1. Global Brand 2. Product-Driven 3. Integrated Marketing Strategy 4. World-Class Infrastructure 5. Financial Strength Investor Presentation: Overview 2025 Investor Presentation Positioned for All financial metrics in this presentation are as of fiscal year end 2024, unless otherwise noted. GROWTH Global Brand …with Global Reach International Sales 62% Countries 180+ Skechers Stores Worldwide (as of 2/6/25) 5,300 + 3 RD largest footwear company in the world BELGIUM Markets with E-Comm Platforms 30+ S. KOREA ...

Global Market Overview - The global hiking shoe market is experiencing steady growth, driven by increasing health awareness and the popularity of outdoor activities. The market size is projected to reach $20.94 billion by 2025 and $26.73 billion by 2033, with a compound annual growth rate (CAGR) of approximately 3.1% during the forecast period [1]. North America Market - North America is currently the largest regional market, accounting for 40% of the global market share. The U.S. is the primary market, with a projected market size of $6.12 billion in 2024, expected to grow to $8.63 billion by 2033, reflecting a CAGR of about 3.9%, which is higher than the North American average growth rate [1]. - The extensive outdoor culture in North America, particularly in the U.S. and Canada, is a key driver of market growth, with hiking, trekking, and camping becoming integral to the lifestyle of the middle and high-income groups [1]. Europe Market - The European hiking shoe market is projected to reach approximately $5.94 billion in 2024, representing 30% of the global market share. The market is driven by a strong outdoor culture, especially in countries like Germany, Switzerland, and Austria, where hiking is considered an important part of family leisure and health [3]. - European consumers have higher demands for product performance and sustainability, favoring brands that use renewable materials and have transparent carbon footprints [3]. Asia-Pacific Market - The Asia-Pacific region, while only holding a 23% share of the global hiking shoe market, is the fastest-growing regional market. The market size is expected to reach approximately $4.67 billion in 2024 and grow to $6.79 billion by 2031, with a CAGR of about 5.5% [3]. - The rapid growth of the urban middle class, increased health awareness, and the popularity of "light outdoor" lifestyles are the main drivers of market growth in this region. Consumers prioritize shoe aesthetics, comfort, and brand social attributes, particularly among younger demographics [3]. Latin America Market - Latin America accounts for only 5% of the global hiking shoe market, but its future growth potential is significant due to economic stabilization, increased urbanization, and a rise in outdoor tourism activities. Consumers in this region are price-sensitive but are also raising their expectations for functionality and comfort in hiking shoes [4]. Consumer Trends - Functionality and Comfort: Approximately 70% of consumers globally prioritize comfort and functionality in hiking shoes, especially for prolonged outdoor activities and extreme environments [6]. - Sustainability and Environmental Awareness: In Europe and North America, sustainability is a crucial factor in consumer choices, with about 60% of European consumers and 50% of North American consumers considering sustainable practices when selecting hiking shoes [6]. - Fashion and Design: Hiking shoes are increasingly viewed as fashion items, particularly in the Asia-Pacific region, where consumers demand higher aesthetic standards. The "Gorpcore" trend is particularly popular among young people in Asia [6]. - Price and Value: While high-end brands dominate the market, consumers are becoming more price-sensitive, especially in emerging markets like Asia and Latin America, where about 45% of Asian consumers prioritize value for money when purchasing hiking shoes [7]. - Specialization: As outdoor activities become more specialized, consumers are seeking shoes tailored for specific activities like climbing and trekking, prompting brands to innovate in technical performance and design [7]. Challenges in Market Expansion - Cultural Differences and Consumer Preferences: There are significant differences in consumer preferences across regions, necessitating tailored products that align with local climates, hiking habits, and trends [9]. - Environmental Regulations and Sustainability: Stricter environmental regulations in various countries, particularly in Europe, impose higher standards for product recyclability and production processes, impacting manufacturing practices [9]. - Brand Recognition and Market Competition: In emerging markets, 68% of consumers tend to trust local or established international brands, presenting challenges for new brands that require time to build recognition and competitive advantages [9].

Group 1 - Designer Brands Inc. operates DSW and various owned and licensed shoe brands, positioning itself as a value player in the market [1] - The company has been attempting to balance between national labels and in-house labels, indicating a strategy to appeal to a broader customer base [1] Group 2 - The focus of the analysis is primarily on small- to mid-cap companies, which are often overlooked by investors, while also occasionally reviewing large-cap companies for a comprehensive market perspective [1]

Core Insights - Deckers Outdoor Corporation's wholesale business significantly contributed to revenue growth in Q4 of fiscal 2025, with HOKA and UGG performing strongly [1][10] - Total revenues reached $1.02 billion in Q4, marking a 6% increase year over year, despite modest pressure on direct-to-consumer sales [3][10] Wholesale Performance - Wholesale revenues increased by 12.3% year over year to $611.6 million, showcasing the channel's strength in generating incremental sales [1][10] - HOKA's growth was driven by an expanded retail presence and the successful launch of the Bondi 9, while UGG's gains were attributed to strong demand for seasonal products [2][10] Strategic Initiatives - U.S. wholesale efforts included a pilot program with Journeys aimed at attracting younger consumers, while international growth was supported by partnerships with Intersport, Sport Check, and the JD Group [4] - Deckers aims for a balanced 50-50 split between wholesale and direct-to-consumer sales, with expectations for wholesale to continue outpacing DTC in fiscal 2026 [5][10] Competitive Landscape - Key competitors in the wholesale channel include Steven Madden, Ltd. and Urban Outfitters Inc., both of which reported revenue growth in their respective wholesale segments [6][8] - Steven Madden's wholesale channel generated $439.3 million in Q1 2025, while Urban Outfitters achieved a 24% revenue increase in its wholesale channel for Q1 fiscal 2026 [7][8] Financial Metrics - Deckers shares have declined by 45.4% year to date, compared to a 13.1% decline in the industry [9] - The company trades at a forward price-to-earnings ratio of 17.82X, slightly above the industry average of 17.77X [12]

Group 1 - Birkenstock (BIRK) shares have increased by 4.1% over the past four weeks, closing at $54.76, with a mean price target of $68.88 indicating a potential upside of 25.8% [1] - The average of 17 short-term price targets ranges from a low of $57 to a high of $81, with a standard deviation of $7.34, suggesting a relatively high agreement among analysts [2] - Analysts are optimistic about BIRK's earnings prospects, as indicated by a positive trend in earnings estimate revisions, which historically correlates with stock price movements [4][11] Group 2 - Over the last 30 days, the Zacks Consensus Estimate for BIRK's current year earnings has increased by 4%, with eight estimates moving higher and one lower [12] - BIRK holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13]

Investment Rating - The report assigns a "Buy" rating to Xtep International Holdings with a 12-month price target of HK$7.00, indicating an upside potential of 19.9% from the current price of HK$5.84 [10][11]. Core Insights - The company has reiterated its full-year guidance, expecting positive sales growth at the group level, with Saucony and Merrell brands projected to achieve 30%-40% sales growth and over 10% year-on-year net profit growth [2][10]. - Xtep's core business has maintained stable discount levels in the second quarter of 2025, attributed to healthy inventory levels [7][10]. - Management believes that Xtep's established brand recognition and ecosystem provide a competitive advantage in the growing running category [7][10]. Summary by Sections Full Year Guidance - The company expects to deliver positive sales growth at the group level, with Saucony and Merrell brands projected to achieve 30%-40% sales growth and over 10% year-on-year net profit growth [2][10]. Xtep Core - The discount level has remained stable in the second quarter of 2025 due to healthy inventory levels, and the brand is focusing on maintaining stable profit margins [7][10]. Saucony Brand - In the second half of 2025, management anticipates a broader product assortment to meet functional and fashion demands, including new fabrics and an increased focus on women's products, aiming to raise the female sales mix from 10-20% to 30% within the next 1-2 years [4][8]. - The company aims to double Saucony's revenue by 2027 through store expansion, targeting 30-50 new stores annually and enhancing store productivity [4][8].

Core Insights - Deckers Outdoor Corporation's international expansion strategy is a significant driver of growth, with HOKA and UGG brands contributing notably to this momentum [2][12] - In fiscal 2025, international sales increased by 19.9% year over year, reaching $374.1 million, underscoring the importance of global markets [2][12] International Sales Performance - HOKA's international revenues grew by 39% year over year, now making up 34% of total sales, up from 30% in fiscal 2024 [3] - UGG's international revenues rose by 20% year over year, accounting for 39% of total UGG sales, an increase from 37% in the previous fiscal year [3] Strategic Initiatives - Deckers expanded its presence in key regions such as Europe, the Middle East and Africa (EMEA), and China, including the opening of HOKA's Shanghai Experience Center [4] - In Europe, HOKA gained significant shelf space and recognition in markets like the U.K., Germany, France, and Italy, while in China, the brand enhanced digital engagement and visibility through sponsorships [5] Future Growth Plans - The company aims to increase its international revenue mix to 50% of total sales in the coming years, reducing reliance on the North American market [6] - Management anticipates that international growth will continue to outpace growth in the U.S. market [6] Competitive Landscape - Key competitors in the international market include Wolverine World Wide and Skechers U.S.A., with Wolverine reporting a 16.4% year-over-year sales increase in Q1 2025 [7][8] - Skechers' international sales now represent 65% of its total business, with EMEA sales growing by 14% [9] Financial Performance and Valuation - Deckers' shares have declined by 47.9% year to date, compared to the industry's decline of 13.7% [10] - The company trades at a forward price-to-earnings ratio of 17.02X, slightly below the industry average of 17.72X [13] - The Zacks Consensus Estimate for fiscal 2026 earnings implies a year-over-year decline of 3.3%, while fiscal 2027 estimates suggest a 9.1% increase [14]

Group 1 - ENBO has officially launched its flagship store on JD.com, offering a wide range of products including popular models like Cliff Garden Shoes, Exploration Clogs, and Birkenstock Shoes, along with over 20 exclusive models for JD, providing consumers with rich choices and promotional offers [1][3] - The new summer collection features comfortable and stylish footwear, including the ENBO Birkenstock half-toe cork sandals designed for casual retro style, lightweight non-slip clogs with enhanced sports performance, and women's thick-soled clogs that are approximately 4.5 cm thick, ideal for summer outfits [3] - JD.com has seen significant growth in the fashion sector, with the number of leading footwear brands increasing by over 60% year-on-year and the number of third-party merchants growing by more than 200% since 2024, indicating a strong trend towards enhanced consumer shopping experiences and high-quality brand growth [5]

Summary of Allbirds (BIRD) FY Conference Call - June 03, 2025 Company Overview - **Company**: Allbirds (BIRD) - **Industry**: Footwear and Apparel - **Focus**: Transformation and growth strategy post-IPO in 2021 Key Focus Areas 1. **Product Development** - Introduction of 19 new products planned between July and December 2025, following 4 new products introduced from January to July 2025 [7][8] - Emphasis on iconic materials and silhouettes, including waterproof shoes and cozy wool products [9][11] - New product lines aimed at casual lifestyle footwear, targeting various use occasions [20][21] 2. **Marketing Strategy** - Reintroduction of the brand through storytelling and engaging content, including a marketing campaign featuring Stanley Tucci [23][24] - Increased marketing spend planned for 2025 to enhance brand awareness, currently at only 15% aided awareness [48][50] - Focus on creating a strong brand identity that resonates with consumers [25][52] 3. **Customer Experience** - Enhancing the purchasing experience both online and in-store, recognizing that many consumers prioritize experience over immediate purchases [4][5] - Commitment to maintaining healthy inventory levels to support customer satisfaction and future growth [33][34] Financial Insights - **Core Consumer Demographics**: Households with an income of $150,000, typically married couples with children, aged 30-50 [12][18] - **Tariff Impact**: Current footwear production in Vietnam faces a 10% tariff, with scenario planning for potential increases [15][17] - **Operational Improvements**: Focus on reducing costs in product COGS and SG&A, leading to improved cash flows and positioning for profitability [29][30] Distribution Strategy - **Balanced Marketplace Approach**: Combination of direct-to-consumer (DTC) and wholesale strategies, with a focus on building a robust product engine for wholesale [31][32] - **International Expansion**: Transitioning to distributor models in various international markets, resulting in immediate profitability [35][56] Product and Market Positioning - **Performance Angle**: Allbirds emphasizes comfort as its performance angle, appealing to consumers seeking lifestyle footwear that is both stylish and comfortable [40][41] - **Sustainability Proposition**: Commitment to sustainable materials and practices, enhancing the brand's appeal to environmentally conscious consumers [43][44] Future Outlook - **Growth Potential**: Anticipation of significant growth opportunities in the casual lifestyle footwear market, with a focus on innovative product offerings and enhanced marketing efforts [63][66] - **Excitement for Upcoming Products**: Confidence in the upcoming product launches from July 2025 onwards, with a strong belief in the company's ability to return to profitability [66][67] Conclusion - Allbirds is undergoing a significant transformation aimed at revitalizing its brand through product innovation, strategic marketing, and enhanced customer experiences, positioning itself for growth and profitability in the coming years.

Summary of Crocs (CROX) 2025 Conference Call Company Overview - Crocs operates a multi-brand portfolio, with the Crocs brand selling over 25 million pairs globally each year, and the Hey Dude brand also selling over 25 million pairs annually [2][6] Core Points and Arguments Resilience and Diversification - Crocs demonstrates resilience in a dynamic consumer environment due to brand diversification (Crocs and Hey Dude) and sourcing across multiple countries, mitigating tariff and sourcing risks [5][6] - The company has a strong financial performance over the last five years, with robust sales growth, profitability, and cash flow, allowing for continued investment in growth despite headwinds [7][10] Cost Management - Management has proactively reduced SG&A costs by at least $50 million on a forward-looking basis to control expenses [8][41] - Inventory control is emphasized to avoid undesirable trade-offs for long-term brand success, with inventory turns exceeding 4x [8][9] Consumer Behavior and Market Trends - The consumer market is currently cautious, with casual footwear expenditures down mid-single digits in Q1, which is atypical for the footwear market [16] - Companies are passing price increases to consumers through various mechanisms, leading to a cautious consumer outlook [16][22] Pricing Strategy - Crocs plans to follow market leaders in implementing price increases, focusing on strategic product pricing rather than leading the charge [22][23] Growth Opportunities - The clog silhouette remains relevant in the U.S. market but is well-penetrated, with growth opportunities identified in international markets like China, India, and Southeast Asia [24][25][28] - Sandals and personalization (Jibbitz) are showing strong performance, with Jibbitz contributing about 8% of sales [25][26] International Expansion - Crocs has a 2.5% market share in the U.S. and is already at or above that in markets like the UK, South Korea, and Australia, while having significant penetration opportunities in larger markets [27][28] Social Commerce Success - Crocs is the number one brand on TikTok shop, indicating strong performance and high margins from social commerce, which is expected to continue driving sales [31][32][33] Hey Dude Brand Performance - Hey Dude has shown strong growth in DTC channels and outlet stores, with ongoing efforts to clean up wholesale inventory [35][36] - The brand remains profitable and is expected to have a strong growth runway ahead [38] Cash Flow and Financial Management - Cash generation is robust, with investments focused on growth drivers, distribution, logistics, and IT, while maintaining a strong balance sheet [44][48] - The company plans to continue stock buybacks and debt paydown, having executed $60 million in stock buybacks in Q1 [49] New Product Lines - The EXP line aims to cater to affluent markets with elevated products and innovative designs, including collaborations with luxury brands [50][51] Additional Important Points - Management emphasizes a long-term perspective on shareholder value creation, focusing on sustainable growth rather than short-term gains [10][40] - The company is cautious about the economic environment and is committed to maintaining high levels of profitability and gross margin [40][41]