Wolverine World Wide Inc (WWW) 2025 Q3 法說會逐字稿

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

各位好，歡迎參加 Wolverine Worldwide 2025 財年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

現在，我很高興向大家介紹主持人，投資者關係主管 Jared Filippone。賈里德，你可以開始了。

Good morning, and welcome to our third quarter 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 third quarter of 2025 and guidance for fiscal year 2025. The press release is available on many news sites and can be viewed on our corporate website at wolverineworldwide.com. This morning's press release and comments made during today's earnings call include non-GAAP financial measures.

早上好，歡迎參加我們2025財年第三季電話會議。今天參加電話會議的有總裁兼執行長克里斯·胡夫納格爾和財務長塔琳·米勒。今天早些時候，我們發布了一份新聞稿，公佈了我們 2025 年第三季的財務業績以及 2025 財年的業績指引。新聞稿已在多家新聞網站上發布，也可造訪我們的公司網站wolverineworldwide.com查看。今天早上發布的新聞稿以及在財報電話會議上發表的評論均包含非GAAP財務指標。

These non-GAAP financial measures, including references to the ongoing business, were reconciled to the most comparable GAAP financial measures and attached tables within the body of the release or on our Investor Relations page on our website, wolverineworldwide.com.

這些非GAAP財務指標（包括對持續經營業務的參考）已與最可比較的GAAP財務指標和附表進行了核對，這些核對錶已在本新聞稿正文中或我們網站wolverineworldwide.com的投資者關係頁面上列出。

I'd also like to remind you that statements describing the company's expectations, plans, predictions and projections, such as those regarding the company's outlook for fiscal year 2025, growth opportunities and trends expected to affect the company's future performance made during today's conference call are forward-looking statements under US securities laws.

我還要提醒各位，今天電話會議上所作的關於公司預期、計劃、預測和展望的陳述，例如關於公司 2025 財年展望、增長機會以及預計會影響公司未來業績的趨勢的陳述，均屬於美國證券法規定的前瞻性陳述。

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

因此，我們必須提醒您，有許多因素可能導致實際結果與前瞻性聲明中所述的結果有重大差異。這些重要的風險因素已在公司提交給美國證券交易委員會的文件和我們的新聞稿中列出。

Additionally, during the quarter, we elected to change our accounting policy for certain inventory from LIFO to FIFO. The majority of our distribution warehouse inventory was already accounted for using FIFO, and this change aligns all warehouse inventory under a consistent policy. The financial statements in today's release and the numbers referenced on the call reflect the impact of this accounting change for both the current and prior year periods, which have been retrospectively adjusted.

此外，本季我們決定將某些存貨的會計政策從後進先出法 (LIFO) 改為先進先出法 (FIFO)。我們大部分配送倉庫庫存已經採用先進先出法進行核算，而這項變更使所有倉庫庫存都遵循一致的政策。今天發布的財務報表和電話會議中提到的數字反映了這項會計變更對當前和前一年的影響，這些變更已進行追溯調整。

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

接下來，我將把電話交給克里斯·胡夫納格爾。

Thanks, Jared. Good morning, everyone, and thanks for joining us on today's call. In the third quarter, we exceeded our expectations on both the top and bottom line. Revenue grew approximately 7%, in line with our long-term target of mid- to high single-digit growth and was again driven by our two largest brands, Merrell and Saucony. Healthy revenue growth, coupled with another quarter of record gross margin and strong execution, delivered adjusted earnings per share of $0.36.

謝謝你，賈里德。各位早安，感謝各位參加今天的電話會議。第三季度，我們的營收和利潤均超出預期。營收成長約 7%，符合我們長期中高個位數成長的目標，這再次得益於我們兩大品牌 Merrell 和 Saucony 的強勁表​​現。健康的營收成長，加上另一個季度創紀錄的毛利率和強勁的執行力，使調整後每股收益達到 0.36 美元。

Adjusted EPS grew at more than triple the rate of top line growth as we continue to prudently manage the business, balancing needed an important investment into the business while expanding profitability. Our strategy and disciplined execution continues to deliver solid results, and our team remains focused on executing our brand-building model with distinction, centered squarely on building awesome products, telling amazing stories and driving the business.

調整後每股盈餘的成長速度是營收成長速度的三倍多，因為我們繼續審慎地管理業務，在擴大獲利能力的同時，平衡業務所需的重大投資。我們的策略和嚴謹的執行力持續帶來實際成果，我們的團隊將繼續專注於卓越地執行我們的品牌建立模式，其核心是打造出色的產品、講述精彩的故事並推動業務發展。

As I reflect on where our portfolio is today and where we need to go tomorrow, it's clear our brands are at three different stages of development. First, Merrell and Saucony are moving at pace, taking market share and generating consistent revenue growth around the world. Our aim here is to continue to thoughtfully manage these brands to sustainably scale them to their fullest potential.

當我反思我們目前的投資組合狀況以及我們未來的發展方向時，很明顯，我們的品牌處於三個不同的發展階段。首先，Merrell 和 Saucony 發展迅速，不斷搶佔市場份額，並在全球範圍內實現持續的收入成長。我們的目標是繼續精心管理這些品牌，使其可持續發展，並充分發揮其潛力。

We've made real progress in elevating design and innovation within their product pipeline as well as in strengthening their brand positioning through impactful marketing activations. For 2025, these two brands are expected to represent nearly two-third of the company's total revenue and record mid-teens year-over-year growth combined.

我們在提升其產品線的設計和創新水平以及透過有效的營銷活動加強其品牌定位方面取得了真正的進展。預計到 2025 年，這兩個品牌將占公司總收入的近三分之二，並創下年均成長 15% 的紀錄。

Second, we believe Sweaty Betty has begun to turn the corner, the result of a lot of hard work in developing a new strategy and beginning to execute it over the past 6-months. The brand has delivered on the milestones that we believe are critical at this point in its evolution, which started with margin expansion and has transitioned to sequential improvement of year-over-year revenue trends.

其次，我們相信 Sweaty Betty 已經開始扭轉局面，這是過去 6 個月來在製定新策略和開始執行方面付出大量努力的結果。該品牌已經實現了我們認為在其發展現階段至關重要的里程碑，這始於利潤率的擴張，並已過渡到逐年收入趨勢的持續改善。

And finally, the Wolverine brand and our Work Group have not made the progress we anticipated. While I'm disappointed in our performance here, I believe we have a firm handle on the work that's necessary to get this business back on track. And importantly, we have new leadership in place. As of Monday, following a thorough search process, I'm pleased to announce Justin Cupps as our new Work Group President. Justin is a veteran leader with deep experience across a host of great footwear, apparel and accessory brands. He's a strong addition to our leadership team.

最後，Wolverine品牌和我們的工作小組並沒有取得我們預期的進展。雖然我對我們在這裡的表現感到失望，但我相信我們已經牢牢掌握了使這項業務重回正軌所需的工作。更重要的是，我們已經有了新的領導階層。經過週一起的全面遴選，我很高興地宣布賈斯汀·庫普斯 (Justin Cupps) 擔任我們新的工作小組主席。賈斯汀是一位經驗豐富的資深領導者，在許多優秀的鞋類、服裝和配件品牌方面擁有深厚的經驗。他的加入將大大增強我們的領導團隊實力。

And for some context, Work Group revenue represents less than one-fourth of the company's consolidated revenue and is now expected to finish the year down high single digits compared to 2024. In aggregate, I'm encouraged by the progress we've made and continue to make as a company. This year, we've elevated our teams and talent by adding excellent leadership like Justin, as well as new product design, merchandising, marketing and sales talent across our brands.

需要說明的是，工作小組的收入占公司合併收入的不到四分之一，預計今年將比 2024 年下降近 10%。總的來說，我對我們公司已經取得並將繼續取得的進步感到鼓舞。今年，我們透過引進像賈斯汀這樣優秀的領導者，以及在各個品牌中引入新的產品設計、商品銷售、行銷和銷售人才，提升了我們的團隊和人才水平。

We've improved our processes, including our integrated business planning approach for more efficient demand and inventory management. We successfully completed the integration of Sweaty Betty's tools and processes into the company's ecosystem, advanced the adoption and use of AI across the business and develop plans to further elevate and modernize our e-commerce tools and platform next year.

我們改進了流程，包括採用一體化業務規劃方法，以提高需求和庫存管理效率。我們已成功將 Sweaty Betty 的工具和流程整合到公司的生態系統中，推進了人工智慧在整個業務中的採用和使用，並製定了計劃，以在明年進一步提升和現代化我們的電子商務工具和平台。

We've developed new muscles to drive impact in the global marketplace with our key city strategy, and we fostered a new culture centered around growth and winning together. In addition to the above, we expect to deliver solid financial results for the year. The midpoint of our guidance reflects revenue growth of approximately 6%, an increase in adjusted earnings per share of approximately 50% compared to 2024.

我們透過重點城市策略，增強了在全球市場產生影響力的能力，並培養了以共同成長和共同成功為中心的新文化。除上述內容外，我們預計今年將取得穩健的財務表現。我們預測的中點反映了營收成長約 6%，與 2024 年相比，調整後每股盈餘成長約 50%。

Before I turn the call over to Taryn Miller to provide greater detail on our third quarter results and outlook for the year, I'd like to share some additional insights on our brands and their continued progress. I'll start with Saucony, which grew 27% in the third quarter. Saucony is uniquely positioned as a disruptive challenger brand at the intersection of two of the fastest-growing categories in the market, performance and lifestyle running, and the brand continues to win in these highly competitive arenas.

在將電話轉交給 Taryn Miller，讓她詳細介紹我們第三季的業績和全年的展望之前，我想分享一些關於我們品牌及其持續發展的額外見解。我先來說說索康尼，該公司第三季成長了 27%。Saucony 作為顛覆性挑戰品牌，在市場上成長最快的兩個類別——高性能跑鞋和休閒跑鞋——的交匯點上佔據了獨特的市場地位，並且該品牌在這些競爭激烈的領域中不斷取得成功。

In the third quarter, Saucony grew performance run revenue by strong double digits globally compared to last year and again took market share in the important US run specialty channel, powered in part by the brand's core four franchises, the Ride, Guide, Hurricane and Triumph, which target its movemaker consumer.

第三季度，Saucony 全球高性能跑鞋收入較去年同期實現了強勁的兩位數增長，並再次在美國重要的跑步專賣渠道佔據了市場份額，這在一定程度上得益於該品牌的四大核心系列——Ride、Guide、Hurricane 和 Triumph，這些系列的目標客戶是運動型消費者。

While the brand successfully tapped into this broader market opportunity, it continues to maintain a strong focus on pinnacle innovation for elite runners with its Endorphin franchise. The collection includes the Endorphin Speed for serious training, the Endorphin Pro for race day and the Endorphin Elite super shoe for ultimate performance.

雖然該品牌成功地抓住了這一更廣泛的市場機遇，但它仍然透過其 Endorphin 系列產品，繼續專注於為精英跑者提供巔峰創新。該系列包括用於嚴肅訓練的 Endorphin Speed、用於比賽日的 Endorphin Pro 以及用於極致表現的 Endorphin Elite 超級跑鞋。

In 2026, the brand plan to introduce the all-new Endorphin Azura, a premium non-plated trainer, targeting a larger consumer segment and growing opportunity within the market. In addition to further elevating franchises within the core four with innovation incubated within the aforementioned Endorphin series. On the lifestyle side, Saucony drove strong revenue growth globally and took significant market share here in the US.

2026 年，該品牌計劃推出全新的 Endorphin Azura，這是一款高階無鋼板訓練器，目標客戶群更大，市場機會也更大。除了進一步提升核心四大系列中的特許經營權之外，還透過上述 Endorphin 系列中孵化的創新來提升特許經營權。在生活方式領域，Saucony 在全球範圍內實現了強勁的收入成長，並在美國佔據了相當大的市場份額。

As we continue to focus on prudently growing this segment of the business around the world. The brand's deep product archive enables it to authentically capitalize on a variety of different trends. So ProGrid Omni 9 and Ride Millennium, two of the brand's retro tech silhouettes, again drove significant growth in Q3.

我們將繼續專注於在全球範圍內謹慎地發展這部分業務。該品牌豐富的商品庫使其能夠真正掌握各種不同的潮流趨勢。因此，該品牌的兩款復古科技車​​型 ProGrid Omni 9 和 Ride Millennium 在第三季度再次實現了顯著成長。

While classics like the Jazz Original and Shadow 5000 are encouragingly beginning to spark interest for 2026 with influential Tier-0 and Tier-1 retailers. Saucony continues to fuel brand heat with culturally relevant collabs, releasing new drops over the past few months, including [3sixteen], Keith Haring, Jae Tips and Engineered Garments.

令人欣慰的是，像 Jazz Original 和 Shadow 5000 這樣的經典款已經開始引起有影響力的 Tier-0 和 Tier-1 零售商對 2026 年的興趣。Saucony 繼續透過與文化相關的合作來提升品牌熱度，在過去的幾個月中推出了新的聯名產品，包括 [3sixteen]、Keith Haring、Jae Tips 和 Engineered Garments。

Saucony collaborated with METAGIRL on a release last quarter as well, which successfully lead in the brand's significant opportunity with women, the beginning of a deeper anticipated partnership with the influential designer going forward. In addition, the brand plans on dropping its first collaboration with prominent creator Westside Gunn in December with an expanded relationship and more drops expected next year.

Saucony 上季也曾與 METAGIRL 合作推出產品，成功掌握了品牌在女性市場的重要機遇，也預示著未來將與這位有影響力的設計師展開更深入的合作。此外，該品牌計劃於 12 月推出與知名創作者 Westside Gunn 的首次合作，預計明年將擴大合作關係並推出更多產品。

Saucony's brand is strong around the world, and we continue to invest in the brand in the last quarter, in part through our key city strategy. Saucony continued to leverage Tokyo in the Asia Pacific region with the flagship store opened in Harajuku earlier this year and is on track to open a host of new stores more broadly in China with our partner there. We expect that APAC will be the fastest-growing region in the world for the brand this year.

Saucony 的品牌在全球範圍內都很強大，我們在最後一個季度繼續投資該品牌，部分是透過我們的重點城市策略。Saucony 繼續利用東京在亞太地區的市場優勢，今年稍早在原宿開設了旗艦店，並正與中國合作夥伴一起，在中國更廣泛地開設一系列新店。我們預計亞太地區將成為該品牌今年全球成長最快的地區。

In Europe, Saucony took over Central London as the title sponsor of the London 10K in July, as I detailed on our last call, and followed this up with the sponsorship of the Shoreditch 10K in September, bookends to a powerful quarter for the brand in London and more broadly in the EMEA region, which as a whole is on track to deliver strong double-digit revenue growth this year with momentum heading into 2026.

在歐洲，Saucony 於 7 月成為倫敦 10 公里賽的冠名贊助商，正如我在上次電話會議中詳細介紹的那樣，隨後又贊助了 9 月的肖爾迪奇 10 公里賽，這為該品牌在倫敦以及更廣泛的 EMEA 地區強勁的季度畫上了圓滿的句號。該地區整體預計將在今年實現兩位數的強勁收入成長，並保持這一勢頭進入 2026 年。

Looking ahead, Saucony plans to expand its key city strategy to Paris, sponsoring the Eifel Tower 10K next month and opening our next pioneer store there in 2026. Brand interest continues to ramp up globally and affinity for the brand continues to increase with runners and more specifically, the younger consumer.

展望未來，Saucony 計劃將其重點城市策略擴展到巴黎，贊助下個月的艾菲爾鐵塔 10 公里賽跑，並於 2026 年在那裡開設我們的下一家先鋒門市。該品牌在全球範圍內持續升溫，跑步愛好者，尤其是年輕消費者對該品牌的喜愛度也持續提高。

While we continue to have success here in our home market, I'm equally excited about the global potential of the brand. Saucony's positioning within the fast-growing run lifestyle market is unique and a compelling combination of heritage and authenticity, coupled with best-in-class innovation and developing cultural relevance and the brand is setting the pace.

雖然我們在本土市場持續取得成功，但我對該品牌的全球潛力同樣感到興奮。Saucony 在快速成長的跑步生活方式市場中佔據獨特地位，它將品牌傳承與真實性、一流的創新以及不斷發展的文化相關性完美結合，引領著產業發展。

2025 is proving to be a great year for Saucony, which is on track to deliver all-time record revenue and profit as a brand. Moving to Merrell, which grew revenue 5% in the third quarter, driving increases in most regions and in both the performance and lifestyle sides of this business. Merrell, the category leader in hike, remains focused on modernizing the trail as an authentic outdoor lifestyle brand with more athletic and more versatile product design and innovation.

2025 年對 Saucony 來說將是輝煌的一年，該品牌有望實現有史以來最高的收入和利潤。轉而關注 Merrell，該公司第三季營收成長了 5%，推動了大部分地區以及該業務的運動表現和生活方式的成長。作為健行鞋領域的領導者，Merrell 始終致力於將健行鞋打造為真正的戶外生活風格品牌，透過更具運動性和多功能性的產品設計和創新，使健行鞋產業現代化。

In the third quarter, the brand accelerated its long-running market share gains in its core Hike category in the US, having taken share in 11 of the last 12 quarters, a category which encouragingly again improved sequentially to flat year-over-year. The Moab Speed 2, which is becoming a force on the trail and the world's number 1 hiker, the Moab 3, both continue to drive growth at US retail.

第三季度，該品牌在美國核心健行鞋類別中加速了其長期以來的市場份額增長，在過去 12 個季度中有 11 個季度都取得了市場份額，令人鼓舞的是，該品類再次環比改善，與去年同期持平。Moab Speed 2 正成為越野跑領域的一股強大力量，而世界排名第一的健行鞋 Moab 3 也持續推動著美國零售市場的成長。

The Agility Peak 5, drove strong growth on the trail running side. Looking ahead to the next spring, Merrell plans to introduce the new Agility Peak 6, combining plush FloatPro foam cushioning with aggressive Vibram Megagrip traction. Merrell's lifestyle business grew strong double digits in the third quarter, driven by a strong ramp-up of its disruptive Wrapt Collection, along with steady growth from the iconic easy on, easy off Jungle Moc at US retail.

Agility Peak 5 推動了越野跑市場的強勁成長。展望明年春季，Merrell 計劃推出新款 Agility Peak 6，將柔軟的 FloatPro 泡沫緩震與強勁的 Vibram Megagrip 抓地力相結合。在顛覆性產品 Wrapt 系列的強勁成長以及標誌性易穿易脫 Jungle Moc 在美國零售市場的穩步增長的推動下，Merrell 的生活方式業務在第三季度實現了強勁的兩位數增長。

In 2026, we anticipate the brand's lifestyle product pipeline will take a meaningful step forward. We're introducing trend-right low-profile silhouettes with the Relay, modern iterations on the Jungle Moc, lifestyle materializations of the SpeedARC collection and a consistent flow of energy-enhancing collaborations. While we're further distancing ourselves from the competition hike, we know a significant global opportunity exists in outdoor-inspired footwear, apparel and accessories.

我們預計，到 2026 年，該品牌的時尚生活產品線將取得重大進展。我們正在推出符合潮流的低調鞋款 Relay，Jungle Moc 的現代版本，SpeedARC 系列的生活方式產品，以及源源不斷的活力四射的合作項目。雖然我們正在進一步拉開與競爭對手的距離，但我們知道，戶外風格的鞋類、服裝和配件領域存在著巨大的全球機會。

In the third quarter, Merrell drove increases in brand interest in affinity, particularly with women, and the brand's key city strategy continues to fuel momentum for the brand around the world as it has done for Saucony. Merrell's urban hike guide activation, which included media events, collabs and influencers drove brand heat in Paris and contributed to another quarter of solid growth in broader EMEA.

第三季度，Merrell 提高了品牌親和力，尤其是在女性群體中，該品牌的重點城市策略繼續推動其在全球範圍內的發展勢頭，就像它為 Saucony 所做的那樣。Merrell 的城市健行指南推廣活動，包括媒體活動、合作和有影響力的人士參與，在巴黎掀起了品牌熱潮，並促成了 EMEA 地區又一個季度的穩健增長。

Turning to Sweaty Betty, which outpaced our expectations in the third quarter with revenue down 4% versus the prior year. The team is aligned around a clear strategy and is executing with a high level of conviction and increased confidence as we reinvigorate Sweaty Betty as one of the original activewear brands focused on empowering women through fitness and beyond.

再來看看 Sweaty Betty，該公司第三季業績超出預期，營收比去年同期下降了 4%。團隊圍繞著一個清晰的策略，以高度的信念和日益增強的信心執行，重振 Sweaty Betty，使其成為最早專注於透過健身及其他方式賦能女性的運動服品牌之一。

Our efforts started with reestablishing Sweaty Betty's premium brand positioning, which underpins our entire strategy. Bold and distinctive storytelling behind the Wear the Damn Shorts campaign in the second quarter and the Weather Whatever campaign last quarter have continued to reinforce the brand's uniquely Sweaty Betty female-focused positioning. As a result, brand awareness and affinity continued to increase in the quarter with noteworthy gains among younger consumers and more premium buyers.

我們的努力始於重新確立 Sweaty Betty 的高端品牌定位，這構成了我們整個策略的基礎。第二季的「穿上該死的短褲」活動和上個季度的「不管天氣如何」活動背後大膽而獨特的敘事方式，繼續強化了 Sweaty Betty 品牌以女性為中心的獨特定位。因此，本季品牌知名度和好感度持續提升，在年輕消費者和高端買家中取得了顯著成長。

At the same time, gross margins expanded once again as the brand continues strengthen both its product pipeline and positioning in the marketplace. Along with the improved business results, we're also making meaningful progress against the three pillars of our brand's new strategy. First, we are delivering growth within our DTC business in Sweaty Betty's home market with both e-commerce and stores growing in the third quarter.

同時，隨著品牌不斷加強產品線和市場定位，毛利率再次擴大。隨著業務績效的改善，我們在品牌新策略的三大支柱方面也取得了實質進展。首先，我們在 Sweaty Betty 的本土市場實現了 DTC 業務的成長，第三季電子商務和實體店都實現了成長。

We started to elevate the brand's product line by introducing more newness, enabling a fresher offering with trend-right design and more thoughtful assortments, diversifying the brand's leadership in bottoms and expanding outerwear. This effort has produced some encouraging results with pants and outerwear both up very strong double digits across our DTC business in the quarter.

我們開始提升品牌的產品線，引進更多新品，打造更時尚、更貼合潮流的設計和更周到的產品組合，從而拓展品牌在下裝領域的領先地位，並擴大外套產品線。這項努力已經取得了一些令人鼓舞的成果，本季我們 DTC 業務中的褲裝和外套銷量均實現了兩位數的強勁增長。

Within our digital channels, we remain focused on enhancing the consumer experience. One example is the new Sweaty Betty app, which we launched last quarter, where consumers are converting at a higher rate and spending more per transaction.

在我們的數位管道中，我們始終專注於提升消費者體驗。例如，我們在上個季度推出的全新 Sweaty Betty 應用，其消費者轉換率更高，單筆交易金額也更高。

In brick-and-mortar, we've taken action over the past few months to further optimize our retail footprint, relocating three stores, opening onr new store and closing a store. The new locations are performing well, and before the year is done, we plan to open five more new stores. Second, we're making early progress in expanding distribution in certain key markets.

在實體店方面，過去幾個月我們採取了行動，進一步優化了我們的零售佈局，搬遷了三家門店，開設了一家新店，並關閉了一家門市。新店運作良好，我們計劃在今年結束前再開設五家新店。其次，我們在某些​​重點市場擴大分銷管道方面取得了初步進展。

We launched the brand's new partnership in China and opened a pop-up store in Shanghai, opened a second store with our partner in New Zealand and develop plans to open additional stores in Australia and India next year. In the third quarter, the brand's international third-party business was up meaningfully, along with the EMEA wholesale business, albeit both still on a small basis.

我們在中國推出了品牌的新合作關係，並在上海開設了一家快閃店，與紐西蘭的合作夥伴開設了第二家門店，並計劃明年在澳洲和印度開設更多門市。第三季度，該品牌的國際第三方業務以及 EMEA 批發業務均實現了顯著增長，儘管兩者的規模仍然很小。

Third, we're resetting our US operations focused on a full price, more premium online DTC business. We anticipate this transition will take some time and put some pressure on the brand's global growth numbers in the near term, but we believe it's necessary.

第三，我們將調整在美國的業務，專注於全價、更高端的線上 DTC 業務。我們預計這一轉變需要一些時間，並在短期內對該品牌的全球成長數據造成一些壓力，但我們認為這是必要的。

This pivot is in motion with the business mix already shifting to more full price premium selling. We're making progress in resetting the overall Sweaty Betty business, and we believe the brand product marketing team are strong. We've seen improvement in the year-over-year top line trends and expect this to continue in the brand's critical final quarter of the year. And now finishing with Wolverine, which was down 8% in the quarter with the broader Work Group down 3%. Wolverine's performance remains inconsistent.

這一轉變正在進行中，業務組合已開始轉向全價高端產品銷售。我們在重塑 Sweaty Betty 整體業務方面取得了進展，我們相信品牌產品行銷團隊實力雄厚。我們看到同比營收趨勢有所改善，並預計這一趨勢將在該品牌至關重要的最後一個季度繼續保持。最後是 Wolverine，該股本季下跌 8%，而整個工作小組下跌 3%。金鋼狼的表現依然不穩定。

Our return to running a better brand and business is taking longer than we initially anticipated. This said, we believe we have diagnosed the challenges. And effectively using our proven playbook and return the brand to steady growth in the future. The addition of Justin Cupps to the team is a win for the company, and I anticipate he'll accelerate the needed progress here.

我們重振品牌和業務所需的時間比最初預期的要長。綜上所述，我們認為我們已經找到了問題的癥結所在。有效運用我們行之有效的策略，使品牌在未來重回穩定成長軌道。Justin Cupps 的加入對公司來說是一件好事，我預計他將加快公司所需的進展。

We're already well on the way to strengthen Wolverine's product pipeline, enabling more thoughtful segmentation in the marketplace and bolstering trend-right products and premium price point offerings with collections like the Rancher Pro, the USA-built Workshop Wedge and the all-new Infinity System, the brand's pinnacle expression of its performance comfort technology.

我們已在加強 Wolverine 產品線方面取得了顯著進展，從而能夠在市場上進行更周全的細分，並透過 Rancher Pro、美國製造的 Workshop Wedge 和全新的 Infinity System 等系列產品，加強符合潮流的產品和高端價格點產品。 Infinity System 是品牌性能舒適技術的巔峰。

Wolverine is in the process of amplifying its storytelling as well. The brand has partnered with Country Music star, Jordan Davis this year in a variety of activations, featuring both in-line and dedicated products. I'm excited to announce this morning that Wolverine will be an exclusive presenting partner for Season 2 of the Paramount+ series Landman, with the premiere in just a couple of weeks on November 16.

金鋼狼也不斷豐富其故事敘事方式。今年，該品牌與鄉村音樂明星喬丹戴維斯合作進行了各種推廣活動，推出了常規產品和專屬產品。今天早上我很高興地宣布，金剛狼將成為 Paramount+ 劇集《Landman》第二季的獨家贊助合作夥伴，該劇將於幾週後的 11 月 16 日首播。

Both of these partnerships align well with the Wolverine brand and extend its reach significantly with consumers. As the product and marketing improvements begin to take root, we plan to focus on recalibrating the marketplace, better balancing inventories and aligning distribution with the brand's category leadership role, more premium positioning and go-forward strategy.

這兩項合作都與金鋼狼品牌非常契合，並能顯著擴大在消費者中的影響力。隨著產品和行銷改進開始奏效，我們計劃專注於重新調整市場，更好地平衡庫存，並將分銷與品牌的品類領導地位、更高端的定位和未來策略保持一致。

More to come on this as we enter the new year. I'd like to hand the call over to Taryn Miller to take you through our third quarter results and outlook for the remainder of 2025 in greater detail. Taryn?

進入新年後，我們將對此進行更多報道。我謹將電話交給塔琳·米勒，讓她更詳細地向大家介紹我們第三季的業績以及對 2025 年剩餘時間的展望。塔琳？

Thank you, Chris, and welcome, everyone. We delivered another quarter of strong results, exceeding expectations on both revenue and profitability. Our third quarter performance reflects disciplined execution of our strategy and the dedication of our teams. Our focus remains on implementing our brand-building growth model across the portfolio, starting with our two largest brands, Merrell and Saucony. Prioritizing investments in these brands has led to improved performance and market share gains in key categories.

謝謝你，克里斯，也歡迎各位。我們又一個季度取得了強勁的業績，營收和獲利能力都超乎預期。第三季業績反映了我們策略的嚴格執行和團隊的敬業精神。我們將繼續專注於在整個產品組合中實施我們的品牌建立成長模式，首先從我們最大的兩個品牌 Merrell 和 Saucony 開始。優先投資這些品牌，已大幅提升了關鍵品類的績效和市佔率。

We are also seeing encouraging signs of progress in other areas, including another quarter of sequential improvement for Sweaty Betty. While there's still more work to do, particularly in the Work Group, we remain confident in our strategy and the path forward.

我們也在其他領域看到了令人鼓舞的進展跡象，包括 Sweaty Betty 連續第二季取得進步。雖然還有更多工作要做，尤其是在工作小組方面，但我們對我們的策略和前進方向仍然充滿信心。

I'll now take you through the key highlights from our third quarter. Revenue was $470 million, ahead of the $455 million midpoint of our guidance range. The over-delivery was driven by stronger-than-expected performance in the Active Group, along with an approximate $3 million benefit from favorable foreign currency.

接下來，我將帶您回顧我們第三季的主要亮點。營收達到 4.7 億美元，高於我們先前預測的 4.55 億美元中位數。超額交付主要得益於活躍團隊表現強於預期，以及有利的匯率帶來的約 300 萬美元收益。

Revenue increased 7% compared to the prior year. And on a constant currency basis, revenue increased 6% as favorable foreign currency provided a $6 million benefit. Revenue growth in the third quarter was led by global wholesale, which increased 11% compared to the prior year, with international wholesale up mid-teens and US wholesale up mid-single digits. DTC declined 5% compared to the prior year, primarily due to lower promotional activity in the US, partially offset by international growth, mainly in EMEA.

與上年相比，收入成長了7%。以固定匯率計算，由於有利的匯率帶來了 600 萬美元的收益，收入成長了 6%。第三季營收成長主要得益於全球批發業務的成長，與去年同期相比成長了 11%，其中國際批發業務成長了 15% 左右，美國批發業務成長了個位數中段。與前一年相比，DTC 下降了 5%，主要原因是美國促銷活動減少，但國際成長（主要在歐洲、中東和非洲地區）部分抵消了這一影響。

Active Group revenue in the third quarter grew 11% compared to the prior year, ahead of our guidance of mid-single-digit growth. Saucony revenue increased 27% in the quarter, driven by broad-based growth across channels and markets.

與上年同期相比，Active Group 第三季的營收成長了 11%，高於我們先前預期的個位數中段成長。受各通路和市場全面成長的推動，Saucony 本季營收成長了 27%。

The brand saw solid growth in both the performance run and lifestyle categories from continued positive sell-through trends at retail and expanded distribution. Merrell revenue increased 5% in the quarter, driven by low double-digit growth in wholesale. This growth was supported by another quarter of market share gains in the hike category and strong sell-through at key accounts.

由於零售通路持續良好的銷售趨勢和分銷管道的擴大，該品牌在運動服飾和生活風格類產品中均實現了穩健成長。Merrell 本季營收成長 5%，主要得益於批發業務的低兩位數成長。這一增長得益於高跟鞋類別市場份額的另一個季度增長以及重點客戶的強勁銷售。

This was partially offset by the DTC channel as the brand continues to lap elevated promotional activity from the prior year. Merrell has been implementing targeted initiatives to strengthen its DTC foundation, including refining its promotional strategy, elevating marketing to reinforce premium positioning, and enhancing digital capabilities to drive higher quality engagement and conversion.

DTC管道在一定程度上抵消了這一影響，因為該品牌繼續保持著上一年的高促銷活動水平。Merrell 一直在實施有針對性的措施來加強其 DTC 基礎，包括改進其促銷策略、提升行銷以強化高端定位，以及增強數位能力以推動更高品質的互動和轉換。

These efforts contributed to an improvement in the mix of full price sales and gross margin expansion in the quarter. Sweaty Betty revenue declined 4% in the quarter, which was better than expected. As Chris mentioned, the brand is now executing on a clear strategy to reset the Sweaty Betty business, which aided in delivering growth in its core EMEA market across both wholesale and DTC.

這些努力促成了本季全價銷售組合的改善和毛利率的提高。Sweaty Betty 本季營收下降 4%，優於預期。正如克里斯所提到的，該品牌目前正在執行一項明確的策略，以重塑 Sweaty Betty 的業務，這有助於其在核心 EMEA 市場（包括批發和 DTC）實現成長。

Group revenue declined 3% compared to the prior year and was slightly below the midpoint of our guidance range. Performance in the quarter was largely driven by lower-than-expected sell-through that impacted replenishment orders. Consolidated gross margin for the third quarter was 47.5%, an increase of 240 basis points compared to the prior year and 50 basis points above our expectations.

集團營收較前一年下降 3%，略低於我們預期範圍的中點。本季業績下滑主要是因為銷售率低於預期，影響了補貨訂單。第三季綜合毛利率為 47.5%，較上年同期成長 240 個基點，比我們的預期高出 50 個基點。

The year-over-year improvement reflects product cost savings, lower promotional activity and a timing benefit from our tariff mitigation efforts, net of incremental tariff costs. Adjusted operating margin was 9.1%, an increase of 150 basis points compared to the prior year and 80 basis points above our expectations.

與去年相比，業績有所改善，這反映了產品成本的節省、促銷活動的減少以及關稅緩解措施帶來的時間優勢，扣除了新增關稅成本後，業績有所提升。調整後的營業利益率為 9.1%，比上年同期成長 150 個基點，比我們的預期高出 80 個基點。

This performance reflects gross margin expansion, continued investment in our brands, talent and key capabilities, as well as the net timing benefit from our tariff mitigation efforts. Top line growth and operating margin expansion led to 29% increase in adjusted diluted earnings per share to $0.36 compared to $0.28 in the prior year and our outlook of $0.28 to $0.32.

這項績效反映了毛利率的擴張、對品牌、人才和關鍵能力的持續投資，以及我們關稅緩解措施帶來的淨時間收益。營收成長和營業利潤率擴張使得調整後稀釋每股收益成長 29%，達到 0.36 美元，而去年同期為 0.28 美元，高於我們先前預測的 0.28 美元至 0.32 美元。

Net debt at the end of the third quarter was $543 million, down $20 million or 4% compared to the same time last year. Before moving to our outlook, I want to provide an update on the impact of tariffs. This has been a dynamic situation with rate changes and evolving clarity around the timing of when the new tariffs took effect.

第三季末淨債務為 5.43 億美元，比去年同期減少 2,000 萬美元，降幅為 4%。在展望未來之前，我想先介紹一下關稅的影響。由於費率不斷變化，且新關稅生效時間也尚未明朗，因此情況一直處於動態變化之中。

On our last call, we shared that we expected to offset the majority of the unmitigated impact in 2025, which we estimated to be approximately $20 million. We also noted that the majority of the impact was anticipated to occur in the fourth quarter. We now expect the unmitigated impact in 2025 to be approximately $10 million. The reduction in the estimated impact reflects a timing shift between 2025 and 2026. We took quick and decisive action when trade policy changed in the second quarter of this year.

在上次電話會議上，我們提到，我們預計到 2025 年將抵消大部分未緩解的影響，我們估計約為 2000 萬美元。我們也注意到，預計大部分影響將在第四季度發生。我們現在預計，到 2025 年，未加緩解的影響將約為 1,000 萬美元。預計影響的減少反映了 2025 年和 2026 年之間的時間變化。今年第二季貿易政策改變時，我們迅速採取了果斷行動。

As a result of those actions and the timing shift, we now expect to more than offset the $10 million impact in 2025. On an annualized basis, we estimate the unmitigated impact from tariffs to be approximately $65 million, representing an incremental $55 million impact on 2026.

由於這些措施和時間調整，我們現在預計到 2025 年將完全抵銷 1000 萬美元的影響。按年計算，我們估計關稅造成的未緩解影響約為 6,500 萬美元，到 2026 年將增加 5,500 萬美元的影響。

We're encouraged by the progress we've made in navigating these cost headwinds and remain focused on delivering gross margin within our aspirational value creation framework of 45% to 47%. While we are not providing formal guidance for 2026 at this time, based on what we know today, we expect gross margin to be between the lower end and midpoint of our aspirational range next year as we work to offset the tariff-related headwinds over time. Turning to our outlook.

我們為在應對這些成本逆風方面取得的進展感到鼓舞，並將繼續專注於實現 45% 至 47% 的預期價值創造框架內的毛利率。雖然我們目前沒有對 2026 年做出正式預測，但根據我們目前所了解的情況，我們預計明年毛利率將處於我們預期範圍的下限和中點之間，因為我們將努力逐步抵消關稅相關的不利因素。展望未來。

Fiscal year 2025 revenue is expected to be in the range of $1.855 billion to $1.87 billion, an increase of approximately 6.4% at the midpoint, and 5.6% on a constant currency basis compared to 2024 ongoing business. The impact of the 53rd week in fiscal 2025 is expected to provide a 60 basis points benefit to revenue growth.

預計 2025 財年營收將在 18.55 億美元至 18.7 億美元之間，以中間值計算成長約 6.4%，以固定匯率計算成長 5.6%，與 2024 年的持續經營相比。預計 2025 財年第 53 週的影響將為營收成長帶來 60 個基點的收益。

At the midpoint of the range, we expect Active Group revenue to grow low double digits on a constant currency basis, fueled by the momentum we built in our two largest brands, Merrell and Saucony. New products are resonating with consumers. Our key city strategy is driving focused international growth, and we're seeing continued success in expanding our lifestyle offering.

我們預計，在Merrell和Saucony這兩個最大品牌所建立的成長動能推動下，Active Group的營收將以固定匯率計算達到兩位數低成長。新產品引起了消費者的共鳴。我們專注於發展城市策略，致力於推動國際市場集中成長，並在拓展生活風格產品方面取得了持續成功。

We expect the Work Group revenue to decline high single digits on a constant currency basis. As Chris shared, we haven't made the progress we expected in Work Group. While we're encouraged by recent steps in product innovation and marketing, the path to stronger, more consistent growth is taking longer than originally anticipated.

我們預期工作小組的收入將以固定匯率計算出現接近兩位數的下降。正如克里斯所說，我們在工作小組方面並沒有取得預期的進展。儘管我們對近期在產品創新和行銷方面的進展感到鼓舞，但實現更強勁、更穩定的成長所需的時間比最初預期的要長。

We're excited to have Justin join the team, and we remain focused on improving execution across the four pillars of our strategy. Gross margin is expected to be approximately 47.1% at the midpoint of the range, up 280 basis points compared to the prior year.

我們很高興賈斯汀加入團隊，我們將繼續專注於提升我們策略四大支柱的執行力。預計毛利率將達到區間中點的 47.1% 左右，比上年同期成長 280 個基點。

The majority of the improvement is driven by product cost savings, a healthier mix of full price sales and a timing benefit from our tariff mitigation efforts, net of incremental tariff costs, reflecting the pace of our actions relative to the phasing of the cost increases. Adjusted operating margin is expected to be approximately 8.9% at the midpoint of the guidance range, up 160 basis points from the prior year.

大部分改善得益於產品成本節約、全價銷售組合更加健康，以及我們關稅緩解措施帶來的時間優勢（扣除新增關稅成本），這反映了我們行動的步伐與成本增長階段的同步。調整後的營業利潤率預計在預期範圍的中點約為 8.9%，比上年增長 160 個基點。

The year-over-year improvement reflects strategic re-investment of a portion of gross margin gains to support our brand-building model, including marketing, talent and key capabilities. Interest and other expenses are projected to be approximately $27 million, down from $39 million in 2024 due to the reduction in net debt. The effective tax rate is projected to be approximately 16%.

與前一年相比，業績有所改善，這反映了我們將部分毛利率收益進行策略性再投資，以支持我們的品牌建立模式，包括行銷、人才和關鍵能力。由於淨債務減少，預計利息和其他支出約為 2,700 萬美元，低於 2024 年的 3,900 萬美元。預計實際稅率約為16%。

As a result, adjusted diluted earnings per share is expected to be in the range of $1.29 to $1.34, including a $0.02 foreign currency benefit versus prior year. At the midpoint, this represents constant currency growth of 50% compared to last year.

因此，經調整後的稀釋每股收益預計在 1.29 美元至 1.34 美元之間，其中包括與去年相比的 0.02 美元外匯收益。以中位數計算，這相當於與去年相比以固定匯率計算成長了 50%。

Operating free cash flow is expected in the range of $85 million to $95 million, with approximately $25 million of capital expenditures. Moving to our fourth quarter guidance. Revenue is expected to be in the range of $498 million to $513 million, a year-over-year increase of approximately 2.2% at the midpoint and 0.5% on a constant currency basis.

預計經營自由現金流在 8,500 萬美元至 9,500 萬美元之間，資本支出約 2,500 萬美元。接下來是我們的第四季業績預期。預計營收將在 4.98 億美元至 5.13 億美元之間，以中間值計算年增約 2.2%，以固定匯率計算年增約 0.5%。

At the midpoint of the range and on a constant currency basis, we anticipate the Active Group revenue to grow high single digits and Work Group revenue to decline by low double digits compared to the prior year. Gross margin in the fourth quarter is expected to be approximately 46.3%, an increase of 270 basis points compared to last year.

在區間的中點，以固定匯率計算，我們預期活躍團隊的收入將實現高個位數成長，而工作組的收入將比前一年下降兩位數。預計第四季毛利率約為 46.3%，比去年同期成長 270 個基點。

A portion of the improvement reflects a timing benefit from our tariff mitigation efforts, net of incremental tariff costs. Adjusted operating margin is expected to be approximately 10.5%, an increase of 60 basis points compared to last year. As a result, adjusted diluted earnings per share for the fourth quarter is expected to be in the range of $0.39 to $0.44 compared to $0.40 in the prior year.

部分改善反映了我們關稅緩解措施帶來的時間優勢，扣除新增關稅成本後。經調整後的營業利潤率預計約為 10.5%，比去年增長 60 個基點。因此，預計第四季度調整後的稀釋每股收益將在 0.39 美元至 0.44 美元之間，而去年同期為 0.40 美元。

To summarize, we're encouraged by our third quarter and year-to-date 2025 performance as well as the expected continued momentum in the Active Group, which reflects the strength of our strategy and the discipline of our execution.

總而言之，我們對2025年第三季和年初至今的業績以及Active Group預期持續的成長勢頭感到鼓舞，這反映了我們策略的實力和執行的嚴謹性。

At the same time, we recognize there's more work to do. We remain focused on driving consistency across the portfolio, sharpening our operational rigor and continuing to invest in areas that will fuel long-term growth. We're staying responsive and resilient as we manage through a dynamic macro backdrop, including evolving consumer environment and tariff-related margin pressures.

同時，我們也意識到還有更多工作要做。我們將持續專注於提升投資組合的一致性，加強營運力度，並持續投資於能夠推動長期成長的領域。在不斷變化的宏觀經濟環境下，包括不斷變化的消費者環境和關稅相關的利潤壓力，我們保持積極反應和強大的韌性。

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

那麼，在正式開始提問環節之前，我先把電話交還給克里斯。

Thanks, Taryn. The company has made significant strides in becoming a builder of great global brands over the course of the past 2-years. We're squarely focused on our consumers. We're investing in our brands through enhanced product innovation and elevated marketing.

謝謝你，塔琳。在過去的兩年裡，該公司在打造全球知名品牌方面取得了長足的進步。我們始終以消費者為中心。我們正透過加強產品創新和提升行銷水平來投資我們的品牌。

And critically, we're prioritizing responsible brand management in the marketplace, focused on consistent brand experiences, thoughtful distribution decisions, reduced promotional activity, rigorous brand protection and driving sell-through.

至關重要的是，我們優先考慮在市場上進行負責任的品牌管理，專注於一致的品牌體驗、深思熟慮的分銷決策、減少促銷活動、嚴格的品牌保護和推動銷售。

We believe Wolverine Worldwide is well positioned in the global marketplace and well positioned to navigate the dynamic and uncertain macro environment. We're executing our brand-building playbook with pace and urgency, all focused on making every day better for our consumers, our teams, our communities and our shareholders.

我們相信 Wolverine Worldwide 在全球市場中佔據有利地位，並有能力應對動態且不確定的宏觀環境。我們正以迅猛之勢、緊迫之心執行品牌建立策略，一切目標都是為了讓我們的消費者、團隊、社群和股東的每一天都變得更好。

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

最後，感謝各位今天上午抽空與我們相聚，我們很樂意回答大家的問題。

Operator?

操作員？

(Operator Instructions)

（操作說明）

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

Hello. Thanks for taking my question. I was curious on the Saucony opportunity. Within the 25% constant currency growth, can you help parse the contribution from new distribution and like-for-like growth?

你好。謝謝您回答我的問題。我對索康尼的機會很感興趣。在 25% 的固定匯率成長率中，您能否幫忙分析新增通路和同類成長分別貢獻了多少？

Yeah. Thanks, Peter. We're really pleased with Saucony's performance in the quarter and certainly the performance year-to-date. We describe it really as broad-based categories and channels and regions, which we're encouraged by. I think if we had to put a number on the new distribution contribution for the quarter, about one-third.

是的。謝謝你，彼得。我們對 Saucony 本季的表現以及今年迄今的表現都非常滿意。我們將其描述為廣泛的類別、管道和地區，這讓我們感到鼓舞。我認為，如果要給本季的新分配貢獻值定個數字的話，大概是三分之一。

Okay. That's really helpful. And then as we think of the split between lifestyle and performance, I was curious if you can help us think about how that splits within your footwear categories. And then as you plan the business going forward, how should we think of the balance between lifestyle footwear, every day running and then the high-performance running footwear?

好的。這真的很有幫助。然後，當我們思考生活方式和表現之間的區別時，我很好奇您是否可以幫助我們思考一下，在您的鞋類類別中，這種區別是如何體現的。那麼，在規劃未來的業務時，我們該如何看待生活方式鞋、日常跑步鞋和高性能跑步鞋之間的平衡呢？

Yeah. Great question. I think you're hitting on something that was really important to us as we began to build a new strategy for Saucony several years ago. And thinking about both the elite performance run segment, the more casual everyday lifestyle runner and then certainly the lifestyle piece. And I think that reset of strategy has really helped us gain traction and certainly helped propel Saucony forward.

是的。問得好。我認為你觸及了幾年前我們開始為 Saucony 制定新策略時非常重視的一點。考慮到精英競技跑步領域、更休閒的日常跑步者以及生活方式跑步者這兩個方面。我認為策略的調整確實幫助我們獲得了發展動力，也確實推動了索康尼向前發展。

Lifestyle piece is growing faster than the performance piece, but performance is also growing. And we're gaining share in both lifestyle accounts as well as the critical run specialty channel. So I'd say that we are encouraged that growth is coming from both parts. Certainly, our new entry into lifestyle coming off of a smaller base is helping to accentuate those year-over-year gains.

生活風格類產品成長速度比功能類產品更快，但功能類產品也正在成長。我們在生活風格帳戶和關鍵跑步用品專業管道的市場份額都在不斷增長。所以我認為，雙方都在成長，這令人鼓舞。當然，我們新進入的生活方式領域，由於基數較小，有助於凸顯這些逐年增長。

Mauricio Serna, UBS Financial.

毛里西奧‧塞爾納 (Mauricio Serna)，瑞銀金融集團。

Great. Good morning. And thanks for taking my questions. Maybe just on Saucony to elaborate. It seems that you've had pretty good success with the expansion in lifestyle. I think you had alluded to 1,300 doors for fall '25. Any thoughts on where do you see that door count going into spring '26?

偉大的。早安.謝謝您回答我的問題。或許可以就索康尼（Saucony）這個名字來詳細說明一下。看來你在生活方式的拓展方面取得了相當不錯的成功。我想你之前提到過 2025 年秋季將推出 1300 扇門。您認為到 2026 年春季，門市數量會達到什麼水準？

Yeah. Good question. And certainly, we've been encouraged by the receptivity to the moves we've made in Saucony and certainly by that door expansion. We have opened doors in Saucony lifestyle. We've talked about that.

是的。問得好。當然，我們對 Saucony 採取的措施以及門市擴張所獲得的認可感到鼓舞。我們開啟了Saucony生活方式的新篇章。我們討論過這個問題。

We still believe that we're less than one-fourth of the full door potential. And I would say that we're sort of maniacally looking at sell-throughs. One of the things that we're committed to is responsible brand management. And we want to make sure that where we open new distribution, where we go put ideas, we're really moving towards a pull model versus a push model. And so as we open new doors, we said early on that this would be a test and learn.

我們仍然認為，我們目前只發揮了不到全部潛力的四分之一。我認為我們有點瘋狂地關注銷售情況。我們致力於負責任的品牌管理。我們希望確保，無論我們開設新的分銷管道，還是我們推廣理念的地方，我們真正朝著拉動模式而不是推動模式發展。因此，當我們開啟新的篇章時，我們很早就說過這將是一次嘗試和學習。

And I would say that our doors, some doors are overperforming what we anticipated. A lot are performing at what we hoped and anticipated. And frankly, some doors are underperforming. And we need to react to that change where the consumer is, learn from where we have momentum and how do we capitalize on that responsibly. At the same time, where we aren't generating the sell-throughs that we want, we'll look to pivot away from that and diagnose what the issue is.

而且我認為，我們的一些門，它們的表現超出了我們的預期。很多球員的表現都達到了我們的預期和期望。坦白說，有些門的性能並不理想。我們需要對消費者所處的變化做出反應，從我們擁有發展動力的地方學習，並思考如何負責任地利用這些動力。同時，如果我們未能達到預期的銷售目標，我們將調整策略，找出問題所在。

I think the doors where we are underperforming on sell-through rates, we largely attribute to low brand awareness, which is something we're working on simultaneously with the brand as we invest more in marketing dollars.

我認為，銷售率不理想的門市，主要歸因於品牌知名度低，這也是我們正在與品牌方共同努力解決的問題，我們將加大行銷投入。

So something we're keenly watching. Every single week, we look at sell-throughs. We're staying very close to our customers and our consumers and making sure that as we drive this growth for the brand, we're doing it responsibly and managing for the long term.

所以，這是我們密切關注的事情。我們每週都會查看銷售情況。我們與客戶和消費者保持著非常緊密的聯繫，確保在推動品牌成長的同時，我們以負責任的方式進行，並專注於長遠發展。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good morning. Thanks for taking my questions. I just wanted to ask with regards to fourth quarter, the active, high single-digit growth. Can you maybe -- Chris, can you unpack that a little bit more in terms of expectations for Saucony? And then I have a follow-up with regards to -- for 2026.

早安.謝謝您回答我的問題。我只是想問一下關於第四季度的情況，即活躍的、高個位數的成長。克里斯，你能再詳細解釋一下你對索康尼的期望嗎？然後，我還有一個關於 2026 年的後續問題。

Yeah. I think for the fourth quarter for the Active Group, we remain and continue to be encouraged by the progress we've made, the momentum that they've generated. Saucony, we anticipate it will be a little better than Merrell in the fourth quarter. At the same time, Saucony's comparisons are a little easier, given that Merrell is comping growth from 2024. So -- but still encouraged.

是的。我認為對於活躍團隊來說，第四季度我們仍然並將繼續受到我們所取得的進展和所取得的勢頭的鼓舞。我們預計 Saucony 在第四節的表現會比 Merrell 略好。同時，考慮到 Merrell 是從 2024 年開始比較成長情況，Saucony 的比較就容易一些。所以——但仍然受到鼓舞。

Again, I think if you think about how we've talked about the business, our long-term value creation model, our aspirations, this company does extraordinarily well at mid- to high-single-digit revenue growth in the consolidated. And our goal is to get all brands working at that pace and hopefully, certainly some better than that pace.

再說一遍，我認為，如果你想想我們是如何談論業務的，我們的長期價值創造模式，我們的願景，這家公司在合併收入中高個位數增長的情況下表現非常出色。我們的目標是讓所有品牌都以這樣的速度運轉，並且希望有些品牌的速度能夠更快。

Okay. Very helpful, Chris. And then I think in the beginning of the year, it was about 900 doors, then for the second half, it was about 400 doors. You mentioned right before that you're still under 25% penetration rate. What kind of numbers should we think about high level in terms of number of doors for spring 2026?

好的。克里斯，你幫了我大忙。然後我覺得年初的時候大概是900扇門，下半年大概是400扇門。你剛才提到過，你們的滲透率仍然低於 25%。2026 年春季，我們應該從宏觀層面考慮什麼樣的門數量？

And I'd love to hear more about unpacking what you're seeing in terms of the underperforming doors. I think you mentioned brand awareness, but can you just give us a little bit more color on what you're seeing, what measures you're going to put in place for those underperforming doors?

我很想進一步了解你觀察到的性能不佳的門的情況。我想您提到了品牌知名度，但您能否更詳細地介紹一下您觀察到的情況，以及您將對那些表現不佳的門採取哪些措施？

Yeah. Good question, Laurent. I appreciate that. We do anticipate first half of '26, the door count to be higher than the first half of '25. That's how we're thinking about the business.

是的。問得好，洛朗。我很感激。我們預計 2026 年上半年的門市數量將高於 2025 年上半年。這就是我們對這項業務的思考方式。

And then obviously, we continue to manage really week-to-week with these accounts. And in the doors that we have not met our sell-through expectations or our partner sell-through expectations, we are working to diagnose, and what performed better, men's or women's? How are the assortments? How are we merchandise? What was the consumer feedback?

然後很顯然，我們會繼續每週對這些帳戶進行管理。對於那些銷售業績未達到預期或合作夥伴預期的門市，我們正在努力診斷，並找出男裝和女裝哪個表現更好。品種如何？我們的商品怎麼樣？消費者反饋如何？

And then trying to triangulate that with our own data, our own e-commerce metrics, where our files are, what sort of demographics and ZIP codes do we do better with. And I think these are things that brands are going through a growth curve like this we have to manage, and we have to manage. I mean that is just a reality situation.

然後嘗試用我們自己的數據、我們自己的電子商務指標、我們的文件所在位置、我們更擅長的人口統計和郵政編碼等資訊來驗證這一點。我認為這些都是品牌在經歷這樣的成長曲線時必須處理和處理的問題。我的意思是，這就是現實情況。

The good news is that stock, we believe, is going to achieve all-time record revenue and all-time record profit this year and carry that momentum into 2026. So there is work to do. And I would say, as with any business, if you're not swinging and missing a few times, you're probably not thinking about the business critically enough. And I would say where doors that we have underperformed that's a thing that we can learn and then move from.

好消息是，我們相信該股票今年將實現有史以來最高的營收和利潤，並將這種勢頭延續到 2026 年。所以還有很多工作要做。我想說，就像任何生意一樣，如果你沒有幾次失敗，那你可能還沒有對生意進行足夠批判性的思考。我想說，對於我們表現不佳的門，我們可以從中吸取教訓，然後加以改進。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah. Hi, good morning. Chris, if I could follow up, could you just maybe more directly talk to some of the sell-throughs you're seeing on more of a near-term basis? And as you think about heading into 2026, can you give a little more comfort or color on the indications you see for the Active Group into 2026 in terms of growth potential there?

是的。您好，早安。克里斯，如果可以的話，我想問一下，你能否更直接地談談你近期看到的銷售情況？展望 2026 年，您能否就 Active Group 在 2026 年的成長潛力，提供一些更具體的展望或說明？

And then, Taryn, just to follow up, I appreciate the gross margin commentary for 2026. Should we think that you're at a near-term peak for margin here? Or given the timing of some of the tariff impacts, are there areas you can leverage to continue to drive operating margin expansion just at an initial level here as we look forward given the goal to get back to much higher multiyear operating margins?

還有，Taryn，我想補充一點，我很欣賞您對 2026 年毛利率的評論。我們是否應該認為您目前的利潤率已達到近期高峰？或者，考慮到某些關稅影響的時間節點，在我們展望未來，目標是恢復到更高的多年營業利潤率時，是否有一些領域可以利用，以在初始階段繼續推動營業利潤率的擴張？

I'll answer the first one. And I think the question really is premised on sort of expectations for Merrell and Saucony. And I would say, again, and I tried to outline this in prepared remarks, I would bucket our brands in different stages of evolution.

我先回答第一個問題。我認為這個問題實際上是基於人們對 Merrell 和 Saucony 的期望。我再次強調，我在事先準備好的演講稿中也試圖闡述這一點，我會將我們的品牌依照不同的發展階段進行分類。

And I would say that Merrell and Saucony, our two biggest brands are moving at pace. And I would say that was where we applied a tremendous amount of effort in the early days of the turnaround to get our biggest brands moving.

我想說，我們旗下兩大品牌 Merrell 和 Saucony 的發展速度非常快。我認為，在公司扭虧為盈的初期，我們投入了大量精力來推動旗下最大的品牌發展。

And I'm encouraged by the rigorous deployment of that playbook, how we've built the product pipeline, how we're working to create demand and then frankly, how the Wolverine Worldwide team is driving the business each day, I'm encouraged by. We've talked about market share gains.

我深受鼓舞，因為我們嚴格執行了這套策略，建立了產品線，努力創造需求，坦白說，Wolverine Worldwide 團隊每天推動業務發展的方式也讓我感到振奮。我們已經討論過市場份額的成長。

Saucony gained share in the run specialty channel, has gained share in lifestyle. I think Merrell has 11 of 12 consecutive quarters of gaining share at a rate that's actually accelerating. Performance and lifestyle for Saucony grew in the quarter.

Saucony 在跑步專賣通路中獲得了市場份額，在生活方式領域也獲得了市場份額。我認為 Merrell 在過去 12 個季度中已有 11 個季度市佔率成長，而且成長速度還在加快。Saucony 的產品性能和生活方式在本季均有所提升。

Performance and lifestyle for Merrell grew in the quarter. And I'm encouraged by some of the work that we're doing with that new Merrell team to think about the broader outdoor lifestyle opportunity beyond the trail. So it is not certainly easy days out there. We're -- obviously, with everyone thinking about where the consumer is, how we had in the holiday, how we think about 2026.

本季度，Merrell 的業績和生活方式均有所提升。我很受鼓舞，因為我們正與 Merrell 新團隊合作，思考除了越野跑道之外更廣泛的戶外生活方式機會。所以，現在的日子一定不好過。顯然，大家都在思考消費者在哪裡，我們度過了怎樣的假期，以及我們對 2026 年的展望。

But I think for the things that we can control with our own team, I think we've got a lot of things going in the right direction. And where we do have some challenges and opportunities to do better, I think we've diagnosed those issues, and we're going to quickly get after them.

但我認為，就我們團隊能夠控制的事情而言，我們有很多事情都在朝著正確的方向發展。對於我們面臨的一些挑戰和需要改進的地方，我認為我們已經診斷了這些問題，並將迅速著手解決。

And Jonathan, to your question on gross margins, we are pleased with the performance that we have made to date in terms of expanding our gross margin. And at the full year of our guide, we're at around 47.1% for gross margin on the year. That's up 280 basis points year-on-year.

喬納森，關於你提出的毛利率問題，我們對迄今為止在擴大毛利率方面取得的成績感到滿意。根據我們的全年指導，我們的年度毛利率約為 47.1%。年比上升280個基點。

And the primary drivers of that are what we have been talking about for some time of the product cost savings that we've been driving with our supply chain organization as well as more full price sales as we're building that brand-building model across the brands and channels, we're able to get more full price sales. We're able to get the more premium price points.

而這背後的主要驅動因素是我們一直在談論的，即我們透過供應鏈組織推動的產品成本節約，以及隨著我們在各個品牌和通路建立品牌建立模式而實現的更多全價銷售，我們能夠獲得更多全價銷售。我們能夠拿到更高價位的產品。

So that's the primary driver. The tariff timing piece that I spoke to in the prepared remarks, for the full year, that's providing 40 bps of -- basis points of improvement year-on-year. So you can see the vast majority of that 280 improvement is really the sustainable part of our business. I think in terms of the tariffs, why is it providing a net benefit this year? Let me explain that one a little bit.

所以這是主要驅動因素。我在準備好的演講稿中提到的關稅時間安排問題，就全年而言，這將帶來 40 個基點的年比改善。所以你可以看出，這 280 項改進中的絕大部分實際上是我們業務的可持續發展部分。我認為就關稅而言，為什麼今年能帶來淨收益？讓我稍微解釋一下。

While the trade policy continues to evolve, we did start taking actions early in the year to mitigate those headwinds in the second quarter. So for 2025, the benefit of our actions started to materialize in the third quarter. However, we aren't seeing the full impact of the higher tariffs until the fourth quarter. And even then, I would note that a lot of the inventory sold in our US channels reflects product that was imported when the incremental tariffs for most of our sourcing countries were at the 10% rate, not the current 20%.

儘管貿易政策仍在不斷變化，但我們確實在今年年初就開始採取措施，以減輕第二季的這些不利因素。因此，到 2025 年，我們行動的益處從第三季開始顯現。然而，要到第四季我們才能看到關稅提高的全部影響。即使如此，我也要指出，我們在美國通路銷售的許多庫存反映的是在我們大多數採購國的增量關稅為 10% 而不是目前的 20% 時進口的產品。

Therefore, as a result of that timing, then you can see that our mitigation actions are ahead of the incremental costs hitting the P&L. And -- but like I said, the majority of that 280 basis points on this year is really the sustainable piece. The timing piece would be that 40 basis points impact from tariffs.

因此，由於時間上的差異，我們可以看到，我們的緩解措施領先於損益表造成的增量成本。但正如我所說，今年這 280 個基點的大部分實際上是永續發展的部分。時間因素在於關稅將產生 40 個基點的影響。

Okay. And sorry, just to be more clear, I guess, thinking about operating margin, the 8.9% guide for this year, significant progress, still well below your mid-teens aspiration. So should we think that 2026 might be a step back on operating margin? Or are there other areas you could drive leverage to help manage through the tariff headwinds?

好的。抱歉，為了更清楚地說明，我想，就營業利潤率而言，今年的指導目標是 8.9%，這是一個顯著的進步，但仍然遠低於您 15% 左右的目標。那麼我們是否應該認為2026年營業利益率可能會倒退？或者，您可以在其他方面發揮影響力，以幫助應對關稅帶來的不利影響？

Yes. It's too early to talk details on 2026. We'll do that in February. We want to -- the reason we gave the gross margin is we were just trying to put some context around how we were looking at the broader tariff impact in '26 and our plans to mitigate. I mean we continue to find opportunity -- look for and find opportunities to expand growth and operating margin.

是的。現在談論2026年的細節還為時過早。我們二月會做這件事。我們之所以給出毛利率，是因為我們只是想說明我們如何看待 2026 年更廣泛的關稅影響以及我們的緩解計劃。我的意思是，我們會繼續尋找機會——尋找並發現擴大成長和提高營業利潤率的機會。

We're obviously going to be doing that now in the face of a larger tariff impact, but our value creation model stays intact. It's just the timing of the tariffs is what we're looking at offsetting. We'll have more to share on '26 in a few months.

顯然，面對更大的關稅影響，我們現在必須這樣做，但我們的價值創造模式保持不變。我們正在考慮如何抵消關稅生效時間的影響。幾個月後，我們將分享更多關於「26」的資訊。

Sam Poser, Williams Trading.

Sam Poser，威廉斯貿易公司。

Thank you for taking my question. I'd just like to dig into Saucony a little bit more on the lifestyle side. Can you give us some idea of what's the breakdown between -- like between sell-in and sell-through on the lifestyle product?

感謝您回答我的問題。我想更深入地了解 Saucony 的生活方式理念。您能否大致介紹一下生活風格類產品的進貨量和銷售量之間的細分情況？

And then you mentioned, Chris, that you were seeing some changes between men's, women's and kids and so on. Can you give us some color on the sell-through rates on the rates you're seeing between them and how that may be balanced and you know where I'm going on this.

然後你提到，克里斯，你注意到男性、女性和兒童等群體之間存在一些變化。您能否詳細介紹您觀察到的成交率，以及它們之間的差異，並說明如何平衡這些差異，您明白我的意思。

Yeah. I mean I think -- thanks, Sam. I appreciate the question. Like I said in an answer to a previous question, I think I break down our performance in the early days in these lifestyles accounts. In some places, it's well outpacing what our expectations were.

是的。我的意思是，我覺得──謝謝你，山姆。感謝您的提問。正如我在回答之前的問題時所說，我認為我可以分析我們在這些生活風格帳戶早期階段的表現。在某些方面，它遠遠超出了我們的預期。

In a lot of cases, it's in the range of what we need it to be. And then in some places, it's at a slower rate. And so I think for us, as we try to create a really strong pull model, manage the inventory, manage the brand, manage the marketplace really well, we'll look to responsibly grow in doors where we've overperformed. And then frankly, we'll pull back in doors where we've underperformed. And I think that is incumbent upon companies that want to run good brands.

很多情況下，它都符合我們的需求範圍。而在某些地方，速度則較慢。因此，我認為對我們來說，當我們努力打造一個真正強大的拉動模式，管理庫存，管理品牌，管理市場時，我們將尋求在那些我們表現優異的室內門店中負責任地發展壯大。坦白說，我們會縮減在表現不佳的領域的投入。我認為這是想要打造優秀品牌的公司義不容辭的責任。

I think historically, we may have tried to force product in and not be responsible and really focus on sell-in and not sell-through. And we're trying to pivot to really obsess about the sell-through. Encouragingly, though, we are pleased with the progress that we've made in fairly short order. We're pleased with the growth rates. And then I'm encouraged by what I see for the product pipeline for '26.

我認為從歷史上看，我們可能試圖強行引入產品，而沒有承擔起責任，真正關注的是進貨而不是銷售。我們正在努力轉變思路，並真正專注於提高銷售額。令人鼓舞的是，我們對在較短時間內取得的進展感到滿意。我們對成長率感到滿意。然後，我對 2026 年的產品線感到鼓舞。

And then even as trends emerge and evolve with the consumer, I'm thankful that I've got a century-old archive in Saucony that I can pull from. And some early indications are maybe a move back to some classifications where Saucony has historically been very good. So we remain encouraged by the progress in lifestyle. We're watching it very closely. We talk about it every single week.

即使潮流隨著消費者的變化而不斷湧現和演變，我仍然很慶幸 Saucony 擁有一個百年歷史的檔案庫，可以從中汲取靈感。一些早期跡象表明，Saucony 或許會重返一些他們歷來表現非常出色的級別。因此，我們對生活方式的進步感到鼓舞。我們正在密切關注此事。我們每週都會談到這件事。

And it's something that is -- as I think about how we want to responsibly grow Saucony in the long term, responsibly growing that lifestyle business is paramount.

而且，當我思考如何以負責任的方式長期發展 Saucony 時，負責任地發展這種生活方式業務至關重要。

I really wanted to talk about the genders, the men, women and kids, not the lifestyle. I really wanted to get the breakdown on, is men's performing better -- in overall, men's are better, women's better, kids better and so on?

我真正想談的是性別，男人、女人和孩子，而不是生活方式。我真的很想了解具體情況，例如男性的表現是否更好——總體而言，男性的表現更好，女性的表現更好，兒童的表現更好等等？

Because I mean, historically, a long time ago, Saucony has been more appealing to women more than almost any other brand out there. And it seems like a lot of -- it may have been sort of the sell-in on men's may have been higher than it may have should have been, and women's may have bigger opportunity and so on. That's what I'm really -- that's where I'm going.

因為我的意思是，從歷史上看，很久以前，索康尼比幾乎任何其他品牌都更受女性歡迎。而且似乎很多——可能是男裝的銷量比應有的要高，而女裝的機會可能更大等等。這就是我的真實想法——這就是我要去的地方。

That's a good question. I wasn't trying to be elusive. I totally forgot that you asked about the gender split down, so I apologize, Sam. Sell-in, like we talked about, men's and women's, I would say women's has performed really good, really well for us, along with kids, kids has done very well for us. So we're seeing a very strong reception to the women's piece and certainly the kids piece.

這是個好問題。我並非故意躲避。我完全忘記了你問過關於性別比例的問題，所以很抱歉，山姆。就像我們剛才討論的，男裝和女裝的銷售情況，我認為女裝的表現非常好，對我們來說真的很好，童裝的表現也非常好。所以我們看到女性主題的文章反應非常好，兒童主題的文章也是如此。

Interestingly enough, the way we do sizing for the lifestyle piece is a lot of unisex. So unisex numbers actually growing very high, which we assume a lot of those are buying smaller sizes for the female consumer. So I'd say we've made really nice progress with her. We just did a collaboration with METAGIRL, which we think will deepen the connection her. She's a very influential creator who we're fortunate to partner with.

有趣的是，我們生活風格類服裝的尺寸設計很大程度上是男女通用的。所以男女通用的服裝數量其實成長得非常快，我們推測其中許多都是女性消費者購買的小號服裝。所以我覺得我們和她相處得非常順利。我們剛剛與 METAGIRL 進行了一次合作，我們認為這將加深我們之間的聯繫。她是一位非常有影響力的創作者，我們很榮幸能與她合作。

And I think that product sold out before lunch -- the day of launch. So we are very focused on her, and we think there's a great opportunity with her.

我覺得這款產品在上市當天，也就是午餐前就已經售罄了。所以我們非常關注她，我們認為她身上蘊藏著巨大的潛力。

And on the men's side, I mean, is the men's side living up to the expectation or is the women's side exceeding? That's where I'm going here.

至於男隊方面，我的意思是，男隊是否達到了預期，還是女隊超出了預期？這就是我要去的地方。

That's a good question. I think men's, again, in lifestyle in total, we're very pleased with the progress. Pleased with the sell-throughs, pleased with the receptivity, pleased about what we believe that it's doing for the brand. I think we're really happy with the pickup we've seen with her.

這是個好問題。我認為，就男性整體生活方式而言，我們對所取得的進展非常滿意。我們對銷售情況很滿意，對市場反應很滿意，也對我們認為它對品牌帶來的效果感到滿意。我認為我們對她目前的進步非常滿意。

[Anna Andreeva], Piper Sandler

[安娜·安德烈耶娃]，派珀·桑德勒

This is Noah on for Anna. So I just wanted to touch on Merrell. You had mentioned that the brand was in the early stages of evolving its distribution. Should it follow the same playbook as Saucony with additional new door step-up in specialty into the next year?

這是諾亞在為安娜報道。所以我想簡單談談 Merrell。您曾提到該品牌正處於分銷通路發展的早期階段。它是否應該效仿 Saucony 的做法，在明年推出更多新的專業產品？

And then have you quantified what that new door opportunity could look like? And then just a quick follow-up on Saucony. Can you remind us what brand awareness is now versus a few years ago?

那麼，你是否量化過這種新的機會之門可能會是什麼樣子？最後再簡單跟進一下索康尼的狀況。您能否提醒我們一下，如今的品牌認知與幾年前有何不同？

Sure. As it relates to Merrell, the new door expansion isn't as great for Merrell as it is for Saucony. Saucony is a very well-distributed brand. For me, it's more talk about the evolution of that distribution. And what other doors could we possibly target, especially with her.

當然。就 Merrell 而言，新的門市擴張對 Merrell 來說並不像對 Saucony 那樣有利。Saucony 是一個分銷網絡非常廣泛的品牌。對我來說，更重要的是討論這種分佈的演變。我們還能瞄準其他哪些門呢，尤其是她在的情況下。

So while I do think there is door count opportunity expansion, it probably won't be at the pace in which we are able to do for Saucony. I think for us, the biggest opportunity in Merrell is moving beyond the trail, making both the trail lighter and faster, more modern at the same time, I think a much broader outdoor lifestyle opportunity for the brand, specifically for her, which is why we're encouraged by the receptivity of some of our new product launches and the ability for us to sell the Moab Speed 2, the SpeedARC and where those products are showing up are really encouraging.

所以，雖然我認為門市數量還有成長的機會，但成長速度可能不會像我們為 Saucony 所做的那麼快。我認為對我們來說，Merrell最大的機會在於超越越野跑鞋的範疇，讓越野跑鞋更輕、更快捷、更現代化，我認為這為品牌，特別是女性，提供了一個更廣泛的戶外生活方式機會。因此，我們對一些新產品的市場反應感到鼓舞，Moab Speed 2和SpeedARC的銷售情況以及這些產品的市場表現都令人振奮。

And then I think we're equally excited about what we can do next year, especially with the low profile with the Relay and what that can mean from a fashion trend standpoint. And then certainly, cold and wet weather boots, we think, is an opportunity. So I think the door count expansion for Merrell isn't as great as it was for Saucony.

而且，我認為我們對明年能做的事情同樣感到興奮，尤其是考慮到接力賽的低調以及這從時尚潮流的角度來看可能意味著什麼。當然，我們認為，寒冷潮濕天氣下的靴子也是一個銷售機會。所以我覺得 Merrell 的鞋門數量擴張不如 Saucony 成功。

At the same time, I think chasing the bigger outdoor lifestyle opportunities is a giant opportunity for Merrell. And then as it relates to awareness, we see awareness slightly up sort of quarter-on-quarter. We measure it twice a year, we do brand health surveys. We see awareness slightly up. But importantly, we see bigger movements in affinity and heat for the brand, which we're really encouraged by.

同時，我認為追逐更大的戶外生活機會對 Merrell 來說是一個巨大的機會。至於認知度方面，我們看到認知度較上季略有上升。我們每年進行兩次測量，即品牌健康調查。我們看到人們的意識略有提高。但重要的是，我們看到消費者對品牌的好感度和熱情度出現了更大的成長，這讓我們非常鼓舞。

So I think that really is driven by a shift in how we've chosen to invest our marketing dollars. I think we've really consciously tried to make a bigger play in upper funnel advertising and launch meaningful campaigns behind these brands to certainly raise awareness. But then obviously, it's important for us to build strong brand affinity and importantly, brand heat. And I think specifically, the places -- the cohorts that we've seen pickups are with core runners and then encouraging that younger consumer.

所以我認為這實際上是由我們選擇如何投資行銷資金的方式轉變所驅動的。我認為我們已經有意識地增加對漏斗上層廣告的投入，並為這些品牌發起有意義的宣傳活動，以提高品牌知名度。但很顯然，對我們來說，建立強大的品牌親和力，以及更重要的——品牌熱度，都非常重要。而且我認為具體來說，我們看到的群體——核心跑者群體——正在興起，然後鼓勵年輕消費者加入。

Mitch Kummetz, Seaport Research.

米奇‧庫梅茨，海港研究公司。

Yeah. Thanks for taking my question. First one is, I'm just curious, was there any pull forward that occurred in the quarter that might explain some of the upside, the over-delivery in the quarter as well as why the fourth quarter growth rate maybe doesn't look as strong as 3Q? And then I also have a follow-up.

是的。謝謝您回答我的問題。首先，我只是好奇，本季是否出現了某種提前交付的情況，可以解釋部分成長、超額交付以及第四季成長率為何看起來不如第三季強勁？然後我還有一個後續問題。

Yeah, Mitch, no, there was -- I wouldn't call out any pull forward or timing shifts in the third quarter relative to the fourth quarter.

是的，米奇，不，沒有——我不會指出第三節相對於第四節有任何提前或時間上的變化。

Okay. And then on Saucony, Chris, I think your comment around door count was that first half of '26 will be higher than the first half of '25. You added doors in the back half of '25. So I'm curious if 1H '26 is going to be above 2H '25 in terms of door count? And then also with some of these new doors that you've opened, I would imagine that the assortment going into those new doors wasn't a full assortment.

好的。關於 Saucony，Chris，我想你之前關於門數量的評論是，2026 年上半年的銷售量將高於 2025 年上半年。你在 25 年的後半部增加了門。所以我很好奇，2026年上半年的門數量是否會超過2025年下半年？而且，對於你新開的一些門，我想這些新門裡的商品種類應該不是齊全的。

And I'm curious with the doors that you recently added, let's say, for 1H '26, if you think that the doors that you've added in the last 12-months will have more product than what they had the prior year when you added those stores. Hopefully, that question makes sense.

我很好奇，對於您最近新增的門市，比如說 2026 年上半年新增的門市，您是否認為過去 12 個月新增的門市的商品數量會比前一年新增這些門市時的商品數量更多。希望這個問題表達清楚了。

No, it makes perfect sense. And I think that part of it is part of our test and learn, and how do we optimize the new doors that we've opened. And that part of it is where we put assortments in, how do that assortment resonate, men's, women's, kids, how is it shown? How is it presented? Is there opportunities for adding SKUs to those assortments.

不，這完全合情合理。我認為這部分是我們測試和學習的一部分，也是我們如何優化我們已經打開的新大門的一部分。而這部分內容就是我們放置各種商品的地方，這些商品組合如何引起共鳴，男裝、女裝、童裝，又是如何展現的？它是如何呈現的？是否有機會在這些產品系列中加入 SKU？

And that part of the optimization work. At the same time, it's also making sure that doors where we did underperform, we're quickly moving past those doors and finding new places to grow. It's too early to call a door count second half of '26 versus the second half of '25. Obviously, those plans are still in development. And we're looking at both at a US.

而這正是優化工作的一部分。同時，我們也確保在那些我們表現不佳的領域，我們能夠迅速擺脫困境，找到新的發展方向。現在斷言 2026 年下半年與 2025 年下半年的門市數量相比還為時過早。顯然，這些計劃仍在製定中。我們正在關注美國這兩個方面。

store count as well as a global door count. So just to reiterate, first half '26 stores will be an increase over first half of '25 doors, and we're still working on the back half of '26 into '27.

門市數量以及全球門市數量。所以再次重申一下，2026 年上半年的門市數量將比 2025 年上半年的門市數量有所增加，我們仍在努力實現 2026 年下半年到 2027 年的目標。

I guess maybe you misunderstood my question. I'm wondering if door count for first half of '26 will be above second half of '25?

我想你可能誤解了我的問題。我想知道 2026 年上半年的門市數量是否會超過 2025 年下半年？

No, sorry, that was the thing was embedded in our remarks. I think first half of '26 will be fewer doors than second half of '25 because we're working to rationalize that door count in places that we've underperformed, move past those doors and go look for new growth opportunities.

不，抱歉，那是我們話語中隱含的意思。我認為 2026 年上半年的門市數量會比 2025 年下半年少，因為我們正在努力調整業績不佳地區的門市數量，擺脫這些門市，去尋找新的成長機會。

Mauricio Serna.

毛里西奧·塞爾納。

Yes, thank you. Maybe could you elaborate on the DTC growth that you've seen for the Saucony brand in the quarter? How does that look? And then on SG&A, like it sounds like you're continuing to invest in demand creation and other long-term enablers. How should we think about that growth rate going into '26? Because I think part of the algorithm is to get some leverage to get to that aspirational mid-teens EBIT margin.

是的，謝謝。您能否詳細介紹本季 Saucony 品牌 DTC 業務的成長？看起來怎麼樣？至於銷售、一般及行政費用，聽起來你們似乎在繼續投資於需求創造和其他長期推動因素。我們該如何看待2026年的成長率？因為我認為演算法的部分目的是為了獲得一些槓桿作用，從而達到理想的十幾個百分點的息稅前利潤率。

I'll talk about the DTC performance first and then hand it over to Taryn. I think just let me talk about broader DTC in total. The quarter was generally in line with our expectations. And I think in '25, we're really trying to prioritize for our DTC operations a couple of things. First, running a brand-accretive DTC business.

我先談談DTC的性能，然後把麥克風交給Taryn。我想讓我全面談談更廣泛的DTC（直接面向消費者）話題。本季業績整體符合我們的預期。我認為在 2025 年，我們確實在努力優先考慮 DTC 業務的幾件事。首先，要經營一家能夠提升品牌價值的 DTC（直接面對消費者）企業。

How do the stores and e-commerce sites that we run do more than just drive revenue? How do they also help build brand? How are they positive brand experiences for our consumers? How do they deepen emotional connections? At the same time, be a profitable channel for us.

我們經營的實體店和電商網站除了創造收入之外，還能發揮哪些其他作用？它們還如何幫助打造品牌？它們如何為我們的消費者帶來正面的品牌體驗？它們如何加深情感連結？同時，也成為我們獲利的管道。

We worked hard this year to become less promotional on our e-commerce sites. In '24, we certainly were promotional as we're working through some obsolete inventory and working to turn the organization around. And we made the choice this year to really try to become less promotional across the entire portfolio. And I'm encouraged by the progress we've made. I think in the quarter, we're at 430 basis points in gross margin because we are becoming less promotional.

今年我們努力減少電商網站上的促銷活動。2024 年，我們當然進行了促銷活動，因為我們正在清理一些過時的庫存，並努力扭轉公司的局面。今年我們決定在整個產品組合中減少促銷活動。我對我們所取得的進展感到鼓舞。我認為本季我們的毛利率達到了 430 個基點，因為我們減少了促銷活動。

And at the same time, also drive more full price, more premium selling and then importantly, have better and more consistent storytelling across all of our experiences. As it relates to Saucony, Saucony was a bright spot in the quarter, up mid-teens in their e-commerce business, which we are certainly encouraged by.

同時，也要推動更多全價、更多高端產品的銷售，更重要的是，在所有體驗中實現更好、更一致的故事敘述。就 Saucony 而言，Saucony 是本季的一大亮點，其電子商務業務成長了 15% 左右，這無疑令人鼓舞。

And clearly, brands that have managed the marketplace well, have compelling product, new and fresh innovation, those brands are winning. I'll also say that Sweaty Betty UK, the UK portion of that e-commerce business was positive in the quarter, too, which is really encouraging to see that brand begin to turn the corner for us.

顯然，那些善於管理市場、擁有引人注目的產品、不斷推陳出新的品牌，正在贏得市場。我還要說，Sweaty Betty UK，也就是該電商業務的英國部分，本季也取得了正面的業績，看到這個品牌開始扭轉頹勢，真的令人鼓舞。

So that's how we approach the DTC business. Obviously, everyone is very focused on the few weeks remaining in the year, driving a successful holiday season and a successful conclusion to '25 and then carrying on to '26.

這就是我們開展 DTC 業務的方式。顯然，每個人都非常關註今年剩下的幾週，力求打造一個成功的假期季，為 2025 年畫下圓滿的句號，然後繼續邁向 2026 年。

And to your second question, Mauricio, in terms of our value creation model, the revenue growth combined with our disciplined SG&A management and cost management overall, frankly, are key to our growth algorithm, as you pointed out. And we are -- I'd say how I would describe it is we're working to balance the importance of making sure that we continue to expand margins in this inflationary environment as well as making those key strategic investments that we need to make.

至於你的第二個問題，Mauricio，就我們的價值創造模式而言，正如你所指出的，收入增長加上我們嚴格的銷售、一般及行政費用管理和整體成本管理，坦率地說，是我們增長算法的關鍵。而我們──我會這樣描述──我們正在努力平衡兩方面的重要性：一方面，我們要確保在當前的通膨環境下繼續擴大利潤率；另一方面，我們要進行必要的關鍵策略投資。

And this year, in 2025, as I identified earlier, we have grown gross margins with sustainable solutions. And we are reinvesting a portion of those gains in those key areas we're talking about, about driving that fuel for the growth so that we can get that leverage in the upcoming years. Those investments are in areas like marketing, like Chris has talked about the key cities.

正如我之前提到的，到 2025 年，我們透過永續的解決方案提高了毛利率。我們將把部分收益再投資到我們所謂的這些關鍵領域，以此推動成長，以便在未來幾年獲得槓桿效應。這些投資集中在行銷等領域，就像克里斯談到的重點城市。

We've talked about the ground game, our talent and product development as well as key processes that Chris called out as well in terms of integrated business planning. So we've made a lot of progress as we've been trying to balance that growing margins as well as investing for the future. Too soon, as I said earlier, to talk about 2026, but that core discipline of driving revenue growth and being disciplined with our SG&A remains true.

我們已經討論了地面作戰、人才和產品開發，以及克里斯在綜合業務規劃方面提到的關鍵流程。因此，我們在努力平衡不斷增長的利潤率和對未來的投資方面取得了巨大進展。正如我之前所說，現在談論 2026 年還為時過早，但推動收入成長和嚴格控制銷售、一般及行政費用這一核心原則仍然有效。

And that does conclude our Q&A session today as well as today's conference call. Thank you all for joining today, and you may now disconnect. Have a great day, everyone.

今天的問答環節和電話會議到此結束。感謝各位今天的參與，現在可以斷開連結了。祝大家今天過得愉快。