and third quarters and approximately $4 million of favorable foreign currency relative to guidance. As it relates to the timing shift, approximately $10 million of wholesale orders shipped in the second quarter that were originally planned for the third quarter.

本季也受惠於第二季和第三季之間的時間轉換，以及相對於指導價值約 400 萬美元的有利外幣。由於時間變化，原計劃在第三季發貨的批發訂單約為 1000 萬美元，但在第二季度發貨。

The shift primarily relates to retailers accelerating orders in advance of planned price increases. Active Group orders accounted for approximately $8 million of earlier shipments split evenly between Saucony and Merrell, and the Active Group orders made up the remaining $2 million shift.

這種轉變主要與零售商在計劃提價之前加速訂貨有關。Active Group 的訂單約佔早期出貨量的 800 萬美元，由 Saucony 和 Merrell 平分，而 Active Group 的訂單則佔剩餘的 200 萬美元。

Ongoing revenue increased 11.6% compared to the prior year, and on a constant currency basis, revenue grew 10.4% as favorable foreign currency provided a $5 million dollar benefit compared to the prior year. Revenue growth compared to the prior year was driven by performance in the Active Group.

持續收入較上年同期增長 11.6%，以固定匯率計算，由於有利的外匯為公司帶來了 500 萬美元的收益，收入較上年同期增長 10.4%。與前一年相比，收入的成長得益於活躍集團的業績。

Saucony and Merrell continued to deliver strong results, reinforcing their momentum, while Sweaty Betty and the Active Group showed sequential improvement relative to the first quarter. From a channel perspective, global wholesale revenue was the primary driver of our performance, with international growth slightly outpacing the US.

Saucony 和 Merrell 繼續取得強勁業績，鞏固了其發展勢頭，而 Sweaty Betty 和 Active Group 相對於第一季也表現出連續改善。從通路角度來看，全球批發收入是我們業績的主要驅動力，國際成長略高於美國。

Direct to consumer declined less than 2%, reflecting sequential improvement relative to the first quarter. As a reminder, the second quarter of 2024 included $2 million of revenue that did not repeat this year related to the Saucony and Merrell Kids' business model change.

直接面向消費者的銷售額下降不到 2%，與第一季相比有所改善。提醒一下，2024 年第二季的營收為 200 萬美元，由於 Saucony 和 Merrell Kids 的商業模式變化，今年沒有出現這樣的收入。

Active Group revenue increased 16% compared to the prior year and was ahead of our outlook for high single digit growth. The Active Group's better than expected performance in the quarter was led by Saucony and Merrell.

Active Group 的營收較去年同期成長了 16%，超出了我們預期的高個位數成長。本季 Active Group 的表現優於預期，其中 Saucony 和 Merrell 表現突出。

Saucony increased revenue by 42% in the quarter and saw broad-based growth across regions and channels led by wholesale performance in both the United States and internationally, with direct to consumer up low double digits.

本季度，索康尼的營收成長了 42%，各地區和通路均實現了廣泛成長，這主要得益於美國和國際的批發業績，其中直接面向消費者的銷售額實現了低兩位數的成長。

Saucony delivered strong results in both performance run and in lifestyle, reinforcing the continued expansion of its lifestyle distribution footprint with leading retailers. Merrell increased revenue 11% in the quarter, driven by strong wholesale performance. This growth was supported by a steady retail sell through which led to strong replenishment orders.

索康尼在性能跑步和生活方式方面均取得了強勁的業績，鞏固了其與領先零售商合作持續擴大生活方式分銷足蹟的勢頭。受強勁批發業績的推動，Merrell 本季營收成長了 11%。這一成長得益於穩定的零售銷售，並由此帶來了強勁的補貨訂單。

Merrell also benefited from the previously mentioned $4 million timing shift from the third quarter to the second quarter. Merrell continued to take share as a leader in the hike category through his focus on modernizing the trail, supported by the continued success in core franchises including Moab 3 and Moab Speed 2.

Merrell 也受惠於前面提到的從第三季到第二季的 400 萬美元的時間調整。透過專注於步道的現代化改造，以及包括 Moab 3 和 Moab Speed 2 在內的核心系列的持續成功，Merrell 繼續佔據徒步類別的領先地位。

Sweaty Betty revenue declined 6% in the quarter, which was better than our expectations. While there is still more work to do to improve the brand's performance, this was a sequential improvement compared to the first quarter and reflects early progress in our efforts to reestablish Sweaty Betty's premium positioning through product and marketing.

Sweaty Betty 的營收本季下降了 6%，優於我們的預期。儘管在提升品牌業績方面仍有許多工作要做，但與第一季相比，這是一個連續的改善，反映了我們透過產品和行銷重建 Sweaty Betty 高端定位的努力取得了早期進展。

Gross margin improved significantly, up over 500 basis points year over year, driven by a better mix of full price sales. The Active Group revenue grew 2% compared to the prior year. Adjusting for the timing shift of wholesale orders into the second quarter from the third quarter, Active Group revenue would have been approximately flat year over year ahead of our guidance of a low single digit decline and a sequential improvement compared to the first quarter.

受全價銷售組合改善的推動，毛利率大幅提高，年比上升超過 500 個基點。Active Group 的營收較前一年成長了 2%。經過批發訂單從第三季度轉移到第二季度的時間調整後，Active Group 的收入將與去年同期基本持平，超出了我們預期的低個位數下降和與第一季相比的連續改善。

Gross margin for the company was 47.2% in the second quarter, an increase of 410 basis points compared to last year and was in line with our expectations. The year over year improvement reflects our healthier inventory position, a higher mix of full price sales, and the continued benefits of product cost savings across almost the entire portfolio.

該公司第二季的毛利率為47.2%，比去年同期成長了410個基點，符合我們的預期。與去年同期相比的改善反映了我們更健康的庫存狀況、更高的全價銷售組合以及幾乎整個產品組合中產品成本節約的持續效益。

The impact of incremental tariffs on US imports in the second quarter was minimal. Adjusted operating margin in the second quarter was 9.2%, an increase of 290 basis points compared to last year and includes continued investment in our brands as part of our growth playbook.

增量關稅對第二季美國進口的影響微乎其微。第二季調整後的營業利潤率為 9.2%，比去年同期成長了 290 個基點，其中包括對我們品牌的持續投資，這是我們成長策略的一部分。

Adjusted operating margin with 200 basis points higher than our outlook of approximately 7.2%, primarily the result of SG&A leverage from better than expected revenue. The combination of strong revenue growth and gross margin expansion led to adjusted diluted earnings per share of $0.35 compared to $0.15 in the prior year. Turning to the balance sheet, net debt at the end of the second quarter was $568 million, down $99 million or 15% lower compared to the same time last year.

調整後的營業利潤率比我們預期的約 7.2% 高出 200 個基點，這主要是由於收入優於預期，銷售、一般及行政管理費用 (SG&A) 槓桿率提高。強勁的營收成長和毛利率的擴大使得調整後每股攤薄收益為 0.35 美元，而去年同期為 0.15 美元。從資產負債表來看，第二季末的淨債務為 5.68 億美元，與去年同期相比減少 9,900 萬美元，降幅為 15%。

Next, I will provide an update on the financial impact from tariffs in our mitigation initiatives. On our last call in May, we estimated that the incremental tariffs would translate to a fiscal 2025 profit impact of $30 million before any mitigation. This was based on tariff rates of 145% for China and 10% for our other sourcing countries.

接下來，我將介紹我們緩解措施中關稅帶來的財務影響的最新情況。在我們 5 月的最後一次電話會議上，我們估計，在採取任何緩解措施之前，增量關稅將對 2025 財年的利潤造成 3000 萬美元的影響。這是基於中國 145% 的關稅稅率和我們其他採購國 10% 的關稅稅率。

Based on the tariff rates announced by the US administration on August 1 that go into effect on August 7, we now estimate the 2025 profit impact from incremental tariffs will be approximately $20 million before any mitigation. The reduced 2025 profit impact versus our prior estimate is primarily due to lower China tariff rates, down from 145% to 30% as of May, partially offset by increases in other sourcing countries rising from 10% to approximately 20% starting in August.

根據美國政府於 8 月 1 日宣布並於 8 月 7 日生效的關稅稅率，我們現在估計，在採取任何減稅措施之前，增量關稅對 2025 年利潤的影響將約為 2000 萬美元。與我們先前的估計相比，2025 年利潤影響的減少主要是由於中國關稅稅率降低，截至 5 月已從 145% 降至 30%，但其他採購國的關稅稅率自 8 月起從 10% 上升至約 20%，這部分抵消了這一影響。

Our team's successful execution of our strategy over the past 24 months has enhanced our brands and our capabilities, strengthened our financial position and prepared us to navigate ongoing changes. We've taken strategic steps to mitigate the impact of tariffs and have plans in place that we believe position us to offset the majority of the profit impact this year.

在過去的 24 個月中，我們的團隊成功執行了我們的策略，提升了我們的品牌和能力，增強了我們的財務狀況，並為我們應對持續的變化做好了準備。我們已採取策略措施來減輕關稅的影響，並制定了計劃，我們相信這些計劃可以抵消今年大部分的利潤影響。

That said, we'll continue to monitor how these plans unfold and how the broader trade environment evolves. Prior to the tariff announcements in April, we had already begun executing targeted initiatives to enhance profitability. While external conditions have evolved, our strategy remains consistent. We're accelerating those efforts and actively pursuing new opportunities to strengthen our financial position, preserve flexibility, and support long-term growth.

儘管如此，我們將繼續關注這些計劃的進展以及更廣泛的貿易環境的發展。在四月宣布關稅之前，我們就已經開始實施有針對性的措施來提高獲利能力。儘管外部條件已經發生變化，但我們的策略始終如一。我們正在加快這些努力，並積極尋求新的機會來加強我們的財務狀況，保持靈活性，並支持長期成長。

Actions we have taken include leveraging our diversified supply chain and dual sourcing capabilities, negotiating cost sharing with our supply chain partners to alleviate the financial impact of tariff changes, reducing products sourced from China to the United States in the mid-teens earlier this year to less than 10% by the end of 2025, implementing strategic price increases on select products across the brand portfolio and capturing discretionary SG&A savings while also continuing to invest in our brands. These efforts are designed to offset tariff-related headwinds while maintaining investment in brand building and long-term growth drivers.

我們採取的行動包括利用我們多樣化的供應鏈和雙重採購能力，與我們的供應鏈合作夥伴協商成本分攤以減輕關稅變化的財務影響，將今年早些時候從中國採購到美國的產品比例從15%減少到2025年底的10%以下，對整個品牌組合中的部分產品實施戰略性提價，並在繼續投資於我們的品牌的同時，可節省可自由的行政費用。這些努力旨在抵消關稅相關的不利因素，同時維持對品牌建立和長期成長動力的投資。

Turning to our outlook for 2025. As it pertains to the full year, while we are not reinstating our formal 2025 annual outlook today due to continued macroeconomic uncertainty from global trade policy, I would like to provide some insights into how we are viewing the second half of the year.

展望 2025 年。就全年而言，由於全球貿易政策持續帶來的宏觀經濟不確定性，我們今天不會恢復對 2025 年的正式年度展望，但我想就我們對下半年的看法提供一些見解。

We're pleased with the year-to-date performance of the business, delivering 8.6% constant currency revenue growth in the first half, which is at the high end of our long-term value creation aspiration. This performance reflects the strong execution of our brand building strategy across product innovation, marketing and distribution expansion, particularly in Saucony and Merrell, as well as some favorable timing shifts.

我們對今年迄今的業務表現感到滿意，上半年實現了 8.6% 的固定匯率收入成長，這達到了我們長期價值創造願望的高端。這項業績反映了我們在產品創新、行銷和分銷擴張方面的品牌建立策略的有力執行，尤其是在 Saucony 和 Merrell 方面，以及一些有利的時機轉變。

As we look to the second half, while we expect this momentum to continue, supported by ongoing execution and sequential improvement in Sweaty Betty and the Active Group, we anticipate our year over year growth to moderate compared to the first half as the impact of timing shifts normalizes and we lap the initial gains from incremental distribution expansion.

展望下半年，我們預計這一勢頭將持續下去，並得到 Sweaty Betty 和 Active Group 持續執行和連續改進的支持，但隨著時間變化的影響正常化以及我們從增量分銷擴張中獲得初步收益，我們預計與上半年相比，我們的同比增長將有所放緩。

In addition, we will be comping a more stabilized second half of 2024 relative to the first half. With respect to the impact of tariffs and our mitigation efforts on gross margin, we expect the majority of the incremental expense to impact cost of goods sold in the fourth quarter, while our mitigation efforts are anticipated to be more balanced between the third and fourth quarters.

此外，與上半年相比，2024 年下半年將更加穩定。關於關稅和我們的緩解措施對毛利率的影響，我們預計大部分增量費用將影響第四季度的銷售成本，而我們的緩解措施預計在第三季和第四季之間將更加均衡。

With that, I will now provide our outlook for the third quarter. Revenue is expected to be in the range of $450 million to $460 million, a year over year increase of approximately 3.3% at the midpoint on a reported basis and 2.6% on a constant currency basis.

現在我將提供我們對第三季的展望。預計營收將在 4.5 億美元至 4.6 億美元之間，以報告基礎中位數計算年增約 3.3%，以固定匯率計算成長 2.6%。

At the midpoint of the range, we expect Active Group revenue for the third quarter to grow by a mid-single digit percentage year over year, and Active Group revenue is expected to decline by low single digit percentage.

在該範圍的中間點，我們預計第三季 Active Group 的營收將年增中個位數百分比，而 Active Group 的營收預計將下降低個位數百分比。

Adjusting for the previously mentioned $10 million timing shift from the third quarter into the second quarter, Active Group revenue is expected to grow high single digits, and workgroup is expected to be approximately flat compared to the prior year.

經過前面提到的從第三季到第二季的 1,000 萬美元的時間調整，Active Group 的營收預計將成長高個位數，而工作小組的營收預計將與去年基本持平。

Gross margin is expected to be approximately 47%, an increase of 170 basis points compared to last year. Adjusted operating margin is expected to be approximately 8.3%, an increase of 60 basis points compared to last year. And adjusted diluted earnings per share is anticipated to be in the range of $0.28 to $0.32 compared to $0.29 in the prior year.

預計毛利率約47%，較去年同期增加170個基點。調整後的營業利潤率預計約為8.3%，較去年同期增加60個基點。預計調整後每股攤薄收益將在 0.28 美元至 0.32 美元之間，去年同期為 0.29 美元。

To summarize, our second quarter results and third quarter outlook reflect strong execution of our growth strategy in a dynamic environment. Our brands continue to show meaningful progress, we're driving healthier sales across the portfolio, and our balance sheet is meaningfully stronger than two years ago. We believe the improvements we've made and the actions we're taking to navigate the evolving trade landscape position us for a sustainable, profitable growth.

總而言之，我們的第二季業績和第三季展望反映了我們在動態環境中強勁的成長策略執行。我們的品牌繼續取得有意義的進展，我們正在推動整個產品組合的銷售更加健康，我們的資產負債表比兩年前更加強勁。我們相信，我們所做的改進以及我們為應對不斷變化的貿易格局而採取的行動將使我們實現可持續的盈利增長。

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，讓我把電話交還給克里斯。

Thanks, Taryn. After two years, Wolverine World Wide is well underway to becoming a new company with a clear vision to make every day better. We aspire to become great consumer obsessed brand builders, focus squarely on creating innovative trend right products, telling differentiated and amazing stories and driving the business each day as a collective one Wolverine.

謝謝，塔琳。經過兩年的發展，Wolverine World Wide 已順利轉型成為一家擁有清晰願景的新公司，致力於讓每一天都變得更美好。我們渴望成為偉大的消費者迷戀品牌建立者，專注於創造創新的潮流產品，講述差異化和令人驚嘆的故事，並像金鋼狼一樣集體推動每天的業務。

We've elevated talent throughout the organization by bringing in new leaders with exceptional experience and a heightened consumer focus, bolstering our capabilities in areas including product design, merchandizing, modern demand creation and business planning.

我們引進了具有豐富經驗和高度關註消費者的新領導者，提升了整個組織的人才水平，增強了我們在產品設計、商品銷售、現代需求創造和業務規劃等領域的能力。

I believe our team, this new talent coupled with a solid base of company veterans is the strongest we fielded since I joined the company almost 17 years ago. We've also made good progress in equipping our teams with the processes, tools and environments they need to win.

我相信我們的團隊、這些新人才加上公司資深員工的堅實基礎是我們自近 17 年前加入公司以來最強大的團隊。我們在為團隊配備獲勝所需的流程、工具和環境方面也取得了良好的進展。

We're injecting more consumer and trend insights into our brands with the collective, opened our first ever innovation hub in Boston this past fall, co-located our Active Group brands in a refreshed space this spring, developed new integrated planning processes, and we've embarked on the most ambitious tech modernization effort in our company's history.

我們正在與集體一起為我們的品牌注入更多的消費者和趨勢洞察力，去年秋天在波士頓開設了我們的第一個創新中心，今年春天將我們的 Active Group 品牌放在一個煥然一新的空間，開發了新的綜合規劃流程，並且我們已經開始了公司歷史上最雄心勃勃的技術現代化工作。

And finally, and importantly, our culture is evolving. Our teams have embraced the challenge to get better every day to win and work together as one Wolverine. Just last month, I'm proud to say Wolverine World Wide was officially certified as a Great Place to Work.

最後，也是最重要的一點，我們的文化正在不斷發展。我們的團隊接受了挑戰，每天都在進步，以取得勝利，並像金剛狼一樣齊心協力。就在上個月，我很自豪地宣布 Wolverine World Wide 被正式認證為「最佳工作場所」。

Based on an independent formal assessment of our team's belief in our strategic direction, sense of collaboration and pride in the work we're doing together. The first time our company has ever received such a recognition. But while Wolverine World Wide is already a much different company, there is much more to do.

基於對我們團隊對策略方向的信念、合作意識以及對我們共同所做工作的自豪感的獨立正式評估。這是我們公司第一次獲得這樣的認可。儘管 Wolverine World Wide 已經是一家截然不同的公司，但仍有許多事情要做。

The next chapter is the most important one as we push to realize the full potential of our brand, team and company, all guided by our vision to make every day better for our consumers, our teams, our partners, our communities, and ultimately for our shareholders.

下一章是最重要的一章，我們將努力發揮我們品牌、團隊和公司的全部潛力，所有這些都遵循我們的願景，即讓我們的消費者、我們的團隊、我們的合作夥伴、我們的社區以及最終我們的股東的每一天都過得更好。

With that, thank you to all for taking 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。操作員？

(Operator Instructions) Jonathan Komp, Baird.

（操作員指示）喬納森·康普，貝爾德。

Yeah. Good morning. Thank you. I want to follow up on Saucony given the strong performance continuing here and ask about how we should think about the range of outcomes for growth in the second half and when you think about growth between direct, which obviously had a strong quarter, I think you said low double digit growth, but also then wholesale with the new doors plus sell through and reorders that existing doors you've added here just any further detail on range of outcomes and some of the key building blocks.

是的。早安.謝謝。鑑於 Saucony 繼續保持強勁表現，我想跟進一下，並詢問我們應該如何看待下半年增長的一系列結果，以及當您考慮直接增長時，這顯然是一個強勁的季度，我認為您說的是低兩位數增長，但還有新門的批發加上銷售和重新訂購現有門，您在這裡添加了關於結果範圍和一些關鍵構建模組的更多細節。

Thanks, John. Saucony certainly is having a moment, and I'm really pleased with the progress since we've made sense we really worked to reset that business a couple of years ago and it is broad-based growth happening in both performance and lifestyle, happening around the world.

謝謝，約翰。索康尼確實正處於一個發展階段，我對這一進展感到非常高興，因為我們幾年前就真正努力地重塑了這項業務，而且它在性能和生活方式方面都實現了廣泛的增長，並且遍及全球。

I think first and foremost driven by a reinvigorated product pipeline. Innovation is back at Saucony, whether it's Tippi spear product like the Endorphin collection, whether it's focusing on the core four or ability to tap into an archive of lifestyle products and that is very encouraging and importantly, it's healthy growth. It's responsible growth.

我認為首先要推動的是產品線的重新煥發活力。索康尼又開始創新了，無論是像 Endorphin 系列這樣的 Tippi 長矛產品，還是專注於四大核心產品還是能夠挖掘生活方式產品檔案，這都非常令人鼓舞，而且重要的是，它正在健康增長。這是負責任的成長。

We walked away from tough distribution from products that had relatively low gross profit and we took the chance to really reset that business from a strategic standpoint and then first and foremost really make sure the product pipeline was firing on all cylinders. And then importantly, our ability to tell amazing stories.

我們放棄了對毛利相對較低的產品的艱難分銷，並藉此機會從戰略角度重新調整了該業務，然後首先確保產品線全面運作。更重要的是，我們有能力說精彩的故事。

This will be a very large investment year in Saucony from demand creation perspective, really happening around the world. And I think really headlined right now about what has happened in EMEA over the past couple of years focused on a key city strategy, activations, the sponsorship of key events, and then just the team really driving the business each and every day. So we're going to begin to lap opening of that distribution.

從需求創造的角度來看，今年將是索康尼投資額龐大的一年，而這一年確實在世界各地發生。我認為現在真正引人注目的是過去幾年歐洲、中東和非洲地區發生的事情，重點是關鍵城市策略、活化、關鍵活動的贊助，以及團隊每天真正推動業務的發展。因此我們將開始展開這一分佈的開放。

We continue to methodically think about where we can responsibly open more doors. At the same time, as we think about growth for the company, we're in it for the long run. We want to drive long term sustainable, profitable, healthy growth and really have a pull model versus a push model.

我們繼續有條不紊地思考我們可以在哪些方面負責任地打開更多的大門。同時，當我們考慮公司的發展時，我們著眼於長遠發展。我們希望推動長期可持續、獲利、健康的成長，並真正實現拉動模式而非推動模式。

So we'll begin to lap that new door expansion and really as a company right now we are laser focused on sell through what is happening in real time in the marketplace and then really build a long term platform for the company to drive sustainable results for the shareholders in the long term.

因此，我們將開始拓展新的業務範圍，實際上，作為一家公司，我們現在專注於透過市場即時發生的事情來銷售產品，然後真正為公司建立一個長期平台，以長期為股東帶來可持續的業績。

But make no mistake, very pleased with the progress Saucony has made in a very short period of time and the rigorous execution of our new brand building model. But as I said in the prepared remarks, while I'm very pleased with the results that Saucony has generated in a very short period of time.

但毫無疑問，我們對 Saucony 在很短的時間內取得的進步以及我們新品牌建立模式的嚴格執行感到非常高興。但正如我在準備好的演講中所說的那樣，我對 Saucony 在很短的時間內所取得的成果感到非常滿意。

I'm very optimistic about the potential of this intersection of performance and lifestyle being a culturally relevant brand, driving tip of spear innovation at the same time pulling on archives, I think is a very powerful combination for us to drive great growth in a very attractive market for the long term for the company.

我對這種將性能和生活方式相結合的品牌的潛力非常樂觀，它將成為具有文化相關性的品牌，在推動尖端創新的同時還能利用檔案，我認為這是一個非常強大的組合，可以推動公司在一個非常有吸引力的市場中實現長期的巨大增長。

That's great. And then on gross margin, if you step back, is there anything that's unsustainable other than maybe the short term disruption from tariffs when you look at operating at the current level of gross margin.

那太棒了。然後關於毛利率，如果你退一步考慮，當你考慮以目前的毛利率水準運作時，除了關稅造成的短期幹擾之外，還有什麼不可持續的嗎？

And now as you've been at 47% for several quarters, which is the high end of your broader target, are you gaining comfort in the longer-term opportunity to get back to double digit operating margin. Thanks.

現在，由於您的營業利潤率已連續幾季保持在 47% 左右，這是您總體目標的高端，您是否對長期恢復兩位數營業利潤率的機會感到安心？謝謝。

Thanks, John. As you pointed out, we're now in the gross margins through the first two quarters at 47.2% does reflect the progress we've made and some of the things Chris has talked about in terms of driving higher mix of full price sales, as well as the supply chain initiatives that we've talked about in terms of optimizing our costs.

謝謝，約翰。正如您所指出的，我們前兩個季度的毛利率為 47.2%，這確實反映了我們所取得的進展，以及克里斯談到的在推動全價銷售更高組合方面的一些事情，以及我們在優化成本方面談到的供應鏈舉措。

We do expect to continue to see the benefits from pricing discipline as well as those cost initiatives, and we're looking at that Q3 guide that we gave approximately 47%. And I think that yes, in short, we are gaining confidence in that aspiration that we've provided in the long term of 45% to 47%.

我們確實希望繼續看到定價紀律以及那些成本措施的好處，並且我們正在研究我們給出的第三季指南，該指南約為 47%。我認為是的，簡而言之，我們對長期提出的 45% 至 47% 的願望越來越有信心。

And while we're not guiding on the fourth quarter, I would remind her that fourth quarter is generally lower than our quarters just given the nature of the holiday season that we're seeing in the fourth quarter. But overall, short answer is yes, gaining confidence, given more with the product, putting the marketing behind it and the distribution gains in terms of being able to sustain in that 45% to 47%.

雖然我們沒有對第四季度做出預測，但我要提醒她，由於第四季正處於假期期間，因此第四季的業績通常低於我們的其他季度。但總體而言，簡短的回答是肯定的，獲得信心，對產品給予更多關注，在產品背後進行營銷和分銷收益，能夠維持在 45% 到 47% 的水平。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

Hey. Thanks for taking our question. I was curious if we could discuss your go to market strategy and the pathway for returning DTC to growth. How is that channel contribution embedded in your third quarter outlook?

嘿。感謝您回答我們的問題。我很好奇我們是否可以討論一下您的行銷策略以及讓 DTC 恢復成長的途徑。該通路貢獻如何體現在您的第三季展望？

Yeah. Good question. I appreciate you asking about our DTC business. We're pleased by the progress we're making in DTC, albeit we acknowledge we have more work to go do. We've seen sequential improvement in Q2 over 1Q. And I would say by and large, a lot of our brands this year are focusing on becoming less promotional, more consistent in our messaging and really be a great showcase for our brands as consumers engage with us digitally.

是的。好問題。感謝您詢問我們的 DTC 業務。我們對 DTC 所取得的進展感到高興，儘管我們承認還有很多工作要做。我們看到第二季的情況較第一季有所改善。我想說，總的來說，今年我們的許多品牌都專注於減少促銷，更加保持一致的訊息傳遞方式，當消費者與我們進行數位互動時，真正成為我們品牌的絕佳展示平台。

So we saw a nice gross margin expansion, I think somewhere approaching 300 basis points of gross margin expansion in total for DTC. And importantly, our biggest brands, I think, outperformed us in total. Saucony saw a nice growth. Sweaty Betty saw some improvements along with Merrell.

因此，我們看到了良好的毛利率擴張，我認為 DTC 的毛利率整體擴張接近 300 個基點。重要的是，我認為我們最大的品牌整體表現優於我們。索康尼 (Saucony) 實現了良好的成長。Sweaty Betty 與 Merrell 一起看到了一些進步。

We do have some acute pain points that we're working to address, but I think the combination of lapping some of the promotional from last year, telling more consistent messaging to our consumers really showing a great innovative flow of fresh product, and then certainly on the modernization side we have some updating to do on our tools and we've begun to do that. So DTC is a critically important piece of our business.

我們確實有一些正在努力解決的嚴重痛點，但我認為，結合去年的一些促銷活動，向我們的消費者傳達更一致的信息，確實展示了新產品的巨大創新流，當然在現代化方面，我們需要對我們的工具進行一些更新，我們已經開始這樣做了。因此，DTC 是我們業務中至關重要的一部分。

I think we have to show up when and where consumers want to engage with us whether it's on their phones, through our social channels, whether it's in our great wholesale partners here and around the world, or whether it's in our own stores or our own sites, we have to show up consistently great.

我認為我們必須在消費者希望與我們互動的時間和地點出現，無論是透過他們的手機、透過我們的社交管道、無論是在我們這裡和世界各地的優秀批發合作夥伴，還是在我們自己的商店或我們自己的網站上，我們都必須始終如一地表現出色。

So pleased that we made progress in the second quarter from the first quarter. Acknowledge though that we still have more work to go do, but the team is laser focused on making that both a great growing and profitable channel for us along with great representations of our brands.

很高興我們在第二季取得了比第一季更好的進展。儘管我們承認還有很多工作要做，但團隊正致力於使其成為我們一個成長迅速、盈利能力強的管道，同時也是我們品牌的良好代表。

Okay. And then I did want to ask on Saucony really impressive traction there, can you help us think of the brand performance within the newly expanded doors? How would you characterize sell through and the level of penetration on shelves today versus where you plan to be at year end?

好的。然後我確實想問一下，Saucony 在那裡確實取得了令人印象深刻的成績，您能幫助我們思考一下新擴張的品牌在市場上的表現嗎？與您計劃在年底達到的水平相比，您如何描述今天的銷售量和貨架滲透率？

Yeah. Good question. I think that that's really what we're focused on. And I think credit to the product pipeline, credit to the stories and certainly the fact that, Saucony is a great authentic heritage brand. Our ability to open up that new distribution was critically important last year. We're beginning to lap those new door growth.

是的。好問題。我認為這正是我們關注的重點。我認為這要歸功於其產品線、其故事，當然還有索康尼是一個偉大的、真正的傳統品牌。去年，我們開拓新分銷管道的能力至關重要。我們開始關注這些新門的成長。

I would say right now we're very focused on sell through. Let's make sure the ground game. In place. There's great marketing in stores. We're engaging with the teams and we're really working to drive sell through. I would say we're in the early innings of opening up that potential distribution if we look at just total door counts and the doors that we're in.

我想說現在我們非常注重銷售。讓我們確保地面比賽順利進行。到位。商店裡的行銷活動很精彩。我們正在與團隊合作，並真正努力推動銷售。如果我們只看門市總數和我們所處的門市數量，我想說我們正處於開放潛在分銷的早期階段。

At the same time, like I said earlier, we really want to make sure that we're driving a pull model versus the brand versus a push model for the brand. So as we've seen that door expansion, we're very focused on, we're encouraged by it, but every single week we obsess about the sell through rates to make sure that we have traction there.

同時，就像我之前說的，我們確實希望確保我們推動的是拉動模式，而不是品牌推動模式。因此，正如我們所見，門市擴張讓我們非常關注，也讓我們受到鼓舞，但每週我們都會關注銷售率，以確保我們能夠在那裡取得進展。

So there's a lot more doors that we could open. We're not laser focused on that right now. We're working to build a platform for long term sustainable growth in a responsible way, and that really is what will get the Wolverine World Wide engine really moving and humming in order.

因此我們可以打開更多的大門。我們現在還沒有集中精力於此。我們正在努力以負責任的方式建立一個長期可持續發展的平台，這才是讓 Wolverine World Wide 引擎真正運作並有序運作的關鍵。

Laurent Vasilescu, Exane BNP Paribas.

洛朗‧瓦西萊斯庫 (Laurent Vasilescu)，法國巴黎銀行董事局長。

Good morning. Thank you very much for taking my questions. I wanted to ask about Saucony as well. I recognize, Chris, that you will start to lap those 1,300 doors next year. Curious to know what your conversations are like for the spring 2026 orders.

早安.非常感謝您回答我的問題。我也想問一下有關 Saucony 的問題。克里斯，我知道你明年就會開始檢查那 1,300 扇門了。好奇想知道你們對於 2026 年春季訂單的對話是什麼樣的。

And second, I know that foot locker is now offering the lifestyle offering, but is there an opportunity at some point in time for sporting goods to offer Saucony performance offering?

其次，我知道 Foot Locker 現在提供生活方式產品，但體育用品是否有機會在某個時間點提供 Saucony 性能產品？

Yeah. Good question, and I appreciate the attention on Saucony again. I think that team has been able to generate tremendous momentum in a very short period of time, and I would take you back a couple of years ago. It really was a full reset of that business, and I think we took the time to really think about what the potential Saucony had.

是的。好問題，再次感謝您對 Saucony 的關注。我認為團隊能夠在很短的時間內產生巨大的發展勢頭，讓我回想起幾年前的情況。這確實是對該業務的全面重置，我認為我們花了一些時間認真思考索康尼的潛力。

What we thought the market opportunity was, where the competition sat, and then the various levers that we could pull. So we are very focused and thankful for the doors that we've opened. And again, I think that the notion of broad-based is important. We're seeing growth in both performance categories, again whether it's products like Endorphin, whether it's the core four.

我們認為市場機會是什麼，競爭在哪裡，以及我們可以利用的各種槓桿。因此，我們非常專注並感謝我們所打開的大門。我再次認為，廣泛的概念很重要。我們看到兩個性能類別都在成長，無論是像 Endorphin 這樣的產品，還是核心四大產品。

At the same time what we've seen what we've seen in lifestyle expansion. So we'll begin to -- we're actually beginning to lap that new door growth last year as we get into back to school and in the holiday. We're very focused on the sell through. I would say our teams are staying very close to the wholesale partners in which we've opened and then also working to build hopefully responsible growth plan.

同時，我們也看到了生活方式的擴展。因此，隨著開學和假期的到來，我們實際上已經開始追趕去年新門的成長速度。我們非常注重銷售。我想說的是，我們的團隊與我們已經開業的批發合作夥伴保持著非常密切的聯繫，同時也在努力製定負責任的成長計畫。

But I was out in the market -- in this last quarter, I've been able to travel to London, Paris, Tokyo. I was in Boston just last week. I was in New York a couple of weeks before that, and it's to see Saucony showing up on those shelves, showing up in those windows and then just talking to the store staff that are wrapping our product on just the enthusiasm that Saucony has been able to generate.

但我在外面市場——在最後一個季度，我去了倫敦、巴黎、東京。我上星期才去過波士頓。幾週前我在紐約，看到索康尼出現在貨架上、櫥窗裡，並與包裝我們產品的商店工作人員交談，感受索康尼所激發的熱情。

So again, while we're pleased with the progress in a record second quarter for the brand, I do think we remain very optimistic about what the future potential is for Saucony, both what it means to the Wolverine World Wide portfolio, what it means for our shareholders and certainly what Saucony can mean in the greater landscape of sporting goods.

因此，儘管我們對該品牌第二季度創紀錄的進展感到滿意，但我確實認為，我們仍然對索康尼的未來潛力非常樂觀，包括它對 Wolverine World Wide 產品組合的意義、對我們的股東的意義，以及索康尼在更廣泛的體育用品領域中的意義。

Very helpful. And then Merrell, another great quarter double digit growth here with the modernize the trail strategy. I recognize, Chris, that you don't guide by brand anymore for the quarters out, but why should we see a deceleration in the back half if there's momentum in so many different product categories.

非常有幫助。然後是 Merrell，憑藉著現代化的越野策略，又一個季度實現了兩位數的成長。克里斯，我知道你不再以品牌來指導未來幾季的發展，但如果這麼多不同的產品類別都保持著成長勢頭，為什麼我們會看到下半年的成長減速呢？

And then, Taryn, I recognize last year you had an operating cash flow number of $180 million. I think there was a working capital benefit from inventory, but this year, obviously your operating profit, your net income is going up. Like is there any reason why we couldn't see a similar rate of operating cash? And what I'm leading to is where do you think leverage goes by the end of this year?

然後，塔琳，我知道去年你的營運現金流為 1.8 億美元。我認為庫存帶來了營運資本收益，但今年，顯然您的營業利潤、淨收入正在上升。例如，為什麼我們沒有看到類似的營運現金率？有什麼原因嗎？我想問的是，您認為今年年底槓桿率會達到什麼水準？

Yeah. I'll have the Merrell question first then turn it over to Taryn. I appreciate you asking about Merrell. I know a lot of headlines are going to be about Saucony growing 40%, but Merrell has four consecutive quarters of growth. I think 10 of the past 11 quarters we've gained share, and we've done it in a really responsible way while adding gross margin and importantly, it's on the backs of new product introductions.

是的。我會先問 Merrell 的問題，然後再交給 Taryn。感謝您詢問有關 Merrell 的問題。我知道很多頭條新聞都會報導 Saucony 成長 40%，但 Merrell 已經連續四個季度實現成長。我認為在過去的 11 個季度中，我們有 10 個季度的市場份額都在增長，而且我們以非常負責任的方式實現了這一目標，同時還增加了毛利率，重要的是，這是得益於新產品的推出。

Obviously, the Moab 3 continues to be great. That is the original hiking boot, but what we've been able to do on the Moab Speed 2, the Agility Peak 5, the SpeedARC Matis, all of those new introductions are helping us to make the trail lighter, faster, more modern, and really responding to the consumers and really bringing innovation.

顯然，Moab 3 依然表現出色。那是最初的登山靴，但我們在 Moab Speed 2、Agility Peak 5、SpeedARC Matis 等所有新產品上所做的改進都在幫助我們讓登山靴變得更輕、更快、更現代化，真正響應消費者的需求，帶來創新。

At the same time, we've been very thoughtful in the distribution in the US, and I gave the Marrell team, the Merrell US sales team credit for how they've really thought about the US distribution landscape with doors we want to show up in, how do we show up in those doors great.

同時，我們在美國的分銷方面也非常周到，我讚揚了 Marrell 團隊和 Merrell 美國銷售團隊，他們認真考慮了美國的分銷格局，考慮了我們想出現在哪些門店，以及如何在這些門店中展示我們的產品。

I was in one of our best wholesale partners last week and I've never thought Merrell has looked better than what I saw last week. So credit to our partners for getting behind Merrell, credit for the growth that we're driving, the investments we're making in the ground game.

上週我與我們最好的批發合作夥伴之一見面，我從未想到 Merrell 會比我上週看到的更好。因此，我們要感謝我們的合作夥伴對 Merrell 的支持，感謝我們所推動的成長以及我們在地面遊戲所做的投資。

So at the same time, encouragingly, we've seen the hike category under a lot of pressure for the past two years. We actually saw it get a little bit better last quarter, and if that is a long term trend for us, certainly that bodes well for Merrell's prospects, having gained share for the past two years, being the market leader, the retrenchment we've done to improve points of distribution, the new products we've brought gives us a lot of reasons to be encouraged about Merrell's future trajectory.

因此，同時，令人鼓舞的是，我們看到過去兩年升息類別承受著很大的壓力。我們實際上看到上個季度的情況有所好轉，如果這是我們的長期趨勢，那麼這對 Merrell 的前景來說無疑是個好兆頭，過去兩年來，我們的市場份額不斷擴大，作為市場領導者，我們為改善分銷點而進行的裁員，以及我們帶來的新產品，都讓我們有很多理由對 Merrell 的未來發展軌跡感到鼓舞。

Great. And then to answer your question in terms of in leverage, where are we going? I think overall, I would answer the question in the context that we are really focused on delivering a sustainable long term profitable growth and you can see that in the cash flow you mentioned 2024, we did say that we did expect in terms of -- when we looked at our capital allocation, it's remained consistent.

偉大的。然後回答你關於槓桿的問題，我們要去哪裡？我認為總的來說，我會在我們真正專注於實現可持續的長期盈利增長的背景下回答這個問題，你可以看到，在你提到的 2024 年現金流中，我們確實說過我們確實預期——當我們審視我們的資本配置時，它保持一致。

We remained focused in terms of investing in the business as well as continuing to pay down debt and maintaining the dividend in terms of our priorities of capital allocation. When I speak to investing in the business, we had identified earlier this year that we did expect after getting our inventory to much healthier levels, we expected a modest investment in working capital this year.

我們繼續專注於業務投資，繼續償還債務，並在資本配置優先事項方面維持股利。當我談到對業務的投資時，我們在今年稍早就已經確定，在將庫存恢復到更健康的水平後，我們確實預計今年將對營運資金進行適度投資。

And you can see part of that in the second quarter you saw inventory was a bit higher. That was largely primarily Saucony. If you recall last year, we said we'd probably leaned in a bit too much on the inventory as we were chasing demand. And so, we are making a very strategic and thoughtful choice about where we're investing in the inventory to support the growth.

您可以看到，第二季的庫存量略高。這主要是因為 Saucony。如果你還記得去年，我們說過，為了追逐需求，我們可能過度依賴庫存。因此，我們正在做出非常有策略性和深思熟慮的選擇，決定在哪裡投資庫存以支持成長。

And then the second is on the priority was continuing to pay down debt. Our leverage -- our bank defined leverage at the end of the second quarter was 2.9 times. That compares to 3.9 times a year ago. So again, continued -- no change in capital allocation priorities and progress against both of them so far this year.

第二個優先事項是繼續償還債務。我們的槓桿率－我們銀行在第二季末定義的槓桿比率是 2.9 倍。相比之下，一年前這一數字為 3.9 倍。因此，再次強調，今年到目前為止，資本配置優先事項沒有變化，而且兩項事項都沒有進展。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

Thank you very much. I want to talk to you a little bit about the SG&A and your marketing demand creation spend. How much is that elevated? It looks like it's implied to be elevated again. And then how much -- but you're doing a lot of this -- are you doing most of this spend for long term brand story? And I'll ask you that first when I follow up.

非常感謝。我想和你談談銷售、一般和行政費用以及你的行銷需求創造支出。那升高了多少？看起來暗示它又要被提升了。那麼，您花費了多少——但是您做了很多這樣的事——您是否將大部分的錢花在了長期的品牌故事上？當我跟進時，我會先問你這個問題。

I'll let Taryn dig into some of the SG&A detail, but I'll answer the last part first. I think absolutely, Sam. I think previously, we got caught in a cycle of lower conversion focused marketing and our brand spend at the upper end of the funnel was compressed. And I think we were chasing revenue a while ago and really focusing on conversion to try to help stimulate that and that potentially at a short-term benefit but to the long-term cost of the brand. So we're working to reverse that.

我會讓 Taryn 深入了解一些 SG&A 細節，但我會先回答最後一部分。我認為絕對如此，山姆。我認為，之前我們陷入了以較低轉換率為中心的行銷循環，而我們在漏斗上端的品牌支出被壓縮了。我認為我們之前一直在追求收入，並真正專注於轉換率，試圖幫助刺激轉換率，這可能會帶來短期利益，但會為品牌帶來長期成本。因此我們正在努力扭轉這種狀況。

We do have a new stable of CMOs in the building, which is great, which bring a new perspective to how we want to lead our brands and as we emerged from the turnaround and have additional financial wherewithal to invest in our brands, we're very focused on spending up and down the funnel and really working on awareness and affinity for our brands.

我們確實擁有一群新的首席行銷官，這很好，他們為我們如何領導我們的品牌帶來了新的視角，隨著我們走出困境並擁有額外的財務能力來投資我們的品牌，我們非常注重在整個行銷漏斗中的支出，並真正致力於提高我們品牌的知名度和親和力。

And I think those things are beginning to take hold, and I think you're seeing that in Saucony. I think you're seeing that in all-time record Google search interest. We followed Google search interests as a proxy. And we've seen some positive metrics from Merrell and Saucony as we thought differently about how we spend.

我認為這些事情已經開始發揮作用，我想你在 Saucony 身上看到了這一點。我想你已經在 Google 搜尋興趣的歷史最高紀錄中看到了這一點。我們以 Google 搜尋興趣為參考。當我們對支出方式有了不同的思考後，我們從 Merrell 和 Saucony 身上看到了一些正面的指標。

So definitely a different approach to it. I'm trying to take a longer term horizon to how we build and protect our brands. At the same time, how we're managing responsible growth for the company as well. I'll let Taryn answer the SG&A question more specifically.

所以肯定要採取不同的方法。我試著從更長遠的角度考慮如何打造和保護我們的品牌。同時，我們也在管理公司負責任的成長。我會讓 Taryn 更具體地回答銷售、一般和行政費用 (SG&A) 問題。

Yeah. The build I would have is that I think it's important to note that if you look at the second quarter, our gross margin increased 410 basis points and our adjusted operating margin increased 290 basis points year over year.

是的。我的看法是，我認為值得注意的是，如果你看第二季度，我們的毛利率同比增長了 410 個基點，調整後的營業利潤率同比增長了 290 個基點。

As Chris said and as we have stated as part of our strategy, we are reinvesting a portion of the gross margin gains in key areas of the business that are going to fuel that growth for this year and as Chris said, long term, fueling the growth. And it is -- you ask a specific question about where it's investments in marketing and our talent.

正如克里斯所說，正如我們策略中所述，我們將把部分毛利率收益重新投資於業務的關鍵領域，這將推動今年的成長，正如克里斯所說，從長遠來看，這將推動成長。是的——你問了一個具體的問題，關於我們在行銷和人才方面的投資在哪裡。

Chris just mentioned the few of those and in tools such as our integrated business planning as we're navigating -- which has been a benefit as we're navigating the current macro environment and processes that are really going to be able to sustain profitable growth is the key areas I would call out both in terms of where you're seeing a bit of that elevated SG&A.

克里斯剛才提到了其中的幾個，以及我們正在使用的綜合業務規劃等工具——這對我們應對當前的宏觀環境和流程很有幫助，這些流程真正能夠維持盈利增長，而這正是我要指出的關鍵領域，無論是從銷售、一般和行政費用 (SG&A) 成本上升的角度來看。

Thank you. And then just to follow up, Chris, the top of funnel marketing longer term, did you beat your sales, your guidance by quite a lot. Did you see short term results from the -- did you see that opposite impact where you saw short term sales benefits from the top of funnel marketing in the quarter?

謝謝。然後只是為了跟進，克里斯，長期來看，漏斗行銷的頂端，你的銷售額是否超出了你的指導範圍。您是否看到了短期結果——您是否看到了相反的影響，即本季度漏斗行銷的頂部帶來了短期銷售效益？

I think we certainly did. I think, certainly as we have been thinking about running brands differently and you and I have talked about this, how we lead brands, how we think about the product pipeline, how we think about demand creation, where we think to spend, how we think about distribution and segmentation.

我想我們確實做到了。我認為，當然，我們一直在思考以不同的方式經營品牌，你和我都討論過這個問題，我們如何領導品牌，我們如何思考產品管道，我們如何思考需求創造，我們如何考慮花錢的地方，我們如何思考分銷和細分。

I think we certainly think those are the long-term things to do for the company and for our brands at the same time. I do think we are seeing a short term lift. And I think importantly as we think about managing brands in a portfolio as we think about capital allocation where we spend, how we spend, we have to think about where those brands product pipelines are, where do we sit, how is the relationship with key wholesale partners.

我認為我們當然認為這些是公司和我們的品牌需要長期做的事情。我確實認為我們正在看到短期的提升。我認為重要的是，當我們考慮管理投資組合中的品牌時，當我們考慮資本配置、我們在哪裡花錢、我們如何花錢時，我們必須考慮這些品牌的產品線在哪裡、我們的位置在哪裡、與主要批發合作夥伴的關係如何。

So I certainly think that it's in the long-term best interests of our brands and being great brand managers, which we aspire to be. At the same time, certainly, we're encouraged by the short term results we're posting this order.

因此，我當然認為這符合我們品牌的長期最佳利益，並能讓我們成為優秀的品牌管理者，這也是我們渴望成為的。同時，我們當然對發布此訂單的短期結果感到鼓舞。

But does that mean though that you guide next quarter the same way where it looks like there's increased SG&A spend but you didn't work in the potential short-term revenue impacts of that because it clearly you didn't work that into the 2Q guide.

但這是否意味著，您會以同樣的方式指導下個季度，看起來銷售、一般和行政費用 (SG&A) 支出有所增加，但您並沒有考慮到這對短期收入的潛在影響，因為很明顯您沒有將其納入第二季度指南中。

In the third quarter guidance?

第三季的指引是什麼？

Yeah.

是的。

I think at the third quarter at the midpoint you're seeing that SG&A would be around that 38.7%, and that does reflect a 120 basis point increase relative to prior year. I think in terms of current -- we absolutely expect in terms of it the combination of near term but as well as long term growth.

我認為在第三季中期，銷售、一般及行政費用 (SG&A) 將在 38.7% 左右，這確實反映了相對於上一年 120 個基點的成長。我認為就目前而言——我們絕對預期它會出現短期和長期的成長。

And then lastly, what are your interest expense for the balance of the year. I mean, is it going to average around $8 million a quarter? Is that right or is it going to drop down now that your net that's coming down.

最後，您今年的餘額的利息支出是多少？我的意思是，平均每季的收入會在 800 萬美元左右嗎？是這樣的嗎？或者現在你的網子掉下來了，它也會掉下來嗎？

I'd say it was largely unchanged. Interest expenses $8.5 million in the second quarter.

我想說它基本上沒有改變。第二季利息支出為 850 萬美元。

(Operator Instructions) Dana Telsey, Telsey Advisory Group.

（操作員指示）Dana Telsey，Telsey 諮詢小組。

Hi. Good morning, everyone. It's so nice to see the progress. Taryn, if you think about the timing shift that you talked about, is there potential for additional timing shifts in the fourth quarter or the third quarter? What are you seeing from that wholesale channel?

你好。大家早安。看到進步真是太好了。塔琳，如果您考慮您談到的時間變化，那麼在第四季度或第三季度是否有可能出現額外的時間變化？您從批發管道看到了什麼？

And Chris, given the focus always on earning the place on the shelves, how are you thinking of new product penetration versus core and how do you see pricing changing in this new world of tariffs? And I just have a quick follow up.

克里斯，鑑於我們始終把重點放在贏得貨架上的位置上，您如何看待新產品與核心產品的滲透率，以及您如何看待在這個新的關稅世界中價格的變化？我只是想快速跟進一下。

Yeah. I think I'll answer the first part of your question. The timing shift that we called out from in the second quarter from the third quarter to the second quarter, that $10 million at the current guidance that we're giving, I wouldn't call it any other timing shifts in that number, Dana.

是的。我想我會回答你問題的第一部分。我們在第二季從第三季到第二季所呼籲的時間轉變，按照我們目前給出的指導，那 1000 萬美元，我不會稱之為這個數字的任何其他時間轉變，達納。

Yeah. And to answer your question about product and earning yourself -- I mean, that's absolutely right, we still do three quarters of our business through wholesale partners, and we do have to earn our way on the shelf, and we do have to displace the competition.

是的。回答您關於產品和盈利的問題——我的意思是，這是完全正確的，我們四分之三的業務仍然通過批發合作夥伴完成，我們確實必須在貨架上贏得自己的地位，我們確實必須取代競爭對手。

And I would say, I'm spending a lot of time at retail. I was walking in retail just last week and how our brands are showing up in our important wholesale customers, we feel we look much better today than we did a year ago and certainly two years ago.

我想說，我在零售業上花了很多時間。就在上週，我走進零售店，看到我們的品牌出現在我們重要的批發客戶面前，我們感覺我們今天看起來比一年前，當然比兩年前要好得多。

I spent a full day walking retail last week and just how show up on the shelf, the fact that we're showing up in the windows again of key partners, I think it is very encouraging. Again, if the onus comes to right product innovative, trend right, priced right, colored right, placed right product that solves consumers' problems.

上週我花了一整天的時間走訪零售店，看看我們的產品是如何出現在貨架上的，事實上，我們再次出現在主要合作夥伴的櫥窗中，我認為這是非常令人鼓舞的。再一次，如果責任在於正確的產品創新、正確的趨勢、正確的定價、正確的顏色、正確的位置，那麼就能解決消費者的問題。

And then importantly, we also have to have brand ad we have to have the right brands with the right messaging, differentiated storytelling, and then we have to invest in our partners too and make sure we've got a ground game, make sure you're helping support them and then obsess about sell through.

然後重要的是，我們還必須有品牌廣告，我們必須擁有正確的品牌，正確的訊息，差異化的故事，然後我們還必須投資我們的合作夥伴，確保我們有一個地面遊戲，確保你幫助支持他們，然後沉迷於銷售。

So I certainly am encouraged by the progress we've made. There is certainly more work to go do, but the brand is the brand -- our brands and company, I think, are in a fundamentally different place today than we were just a few short years ago.

因此，我們所取得的進展確實令我感到鼓舞。當然還有很多工作要做，但品牌就是品牌——我認為，我們的品牌和公司今天與短短幾年前相比已經有著根本的不同。

And is pricing changing at all given tariffs, whether in DTC, e-commerce or wholesale?

無論是 DTC、電子商務還是批發，在所有給定的關稅下，價格是否會改變？

Yeah. I mean, I think you're hearing a lot about the price impacts. I think the clarity around tariffs is getting somewhat less murky than it was. At the same time, the downstream effects on the economy, consumer sentiment and ultimate consumer spending, it's something that we're paying attention to.

是的。我的意思是，我想你聽到了很多關於價格影響的消息。我認為關稅方面的清晰度比以前有所提高。同時，我們正在關注其對經濟、消費者情緒和最終消費支出的下游影響。

We did selectively take some price increases at the end of June. We're closely monitoring that both on our own sites plus what's happening on the shelves, sell throughs and all the data we get. At the same time, looking to see what the competition has done and where the competition sits in pricing.

我們確實在六月底選擇性地提高了一些價格。我們正在密切監控我們自己的網站、貨架上的情況、銷售情況以及我們獲得的所有數據。同時，觀察競爭對手做了什麼以及競爭對手在定價方面處於什麼位置。

I think we'll get more clarity as we work through the back-to-school season and understand how all that shakes out, but certainly the price increases we took the impact on the consumer, the macro consumer environment are things that we're paying very close attention to.

我認為，隨著返校季的到來，我們會更清楚地了解所有事情將如何發展，但毫無疑問，價格上漲對消費者的影響、宏觀消費環境是我們密切關注的事情。

With all of that said, I'm very thankful that we've been able to get the work done over the past couple of years to shore up the balance sheet to get our brands growing again to do the significant improvement in margin. I think we're in a much better position to withstand these current challenges and hopefully emerge better brands and better company on the other side.

儘管如此，我還是非常感謝我們在過去幾年中所做的工作，鞏固了資產負債表，使我們的品牌再次成長，從而顯著提高利潤率。我認為我們更有能力應對當前的挑戰，並希望能夠出現更好的品牌和更好的公司。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Great. Good morning. Thanks for taking my questions. I guess just to start, could you elaborate on what you've seen so far since you've selectively raised prices at the end of June across the business? Any high-level commentary of whether you've seen like any reaction from the consumer?

偉大的。早安.感謝您回答我的問題。首先，您能否詳細說明一下自 6 月底全業務選擇性漲價以來，目前的情況如何？能否談談高層是否看到消費者的反應？

And just like taking a step back and seeing all the products, of course, what we've seen in Saucony is very nice, how far along would you say you are on the turnaround of the other brands, particularly Merrell and Sweaty Betty?

退一步來看所有的產品，當然，我們在 Saucony 看到的非常好，您認為其他品牌，特別是 Merrell 和 Sweaty Betty 的轉型進展如何？

Yeah. Great question. I would say we're still very early days of the price increases. I think the wholesale customers that we went to said that they largely expected brands to increase price, and that was what we've heard. I think we're still too early to render a judgment on where the consumer sits and how those have been adopted.

是的。好問題。我想說，價格上漲仍處於初期階段。我認為我們拜訪的批發客戶表示，他們大多預期品牌會提高價格，而我們也聽到了同樣的消息。我認為我們現在還無法判斷消費者的立場和他們採用這些技術的方式。

As it relates to the other brands, I would contend a little bit that we're turning around Merrell. Merrell has got four consecutive quarters of growth. We've got 10 of 11 quarters of market share gains, significant gross margin expansion. So I would say Merrell and Saucony have rapidly deployed our new brand-building playbook. And I think we're encouraged by the progress those brands have made in a short period of time.

就其他品牌而言，我認為我們正在扭轉 Merrell 的局面。Merrell 已連續四個季度實現成長。在過去的 11 個季度中，我們有 10 個季度的市佔率都在成長，毛利率也顯著擴大。所以我想說 Merrell 和 Saucony 已經迅速部署了我們新的品牌建立策略。我認為這些品牌在短時間內取得的進步令我們感到鼓舞。

As it relates to the Work Group and Sweaty Betty, we did see sequential improvement this quarter versus last quarter, albeit self-admittedly, not generating the results that we would expect. I think we're making progress on the Work Group product pipeline.

就工作小組和 Sweaty Betty 而言，我們確實看到本季與上一季相比有所改善，儘管我們承認，沒有產生我們期望的結果。我認為我們在工作組產品線方面正在取得進展。

We've got a new Chief Product Officer, and I think he's done a great job thinking about newness and innovation. We had a maiden USA. collection that dropped a few weeks ago that sold out in a day. We just launched the new Infinity collection yesterday to really good reaction. I was getting some e-commerce sales last night, which is fantastic.

我們迎來了一位新的首席產品官，我認為他在創新思維方面做得非常出色。幾週前我們首次推出了 USA. 系列，並在一天內銷售一空。我們昨天剛推出了新的 Infinity 系列，反應非常好。昨晚我獲得了一些電子商務銷售，這太棒了。

And then I've been able to spend a lot of time with Sweaty Betty over the last quarter. I've been in London twice, really thinking about the strategy and where we sit, what's most important in the next couple of years with that brand.

在過去的一個季度裡，我有了很多時間和 Sweaty Betty 在一起。我去過倫敦兩次，認真思考我們的策略和現狀，以及未來幾年品牌最重要的是什麼。

So I feel good about the strategy work. I feel good about the sequential improvement we've seen. The product pipeline in Work Group is getting better. And I do think we're bringing innovation to Sweaty Betty. And the new products we're dropping, the colorways and the new prints, we dropped some outerwear a couple of weeks ago in our stores in the UK, those have all been positively received.

所以我對戰略工作感覺很好。我對於我們所看到的連續改善感到滿意。工作小組的產品線正在變得越來越好。我確實認為我們正在為 Sweaty Betty 帶來創新。我們即將推出的新產品、新配色和新印花，以及幾週前我們在英國的商店推出的一些外套，都受到了積極的反響。

So certainly, more work to go do, but I do think we are on the right path. And I certainly think there are things that we've learned from Merrell and Saucony that we can apply to the balance of the brands to get everyone moving in a more positive direction.

所以當然還有很多工作要做，但我確實認為我們走在正確的道路上。我確實認為，我們從 Merrell 和 Saucony 學到的東西可以應用到品牌平衡中，讓每個人都朝著更積極的方向發展。

Got it. Very helpful. And one quick follow-up. On the tariff impact that you provided, $20 million, could you elaborate on how much of that falls in Q3 and how much in Q4?

知道了。非常有幫助。還有一個快速的後續行動。關於您提供的 2000 萬美元關稅影響，您能否詳細說明其中有多少發生在第三季度，有多少發生在第四季度？

I didn't give specifics, it's more to say that more of it is expected to be in the fourth quarter than in the third quarter just given the time of when the higher rates went in as well as our inventory that we had that would sell through. So the fourth quarter will be our first full quarter of seeing the higher tariffs.

我沒有給出具體細節，更多的是說，考慮到利率上調的時間以及我們庫存的銷售情況，預計第四季度的銷售額將高於第三季。因此，第四季將是我們首次看到關稅上調的完整季度。

Got it. So that means that third quarter, there's part of it that doesn't have a tariff impact.

知道了。這意味著第三季的部分數據不會受到關稅影響。

Correct. So again, I didn't give the specifics, just more to say it's more weighted -- we will see some, and we expect to see some, in the third quarter. We expect to see more of the $20 million in the fourth quarter.

正確的。所以，我再次強調，我沒有給出具體細節，只是想說，它更有分量——我們將在第三季看到一些，我們預計會看到一些。我們預計第四季的營收將超過 2,000 萬美元。

Mitch Kummetz, Seaport Global Securities.

海港全球證券公司的米奇‧庫梅茲 (Mitch Kummetz)。

Yeah. Thanks for taking my questions. I've got one on Saucony, one on Merrell. So I'll start with Saucony. When you look at the second quarter growth, can you say how much of that, either the percentage or the dollars, was new doors versus same store?

是的。感謝您回答我的問題。我有一個 Saucony，一個 Merrell。因此我將從 Saucony 開始。當您查看第二季度的增長情況時，您能否說出其中有多少（百分比或金額）是來自新店開業，多少是來自同一家店的開業？

And then when you think about the potential for Saucony growth in the back half, is it fair to kind of assume that the same-store momentum is unchanged? It's just that there's less benefit from the new doors, is that how you're thinking about it?

然後，當您考慮索康尼下半年的成長潛力時，是否可以公平地假設同店成長動能保持不變？只是新門帶來的好處較少，您是這麼想的嗎？

Yeah. Good question. I would say well less than half of the growth at Saucony during the second quarter was driven by new door expansion. And when we talk about that's why -- in the prepared remarks, I talk about broad-based regions and channels, performance and lifestyle, there's not just one thing driving the Saucony engine right now, which gives us a lot of confidence in where that brand is and certainly what that brand can be.

是的。好問題。我想說的是，索康尼第二季的成長中，不到一半是由新門市擴張所推動的。當我們談論這個原因時——在準備好的發言中，我談到了廣泛的地區和管道、性能和生活方式，現在推動索康尼引擎的不僅僅是一件事，這讓我們對該品牌的現狀以及該品牌的未來充滿信心。

And I'd say right now, we're very focused, like I said previously, just really focused on sell-through and then really obsessing right now about the product pipeline, how do we follow up the great work that, that team has done to bring newness and innovation and reinvigorate that product pipeline to make sure that we can build a long-term model. So encouraged by the growth. It is broad-based regions and channels.

我想說的是，現在我們非常專注，就像我之前說的，只是真正專注於銷售，然後真正痴迷於產品線，我們如何跟進該團隊所做的出色工作，帶來新鮮感和創新，重振產品線，以確保我們能夠建立一個長期的模型。我對這種增長感到非常鼓舞。它覆蓋範圍廣泛，渠道多樣。

Other metrics that we look at, brand search interest is certainly encouraging and then as we begin to develop an order book for first half of '26, just the visibility into what that order book looks like, and then as we continue to begin to bring new activations online. I think the early days of the turnaround, we took a chance with the London 10K as part of our first key city strategy.

我們關注的其他指標，品牌搜尋興趣肯定是令人鼓舞的，然後，當我們開始為 26 年上半年制定訂單簿時，只需了解該訂單簿的樣子，然後我們繼續開始在線進行新的激活。我認為，在轉型初期，我們抓住機會將倫敦 10K 賽事作為我們首個重點城市策略的一部分。

Those results have been phenomenal. Our partner in Japan has done a great job, a new partner in Japan. We moved our Saucony relationship into our Merrell partner in Japan, and then they've done a great job opening a Saucony store in Harajuku.

這些成果是驚人的。我們在日本的合作夥伴做得很好，我們在日本有一個新的合作夥伴。我們將 Saucony 的合作關係轉移到了日本的 Merrell 合作夥伴，然後他們在原宿開設了一家 Saucony 商店，做得非常出色。

And like I said, we're going to activate in London with a Shoreditch 10K this fall, and then we'll move to France with the Eiffel Tower 10K in December and begin to really activate this key city strategy, which has really generated a lot of momentum for our brands.

正如我所說的，我們將於今年秋天在倫敦肖爾迪奇舉辦 10 公里跑活動，然後於 12 月前往法國舉辦艾菲爾鐵塔 10 公里跑活動，開始真正啟動這一關鍵城市戰略，這確實為我們的品牌帶來了巨大的發展動力。

Maybe before I ask about Merrell, as a quick follow-up, Chris, you referenced search again. And you've done that a couple of times on this call. From what I've seen, there's been an uptick for back-to-school. Is there anything you can say about Saucony performance for back-to-school to date?

也許在我詢問 Merrell 之前，作為一個快速的跟進，Chris，你再次提到了搜尋。您在這通通話中已經這樣做過幾次了。就我所見，返校人數增加。到目前為止，您對 Saucony 開學季的表現有什麼看法？

I can't really comment on intra quarter. I think back-to-school is still relatively early days. I can tell you, every Tuesday here, the company spends a full day just herniating over our results, sell-through, what's happening, shipments, what's happening at DTC. And we're in the middle of it. I grew up as a retailer.

我無法真正評論季度內的情況。我認為返校還相對較早。我可以告訴你，每週二，公司都會花一整天的時間討論我們的業績、銷售情況、正在發生的事情、發貨情況以及 DTC 發生的情況。而我們正處於其中。我從小就是一名零售商。

So back-to-school and Christmas were the busiest times of the year. And it's excitement and energy from us sort of pivoting to the back half of the year. But certainly, we're pleased with the momentum we've been able to generate in the first half of the year, but eyes wide open to the back half of the year, delivering a solid year for the company and then carrying momentum into '26.

因此，開學和聖誕節是一年中最繁忙的時刻。我們對於今年下半年的前景感到興奮和興奮。但當然，我們對上半年所取得的進展感到滿意，但我們也對下半年保持警惕，希望公司能夠度過一個穩健的一年，並將這一勢頭延續到 2026 年。

And I guess my question on Merrell is more about the segment actually. You've talked about some inflection there. And I'm curious if you could elaborate. Is that more just a function of that the segment has been under pressure for so long that eventually things just find a bottom? Or is there something that's actually driving more consumer interest in the hike category?

我想我關於 Merrell 的問題實際上更多的是關於細分市場。您已經談到了一些變化。我很好奇您是否可以詳細說明一下。這是否只是因為該領域長期處於壓力之下，最終找到了底部？或者有什麼因素實際上促使消費者對健行類別產生更多興趣？

That's a great question. Certainly, hike has been under pressure for a couple of years, and someone once told me, you can't fall off the floor. But hike has been under pressure for a couple of years. We did see it get better last quarter, which is great, so like down low single digits versus down high single digits or double digits. Whether or not it's just sort of comping bad business and it has found a floor is to be determined.

這是一個很好的問題。當然，徒步旅行幾年來一直承受著壓力，有人曾經告訴我，你不能從地板上掉下來。但近年來升息一直面臨壓力。我們確實看到上個季度情況有所好轉，這很好，就像低個位數下降而不是高個位數或兩位數下降。這是否只是一種糟糕的業務，並且已經找到了底線，還有待確定。

At the same time, I do think there is a responsibility and onus on the market leaders to bring innovation and bring life to categories. And that's why I think as Merrell, as the clear market share leader, really working to modernize that hike category, lighter, faster, more athletic, and then sort of some of the great growth we've seen in the Moab Speed 2, and that's why I'm encouraged by the SpeedARC Matis and what that can potentially mean.

同時，我確實認為市場領導者有責任和義務帶來創新並為產品類別注入活力。這就是為什麼我認為 Merrell 作為明顯的市場份額領導者，確實致力於使徒步類別更現代化，更輕、更快、更具運動性，然後我們在 Moab Speed 2 中看到了一些巨大的增長，這就是為什麼我對 SpeedARC Matis 感到鼓舞，並且它可能意味著什麼。

So I think your question is well noted. It has been under pressure. It is twice anniversarying those tough times. But certainly, that category, finding bottom beginning to grow again, I think, is good for everyone and certainly should be good for the market leader.

所以我認為你的問題很值得關注。它一直承受著壓力。這是那段艱苦歲月的兩週年紀念日。但可以肯定的是，這個類別找到了底部並開始再次成長，我認為這對每個人都有好處，而且肯定對市場領導者也有好處。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

Great, thanks so much and congrats again, great results. We had a follow-up on Merrell. Great to see that momentum, just any additional color on how international versus domestic performed for the brand. Chris, I think you mentioned Asia Pac accelerated. How big is international for Merrell? And how do you guys think about the potential there?

太好了，非常感謝，再次祝賀，取得了很好的成績。我們對 Merrell 進行了跟進。很高興看到這種勢頭，這只是對該品牌在國際和國內表現的補充說明。克里斯，我想你提到了亞太地區加速發展。Merrell 的國際業務規模有多大？你們覺得那裡的潛力怎麼樣？

And to Taryn, a follow-up on gross margins. You've called out supply chain initiatives as a benefit, I think, for a few quarters now. Can you talk about sustainability of these going forward? And just curious, where are the two big brands in terms of their historic markdown rates just as we think about additional opportunity with full price selling ahead? Thanks so much.

向 Taryn 詢問有關毛利率的後續情況。我認為，幾個季度以來，您一直將供應鏈計劃稱為一項福利。您能談談這些未來的可持續性嗎？我很好奇，當我們考慮未來全價銷售的更多機會時，這兩個大品牌的歷史降價率如何？非常感謝。

Yeah. I appreciate the question, and thanks for the comments. We'll attempt to answer those. A couple of things you asked, we generally don't disclose that at the brand level, so we'll be sensitive there. International was good for Merrell. US wholesale was good. We saw improvement in our DTC business. Our Merrell stores domestically performed very well, but a couple of regions internationally actually outperformed the US, EMEA and APAC specifically, which we're encouraged by.

是的。我很感謝這個問題，也感謝您的評論。我們將盡力回答這些問題。您問到的幾件事，我們通常不會在品牌層面披露，因此我們會很敏感。國際化對 Merrell 來說是一個好消息。美國批發業表現良好。我們的 DTC 業務有所改善。我們的 Merrell 國內商店表現非常好，但國際上有幾個地區的表現實際上超過了美國、歐洲、中東和非洲地區以及亞太地區，這讓我們感到鼓舞。

I was in Tokyo just last month and spent time with our partner there. And Merrell looks so much different today than it did just a couple of years ago. It's lighter, faster. I was walking the streets at Harajuku, I was in Shibuya Scramble and just seeing Merrell show up on young consumers in Tokyo was very encouraging. And I was seeing the right shoes.

我上個月剛去過東京，和我們的夥伴在那裡度過了一段時間。如今的 Merrell 與幾年前相比已經有很大不同。它更輕、更快。我走在原宿的街道上，在澀谷混亂中，看到 Merrell 出現在東京的年輕消費者中，我感到非常鼓舞。我看到了合適的鞋子。

I was seeing Moab Speed 2. I was seeing SpeedARC Matis. I was seeing Barefoot. I was seeing Wrapt, which is encouraging. And the fact that we've got Merrell a three-story flagship in Harajuku. We've got a [one TRL] store in Shibuya Scramble. It gives us a lot of encouragement.

我正在看《Moab Speed 2》。我正在看 SpeedARC Matis。我正在看《赤腳》。我看到了 Wrapt，這令人鼓舞。事實上，我們在原宿有一家三層樓高的 Merrell 旗艦店。我們在澀谷 Scramble 有一家 [one TRL] 商店。這給了我們很大的鼓勵。

And then let's not forget about EMEA. I think EMEA, our strategy following the key city strategy that we deployed in Saucony has worked. I think Merrell became the leader in outdoor performance footwear in France last quarter, which is great, overtaking some very well-known and some other great brands. So I think the contribution internationally for Merrell is great. But at the same time, I don't want to dismiss the great progress we made here in the US as well.

我們不要忘記歐洲、中東和非洲地區 (EMEA)。我認為，在 EMEA，我們遵循在 Saucony 部署的關鍵城市策略的策略已經奏效。我認為上個季度 Merrell 成為了法國戶外性能鞋的領導者，這很棒，超越了一些非常知名的品牌和其他一些偉大的品牌。所以我認為 Merrell 在國際上的貢獻是巨大的。但同時，我也不想忽視我們在美國的巨大進步。

And as it relates to gross margin, what I would call out is we're not looking at any one area. When we're looking at that 45% to 47% of our aspiration, it's really -- we're working with our teams as we're looking at capabilities across, so the better mix, the more full price sales.

至於毛利率，我想說的是，我們不會只專注在任何一個領域。當我們考慮 45% 到 47% 的願望時，實際上 - 我們正在與我們的團隊合作，同時考慮各個方面的能力，因此組合越好，全價銷售就越多。

And I think there is still more room. There's more premium product. Whether it is in Saucony, whether it's in Merrell, whether it's in Sweaty Betty and in the Work Group, we're talking about how do we get more premium product, which helps in terms of the gross margin as well.

我認為還有更多空間。還有更多優質產品。無論是在 Saucony、Merrell、Sweaty Betty 還是 Work Group，我們都在討論如何獲得更多優質產品，這也有助於提高毛利率。

And then on the supply chain piece, I'd say we're consistently looking for opportunities in supply chain. The exact nature of it could shift over time, meaning early on, it was some sourcing work that the team did a great job in terms of executing.

然後關於供應鏈部分，我想說我們一直在尋找供應鏈中的機會。它的確切性質可能會隨著時間的推移而變化，這意味著在早期，它是一些採購工作，團隊在執行方面做得很好。

But we can then also -- I was more recently with the team in Vietnam and how do we look at our design in terms of making sure that we're optimizing how we're building the design as well as we're building those premium products.

但我們也可以——我最近和越南的團隊在一起，我們如何看待我們的設計，以確保我們優化設計方式以及製造這些優質產品的方式。

So for gross margins in totality, I would explain it that we are looking at multiple levers in terms of being able to drive long-term sustainable gross margin and the exact lever in one quarter or one year could shift, but overall, looking at sustainable margins.

因此，對於總體毛利率，我會解釋說，我們正在尋找能夠推動長期可持續毛利率的多個槓桿，並且一個季度或一年內的具體槓桿可能會發生變化，但總體而言，我們正在考慮可持續的利潤率。

Ashley Owens, KeyBanc.

阿什利·歐文斯（Ashley Owens），KeyBanc。

Hi. Great. Thanks for taking my questions. Maybe just to round out Saucony and focus higher level. Just given the broad-based momentum you've been observing, could you discuss some of the further capabilities you see within the brand compared to maybe one year, 1.5 years ago when innovation really started to ramp back up.

你好。偉大的。感謝您回答我的問題。也許只是為了完善 Saucony 並專注於更高的水平。鑑於您所觀察到的廣泛發展勢頭，您能否討論一下與一年前或一年半前創新真正開始回升時相比，您認為該品牌還具備哪些進一步的能力？

And how that's influencing your decision to further invest behind the brand? I guess just what inning would you say we're in, in terms of innovation and newness, and where you see additional white space moving forward? Thanks.

這對您進一步投資該品牌的決定有何影響？我想您認為就創新和新穎性而言，我們正處於什麼階段？您認為未來還有哪些空白空間？謝謝。

That's a great question. I appreciate you asking that. I mean I think the Saucony story is a couple of years in the making. I think we really took the opportunity in '23 and '24 to really reset that business and really think hard about where the brand sat, pulling on 100 years of history, at the same time, the opportunity in the marketplace and then think about what we should be focused on.

這是一個很好的問題。感謝您提出這個問題。我的意思是，我認為 Saucony 的故事已經醞釀了好幾年了。我認為我們確實抓住了 23 年和 24 年的機會來重新調整業務，認真思考品牌的定位，借鑒 100 年的歷史，同時抓住市場機遇，然後思考我們應該關注什麼。

And I think we've historically may have been focused on smaller niche parts of the business. And I think certainly, our product pipeline hasn't always been full as it is today and then certainly our ability to drive demand. So we took the opportunity to really reset that business, a new strategy. We brought in several new team members.

我認為，從歷史上看，我們可能一直專注於業務中較小的利基部分。我認為，我們的產品線並不總是像今天這樣滿滿的，而且我們推動需求的能力也肯定不足。因此，我們藉此機會真正重置了該業務，並制定了新策略。我們引進了幾位新團隊成員。

And first and foremost, I want to give the product team credit, really got back to innovation and really both thinking about tip of spear Elite running, at the same time, take what had been a very sort of broad product range and a product line architecture and really focus on a few core styles.

首先，我要讚揚產品團隊，他們真正回歸了創新，並真正思考了精英跑步的尖端技術，同時，將非常廣泛的產品範圍和產品線架構真正集中在一些核心風格上。

And then democratize innovation, bring innovation not just for marathons, but bring innovation down to someone who's going to go try to run their first 5K. And so, I think that's really intense focus on democratizing innovation, maintaining tip of spear innovation around Endorphin, focusing on the core four and then really thinking about color and materials and how we show up, at the same time, really tapping into that lifestyle piece of the business.

然後使創新民主化，不僅為馬拉松帶來創新，而且將創新帶給那些嘗試跑第一個 5K 的人。因此，我認為這真的非常注重民主化創新，保持圍繞 Endorphin 的尖端創新，專注於四個核心，然後真正思考顏色和材料以及我們如何出現，同時真正挖掘業務的生活方式部分。

And fortunately, for a 100-year-old brand, we have a tremendous product archive that we can pull from. And then really injecting energy and excitement in that lifestyle piece, both through collaborations with some amazing collaborators that we've been able to partner with, at the same time, how do we then take that and really take that hot brand heat that we can generate and really make that a commercial success, and we're beginning to see that.

幸運的是，對於一個百年品牌來說，我們擁有龐大的產品檔案可供參考。然後透過與一些出色的合作夥伴合作，真正為生活方式註入活力和熱情，同時，我們如何利用這一點，真正利用我們能夠產生的熱門品牌熱度，真正使其成為商業上的成功，我們開始看到這一點。

As it relates to what inning we're in, I still think we're in the early innings because I think we're just getting momentum now in that business. And I think certainly, we're building confidence. And certainly, if you think about the markets that our brand can address, one of the biggest markets that we can go build brands in is where Saucony operates.

至於我們所處的局面，我仍然認為我們處於早期階段，因為我認為我們現在才剛剛在該行業獲得動力。我認為我們確實正在建立信心。當然，如果你考慮到我們的品牌可以針對的市場，我們可以打造品牌的最大市場之一就是索康尼所經營的市場。

It has a great 100-year history. We've got that product engine moving. I'm really proud of that product team. We have a new CMO in place. Think about how we drive demand. And we brought some good leaders. We brought new leadership into our EMEA region, which helped craft our key city strategy and that momentum is building.

它有著100年的輝煌歷史。我們已經讓產品引擎運轉起來了。我為這個產品團隊感到非常自豪。我們已經任命了一位新的首席行銷長。思考一下我們如何推動需求。我們帶來了一些優秀的領導者。我們為歐洲、中東和非洲地區引入了新的領導層，這有助於我們制定重點城市策略，而且這種勢頭正在增強。

And as I think about where Saucony can play in the future, there's a lot of opportunities for us to think about that business moving forward beyond just where we sit today. Other footwear categories we can play in and certainly apparel and accessory opportunity beyond because we're largely a footwear only brand.

當我思考索康尼未來的發展方向時，我發現我們有很多機會可以考慮讓這項業務超越目前的現狀而向前發展。我們可以涉足其他鞋類類別，當然還可以涉足服裝和配件領域，因為我們基本上是一個只生產鞋類的品牌。

I will tell you, we've got a fairly small apparel assortment in our Covent Garden store, and I was there the week of the 10K. The penetration of a fairly small apparel assortment was amazing, which only gives us more confidence that when we create great products, we package them into great stories, consumers want to participate in our brands.

我可以告訴你，我們在科文特花園商店的服裝種類相當少，我在 10K 比賽那一周就在那裡。相當小規模的服裝系列的滲透率是驚人的，這讓我們更有信心，當我們創造出優秀的產品，並將它們包裝成精彩的故事時，消費者就會願意參與我們的品牌。

So I would say that we're in the early innings of Saucony, but certainly encouraged by an all-time record revenue second quarter, phenomenal gross margin expansion, and I'm really proud of what that team has been able to do. So I said in February of '24, I was bullish on Saucony. And thankfully, that team has stood and delivered.

所以我想說，我們正處於 Saucony 的早期階段，但毫無疑問，我們受到了第二季創紀錄的收入、驚人的毛利率擴張的鼓舞，我為這個團隊所取得的成就感到非常自豪。所以我在 24 年 2 月說過，我對 Saucony 很看好。值得慶幸的是，該團隊已經站穩腳跟並實現了目標。

Right. That's super helpful caller. Maybe just lastly, now that we're back to a place of inventory growth, if we could just speak to how we expect inventory growth to evolve relative to sales growth during the back half of the year from a modeling standpoint. Thanks.

正確的。這位來電者非常有幫助。最後，既然我們又回到了庫存成長的階段，我們是否可以從模型的角度談談我們預計下半年庫存成長相對於銷售成長將如何變化。謝謝。

Yeah. I think we typically only share cash or inventory objectives on a full year, Ashley. And so, I don't have any specifics other than to say that, again, what I would point to is that the inventory growth that we have seen in the second quarter was primarily behind Saucony as we were being able to support that demand.

是的。我認為我們通常只分享全年的現金或庫存目標，艾希莉。因此，我沒有任何具體細節，只能說，我想指出的是，我們在第二季度看到的庫存成長主要是由於 Saucony 能夠滿足這一需求。

To a lesser degree, there's some currency and tariffs in there as well. But primarily, it's more really as we had expected to building in the inventory to support the demand we saw in Saucony. So I wouldn't call anything out on the full year other than just to remind where we're at in the second quarter.

在較小程度上，其中也涉及一些貨幣和關稅。但最主要的是，這實際上更符合我們的預期，即增加庫存以滿足 Saucony 的需求。因此，除了提醒我們第二季的狀況外，我不會對全年做出任何預測。

And there are no further questions at this time. This does conclude today's conference call. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。您現在可以斷開連線。