Wolverine World Wide Inc (WWW) 2021 Q1 法說會逐字稿

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

您好，歡迎參加 Wolverine World Wide, Inc. 2021 財年第一季業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce Brett Parent, Vice President of Investor Relations and Corporate Strategy. Thank you. You may begin.

現在我很高興向大家介紹投資者關係和企業策略副總裁布雷特‧帕倫特(Brett Parent)。謝謝。你可以開始了。

Good morning, and welcome to our first 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 年第一季電話會議。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 first 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 年第一季的財務業績。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進行了調整，扣除成本回收、與COVID-19 大流行相關的成本，包括空運成本、信用損失費用、遣散費用和其他相關費用以及外匯匯率變化。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, 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.

我還想提醒您，在今天的電話會議上做出的描述公司預期、計劃、預測和預測的聲明，例如有關公司 2021 財年前景的聲明，根據美國證券法屬於前瞻性聲明。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.

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。

Earlier this morning, we reported first quarter revenue of approximately $511 million and adjusted earnings per share of $0.40, a strong start to the year. E-commerce led the way, growing 84% during the quarter as our global digital strategy continued to deliver results. Our 2 largest brands exceeded expectations, with Merrell up nearly 25% year-over-year and Saucony up nearly 60% in the quarter. Both brands easily beat their 2019 Q1 revenue levels, with Saucony up over 75% versus 2019. The company's international business was up 40%, with every region growing over 35%. Our DTC channels are outpacing the market, and our wholesale order book is very healthy.

今天早些時候，我們報告了第一季收入約為 5.11 億美元，調整後每股收益為 0.40 美元，這是今年的強勁開局。隨著我們的全球數位策略持續取得成果，電子商務一馬當先，本季成長了 84%。我們最大的兩個品牌超出了預期，其中 Merrell 同比增長近 25%，Saucony 本季增長近 60%。兩個品牌都輕鬆超過了 2019 年第一季的收入水平，索康尼比 2019 年增長了 75% 以上。該公司的國際業務增長了 40%，每個地區的增長都超過 35%。我們的 DTC 通路正在超越市場，而且我們的批發訂單也非常健康。

As we look to the rest of the year, demand for our brands is very strong, and we've raised our full year guidance on the strength of this demand and robust outlook.

展望今年剩餘時間，對我們品牌的需求非常強勁，鑑於這種需求的強度和強勁的前景，我們提高了全年指導。

For today's call, I'll start by providing some additional insight on our Q1 performance, and then Mike Stornant will detail our financial results and update you on our financial outlook for the year. Finally, Brendan Hoffman will share the latest on our strategic growth priorities before I conclude.

在今天的電話會議中，我將首先對我們第一季的業績提供一些額外的見解，然後邁克斯托南特將詳細介紹我們的財務業績並向您介紹我們今年的財務前景。最後，布倫丹·霍夫曼（Brendan Hoffman）將在我結束發言之前分享我們戰略成長重點的最新資訊。

In the first quarter, the Wolverine Michigan Group revenue was up 20.1% on a reported basis and up 18.2% on a constant currency basis. The Wolverine Boston Group revenue was up 10.3% on a reported basis and up 8.2% on a constant currency basis.

第一季度，Wolverine 密西根集團的報告收入成長了 20.1%，以固定匯率計算成長了 18.2%。 Wolverine Boston Group 報告營收成長 10.3%，以固定匯率計算成長 8.2%。

Let me now focus on key brand performance, starting with Saucony. Saucony grew revenue nearly 60% and expanded operating margin nearly 800 basis points in Q1, a great start to what we anticipate will be a spectacular year for the brand. All regions delivered strong growth, led by North America and EMA.

現在讓我專注於關鍵品牌表現，首先是索康尼。 Saucony 第一季營收成長了近 60%，營業利潤率成長了近 800 個基點，這是我們預計品牌將迎來輝煌一年的良好開端。以北美和 EMA 為首的所有地區均實現了強勁成長。

Saucony.com revenue increased by over 150% driven by compelling digital storytelling and impactful product launches. Product design and innovation remain at the core of Saucony's growth momentum, delivering both superior technical product and trend-right lifestyle collections to the global marketplace. The brand's road running category nearly doubled in Q1 with the launch of new models for several of its biggest product franchises. The new Guide 14 and Kinvara 12 drove significant growth with the Guide more than doubling year-over-year. New colors and collection packs also drove excellent growth and freshness for the innovative Endorphin series. Saucony also grew its trail running business with the launch of the Peregrine 11, which received the coveted Runner's World Editor's Choice Award. New product launches are fueling momentum in the brand's technical product category with existing runners and with the many new enthusiasts to the sport.

在引人入勝的數位故事敘述和有影響力的產品發布的推動下，Saucony.com 收入增長了 150% 以上。產品設計和創新仍然是索康尼成長動力的核心，為全球市場提供卓越的技術產品和潮流生活方式系列。隨著其幾個最大的產品系列推出新車型，該品牌的公路跑類別在第一季幾乎翻了一番。新的 Guide 14 和 Kinvara 12 推動了顯著增長，Guide 同比增長了一倍多。新的顏色和系列包也為創新的內啡肽系列帶來了良好的增長和新鮮感。 Saucony 也透過推出 Peregrine 11 拓展了越野跑業務，該鞋款獲得了令人垂涎的跑者世界編輯選擇獎。新產品的推出為現有跑步者和許多新的運動愛好者推動了該品牌技術產品類別的發展勢頭。

Saucony Originals, the brand's heritage lifestyle sneaker business also grew double digits in Q1. The brand continues to leverage its Italian product design and marketing hub to build on its pinnacle positioning and success in Europe with elevated trend-right product. The new Jazz Court, a sneaker made with 100% natural materials and 0 plastic. Launched at the end of Q1, driving substantial buzz in social media, and immediately becoming the brand's top-selling product on saucony.com.

該品牌的傳統生活方式運動鞋業務 Saucony Originals 在第一季也實現了兩位數成長。該品牌繼續利用其義大利產品設計和行銷中心，透過提升潮流的產品，鞏固其在歐洲的巔峰定位和成功。新款 Jazz Court 運動鞋採用 100% 天然材質和 0 塑膠製成。該產品於第一季末推出，在社交媒體上引起熱烈討論，並立即成為該品牌在 saucony.com 上最暢銷的產品。

Looking ahead, Saucony will continue its steady introduction of new product launches. Both the new Ride 14 and Freedom 4 launched within the last few weeks, and are off to a fast start. Over the next several months, the brand will also roll out the next generation of all 3 models of the Endorphin collection, The Pro, The Speed and The Shift, which has quickly become one of its largest franchises. The brand will also introduce the new Triumph 19, a follow-up to the award-winning predecessor. The momentum in the Saucony business continues to accelerate across both its performance and lifestyle offering.

展望未來，索康尼將持續穩定推出新產品。新款 Ride 14 和 Freedom 4 均在過去幾週內推出，並且起步很快。在接下來的幾個月裡，該品牌還將推出 Endorphin 系列全部 3 種型號的下一代產品：The Pro、The Speed 和 The Shift，後者已迅速成為其最大的特許經營產品之一。該品牌還將推出全新 Triumph 19，這是屢獲殊榮的前身車型的後續產品。索康尼業務在性能和生活方式方面的發展勢頭持續加速。

Moving to Merrell. Revenue grew nearly 25% in the quarter. All regions delivered increases, led by especially strong performance in EMA. North America grew double digits, including DTC, with merrell.com up approximately 135% and Merrell stores comping up 30%. Merrell kicked off its Future 40 campaign at the start of the quarter, celebrating the brand's 40th anniversary and amplifying its inclusive commitment to sharing the power of the outdoors with everyone. The brand announced a significant partnership with Big Brothers Big Sisters of America, aiming to provide greater accessibility to the outdoors for nearly 200,000 youth. Merrell continues to focus on cultivating its well-established product franchises as well as delivering innovation across new product introductions. In Q1, Performance Footwear grew by nearly 30% as the brand continued to advance its vision of faster and lighter footwear for the trail.

搬到梅雷爾。該季度營收成長近 25%。所有地區均實現成長，其中 EMA 表現尤其強勁。北美地區（包括 DTC）實現了兩位數成長，其中 merrell.com 成長了約 135%，Merrell 商店成長了 30%。 Merrell 在本季度初啟動了 Future 40 活動，慶祝該品牌成立 40 週年，並強化其與所有人分享戶外力量的包容性承諾。該品牌宣布與美國 Big Brothers Big Sisters 建立重要合作夥伴關係，旨在為近 20 萬名青少年提供更多戶外活動機會。 Merrell 繼續專注於培養其完善的產品特許經營權，並透過新產品的推出提供創新。第一季度，隨著品牌繼續推進更快、更輕的越野鞋的願景，高性能鞋類業務成長了近 30%。

Building on the unmatched success of the world's #1 hiker, the Moab, Merrell launched the all-new Moab Speed and Moab Flight collections, quickly exceeding sell-through expectations, including selling out on merrell.com, and helping to drive very strong double-digit growth for the Moab franchise overall. The Antora 2 and Nova 2 trail runners also continued to perform exceptionally well in the quarter. Merrell has a steady stream of new performance offerings scheduled for the remainder of the year.

在世界排名第一的健行者Moab 無與倫比的成功基礎上，Merrell 推出了全新的Moab Speed 和Moab Flight 系列，迅速超越了銷售預期，包括在merrell.com 上銷售一空，並幫助推動了非常強勁的雙倍成長摩押特許經營權整體呈數位式成長。 Antora 2 和 Nova 2 越野跑鞋在本季也持續表現出色。 Merrell 計劃在今年剩餘時間內推出源源不絕的新性能產品。

Merrell's lifestyle business grew approximately 20% in the quarter driven by the growth of the classic Jungle Moc and newer Hydro Moc, which more than tripled year-over-year. The brand plans to continue to leverage the easy on-off trend throughout 2021 and with new products in the Hydro Moc, Hut Moc and Jungle Moc franchises. Merrell is well positioned with both its outdoor performance and lifestyle businesses and we expect the brand's growth will continue to accelerate going forward.

在經典的 Jungle Moc 和較新的 Hydro Moc 成長的推動下，梅雷爾的生活方式業務在本季度增長了約 20%，同比增長了兩倍多。該品牌計劃在 2021 年繼續利用方便穿脫的趨勢，並推出 Hydro Moc、Hut Moc 和 Jungle Moc 特許經營系列的新產品。 Merrell 在戶外性能和生活方式業務方面都處於有利地位，我們預計品牌的成長將繼續加速。

Our work business, which represented almost 20% of our revenue in Q1, also delivered significant growth, led by Wolverine, up nearly 30% and cat footwear, up over 30%, with strong contributions from a couple of our smaller brands. We are the market share leader in the U.S. work boot category, which is currently trending with consumers and has been an important, consistent performer for the company over time. We expect growth in this category to accelerate in Q2.

我們的工作業務佔第一季營收的近 20%，也實現了顯著成長，其中 Wolverine 成長了近 30%，貓鞋成長了 30% 以上，其中幾個較小品牌做出了強勁貢獻。我們是美國工作靴類別的市場份額領導者，該類別目前受到消費者的青睞，並且隨著時間的推移一直是該公司的重要且穩定的表現者。我們預計第二季該類別的成長將加速。

Turning now to Sperry. Revenue was down approximately 10% in Q1, a continued sequential improvement compared to prior quarters. Despite more than $10 million of expected revenue, which slid into Q2. During the quarter, sperry.com was up 40%, and Sperry stores grew more than 20%. The brand's full-price business remains very healthy, with gross margin expanding nearly 500 basis points in Q1.

現在轉向斯佩里。第一季營收下降約 10%，與前幾季相比持續改善。儘管預期收入超過 1000 萬美元，但第二季的收入卻下滑了。本季度，sperry.com 成長了 40%，Sperry 商店成長了 20% 以上。該品牌的全價業務仍然非常健康，第一季毛利率擴大了近500個基點。

Looking ahead, Sperry is back on the growth path for the remainder of the year. Sperry possesses unique elasticity across genders, product categories and price points. Its new float collection, a fun and affordable injected version of the boat shoe for younger consumers, launched at the end of the quarter and quickly became sperry.com's best-selling product introduction in several years. The brand expects to build on the success of the float throughout the year with seasonal drops, including the Cosi Float collection this fall. Sperry also plans to capitalize on the easy on-off trend with the launch of the new Moc Sider collection later this summer and to drive energy through several product capsules, leveraging fashion, entertainment and pop culture icon, including collaborations with John Legend, Rebecca Minkoff and the Netflix-hit series Outer Banks, Good Humor Popsicle Ice Cream and Rowing Blazers.

展望未來，斯佩里將在今年剩餘時間內重新走上成長之路。 Sperry 在性別、產品類別和價格點方面擁有獨特的彈性。其新的 float 系列是一款有趣且價格實惠的注塑版船鞋，適合年輕消費者，於本季末推出，並迅速成為 sperry.com 幾年來最暢銷的產品介紹。該品牌預計將在全年 Float 的成功基礎上推出季節性新品，包括今年秋季的 Cosi Float 系列。 Sperry 還計劃利用輕鬆穿脫的趨勢，在今年夏天晚些時候推出全新Moc Si​​der 系列，並透過多個產品膠囊注入活力，利用時尚、娛樂和流行文化偶像，包括與John Legend、Rebecca Minkoff的合作以及 Netflix 熱門影集《外灘》、《好幽默冰棒冰淇淋》和《划船西裝外套》。

Before Brendan and I share some additional insight regarding our strategic growth priorities, I'm going to hand it off to Mike to review the first quarter financial results in more detail. Mike?

在布倫丹和我分享有關我們策略性成長優先事項的一些額外見解之前，我將把它交給麥克，更詳細地審查第一季的財務表現。麥克風？

Thanks, Blake, and thanks to all of you for joining us.

謝謝布萊克，也謝謝你們大家加入我們。

Let me start by providing additional detail on the company's first quarter performance and then some insight on our improved outlook for 2021. First quarter revenue of approximately $511 million represents growth of 16% compared to last year. As Blake pointed out, most elements of our global growth agenda delivered excellent year-over-year growth on the strength of expanding digital platforms and innovative product offerings. This strong growth performance was achieved despite a meaningful shift of customer shipments into the second quarter.

首先，我首先提供有關公司第一季業績的更多詳細信息，然後介紹我們對 2021 年改善前景的一些見解。第一季度收入約為 5.11 億美元，與去年相比增長了 16%。正如布萊克指出的那樣，憑藉不斷擴大的數位平台和創新產品供應，我們全球成長議程的大多數要素都實現了出色的同比增長。儘管第二季客戶出貨量發生了重大變化，但仍實現了強勁的成長業績。

Adjusted gross margin improved 290 basis points versus the prior year to 44.3% due to our continued e-commerce expansion and favorable wholesale product mix.

由於我們持續的電子商務擴張和有利的批發產品組合，調整後的毛利率比上年提高了 290 個基點，達到 44.3%。

Adjusted selling, general and administrative expenses of $174.4 million in the quarter were about $23 million more than last year primarily due to the higher mix of DTC revenue, $8 million of additional investment in digital e-commerce marketing and more normalized incentive compensation costs.

本季調整後的銷售、一般和管理費用為1.744 億美元，比去年增加約2300 萬美元，這主要是由於DTC 收入的增加、數位電子商務行銷的800 萬美元的額外投資以及更加標準化的激勵補償成本。

Q1 adjusted operating margin was 10.2%, an improvement of 330 basis points over last year, as a result of healthy operating leverage.

由於健康的營運槓桿，第一季調整後營運利潤率為 10.2%，比去年提高 330 個基點。

Net interest expense was up $1.9 million, and the effective tax rate was 16%. Adjusted diluted earnings per share were $0.40 compared to $0.28 in the prior year. Reported diluted earnings per share were $0.45 versus $0.16 last year and reflect a partial settlement of certain insurance claims related to our ongoing legacy litigation, offset by legal defense costs and specific COVID-related costs.

淨利息支出增加了 190 萬美元，有效稅率為 16%。調整後稀釋每股收益為 0.40 美元，前一年為 0.28 美元。報告的稀釋後每股收益為0.45 美元，而去年為0.16 美元，反映了與我們正在進行的遺留訴訟相關的某些保險索賠的部分和解，並被法律辯護費用和特定的新冠病毒相關費用所抵消。

Let me now shift to the balance sheet. At the end of the quarter, inventory was down approximately 21% year-over-year. Our global sourcing team continues to adjust to the supply chain headwinds impacting our industry. Our inventory position has improved nicely in the second quarter, allowing us to fill nearly all of the orders that slipped from Q1 into Q2.

現在讓我轉向資產負債表。截至本季末，庫存年減約 21%。我們的全球採購團隊不斷調整以適應影響我們產業的供應鏈逆風。我們的庫存狀況在第二季得到了很好的改善，使我們能夠滿足幾乎所有從第一季下滑到第二季的訂單。

In Q1, we generated $26.3 million of cash flow from operating activities. The company finished the quarter with $506 million less debt compared to the prior year and total liquidity of approximately $1.2 billion, including $365 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 1.5x.

第一季度，我們從經營活動產生了 2,630 萬美元的現金流。該公司本季末的債務比上年減少了 5.06 億美元，總流動資金約為 12 億美元，其中包括 3.65 億美元的手頭現金和近 8 億美元的循環能力。我們的銀行定義的槓桿率持續改善，本季末處於 1.5 倍的低水準。

I will now provide details on our improved outlook for 2021. As we have shared, the trends in our business remain very encouraging with revenue assumptions improving since we offered our annual guidance in February. Our wholesale order book remains strong. Our D2C business is performing well. International regions have returned to strong growth and our inventory position continues to improve. All of this provides us with a heightened level of confidence as we manage the business and invest in future growth. As a result, the company now expects fiscal 2021 revenue in the range of $2.24 billion to $2.3 billion, growth of 25% to 28% compared to the prior year.

我現在將提供有關我們改進的 2021 年前景的詳細信息。正如我們所分享的，自我們 2 月份提供年度指導以來，我們的業務趨勢仍然非常令人鼓舞，收入假設有所改善。我們的批發訂單依然強勁。我們的D2C業務表現良好。國際地區已恢復強勁成長，我們的庫存狀況持續改善。所有這些都為我們管理業務和投資未來成長提供了更高的信心。因此，該公司目前預計 2021 財年營收將介於 22.4 億美元至 23 億美元之間，較上年成長 25% 至 28%。

At the high end of the range, this is a raise of $50 million from our original outlook and nicely exceeds 2019 revenue. We now expect reported diluted earnings per share in the range of $1.70 to $1.85 and adjusted diluted earnings per share in the range of $1.95 to $2.10. In the face of unpredictable near-term supply chain delays, the company will continue to invest in airfreight to ensure our ability to service the very strong demand we are seeing in the business. These COVID-19-related airfreight costs above normal levels are included in our updated guidance and will be adjusted from our reported results for the remainder of the year.

從上限來看，這比我們最初的預期增加了 5000 萬美元，遠遠超過了 2019 年的收入。我們目前預計報告的稀釋每股收益在 1.70 美元至 1.85 美元之間，調整後的稀釋每股收益在 1.95 美元至 2.10 美元之間。面對不可預測的近期供應鏈延誤，該公司將繼續投資空運，以確保我們有能力滿足我們在業務中看到的非常強勁的需求。這些高於正常水平的與 COVID-19 相關的空運成本已包含在我們的更新指南中，並將根據我們今年剩餘時間報告的結果進行調整。

The company is in an enviable position to invest in meaningful growth for 2021 and to continue to drive momentum in our brands. Before handing it over to Brendan, I would like to briefly thank our team, which continues to adapt to the fast-changing environment around us, while delivering excellent results for our shareholders.

該公司處於令人羨慕的地位，可以投資 2021 年有意義的成長，並繼續推動我們品牌的發展勢頭。在將其交給布倫丹之前，我想簡短地感謝我們的團隊，他們不斷適應我們周圍快速變化的環境，同時為我們的股東帶來了優異的業績。

With that, I'm going to hand it over to Brendan to share additional insight on our strategic growth drivers. Brendan?

接下來，我將把它交給布倫丹，分享更多有關我們策略成長驅動力的見解。布倫丹？

Thanks, Mike. As we emerge from the pandemic, the power and relevance of our brands is evident as we execute our global growth agenda across the portfolio. With roughly 2/3 of our business in running, outdoor and work, our brands are well positioned in the lifestyle and performance-oriented product categories favored by consumers and macro trends.

謝謝，麥克。隨著我們走出疫情，我們品牌的力量和相關性在我們執行整個產品組合的全球成長議程時變得顯而易見。我們約2/3的業務涉及跑步、戶外和工作，我們的品牌在消費者和宏觀趨勢青睞的生活方式和性能導向的產品類別中處於有利地位。

In addition to the unique positioning of our brand portfolio, our global growth agenda is driving strong momentum through 3 key pillars. First, the brand's new product and marketing stories are resonating well with consumers, including Sperry's Float, Merrell's Moab Speed and Moab's Flight, and Saucony's Guide 14, new Endorphin collections and several other new launches.

除了我們品牌組合的獨特定位之外，我們的全球成長議程還透過三個關鍵支柱推動強勁勢頭。首先，品牌的新產品和行銷故事引起了消費者的強烈共鳴，包括 Sperry 的 Float、Merrell 的 Moab Speed 和 Moab's Flight，以及 Saucony 的 Guide 14、新的 Endorphin 系列和其他幾款新產品。

Our brands are focused on developing big, innovative and impactful product collections based on consumer insights, trend intel and testing. And recent investments in our advanced concepts and innovation center of excellence are proving invaluable. Second, our ongoing investments in digital capabilities continues to fuel e-commerce growth, which is exceeding our expectations at this early stage in the year as we track towards our bold revenue goal of $500 million through our brands.com in 2021.

我們的品牌專注於根據消費者洞察、趨勢情報和測試開發大型、創新和有影響力的產品系列。事實證明，最近對我們的先進理念和卓越創新中心的投資是無價的。其次，我們對數位能力的持續投資持續推動電子商務的成長，這超出了我們今年早期的預期，因為我們正在努力實現 2021 年透過 Brands.com 實現 5 億美元收入的大膽目標。

In Q1, we leveraged increased digital marketing investments to drive more traffic, richer digital content and storytelling to engage consumers, better merchandising to optimize conversion and additional testing and learning to improve site user experiences. These assets and investments are also helping drive the online business of our global distribution partners and wholesale customers. In the coming months, we anticipate integrating and launching several new innovations and technologies, including a Merrell mobile app. We are excited about the substantial runway that remains for our digital business.

在第一季度，我們利用增加的數位行銷投資來增加流量，利用更豐富的數位內容和故事敘述來吸引消費者，利用更好的推銷來優化轉化，並利用額外的測試和學習來改善網站用戶體驗。這些資產和投資也有助於推動我們的全球分銷合作夥伴和批發客戶的線上業務。在接下來的幾個月中，我們預計將整合並推出多項新的創新和技術，包括 Merrell 行動應用程式。我們對我們的數位業務仍然擁有廣闊的跑道感到興奮。

Finally, our international business has recovered quickly from last year's shutdown, with every region delivering very strong Q1 growth. As Blake mentioned, our Saucony Italy business and its product design and marketing hub are helping drive upper tier distribution for our fastest growing brand.

最後，我們的國際業務從去年的停擺中迅速恢復，每個地區第一季都實現了非常強勁的成長。正如布萊克所提到的，我們的索康尼義大利業務及其產品設計和行銷中心正在幫助推動我們成長最快的品牌的上層分銷。

Overall, EMEA continues to outperform, and the investments in our Merrell and Saucony JV targeting a significant opportunity for our 2 biggest brands, are beginning to pay dividends. Our brands are well aligned with today's marketplace and consumer trends, and our global growth agenda is fueling our biggest and most profitable growth opportunities. I could not be more excited about 2021 and the future beyond.

總體而言，歐洲、中東和非洲地區的表現持續優於大盤，我們對 Merrell 和 Saucony 合資企業的投資為我們兩個最大的品牌提供了重大機遇，並開始帶來紅利。我們的品牌與當今的市場和消費者趨勢非常契合，我們的全球成長議程正在推動我們最大、最有利可圖的成長機會。我對 2021 年和未來感到無比興奮。

With that, I will turn it back over to Blake to conclude our remarks. Blake?

至此，我將把它轉回布萊克來結束我們的演講。布萊克？

Thanks, Brendan. Our strong start to the year is reflective of our intense focus on the consumer and our continued investments in talent, product design and innovation, digital and consumer research and insights. The company drove meaningful growth in Q1 despite the impact from short-term industry logistic headwinds, and we are increasingly optimistic about the year ahead. Vaccination rollouts appear to be tracking well. Consumer confidence continues to improve, and our demand outlook remains very strong. Our DTC business is performing well, and our wholesale order book continues to provide good visibility to accelerated growth for the year ahead.

謝謝，布倫丹。我們今年的強勁開局反映了我們對消費者的高度關注以及對人才、產品設計和創新、數位和消費者研究和洞察的持續投資。儘管受到短期行業物流不利因素的影響，該公司在第一季仍實現了有意義的成長，我們對未來一年越來越樂觀。疫苗接種的推廣似乎進展順利。消費者信心持續改善，我們的需求前景仍然非常強勁。我們的 DTC 業務表現良好，我們的批發訂單簿繼續為未來一年的加速成長提供良好的可見性。

We are clear on our strategic priorities and enthused about the opportunities in front of us. The company's strong position is a testament to our team's tremendous vigilance, focus and hard work over the last 15 months. Throughout this period, we focused on managing our brands for the post-COVID world and continued to invest.

我們清楚我們的策略重點，並對眼前的機會充滿熱情。公司的強勢地位證明了我們團隊在過去 15 個月中的高度警覺、專注和辛勤工作。在此期間，我們專注於為後疫情時代管理我們的品牌並繼續投資。

I'd like to close by thanking our team members for all of their efforts, enabling us to start fast in 2021, which I believe will prove to be a breakthrough year for the company.

最後，我要感謝我們的團隊成員所做的一切努力，使我們能夠在 2021 年快速起步，我相信這將是公司突破性的一年。

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) Our first question has come from the line of Jonathan Komp with Baird.

（操作員說明）我們的第一個問題來自 Jonathan Komp 和 Baird 的線路。

Yes. First question I had, I want to ask, when you look at the roughly $50 million increase in the full year revenue outlook. Can you just give a little more color, the source of the upside, thinking across the brands? And then as you look forward, both in the second quarter, given better inventory availability, but also in the back half, given the ability to chase demand, how you're thinking about the flow in terms of revenue growth as you look forward here?

是的。當你看到全年收入前景增加約 5000 萬美元時，我想問我的第一個問題。您能否提供更多的色彩，即優勢的來源，跨品牌的思考？然後，當你展望未來時，無論是在第二季度，考慮到更好的庫存可用性，還是在下半年，考慮到追逐需求的能力，當你在這裡展望時，你如何考慮收入成長方面的流量？

Jonathan, yes, I would say that the upside for the year is pretty broad-based. It's across all of our outdoor brands, our work brands, Saucony and the running category, we expect Sperry return to growth for the rest of the year. Obviously, our e-commerce business is performing extremely well. But the online businesses of our wholesale customers are also performing extremely well. And then we continue to see momentum across international regions.

喬納森，是的，我想說今年的上漲空間非常廣泛。在我們所有的戶外品牌、工作品牌、索康尼和跑步類別中，我們預計 Sperry 在今年剩餘時間內恢復成長。顯然，我們的電子商務業務表現非常好。但我們批發客戶的線上業務也表現得非常好。然後我們繼續看到國際地區的勢頭。

It's a bit mixed, right? There's still some countries that are locked down a little bit, but the vaccines are working and economies are starting to open up. And I think our Q1 performance was just reflective our broad-based upside for the entire year. So it's not a single brand. It's not a single channel. It's not a single geographic region. It's really pretty broad-based. And then your second part of your question.

有點混雜，對吧？仍有一些國家受到了一定程度的封鎖，但疫苗正在發揮作用，經濟也開始開放。我認為我們第一季的表現只是反映了我們全年的廣泛優勢。所以它不是單一品牌。這不是一個單一的管道。它不是一個單一的地理區域。它的基礎非常廣泛。然後是你問題的第二部分。

The revenue flow by quarter. I mean we saw a meaningful shift in revenue from Q1 to Q2 just in terms of some of the supply chain challenges that we saw that we would expect each quarter here to see a sequential kind of improvement in terms of year-over-year growth for sure, but also even as we kind of consider performance against 2019 as a baseline, too. So it's -- as much as it's broad-based across the portfolio, as Blake mentioned, I think we'll see a similar sort of benefit in terms of each quarter getting an -- seeing some upside each of the quarters ahead of us.

按季度劃分的收入流。我的意思是，我們看到收入從第一季到第二季發生了有意義的轉變，就我們看到的一些供應鏈挑戰而言，我們預計每個季度的同比增長都會出現連續性的改善當然，但即使我們也將2019 年的表現視為基準。因此，正如布萊克所提到的，儘管它在整個投資組合中具有廣泛的基礎，但我認為我們將在每個季度獲得類似的收益，看到我們前面每季的一些上行空間。

Okay. Just to clarify, so revenue versus 2019 should improve year-over-year -- compared to 2019 should improve going forward, including second quarter. Is that right?

好的。需要澄清的是，與 2019 年相比，收入應該會比去年同期有所改善——與 2019 年相比，未來（包括第二季）應該會有所改善。是對的嗎？

Yes. And we were down about 2.5% -- we were about 2.5% down in Q1. So we start to see that improving in the quarter.

是的。我們下降了約 2.5%——第一季下降了約 2.5%。因此，我們開始看到本季情況有所改善。

Okay. And would you expect Q2 to be up versus 2019? Or just less negative first quarter.

好的。您預計第二季的業績會比 2019 年成長嗎？或只是第一季的負面影響較小。

No. We're not given that specific kind of direction on the quarter other than kind of to say that we see it improving a bit versus how we performed in Q1.

不。我們沒有得到關於本季度的具體方向，只是說我們看到它與第一季的表現相比有所改善。

Okay. Great. And then, Mike, one follow-up question on the outlook. I know you didn't raise the outlook for net earnings on a GAAP basis. Is that entirely because of the airfreight? And maybe comment on the incremental marketing, if that a part of it? And as a related question, just any commentary on the profitability on the e-commerce business, given the strength you're seeing on the top line?

好的。偉大的。然後，麥克，我提出一個關於前景的後續問題。我知道您沒有提高以公認會計準則計算的淨利潤前景。這完全是因為空運嗎？也許對增量行銷發表評論，如果這是其中的一部分？作為一個相關的問題，考慮到您在營收方面看到的實力，對電子商務業務的盈利能力有何評論？

Sure. Yes, I'll start with the last question. Our profitability on the e-com has been really strong. We've been able to see some nice leverage. We talked about 84% growth in the first quarter, but even beyond that, really strong leverage on the earnings side year-over-year and even against our plan. So that continues to be robust.

當然。是的，我將從最後一個問題開始。我們在電子商務領域的獲利能力非常強勁。我們已經看到了一些不錯的槓桿作用。我們談到第一季成長 84%，但除此之外，獲利方面的槓桿率比去年同期也非常強勁，甚至違背了我們的計畫。所以這仍然是強勁的。

On the -- just to jump in there, I think one of the things we're seeing with Matt Blonder, our new Head of Digital, just bringing new techniques and very quickly able to find ways to leverage our spend dollars. And so as we're getting the top side revenue, we're seeing good flow through, and that's exciting for the balance of the year.

順便說一句，我認為我們新數位主管 Matt Blonder 看到的一件事是，他帶來了新技術，並且很快就能找到利用我們支出資金的方法。因此，當我們獲得較高的收入時，我們會看到良好的流量，這對今年剩餘時間來說是令人興奮的。

I think your other question, John, was about the adjusted results and the adjusting out of airfreight. I want to be clear on that. I mean, first of all, we don't have any other types of costs considered in there. We have the legacy litigation costs that are going to continue to be in the adjustment like they have been for the last couple of years. But as it relates to COVID, really what we're seeing is the supply chain interruption has really put us in a position to be very aggressive to chase the demand we have and put into our outlook, at least, some incremental airfreight that we feel might be necessary to secure that demand.

約翰，我認為你的另一個問題是關於調整後的結果和空運的調整。我想澄清這一點。我的意思是，首先，我們沒有考慮任何其他類型的成本。我們的遺留訴訟成本將像過去幾年一樣繼續進行調整。但由於與新冠疫情相關，我們真正看到的是供應鏈中斷確實使我們能夠非常積極地追逐我們的需求，並納入我們的前景，至少，我們認為一些增量空運可能有必要確保這一需求。

We still have a significant amount of airfreight included in our adjusted guidance. So this is not adjusting out all of the airfreight, but just that we feel is extraordinary or more directly related to the COVID situation. It's about $15 million to $20 million in that adjustment. And we'll monitor that. We obviously didn't spend that much in the first quarter. And we're hoping that we won't need all of that. But at the end of the day, we wanted to provide for that in this outlook.

我們的調整後指導中仍包含大量空運。因此，這並不是調整所有的空運，而是我們認為非同尋常或與新冠疫情更直接相關的空運。此次調整大約需要 1500 萬至 2000 萬美元。我們將對此進行監控。我們第一季顯然沒有花那麼多錢。我們希望我們不需要所有這些。但歸根結底，我們希望在這種前景下實現這一點。

Our next questions come from the line of Steve Marotta with CL King.

我們的下一個問題來自史蒂夫馬洛塔和 CL King 的對話。

Mike, just amplifying on one of your last answers. Of course, it was mentioned in the commentary, the $10 million is Sperry slipped from Q1 into Q2. What's the consolidated amount of slippage from Q1 to Q2?

麥克，只是放大了你最後的答案之一。當然，評論中提到，這1000萬美元是斯佩里從Q1滑到Q2的。從第一季到第二季的綜合滑點是多少？

This is Blake, Steve. I think it -- the headwinds were a little stronger than we anticipated 3 months ago when we last chatted. We -- at that time, you recall, we thought there might be about $10 million, $20 million of -- about $20 million in total of slippage into Q2 from Q1. That turned out to be about $40 million for the quarter. It wasn't every brand. But it was kind of concentrated in some of our bigger brands, certainly had an impact -- material impact on Sperry.

這是布萊克，史蒂夫。我認為——逆風比我們上次聊天時三個月前的預期要強一些。你還記得，當時我們認為可能會有大約 1000 萬美元、2000 萬美元——大約 2000 萬美元從第一季滑入第二季度。結果該季度的營收約為 4000 萬美元。不是每個品牌都有。但它有點集中在我們的一些較大品牌中，當然產生了影響——對斯佩里的實質影響。

As we look ahead, we see right now about the same amount of slippage from Q2 into Q3. We see the supply chain and some of the logistics issues getting better as we march through the year. But we still see about the same level of slippage from Q2 to Q3 as we experienced in Q1 to Q2, and that was about $40 million of top line.

展望未來，我們現在看到從第二季到第三季的滑移量大致相同。隨著這一年的進展，我們看到供應鏈和一些物流問題正在改善。但我們仍然看到從第二季到第三季的下滑程度與第一季到第二季的下滑程度相同，營收約 4,000 萬美元。

That's really helpful. Have you seen any regional variation domestically based on either vaccination rates or reopening activities? Anything that gives you a bit of a looking glass into what could be occurring in the balance of the country in 6 months from now, say?

這真的很有幫助。您是否發現國內因疫苗接種率或重新開放活動而有區域差異？比方說，有什麼可以讓您了解 6 個月後該國的平衡狀況會發生什麼嗎？

Actually, we try and follow that pretty closely. But to be honest with you, we saw broad-based demand across regions, almost irrespective of where they were on addressing COVID or vaccines or weather. So whether, it's any of our outdoor categories, certainly athletic, more athletic, running categories or a work category, we saw pretty strong demand. Our future order book is also reflective of kind of that broad-based demand, both internationally and across geographies here in the United States as well.

事實上，我們嘗試密切關注這一點。但老實說，我們看到了跨地區的廣泛需求，幾乎無論他們在哪裡解決新冠病毒、疫苗或天氣問題。因此，無論是我們的任何戶外類別，當然是運動類別、運動類別、跑步類別或工作類別，我們都看到了相當強勁的需求。我們未來的訂單也反映了這種廣泛的需求，無論是國際上或美國各地。

Our next question is come from the line of Jim Duffy with Stifel.

我們的下一個問題來自 Jim Duffy 和 Stifel。

I wanted to start on the digital. So the e-commerce growth rate for the quarter implies acceleration in digital in March relative to the quarter-to-date trends of 60% you discussed late February. Has that digital strength continued thus far in the second quarter? And has it been broad-based across brands?

我想從數字開始。因此，本季的電子商務成長率意味著 3 月的數位化成長率相對於您在 2 月底討論的季度至今的 60% 趨勢而言有所加速。到目前為止，第二季度數位化動能是否持續？它是否在各個品牌中具有廣泛的基礎？

Yes. This is Brendan. I mean certainly continued and it is broad-based, which is really exciting to see. Obviously, as we anniversary the pandemic from last year, we knew the comps would change, but right in line with our expectations. And as I mentioned a few minutes ago, really pleased with some of the new techniques and tools we have with Matt Blonder coming on. The consulting project we mentioned last time, I think, is already starting to pay dividends with some quick wins. So very pleased with the momentum in our brands.com. And Blake mentioned also, also very pleased with what we're seeing from our wholesale.com as well.

是的。這是布倫丹。我的意思是，它肯定會持續下去，而且基礎廣泛，這真是令人興奮。顯然，在我們紀念去年的大流行之際，我們知道業績會發生變化，但與我們的預期相符。正如我幾分鐘前提到的，我們對 Matt Blonder 即將推出的一些新技術和工具感到非常滿意。我認為，我們上次提到的諮詢計畫已經開始帶來紅利，並且取得了一些快速成果。對我們的 Brands.com 的發展勢頭非常滿意。布萊克也提到，我們對從批發網站看到的情況也非常滿意。

Great. And then with respect to the international business, can you guys provide an update on the outlook for the international distributor markets? What's the state of distributor inventories at this point? What's the time frame for when you're expecting the distributor business to turn back on?

偉大的。那麼關於國際業務，你們能提供一下國際經銷商市場前景的最新情況嗎？目前經銷商庫存狀況如何？您預期經銷商業務何時恢復？

Yes. I would say that it really varies quite a bit country by country. And right now, we're seeing broad-based lift across international markets and regions, including Latin America. EMA for us, as you know, Jim, has been especially strong here over the last couple of years, and that strength has continued. Asia Pacific again, it varies kind of widely by country, but we're seeing increased demand. And it's across the same macro trends that were experienced here in the United States, the outdoors, more athletic, at-home comfy footwear, work footwear.

是的。我想說，不同國家的情況確實有很大差異。目前，我們看到包括拉丁美洲在內的國際市場和地區的廣泛提升。吉姆，正如你所知，EMA 對我們來說在過去幾年中表現得尤其強勁，而且這種勢頭仍在持續。再次在亞太地區，不同國家的情況差異很大，但我們看到需求增加。這與美國經歷的宏觀趨勢相同，即戶外運動鞋、居家舒適鞋、工作鞋。

So we have individual countries that are still under some pretty severe lockdowns. They've taken a very stringent approach to COVID, probably to their credit. But the international business, we expect to be very good this year and frankly approach or exceed 2019 levels.

因此，我們有個別國家仍處於相當嚴格的封鎖之下。他們對新冠病毒採取了非常嚴格的措施，這可能是他們的功勞。但國際業務，我們預計今年會非常好，坦率地接近或超過 2019 年的水平。

And I think the other part of your question, Jim, was about inventories, too. I think that in line with that improving performance. We're seeing the inventories get more back in line. And we have a couple of markets where it's a little more problematic. But overall, just positive outlook there. And obviously, the international business is part of our improved revenue outlook for the year.

吉姆，我認為你問題的另一部分也與庫存有關。我認為這與性能的提高是一致的。我們看到庫存恢復正常。我們有幾個市場的問題有點多。但整體而言，前景樂觀。顯然，國際業務是我們今年收入前景改善的一部分。

Our next questions come from the line of Erinn Murphy with Piper Sandler.

我們的下一個問題來自艾琳·墨菲 (Erinn Murphy) 和派珀·桑德勒 (Piper Sandler) 的對話。

Just a couple of questions. First, on the first quarter, how much do you think stimulus benefited your results? And is that continuing in the quarter-to-date period from a demand perspective? And then how are North American retailers ordering for the second half?

只是幾個問題。首先，您認為第一季的刺激措施對您的業績有多大好處？從需求角度來看，本季至今是否持續這種情況？那麼下半年北美零售商的訂單狀況如何呢？

Yes. I would say on the stimulus side, I think it certainly had an impact on consumer soft goods, in general, probably on footwear as well. As a company, we're certainly benefiting from our 2/3 -- about 2/3 of our portfolio of brands being in some of the hottest categories for the consumers. So we see that strength frankly and we saw that kind of demand strength with or without the stimulus checks. But when you're pouring trillions of dollars into an economy, obviously, that level of stimulus is going to raise all boats.

是的。我想說，在刺激方面，我認為它肯定對消費品產生了影響，一般來說，也可能對鞋類產生影響。作為一家公司，我們肯定會受益於我們 2/3 的品牌組合——大約 2/3 的品牌組合屬於消費者最熱門的類別。因此，我們坦率地看到了這種力量，無論有沒有刺激檢查，我們都看到了這種需求強度。但當你向一個經濟體注入數萬億美元時，顯然，這種程度的刺激將使所有船隻都揚起。

And then when we look at future demand as well, we see that strong from -- not just our own DTC side, but we see strong demand from across our wholesale customers for both their online business and traditional brick-and-mortar business, probably the strongest demand I've ever seen in my career. Probably a significant increases, not just over 2020, but over 2019. So from our standpoint, that gives us pretty good future insight into what to expect, and it's very encouraging.

然後，當我們考慮未來的需求時，我們看到這種強勁的需求不僅來自我們自己的 DTC 方面，而且我們看到我們的批發客戶對其在線業務和傳統實體業務的強勁需求，可能這是我職業生涯中見過的最強烈的需求。不僅是在 2020 年，而且在 2019 年，可能都會有顯著的成長。因此，從我們的角度來看，這讓我們對未來的預期有了很好的了解，這是非常令人鼓舞的。

And I think the other thing to add on to that, Erinn, is some major brands pulling back from wholesalers has provided us a window to take advantage of additional shelf space.

我認為另一件事需要補充的是，Erinn，一些主要品牌從批發商撤資為我們提供了一個利用額外貨架空間的窗口。

Got it. No, that's very helpful. And then just a couple for Mike, if I may. Just going back to your comments on the revenue slippage from -- obviously, Q1 to Q2, Q2 to Q3. So if we take that together with the guide raise this morning, should I be interpreting that we won't really see 2019 levels until -- in the revenue until Q4, you start to see some of that in Q3?

知道了。不，這非常有幫助。如果可以的話，請為麥克提供一些。回到您對收入下滑的評論——顯然，從第一季到第二季度，從第二季度到第三季度。因此，如果我們將其與今天早上的指導加薪一起考慮，我是否應該解釋說，我們不會真正看到2019 年的水平，直到第四季度的收入，你開始在第三季度看到其中的一些？

And then I guess, just a clarification on airfreight. What was it last year, just so that we have some comparability since I believe it was included in the results last year.

然後我想，只是對空運進行澄清。去年是什麼，這樣我們就有了一些可比性，因為我相信它已經包含在去年的結果中。

Sure. Yes. On the airfreight question. Last year, I think it was about 7 -- between $7 million and $8 million. And then we kind of look back over the last few years, what's a normal year for us. And there are always reasons you have to use airfreight as a solution. So that's a normal level. We've got $10 million included in the adjusted results here, so even higher than a normal level. And then the outlook for what might be considered extraordinary or COVID related would be in that kind of additional $15 million to $20 million range. So that's really the reason we're treating it this way, Erinn, is because we think it's certainly a more normalized way to look at the cost structure.

當然。是的。關於空運問題。去年，我認為大約是 7 美元——700 萬美元到 800 萬美元之間。然後我們回顧過去幾年，對我們來說這是正常的一年。總有一些原因讓您必須使用空運作為解決方案。所以這是正常水平。我們在調整後的結果中包含了 1000 萬美元，因此甚至高於正常水平。然後，那些可能被認為是非凡的或與新冠病毒相關的項目的前景將在 1500 萬至 2000 萬美元的額外收入範圍內。這就是我們這樣對待它的原因，Erinn，是因為我們認為這肯定是一種更標準化的方式來看待成本結構。

The question about revenue by quarter. This is not a back half or even certainly not a Q4 weighted outlook for the business. Blake mentioned similar slippage or at least in our way of planning the business right now, a similar amount of slippage from Q2 into Q3. Even with that, we expect Q2 to be closer to 2019 levels than Q1 was.

關於季度營收的問題。這不是後半部分，甚至肯定不是第四季加權的業務前景。布萊克提到了類似的下滑，或者至少在我們現在規劃業務的方式中，從第二季到第三季有類似的下滑量。即便如此，我們預計第二季將比第一季更接近 2019 年的水準。

Our next question come from the line of Mitch Kummetz with Pivotal Research.

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

I've got a few. So Mike, just doing some math on the first quarter. So it sounds like the slippage was $40 million. The plan was $20 million. So is it fair to say that if I kind of adjust for that, the revenues would have been like $531 million versus $511 million. Is that the right way to think about kind of the moving parts there?

我有幾個。麥克，只是在第一季做了一些數學計算。所以聽起來滑點是 4000 萬美元。該計劃耗資 2000 萬美元。因此，公平地說，如果我對此進行調整，收入將分別為 5.31 億美元和 5.11 億美元。這是考慮那裡的活動部件的正確方法嗎？

Right. There were some nice at-once performance in some of our brands. Our e-com business outperformed our expectations, as we mentioned, certainly as we progress through the quarter. So I think that's the right way to look at it, Mitch.

正確的。我們的一些品牌同時表現出色。正如我們所提到的，隨著本季的進展，我們的電子商務業務的表現肯定超出了我們的預期。所以我認為這是正確的看法，米奇。

Okay. And then on the gross margin, which was up nearly 300 bps year-over-year. Could you just quantify some of the bigger puts and takes there? What was the benefit? I assume you had a benefit from channel mix, how much was that? And then any comments about sort of off-price closeouts this year versus last.

好的。然後是毛利率，年增近 300 個基點。你能量化一些較大的賣權和賣出選擇權嗎？有什麼好處？我假設您從通路組合中受益，有多少？然後是關於今年與去年相比的低價清倉的任何評論。

Yes. Very clean inventories health, right? We're coming into the year and even the second quarter with extremely low closeout positions in our brands. The promotional cadence was very low. I mean our full-price business was solid in the quarter and continues to be the case as demand is kind of outpacing our ability to necessarily chase the business in the first 4 months of the year.

是的。庫存很乾淨又健康吧？我們進入今年甚至第二季時，我們品牌的清倉部位都非常低。促銷節奏非常低。我的意思是，我們的全價業務在本季度表現穩定，並且持續如此，因為需求超出了我們在今年前 4 個月追逐業務的能力。

So that's really helped drive our margins up. And then obviously, the mix in e-commerce and our store growth has helped, too. So it's really all those factors. The mix is probably the biggest component of that. But I think overall, as you know, our e-commerce business, up 84%, is also driving nice leverage on the bottom line as well as an incremental operating margin performance, too.

所以這確實有助於提高我們的利潤率。顯然，電子商務和我們商店成長的結合也有所幫助。所以這確實是所有這些因素。混合可能是其中最大的組成部分。但我認為總體而言，如您所知，我們的電子商務業務成長了 84%，也推動了盈利的良好槓桿作用以及增量營業利潤率表現。

Yes. And then lastly, just any comments on sandals? I mean, specifically, I'm curious how the Chaco business did. I'd be surprised if the order book was great going into the quarter, just given that sandals were a challenged category last year. But I guess what we're hearing is that sandals have been doing better. And I'm kind of curious how Chaco's selling through. So anything there would be helpful.

是的。最後，涼鞋有什麼評論嗎？我的意思是，具體來說，我很好奇查科業務的表現如何。考慮到去年涼鞋是一個充滿挑戰的類別，如果本季的訂單量很大，我會感到驚訝。但我想我們聽到的是涼鞋的表現越來越好。我有點好奇 ​​Chaco 的銷售情況如何。所以任何事情都會有幫助。

Yes. We would agree with those general consumer views. Sandals seem to be doing well and water shoes across any number of our outdoor brands. Chaco has strong demand at the moment. Probably, frankly, we wish Chaco had small inventory. If I could have a wish, Chaco would add some more inventory at the present time, but we've taken corrective action there, and our inflows should be improving substantially. So again, we see demand but not just for our sandals or more open footwear, but demand across basically almost any category in outdoor, athletic or run.

是的。我們同意這些一般消費者的觀點。在我們眾多的戶外品牌中，涼鞋和水鞋的表現似乎都很不錯。 Chaco 目前需求強勁。坦白說，我們可能希望 Chaco 的庫存量較小。如果我願意的話，Chaco 目前會增加一些庫存，但我們已經採取了糾正措施，我們的流入量應該會大幅改善。因此，我們再次看到需求，但不僅僅是對我們的涼鞋或更多開放式鞋類的需求，而是幾乎所有戶外、運動或跑步類別的需求。

Our next questions come from the line of Jay Sole with UBS.

我們的下一個問題來自瑞銀集團的 Jay Sole。

I just want to follow up on some of the gross margin commentary. You mentioned gross margins up about over 200 bps versus 2019. It's benefiting from mix to e-commerce and product. As we think about the rest of the year and your guidance for the full year, do you expect that kind of gross margin improvement versus 2019 to continue? Or do you see some of these mix and product shifts and price realization benefits that you have is more onetime that sort of normalizes over the rest of the year and then as we into 4Q?

我只想跟進一些毛利率評論。您提到毛利率比 2019 年增長了約 200 個基點。它受益於電子商務和產品的混合。當我們考慮今年剩餘時間以及您對全年的指導時，您預計與 2019 年相比，這種毛利率的改善會持續嗎？或者您認為您擁有的一些組合、產品轉變以及價格實現收益在今年剩餘時間裡會變得正常化，然後隨著我們進入第四季度？

Yes. Our full year outlook is really strong. And I think those tailwinds and benefits are going to continue throughout the year. There's obviously plenty of information out there about higher input costs, and inflationary pressures that are going to start to impact our industry. Higher freight costs have already started to impact our results. And I should mention that included in our Q1 results and our full year outlook, we've incorporated much higher ocean freight rates, the airfreight that we talked about and some other supply chain-related costs that are working against us. But we're overcoming that just with a cleaner business, and higher growing margins.

是的。我們的全年前景非常強勁。我認為這些有利因素和好處將持續一整年。顯然有大量關於投入成本上升和通膨壓力將開始影響我們行業的資訊。較高的貨運成本已經開始影響我們的業績。我應該要提到的是，在我們的第一季業績和全年展望中，我們納入了更高的海運費率、我們談到的空運費以及其他一些對我們不利的供應鏈相關成本。但我們正在透過更清潔的業務和更高的利潤成長來克服這個問題。

So we expect that to continue as we start to think about next year. We'll provide more insight into how some of those input costs might start to impact the business. But for now, given the fact that we've locked in, our pricing and our production for all of this year, we're confident our margins will grow that we're looking out.

因此，當我們開始考慮明年時，我們預計這種情況將繼續下去。我們將更深入地了解其中一些投入成本可能如何開始影響業務。但就目前而言，考慮到我們已經鎖定了今年全年的定價和產量，我們有信心我們的利潤率將會成長，我們正在尋找。

Got it. And if I can follow up on that. The SG&A for Q1 was up about $15 million versus 2019. You mentioned that the e-commerce business is accretive. So can you just sort of help us understand what's driving the dollar growth over 2019? And will that trend continue over the rest of the year? Is that something that's implied in the guidance?

知道了。如果我能跟進的話。第一季的 SG&A 比 2019 年增加了約 1500 萬美元。您提到電子商務業務具有增值性。那麼您能否幫助我們了解 2019 年推動美元成長的因素是什麼？這種趨勢會在今年剩餘時間內持續下去嗎？指南中是否暗示了這一點？

It is, and it is mostly related to that shift mix that -- that mix shift that we're talking about with our D2C businesses, both e-com and stores, right, operate with a much higher overhead or SG&A component, but they are accretive to the business overall. And so what you're seeing is at the same time, as gross margins expand, you're seeing an increase in SG&A expense as a percent of revenue.

確實如此，而且主要與這種混合轉變有關——我們正在談論的 D2C 業務（包括電子商務和商店）的混合轉變，以更高的管理費用或 SG&A 組件運營，但它們對整體業務有促進作用。因此，您同時會看到，隨著毛利率的擴大，銷售、一般行政費用 (SG&A) 費用佔收入的百分比也在增加。

We've also got normalized incentive compensation costs. In these numbers, 2019 was relatively low in that regard, too. So there's some impact from that. But most of the shift in the business, and we continue to be really efficient and with some of the changes we made last year, lowering our travel costs, reducing our costs around global brand conferences and things like that. Those are still in play for 2021. COVID is still having an impact on our ability to travel and do those things. So there are some good benefits coming through from that as well.

我們還有標準化的激勵補償成本。從這些數字來看，2019 年在這方面也相對較低。所以這是有一些影響的。但大部分業務發生了轉變，我們仍然保持真正的高效，去年我們做出了一些改變，降低了差旅成本，降低了全球品牌會議等方面的成本。這些措施在 2021 年仍然有效。新冠疫情仍然對我們旅行和做這些事情的能力產生影響。因此，這也帶來了一些好處。

Our next questions come from the line of Sam Poser with Susquehanna (sic) [Williams Tradings].

我們的下一個問題來自 Sam Poser 與 Susquehanna（原文如此）[Williams Tradings] 的聯繫。

It's not Susquehanna anymore. It's Williams Tradings. I got a couple -- I have a handful of questions. Number one, can you give us the specifics on Sperry and Merrell versus '19 that you gave it for Saucony? And can you give us the specifics for Merrell and Sperry for '19?

它不再是薩斯奎哈納了。這是威廉斯貿易公司。我有幾個問題——我有幾個問題。第一，您能為我們介紹 Sperry 和 Merrell 與您為 Saucony 提供的 '19 的具體情況嗎？能給我們介紹 Merrell 和 Sperry '19 的具體情況嗎？

Yes. I would -- yes, I can give you a little more color on that. Merrell would have been up virtually about double digits against 2019. Sperry would have still been down double digits against 2019 higher than its decrease in Q1. So we see that -- we see the trend going forward, quarters 2, 3 and 4 for Sperry, improving significantly. And frankly, we see momentum also increasing for Merrell.

是的。我會——是的，我可以給你更多的資訊。與2019 年相比，梅雷爾(Merrell) 的股價幾乎會上漲約兩位數。與2019 年相比，斯佩里(Sperry) 的股價仍將下跌兩位數，高於第一季的跌幅。所以我們看到——我們看到斯佩里的趨勢在第二、第三和第四季顯著改善。坦白說，我們看到梅雷爾的勢頭也在增強。

Right. And do you foresee the second quarter for the Boston Group, I mean, primarily Sperry here? Do you foresee that you can get to -- in the Boston Group get to 2019 levels? Or is that still going to be below?

正確的。我的意思是，你預計波士頓集團第二季的業績，主要是斯佩里嗎？您預計波士頓集團能夠達到 2019 年的水準嗎？或者說仍然會低於這個水平？

I don't have that forecast. We usually don't -- Sam, give that level of detail. But I don't have that forecast. In front of me right now. Certainly, it will be an improvement over what you saw in Q1.

我沒有這樣的預測。 Sam，我們通常不會提供那麼詳細的資訊。但我沒有這樣的預測。現在就在我面前。當然，這將比您在第一季看到的有所改善。

And you know, Sam, Saucony did extremely well in the first quarter. And Saucony's outlook for the rest of the year remains really strong. So that will help boost the Boston Group. And Sperry, we already said will return to growth for the rest of the year. So we expect an improvement there, certainly, as it relates to shift from Q1 to Q2.

你知道，山姆，索康尼在第一季表現得非常好。索康尼今年剩餘時間的前景仍然非常強勁。這將有助於推動波士頓集團的發展。我們已經說過，斯佩里將在今年剩餘時間內恢復成長。因此，我們當然預計這方面會有所改善，因為這與從第一季到第二季的轉變有關。

And then I've got a few more. Did Q1 beat -- I mean, Mitch should answer the question. But the Q1 beat your internal plan, how much -- does that...

然後我還有一些。 Q1 擊敗了嗎——我的意思是，米奇應該回答這個問題。但 Q1 超出了你的內部計劃，多少——是嗎…

Yes. I think that was a fair question for Mitch and stuff. Yes, clearly, we had more slippage into Q2 than we anticipated, maybe around an incremental $20 million. And so we feel really great about our Q1 performance and our outlook, obviously. We're very bullish right now. But Q1, we certainly beat our internal expectations as of -- versus 3 months ago.

是的。我認為這對米奇之類的人來說是一個公平的問題。是的，很明顯，第二季的下滑比我們預期的要多，可能增加了 2000 萬美元左右。因此，顯然，我們對第一季的表現和前景感到非常滿意。我們現在非常看好。但第一季度，與 3 個月前相比，我們確實超出了我們的內部預期。

Given how much slipped, if you had to move that $20 million, what would slip, you would have thought you wouldn't have done as well.

考慮到下滑的幅度，如果你必須轉移那 2000 萬美元，那麼你會認為自己不會做得那麼好。

Right. And as just one example, Sperry would have had a revenue increase in Q1, but for the slippage. It just happened to be one of those brands that experienced some of the logistic headwinds, unfortunately, a little bit more so than some of our other brands as one example. So with that Q1 was a strong start to the year.

正確的。舉一個例子，如果沒有下滑，斯佩里第一季的收入將會增加。不幸的是，它恰好是經歷了一些物流阻力的品牌之一，比我們其他一些品牌的情況要嚴重一些。因此，第一季是今年的一個好開始。

And then lastly, Mike, what is the tax rate and interest expense you're anticipating for the full year?

最後，麥克，您預計全年的稅率和利息支出是多少？

Well, the tax rate is still right around 20%, which is consistent with our original guidance. And then net interest and other expenses is about $45 million.

那麼稅率還是在20%左右，這和我們原來的指導是一致的。然後淨利息和其他費用約為 4500 萬美元。

Our next questions come from the line of Susan Anderson with B. Riley.

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

Make up on the quarter and managing through the pandemic. I was wondering if maybe you give a little bit more color on what you're expecting for product costs as we look in the back half in 2022? I guess, are you expecting commodity costs to be up in the back half? Or is that more of a 2022 time frame? And is -- are there any plans to raise prices or anything to offset that?

彌補季度不足並應對疫情。我想知道，當我們展望 2022 年下半年時，您是否可以對您對產品成本的預期提供更多資訊？我想，您預計下半年大宗商品成本會上漲嗎？或者這更像是 2022 年的時間框架？是否有計劃提高價格或採取任何措施來抵消此影響？

Yes. Let me just give you some background. I think we've come, at least from my experience, through an unbelievable 8-or-so seasons of price stability or deflation even in the input cost for footwear. Certainly, rubber, cotton, leather, some other components, we see the price increases happening in those areas. We do expect some product cost increases and logistics supply chain cost increases starting to flow through in the back half of the year. We planned for that. When we look ahead, we expect product input costs maybe for the spring/summer 2022 season to be up low single digits. It might be a little bit more than that in fall/winter of 2022.

是的。讓我給你一些背景知識。我認為，至少從我的經驗來看，我們已經經歷了令人難以置信的大約八個季節的價格穩定或通貨緊縮，甚至在鞋類的投入成本方面也是如此。當然，橡膠、棉花、皮革和其他一些成分，我們看到這些領域的價格正在上漲。我們確實預期產品成本增加和物流供應鏈成本增加將在今年下半年開始出現。我們為此做好了計劃。展望未來，我們預期 2022 年春夏季的產品投入成本可能會上漲較低的個位數。可能會比 2022 年秋冬多一點。

Certainly, for this year, we factored all of those in to our thinking when it comes to pricing. When it comes to pricing, we've been here many times before the industry has been here many times before. I would say, obviously, we're going to negotiate with the factories on any increases. We're going to look for other savings to offset some of the increases. We're going to -- everyone is going to see in the supply chain. We also reengineer product. That's a constant ongoing lever that we're always working on. And then if we have to, we're going to take some selective price increases. We frankly think the consumer right now is expecting it. There wasn't a lot of pushback to the industry price increases that were pushed through when we had directly tied to tariffs of the last 18 months or so, 2 years.

當然，今年我們在定價時考慮了所有這些因素。在定價方面，我們已經經歷過很多次了，行業之前也經歷過很多次。我想說，顯然，我們將與工廠就任何漲價問題進行談判​​。我們將尋求其他節省來抵消部分成長。我們將會－每個人都會在供應鏈中看到。我們也重新設計產品。這是我們一直在努力的一個持續的槓桿。然後，如果有必要，我們將有選擇地提高價格。坦白說，我們認為消費者現在正在期待它。當我們直接與過去 18 個月左右（即 2 年）的關稅掛鉤時，行業價格上漲並沒有受到太多阻力。

So we think the consumer is poised to expect some product price increases. But as we approach this, it's very selective for us. It's different within each brand. Our brands do it on a selective basis, new product versus carryover products. So we have a pretty strategic approach to -- but I would anticipate with almost everything else, some price increases coming here, especially starting probably with the spring/summer 2022 season and for the remainder of next year.

因此，我們認為消費者預期產品價格會有所上漲。但當我們接近這個目標時，它對我們來說是非常有選擇性的。每個品牌內部都有所不同。我們的品牌是在選擇性的基礎上做到這一點的，新產品與遺留產品。因此，我們有一個相當戰略性的方法，但我預計幾乎所有其他產品都會出現一些價格上漲，特別是可能從 2022 年春夏季節開始以及明年剩餘時間。

Okay. Great. That's very helpful. And then also on the DTC business, curious how you're thinking about the rest of the year as we start to go up against much tougher compares? Are you expecting that penetration to come down at all? Or are you expecting it to stay similar to last year? And if we do see kind of a move more back into the stores? And I guess, I would mean wholesale, how should we think about that mix shift impact on the margins?

好的。偉大的。這非常有幫助。然後還有 DTC 業務，好奇當我們開始面對更艱難的比較時，您如何看待今年剩下的時間？您預期滲透率會下降嗎？或者您預計它會與去年保持相似嗎？如果我們確實看到人們更多地回到商店呢？我想，我的意思是批發，我們該如何考慮混合轉變對利潤率的影響？

Well, I mean, I think as we've been saying, we're quite thrilled with the way our DTC business is cadencing throughout the year. I mean really interesting to see, as you kind of just described, the store business, how it's bounced back in terms of our own stores with Saucony and Sperry mostly outlets. Traffic is still down, but conversion way up. This is the toughest comp period for e-commerce, obviously, because the stores were closed last year.

嗯，我的意思是，正如我們一直所說的，我們對 DTC 業務全年的發展勢頭感到非常興奮。我的意思是，正如您剛才所描述的那樣，看到商店業務，以及我們自己的商店（主要是索康尼和斯佩里的專賣店）如何反彈，這真的很有趣。流量仍然下降，但轉換率卻上升了。顯然，這是電子商務最艱難的時期，因為去年商店都關門了。

But as I mentioned earlier, we're really pleased with the way we're comping against our forecast and see the growth continuing into the back half of the year, and the penetration rising as we hit our $500 million overall goal. We also continue to have a robust business with the digital titans, especially Amazon and Zappos, and we see that continuing to increase. So feeling very bullish on the digital channel and our DTC in general.

但正如我之前提到的，我們對與我們的預測相比較的方式感到非常滿意，並看到增長將持續到今年下半年，並且隨著我們達到5 億美元的總體目標，滲透率也會不斷上升。我們也繼續與數位巨頭，尤其是亞馬遜和 Zappos 保持著強勁的業務，我們看到這種業務正在持續成長。因此，總體而言，我對數位管道和我們的 DTC 感到非常樂觀。

And Susan, just to add to that, I mean we expect our D2C business to be over 25% of total revenue this year, which would be up slightly from last year.

蘇珊，補充一下，我的意思是，我們預計今年的 D2C 業務將佔總收入的 25% 以上，比去年略有上升。

Our next question is come from the line of Laurent Vasilescu with Exane BNP.

我們的下一個問題來自 Laurent Vasilescu 和 Exane BNP。

And thank you, Mike, for all the color on this $40 million slippage into 2Q and then into 3Q. I think the market well understands that there was slippage into 2Q, but I don't think they necessarily expected that there's slippage into 3Q. Is this company-specific or industry-wide? And can you provide a little bit more color on where the bottleneck is considering, I think, you talked about improved inventory levels. Is it in Asia, the West Coast? Any other factors we should consider?

感謝麥克，感謝您為這 4000 萬美元的滑入第二季和第三季提供的所有資訊。我認為市場很清楚會滑入第二季度，但我認為他們不一定會預期會滑入第三季度。這是公司特定的還是行業範圍的？您能否提供更多有關瓶頸所在的信息，我認為您談到了庫存水平的提高。是在亞洲西海岸嗎？我們還應該考慮其他因素嗎？

Well, I can't speak for the rest of the industry, but I have a lot of friends gathered around the industry. I would say the logistics delays maybe for some companies, capacity constraints certainly caused some slippage into quarters. It's not going to improve back to complete normal overnight. So for us, personally, we see that continuing some between Q2 and Q3, but improving throughout the rest of the year. And it was tied to just incredible demand. I mean it could be port congestion. It could be congestion and a lockup at the Chicago rail yard. It could be the lack of trucking internally, domestically.

好吧，我不能代表這個行業的其他人，但我有很多朋友聚集在這個行業周圍。我想說，對於某些公司來說，物流延誤可能是個問題，產能限制肯定會導致季度業績下滑。它不會在一夜之間改善到完全正常。因此，就我們個人而言，我們看到第二季和第三季之間的情況繼續存在，但在今年剩餘時間內有所改善。這與令人難以置信的需求有關。我的意思是這可能是港口擁擠。可能是因為芝加哥鐵路站的擁擠封鎖。這可能是由於國內缺乏卡車運輸。

So there were any number of COVID-related logistics challenges that not just our industry, but consumer soft goods and other industries faced in Q1. They're going to face some of that same -- some of those same challenges in Q2 and Q3. But it's going to improve. At least, our outlook is for to improve considerably as the year progresses.

因此，第一季不僅我們的產業面臨許多與新冠病毒相關的物流挑戰，消費品和其他產業也面臨這些挑戰。他們將在第二季和第三季面臨一些相同的挑戰。但情況將會有所改善。至少，隨著時間的推移，我們的前景將大大改善。

Okay. That's helpful. And then switching to Sperry, tying back to one of Sam's questions. Last quarter, I think it was called out that Sperry would return to double-digit growth. But this time, I've been listening to the call. I didn't hear the word double digits. So I just want to just double check on, are we expecting double-digit growth for this year? And should it be in the range of 10% to 20%, 20% to 30% or even higher? Any guardrails would be really helpful.

好的。這很有幫助。然後轉向斯佩里，回到薩姆的一個問題。上個季度，我認為有人指出斯佩里將恢復兩位數的成長。但這一次，我一直在聽電話。我沒有聽到兩位數這個字。所以我只想仔細檢查一下，我們預計今年會出現兩位數的成長嗎？應該在10%到20%、20%到30%甚至更高的範圍內嗎？任何護欄都會非常有幫助。

Yes. We try not to get that specific, but certainly, we're expecting Sperry to have double-digit growth for the year and a strong Q2, for sure.

是的。我們盡量不透露具體情況，但可以肯定的是，我們預計斯佩里今年將實現兩位數的增長，並且第二季度肯定會表現強勁。

Fantastic. Okay. And then with regards to Merrell, last quarter, you did give specific guidance for the first quarter. I think you said it was 20% growth, which I think, to your point, is on a 2-year stack, it's about 10% growth. Any specifics you can give on Merrell growth for 2Q on a 2-year stack?

極好的。好的。然後，關於梅雷爾，上個季度，您確實為第一季度提供了具體指導。我想你說的是 20% 的成長，我認為，就你的觀點而言，在 2 年的堆疊中，成長約為 10%。您能提供有關 Merrell 在 2 年堆疊中第二季度增長的具體資訊嗎？

Not really, again, at that kind of specifics. I would just say that Merrell is one of our brands right now that's kind of firing on all cylinders, right? Their performance businesses is on fire, their lifestyle businesses on fire, trail running business is trending extremely strong. They're easy-on, easy-off product offerings are responding. The consumers responding well to the product and that macro consumer trend. Certainly, just as one example, their Google search is up very strong double digits. So Merrell right now has a lot of tailwind.

再說一次，在這種細節上也不是真的。我只想說 Merrell 是我們目前正在全力以赴的品牌之一，對吧？他們的表演業務火熱，他們的生活方式業務火熱，越野跑業務趨勢極為強勁。他們提供的易於使用、易於關閉的產品正在做出回應。消費者對產品和宏觀消費趨勢反應良好。當然，正如一個例子，他們的谷歌搜尋量增長了非常強勁的兩位數。所以梅雷爾現在有很多順風車。

And we're seeing it across all the platforms, our own e-commerce, our wholesalers and globally. So to Blake's point, it's universal.

我們在所有平台、我們自己的電子商務、我們的批發商以及全球範圍內都看到了這一點。所以對布萊克來說，這是普遍的。

I think, Laurent, you're asking the right questions about Q2, and then a lot of questions about Q2 have come up. We gave some cautious kind of view about some slippage into Q3. But frankly, the demand we have right now for the categories, specialty categories that are performing best and really across the business is tremendous for Q2. We still have to be careful about some of these supply chain issues that are unpredictable, good or bad. And frankly, in Q1, they were a little worse than we expected. So we're being a little cautious about that, which is why you're not hearing us give too much detail about Q2. But I will say the demand in the business for Merrell, Saucony, our work business and really across the brand, is incredibly strong. I think Blake mentioned, maybe the strongest we've seen in quite some time.

我認為，勞倫特，你對第二季度提出了正確的問題，然後出現了很多關於第二季度的問題。我們對第三季的某些下滑給出了一些謹慎的看法。但坦白說，我們現在對整個業務中表現最好的類別、專業類別的需求在第二季是巨大的。我們仍然必須小心一些供應鏈問題，這些問題是不可預測的，無論好壞。坦白說，在第一季度，他們的表現比我們預期的要差一些。因此，我們對此持謹慎態度，這就是為什麼您沒有聽到我們提供有關第二季度的太多細節。但我要說的是，業界對 Merrell、Saucony、我們的工作業務以及整個品牌的需求非常強勁。我想布萊克有提到過，這可能是我們相當長一段時間以來見過的最強的。

That is all the time we have for today's call. I would like to turn the call back over to management for any closing remarks.

這就是我們今天電話會議的全部時間。我想將電話轉回給管理階層，讓他們發表結束語。

On behalf of Wolverine worldwide, 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 June 12, 2021. Thank you, and have a good day.

我謹代表全球金鋼狼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 6 月 12 日。謝謝，祝您有美好的一天。

Thank you for your participation. This does conclude today's teleconference. You may disconnect your lines at this time. Have a great day.

感謝您的參與。今天的電話會議到此結束。此時您可以斷開線路。祝你有美好的一天。