Laurent Vasilescu

Steve framed the second-half acceleration as a logistics and shipment-timing shift, not a demand change, with DTC growth still significant.

Steven explained Q1 dynamics including EMEA warehouse transition lapping, Clifton launch marketplace prep, and delayed APAC distributor shipments. Expressed strong confidence in full-year low double digit HOKA growth.

Steven confirmed international growth faster than U.S. Gross margin pressure from inflation and higher material/input costs. On multi-year framework, Steven noted they are 'leaning in more than we have in the past' versus typical conservative guidance.

CEO confirmed visibility through first 3 quarters of FY2027 with very encouraging order book development globally. CFO confirmed UGG expected to grow in FY2027, citing Q3 performance as demonstration of sustained brand demand.

CFO emphasized long-term brand management over quarterly compare optimization. Q4 approach focuses on balancing wholesale demand fulfillment with DTC emphasis. Strong consumer demand is a positive signal but company won't chase growth at brand's expense.

CFO explained guidance reflects tariff impact on US consumer, not a change in brand health. HOKA back-half still low teens, close to original framework. Revenue below consensus but profitability on consensus bracket. CEO noted managing brands for long-term, not quarter-to-quarter.

CFO expects Q3 more cautious with stronger Q4 growth dependent on holiday consumer turnout. CEO highlighted clean marketplace for HOKA, sell-through exceeding sell-in, market share gains in Performance Run, and healthy spring/summer 2026 order books.

CFO confirmed April was the low point with sequential improvement through May and June. International remains the bulk of growth. CEO noted 48 owned stores plus approximately twice as many partner stores globally, with Berlin and Milan openings planned. New Global Head of Retail Jessica Boer hired.

CFO confirmed framework intact with more confidence post-Q1. Full-year guidance reinstatement requires greater clarity on tariff percentages by country and visibility into consumer reaction to price increases in H2.

CFO confirmed mid-teens as the right framework but withheld specifics on DTC/wholesale split. Q1 guide is post-tariff but excludes price increases which won't come until after Q1. CEO noted Bondi 9, Clifton 10, and upcoming Arahi 8 all performing well.

CEO confirmed marketplace is largely clean on Bondi and Clifton transitions with minimal legacy hangover. CFO declined specific international mix targets but expressed encouragement with continued progress.

CEO confirmed positive trade reception for upcoming launches. CFO clarified quarterly growth rate variations reflect inventory management, not demand changes.

CEO expressed aspirational confidence in reaching higher revenue levels without setting a timeline. CFO declined to give long-term targets but emphasized continued brand performance above expectations.

CEO detailed extensive product pipeline: Bondi update in January, Clifton in April, Cielo X1 update in February, plus first cold weather foray with Kaha Frost. Trade reaction has been very positive.

CEO targets long-term 50/50 US/international split. Brand awareness internationally in mid-20s vs mid-40s in US. Both CEO and CFO emphasized strong international performance in Q2.

Patrice framed China at 10% of the company (vs 2-3% pre-COVID) with mid-teens FY guidance, and cited Korea acceleration and Japan 50th-anniversary momentum. Direct.

Justin noted resilient core consumer across EMEA with continued healthy underlying growth. Patrice added Middle East represents low single digits of Europe revenue and tourism impact is similarly small.

Justin said full-year Europe at high end of mid-single digits on CC basis, healthy underlying growth in line with long-term plan. Full price business leading, providing strategic opportunity to enhance quality of sales. Q4 Europe expected slightly up with timing shifts pressuring top line. Patrice noted core consumer resilient, brand momentum strong, and particular strength in Germany and UK.

Patrice said performance driven by strategy execution over many years, not broader luxury rebound. Still has relatively small share in a significant market. Stands by low double-digit China growth guidance over 3-year Drive plan. Growth driven by healthy comp growth, selective store expansion, digital acceleration including Douyin women's shop, and strong clienteling.

Patrice guided China up low double digits for FY2026. Currently 9% of total company. Justin said FY2026 gross margins flat with tariff headwinds offset by AUR and mix.

Justin noted deliberate elevation choices paying off. Six quarters of comp growth in DTC. Wholesale return to growth faster/stronger than anticipated. Solid foundation for sustainable growth.

Justin confirmed unit growth focus in targeted areas. Holiday shifts have <1pt net headwind on Q3 and ~1pt benefit to Q4. Double-digit comp with double-digit AUR means taking share.

Andre noted NSOs returning above 100% ROI across North America and international with payback under 1 year. Top stores over $1,400 sales per square foot. 15 North America stores mostly in Mexico. Marketing flat as rate of sales but shifting toward activations and influencers.

Meghan described sequential full-price improvement: Q4 was lowest waterline with 130bps markdown pressure, Q1 meaningful improvement but still underindexing total top line, flat Q2, positive H2. Enabled by newness, SKU reduction, and units flat to slightly down.

Todd highlighted early positive results from expressive luxury store format, play stores, and coffee shops. Renovated stores show higher productivity, and coffee shops drive meaningful lift in linger time and overall performance.

Scott reported minimal input cost inflation to date with only modest fuel surcharge pressure. As a leather goods house, petrochemical price swings are less relevant than for other categories.