Wolverine World Wide Inc (WWW) 2021 Q2 法說會逐字稿

Greetings, and welcome to the Wolverine Worldwide Inc. Second Quarter Fiscal 2021 Results Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Wolverine Worldwide Inc. 2021 財年第二季業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Brett Parent, Vice President of Strategy and Investor Relations. Please go ahead, sir.

現在我想將會議交給東道主策略和投資者關係副總裁 Brett Parent 先生。請繼續，先生。

Good morning, and welcome to our second quarter 2021 conference call. On the call today are Blake Krueger, our Chairman and Chief Executive Officer; Brendan Hoffman, our President; and Mike Stornant, our Senior Vice President and Chief Financial Officer.

早上好，歡迎參加我們的 2021 年第二季電話會議。今天參加電話會議的是我們的董事長兼執行長 Blake Krueger；布倫丹·霍夫曼，我們的總裁；以及我們的資深副總裁兼財務長 Mike Stornant。

Earlier this morning, we announced our financial results for the second quarter 2021. The release is available on many news sites and can be viewed on our corporate website at wolverineworldwide.com. If you would prefer to have a copy of the news release sent to you directly, please call Allison Malkin at (203) 682-8225.

今天早些時候，我們公佈了 2021 年第二季度的財務業績。新聞稿可在許多新聞網站上找到，也可以在我們的公司網站 wolverineworldwide.com 上查看。如果您希望直接向您發送新聞稿副本，請致電 Allison Malkin，電話 (203) 682-8225。

This morning's press release and comments made during today's earnings call include non-GAAP disclosures, which adjust, for example, for the impacts of environmental and other related costs net of cost recoveries, costs related to the COVID-19 pandemic including airfreight costs, credit loss expenses, severance expenses and other related costs and foreign exchange rate changes. These disclosures were reconciled in attached tables within the body of the release.

今天早上的新聞稿和在今天的財報電話會議上發表的評論包括非公認會計準則披露，這些披露對環境和其他相關成本的影響（扣除成本回收）、與COVID-19 大流行相關的成本（包括空運成本、信貸成本）進行了調整損失費用、遣散費用和其他相關費用以及外匯匯率變動。這些披露內容已在新聞稿正文中的附表中進行了核對。

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 2021 and 2022, growth opportunities and trends expected to affect the company's future performance made during today's conference call are forward-looking statements under U.S. securities laws. As a result, we must caution you that there are a number of factors that could cause actual results to differ materially from those described in the forward-looking statements. These important risk factors are identified in the company's SEC filings and in our press releases.

我還想提醒大家，在今天的電話會議上做出的描述公司預期、計劃、預測和預測的陳述，例如有關公司 2021 和 2022 財年展望、預計將影響公司未來業績的成長機會和趨勢的陳述是美國證券法規定的前瞻性陳述。因此，我們必須提醒您，有許多因素可能導致實際結果與前瞻性陳述中所述的結果有重大差異。這些重要的風險因素已在公司向 SEC 提交的文件和我們的新聞稿中確定。

With that being said, I'd now like to turn the call over to Blake Krueger.

話雖如此，我現在想把電話轉給布萊克·克魯格。

Thanks, Brett. Good morning, everyone, and thanks for joining us. I hope everyone on the call is safe and well. Our long-term strategic focus on our consumers, digital and DTC capabilities and product and design innovation, especially in performance categories, is fueling robust demand for our market-leading brands. Earlier this morning, we reported strong financial results for the second quarter that significantly exceeded 2020 and our expectations and also easily beat 2019.

謝謝，布雷特。大家早安，感謝您加入我們。我希望通話中的每個人都安然無恙。我們對消費者、數位和 DTC 能力以及產品和設計創新（尤其是性能類別）的長期策略重點正在推動對我們市場領先品牌的強勁需求。今天早些時候，我們報告了第二季度強勁的財務業績，顯著超出 2020 年和我們的預期，也輕鬆超過 2019 年。

Revenue was approximately $632 million, a record high for Q2, representing growth of 81% versus 2020 and a double-digit increase compared to 2019. The Wolverine Michigan Group's revenue was up 63% year-over-year, and the Wolverine Boston Group's revenue was up 111%. Both groups were up double digits compared to 2019.

營收約 6.32 億美元，創第二季歷史新高，較 2020 年成長 81%，較 2019 年實現兩位數成長。Worverine 密西根集團營收年增 63%，Wolverine 波士頓集團營收年增了111%。與 2019 年相比，兩組均增加了兩位數。

Adjusted earnings per share for the company was $0.67. Our order backlog remains at historically high levels, and momentum in the business continues to accelerate despite the macro COVID-related supply chain headwinds facing our industry and many others. Certainly, our proactive approach to combat these headwinds has been very effective and is also reflected in our strong Q2 results.

公司調整後每股收益為 0.67 美元。儘管我們的行業和許多其他行業面臨著與新冠疫情相關的宏觀供應鏈不利因素，但我們的訂單積壓仍處於歷史高位，業務勢頭繼續加速。當然，我們積極應對這些不利因素的方法非常有效，這也反映在我們強勁的第二季業績中。

Given the company's excellent performance and the trends in the business, we have again raised our outlook for fiscal 2021 and now expect revenue in a range that is $150 million higher than we anticipated in our original February guidance, delivering meaningful growth over 2019 at both the high and low ends of the range.

鑑於公司的出色業績和業務趨勢，我們再次上調了對 2021 財年的展望，目前預計收入將比我們最初 2 月份指引中的預期高出 1.5 億美元，從而在 2019 年實現有意義的增長該範圍的高端和低端。

Our brand portfolio strategy and international distribution base is also fueling accelerated momentum as the company is not dependent on any single geographic region, consumer group or distribution channel. We have positioned our consumers at the heart of our strategy, and that has changed the nature of our company with approximately 2/3 of our brand revenue now positioned in performance product categories like hiking, running and work, categories that are tightly aligned with today's consumer trends.

我們的品牌組合策略和國際分銷基地也加速了發展勢頭，因為公司不依賴任何單一地理區域、消費者群體或分銷管道。我們將消費者置於我們策略的核心位置，這改變了我們公司的性質，我們品牌收入的大約2/3 現在定位在遠足、跑步和工作等功能性產品類別中，這些類別與當今的產品緊密結合。消費趨勢。

At the same time, the company has developed a strong DTC-focused global distribution model. Year-to-date, our DTC e-commerce business has more than doubled in revenue relative to 2019, and our DTC stores are up nearly 20% versus 2019. Together with the DTC channels operated by our distributor partners around the world, about 1/3 of our global revenue is now generated through direct consumer dialogue and interactions, enabling enhanced brand shopping experiences, a wealth of direct consumer insights and data and a more efficient business model.

同時，該公司開發了強大的以 DTC 為中心的全球分銷模式。今年迄今，我們的 DTC 電子商務業務收入較 2019 年增長了一倍以上，我們的 DTC 商店較 2019 年增長了近 20%。加上我們在全球的經銷商合作夥伴運營的 DTC 渠道，約 1我們全球收入的3% 現在是透過直接消費者對話和互動產生的，從而增強了品牌購物體驗、豐富的直接消費者洞察和數據以及更有效率的商業模式。

We see this accelerated momentum continuing for the foreseeable future. While consumer lifestyle changes related to the COVID pandemic have significantly bolstered demand for performance product categories, the underlying trends are long term in nature, existing prior to the impact of the pandemic and are expected by industry and consumer trend experts to persist.

我們認為這種加速勢頭在可預見的未來將持續下去。儘管與新冠疫情相關的消費者生活方式的改變極大地增加了對高性能產品類別的需求，但潛在趨勢本質上是長期的，在疫情影響之前就已經存在，並且行業和消費者趨勢專家預計這種趨勢將持續下去。

Consumers have become increasingly focused on health and wellness over the last several years. And running, hiking and the outdoors have served as primary activations of this mindset. Participation in running in the U.S. has increased every year over the last 5 years, up by a mid-single-digit CAGR over this time. And a significant majority of new runners say they plan to continue running in the future.

在過去幾年中，消費者越來越關注健康和保健。跑步、健行和戶外活動是這種心態的主要活化方式。過去 5 年，美國的跑步參與度逐年增加，複合年增長率為中個位數。絕大多數新跑者表示他們計劃在未來繼續跑步。

Participation in the outdoors and hiking in particular has also increased every year during the same time frame, up by a high single-digit CAGR even before last year's 16% spike, adding nearly 21 million new hikers in the U.S. alone. This spring and summer, national parks are shattering attendance records. More people are continuing to get outside, and this renewed interest in the outdoors is expected to continue into the future, especially as consumers begin to travel again.

同期，戶外運動和徒步旅行的參與度逐年增加，複合年增長率高達個位數，甚至在去年16% 的增幅之前就已實現高位複合年增長率，僅在美國就增加了近2100 萬新徒步旅行者。今年春天和夏天，國家公園的遊客人數打破了記錄。越來越多的人繼續戶外活動，這種對戶外活動的新興趣預計將持續到未來，特別是當消費者再次開始旅行時。

The more need-based work category has also showed strong growth over the last several years, supported by healthy macro industry conditions and workwear fashion tailwinds. According to the Bureau of Labor Statistics, warehousing jobs have more than doubled since 2005, and construction companies are expected to hire hundreds of thousands of additional workers this year. Looking ahead, the passage of the major infrastructure plan in the U.S. would further boost momentum in this category.

在健康的宏觀產業狀況和工作服時尚順風的支持下，更多基於需求的工作類別在過去幾年中也顯示出強勁成長。根據美國勞工統計局的數據，自 2005 年以來，倉儲工作增加了一倍多，建築公司今年預計將僱用數十萬名工人。展望未來，美國重大基礎設施計劃的通過將進一步推動該類別的發展勢頭。

Our brands are capitalizing on these fundamental trends, and we expect continued strong consumer demand over the long term, especially for Saucony, Merrell, Wolverine and our work brands and Sperry as well, which will launch product in the active sport category next spring. These trends and our visibility into future demand give us confidence to increase our outlook for this year and plan for double-digit growth in 2022.

我們的品牌正在利用這些基本趨勢，我們預計長期消費者需求將持續強勁，尤其是 Saucony、Merrell、Wolverine 以及我們的工作品牌和 Sperry，將於明年春天推出活躍運動類別的產品。這些趨勢以及我們對未來需求的洞察讓我們有信心提高今年的前景，並計劃在 2022 年實現兩位數的成長。

For our call today, Brendan Hoffman will provide some additional insight on the drivers of a robust Q2 revenue growth. Mike Stornant will review our Q2 financial performance and improved outlook in more detail. And I'll conclude with some final remarks.

在我們今天的電話會議中，布倫丹·霍夫曼（Brendan Hoffman）將就第二季度收入強勁增長的驅動因素提供一些額外的見解。 Mike Stornant 將更詳細地回顧我們第二季的財務表現和改善的前景。最後我將發表一些評論。

With this, I'll now hand it over to Brendan.

現在，我將把它交給布倫丹。

Thanks, Blake. In the second quarter, our 2 largest brands both drove significant growth and achieved all-time record quarterly revenue. Merrell revenue grew 88% year-over-year or nearly 30% compared to 2019, with DTC up nearly 40%.

謝謝，布萊克。第二季度，我們的兩個最大品牌都實現了顯著成長，並創下了歷史最高季度收入紀錄。 Merrell 營收年增 88%，較 2019 年成長近 30%，其中 DTC 成長近 40%。

Merrell.com grew mid-single digits against last year's better than doubling of the business, translating to growth of more than 150% versus 2019. Merrell stores were up significantly compared to last year's Q2 revenue due to lockdowns and up high teens versus 2019, led by the robust growth of almost 180% in the U.S. 4 of 5 regions contributed very strong double-digit growth year-over-year for the brand.

Merrell.com 與去年相比實現了中個位數增長，業務增長了一倍以上，相當於2019 年增長超過150%。由於封鎖，Merrell 商店的收入與去年第二季度相比顯著增長，與2019 年相比增長了十幾位數，在美國近 180% 的強勁增長的帶動下，五分之四的地區為該品牌帶來了非常強勁的兩位數同比增長。

Merrell continues to focus on cultivating its well-established product franchises while delivering innovation through key new products. The brand's performance category more than doubled in Q2, driven in large part by the launch of the all-new Moab Speed and Moab Flight, which build on the success of the world's #1 hiker, the Moab, and the brand's vision of faster, lighter footwear for the trail. Both collections quickly exceeded sell-through expectations, sold out on merrell.com and became top sellers for the brand during the quarter. The Antora 2 and Nova 2 trail runners also continued to perform very well, more than tripling year-over-year.

Merrell 繼續專注於培養其完善的產品特許經營權，同時透過關鍵新產品提供創新。該品牌的性能類別在第二季度增長了一倍多，這在很大程度上得益於全新Moab Speed 和Moab Flight 的推出，這兩款產品建立在世界排名第一的徒步旅行者Moab 的成功以及該品牌更快、更有效率的願景之上。適合健行的輕便鞋。這兩個系列的銷售量很快就超出了預期，在 merrell.com 上銷售一空，並成為該品牌本季的最暢銷產品。 Antora 2 和 Nova 2 越野跑鞋也繼續表現出色，比去年同期成長了兩倍多。

Merrell's lifestyle business also grew very strong double digits during Q2. The iconic Jungle Moc nearly doubled year-over-year, and the newer Hydro Moc more than tripled. Merrell also introduced its 1 TRL capsule collection on merrell.com, which reinterpreted existing styles with fresh, trend-driven colorways and fashion-forward storytelling with great success. This collection is focused on younger, fashion-forward consumers demanding authentic outdoor influence style.

梅雷爾的生活方式業務在第二季度也實現了非常強勁的兩位數成長。標誌性的 Jungle Moc 年比增長近一倍，較新的 Hydro Moc 增長了兩倍多。 Merrell 還在 merrell.com 上推出了 1 TRL 膠囊系列，該系列以新鮮、潮流驅動的配色和時尚前衛的故事講述重新詮釋了現有款式，取得了巨大成功。該系列專注於追求正宗戶外風格的年輕、時尚前衛的消費者。

Merrell is generating significant brand heat and consumer interest, and the brand slate of product and marketing stories for the back half of the year are poised to fuel continued strong growth over both last year and 2019. Looking ahead, Merrell possesses a substantial growth opportunity globally, particularly in EMEA, where revenue nearly doubled in Q2, and in Asia Pacific. Outdoor is trending around the world in both performance and fashion, and Merrell is capitalizing on its heritage and brand positioning.

Merrell 正在產生巨大的品牌熱度和消費者興趣，今年下半年的品牌產品和行銷故事將推動去年和 2019 年的持續強勁成長。展望未來，Merrell 在全球擁有巨大的成長機會尤其是在歐洲、中東和非洲地區以及亞太地區，第二季收入幾乎翻了一番。戶外運動無論在性能或時尚方面都在全球流行，而 Merrell 正在充分利用其傳統和品牌定位。

Moving to Saucony. Q2 revenue grew 129% over 2020 and or 65% versus 2019, an impressive performance. Saucony.com was up over 20% despite comping against a nearly tripling of the business last year, resulting in more than 250% growth versus 2019. All regions contributed triple-digit growth year-over-year.

搬到索康尼。第二季營收比 2020 年成長 129%，比 2019 年成長 65%，表現令人印象深刻。 Saucony.com 儘管去年的業務增長了近兩倍，但仍增長了 20% 以上，與 2019 年相比增長了 250% 以上。所有地區的同比增長均達到三位數。

Saucony's incredible momentum continues to be fueled by product design and innovation. The road running category more than doubled in Q2, propelled by the launch of the new Ride 14, Endorphin Pro 2 and Endorphin Speed 2, 3 of the brand's top 4 franchises, all of which grew triple digits in the quarter. The innovative Endorphin collection continues to generate heat in the marketplace and deliver substantial growth for the brand.

產品設計和創新繼續推動索康尼令人難以置信的發展勢頭。在新Ride 14、Endorphin Pro 2 和Endorphin Speed 2（該品牌四大系列產品中的三款）的推出推動下，公路跑類別在第二季度增長了一倍多，所有這些產品在本季度均實現了三位數成長。創新的內啡肽系列繼續在市場上產生熱度，並為該品牌帶來大幅成長。

Saucony's trail running business more than tripled in the quarter, and Saucony Originals, the brand's heritage lifestyle sneaker business, was up very strong double digits. Kicking off Q3 earlier this month, Saucony launched the Triumph 19, a follow-up to its award-winning predecessor. The brand also introduced the Endorphin Shift 2, which has received rave reviews within the industry and extended the Endorphin franchise into trail running with the all-new Endorphin Trail, bringing Saucony's revolutionary SPEEDROLL geometry for maximum speed and power run technology for lightweight cushioning to the trail.

索康尼 (Saucony) 的越野跑業務在本季度增長了兩倍多，而該品牌的傳統生活方式運動鞋業務索康尼 Originals (Saucony Originals) 則實現了非常強勁的兩位數增長。本月早些時候，索康尼在第三季開始推出了 Triumph 19，這是其屢獲殊榮的前身的後續產品。該品牌還推出了受到業界好評的Endorphin Shift 2，並透過全新的Endorphin Trail 將Endorphin 專營權擴展到越野跑領域，將Saucony 革命性的SPEEDROLL 幾何結構帶來最大速度，將Power Run 技術帶來輕質緩震。蹤跡。

Saucony continues to deliver a consistent flow of powerhouse performance product and trend-right lifestyle product, and we are now seeing this translate into continued robust growth for the brand.

索康尼繼續提供穩定的高性能性能產品和潮流生活方式產品，我們現在看到這轉化為該品牌的持續強勁增長。

Moving forward, Asia Pacific is a big opportunity for Saucony with the region almost tripling in Q2. Saucony stores and core technical products are performing well in China as the brand's joint venture there begins to ramp up. EMEA more than doubled in Q2 and presents a meaningful growth opportunity in both performance and lifestyle fueled by the Saucony Originals Italian product design and marketing hub. Saucony's runway for growth remains significant.

展望未來，亞太地區對索康尼來說是一個巨大的機遇，該地區在第二季幾乎增加了兩倍。隨著品牌在中國的合資企業開始壯大，索康尼商店和核心技術產品在中國表現良好。歐洲、中東和非洲地區在第二季度成長了一倍多，在 Saucony Originals 義大利產品設計和行銷中心的推動下，在性能和生活方式方面提供了有意義的成長機會。索康尼的成長空間仍然很大。

In Q2, our work business accounted for nearly 20% of total revenue and continued to deliver strong growth with Wolverine, the leader in the U.S. work boot category, up over 70%, Cat Footwear up nearly 50% and with strong contributions from our smaller brands. As Blake indicated, we expect consistent strong growth in the work category.

第二季度，我們的工作業務佔總收入的近20%，並繼續實現強勁增長，其中美國工作靴類別的領導者Wolverine 增長超過70%，Cat Footwear 增長近50%，這得益於我們較小的公司的強勁貢獻品牌。正如布萊克指出的那樣，我們預計工作類別將持續強勁成長。

With the continued growth of Merrell, Saucony, Wolverine and our other work brands, our performance business almost doubled versus 2020, an increase of nearly 40% over 2019. The Sperry brand rebounded year-over-year in Q2 with triple-digit growth. The brand's DTC business was up nearly 50% in the quarter, driven by the excellent performance of Sperry stores. The brand's full price business continues to perform well with gross margin expanding well over 400 basis points in the quarter.

隨著Merrell、Saucony、Wolverine等工作品牌的持續成長，我們的運動鞋業務較2020年幾乎翻倍，較2019年增長近40%。Sperry品牌在第二季度同比反彈，實現三位數增長。在 Sperry 門市的出色業績推動下，該品牌的 DTC 業務本季成長了近 50%。該品牌的全價業務繼續表現良好，本季毛利率遠超 400 個基點。

Sperry's new Float collection of fun and affordable injected version of the boat shoe vaulted into the brand's top-selling styles, expanding price tiers for the brand and reaching a younger consumer. The boat category has shown positive growth, particularly in men's, and Sperry gained market share in this key category. From a fashion standpoint, there are clear indications that we are at the forefront of a boat shoe trend.

Sperry 的全新 Float 系列充滿樂趣且價格實惠，是船鞋的注入版本，一躍成為該品牌最暢銷的款式，擴大了該品牌的價格層次並吸引了年輕消費者。船艇類別顯示出積極的成長，尤其是男式船隻，Sperry 在這一關鍵類別中獲得了市場份額。從時尚的角度來看，有明顯跡象表明我們處於船鞋潮流的前沿。

Sneakers was the brand's largest category and biggest growth driver in Q2, up more than 2.5x over last year, driven by new collections like Soletide and existing franchises refreshed with trend-right materials and colors.

運動鞋是該品牌第二季度最大的品類和最大的成長動力，在 Soletide 等新系列以及採用流行材料和顏色更新的現有特許經營產品的推動下，比去年增長了 2.5 倍以上。

Moving forward, Sperry anticipated accelerated growth in its performance, active and athleisure business. In spring '22, the brand will launch its new Sperry sport collection, which responds to macro consumer trends with more trend-right performance-based products. In the coming months, Sperry plans to build on our energy created by recent collaborations with Rowing Blazers, Netflix' Outer Banks and Good Humor and Popsicle ice cream and product capsules with John Legend and Rebecca Minkoff.

展望未來，斯佩里預計其業績、運動和運動休閒業務將加速成長。 22 年春季，品牌將推出全新 Sperry 運動系列，以更多順應潮流的高性能產品來應對宏觀消費趨勢。在接下來的幾個月裡，斯佩里計劃繼續利用最近與 Rowing Blazers、Netflix 的 Outer Banks 以及與 John Legend 和 Rebecca Minkoff 合作推出的 Good Humor 和冰棒冰淇淋及產品膠囊所創造的能量。

The brand also intends to leverage the easy on/off trend with the launch of the new Moc-Sider and the [Cozy] Float collection, extending the success of the Float franchise into the fall/winter season. We expect continued strong year-over-year growth from Sperry in the back half of the year.

該品牌還打算利用輕鬆穿脫的趨勢，推出全新 Moc-Sider 和 [Cozy] Float 系列，將 Float 系列的成功延續到秋冬季節。我們預計 Sperry 在今年下半年將持續強勁的年成長。

Finally, during the second quarter, our consolidated DTC business grew in the high teens compared to 2020, up nearly 70% versus 2019. Stores grew almost 20% compared to 2019, up significantly versus last year's lockdown hampered business. E-commerce grew almost 100% over 2019 and was essentially flat to last year's record quarter.

最後，在第二季度，我們的綜合DTC 業務與2020 年相比增長了兩位數，比2019 年增長了近70%。商店與2019 年相比增長了近20%，與去年因封鎖而受阻的業務相比增長了近20%。 2019 年電子商務成長近 100%，與去年創紀錄的季度基本持平。

Looking at the back half of the year, the product lines are very strong across the brand portfolio, which will also drive growth in the digital channel. We believe the strong product, coupled with improved merchandising practices and healthier inventory positions, will drive growth in the second half as well as next year.

展望下半年，整個品牌組合的產品線非常強大，這也將推動數位通路的成長。我們相信，強勁的產品，加上改進的銷售實踐和更健康的庫存狀況，將推動下半年和明年的成長。

We will continue to invest in digital and AI to improve site experience and drive conversion gains. In the next couple of months, we will launch our first mobile app with Merrell as well. We have pivoted to a more dynamic e-commerce development model to enable faster implementation of enhancements and new capabilities, which will also help us extend improved functionalities to our international sites more quickly.

我們將繼續投資數位化和人工智慧，以改善網站體驗並推動轉換收益。在接下來的幾個月中，我們還將與 Merrell 一起推出我們的第一個行動應用程式。我們轉向更具活力的電子商務開發模式，以更快地實施增強功能和新功能，這也將幫助我們更快地將改進的功能擴展到我們的國際網站。

E-commerce has more than doubled 2019 revenue year-to-date. Although consumers have started to shift some of their purchasing back to stores as markets reopen, our DTC e-commerce business and the online business of our wholesale customers still represented almost half of our revenue in the U.S.

年初至今，電子商務營收在 2019 年成長了一倍以上。儘管隨著市場重新開放，消費者已開始將部分採購轉移回商店，但我們的 DTC 電子商務業務和批發客戶的線上業務仍然占我們在美國收入的近一半。

I'm now going to hand it off to Mike to review the second quarter financial results and our increased 2021 outlook in more detail. Mike?

我現在將把它交給 Mike，讓他更詳細地審查第二季度的財務表現和我們上調的 2021 年前景。麥克風？

Thanks, Brendan, and thanks to all of you for joining us. Let me start by reviewing the company's second quarter financial performance and some of the key drivers of our over-delivery. And then I will cover our improved outlook for 2021.

謝謝布倫丹，也謝謝你們大家加入我們。首先，我回顧一下公司第二季的財務表現以及超額交付的一些關鍵驅動因素。然後我將介紹我們對 2021 年的展望。

Second quarter revenue of approximately $632 million represents growth of 81% compared to the prior year. While Merrell, Saucony and Sperry were the strongest performers, nearly all brands in the portfolio delivered substantial growth. All regions grew nicely in the quarter, with the U.S. and EMEA meaningfully beating expectations.

第二季營收約 6.32 億美元，較上年成長 81%。雖然 Merrell、Saucony 和 Sperry 表現最為強勁，但該組合中的幾乎所有品牌都實現了大幅成長。本季所有地區均實現良好成長，其中美國和歐洲、中東和非洲地區大幅超出預期。

Adjusted gross margin of 44.5% improved 230 basis points versus the prior year due to a favorable product mix and higher average selling prices. Merrell and Saucony both easily exceeded gross margin expectations in the quarter, another indication of their strength in the marketplace.

由於有利的產品組合和較高的平均售價，調整後毛利率為 44.5%，較前一年提高 230 個基點。梅樂和索康尼本季的毛利率均輕鬆超出預期，這再次表明了它們在市場上的實力。

Adjusted selling, general and administrative expenses of $201.8 million were $72 million more than last year and $35 million more than 2019, primarily due to increased revenue volume, increased marketing investment and more normalized incentive compensation costs. Most major expenses levered better than expected as a percent of revenue, including our increase in marketing investment.

調整後的銷售、一般和管理費用為 2.018 億美元，比去年增加 7,200 萬美元，比 2019 年增加 3,500 萬美元，這主要是由於收入增加、行銷投資增加以及激勵薪酬成本更加標準化。大多數主要支出佔收入的比例都優於預期，包括我們增加的行銷投資。

Adjusted operating margin was 12.6% for Q2, an improvement of 750 basis points over last year and 150 basis points versus 2019, very strong leverage on the company's revenue growth resulting from gross margin expansion and healthy operating expense management.

第二季調整後營業利潤率為 12.6%，比去年提高 750 個基點，比 2019 年提高 150 個基點，毛利率擴張和健康的營運費用管理對公司營收成長有非常強大的槓桿作用。

Adjusted diluted earnings per share were $0.67 compared to $0.08 in the prior year. Reported diluted earnings per share were $0.53 versus a loss per share of $0.02 last year and reflect specific COVID-related costs and certain litigation defense costs in both periods.

調整後稀釋每股收益為 0.67 美元，前一年為 0.08 美元。報告的稀釋後每股收益為 0.53 美元，而去年每股虧損為 0.02 美元，反映了兩個時期與新冠病毒相關的特定成本和某些訴訟辯護成本。

Let me now shift to the balance sheet. At the end of the quarter, inventory was down approximately 14% compared to last year, a nice improvement compared to the 21% decline at the end of Q1. Our inventory position continues to strengthen as we make some progress against the supply chain headwinds impacting the broader industry.

現在讓我轉向資產負債表。截至本季末，庫存比去年下降約 14%，與第一季末 21% 的下降相比，這是一個不錯的改善。隨著我們在應對影響更廣泛行業的供應鏈逆風方面取得一些進展，我們的庫存狀況繼續加強。

In Q2, we generated $25.4 million of cash flow from operating activities. The company finished the quarter with $306 million less debt compared to the prior year and total liquidity of approximately $1.1 billion, including $346 million of cash on hand and nearly $800 million of revolver capacity. Our bank-defined leverage ratio continued to improve, ending the quarter at a low 1.2x. The company's balance sheet is extremely healthy.

第二季度，我們從經營活動產生了 2,540 萬美元的現金流。該公司本季末的債務比上年減少了 3.06 億美元，總流動資金約為 11 億美元，其中包括 3.46 億美元的手頭現金和近 8 億美元的循環能力。我們的銀行定義槓桿率持續改善，本季末處於 1.2 倍的低水準。該公司的資產負債表非常健康。

I will now provide an update on our outlook for 2021. The company outperformed in Q2, and the trends in our business are very strong. Our order book remains at historically high levels and continues to provide good visibility to our global wholesale and distributor businesses into 2022. Our direct-to-consumer businesses are performing well, including steady improvement from our store fleet. This momentum, coupled with the consistent strength of global consumer trends that align well with our brand portfolio, give us confidence to raise our outlook for fiscal 2021.

我現在將提供 2021 年展望的最新資訊。該公司在第二季度表現出色，我們的業務趨勢非常強勁。我們的訂單保持在歷史高位，並在 2022 年之前繼續為我們的全球批發和分銷業務提供良好的可見性。我們的直接面向消費者的業務表現良好，包括我們的商店隊伍的穩步改善。這種勢頭，加上與我們的品牌組合高度契合的全球消費趨勢的持續強勁，使我們有信心提高 2021 財年的前景。

The company now expects fiscal 2021 revenue in the range of $2.34 billion to $2.4 billion, growth of 31% to 34% compared to the prior year. This represents an increase of $150 million from our original outlook in February and results in growth of 5.6% versus 2019 at the high end of the range. We now expect adjusted diluted earnings per share in the range of $2.20 to $2.30. Reported diluted earnings per share are now expected in the range of $1.85 to $1.95 and include net litigation defense costs and incremental airfreight costs caused by the COVID-specific disruption in the supply chain.

該公司目前預計2021財年營收在23.4億美元至24億美元之間，較上年成長31%至34%。這比我們 2 月的最初預期增加了 1.5 億美元，與 2019 年相比增長了 5.6%，處於該區間的高端。我們目前預計調整後攤薄每股收益在 2.20 美元至 2.30 美元之間。報告的稀釋後每股收益目前預計在 1.85 美元至 1.95 美元之間，其中包括淨訴訟辯護成本和因新冠肺炎導致的供應鏈中斷而導致的增量空運成本。

The global economic environment continues to improve, but pandemic-related volatility remains. We have factored into our outlook the current headwinds that we have visibility to today, including logistics costs and supply chain delays. In this dynamic marketplace, our team has done a remarkable job to improve our ability to service the accelerated demand we continue to see for our brands. Our balance sheet is very strong, and the company is poised to lean forward as we deliver higher growth in 2021 with very strong prospects for 2022 and beyond.

全球經濟環境持續改善，但疫情引發的波動依然存在。我們在展望中考慮了目前所看到的不利因素，包括物流成本和供應鏈延誤。在這個充滿活力的市場中，我們的團隊做了出色的工作，提高了我們滿足品牌不斷增長的需求的能力。我們的資產負債表非常強勁，公司已準備好向前邁進，因為我們將在 2021 年實現更高的成長，並在 2022 年及以後的前景非常強勁。

With that, I will hand it back over to Blake for some closing remarks. Blake?

至此，我將把它交還給布萊克，讓他發表一些結束語。布萊克？

Thanks, Mike. Our accelerated growth and strong financial performance in Q2 are a testament to the company's strategic focus and increasing brand investments. Over the last several years, we've invested behind digital marketing, technology, talent and e-commerce as well as product innovation and design. These investments are paying off. Our brands have numerous growth opportunities in front of them. The company's balance sheet is strong, and we are confident as we plan for double-digit growth in 2022.

謝謝，麥克。我們第二季的加速成長和強勁的財務表現證明了公司的策略重點和不斷增加的品牌投資。在過去的幾年裡，我們在數位行銷、技術、人才和電子商務以及產品創新和設計方面進行了投資。這些投資正在得到回報。我們的品牌面前有無數的成長機會。公司的資產負債表強勁，我們對 2022 年達到兩位數成長充滿信心。

The advantageous position we find ourselves in today is a credit to our team's expertise and relentless work. The global marketplace continues to be dynamic and fast changing, and our people and company are excelling in this environment. I'd like to close by thanking our team members around the world for their tremendous efforts in making this a pivotal year for the company.

我們今天所取得的有利地位歸功於我們團隊的專業知識和不懈的工作。全球市場持續充滿活力且快速變化，我們的員工和公司在這種環境中表現出色。最後，我要感謝我們世界各地的團隊成員為今年成為公司的關鍵一年所做的巨大努力。

With that, I'll now turn the call back over to the operator. Operator?

這樣，我現在將把電話轉回給接線生。操作員？

(Operator Instructions) Your first question comes from the line of Steve Marotta with CL King & Associates.

（操作員說明）您的第一個問題來自 CL King & Associates 的 Steve Marotta。

Mike, can you talk a little bit about the current supply chain disruptions, the length of time, the difficulty in getting product here and how that affects your outlook for the second half sales and earnings cadence again from a quarterly basis?

麥克，您能否談談當前的供應鏈中斷、持續時間的長短、在此處獲取產品的難度以及這如何影響您對下半年銷售和季度盈利節奏的展望？

Sure. Yes. I mean the industry is definitely dealing with this challenge across the board. Here at the company, I think we've done a great job of managing and being proactive where we can be to offset some of those risks, as you're seeing in the outlook, which has improved here. In the back half of the year, we have a well-known disruption in some of the Vietnamese factories that we're in. But even with some of that downside exposure, which is reflected in our outlook, as we mentioned, we feel confident that we can continue to deliver growth in the back half of the year.

當然。是的。我的意思是，該行業肯定正在全面應對這項挑戰。在公司，我認為我們在管理和積極主動方面做得很好，我們可以抵消其中一些風險，正如您在前景中看到的那樣，這裡的前景已經有所改善。今年下半年，我們所在的一些越南工廠發生了眾所周知的中斷。但正如我們所提到的，即使存在一些下行風險（這反映在我們的前景中），我們仍然充滿信心我們可以在今年下半年繼續實現增長。

And I think as we look at the position we have with our inventory today, continues to improve. By the end of the year, we would expect our inventory positions to be up nicely over last year and over 2019 levels. And so I think, again, the aggressive position we're taking in terms of buying inventory and some of the tactics we've deployed have helped us kind of navigate what's been a really choppy supply chain situation.

我認為，當我們看看今天的庫存狀況時，我們會繼續改善。到今年年底，我們預計我們的庫存部位將比去年和 2019 年的水準大幅上升。因此，我再次認為，我們在購買庫存方面採取的積極立場以及我們部署的一些策略已經幫助我們應對了供應鏈非常不穩定的情況。

That's helpful. Brendan, you mentioned that you have indications that we're currently on the bubble of a new boat shoe trend. Can you talk a little bit about in detail what those indications are and how quickly you think that could touch fire?

這很有幫助。布倫丹，你提到有跡象表明我們目前正處於新船鞋趨勢的泡沫之中。您能否詳細談談這些跡像是什麼以及您認為這些跡象可能會以多快的速度引發火災？

Yes. We just -- I mean it's really exciting for us to see that with Sperry. I mean we're really just seeing it on our own website. We're hearing it from our retail partners, that they're seeing the uptick, seeing it really strong in men's right now. And all the data points we get and the information we get from our CIMI group show it as well. So really feeling confident that we're at the precipice of that trend, which obviously only enhances everything we're doing with Sperry.

是的。我們只是——我的意思是，看到斯佩里做到這一點對我們來說真的很令人興奮。我的意思是我們真的只是在我們自己的網站上看到它。我們從我們的零售合作夥伴那裡聽到，他們看到了這種上升趨勢，而且現在男裝的銷售非常強勁。我們獲得的所有數據點以及我們從 CIMI 小組獲得的資訊也表明了這一點。因此，我們對正處於這一趨勢的邊緣感到非常有信心，這顯然只會增強我們與 Sperry 所做的一切。

Yes. Steve, I'd also say that I think this was the second quarter in a row we saw that category increase in the market here in the U.S. where we get information.

是的。史蒂夫，我還想說，我認為這是我們在美國市場上連續第二個季度看到該類別的成長，我們從那裡獲得了資訊。

Your next question comes from the line of Jim Duffy with Stifel.

你的下一個問題來自 Jim Duffy 和 Stifel 的對話。

Mike, I wanted to focus for a moment on the SG&A just as it relates to potential for leverage with any revenue upside in the back half of the year. Versus 2019, you're second quarter SG&A growth accelerated. You mentioned some incentive compensation and incremental marketing expense. For modeling versus 2019, should we expect leverage in the back half of this year? Is the incentive compensation all trued up to appropriate levels? Or is there more of that to come in the back half of the year?

麥克，我想暫時關註一下 SG&A，因為它與下半年營收成長的槓桿潛力有關。與 2019 年相比，第二季的 SG&A 成長加速。您提到了一些激勵薪酬和增量行銷費用。對於 2019 年的建模，我們是否應該預期今年下半年會出現槓桿？激勵薪酬是否都達到適當水準？或者今年下半年還會有更多這樣的事情發生嗎？

Yes. There's more of that to come, Jim, in the back half. I mean we allocate and expense that over the full year and expect now, based on the performance of the business, which is obviously exceeding our expectations on the top line and the bottom line, that our incentive comp results will be very positive and more normalized. We're also investing pretty heavily in our e-commerce business, in our direct-to-consumer businesses across the channels.

是的。吉姆，後半部分還有更多內容。我的意思是，我們在全年中進行分配和支出，並根據業務表現（這顯然超出了我們對頂線和底線的預期）現在預計，我們的激勵補償結果將非常積極且更加正常化。我們也對電子商務業務、跨通路的直接面向消費者的業務進行了大量投資。

So you're seeing a shift from 2019 to 2021 in the way that we're investing in the business but also just the nature of the direct-to-consumer business model, right, which is at a much higher level. We've more than doubled it in the first half of the year. We're still on track to do that for the full year. So the shift in SG&A expense has a lot to do with our focus on direct-to-consumer, and that business model requires a higher level of variable SG&A.

因此，從 2019 年到 2021 年，我們不僅看到了業務投資方式的轉變，而且還看到了直接面向消費者的商業模式的性質，對吧，這是一個更高水平的轉變。今年上半年我們的銷售額增加了一倍以上。我們仍有望在全年實現這一目標。因此，SG&A 費用的轉變與我們對直接面向消費者的關注有很大關係，而這種商業模式需要更高水準的可變 SG&A。

Understood. Moving up the P&L as it relates to the gross margin outlook, some clear inflationary pressures. I joined the call late. Maybe you mentioned this in the prepared remarks. But did you speak at all to pricing power just given the demand strength that you're seeing across the industry?

明白了。上調損益表，因為它與毛利率前景相關，一些明顯的通膨壓力。我很晚才加入通話。也許您在準備好的演講中提到了這一點。但考慮到整個行業的需求強度，您是否談到了定價能力？

Yes. I mean right now, we -- frankly, we believe the consumer has been paying higher prices throughout most of this year. There's been significant less promotions across the industry. That has really seemed to have no impact on demand, at least the demand as we see it for our family of brands. So we think there's pricing power yet available. We think there will be price increases in the industry, input costs going up, obviously, logistics costs going up.

是的。我的意思是，現在，坦白說，我們相信消費者今年大部分時間都在支付更高的價格。整個行業的促銷活動明顯減少。這似乎確實對需求沒有影響，至少對我們品牌系列的需求沒有影響。因此，我們認為尚有定價能力。我們認為產業價格將會上漲，投入成本上升，顯然物流成本也會上升。

We'll start to see some of those price increases yet this year. You're seeing it in some industries like toys and some other consumer categories. And then you'll see some more selective price increases, judicious price increases in 2022.

今年我們將開始看到其中一些價格上漲。您可以在玩具等一些行業和其他一些消費類別中看到這種情況。然後你會在 2022 年看到一些更有選擇性的價格上漲，明智的價格上漲。

Mike, do you have a view for product cost inflation from your channel partners as we look out to 2022?

Mike，展望 2022 年，您對通路夥伴的產品成本通膨有何看法？

Yes, we do. I think the -- on the product side, on the input cost side, I think we've been able to manage that pretty well, especially for the spring season, Jim, in that first half of the year. So good visibility to that. Obviously, the challenges and some of the cost pressures are coming more from the logistics side, on distribution side of the supply chain, where we've seen pretty tremendous increases in freight rates, both inbound and outbound. So we're -- I think that's a cost pressure that we factored in as we start to plan our spring business and think about 2022. But on the input cost side or the product cost side, it's been managed very well.

是的，我們願意。我認為——在產品方面，在投入成本方面，我認為我們已經能夠很好地管理這一點，特別是在春季，吉姆，在今年上半年。對此的可見性非常好。顯然，挑戰和一些成本壓力更多來自物流方面、供應鏈的分銷方面，我們已經看到進港和出港運費大幅上漲。所以我們——我認為這是我們在開始規劃春季業務並考慮 2022 年時考慮到的成本壓力。但在投入成本方面或產品成本方面，它管理得很好。

Your next question comes from the line of Jonathan Komp with Baird.

你的下一個問題來自喬納森·康普（Jonathan Komp）和貝爾德（Baird）的對話。

First, Mike, can I just clarify? I know the guidance for earnings is now adjusting for $0.35 of items. Can you just maybe highlight what's included in that currently?

首先，麥克，我可以澄清一下嗎？我知道收入指引現在正在針對 0.35 美元的商品進行調整。您能否強調一下目前所包含的內容？

Right. We have the litigation costs that we continue to have related to the legacy issue that we've spoken about in the past, and that continues to be included in our non-GAAP adjustment. And we've included mostly airfreight and some other COVID-specific costs that we've adjusted out consistent with the last several quarters.

正確的。我們仍然有與我們過去談到的遺留問題相關的訴訟費用，並且繼續包含在我們的非公認會計準則調整中。我們主要包括空運和其他一些特定於新冠疫情的成本，我們已根據過去幾季的情況進行了調整。

Okay. And the airfreight, is it still -- I think you said $15 million to $20 million last call. And do you think that continues beyond this year at all? Or just current thoughts on the level and if it will continue.

好的。至於空運，還是——我想你上次打電話說是 1500 萬到 2000 萬美元。您認為這種情況會持續到今年嗎？或者只是目前對這個水平的想法以及它是否會繼續下去。

It's hard to predict that right now, Jon. I mean obviously, we're seeing a demand for that this year and have provided a little bit more coverage for that just given the uncertainty of the supply chain. But as far as how that how that plays out next year, it's hard to predict. I will say that I think our brands across the portfolio have taken a much harder position on inventory -- a much stronger position I should say, more aggressive to position us better for the spring demand and fall demand for next year. Supply chain teams are getting well ahead of that. I think that will be indicated in our strong year-end inventory position. So that will help take some pressure off of some of the airfreight demand that we're seeing this year.

現在很難預測這一點，喬恩。我的意思是，顯然，我們今年看到了對此的需求，考慮到供應鏈的不確定性，我們為此提供了更多的覆蓋範圍。但至於明年的情況如何，很難預測。我想說的是，我認為我們整個產品組合中的品牌在庫存方面採取了更強硬的立場——我應該說，這是一個更強硬的立場，更積極地為我們更好地滿足明年的春季需求和秋季需求做好準備。供應鏈團隊已經遠遠領先。我認為這將在我們強勁的年終庫存狀況中得到體現。因此，這將有助於減輕我們今年看到的一些航空貨運需求的壓力。

Okay. That's helpful color. And then I want to ask a broader question on the revenue outlook for this year. Q2 was up double digits against 2019. It looks like the second half, you're assuming more low to mid-single-digit growth versus 2019. So can you just maybe frame that up, Q2? Did you have some benefits from shipments that were going to happen in Q1 or any other factors as we think about the second half that's driving your outlook there? And maybe as a follow-up, any more detail on how you're thinking about '22 given the comment about double-digit growth?

好的。這是有用的顏色。然後我想就今年的收入前景提出一個更廣泛的問題。第二季與 2019 年相比成長了兩位數。看起來下半年，您假設與 2019 年相比將有更多中低個位數的成長。所以您可以簡單地概括一下第二季嗎？當我們認為下半年會推動您的前景時，您是否從第一季的出貨量或任何其他因素中獲得了一些好處？也許作為後續行動，鑑於有關兩位數增長的評論，您對 22 世紀的看法是否有更多細節？

Yes, I'll take the first part of your question. I think right now, we're in a normalized position. Pretty much what we predicted in Q1 occurred. We had a pour over from Q1 into Q2 and about the same amount from Q2 into Q3. So Q2 really represents a very strong performance on a normalized basis. It's -- at this time, given some of the logistics issues, it's a little hard to predict exactly the split between Q3 and Q4, but we expect strong growth in the back half of the year.

是的，我將回答你問題的第一部分。我認為現在我們處於正常化的位置。我們在第一季的預測幾乎發生了。我們從 Q1 倒入 Q2，並從 Q2 倒入 Q3 的量大致相同。因此，第二季確實代表了標準化基礎上非常強勁的表現。目前，考慮到一些物流問題，很難準確預測第三季和第四季之間的情況，但我們預計今年下半年將出現強勁成長。

When we look ahead, we've been receiving orders much earlier from our wholesale partners and international distributors for 2022 product. So as a company, we're sitting today with a lot more insight and visibility into next year's business levels, demand by geographic regions and at the wholesale level. And so this is something that is a bit unusual. I think all retailers appreciate the fact that they need to place their orders a little bit earlier if they're going to be assured of product for the coming year given some of this year's disruption. So that's really enabled us to, with some confidence, look at double-digit growth next year.

展望未來，我們很早就收到了來自批發合作夥伴和國際分銷商的 2022 年產品訂單。因此，作為一家公司，我們今天對明年的業務水平、地理區域和批發層面的需求有了更多的洞察和了解。所以這有點不尋常。我認為所有零售商都明白這樣一個事實：鑑於今年的一些幹擾，如果他們要確保來年的產品，他們需要提前下訂單。因此，這確實使我們能夠充滿信心地展望明年的兩位數成長。

Yes. And I think just -- that's also helping the last question on supply chain and airfreight for next year. Getting these orders in earlier are allowing us to work with the retailers on new expedited ways get goods to them, whether it be what we call the fast boat, whether it be door to dock where we're shipping it right to them. So I think as we look at 2022, we'll be much better prepared both from our side and their side to mitigate the cost we had to incur this year.

是的。我認為這也有助於解決明年供應鏈和空運的最後一個問題。提前獲得這些訂單使我們能夠與零售商合作，以新的快捷方式將貨物運送給他們，無論是我們所說的快船，還是我們將貨物直接運送給他們的門到碼頭。因此，我認為，展望 2022 年，我們雙方都會做好更好的準備，以減輕今年我們必須承擔的成本。

Next question comes from the line of Erinn Murphy with Piper Sandler.

下一個問題來自艾琳墨菲 (Erinn Murphy) 和派珀桑德勒 (Piper Sandler) 的關係。

I guess my question is still on the Global Logistics outlook. Could you share what your Vietnam exposure is currently? And then are you needing to shift production for some of the temporal factory closures? Or are you just writing out the disruption? And then I have a couple of follow-ups.

我想我的問題仍然是全球物流前景。能分享一下您目前在越南的業務狀況嗎？那麼，您是否需要因一些暫時關閉的工廠而轉移生產？還是你只是把乾擾寫出來？然後我有一些後續行動。

Yes. I mean there's been some closures, as we all know, in Southern Vietnam around -- primarily around Ho Chi Minh City for -- and Vietnam is certainly a significant source for the industry as a whole and for us as well. At the moment, less than half of our Vietnam factories were closed. Factories are starting to reopen after the kind of 2-week government shutdown. We don't know exactly what the future will hold, but we've factored all of our current outlook, all the current facts into our guidance for the rest of the year.

是的。我的意思是，眾所周知，越南南部周圍（主要是胡志明市周圍）有一些工廠關閉，越南無疑是整個行業和我們的重要來源。目前，我們的越南工廠關閉了不到一半。在政府關閉兩週後，工廠開始重新開工。我們並不確切知道未來會怎樣，但我們已將當前的所有前景和所有當前事實納入我們今年剩餘時間的指導中。

And this is -- I guess the shutdowns in Vietnam are largely 2 weeks in nature. And so there wouldn't be -- with that kind of shorter time frame of disruption or closure, there wouldn't be any significant shift in production to other countries or factories.

我猜越南的停工時間基本上是兩週。因此，在這種較短的中斷或關閉時間範圍內，生產不會發生任何重大轉移到其他國家或工廠。

We have people on the ground there as well as throughout Asia. So it's something we're managing every day right now.

我們在當地以及整個亞洲都有工作人員。所以這是我們現在每天都在管理的事情。

And just to clarify, is it -- most footwear companies have somewhere between 25% and 40% exposure to Vietnam. Is that in the ZIP code for you guys as well?

需要澄清的是，大多數鞋類公司在越南的業務佔比在 25% 到 40% 之間。你們的郵遞區號中也有這個嗎？

Yes. On the high end of...

是的。在高端...

Probably at the high end. We'd be around 40% if you look back on a historical basis.

應該是高端吧如果回顧歷史，我們的比例約為 40%。

The good news there, Erinn, is we -- but we do source a lot of our products, right? So we're already in other factory locations and other factory -- or in other countries for source of supply. So if this worsens, then we'll have dual-source capabilities to manage through it.

艾瑞恩，好消息是我們——但我們確實採購了很多產品，對吧？因此，我們已經在其他工廠地點和其他工廠，或在其他國家尋找供應來源。因此，如果情況惡化，我們將擁有雙源能力來應對。

Got it. And then maybe, Brendan, for you. You've been prioritizing e-commerce across the portfolio. Can you share a little bit over the next kind of 12 to 18 months other areas of investment you're focused on? I know that Merrell app is coming up soon. Any other kind of brands that you're really focused on, kind of supercharging their e-commerce capabilities?

知道了。然後也許，布蘭登，適合你。您在整個產品組合中一直優先考慮電子商務。您能否分享一下您在接下來的 12 到 18 個月內重點關注的其他投資領域？我知道 Merrell 應用程式即將推出。您真正關注的任何其他類型的品牌是否能夠增強其電子商務能力？

Well, I think from a brand standpoint, it's -- all of them will benefit by the investments we're making on replatforming technology, data collection, data mining. Certainly, Saucony right now is top of mind for us with their growth and some of the catch-up there. They're doing a fantastic job on their e-commerce growth and really prioritizing saucony.com and both performance and originals. So there, for sure. Sperry, a lot of their rebound is coming by being able to tell their story directly through sperry.com and then have that cascade through their other partners.

嗯，我認為從品牌的角度來看，他們所有人都將受益於我們在平台重組技術、資料收集、資料探勘方面的投資。當然，索康尼現在是我們最關心的，因為他們的成長和一些追趕。他們在電子商務成長方面做得非常出色，並真正優先考慮 saucony.com 以及性能和原創產品。所以，這是肯定的。 Sperry，他們的反彈很大程度上來自於能夠直接透過 sperry.com 講述他們的故事，然後透過其他合作夥伴進行級聯。

So I would -- and then in the work boot group, we're seeing huge growth there as well. So that's becoming a very viable channel. So I would really say, Erinn, it's pretty wide based, which is exciting. And we'll continue to make investments to fuel that, both customer-facing and kind of behind the scenes with some of the technology.

所以我會——然後在工作靴組中，我們也看到了巨大的成長。所以這正在成為一個非常可行的管道。所以我真的想說，Erinn，它的基礎相當廣泛，這令人興奮。我們將繼續進行投資來推動這一目標，無論是面向客戶還是在幕後使用一些技術。

Got it. And then just last question for me is around M&A. I'm curious how you both are prioritizing M&A as you look forward. Are you looking at a lot of deals? Just curious given where the balance sheet is right now and how you're prioritizing that versus organic growth opportunities ahead.

知道了。我的最後一個問題是關於併購的。我很好奇你們在展望未來時如何優先考慮併購。您是否正在尋找大量優惠？只是好奇考慮到目前的資產負債表狀況以及您如何優先考慮其與未來的有機成長機會。

Well, yes, of course, we're putting available cash, all that's necessary into the organic growth and paying down debt and returning capital to our shareholders. But we continue to be very active in the M&A as we have been historically. We have a pretty well-established set of criteria we use. We are looking at not just potentially footwear brands but also businesses that might bring some new strategic competencies like apparel, vertical integrated brands, digital brands. So we, frankly, remain pretty active in kicking the tires and taking a look at properties. We have a long track record of success in bringing brands into the company and growing them.

嗯，是的，當然，我們正在投入可用現金，這是有機增長、償還債務和向股東返還資本所必需的一切。但我們一如既往地在併購方面繼續非常積極。我們有一套非常完善的使用標準。我們不僅關注潛在的鞋類品牌，也關注可能帶來一些新策略能力的企業，如服裝、垂直整合品牌、數位品牌。因此，坦白說，我們仍然非常積極地嘗試並考察房產。我們在將品牌引入公司並發展品牌方面擁有悠久的成功記錄。

Your next question comes from the line of Sam Poser with Williams Trading.

您的下一個問題來自 Williams Trading 的 Sam Poser。

I was just wondering, in the back half of the year, you flowed through versus '19 in Q2, I mean, pretty dramatically. Your revenue was up 11% and your EPS was up like 28%. But the back half of the year isn't -- your guidance for the flow-through doesn't seem to be nearly as good as it is in Q2. Can you give us some color on why that is and what might change that? Because you mentioned that you were getting very good response to your digital marketing and so on and so forth.

我只是想知道，在今年下半年，你在第二季與 19 隊的比賽中表現出色，我的意思是，非常戲劇性。您的收入成長了 11%，每股收益成長了 28%。但今年下半年的情況並非如此——你們對流量的指導似乎不像第二季那麼好。您能給我們一些解釋為什麼會出現這種情況以及什麼可能會改變這種情況嗎？因為你提到你的數位行銷等得到了很好的迴響。

Yes. No, I think the expectations for kind of the effectiveness of those investments still remains really strong, Sam. A lot of the flow-through in the back half has to do with some of the supply chain costs that we've been talking about. And those are meaningful, and they're very much back-half weighted, too. So that's important. And we're -- there are some areas of conservatism built into that because of the uncertainty. But overall, really, when I think about the drivers here in the first half year performance versus the back half, it's really the back half weighting of the incremental supply chain costs.

是的。不，我認為對這些投資的有效性的期望仍然非常強烈，山姆。後半部的大量流通與我們一直在談論的一些供應鏈成本有關。這些都很有意義，而且它們也非常注重後半部。所以這很重要。由於不確定性，我們在某些​​領域採取了保守主義態度。但總的來說，實際上，當我考慮上半年業績與下半年的驅動因素時，實際上是增量供應鏈成本的後半部分權重。

And how many of those -- I mean the airfreight -- COVID-related airfreight and stuff, I mean, how are you going to delineate what is regular operations versus onetime in nature there?

其中有多少——我指的是空運——與新冠病毒相關的空運之類的，我的意思是，你將如何界定什麼是常規運營，什麼是一次性運營？

Yes. Yes, we've done that based on the outlook that we provided and the separation of those topics. But I mean we have ocean freight, logistics, other logistics costs, distribution costs, several other costs related to supply chain that are having a heavier weight on the back half of the year, unrelated to airfreight.

是的。是的，我們是根據我們提供的前景和這些主題的分離來做到這一點的。但我的意思是，我們有海運、物流、其他物流成本、配送成本，以及與供應鏈相關的其他一些成本，這些成本在今年下半年的比重更大，與空運無關。

And then just -- I was wondering if you could just give us -- I know it comes out in the Q, but if you could give us your -- the channel information for the Michigan Group and the Boston Group prior to the Q coming out.

然後 - 我想知道你是否可以給我們 - 我知道它會在 Q 中出現，但如果你能給我們你的 - 在 Q 到來之前密西根集團和波士頓集團的頻道信息出去。

Yes. I don't have that in front of us, Sam, right now. I would tell you that we -- all of our channels, including wholesale, grew versus 2019. I don't have the split out between Michigan Group and Boston Group right in front of me. We can probably get you that information. But pretty solid performance across the board by channel and by geographic region as well.

是的。山姆，我現在沒有這個。我想告訴你，我們所有的管道，包括批發，都比 2019 年有所成長。我眼前並沒有密西根集團和波士頓集團之間的分裂。我們或許可以為您提供這些資訊。但以通路和地理區域來看，整體表現也相當穩健。

And the profit flow-through was very strong on both sides -- on both groups because we saw growth from all the brands and we saw really nice leverage really across the board, too, there. So there's really no distinction between the 2 groups when it comes to profit performance or flow-through.

雙方的利潤流動都非常強勁，因為我們看到了所有品牌的成長，我們也看到了真正全面的良好槓桿作用。因此，在利潤表現或流量方面，這兩組之間實際上沒有區別。

And then lastly, on the gross margin, I mean, so your -- the airfreight coming out of the margin. So how should we think about the gross for the back half or the full year given what you're telling us? Is it going to be like 200 basis points less than what it was in the first quarter or first half of the year? I mean how should we think about that?

最後，關於毛利率，我的意思是，空運來自毛利率。那麼，根據您告訴我們的情況，我們應該如何考慮下半年或全年的毛利率呢？會比第一季或上半年低200個基點嗎？我的意思是我們應該如何考慮這個問題？

Yes. Again, just to reiterate, like we said many times, we're only excluding what we're considering extraordinary airfreight costs. We've got $10 million of airfreight costs in the results that we're referring to. And I'd say for the full year, our gross margins will be down a little bit from the first half performance, which they typically are based on just the gross margin performance in the fourth quarter, et cetera. But the margins for the full year, we're expecting to be in that 43% to 43.5% range and operating margins approaching 12% for the full year.

是的。再次重申，就像我們多次說過的那樣，我們只是排除了我們所考慮的異常空運成本。我們所指的結果中有 1000 萬美元的空運成本。我想說，就全年而言，我們的毛利率將比上半年的表現略有下降，它們通常僅基於第四季度的毛利率表現等。但就全年利潤率而言，我們預計全年利潤率將在 43% 至 43.5% 範圍內，營業利潤率將接近 12%。

And I think just it's not -- we're not changing the level of promotions. I mean we're selling things at full price, as Blake said. That's continuing into the back half of the year, just some of the input costs that hit margin that -- way heavier.

我認為事實並非如此——我們不會改變促銷的水平。我的意思是，正如布萊克所說，我們正在以全價出售東西。這種情況將持續到今年下半年，只是部分投入成本對利潤率的影響更大。

Input cost and then more normalized mix in the back half, which just changes the margin profile a little bit. But -- yes.

輸入成本，然後在後半部分進行更標準化的混合，這只會稍微改變利潤狀況。但是，是的。

But just to confirm, you're not expecting -- are you expecting things to normalize at all more towards promotional activity? Or how are you judging sort of the promotional -- seasonal promotional activity in the back half versus what you saw in the front half adjusted...

但我想確認一下，你並沒有期望——你是否期望促銷活動變得更加正常化？或是你如何判斷後半部的促銷活動－季節性促銷活動與你在前半部看到的調整後的活動…

We're selling things at full price. It will be an interesting Christmas without all the deep discounts that it's going to be a great pallet cleanser for the industry. So we're excited at the AURs we're seeing, both in our own channels and through our retail partners.

我們以全價出售東西。這將是一個有趣的聖誕節，沒有大幅折扣，它將成為該行業的出色的托盤清潔劑。因此，我們對透過自己的通路和零售合作夥伴看到的 AUR 感到興奮。

Next question comes from the line of Mitch Kummetz with Pivotal Research.

下一個問題來自 Pivotal Research 的 Mitch Kummetz。

I guess I've got a few. First off, I just wanted to follow up on Jon Komp's question earlier because he was asking about shifts. And previously, you were pretty specific about the slippage, Q1 to Q2, Q2 to Q3. I think it was $40 million for each. Is that still kind of what you saw in the quarter and what's expected for the third quarter?

我想我已經有幾個了首先，我只是想跟進 Jon Komp 早些時候的問題，因為他問的是輪班問題。之前，您對滑點非常具體，從第一季度到第二季度，從第二季度到第三季度。我想每人要花 4000 萬美元。這仍然是您在本季看到的情況以及對第三季的預期嗎？

Yes. When I say it was basically a net wash, basically what we -- the information we gave you in Q1 came to fruition. So we had a little bit of a pour over from Q1 to Q2 and a similar pour over from Q2 to Q3. Our overperformance in Q2 was fundamentally driven by accelerating demand and also a lot of the proactive steps we took in the supply chain area earlier in the year. So that really drove our performance.

是的。當我說這基本上是一次淨清洗時，基本上我們在第一季向您提供的資訊已經實現。因此，我們從第一季到第二季有一點傾注，從第二季到第三季也有類似的傾注。我們第二季的優異表現從根本上來說是由需求加速以及我們今年早些時候在供應鏈領域採取的許多積極措施所推動的。所以這確實推動了我們的表現。

Okay. And then -- so you raised your sales guidance by $100 million. I know it's $150 million from earlier in the year. But from where it was last quarter, this quarter, it's gone up $100 million. How much of that $100 million was upside in the quarter versus a better outlook for the back half? And then with regard to upside in the quarter, can you maybe specifically say what surprised you positively compared to what you were anticipating internally?

好的。然後——所以您將銷售指導提高了 1 億美元。我知道今年早些時候的金額為 1.5 億美元。但與上個季度相比，本季增加了 1 億美元。與下半年更好的前景相比，這 1 億美元中有多少是本季的上漲空間？然後，關於本季的上行空間，您能否具體說明與您內部預期相比，哪些方面令您感到驚訝？

I'd say that on the guidance, Mitch, it's about 50% what we overdelivered in the quarter and 50% in the back half of the year, better outlook, better -- higher confidence in delivering on the supply chain. All the things that Blake mentioned about demand, though, that continues to be the strongest metric. And order book has strengthened since the last call we had. So our outlook on demand is very strong. Where we have caution in the outlook has to do with the supply chain, as you would expect. But even with that, we have enough confidence to raise the outlook like we did. So -- and then...

我想說的是，米奇，根據指導，我們在本季度超額交付了大約 50%，在下半年超額交付了 50%，前景更好，對交付供應鏈的信心更高。不過，布萊克提到的有關需求的所有事情仍然是最有力的指標。自上次通話以來，訂單量有所增加。因此，我們的需求前景非常強勁。正如您所期望的那樣，我們對前景持謹慎態度的地方與供應鏈有關。但即便如此，我們仍有足夠的信心像我們一樣提高前景。所以——然後……

Okay. And then lastly -- go ahead, sorry.

好的。最後——請繼續，抱歉。

No, no. That's all. That's all I had to say.

不，不。就這樣。這就是我要說的。

Okay. And then on Sperry, I know you gave kind of the 2-year numbers on Merrell and Saucony. I'm not sure if you gave it on Sperry. I heard kind of a 40%, but I don't know if that was in reference to work boots or Sperry. What was the 2-year growth on Sperry? And I'm curious how that compared to the first quarter.

好的。然後關於 Sperry，我知道您給了 Merrell 和 Saucony 的兩年數據。我不確定你是否把它交給了斯佩里。我聽說是 40%，但我不知道這是指工作靴還是 Sperry。 Sperry 的兩年成長是多少？我很好奇與第一季相比如何。

Yes. I mean in Q2, Sperry would have been down mid-teens compared to 2019. I'd have to look up Q1 and get back to you, Mitch.

是的。我的意思是，在第二季度，斯佩里的業績與 2019 年相比會下降 15 左右。我必須查找第一季並回覆你，米奇。

That was a nice improvement to Q1, Mitch. And I think we're going to continue to see that gradually improve in the back half of the year as well.

米奇，這對第一季來說是一個很好的改進。我認為我們也將在今年下半年繼續看到這種情況逐漸改善。

Your next question comes from the line of Jay Sole with UBS.

你的下一個問題來自瑞銀集團的 Jay Sole。

I just want to follow up on the comment you made, I think, a couple of times in the prepared remarks about double-digit growth for 2022. Can you just maybe elaborate that a little bit more? Is that a number versus 2019? Is that a number versus the new updated guidance for 2021 that you just gave? And sort of what are going to be the main drivers? And are we talking about double-digit being 10%? Is it more like 15%, 20%? Maybe can you frame that up for us a little bit more? That would be helpful.

我想跟進一下您在準備好的關於 2022 年兩位數增長的評論中多次發表的評論。您能否再詳細說明一下？這是與 2019 年相比的數字嗎？這個數字與您剛剛給出的 2021 年新更新指導相比是一個數字嗎？主要驅動力是什麼？我們談論的是兩位數的 10% 嗎？是不是更像15%、20%？也許你能為我們再詳細說明一下嗎？那會有幫助的。

Well, I probably won't go beyond double digit this morning, but we have unprecedented visibility into our order book for next year right now, certainly at a greater level than we've ever had historically. And demand remains very strong across the portfolio, pretty much what we experienced in Q2. So with a high level of confidence, we're looking ahead with double-digit growth versus 2020, not 2019 -- 2021, excuse me, but not the prior year. So it looks very strong right now, and it's across Merrell, Saucony, Sperry, across our work brand.

好吧，今天早上我可能不會超過兩位數，但我們現在對明年的訂單有了前所未有的了解，當然比我們歷史上的任何時候都更高。整個投資組合的需求仍然非常強勁，與我們在第二季度經歷的情況差不多。因此，我們充滿信心，預計 2020 年將實現兩位數成長，而不是 2019 年——對不起，2021 年，但不是前一年。所以它現在看起來非常強大，它橫跨 Merrell、Saucony、Sperry 以及我們的工作品牌。

Got it. And then just...

知道了。然後就...

Go ahead.

前進。

No, please go ahead.

不，請繼續。

I was just going to add something on Sperry, just that relates also to the last question with 2019. In our own channels, we're up against 2019 in Sperry. So I think that's a board leading indicator because that's where we're able to tell the message and talk directly to consumer. I think the wholesale business will -- we're seeing that bounce back. And I think that's another positive sign as Blake talks about 2022 as the emergence of Sperry.

我只是想補充一些關於 Sperry 的內容，這也與 2019 年的最後一個問題有關。在我們自己的頻道中，我們正在討論 Sperry 的 2019 年。所以我認為這是董事會領先指標，因為這是我們能夠傳達訊息並直接與消費者交談的地方。我認為批發業務將會——我們會看到反彈。我認為，當布萊克談到 2022 年斯佩里的出現時，這是另一個積極的跡象。

Got it. And then maybe if we can talk about sell-through a little bit because obviously, there's a lot of fiscal stimulus in March and April. But did you see the sell-through for the brands collectively improve throughout the quarter? And sort of what's your read on back-to-school? And what does that mean for, say, your kids business, your Keds business and obviously the portfolio overall?

知道了。然後也許我們可以稍微討論一下銷售情況，因為顯然，三月和四月有很多財政刺激措施。但您是否看到整個季度各品牌的銷售量整體有所改善？您在返校期間讀到了什麼？這對您的兒童業務、Keds 業務以及整個投資組合意味著什麼？

Yes. I would say right now in general, I wouldn't bet against the consumer. Saving rates have tripled. Stimulus money continues. The consumer has been locked up for 18 months. They want to travel. They want to, frankly, buy some stuff and experience some stuff that they haven't over the last 18 months. So right now, we see continuing strong demand. We see a strong back-to-school. It's hard to predict what the COVID situation is going to be like on back-to-school. But right now, it looks like in the United States, almost all K-12 children will be returning to in-classroom experience. And so we continue to see strong consumer demand.

是的。我現在想說的是，總的來說，我不會做空消費者。儲蓄率增加了兩倍。刺激資金仍在持續。該名消費者已被鎖定18個月。他們想去旅行。坦白說，他們想買一些東西並體驗一些他們在過去 18 個月裡沒有過的東西。所以現在，我們看到需求持續強勁。我們看到返校的勢頭強勁。很難預測返校後新冠疫情的情況會是如何。但現在，在美國，幾乎所有 K-12 的孩子都將重返課堂。因此，我們持續看到強勁的消費者需求。

Yes. And just on the kids, our e-commerce this month in our kids group is double last year. So that's a real strong sign that back-to-school is happening.

是的。僅就孩子而言，本月我們兒童組的電子商務是去年的兩倍。所以這是一個真正強烈的跡象，表明返校正在發生。

Your next question comes from the line of Dana Telsey with Telsey Advisory Group.

您的下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Nice to see the progress on the results. As you think about the order book that you talked about, it sounds like there's an acceleration globally. Any way to expand on that, what you're seeing overseas, what you're seeing in the U.S. and how you're thinking about the upcoming holiday season?

很高興看到結果的進展。當你想到你談到的訂單簿時，聽起來全球都在加速成長。有什麼方法可以擴展一下您在海外看到的情況、您在美國看到的情況以及您對即將到來的假期的看法嗎？

Yes. I would say as we look at Q2, first of all, our growth was really evenly split between the U.S.A. and international markets. As you know, Dana, about half of our pairs are marketed in international markets. So we are seeing strong demand across virtually every country and international market at the same time, including the U.S. So we think it's going to be a good back-to-school season. We think it's going to be a good holiday season for consumer soft goods and our brands in particular. So we're energized right now.

是的。我想說，當我們看第二季時，首先，我們的成長在美國和國際市場之間確實是平均分配的。如你所知，Dana，我們大約有一半的鞋子在國際市場上銷售。因此，我們幾乎同時看到每個國家和國際市場的強勁需求，包括美國。因此，我們認為這將是一個很好的返校季節。我們認為，對於消費品，尤其是我們的品牌來說，這將是一個好的假期季節。所以我們現在充滿活力。

The backlog would reflect that, too, Dana. So when you look at the nice distribution of demand across the business for our distributor businesses and third-party markets, our own businesses in Europe and Canada, so the backlog metrics or trends that we're seeing are very strong across the regions.

積壓的訂單也反映了這一點，達納。因此，當你看到我們的經銷商業務和第三方市場、我們在歐洲和加拿大的自己的業務的整個業務需求的良好分佈時，我們看到的積壓指標或趨勢在各個地區都非常強勁。

Got it. And then inventory levels, how do you think inventory levels? And where do you see them being at the end of the third and the end of the fourth quarters?

知道了。然後是庫存水平，您認為庫存水平如何？你認為他們在第三節末和第四節末的表現如何？

Again, we're very excited about the fact that we're starting to turn that corner right now. We were down about 14% at the end of Q2, which frankly, was a little bit lower than expected, but our revenue obviously outperformed, right? So we were able to really turn at the end of the quarter, turn around a lot of goods and get them out the door. So that was very positive.

再次，我們對現在開始扭轉局面感到非常興奮。第二季末我們下降了約 14%，坦白說，比預期要低一些，但我們的收入顯然跑贏大市，對吧？因此，我們能夠在季度末真正扭轉局面，扭轉許多貨物並將其運出大門。所以這是非常積極的。

And our ability to service the business in Q2 was much stronger than Q1. We'd expect inventories to be up year-over-year at the end of Q3, and then by the end of the year, up strong double digits based on our current outlook. Supply chain can always impact those projections. But at this point, based on what we have on order, what's on the water and what we're already securing in the warehouses, we feel good that inventory positions are going to continue to strengthen throughout the balance of the year.

而且我們第二季服務業務的能力比第一季強很多。根據我們目前的前景，我們預計第三季末庫存將同比增長，然後到年底，庫存將出現兩位數的強勁增長。供應鏈總是會影響這些預測。但目前，根據我們的訂單、水面上的貨物以及我們已經在倉庫中獲得的貨物，我們感覺良好的是，庫存狀況將在今年餘下的時間裡繼續加強。

Your next question comes from the line of Susan Anderson with B. Riley FBR.

您的下一個問題來自 Susan Anderson 和 B. Riley FBR 的對話。

Nice job on the quarter. I'm curious on Sperry, just a follow-up on all the comments. Thanks for all the details there. And I'm just curious, like the last time you saw strong boat trend. Maybe if you could talk about when that last time was and then just kind of the performance you saw on Sperry. And then also, it sounds like it's performing better at retail than wholesale. Are you seeing those wholesalers yet start to indicate they want, I guess, more orders for the brand?

本季工作做得很好。我對斯佩里很好奇，只是對所有評論的後續。感謝您提供的所有詳細資訊。我只是很好奇，就像上次你看到強勁的船舶趨勢一樣。也許你可以談談上次是什麼時候，然後談談你在斯佩里看到的表演。而且，聽起來它的零售表現比批發好。您是否看到那些批發商已經開始表示他們想要該品牌的更多訂單？

Yes, I'll take the second part first and then let Blake comment on the trends -- historical trends. I mean my comment was our own channels are always going to be the leading indicator because we control those. We control the inventory. We control the messaging. We're seeing tremendous enthusiasm. It started -- I think I mentioned in the last call, started for holiday with the -- we added some new players in the Sperry team. And the new product launches have gotten a tremendous reaction.

是的，我將首先討論第二部分，然後讓布萊克評論趨勢——歷史趨勢。我的意思是，我的評論是我們自己的管道始終將成為領先指標，因為我們控制著這些管道。我們控制庫存。我們控制訊息傳遞。我們看到了巨大的熱情。事情開始了——我想我在上次電話會議中提到過，我們開始在斯佩里隊度假——我們在斯佩里隊中增加了一些新球員。新產品的推出也引起了巨大的迴響。

So we're starting to see those online and in our retail stores. And we'll see that lift the wholesale performance as we get to the back half of the year and certainly into 2022. But I'll let Blake comment.

因此，我們開始在網路上和零售店看到這些產品。到今年下半年，當然到 2022 年，我們將看到批發業績的提升。但我會讓 Blake 發表評論。

Yes. If you look back, the U.S. has always had a boat shoe category resurgence from time to time. We're probably in the very early innings of that right now. Historically, that's lasted for several years when it starts. So we're trying to be there in the market with fresh boat shoe product like the float and several other offerings from John Legend on down. And the early signs are good. We've had growth in the U.S. in the category the last couple of quarters. So that's also very encouraging.

是的。回顧過去，美國船鞋類別一直不時復甦。我們現在可能正處於早期階段。從歷史上看，這種情況開始時已經持續了好幾年。因此，我們正在努力向市場推出新鮮的船鞋產品，例如 float 以及 John Legend 的其他幾款羽絨鞋產品。早期跡像是好的。過去幾季我們在美國的這一類別有所成長。所以這也非常令人鼓舞。

Great. And then also, can you maybe talk a little bit about just the product offering for Sperry for this fall? Do you have anything new coming out or maybe talk about the boots for fall?

偉大的。另外，您能否談談 Sperry 今年秋季提供的產品？您有什麼新產品推出嗎？或是談談秋天的靴子嗎？

We have a lot of new product. I mean Blake just mentioned Float. We have the co-lab with John Legend that launches in September. We're doing some really cool events and concerts around that. John and I did something with Footwear News last month that was very well received. And we have Sperry Sport launching for holiday and spring of '22 as well as updates to the existing franchises.

我們有很多新產品。我的意思是布萊克剛剛提到了 Float。我們與 John Legend 的合作實驗室將於 9 月啟動。我們正在圍繞著這個舉辦一些非常酷的活動和音樂會。約翰和我上個月在《鞋類新聞》上做了一些很受歡迎的事情。我們還為 22 年假期和春季推出了 Sperry Sport，並對現有特許經營權進行了更新。

So I think the product line has never been stronger. I've gotten great responses from some of my industry friends about what they're seeing and some of the previews I've given them. So as I mentioned, the wholesale accounts are really excited about what they're seeing for the back half of '21 and into '22. And I think it's a credit to the team and the product development pipeline.

所以我認為產品線從未如此強大。我從一些行業朋友那裡得到了關於他們所看到的內容以及我給他們的一些預覽的很好的回應。正如我所提到的，批發客戶對他們在 21 世紀下半年和 22 世紀所看到的情況感到非常興奮。我認為這是團隊和產品開發管道的功勞。

Great. That sounds good. And then just one more question on the orders overall, the orders for fall. It sounds like you feel very good about that. I guess I'm curious. It sounds like they must have accelerated from the first half, particularly as a lot of wholesalers are seeing themselves stuck without product. Maybe if you could talk about just the magnitude, I guess, of the orders, if you could. And then are there any early reads for spring '22 orders?

偉大的。聽起來很好。然後還有一個關於總體訂單的問題，就是秋季訂單。聽起來你對此感覺很好。我想我很好奇。聽起來他們一定從上半年開始加速了，特別是因為許多批發商發現自己陷入了沒有產品的困境。我想，如果可以的話，也許你能談談訂單的大小。那麼 22 年春季訂單是否有任何早期閱讀？

Yes. I would say in general, we don't give out specific backlog information. But as we've said, demand built throughout Q2, has continued to build really throughout the first half of this year. Our order backlog continues to build for 2022, which gives us confidence to focus and plan today for a double-digit increase next year. So it's extremely strong indications as reflected in our order backlog.

是的。我想說的是，一般來說，我們不會給出具體的積壓資訊。但正如我們所說，第二季的需求在今年上半年持續成長。 2022 年我們的積壓訂單持續增加，這讓我們有信心今天就集中精力併計劃明年實現兩位數的增長。因此，正如我們的積壓訂單所反映的那樣，這是一個非常強烈的跡象。

Yes. And I almost don't want to use the word accelerate because I think it's the new normal. We've reached new levels of demand for a lot of our brands. So some of it's an acceleration, but a lot of it is just the new baseline that we're building off of.

是的。我幾乎不想使用“加速”這個詞，因為我認為這是新常態。我們的許多品牌的需求已經達到了新的水平。所以其中一些是加速，但很多只是我們正在建立的新基準。

Your final question comes from the line of Laurent Vasilescu with Exane BNP Paribas.

您的最後一個問題來自法國巴黎銀行 (Exane BNP Paribas) 的 Laurent Vasilescu。

Mike, I wanted to ask about the full year guidance. The high end implies about $125 million incremental revenues over FY '19. And remind me, but I think e-commerce is going to reach -- your own e-commerce is going to reach $500 million effectively, let's say, about $250 million. Just trying to understand the puts and takes here on how are you thinking about the wholesale business for FY '21 versus FY '19. And any nuances would be appreciated by brand.

麥克，我想問一下全年指導。高端意味著 2019 財年的營收增量約為 1.25 億美元。請提醒我，但我認為電子商務將達到——您自己的電子商務將有效達到 5 億美元，比方說，大約 2.5 億美元。只是想了解您如何看待 21 財年和 19 財年的批發業務。任何細微差別都會受到品牌的讚賞。

Again, I think for us, the focus on our digital business has been pretty prominent, and that shift has been consistent over the last several months. So that growth in e-comm that you referenced is really important to the overall performance of our brands across really the whole portfolio. So that continues to be the case. We're seeing our wholesale trends continue to improve. And they were very strong in Q2, up low single digits over 2019 levels in our own markets.

再說一遍，我認為對我們來說，對數位業務的關注非常突出，而且這種轉變在過去幾個月中一直是一致的。因此，您提到的電子商務的成長對於我們品牌在整個產品組合中的整體表現非常重要。所以情況仍然如此。我們看到我們的批發趨勢持續改善。他們在第二季非常強勁，比我們自己市場的 2019 年水準低了個位數。

So -- and again, the performance -- the strongest categories for us are the ones that we've mentioned here several times around outdoor performance running and work. Those are going to continue to carry the day here for the balance of this year and be the strongest drivers of the overall growth versus 2019, but the lifestyle brands are closing the gap. So we're seeing progressive improvement in those brands from the first half of the year into the second half of the year and have higher, more positive outlook for that category in 2022.

所以，再說一遍，性能——對我們來說最強大的類別是我們在這裡多次提到的關於戶外性能跑步和工作的類別。這些品牌將在今年剩餘的時間裡繼續佔據主導地位，並成為與 2019 年相比整體成長的最強勁驅動力，但生活風格品牌正在縮小差距。因此，我們看到這些品牌從上半年到下半年不斷取得進步，並對 2022 年該類別的前景抱有更高、更積極的展望。

That's very helpful. And then following up on Erinn's question with regards to Vietnam, I think you did break out the range -- percentage range in your latest ESG report. But obviously, that's at the company level. Maybe can you give us some color on like which brands have a greater exposure to Vietnam? I would assume it's maybe some of the performance, but maybe you can give a little bit more color on that. That would be very helpful.

這非常有幫助。然後跟進 Erinn 關於越南的問題，我認為您確實在最新的 ESG 報告中突破了百分比範圍。但顯然，這是在公司層面。也許您能給我們一些訊息，例如哪些品牌在越南有更多的曝光度？我認為這可能是一些表演，但也許你可以對此給予更多的色彩。這將非常有幫助。

It's across the brands, Laurent. And again, we have a good amount of work boot business in Vietnam, along with those performance brands that you mentioned. So I would say that it doesn't necessarily impact any particular brand. But we're constantly monitoring that. And I would say, obviously, for our larger businesses, they're more exposed from a volume standpoint just because they're bigger, but not necessarily because we have more concentration of those constructions in Vietnam than other places.

這是跨品牌的，勞倫特。再說一遍，我們在越南有大量的工作靴業務，以及您提到的那些高性能品牌。所以我想說它不一定會影響任何特定品牌。但我們一直在監控這一點。我想說，顯然，對於我們規模較大的企業來說，從數量的角度來看，它們面臨的風險更大，只是因為它們規模更大，但不一定是因為我們的這些建築比其他地方更集中在越南。

Again, I want to emphasize, we do have a nice diversification of sourcing supply outside of Vietnam right now. And we've moved some of our production back into China even in this year just to provide that dual sourcing capability and risk mitigation, and it's serving us pretty well right now. But we're keeping a very close eye on what's happening in Vietnam, and we'll continue to monitor that to the extent it impacts our outlook.

我想再次強調，我們目前在越南以外的採購供應確實非常多樣化。即使在今年，我們也將部分生產轉移回中國，只是為了提供雙重採購能力和降低風險，目前它對我們的服務非常好。但我們正在密切關注越南正在發生的事情，我們將繼續關注它對我們前景的影響程度。

Very helpful. And then last question. Great to hear about the double-digit growth for FY '22. Just to make sure, is that just fully organic? That's not anticipating any M&A. Is that correct?

很有幫助。然後是最後一個問題。很高興聽到 22 財年達到兩位數成長。只是為了確定，這是完全有機的嗎？這並不是預期任何併購。那是對的嗎？

That is correct.

那是對的。

That's correct.

這是正確的。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would like to turn the call back to management for closing remarks.

女士們、先生們，問答環節已經結束。我想將電話轉回給管理階層，讓他們發表結束語。

On behalf of Wolverine World Wide, I'd like to thank you for joining us today. As a reminder, our conference call replay is available on our website at wolverineworldwide.com. The replay will be available until August 29, 2021. Thank you, and have a good day.

我謹代表金鋼狼世界感謝您今天加入我們。請注意，我們的電話會議重播可在我們的網站 wolverineworldwide.com 上查看。重播將持續到 2021 年 8 月 29 日。謝謝，祝您有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you all for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝大家的參與。