
Financial Data and Key Metrics Changes - The company achieved a revenue growth of 23% year-over-year, reaching EUR481 million in the second quarter of fiscal 2024, marking the highest revenue level for this quarter in the company's history [41][72] - Adjusted EBITDA was EUR162 million, up 7% compared to the same quarter last year, with an adjusted EBITDA margin of 33.7%, down 470 basis points from the prior year [31][72] - Adjusted net profit increased by 3% to EUR77 million, with adjusted EPS remaining flat at EUR0.41 due to higher general and administrative costs [31][72] Business Line Data and Key Metrics Changes - Revenue from the top-five core silhouettes grew over 20%, indicating strong performance in the classic product lines [26][41] - The DTC channel grew by 32% year-over-year, while B2B revenue increased by 20%, demonstrating robust demand across both channels [25][72] - Closed-toe silhouettes saw a penetration increase of over 25%, up 900 basis points from the prior year, with significant growth in premium offerings [26][28] Market Data and Key Metrics Changes - The Americas region experienced a revenue increase of 21%, with DTC growth outpacing B2B growth [44][72] - APMA was the fastest-growing segment, with a revenue growth of 42%, driven by both volume and ASP increases [46][72] - In Europe, revenue grew by 21%, significantly outperforming the overall retail market, with closed-toe silhouettes growing over 80% [28][72] Company Strategy and Development Direction - The company is focused on expanding its membership program, which has seen a 40% growth, to enhance customer loyalty and engagement [41][96] - The strategy includes disciplined distribution and a focus on premium products to drive ASP growth, with a commitment to maintaining brand equity [50][72] - The company is raising its fiscal 2024 revenue growth forecast to 20% on a constant-currency basis, reflecting confidence in sustained demand [24][50] Management's Comments on Operating Environment and Future Outlook - Management noted that despite a challenging consumer environment, the brand's strength is reflected in strong sales and demand across all segments [30][41] - The company is optimistic about the second half of the year, with no current indicators suggesting a slowdown in growth [77][96] - Future pricing strategies will be evaluated to offset inflationary pressures while maintaining consumer demand [67][103] Other Important Information - The company opened six new retail stores in the second quarter, bringing the total to 57, with strong performance from new locations [25][81] - Inventory levels were at EUR651 million, approximately 40% of revenue, down from 44% in the previous year, indicating effective inventory management [73][72] - The company is investing in production capacity expansion, with capital expenditures totaling EUR17 million in the second quarter [73][72] Q&A Session Summary Question: Can you elaborate on the brand's continued global momentum? - Management expressed confidence in maintaining a revenue growth forecast of around 20% for the full year, consistent with a long-term growth trend [77] Question: How is the sandal business performing since the end of the quarter? - The sandal business has shown strong momentum, with significant sell-through rates and a transition towards premium products [59] Question: What is the outlook for gross margins and production facility optimization? - Management indicated that 2024 is a transition year, with expectations for improved margin absorption starting in 2025 as production facilities become more efficient [86][72]