Wolverine World Wide Inc (WWW) 2020 Q3 法說會逐字稿

Greetings, and welcome to the Wolverine Worldwide Third Quarter Fiscal 2020 Results Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Wolverine Worldwide 2020 財年第三季業績電話會議。 （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 your host, Mr. Brett Parent, Vice President of Strategy, Investor Relations. Thank you, sir. You may begin.

現在我很高興向您介紹主持人，布雷特·帕倫特先生，投資者關係策略副總裁。謝謝你，先生。你可以開始了。

Good morning, and welcome to our third quarter 2020 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 2020 年第三季電話會議。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 third quarter 2020. 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 Francesca Filandro at (646) 677-1814.

今天早些時候，我們公佈了 2020 年第三季的財務業績。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 Francesca Filandro，電話 (646) 677-1814。

This morning's press release and comments made during today's earnings call include non-GAAP disclosures. These disclosures will reconcile and attached tables within the body of the release.

今天早上的新聞稿和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。這些披露將在新聞稿正文中核對並附上表格。

During our call, we are providing non-GAAP financial results, for example, which adjust for the impacts of environmental and other related costs, net of cost recoveries, costs related to the COVID-19 pandemic, including severance, credit loss expenses, certain inventory reserves and other related costs and foreign exchange rate changes.

例如，在電話會議期間，我們提供了非GAAP 財務業績，該業績根據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，包括遣散費、信用損失費用、某些存貨準備金及其他相關成本及外匯匯率變動。

I'd also like to remind you that predictions and projections made during today's conference call regarding Wolverine Worldwide and its operations are forward-looking statements under U.S. securities laws.

我還想提醒您，今天的電話會議中有關 Wolverine Worldwide 及其營運的預測和預測屬於美國證券法規定的前瞻性聲明。

As a result, we must caution you that as with any prediction or projection there are a number of factors that could cause actual results to differ materially. These important risk factors are identified in the company's SEC filings and in our press releases.

因此，我們必須提醒您，與任何預測或預測一樣，有許多因素可能導致實際結果出現重大差異。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 like to turn the call over to Blake Krueger.

話雖如此，我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 is safe and well. Earlier this morning, we reported third quarter revenue of approximately $493 million. Adjusted earnings per share of $0.35 and operating cash flow of over $96 million. All significantly exceeding our expectations entering the quarter.

謝謝，布雷特。大家早安，感謝您加入我們。我希望每個人都安全、健康。今天早些時候，我們報告了第三季收入約為 4.93 億美元。調整後每股收益為 0.35 美元，營運現金流超過 9,600 萬美元。所有這些都大大超出了我們進入本季的預期。

The company continues to successfully execute our digital and DTC first strategy and the game plan we put in place at the outset of pandemic earlier this year. While the environment remains uncertain and challenging, it has enabled us to dramatically advance our global growth agenda, which is focused on: one, accelerating our digital DTC offense by engaging consumers with pinnacle brand experiences, product newness and compelling storytelling; two, driving innovation in all aspects of our business model, especially our product creation antigens; and three, accelerating growth in global markets by enhancing the positioning of our brands to capitalize on current trends and product categories consumers are craving.

該公司繼續成功執行我們的數位和 DTC 優先策略以及我們在今年早些時候大流行開始時制定的遊戲計劃。儘管環境仍然充滿不確定性和挑戰，但它使我們能夠大幅推進我們的全球成長議程，該議程的重點是：第一，透過讓消費者享受巔峰的品牌體驗、產品新穎性和引人入勝的故事來加速我們的數位DTC 攻勢；第二，推動我們商業模式各方面的創新，特別是我們的產品創造抗原；第三，透過增強品牌定位，利用當前趨勢和消費者渴望的產品類別，加速全球市場的成長。

Upfront, I'd like to recognize our dedicated global team. Thanks to them we now enter the next phase of the pandemic from a position of strength. With deep financial resources and the operational ability to service our consumers and retail customers. Over the last 8 months, the team has operated to improve liquidity, controlled discretionary spend, manage inventories and generate substantial cash flow, all with an overriding focus on protecting our employees and customers.

首先，我想對我們敬業的全球團隊表示認可。感謝他們，我們現在處於強勢地位，進入了疫情的下一個階段。憑藉著深厚的財力和營運​​能力來服務我們的消費者和零售客戶。在過去 8 個月中，團隊致力於提高流動性、控制可自由支配支出、管理庫存並產生大量現金流，所有這些都以保護我們的員工和客戶為首要任務。

I am truly grateful for their efforts. For several years, we have been investing to strengthen our digital and DTC capabilities, and this has allowed us to accelerate and optimize the global online channel. These investments dovetail perfectly with the once inter generation change in consumer behavior that we are witnessing.

我真的很感謝他們的努力。多年來，我們一直在投資加強我們的數位和 DTC 能力，這使我們能夠加速和優化全球線上管道。這些投資與我們所目睹的消費者行為的一次世代變化完美契合。

Our owned e-commerce business nearly doubled in Q2 and continued its robust growth in Q3, up over 56%. In addition, the online channel of our customers has now also become our largest U.S. wholesale channel. Together, our owned e-commerce business and the online business of our wholesale partners accounted for over 40% of our revenue in the U.S. during the quarter. We expect our global online business will be the largest source of growth in 2021.

我們自有的電子商務業務在第二季幾乎翻了一番，並在第三季繼續強勁成長，成長超過 56%。此外，我們客戶的線上管道現在也成為我們最大的美國批發管道。本季度，我們自有的電子商務業務和批發合作夥伴的線上業務合計占我們在美國收入的 40% 以上。我們預計我們的全球線上業務將成為2021年最大的成長來源。

From a brand perspective, we have become increasingly optimistic about the momentum in our brand portfolio as this unusual year has unfolded. Our brands are well positioned in high demand categories and distribution channels, and forward demand signals are healthy, both at wholesale and in our direct-to-consumer business. We have doubled down on new product and innovation during the pandemic, and we're seeing consumers respond favorably to newness and our fresh product offerings. As a company, we are clear on our strategic investment priorities to fuel future growth.

從品牌角度來看，隨著這不尋常的一年的到來，我們對品牌組合的勢頭越來越樂觀。我們的品牌在高需求品類和分銷管道中處於有利地位，無論是在批發還是在直接面向消費者的業務中，未來的需求訊號都是健康的。在疫情期間，我們加倍投入新產品和創新，我們看到消費者對新鮮事物和我們提供的新鮮產品反應良好。作為一家公司，我們明確了推動未來成長的策略投資重點。

Our strong brands sit at the center of the most relevant product categories trending with today's consumers, active and athletic, including running, outdoor, at home, and work and work lifestyle. Saucony continues to sprint ahead, driving strong growth in Q3. This momentum is fueled by Saucony's original fashion product as well as its award-winning product innovation in the running category, a support and activities that is experiencing a resurgence in the current environment.

我們強大的品牌處於與當今活躍和運動消費者最相關的產品類別的中心，包括跑步、戶外、家庭、工作和工作生活方式。索康尼繼續衝刺，推動第三季強勁成長。這一勢頭由索康尼原創的時尚產品及其在跑步類別中屢獲殊榮的產品創新所推動，這些支持和活動在當前環境下正在復甦。

In outdoor, Merrell remains the #1 hiking brand in the U.S. offering consumers a broad range of products across many outdoor categories. We also have several work brands that are trending, including Wolverine, which remains the #1 work brand in the U.S. market.

在戶外領域，Merrell 仍然是美國排名第一的健行品牌，為消費者提供涵蓋多個戶外類別的廣泛產品。我們還有幾個受歡迎的工作品牌，包括 Wolverine，它仍然是美國市場排名第一的工作品牌。

To briefly discuss how our pivot to digital and DTC will accelerate brand growth, I'd like to introduce Brendan Hoffman, our new President. Brendan brings a strong consumer focus and a wealth of experience in merchandising, digital marketing and e-commerce, having served as the CEO on the retail, e-commerce and brand side. His background and experience will help us accelerate our transition to a DTC-first and digital organization. Brendan?

為了簡要討論我們轉向數位化和 DTC 將如何加速品牌發展，我想介紹一下我們的新任總裁 Brendan Hoffman。布倫丹（Brendan）在商品推銷、數位行銷和電子商務方面擁有強烈的消費者關注和豐富的經驗，曾擔任零售、電子商務和品牌方面的執行長。他的背景和經驗將幫助我們加速 DTC 優先的數位化組織轉型。布倫丹？

Thanks, Blake. It's an honor to join such a seasoned management team and family of global brands, such a great record of success and tremendous growth potential ahead. In my first 2 months with the company, I have focused on meeting our people, learning the nuances of each brand's business and reviewing future growth strategies with the brand teams. Any one of our brands represents an exciting opportunity on its own. But I am particularly energized by the collective power of the company's portfolio, which is supported by centers of excellence that enable each brand to focus on the consumer and cross-pollinate best practices. I could not be more optimistic about our future and thrilled to be part of it.

謝謝，布萊克。能夠加入如此經驗豐富的管理團隊和全球品牌家族，擁有如此輝煌的成功記錄和巨大的未來成長潛力，我感到非常榮幸。在公司的前兩個月，我專注於與我們的員工會面，了解每個品牌業務的細微差別，並與品牌團隊一起審查未來的成長策略。我們的任何一個品牌本身都代表著令人興奮的機會。但我對公司產品組合的集體力量感到特別興奮，它得到了卓越中心的支持，使每個品牌都能專注於消費者並交叉傳播最佳實踐。我對我們的未來非常樂觀，並且很高興能成為其中的一部分。

Blake spoke about the advantageous positioning that many of our brands enjoy, highlighted by Saucony, Merrell and Wolverine. I also believe Sperry, a brand that I literally learned to walk in possesses tremendous potential as an iconic American brand as we move beyond the near term headwinds. Each of these brands is poised for significant growth, which is only accelerated by the channel migration to e-commerce.

Blake 談到了我們許多品牌享有的優勢定位，特別是 Saucony、Merrell 和 Wolverine。我還相信，隨著我們克服近期的逆風，斯佩里（Sperry）這個我真正學會的品牌作為一個標誌性的美國品牌擁有巨大的潛力。這些品牌都有望實現顯著成長，而通路向電子商務的遷移只會加速這種成長。

Over the last 8 months, we've witnessed a dramatic shift in consumer behavior, with many years of change compressed into a short period of time. Consumers' heightened digital engagement provides an opportunity for our brands to speak to them directly through our websites, e-mails and social media. We must create a constant dialogue and forge an emotional connection, rooted in our leadership positioning in areas they care about to drive growth, especially active in athletic, outdoor, at home and work. The digital and DTC channels have been a strategic investment priority in recent years, and we plan to increase our future spend in these areas to maximize the potential of our brand.

在過去的 8 個月裡，我們目睹了消費者行為的巨大轉變，多年的變化被壓縮為短時間內。消費者數位化參與度的提高為我們的品牌提供了透過我們的網站、電子郵件和社群媒體直接與他們對話的機會。我們必須建立持續的對話並建立情感聯繫，植根於我們在他們關心的領域的領導地位，以推動成長，特別是在運動、戶外、家庭和工作方面積極參與。近年來，數位和DTC管道一直是策略投資重點，我們計劃未來增加在這些領域的支出，以最大限度地發揮我們品牌的潛力。

We are setting an aspirational target to achieve $500 million of revenue in our global owned e-commerce business next year, more than doubling its 2019 revenue. As more of our business is done through our own branded sites, we will use the consumer insights we were able to gather to make better and quicker decisions, which will help not only our own DTC business, but also benefit our retail partners and their omni-channel efforts.

我們設定了一個雄心勃勃的目標，明年我們的全球電子商務業務收入達到 5 億美元，是 2019 年收入的兩倍多。隨著我們越來越多的業務是透過我們自己的品牌網站完成的，我們將利用我們能夠收集到的消費者洞察來做出更好、更快的決策，這不僅有助於我們自己的DTC業務，而且還有利於我們的零售合作夥伴及其全方位服務。- 通路努力。

I've already met some of you on today's call virtually via zoom and look forward to the time when we can meet in person.

我已經在今天的電話會議上透過 Zoom 與你們中的一些人進行了虛擬會面，期待我們能夠親自見面。

With that, back over to Blake.

說到這裡，回到布萊克。

Thanks, Brendan. I'll now provide a brief recap of our brand group's Q3 performance and some additional detail on our largest brand. For the Wolverine Michigan Group, reported revenue was down 9.9% to the prior year and down 10.2% on a constant currency basis, reflecting a significant sequential improvement, despite the continued impact of the pandemic.

謝謝，布倫丹。現在，我將簡要回顧我們品牌集團第三季​​的業績以及我們最大品牌的一些其他細節。對 Wolverine 密西根集團來說，報告收入較上年下降 9.9%，以固定匯率計算下降 10.2%，反映出儘管疫情持續影響，但環比顯著改善。

Merrell and Wolverine performed well, with revenue down mid-single digits and high-single digits, respectively. Chaco also outperformed, growing nearly 30% as a result of the outdoor category tailwind, the brand's high digital penetration and the continued success of its Chillos product introduced earlier this year.

Merrell 和 Wolverine 表現良好，收入分別下降中個位數和高個位數。 Chaco 的表現也優於大盤，得益於戶外品類的順風車、該品牌的高數位化滲透率以及今年稍早推出的 Chillos 產品的持續成功，該品牌增長了近 30%。

For the Wolverine Boston Group, reported revenue was down 19.7% to the prior year and down 20.3% on a constant currency basis. This was a substantial improvement over Q2 and reflects growing strength in the face of the pandemic headwinds.

Wolverine Boston Group 報告的營收比前一年下降 19.7%，以固定匯率計算下降 20.3%。這比第二季度有了顯著改善，反映出面對大流行逆風的實力不斷增強。

Saucony continued its resurgence, driving low-teens growth in the quarter, while Sperry, as expected, was down around 45%, reflecting challenges in the lifestyle fashion footwear generally. DTC e-commerce, once again, was the primary driver of growth across the brands. Merrell's strong performance was led by merrell.com, which grew nearly 80% in the quarter. The brand's digital marketing has now driven almost 3.5x as mini social media engagements year-to-date compared to 2019.

Saucony 繼續復甦，推動本季的低雙位數成長，而 Sperry 正如預期的那樣下降了 45% 左右，反映出生活方式時尚鞋類普遍面臨的挑戰。 DTC 電子商務再次成為各品牌成長的主要動力。 Merrell 的強勁表​​現由 merrell.com 領銜，本季成長了近 80%。與 2019 年相比，今年迄今為止，該品牌的數位行銷迷你社群媒體互動量幾乎增加了 3.5 倍。

Owned stores also performed well, down only mid-single digits, despite significant traffic declines related to the pandemic's impact on physical shopping trends. For Merrell, the performance category delivered solid growth. Due to a strong mix of trend-relevant icons and compelling new collections. The industry-leading Moab collection delivered high-teens growth and fresh merrell.com exclusives, like the Honey Stinger collaboration, fueled revenue and consumer buzz, the Merrell product pipeline is full.

儘管由於疫情對實體購物趨勢的影響導致客流量大幅下降，但自營商店也表現良好，僅下降了中個位數。對於 Merrell 來說，性能類別帶來了穩健的成長。由於與潮流相關的圖標和引人注目的新系列的強烈結合。業界領先的 Moab 系列帶來了高速成長和新鮮的 merrell.com 獨家產品，例如 Honey Stinger 合作，增加了收入和消費者熱度，Merrell 產品線已滿。

At the end of the quarter, Merrell launched the Antora 2 and Nova 2, continuing to build equity behind these important trail running franchises. And the exclusive on guide collection, the brand's most sustainable collection to date is off to a strong start.

在本季末，Merrell 推出了 Antora 2 和 Nova 2，繼續為這些重要的越野跑系列產品建立股權。獨家指南系列是該品牌迄今為止最具可持續性的系列，已經有了一個良好的開端。

Starting in the spring of 2021, Merrell plans to launch faster, lighter and more athletic offerings in the Moab line, harnessing current momentum and innovating on the brand's biggest franchise. The brand also plans to further capitalize on the easy on off trend, expanding on its iconic Jungle Moc and its newer Hydro Moc and Hut Moc styles, all of which are seeing a strong response.

從 2021 年春季開始，Merrell 計劃在 Moab 系列中推出更快、更輕、更具運動性的產品，利用當前的動力並對品牌最大的特許經營權進行創新。該品牌還計劃進一步利用方便穿脫的趨勢，擴展其標誌性的 Jungle Moc 以及較新的 Hydro Moc 和 Hut Moc 款式，所有這些款式都受到了強烈的反響。

To support these launches and elevate digital content and stories telling at an accelerated pace moving forward, Merrell is focusing the majority of its global marketing spend on consumer-facing digital content and execution, which will include a new mobile app to elevate the consumer experience on mobile devices. During Q3, demand for the Wolverine brand outpaced our expectations as the work in rugged outdoor categories continue to trend. Wolverine.com's revenue doubled in Q3 and as did the brand's engagements in social media.

為了支持這些發布並加快推進數位內容和故事講述，梅雷爾將其大部分全球行銷支出集中在面向消費者的數位內容和執行上，其中將包括一款新的行動應用程序，以提升消費者的體驗行動裝置。第三季度，隨著崎嶇戶外類別的工作繼續流行，對 Wolverine 品牌的需求超出了我們的預期。 Wolverine.com 的營收在第三季翻了一番，該品牌在社群媒體上的參與度也翻了一番。

Wolverine continues to evolve the work category with innovation that integrates lightweight athletic technology with rugged durability. The brand launched the DuraSpring technology earlier this year with the ShiftPLUS workout offering and then built on this technology with the July launch of the health cat collection, powered by Ultra Spring. The Hellcat immediately became the top-selling style on wolverine.com and now is on track to become the brand's third largest franchise in its first year.

Wolverine 不斷透過創新不斷發展工作類別，將輕質運動技術與堅固耐用性相結合。該品牌今年稍早透過 ShiftPLUS 鍛鍊產品推出了 DuraSpring 技術，然後在該技術的基礎上於 7 月推出了由 Ultra Spring 提供支援的健康貓系列。 Hellcat 立即成為 wolverine.com 上最暢銷的款式，現在預計將在第一年成為該品牌的第三大系列。

Looking ahead to 2021, Wolverine plans to introduce a new version of its largest franchise, the radar collection, in addition to expanding on the success of the Hellcat offering.

展望 2021 年，除了擴大 Hellcat 產品的成功之外，Wolverine 還計劃推出其最大系列雷達系列的新版本。

Saucony's strong growth in the third quarter was driven by award-winning product innovation and exceptional digital activation that resonated with consumers. Saucony is just beginning to realize its potential as a lifestyle brand. While Europe has a fast-growing Saucony Performance business, it is also the foundation for our significant and growing Saucony Originals business, which is based on heritage retro running styles that are featured in top-tier fashion and apparel accounts. The leading market for originals is Italy. One of the world's most prominent and important trend in fashion market. Saucony is using the Italian success and Business Hub, which includes product creation and marketing leadership and capabilities to expand this highly profitable lifestyle business in other global markets, including China, the U.S. and additional European countries. The originals lifestyle business is already significant in terms of size for Saucony, but it's still in its early days, and we are confident that global opportunity is large and trend right.

索康尼第三季的強勁成長得益於屢獲殊榮的產品創新和引起消費者共鳴的卓越數位活化。索康尼剛開始意識到其作為生活方式品牌的潛力。雖然歐洲擁有快速成長的 Saucony Performance 業務，但它也是我們重要且不斷成長的 Saucony Originals 業務的基礎，該業務基於頂級時尚和服裝客戶中的傳統復古跑步風格。原創產品的主要市場是義大利。世界時尚市場最突出和最重要的趨勢之一。索康尼正在利用義大利的成功和業務中心（包括產品創造和行銷領導力和能力）在其他全球市場（包括中國、美國和其他歐洲國家）拓展這一高利潤的生活方式業務。對於索康尼來說，原創生活方式業務的規模已經相當大，但仍處於早期階段，我們相信全球機會巨大且趨勢正確。

On the performance side of the business for Saucony, the Endorphin collection continued to drive momentum in Q3. And the brand recently added to this success with the launch of the Endorphin (inaudible) for the fall. The Triumph 18 was launched earlier in the quarter as well, leveraging the brand's power run missile cushioning technology and building on the Triumphs franchise's recent success.

在索康尼業務的業績方面，Endorphin 系列在第三季繼續推動勢頭。該品牌最近推出了秋季的內啡肽（聽不清楚），為這項成功錦上添花。 Triumph 18 也在本季早些時候推出，利用了該品牌的動力運行導彈緩衝技術，並以 Triumphs 系列最近的成功為基礎。

The brand's rollout of power run and its speed roll technology across its product line continues to fuel brand growth. Product innovation is fundamentally driving brand heat, sell-through and continued gross margin expansion for the brand, with over 300 basis points of improvement in Q3.

該品牌在其產品線中推出動力運行和速度滾動技術繼續推動品牌成長。產品創新從根本上推動了品牌熱度、銷售量和毛利率持續擴張，第三季提升了 300 個基點以上。

Saucony.com, in particular, nearly doubled in Q3, and the brand delivered a significant increase in average retail selling price. Saucony has also experienced success outside the U.S. with its performance product, with accelerating growth in Europe and China, where it opened another 17 stores during the quarter. Looking ahead, Saucony has paced the introduction of new innovation and moving 2 key franchise updates from Q4 2020 to the first quarter of 2021. And the branch will launch new products across many of its biggest franchises in the first half of next year, including the Kinvara, Guide and Ride along with exciting expansions of the Endorphin series. The start of 2021 looks like a blockbuster for Saucony.

尤其是 Saucony.com，第三季的銷售額幾乎翻了一番，該品牌的平均零售價也大幅上漲。 Saucony 憑藉其高性能產品在美國以外也取得了成功，歐洲和中國的成長加速，本季在這些地區又開設了 17 家門市。展望未來，索康尼已加快推出新創新的步伐，並將兩項關鍵特許經營更新從2020 年第四季推遲到2021 年第一季。該分公司將於明年上半年在其許多最大的特許經營店中推出新產品，包括Kinvara、Guide 和 Ride 以及 Endorphin 系列令人興奮的擴展。 2021 年伊始對 Saucony 來說似乎是個重磅炸彈。

Sperry.com grew in the high teens in Q3, driven by new consumer acquisition and a substantial 65% increase in social media engagement. The brand's Q3 results were exclusively impacted by the pandemic and shipping delays for some boat product. Sperry has expanded its iconic saltwater boot offering into men's and diversified the women's assortment with new trend right silhouettes, which will be supported through the holiday with a ramp-up of the brand's partnership with John Legend.

在新消費者獲取和社交媒體參與度大幅增長 65% 的推動下，Sperry.com 在第三季度實現了十幾歲的增長。該品牌第三季的業績完全受到疫情和某些船舶產品運輸延誤的影響。 Sperry 已將其標誌性的鹹水靴產品擴展到男裝，並透過新的潮流款式使女裝品種多樣化，這將在整個假期期間透過品牌與 John Legend 的合作關係得到加強。

As the clear market leader in the boat shoes category, Sperry is focused on reinvigorating this market with product innovation, product collaborations, including John Legend, and new category executions. For example, in 2021, Sperry will launch the new float collection, a fun and affordable injected version of the boat shoe. This collection is already receiving a very strong response from retailers and consumer trend groups.

作為船鞋類別中明顯的市場領導者，Sperry 致力於透過產品創新、產品合作（包括 John Legend）和新類別執行來重振該市場。例如，Sperry 將在 2021 年推出新的 float 系列，這是一款有趣且價格實惠的注塑版船鞋。該系列已經受到零售商和消費趨勢團體的強烈反響。

On the people side, Sperry has already seen the impact of new talent recruited to lead the product creation and marketing areas.

在人員方面，斯佩里已經看到了招募新人才來領導產品創造和行銷領域的影響力。

I'll now hand it off to Mike Stornant to review the financial results in more detail. Mike?

我現在將把它交給邁克·斯托南特 (Mike Stornant)，讓他更詳細地審查財務表現。麥克風？

Thanks, Blake, and thanks to all of you for joining us. Let me start by providing further insight on the company's third quarter results and then share an update on current business trends. Revenue for the third quarter exceeded our expectations and finished at $493.1 million, down 14.1% compared to last year. Our own e-commerce business continued to outperform with robust revenue growth of over 56% and operating margin expansion of nearly 300 basis points.

謝謝布萊克，也謝謝你們大家加入我們。首先，我將進一步介紹公司第三季的業績，然後分享當前業務趨勢的最新情況。第三季的營收超出了我們的預期，為 4.931 億美元，比去年下降 14.1%。我們自己的電子商務業務持續表現出色，營收強勁成長超過 56%，營業利潤率擴大近 300 個基點。

Our owned stores also performed relatively well, down less 12% in Q3 and improving each month in the quarter. Wholesale reorder trends, a key indicator of (inaudible) at retail were better-than-expected and up nearly 10%. As Blake detailed, Merrell and Saucony continued to outpace the macro environment and helped drive a solid sequential improvement in EMEA, highlighted by mid-single-digit growth in our own business there. Asia Pacific and North America also drove meaningful improvement, both down mid-teens for the quarter, followed by Latin America, which improved despite facing the most significant regional headwinds from the pandemic and finished down less than 40%.

我們的自營店也表現相對較好，第三季下降了不到 12%，本季每個月都有所改善。零售業（聽不清楚）的關鍵指標—批發再訂購趨勢好於預期，成長了近 10%。正如 Blake 詳細介紹的那樣，Merrell 和 Saucony 繼續超越宏觀環境，並幫助推動 EMEA 地區的持續穩健改善，我們自己的業務在該地區實現了中個位數的成長。亞太地區和北美地區也推動了顯著的改善，本季均出現了15% 左右的下降，其次是拉丁美洲，儘管面臨疫情帶來的最嚴重的地區阻力，但最終下降了不到40% 。

Gross margin was 41% in the quarter at the high end of our expectations down from last year. Healthy gross margin expansion from product and elevated DTC mix was more than offset by lower royalties in our international business, more closeout volume resulting from the reopening of this retail channel and the impact of higher tariffs.

本季毛利率為 41%，處於我們預期的高端，低於去年。產品毛利率的健康成長和 DTC 組合的提高被我們國際業務特許權使用費的降低、零售通路重新開放導致的清倉量增加以及關稅上漲的影響所抵消。

Adjusted selling, general and administrative expenses of $151.5 million were lower than the prior year by $11 million, reflecting $18 million in cost reductions from actions taken earlier this year, with $7 million redeployed towards digital and e-commerce marketing. Adjusted operating margin was 10.6%, down from last year due to lower revenue, but well ahead of our expectations entering the quarter.

調整後的銷售、一般和管理費用為1.515 億美元，比前一年減少1,100 萬美元，反映出今年稍早採取的行動減少了1,800 萬美元的成本，其中700 萬美元重新部署到數位和電子商務行銷.由於收入下降，調整後營業利潤率為 10.6%，低於去年，但遠高於我們進入本季的預期。

Net interest expense was up $4.6 million versus last year as a result of the proactive liquidity measures taken earlier this year in response to the uncertain market conditions. The effective tax rate of 28.5% was up nearly 800 basis points versus last year due to certain discrete items and some impact from changes in geographic revenue mix. Adjusted diluted earnings per share of $0.35 significantly exceeded our expectations entering the quarter.

由於今年稍早為應對不確定的市場狀況而採取的積極的流動性措施，淨利息支出比去年增加了 460 萬美元。由於某些離散項目以及地理收入結構變化的影響，28.5%的有效稅率比去年上升了近800個基點。進入本季後，調整後的稀釋每股收益為 0.35 美元，大大超出了我們的預期。

I will now shift to the balance sheet. Inventory management has been an operational priority this year, and inventory was down 22% in Q3 versus last year. We are entering Q4 and with a lean inventory position for some key items as a result of stronger demand in Q2 and Q3 that have outpaced projections made earlier in the year when inventory commitments were set.

我現在將轉向資產負債表。庫存管理一直是今年的營運重點，第三季庫存比去年下降了 22%。我們正進入第四季度，由於第二季和第三季的需求強勁，一些關鍵商品的庫存狀況已經超出了今年稍早設定庫存承諾時的預測。

Our supply chain has already adjusted quickly, and we expect the availability of goods will improve to meet the projected strong demand for the first quarter of 2021. Cash generated from operating activities in the quarter was $96.5 million, much higher than expected and over $84 million more than last year. We've generated over $210 million in cash from operating activities during what might be the 2 most challenging quarters in the company's history, a testament to our diversified portfolio and a nimble operating model. We now expect cash from operations to exceed $250 million for the full year as we remain disciplined in managing our working capital and operating costs during this volatile time.

我們的供應鏈已經快速調整，我們預計貨物供應量將會改善，以滿足 2021 年第一季預計的強勁需求。該季度經營活動產生的現金為 9,650 萬美元，遠高於預期，超過 8,400 萬美元比去年更多。在這可能是公司歷史上最具挑戰性的兩個季度中，我們透過經營活動創造了超過 2.1 億美元的現金，證明了我們多元化的投資組合和靈活的營運模式。目前，我們預計全年營運現金將超過 2.5 億美元，因為我們在這個動盪時期仍嚴格管理營運資金和營運成本。

During Q3, we paid off the $125 million balance on our revolver and made a discretionary $21 million term loan payment. As a result, we finished the quarter with $57 million less debt than we had at this time last year.

在第三季度，我們還清了左輪手槍的 1.25 億美元餘額，並酌情支付了 2,100 萬美元的定期貸款。結果，本季末我們的債務比去年同期減少了 5,700 萬美元。

Total liquidity at the end of Q3 was more than $1.1 billion, including $342 million of cash on hand and $794 million of revolver capacity. Our bank-defined leverage ratio continued to improve, finishing the quarter at 2x, well below the 4.5x ratio required by our credit facility.

第三季末的總流動性超過 11 億美元，其中包括 3.42 億美元的手頭現金和 7.94 億美元的左輪手槍容量。我們銀行規定的槓桿率持續改善，本季結束時為 2 倍，遠低於我們信貸安排要求的 4.5 倍。

We are encouraged by the company's performance in this challenging environment. Many of our brands continue to resonate with consumers, as evidenced by an increase in wholesale orders, continued success in our owned e-commerce business and better DTC store performance. In Q4, we expect these trends to continue, and we are off to a very good start. October revenue was nearly flat to last year, partially a result of earlier sell-in due to a length and holiday selling season. But other order trends also remain solid.

我們對公司在這個充滿挑戰的環境中的表現感到鼓舞。我們的許多品牌繼續與消費者產生共鳴，批發訂單的增加、自有電子商務業務的持續成功以及更好的 DTC 商店業績證明了這一點。在第四季度，我們預計這些趨勢將持續下去，並且我們有了一個非常好的開始。 10 月的收入幾乎與去​​年持平，部分原因是由於較長的假期和銷售旺季而提前售出。但其他訂單趨勢也保持穩定。

However, there are certain factors that will negatively impact Q4 revenue later in the quarter, including lower December sales to our international distributors for spring 2021 product due to the heavy carryover of inventory from spring 2020 and a partial shift of deliveries into Q1. A planned timing shift in key franchise launches for Saucony from Q4 2020 to Q1 2021. Some pockets of lean inventory for certain brands, due to the stronger-than-expected revenue during the last 2 quarters. And finally, a resurgence of the pandemic that has started to impact certain global markets and could create headwinds for our U.S. business.

然而，某些因素將對本季度稍後的第四季度收入產生負面影響，包括由於2020 年春季庫存大量結轉以及部分交付轉移到第一季度，12 月份向國際分銷商銷售的2021 年春季產品銷量下降。 Saucony 計劃將主要特許經營權的推出時間從 2020 年第四季改為 2021 年第一季。由於過去兩個季度的收入強於預期，某些品牌的庫存有所減少。最後，疫情捲土重來，已開始影響某些全球市場，並可能為我們的美國業務帶來阻力。

Based on these factors, we project Q4 revenue to be down no more than 25%. We currently expect Q4 gross margin of approximately 41%, reflecting a decline in royalty income from the lower international distributor demand previously mentioned. We also expect a sequential increase in SG&A expense from Q3 to Q4 of $15 million to $20 million, related mostly to higher DTC mix and the extra week in this fiscal quarter.

基於這些因素，我們預計第四季營收下降不會超過 25%。我們目前預計第四季毛利率約為 41%，反映出前面提到的國際經銷商需求下降導致特許權使用費收入下降。我們還預計，從第三季度到第四季度，SG&A 費用將連續增加 1500 萬美元到 2000 萬美元，這主要與 DTC 組合的增加以及本財季額外增加一周有關。

After a few months of consistent market conditions, the pandemic is now entering a new disruptive phase, making it a bit more challenging to project the business beyond Q4. However, we are seeing very encouraging trends that support our growing confidence in returning to meaningful year-over-year growth in Q1 2021.

經過幾個月穩定的市場狀況後，疫情現在正進入一個新的破壞性階段，這使得預測第四季之後的業務變得更具挑戰性。然而，我們看到了非常令人鼓舞的趨勢，這些趨勢支持我們對 2021 年第一季恢復有意義的同比增長的信心不斷增強。

Our digital business remains strong, and we continue to develop and invest in our capabilities there. The product franchise launches and other product introductions for Saucony and Merrell are robust for Q1.

我們的數位業務依然強勁，我們將繼續發展和投資我們的能力。索康尼和邁樂的產品專營權推出和其他產品推出在第一季表現強勁。

Finally, wholesale customers and global distributors are choosing to rely more heavily on brands and companies like Wolverine, who have proven to be especially relevant and resilient during the last 8 months. For our business, this has translated to a substantial increase in global order demand for Q1 compared to last year.

最後，批發客戶和全球分銷商選擇更加依賴 Wolverine 這樣的品牌和公司，事實證明這些品牌和公司在過去 8 個月中尤其具有相關性和彈性。對於我們的業務來說，這意味著第一季全球訂單需求與去年相比大幅增加。

Our early proactive response to the challenges of the pandemic are now paying dividends and set our brands up for growth in 2021.

我們早期積極應對疫情挑戰的舉措現已初見成效，並為我們的品牌在 2021 年實現成長奠定了基礎。

Many of our brands are now benefiting from the strong consumer trends and tailwinds related to the pandemic. We have many opportunities in front of us and a balance sheet to provide flexibility and capacity to invest in our biggest 2021 growth initiative.

我們的許多品牌現在都受益於與大流行相關的強勁消費趨勢和順風。我們面前有很多機會，我們的資產負債表可以為我們最大的 2021 年成長計畫提供靈活性和能力。

I'm now going to hand it back over to Blake to conclude our remarks. Blake?

現在我將把它交還給布萊克來結束我們的演講。布萊克？

Thanks, Mike. Before concluding, I'd like to share some perspective on the macro environment and our position looking ahead to 2021. While the global environment remains uncertain, we have a much better understanding of the marketplace and a stronger handle on the consumer and the shift in category tailwinds attributable in part to the pandemic. We expect the impact of the pandemic to persist into 2021 but shifting consumer behavior and trends have also created some opportunities for our brand portfolio. The company is poised to perform in the new environment that has emerged, and as Mike mentioned, we currently expect a strong start to 2021. We expect the acceleration of online purchasing to continue and this channel could account for almost 50% of our U.S. business in 2021.

謝謝，麥克。在結束之前，我想分享一些對宏觀環境的看法以及我們對2021 年的展望。雖然全球環境仍然不確定，但我們對市場有了更好的了解，對消費者和消費的轉變有了更強有力的把握。品類順風的部分原因是疫情。我們預期疫情的影響將持續到 2021 年，但消費者行為和趨勢的轉變也為我們的品牌組合創造了一些機會。該公司已做好在已經出現的新環境中表現的準備，正如麥克所提到的，我們目前預計2021 年將有一個強勁的開局。我們預計線上採購將繼續加速，該管道可能占我們美國業務的近50% 2021年。

We also expect consumers will continue to covet product newness, especially in the active and athletic outdoor, at home and work categories. These consumer trends have been significantly accelerated by the work from home and social distancing experiences of the last 8 months. And we expect these trends will continue beyond the pandemic horizon. This is great news for us as our portfolio includes brands that offer industry-leading product in all of these categories.

我們也預期消費者將繼續追求產品的新穎性，尤其是在戶外運動、家庭和工作類別。過去 8 個月的在家工作和保持社交距離的經驗顯著加速了這些消費趨勢。我們預計這些趨勢將在大流行結束後繼續下去。這對我們來說是個好消息，因為我們的產品組合包括在所有這些類別中提供行業領先產品的品牌。

We have prioritized our focus on the consumer, our product pipeline and our digital capabilities, investing in digital tools to help us move faster, continuously engage with our consumers and deliver more innovative product. We have also invested in people and talent, especially digital product design and merchandising talent. The past year has been challenging, but the team has responded in an incredible way, helping to catapult the company forward on our strategic path. I continue to be incredibly proud of their hard work, dedication and adaptability, which has enabled the company to navigate the pandemic and position us for future growth, all while supporting our communities along the way.

我們優先關註消費者、我們的產品線和我們的數位能力，投資數位工具來幫助我們更快前進，持續與消費者互動並提供更多創新產品。我們也投資於人員和人才，特別是數位產品設計和行銷人才。過去的一年充滿挑戰，但團隊以令人難以置信的方式做出了反應，幫助公司在戰略道路上向前邁進。我仍然為他們的辛勤工作、奉獻精神和適應能力感到無比自豪，這使公司能夠應對這一流行病，並為我們未來的成長做好準備，同時一路支持我們的社區。

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

這樣，我現在將其轉回給操作員。操作員？

(Operator Instructions) Our first question comes from the line of Jim Duffy with Stifel.

（操作員說明）我們的第一個問題來自 Jim Duffy 和 Stifel 的線路。

Blake, a few questions on the DTC business. $7 million more investment, but yet your EBIT margin improved by 300 basis points from understanding that correctly. What's behind the margin improvement? Is it more full price selling? Or is that just leverage of the expense base? And then I have some follow-ups.

Blake，有幾個關於 DTC 業務的問題。多投資 700 萬美元，但由於正確理解這一點，您的 EBIT 利潤率提高了 300 個基點。利潤率改善的背後是什麼？是不是更全價賣？還是這只是費用基礎的槓桿？然後我有一些後續行動。

A little bit of both, Jim, but primarily just increase in full price selling. If increased demand from the consumer for some of our higher-priced products like the Saucony, Endorphin, for example.

吉姆，兩者都有一點，但主要只是全價銷售的增加。如果消費者對我們一些高價產品（例如索康尼、內啡肽）的需求增加。

Okay. And then the $500 million aspirational goal for next year, what type of growth does that represent off of 2021? And then given the strength you've seen in your DTC business; do you have any statistics you can share on customer acquisition this year for those DTC customer files? I'm curious how you're planning to improve communication with that audience? And then you mentioned making incremental investments. Can you be more specific about where those dollars are being allocated to the DTC platform?

好的。那麼明年 5 億美元的理想目標，這代表著 2021 年的什麼類型的成長？然後考慮到您在 DTC 業務中看到的實力；對於今年 DTC 客戶檔案的客戶獲取情況，您有什麼統計數據可以分享嗎？我很好奇您打算如何改善與觀眾的溝通？然後您提到進行增量投資。您能否更具體地說明這些資金被分配到 DTC 平台的哪些地方？

Yes. I mean, basically, when we look at digital DTC, we're investing in talent, tools and the ability to interface directly with consumers. Those are kind of some of the broad categories. Obviously, digital marketing is a key investment. The use of Big data, AI is also relevant. Personalization, just additional digital content. So we're really -- we've been investing across that portfolio of areas for a number of years, and we plan to continue that investment. With respect to our aspirational goal from -- for next year, that would be about a 50% increase in our owned e-commerce business. Obviously, the owned e-commerce business, coupled with the online businesses of our wholesale customers would be significantly larger. And I don't have the stats. I had a few of them in my call models regarding social engagements for some of our brands, Merrell, Saucony. They were way up 65% to 100%. But we can get you some additional statistics there as well in our follow-up.

是的。我的意思是，基本上，當我們考慮數位 DTC 時，我們正在投資人才、工具以及直接與消費者互動的能力。這些是一些廣泛的類別。顯然，數位行銷是一項關鍵投資。大數據、人工智慧的使用也與之相關。個性化，只是額外的數位內容。因此，我們多年來一直在該領域的投資組合中進行投資，並且我們計劃繼續進行這項投資。就我們明年的理想目標而言，我們自有的電子商務業務將成長約 50%。顯然，自有的電子商務業務，再加上我們批發客戶的線上業務，規模將會大得多。而且我沒有統計數據。我的通話模型中有一些關於我們的一些品牌（Merrell、Saucony）的社交活動的內容。他們的漲幅高達 65% 到 100%。但我們也可以在後續行動中為您提供一些額外的統計數據。

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

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

I wanted, first, just to ask a little more about the fourth quarter. Mike, I know you mentioned October revenue close to flat. I guess I just wanted to see if you would maybe unpack some of the assumptions for the balance of the quarter to get down to the revenue outlook you gave in the quarter? And then how should we think about this -- the moving pieces? Like how much is lower demand on the international piece versus how much might shift kind of one-for-one into that first quarter of '21?

首先，我想多問一些關於第四季的情況。麥克，我知道您提到 10 月份的收入接近持平。我想我只是想看看您是否會解開本季度餘額的一些假設，以了解您在本季度給出的收入前景？那我們該如何思考這個——移動的部分？例如，國際商品的需求下降了多少，而 21 年第一季的一對一需求會減少多少？

Sure. Yes. For sure, we obviously feel very good about the start to the quarter, John. And saw that coming in with -- in terms of both the future order demand and some of the reorder trends that we've been seeing in Q3. So it was good to see that continue. The biggest impact is -- for the quarter is going to be in December. It relates to that international shift that we're talking about, where about $60 million of third-party distributor sell-in, if you will, is coming down in the quarter, especially related to December about, I'd say, $5 million to $10 million of that will shift into Q1. But just overall, those distributors have strong carryover inventory positions right now. They're solid in terms of their end market demand, but they just don't need new merchandise right now. So that onetime hit to us, I think, is about a $50 million to $60 million downside for the quarter, and it's not going to impact us until December. So that's the primary shift.

當然。是的。當然，我們顯然對本季的開局感覺非常好，約翰。從未來的訂單需求和我們在第三季看到的一些再訂購趨勢來看，我們看到了這一點。所以很高興看到這種情況繼續下去。最大的影響是——因為該季度將在 12 月發生。這與我們正在談論的國際轉變有關，如果你願意的話，本季第三方分銷商的銷售額將下降約 6000 萬美元，特別是與 12 月份有關，我想說，約 500 萬美元其中1000 萬美元將轉移到第一季。但總體而言，這些分銷商目前擁有強勁的結轉庫存。他們的終端市場需求穩定，但他們現在不需要新商品。因此，我認為，這對我們來說是一次打擊，本季的損失約為 5,000 萬至 6,000 萬美元，直到 12 月才會對我們產生影響。這就是主要的轉變。

We also have -- we're chasing some inventory in some of our key brands. That's been more meaningful in Q4 here as we run ahead in Q2 and Q3 above our expectations. And then a very intentional shift for Saucony. They've chosen to really launch some of their better franchise updates into Q1, more relevant to the running season as opposed to launching them in Q4, like they've done in the last couple of years. So that was a -- not so much in the inventory issue, but an intentional shift on their part. That could be $15 million or so that shifts into Q1 as well. So those are pretty meaningful. Those are really the major headwinds for the quarter. Otherwise, our order book is super solid. The trend so far in the business are holding up nicely, and we're kind of poised for a pretty substantial improvement in Q1 as we shift into the new year.

我們也正在尋找一些主要品牌的庫存。這在第四季度更有意義，因為我們在第二季和第三季的表現超出了我們的預期。然後索康尼進行了一次非常有意的轉變。他們選擇在第一季真正推出一些更好的特許經營更新，與跑步賽季更相關，而不是像過去幾年那樣在第四季度推出。所以這與其說是庫存問題，不如說是他們有意的轉變。這可能是 1500 萬美元左右，也將轉移到第一季。所以這些都是非常有意義的。這些確實是本季的主要阻力。否則，我們的訂單非常穩定。到目前為止，該業務的趨勢保持良好，隨著進入新的一年，我們準備在第一季取得相當大的改善。

Okay. That's really helpful. And maybe one follow-up, thinking more broadly about 2021, especially given some of the comments on the macro piece, Blake. But how are you thinking about the overall recoverability of your business? And then when you think about, both on the cost side, some of the actions you've taken and then the mix shift towards your own digital business, how should we think about kind of the revenue levels that you might need to get back toward your 11% to 12% operating margin that you've had in the past?

好的。這真的很有幫助。也許還有一個後續行動，更廣泛地思考 2021 年，特別是考慮到布萊克對宏觀文章的一些評論。但您如何看待企業的整體復原能力？然後，當您考慮在成本方面，您所採取的一些行動，然後將組合轉向您自己的數位業務時，我們應該如何考慮您可能需要恢復到的收入水平您過去的營業利潤率為11% 到12 %？

Yes. I mean, when we look at 2021 right now, we're pretty bullish, even though we're in the midst of what appears to be a global second wave with respect to the pandemic. Frankly, we kind of separate the pandemic in the international market, the U.S. market. The international markets have addressed the pandemic on a country-by-country wide basis. That's obviously not what we've done here in the U.S. Europe right now is shutting down hard again, but they're doing that so that they can have a normal December. And Europe snapped back much quicker than normal. So we're hopeful with respect to Europe, which has been one of our strongest international markets here over the last couple of quarters.

是的。我的意思是，當我們現在展望 2021 年時，我們非常樂觀，儘管我們正處於全球第二波疫情浪潮之中。坦白說，我們將國際市場和美國市場的疫情分開。國際市場在各國範圍內應對這場流行病。這顯然不是我們在美國所做的。歐洲現在再次嚴格關閉，但他們這樣做是為了能夠度過一個正常的 12 月。歐洲的復甦速度比正常情況快得多。因此，我們對歐洲充滿希望，過去幾季歐洲一直是我們最強勁的國際市場之一。

So overall, we feel pretty bullish. We like where our order book is positioned. Certainly, we're benefiting from some of the tailwinds and outdoor, athletic and Active that have been created by the pandemic or accelerated by the pandemic. And then what was your other question?

總的來說，我們感覺非常樂觀。我們喜歡訂單簿的位置。當然，我們正受益於大流行帶來或加速的一些戶外、運動和活躍的順風。那你的另一個問題是什麼？

It was operating margin. Yes, if you think about the improvements we've made to the cost structure this year with respect to some of the restructurings we've done and the healthier mix in the business, not just through the DTC channels, but also just improvements in our better, more profitable brands. I think that we would feel comfortable getting back to 2019 operating margin levels. At a relatively modest revenue level, so lower than 2019 revenue levels, Jon. Just based on some of the improvements in the overall cost structure and leverage that we can get out of the growth we're seeing.

這是營業利益率。是的，如果你考慮我們今年對成本結構所做的改進，包括我們所做的一些重組以及更健康的業務組合，不僅僅是透過 DTC 管道，而且只是透過我們的更好、更有利可圖圖的品牌。我認為我們會放心地回到 2019 年的營業利潤率水準。 Jon 的收入水準相對較低，低於 2019 年的收入水準。僅僅基於整體成本結構和槓桿的一些改進，我們就可以從我們所看到的成長中獲得收益。

Our next question comes from the line of Chris Svezia with Wedbush.

我們的下一個問題來自 Chris Svezia 和 Wedbush 的對話。

I guess, just 2 things, just regards to Q4. I guess, first, are you -- what are you expecting for the European business, specifically just given the lockdown? Have you kind of factored that into your thought process? And also, just the extra week, and I go back to 2014 when you had that, but the business was much different. It was strike by retail stores. Now you've got a very profitable e-commerce business. Stores continue to improve. Just how do we think about the extra week in Q4? That's the first question.

我想，只有兩件事，只是關於第四季。我想，首先，您對歐洲業務有何期望，特別是考慮到封鎖？您是否將這一點考慮到您的思考過程中？而且，只是多了一周，我回到 2014 年，當時有這樣的情況，但業務有很大不同。這是零售商店的罷工。現在您已經擁有了利潤非常豐厚的電子商務業務。門店不斷完善。我們如何看待第四季的額外一週？這是第一個問題。

Yes. I mean, I'll address your last question first. The extra week, we -- this year, for obvious circumstances, we don't think that's going to have a normal beneficial impact on the top line. Most of the online shopping we think is going to -- is the level probably isn't going to change in the aggregate. It may be spread over another week or another week to return goods or exchange goods, but we're not anticipating now with our store base, for example, that's under 100 owned stores, under 100 stores, that it's going to be material in that regard.

是的。我的意思是，我將首先解決你的最後一個問題。今年，由於明顯的情況，額外的一周我們認為這不會對營收產生正常的有益影響。我們認為大多數網上購物的水平可能不會在整體上改變。退貨或換貨可能要花上一周或另一周的時間，但我們現在的商店基礎（例如，自營商店數量不足 100 家、商店數量不足 100 家）預計不會在這方面產生重大影響。看待。

The first part of your question was...

你問題的第一部分是......

I think its related to Europe in Q4, obviously, given the stronger start to the quarter, we're a little cautious about Europe in the markets where -- especially the owned markets that we're in, Italy and the U.K., in particular. So even though the business got off to a really good start, the sell-ins have been good. Part of the reason for some of our cautious outlook for Q4 is exactly that, Chris. And so we are so far not seeing a significant impact. Still very early. But overall, we're being a little bit cautious given the unknowns there.

我認為這與第四季度的歐洲有關，顯然，考慮到本季的強勁開局，我們對歐洲市場持謹慎態度，尤其是我們所在的自有市場，尤其是義大利和英國。因此，儘管業務有一個非常好的開端，但銷量也不錯。克里斯，我們對第四季的前景持謹慎態度的部分原因正是如此。所以到目前為止我們還沒有看到重大影響。還很早。但總的來說，考慮到那裡的未知因素，我們有點謹慎。

We are expecting some impact from the hard-European shutdown in November, but most countries have stated they're doing that, so they can have a quick snapback during the -- December and the holiday season.

我們預計 11 月歐洲的嚴格停擺會產生一些影響，但大多數國家都表示他們正在這樣做，因此他們可以在 12 月和假期期間快速恢復。

Okay. Got it. And just just on Saucony for a moment, maybe you could just talk about what do you -- I mean, obviously, you have a good growth trajectory this year. Obviously, potentially it could be your fastest-growing large brand, I'll call it, going into next year. Maybe just help us understand the visibility into that, how the originals business maybe plays into the growth opportunity? Whether specifically, I guess, in the U.S.. And just the margin profile for the brand itself. Just to help us understand where it stands today. And with the originals business coming on, I assume that's quite high margin, just how that plays into the thought process of stocking for our next year?

好的。知道了。就索康尼來說，也許你可以談談你在做什麼——我的意思是，顯然，你今年有一個很好的成長軌跡。顯然，它可能會成為你們成長最快的大品牌，我稱之為，進入明年。也許只是幫助我們了解這一點的可見性，原創業務如何發揮成長機會？我想，無論是在美國，還是品牌本身的利潤狀況。只是為了幫助我們了解今天的情況。隨著原創業務的開展，我認為利潤率相當高，這對我們明年的備貨思維過程有何影響？

Yes. Saucony is really going to benefit not just from all the work it's done on the performance side, industry-leading, color, technology, new models, but it's also going to benefit clearly under the current trends from their originals product, which it's hard to believe, but some of these shoes people ran marathons in them, 25, 30 years ago, but now they're more fashion-oriented. So we really view Saucony as having a 1, 2 punch share. And the originals business is biggest in Europe and by far, the largest country currently is Italy, obviously, a leading country when it comes to fashion and luxury and there's opportunities. We're expanding the originals business based on the Italy model throughout Europe, and we're going to use that same model throughout the rest of the world.

是的。索康尼確實將從其在性能方面所做的所有工作、行業領先、色彩、技術、新款式中受益，而且在當前趨勢下，它也將從其原創產品中明顯受益，這是很難的我相信，但25、30年前，有些人穿著這些鞋跑馬拉松，但現在它們更時尚。因此，我們確實認為索康尼擁有 1、2 拳份額。原創業務在歐洲最大，到目前為止，目前最大的國家是義大利，顯然，義大利是時尚和奢侈品領域的領先國家，並且存在機會。我們正在將基於義大利模式的原創業務擴展到整個歐洲，並且我們將在世界其他地區使用相同的模式。

We have a relatively small business today in China, in the U.S. So -- and some other significant markets. So we kind of view that as -- is all upside. The Saucony, as you guess, the Saucony original business is a very profitable business for the brand and the company.

目前，我們在中國、美國以及其他一些重要市場的業務規模相對較小。所以我們認為這都是有利的。索康尼，正如你猜的那樣，索康尼原創業務對於品牌和公司來說都是非常有利可圖的業務。

And then on the performance side, whether it's Endorphin or some of the product updates that are coming in the first half next year, this show very positive for Saucony. Saucony next year will probably be our largest -- fastest-growing brand in terms of percentage growth on the revenue side.

然後在性能方面，無論是Endorphin還是明年上半年即將推出的一些產品更新，這對索康尼來說都是非常積極的。就營收成長百分比而言，索康尼明年可能會成為我們最大、成長最快的品牌。

Our next question comes from the line of Matthew Degulis with KeyBanc Capital Markets. .

我們的下一個問題來自 KeyBanc Capital Markets 的 Matthew Degulis。 。

And congrats on a really nice quarter. So Sperry has build up such a strong rainbow business over the last couple of years. Can you comment on your expectations for Sperry and other weatherized boots in your portfolio for the fourth quarter? Any callouts positive or negative? And how is the shift any -- that businesses -- how would the shift in that business affect AURs and margins for the quarter?

恭喜您度過了一個非常美好的季度。因此，斯佩里在過去幾年中建立瞭如此強大的彩虹業務。您能否評論一下您對第四季度 Sperry 和您產品組合中其他防風雨靴子的期望？有正面或負面的標註嗎？該業務的轉變將如何影響本季的 AUR 和利潤率？

Yes. I think the Sperry boot business is probably one of the areas where we got caught with some lean inventory with the shutdown and some of the order inventory adjustments and order cancellations in Q1 and Q2. I would say our Sperry boot business remains very strong, but we are limited by lean inventory. Some of it in the more fashion product in that line. I know that Sperry in the corner gained market share in the rain boot category, where it has the number, by far, the #1 position. So we feel bullish about that category for Sperry going forward.

是的。我認為 Sperry 靴子業務可能是我們在第一季和第二季因停產、部分訂單庫存調整和訂單取消而陷入庫存不足的領域之一。我想說，我們的 Sperry 靴子業務仍然非常強勁，但我們受到精益庫存的限制。其中一些是該系列中更時尚的產品。我知道角落裡的 Sperry 在雨鞋類別中獲得了市場份額，到目前為止，它在該類別中排名第一。因此，我們對斯佩里在這一類別的未來感到樂觀。

And Matt, you mentioned the impact on AURs and margins in both cases. That's the strongest category. The boot category is the strongest category for Sperry. Q4 will be the best-performing quarter for Sperry this year. They've had some challenges, obviously, given the headwinds from the pandemic. But the Q4 performance for Sperry will be relatively the strongest. And they don't have the international exposure that would relate to some of these spring related timing shifts that we talked about either. So all in all, I think that we'll deliver a decent quarter in Q4 for Sperry.

Matt，您提到了這兩種情況對 AUR 和利潤率的影響。這是最強的類別。靴子類別是斯佩里最強的類別。第四季將是斯佩里今年表現最好的季度。顯然，考慮到大流行帶來的不利因素，他們面臨一些挑戰。但斯佩里第四季的表現將是相對最強的。他們也沒有與我們討論過的一些與春季相關的時間變化相關的國際曝光。總而言之，我認為我們將在第四季度為斯佩里帶來一個不錯的季度業績。

Makes sense. And one follow-up. Another quarter of really strong cash flow. Can you update us on your priorities for cash, should we head into next year?

說得通。還有一個後續行動。另一個季度的現金流非常強勁。您能否向我們介紹一下您的現金優先事項，我們應該進入明年嗎？

Absolutely. I mean we're going to -- we're obviously continuing to be super diligent around managing the cash and working capital positions of the business. We've done a great job this year. The team has been above and beyond in terms of their performance here. We're not taking our foot off the pedal at all. I continue to remind our teams, we're certainly in a better place, but we're not out of the woods yet. Having said that, we're already investing pretty heavily in inventories, getting back to a much more normalized pace and level of inventory allowed to support what we're seeing in the business going into next year. And so that will have a negative effect, relatively speaking, on cash flows in the first part of the year. But super important for us to be investing behind these new programs that Blake has been highlighting in his comments.

絕對地。我的意思是，我們顯然將繼續非常努力地管理企業的現金和營運資本狀況。今年我們做得很好。該團隊在這裡的表現非常出色。我們的腳根本沒有離開踏板。我繼續提醒我們的團隊，我們確實處於更好的位置，但我們還沒有擺脫困境。話雖如此，我們已經在庫存上進行了大量投資，恢復到更正常的速度和庫存水平，以支持我們明年的業務。相對而言，這將對今年上半年的現金流產生負面影響。但對我們來說，投資這些新項目非常重要，布萊克在他的評論中一直強調這一點。

I think as it relates to other priorities, and we've gotten our debt down to a more normalized level, our (inaudible) place. We're going to continue to maintain that at 2x, hopefully or better. And we're always going to be looking for the opportunity to seize the growth initiatives for Sperry, Merrell, Saucony and our work brands, in particular right now. As we already mentioned in Brendan's remarks that we're also going to be investing heavily on the DTC capabilities for next year. So organic growth is at the very high end of our priority list as well. And those would be kind of our focus areas for now.

我認為，因為它與其他優先事項有關，而且我們已經將債務降至更正常化的水平，即我們的（聽不清楚）位置。我們將繼續將其保持在 2 倍，希望甚至更好。我們一直在尋找機會，抓住 Sperry、Merrell、Saucony 和我們工作品牌的成長舉措，尤其是現在。正如我們在 Brendan 的演講中提到的，我們明年也將大力投資 DTC 功能。因此，有機成長也位於我們優先事項清單的最高端。這些將是我們目前的重點領域。

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

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

Brendan, welcome. It's certainly been a short time that you've been at Wolverine. And from your experience as a digital-first executive what do you see as the implications, both quantitatively and qualitatively for Wolverine? And then just I wanted to confirm on the operating cash flow, Mike. Is it still guidance for $200 million to $250 million for the year?

布蘭登，歡迎你。你來金鋼狼的時間一定很短。根據您作為數位優先高管的經驗，您認為這對《金鋼狼》的定量和定性影響是什麼？然後我想確認一下經營現金流，麥克。今年的指導價仍為 2 億至 2.5 億美元嗎？

Why don't I give you the bad answer and then Brendan can fill in. (inaudible) now that the operating cash flow the full year will be a $50 million and as we continue to really manage the inventory flow and maybe bring in some inventory a little bit earlier for some of the spring shipments. That might be the only headwind that we're seeing. But fundamentally, we'd expect to exceed $250 million.

為什麼我不給你一個不好的答案，然後 Brendan 來補充。（聽不清楚）現在全年的經營現金流將是 5000 萬美元，而且我們將繼續真正管理庫存流量，也許還會引入一些庫存一些春季發貨的時間要早。這可能是我們看到的唯一阻力。但從根本上來說，我們預計將超過 2.5 億美元。

And Dana, thanks for the welcome. Yes, it's been a great 2 months here so far, as I said in my remarks. And as I mentioned, great to be able to put a stake in the ground for next year's e-commerce business to aspire to get the $500 million, which Blake said, it would be almost another 50% increase. I think it's very doable and achievable based on what I've seen in my short time here. I think these brands lend themselves to the pivot to e-commerce. I think they've been doing a great job. Getting the message out and really leaning into some of the categories that, as Blake mentioned, are so important during the pandemic, whether it's Outdoors, Athletic, Work.

達納，謝謝你的歡迎。是的，正如我在演講中所說，到目前為止，我們在這裡度過了美好的兩個月。正如我所提到的，很高興能夠為明年的電子商務業務入股，以期獲得 5 億美元，布萊克表示，這幾乎又增加了 50%。根據我在這短暫的時間所看到的，我認為這是非常可行且可實現的。我認為這些品牌適合轉向電子商務。我認為他們做得很好。正如布萊克所提到的，傳達訊息並真正關註一些在大流行期間非常重要的類別，無論是戶外活動、運動還是工作。

So I think that gives us a lot of tailwinds to continue to accelerate our pivot into e-commerce. I think the team has already been on that path prior to me getting here, and Blake and the Board have teed that up very nicely and me coming on to help provide some additional leadership, I think, will allow us to continue on that path and hopefully a little bit faster.

因此，我認為這為我們繼續加速轉向電子商務提供了許多動力。我認為在我來到這裡之前，團隊已經走上了這條道路，布萊克和董事會已經很好地做好了準備，我想，我將提供一些額外的領導力，這將使我們能夠繼續走這條路，希望能快一點。

I'm thrilled that this company has the ability to make some investments and do things quickly. So Blake mentioned the mobile app that we're going to be launching in Merrell in early 2021. I mean, that's something I've been championing since even before I got here and to see how quickly we're going to be able to get it up and executed. And hopefully, as a test for the other brands as a way to not just communicate regularly with our customer, but to also help facilitate the conversion on our websites. And almost 70% of our traffic comes through a mobile device, the phone, I should say. So I think having something like the mobile app for a big brand like Merrell is going to be exciting to help facilitate the growth.

我很高興這家公司有能力進行一些投資並快速開展工作。因此，布萊克提到了我們將於 2021 年初在梅雷爾推出的行動應用程式。我的意思是，這是我在來到這裡之前就一直倡導的事情，看看我們能夠多快實現它啟動並執行。希望這可以作為其他品牌的測試，不僅能定期與我們的客戶溝通，還能幫助促進我們網站上的轉換。我們幾乎 70% 的流量來自行動設備，我應該說是手機。因此，我認為像 Merrell 這樣的大品牌擁有類似行動應用程式的東西將會令人興奮，有助於促進成長。

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

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

Alec Legg, on for Susan. Just quickly on the Work category, did that grow this quarter? And if so, what were the key drivers of that performance?

亞歷克·萊格 (Alec Legg) 替補蘇珊 (Susan)。就工作類別而言，本季有成長嗎？如果是這樣，那麼這種表現的關鍵驅動因素是什麼？

Yes. We had a -- Work had a pretty -- was a pretty good quarter for us in Q3. Fundamentally, growth is being driven by exciting new product and product innovation, the Hellcat collection, for example, in the Wolverine brand. I would say one other thing we've seen in Work here over the last couple of quarters is a significant incremental shift to soft toe work product, not steel toe, not composite toe. Our research has indicated a lot of that is being driven by the pandemic at home environment. People are working around the yard. People are working at home. People are working at their cottages, their vacation homes and so I think the work category is also benefiting from consumers that may not be in the traditional work, consumer class. So we expect work will continue to -- that's it from not just the pandemic, but it's really, for us, being driven by new product and new product creation.

是的。我們在第三季的季度表現非常好。從根本上說，成長是由令人興奮的新產品和產品創新推動的，例如金剛狼品牌的地獄貓系列。我想說的是，過去幾季我們在工作中看到的另一件事是向軟趾工作產品的顯著增量轉變，而不是鋼趾，而不是複合趾。我們的研究表明，其中很大一部分是由家庭環境大流行造成的。人們正在院子裡工作。人們都在家工作。人們在他們的小屋、度假屋工作，所以我認為工作類別也受益於可能不屬於傳統工作、消費者階層的消費者。因此，我們預計工作將繼續下去——這不僅是因為大流行，而且對我們來說，它確實是由新產品和新產品創造所推動的。

Perfect. And then I guess just a follow-up. I know you've mentioned before that back-to-school is not really a big portion of your business. But with this year being pretty unprecedented. Have you seen any maybe different trends related to the back-to-school season?

完美的。然後我想這只是後續行動。我知道您之前曾提到過，返校並不是您業務的重要組成部分。但今年是史無前例的。您是否看到與返校季節相關的任何可能不同的趨勢？

No, no different than you've heard, frankly, from other brands and companies. Back-to-school started soft. It didn't have a normal bell curve to it, given the pandemic situation and the fact that K-12 and universities across the United States, at least, they are all operating on different models. Some virtually, some combination of the in class and virtual and some totally in class. So I think it was a muted back-to-school season overall for consumer soft goods and for footwear. But as you know, back-to-school is not that important of a time period for our company or brands.

不，坦白說，這與您從其他品牌和公司聽到的沒有什麼不同。回到學校開始軟了。考慮到大流行的情況以及美國各地的 K-12 和大學，至少它們都在以不同的模式運行，它沒有正常的鐘形曲線。有些是虛擬的，有些是課堂和虛擬的結合，有些是完全在課堂上。因此，我認為對於消費品和鞋類來說，總體而言，這是一個平靜的返校季節。但如您所知，對我們的公司或品牌來說，返校並不是那麼重要的時期。

Our next question comes 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 guess to start with Mike on Q4. I'm just trying to understand if you adjust for the shifts, which, I guess, the big ones are international and then Saucony and maybe even adjust for that extra week, is the underlying growth rate kind of the normalized growth rate that you're expecting for Q4? Are you saying that to be better than Q3 or worse than Q3? And to what extent is the pandemic sort of factored in?

我想從第四季的麥克開始。我只是想了解您是否針對輪班進行調整，我猜，其中最大的輪班是國際班次，然後是索康尼，甚至可能會針對額外的一周進行調整，這是您的正常化增長率的基本增長率。期待第四季嗎？你是說比Q3好還是比Q3差？大流行在多大程度上被考慮在內？

I think the pandemic is always factored into our outlook right now, every day. So it's fully baked in as much as we can see, and we're trying, again, to be conservative there. But yes, I think it would -- without these very meaningful items that we quantified, the sequential improvement in Q4 would be pretty meaningful from Q3 to Q4. So you can't set those aside all the time, I wish you could. But I think the fundamentals of the business are strong. The order demand is strong. If we had all of the core styles that we wish we had right now coming into Q4, we'd be able to service that demand at a higher level than we'll be able to. And that's going to improve in Q1, which is great. But I think we've got those rating issues kind of converging to put quite a bit (inaudible) in the quarter.

我認為，疫情現在每天都會影響我們的前景。因此，我們所看到的一切都已完全成熟，我們再次嘗試在這方面保持保守。但是，是的，我認為如果沒有我們量化的這些非常有意義的項目，第四季從第三季到第四季的連續改進將非常有意義。所以你不能一直把這些放在一邊，我希望你可以。但我認為該業務的基本面很強勁。訂單需求旺盛。如果我們在第四季度擁有我們希望現在擁有的所有核心風格，我們將能夠以比我們能夠做到的更高的水平來滿足這一需求。第一季這一情況將會有所改善，這非常棒。但我認為我們已經將這些評級問題集中在本季度（聽不清楚）。

Got it. And then on owned e-commerce, really strong growth in the quarter, not quite as strong as last quarter, totally understandable, given that a lot of wholesale has opened up in the meantime. I'm just trying to understand kind of the cadence of that business, maybe as it flowed through the quarter and maybe even into October, I assume all the months were up double digits. But is that business continue to sort of swirl? And where do you think it lands maybe for the full year or for the fourth quarter as a percentage of sales?

知道了。然後，在自有電子商務方面，本季成長確實強勁，但不如上季那麼強勁，這是完全可以理解的，因為同時大量批發已經開業。我只是想了解該業務的節奏，也許隨著整個季度甚至十月的發展，我假設所有月份都增長了兩位數。但這項業務是否會繼續陷入困境？您認為它佔全年或第四季銷售額的百分比會是多少？

Yes. I mean, if you start with Q2 in the real start and peak of the pandemic, for us, we had almost 100% growth in owned e-commerce that has gradually come down over the last 2 quarters. We were up a little more than 56% in Q3. Q4 would normally be a higher-demand quarter, especially in today's environment when a large percentage of the consumers are still not keen about going to regional malls or shopping centers. So we would expect that to hold up fairly well into Q4. And we think just a lot of consumer behavior shifts have been consolidated in the last 6, 7, 8 months, and it's going to continue. I can't really predict where it's going to come out in the future. But for us, we would like to achieve 50% growth in 2021. And as some states and areas closed down a little bit, as some countries kind of closed down a little bit again, you could see a continuing shift to online purchasing. Obviously, pretty dynamic and hard to predict precisely at the moment, but digital and DTC is going to be one of our main -- has been for several years, but one of our main focus areas going forward.

是的。我的意思是，如果從第二季度開始，在疫情真正開始和達到高峰的時候，對我們來說，自有電子商務幾乎實現了100% 的增長，但在過去兩個季度中，這一增長逐漸下降。第三季我們的漲幅略高於 56%。第四季通常是需求較高的季度，尤其是在當今環境下，很大一部分消費者仍然不熱衷於前往區域購物中心或購物中心。因此，我們預計這種情況將持續到第四季。我們認為，在過去的 6、7、8 個月裡，許多消費者行為的轉變已經得到鞏固，而且這種轉變還會持續下去。我真的無法預測它將來會在哪裡出現。但對我們來說，我們希望在 2021 年實現 50% 的成長。隨著一些州和地區稍微關閉，一些國家再次稍微關閉，你可能會看到線上購買的持續轉變。顯然，目前非常動態且難以準確預測，但數位和 DTC 將成為我們的主要領域之一——已經存在了好幾年，但也是我們未來的主要關注領域之一。

Our next question comes 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。

I guess I have two questions. First, just on holiday, with retailers setting holiday early -- earlier this year, are you actually seeing the consumer come out and shop differently than they have in the past? And then what are you seeing as it relates to shipping surcharges? And how are you kind of procuring or securing excess capacity to meet kind of the online demand?

我想我有兩個問題。首先，就在假期期間，零售商提前設定了假期——今年早些時候，您是否真的看到消費者外出購物與過去有所不同？那麼您對運費附加費有何看法？您如何採購或確保過剩產能來滿足線上需求？

Yes. I would -- it's -- holidays a little bit up in the air. I have seen consumer surveys that are all over the board a little bit. Overall less spending during the holiday season. Some other consumer surveys show it is increasing. I think it's going to be spread out this year. I'm -- I don't believe we're going to have the high peak that we've experienced historically. Maybe some of that is due to Amazon shifting its Prime Day and kind of kicking off the holiday season in October. Certainly, we know that Black Friday and Cyber Monday is not a 3- or 4-day occasion anymore as well.

是的。我希望假期有點懸而未決。我看過一些消費者調查，內容比較全面。假期期間整體支出減少。其他一些消費者調查顯示這一數字正在增加。我想今年會推廣開來。我——我不相信我們會達到歷史上經歷過的高峰。也許部分原因是亞馬遜改變了 Prime Day 的安排，並在 10 月開始了假期季節。當然，我們知道黑色星期五和網路星期一也不再是 3 或 4 天的節日。

So we're going to see it ramp up. I know that there has been some communication by the shippers to consumers in general and by Amazon gets your orders in early because there's going to be some constraint on -- in shipping and delivery as we near the key dates in the holiday season that does not to expect to be able to, for example, receive an order that you ordered on December '23rd by Christmas. And some people in the past have expected that. So as far as costs, there's clearly some congestion at the port of entries and a little bit of constraint on inland shipping. We expect that to continue for the holiday season.

所以我們會看到它的成長。我知道托運人總體上與消費者進行了一些溝通，亞馬遜也提前收到了您的訂單，因為隨著我們接近假日季節的關鍵日期，運輸和交付方面會受到一些限制，但不會出現這種情況。例如，期望能夠在聖誕節前收到您在 12 月 23 日訂購的訂單。過去的一些人已經預料到了這一點。就成本而言，入境港顯然存在一些擁堵，內陸運輸也受到一些限制。我們預計這種情況將持續到假期。

For us, when we started in May, we were very proactive. We wanted to stay open for business. And the team did a great job adjusting our supply chain. We're little bit of it being -- the size we are and the pairs we source, we're at a little bit of an advantage over smaller companies and smaller brands here, but the footwear industry supply chain is in pretty good shape right now, probably a little better shape than that for us right now. We're scrambling for a couple of collections and areas, but it's in pretty good shape. If you're a smaller brand or a smaller company, you may be experiencing some -- a tougher goal of it to rightsize your inflow.

對我們來說，當我們在五月開始時，我們非常積極主動。我們希望繼續營業。團隊在調整我們的供應鏈方面做得非常出色。我們的規模很小，我們採購的鞋子，我們比這裡的小公司和小品牌有一點優勢，但鞋類行業的供應鏈狀況相當良好，對吧現在，可能比我們現在的狀態要好一些。我們正在爭奪幾個系列和區域，但它的狀況相當不錯。如果你是一個較小的品牌或較小的公司，你可能會遇到一些更艱難的目標，就是調整你的資金流入規模。

Just to play off what Blake said, Erinn, on Prime Day, I mean, I was particularly encouraged by the outsized growth we had on Prime Day far exceeded what I saw Amazon quoting. And it was some of the brands that we don't always talk about here were front and center for us. And so I think our team did a great job leaning in with Amazon to ensure we were ready to go, and I think it gives me even greater confidence across our portfolio of brands, how well they lend themselves to e-commerce and having the right inventory and the right messaging could be explosive for even some of the brands we don't always talk about.

只是為了回應布萊克（Erinn）在 Prime Day 所說的話，我的意思是，我對 Prime Day 的大幅增長感到特別鼓舞，遠遠超過了我看到亞馬遜引用的數字。對我們來說，一些我們並不總是在這裡談論的品牌是最重要的。因此，我認為我們的團隊在與亞馬遜的合作中做得很好，確保我們做好了準備，我認為這讓我對我們的品牌組合更有信心，他們對電子商務的適應程度以及擁有合適的品牌即使對於一些我們不常談論的品牌來說，庫存和正確的訊息傳遞也可能具有爆炸性。

Our final question comes from the line of [Laurent Vasilescu] with Exane BNP Paribas.

我們的最後一個問題來自 [Laurent Vasilescu] 與 Exane BNP Paribas 的對話。

This is Ian on for Laurent. I was just wondering, as you continue to increase investments in e-commerce, can you maybe talk about how it impacts the margin structure, particularly as you think about it in the context of 50% growth next year? Should you be kind of levering this? Or how should we think about that?

這是勞倫特的伊恩。我只是想知道，隨著您繼續增加對電子商務的投資，您能否談談它如何影響利潤結構，特別是在您明年增長 50% 的背景下考慮這一點？你應該利用這一點嗎？或者說我們該如何思考這個問題？

Absolutely. Sure. I mean, we've already proven how powerful this channel is in Q2 and Q3, both quarters saw pretty explosive operating margin expansion in that channel. Blake mentioned the stronger product margins, the higher selling prices. We see consumers trading up a little bit on the new -- especially on new product that our brands are offering in the market. So all those things have been beneficial, but we're able to take a platform -- a center of excellence platform that we have in the business today that services all our brands. And that kind of cost structure once we drive the level of growth we're talking about is both scalable and provides a lot of leverage.

絕對地。當然。我的意思是，我們已經在第二季和第三季證明了該通路的強大功能，這兩個季度都看到該通路的營業利潤率出現了爆炸性的成長。布萊克提到，產品利潤越高，售價越高。我們看到消費者對新產品的購買增加，尤其是我們品牌在市場上提供的新產品。因此，所有這些事情都是有益的，但我們能夠利用一個平台——我們今天在業務中擁有的卓越中心平台，為我們所有的品牌提供服務。一旦我們推動了我們所說的成長水平，這種成本結構既可以擴展，又可以提供很大的槓桿作用。

So yes, we would continue to see this area expand in terms of margin, but also give us more opportunity, more capacity to make even further investment and accelerate some of the investments that we need to make in our digital capabilities along the way. So being able to do both of those things simultaneously is a luxury, I think, is certainly in this environment.

所以，是的，我們將繼續看到這一領域的利潤率不斷擴大，同時也為我們提供了更多的機會、更多的能力來進行進一步的投資，並加速我們在數位能力方面需要進行的一些投資。因此，我認為，在這種環境下，能夠同時做這兩件事無疑是一種奢侈。

Yes, that's great. Awesome. And then just maybe just one follow-up. You've talked about increasing digital marketing. I'm just wondering how you're thinking about that -- like marketing holistically? Are you shifting traditional spend into digital, such that overall marketing may be like flattish? Or are you just -- is overall marketing spend going up?

是的，那太好了。驚人的。然後也許只是一個後續行動。您談到了增加數位行銷。我只是想知道你是如何看待這個問題的——比如整體行銷？您是否正在將傳統支出轉向數位化，從而導致整體行銷變得平淡？或者您只是—整體行銷支出在增加嗎？

Yes. Well, we're really looking at it from the first dollar spent. And yes, it's shifting heavily into digital away from out-of-home into performance marketing, into marketing that clicks right to the website or one of our selling places. So we're taking a hard look at that from the ground up. I think the team has always been very diligent about going through their SG&A and their ad spend, but the business has been totally reimagined through the pandemic and our acceleration in the DTC. So kind of doing that real-time now to figure out how we make sure we optimize not just the last dollar we're spending, but the first dollar we're spending.

是的。嗯，我們確實是從花的第一美元開始就開始考慮的。是的，它正在大力轉向數位化，從戶外轉向績效行銷，轉向直接點擊網站或我們的銷售地點之一的行銷。因此，我們正在從頭開始認真審視這一點。我認為團隊一直非常努力地處理他們的銷售、管理和行政費用（SG&A）和廣告支出，但透過疫情和我們在 DTC 中的加速，業務已經完全重新構想。因此，現在實時進行這項工作是為了弄清楚我們如何確保不僅優化我們花費的最後一美元，而且還優化我們花費的第一美元。

We have reached the end of our question-and-answer session. I'd like to turn the call back over to Brett Parent for any closing remarks. .

我們的問答環節已經結束。我想將電話轉回給布雷特·帕倫特，讓其結束語。 。

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 December 5, 2020. 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 2020 年 12 月 5 日。謝謝您，祝您有美好的一天。

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

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