WEBVTT - Brooks Running CEO Dan Sheridan Talks Running Shoes 

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>We wanted to remind you that tomorrow investors will focus

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<v Speaker 2>on Berkshire Hathaway's annual meeting with shareholders. It's quite an

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<v Speaker 2>affair in the past. This year it will be the

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<v Speaker 2>first where the highlight is not the man himself, Warren Buffett,

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<v Speaker 2>having passed the reins now to CEO greg Abel.

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<v Speaker 1>Hey, greg Abel in that position, he's facing a problem

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<v Speaker 1>that seldom confronted his legendary predecessor, and that has to

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<v Speaker 1>do with a floundering stock price shares, a lag the

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<v Speaker 1>S and P five hundred index by more than thirty

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<v Speaker 1>seven percentage points over the past twelve months. Carol, That

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<v Speaker 1>is the worst stretch for one year going back to

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<v Speaker 1>the year two thousand.

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<v Speaker 2>All right, so a little bit of pressure. Perhaps it

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<v Speaker 2>makes this year even more interesting. As investors are always

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<v Speaker 2>consumed by the Berkshire universe. It's public holdings as well,

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<v Speaker 2>it's it's private ones, it's subsidiary companies. One of those

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<v Speaker 2>independent subsidiaries under the Berkshire portfolio is Brooks running long

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<v Speaker 2>time affiliated with Berkshire Hathaway. Toty is from the Lord,

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<v Speaker 2>the Berkshire shareholder conference in Omaha is Dan Sheridan. He's

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<v Speaker 2>the CEO of Brooks Running. Dan, it is so nice

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<v Speaker 2>to have you back with Tim and me.

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<v Speaker 1>We tell you are pretty busy there.

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<v Speaker 2>I know that what's going on around you tell us

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<v Speaker 2>tell us.

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<v Speaker 3>Well, Hi Tim, Hi Carol. I'm happy to join you

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<v Speaker 3>here from Omaha. You can see behind me. We're at

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<v Speaker 3>the shareholder trade show and we're we're packed here in

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<v Speaker 3>our booth. We're selling product here to all the shareholders

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<v Speaker 3>and their family And how fortunate are we to be

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<v Speaker 3>here this weekend?

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<v Speaker 1>What's selling right now, not just at the shareholder meeting,

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<v Speaker 1>but all around the country and especially in China right now?

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<v Speaker 3>Yeah, Tim, we just finished our first quarter. We're up

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<v Speaker 3>twenty three percent as a company globally, and it's a

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<v Speaker 3>broad based growth story. All regions for Brooks are growing

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<v Speaker 3>double digit. You mentioned China up one hundred and thirty

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<v Speaker 3>six percent. For US, we're really resonating with the Chinese runner.

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<v Speaker 3>But are our core business here in the US grew

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<v Speaker 3>twenty percent, our European business grew thirty percent, and it's

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<v Speaker 3>just an outcome of this strategy that we've been on

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<v Speaker 3>for twenty five years. Pinnacle premium performance products with great

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<v Speaker 3>execution and a brand that continues to strengthen in the market.

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<v Speaker 4>So I think we're just getting started. To be honest

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<v Speaker 4>with you, Well.

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<v Speaker 2>Give me some context and perspective, if you would, Dan

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<v Speaker 2>when it comes to China specifically, you mentioned sales growing

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<v Speaker 2>one hundred and thirty six percent year over year. How

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<v Speaker 2>much of top line is actually China right now?

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<v Speaker 3>Yeah, China's still a very small percentage of our business.

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<v Speaker 3>We entered the China market in twenty twenty two, so

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<v Speaker 3>we're a new entry into the market. But what we're

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<v Speaker 3>seeing both online and offline is just great resonance with

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<v Speaker 3>the Chinese runner and the running boom that we've talked

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<v Speaker 3>about the last few times I've been on continues to

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<v Speaker 3>gain momentum in the China market, and we're seeing that

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<v Speaker 3>around the world. As I said, Europe for is just

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<v Speaker 3>becoming a very strong engine.

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<v Speaker 4>And it's not just foot where our Peril.

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<v Speaker 3>Business grew thirty four percent globally too, So we're hitting

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<v Speaker 3>it on all fronts, and it's a global story.

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<v Speaker 1>For us from a marketing perspective in China, and then

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<v Speaker 1>we'll go more global in a second. But while we're

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<v Speaker 1>on China. I want to get some details from you

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<v Speaker 1>on marketing there. What is the strategy, the communication strategy

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<v Speaker 1>with the Chinese consumer because it comes at a time

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<v Speaker 1>when America is not necessarily viewed I think many people

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<v Speaker 1>would argue is viewed as an adversary of China right now.

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<v Speaker 1>So what's the brand positioning and how do you communicate

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<v Speaker 1>the brand to that consumer?

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<v Speaker 3>Yeah, it's really clear for us, Tim, our brand positioning

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<v Speaker 3>is simply put as we believe everyone's a runner and

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<v Speaker 3>our jobs are to awaken aliveness in every runner through

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<v Speaker 3>the transformative power of the run. And what we know

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<v Speaker 3>based on how we've expanded is that resonates with the

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<v Speaker 3>Chinese consumer. It's matched with incredible performance products that are

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<v Speaker 3>merchandised and colored in a way where they can wear

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<v Speaker 3>it off the run and on the run, and our

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<v Speaker 3>brand seems to resonate really well with that consumer. So

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<v Speaker 3>the mix of marketing is pretty similar by country, and

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<v Speaker 3>China is a bit more online than some of our

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<v Speaker 3>other markets, but ultimately our brand is expressed the same

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<v Speaker 3>way and the consumers receiving it really well.

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<v Speaker 2>I have to say, Dan, I actually bought some sneakers

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<v Speaker 2>this week I'm not going to say what sneakers I bought.

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<v Speaker 2>I'm just going to be a little far right. But

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<v Speaker 2>what's interesting is I am not a runner. I do

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<v Speaker 2>other things, but I've never been a runner. But it's

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<v Speaker 2>just you go into one of these stores and everybody's

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<v Speaker 2>buying sneakers. That's what they want to walk around in,

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<v Speaker 2>That's what they want to live in, that's what they

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<v Speaker 2>want to wear to work. I see it here. Is

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<v Speaker 2>that really the growth? I mean, you guys have such

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<v Speaker 2>a great running shoe and we know runners love it,

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<v Speaker 2>but is that continuing to be also a strong dynamic

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<v Speaker 2>that fuels top and bottom line?

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<v Speaker 3>Yeah, I mean trends come and go right and right now.

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<v Speaker 3>Performance is a trend that we're rooted in. But also

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<v Speaker 3>the casualization of the workforce and how we show up

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<v Speaker 3>to work in casual footwork is benefiting Brooks as well.

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<v Speaker 3>And that's why design matters matched with this performance angle

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<v Speaker 3>and you can see the beauty in our product as

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<v Speaker 3>well as the technical benefits.

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<v Speaker 4>So we're benefiting from that trend. Carol, for sure.

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<v Speaker 2>I'm just going to tell you Elizabeth, one of our

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<v Speaker 2>producers and managers, she says, I have their nylon plate,

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<v Speaker 2>nylon plated line. So she is a big user.

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<v Speaker 4>Well, we have that hyperion and it.

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<v Speaker 1>Does speak to loyalty. Yeah, we talked about this in

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<v Speaker 1>the past with you, Dan. This this idea that once

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<v Speaker 1>a runner finds a pair of shoes that they like,

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<v Speaker 1>they stick with it. That's that's good news and bad

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<v Speaker 1>news for companies that produce this stuff because they need

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<v Speaker 1>to make sure they continue to satisfy that person who

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<v Speaker 1>wants that brander model. But you also want to innovate,

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<v Speaker 1>and when you innovate, you have to get rid of,

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<v Speaker 1>you know, of different lines of shoes. How do you

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<v Speaker 1>make sure that the person who's loyal to a certain shoe,

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<v Speaker 1>we'll get that next version of the shoe when you

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<v Speaker 1>innovate on it.

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<v Speaker 3>Yeah, Tim, you're on it. This is the puzzle we

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<v Speaker 3>have to solve every single year. We have to retain

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<v Speaker 3>customers that love our products, and we have to innovate

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<v Speaker 3>for new customers to come into our brand. And we've

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<v Speaker 3>been able to do that twenty five years of fourteen

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<v Speaker 3>percent compounded annual growth rate. That comes from understanding the

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<v Speaker 3>biomechanics of human motion and making sure that when you

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<v Speaker 3>buy a Brooks that you are in a safe product

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<v Speaker 3>and a performance product. We do that every single season,

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<v Speaker 3>and then you have to match it with innovation and materials,

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<v Speaker 3>both in the upper and the mid soul. And right

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<v Speaker 3>now in our space, we've got three styles that are

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<v Speaker 3>winning around the world. The Glycerin, the Ghost, and the Adrenaline.

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<v Speaker 3>These are massive styles. They're in the top ten here

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<v Speaker 3>in the US and the top ten in Europe as well.

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<v Speaker 3>So it's a franchise style model, but it's retention and

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<v Speaker 3>attaining new customers that is our mission.

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<v Speaker 2>Hey remind us and the audience dan about the supply

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<v Speaker 2>chain and how that's going. We had we kicked off

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<v Speaker 2>our hour to talking about the President imposing I think

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<v Speaker 2>twenty five percent tariffs on EU autos. But stuff continues

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<v Speaker 2>to come out of Washington that certainly impacts things, the war,

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<v Speaker 2>the cost of things, customers paying more for gasoline here

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<v Speaker 2>in the United States and around the globe, any of

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<v Speaker 2>that kind of a follow through for you guys, and

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<v Speaker 2>you're filling an impact.

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<v Speaker 3>Yeah, I think the last time we spoke, we really

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<v Speaker 3>felt like we knew where we were heading in terms

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<v Speaker 3>of tariffs and the impact on our supply chain. Now,

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<v Speaker 3>obviously we have some other disruption in the Iran war,

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<v Speaker 3>and you know, we're taking the same approach. We're trying

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<v Speaker 3>to be very thoughtful in how we manage through price

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<v Speaker 3>increases to the consumer. We've been very thoughtful in that

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<v Speaker 3>and you know, we're hopeful that this will resolve in

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<v Speaker 3>the next couple of months.

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<v Speaker 4>If we can get resolution.

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<v Speaker 3>You know, we believe the balance of this year will

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<v Speaker 3>will smooth out for us. But you know, it's another

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<v Speaker 3>disruption to supply chains, and supply chains hate disruption, as

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<v Speaker 3>you know.

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<v Speaker 1>What if it's not resolved in the next couple of months.

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<v Speaker 3>Yeah, So we're working on scenarios right now. Tim, I

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<v Speaker 3>tell you that the framework we have is, you know,

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<v Speaker 3>we will have cost increases on raw materials in our products,

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<v Speaker 3>so we're starting to model that out, and we'll probably

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<v Speaker 3>have cost increases on moving our product from the manufacturing

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<v Speaker 3>sites to the ports and to the markets, and and

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<v Speaker 3>so it's a it's a dynamic time for us. And

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<v Speaker 3>you know, the worst thing again for supply chains is

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<v Speaker 3>this disruption and and unpredictability in what we can plan for.

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<v Speaker 3>But our team's really good at it and we've been

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<v Speaker 3>able to weather.

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<v Speaker 4>Some of these disruptions over the last few years.

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<v Speaker 1>Well, how do you quantify it? Is it? Is it

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<v Speaker 1>worse than tariffs? Is it worse than COVID disruption? What

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<v Speaker 1>is it?

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<v Speaker 3>Where?

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<v Speaker 1>Where does it fall with with what we've seen over

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<v Speaker 1>the last few years.

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<v Speaker 3>I think it's still to be determined, to be honest

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<v Speaker 3>with you, you know, I think there's just so many

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<v Speaker 3>unknowns on what the inputs into the raw materials will

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<v Speaker 3>be at an oil based level, and so I would

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<v Speaker 3>say that it's not any better than those two.

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<v Speaker 4>It's probably on par.

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<v Speaker 1>Yeah, on par with those disruptions. Those were huge and

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<v Speaker 1>are huge, I think for you know, continuing with tariffs.

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<v Speaker 2>Any sign of a consumer weakness. It sounds like you

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<v Speaker 2>guys are doing really well, but any signs as the

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<v Speaker 2>consumer is hesitating or pulling.

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<v Speaker 3>Back, Yeah, not in our category. You know, here's what

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<v Speaker 3>we know about the run category. Historically, it's pretty resilient,

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<v Speaker 3>it's durable, and if you think about it in comparison

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<v Speaker 3>to other sports or categories, this is a pretty affordable sport.

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<v Speaker 3>You know, for one hundred and fifty dollars, you can

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<v Speaker 3>buy a pair of running shoes and those will last

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<v Speaker 3>you for some people up to six months. You compare

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<v Speaker 3>that to golf or skiing or any outdoor sport. It's

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<v Speaker 3>still a very affordable sport. So our consumers during times

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<v Speaker 3>of economic disruption are pretty durable and stick with it

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<v Speaker 3>and may trade out some other things, but they'll buy

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<v Speaker 3>running shoes in apparel.

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<v Speaker 2>Hey, one thing we wanted to dig a little deeper

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<v Speaker 2>into too, is apparel. Your collaboration with Disney powis Fashion Week.

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<v Speaker 1>You've got specualization, Carol, That's what I said.

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<v Speaker 2>Now, I love it. Just go where you want.

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<v Speaker 3>Yeah, Look, you know what we have built this brand

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<v Speaker 3>on is partnerships, partnerships with some of the best retailers

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<v Speaker 3>around the world, partnerships and manufacturing, and on the marketing side,

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<v Speaker 3>we're really leaning into partnerships where we can attach our

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<v Speaker 3>brand to some of the most epic brands in the world.

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<v Speaker 3>Disney is super unique, as you know, and we sponsor

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<v Speaker 3>their race series. I was in Orlando two weeks ago

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<v Speaker 3>running the five K Springtime Surprise.

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<v Speaker 4>It was great.

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<v Speaker 3>And we also are matching that pushing into a lifestyle brand,

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<v Speaker 3>our brand in the lifestyle category. So there's dimensions of

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<v Speaker 3>your brand as you build your marketing mix, and we

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<v Speaker 3>think we've got a recipe right now that's going to

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<v Speaker 3>invite more people into this brand.

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<v Speaker 2>Hey, just twenty seconds, real quick, Dan, going to be

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<v Speaker 2>a little bit of a different meeting this year around.

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<v Speaker 4>It really is. You know, I'm excited.

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<v Speaker 3>First time in sixty years at Warren's not going to

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<v Speaker 3>be on the stage, and what a time for Greg

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<v Speaker 3>to step in. I have so much confidence in his

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<v Speaker 3>leadership and the leadership of the Berkshire Board.

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<v Speaker 4>And we're just thrilled to be here.

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<v Speaker 3>And as you can see, there's a lot of people

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<v Speaker 3>behind me that were thrilled to be here.

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<v Speaker 2>All right, well, we were thrilled to have you here, Dan,

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<v Speaker 2>Good luck this weekend, have fun. Dan Sheridan, CEO Brooks

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<v Speaker 2>Running joining us from Omaha.