ex992cfocommentaryq12025

Sportswear CFO Commentary and Financial Review First Quarter 2025 May 1, 2025 Exhibit 99.2

DTC DTC.com DTC B&M y/y U.S. LAAP EMEA SG&A EPS bps direct-to-consumer DTC e-commerce DTC brick & mortar year-over-year United States Latin America and Asia Pacific Europe, Middle East and Africa selling, general & administrative earnings per share basis points “+” or “up” “-” or “down” LSD% MSD% HSD% LDD% low-20% mid-30% high-40% increased decreased low-single-digit percent mid-single-digit percent high-single-digit percent low-double-digit percent low-twenties percent mid-thirties percent high-forties percent “$##M” “$##B” c.c. M&A FX ~ H# Q# YTD in millions of U.S. dollars in billions of U.S. dollars constant-currency mergers & acquisitions foreign currency exchange approximately First half, second half Quarter 1, 2, 3, 4 Year-to-date

W E C O N N E C T A C T I V E P E O P L E W I T H T H E I R P A S S I O N S

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• • • (dollars in millions, except per share amounts) Q1'25 Q1'24 Change Net Sales $778.5 $770.0 +1% Gross margin 50.9% 50.6% +30 bps SG&A percent of net sales 45.5% 45.4% +10 bps Operating income $46.5 $44.7 +4% Operating margin 6.0% 5.8% +20 bps Net income $42.2 $42.3 -0% Diluted EPS $0.75 $0.71 +6%

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Tailwinds • Channel Profitability: largely reflecting lower outbound shipping expenses, higher closeout margins and favorable Spring ’25 product input costs Headwinds • FX: unfavorable effects from FX hedge rates

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(1) Constant-currency net sales is a non-GAAP financial measure. See “References to Non-GAAP Financial Information” above for further information.