Guess? Inc (GES) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to the Guess? Third Quarter Fiscal 2023 Earnings Conference Call. I would like to turn the call over to Fabrice Benarouche, Vice President of Finance and Investor Relations.

大家好，歡迎來到猜猜？ 2023 財年第三季度收益電話會議。我想把電話轉給財務和投資者關係副總裁 Fabrice Benarouche。

Thank you, operator. Good afternoon, everyone, and thank you for joining us today. On the call today with me are Carlos Alberini, Chief Executive Officer; and Dennis Secor, Interim Chief Financial Officer.

謝謝你，運營商。大家下午好，感謝您今天加入我們。今天和我一起打電話的是首席執行官卡洛斯·阿爾貝里尼 (Carlos Alberini)；以及臨時首席財務官 Dennis Secor。

During today's call, the company will be making forward-looking statements including comments regarding future plans, strategic initiatives, capital allocation and short-term/long-term outlook, including potential impact of the coronavirus pandemic.

在今天的電話會議上，公司將發表前瞻性聲明，包括對未來計劃、戰略舉措、資本配置和短期/長期前景的評論，包括冠狀病毒大流行的潛在影響。

The company's actual results may differ materially from current expectations based on risk factors included in today's press release and the company's quarterly and annual reports filed with the SEC.

根據今天的新聞稿以及公司向美國證券交易委員會提交的季度和年度報告中包含的風險因素，公司的實際結果可能與當前預期存在重大差異。

Comments will also reference certain non-GAAP or adjusted measures. GAAP reconciliations and descriptions of these measures can be found in today's earnings release.

評論還將參考某些非 GAAP 或調整後的措施。 GAAP 調節和這些措施的描述可以在今天的收益發布中找到。

Now I will turn it over to Carlos.

現在我將把它交給卡洛斯。

Thank you, Fabrice. Good afternoon everyone, and thank you for joining us today. I am very pleased to report our third quarter results which exceeded our expectations for revenues, adjusted operating profit and adjusted operating margin.

謝謝你，法布里斯。大家下午好，感謝您今天加入我們。我很高興地報告我們第三季度的業績超出了我們對收入、調整後營業利潤和調整後營業利潤率的預期。

Our performance continues to be impacted by the adverse currency environment due to the strong U.S. dollar. As a result, our revenues decreased by almost 2% in U.S. dollars during the period while growing 10% in constant currency, driven primarily by the strength of our business in Europe.

由於美元走強，我們的業績繼續受到不利的貨幣環境的影響。因此，我們的收入在此期間以美元計算下降了近 2%，而以固定匯率計算增長了 10%，這主要是由於我們在歐洲的業務實力。

We delivered a 9.1% adjusted operating margin and $58 million in adjusted operating profit. Once again, Paul and I are very proud of our teams around the world who continue to manage the business very effectively, navigating through a challenging environment and growing market share in multiple markets.

我們實現了 9.1% 的調整後營業利潤率和 5800 萬美元的調整後營業利潤。保羅和我再次為我們在世界各地的團隊感到自豪，他們繼續非常有效地管理業務，在充滿挑戰的環境中前行，並在多個市場中不斷擴大市場份額。

Our approach has not changed. We continue to focus on what we can control paying close attention to inventories, which we continue to buy solely based on expected customer demand and managing costs tightly in spite of the current inflationary conditions. And our approach is working. Our company continues to perform well in spite of these noncontrollable factors.

我們的做法沒有改變。我們繼續關注我們可以控制的東西，密切關注庫存，我們繼續完全根據預期的客戶需求購買庫存，並在當前的通貨膨脹條件下嚴格管理成本。我們的方法正在奏效。儘管有這些不可控因素，我們公司仍然表現良好。

We currently estimate that the impact of FX alone this year will contribute to a reduction of our operating profit of $60 million and to an EPS reduction of $1.15 for the year. We are very proud of the work being done by our team and want to commend our associates for their great work and outstanding contributions. Thank you all for your dedication to our company.

我們目前估計，僅今年外彙的影響就會導致我們的營業利潤減少 6000 萬美元，並導致全年每股收益減少 1.15 美元。我們為我們團隊所做的工作感到非常自豪，並要讚揚我們的同事所做的出色工作和傑出貢獻。感謝大家對我們公司的奉獻。

Starting with our performance by business. Our Europe segment had a solid performance in the period, reporting a 2% revenue decline in U.S. dollars and a strong 17% increase in constant currency, driven by our wholesale and retail businesses which continued to gain market share in a challenging environment.

從我們的業務表現開始。我們的歐洲分部在此期間表現穩健，報告以美元計算收入下降 2%，以固定匯率計算收入強勁增長 17%，這得益於我們的批發和零售業務在充滿挑戰的環境中繼續獲得市場份額。

Once again, the weaker euro had a significant impact on our quarterly results, contributing to a 19% decrease in operating profit for the segment in the period. Dennis will provide more color on this later in the call.

歐元疲軟再次對我們的季度業績產生重大影響，導致該部門當期營業利潤下降 19%。丹尼斯將在稍後的電話會議中提供更多顏色。

Our Americas Retail segment reported a 2% revenue decline and a 53% decrease in operating profit due to gross margin contraction coupled with an expense increase in the period. This performance was consistent with our expectations and reflected the comparison against strong results in last year's third quarter due to unusually high levels of full price selling resulting from high demand and low inventory levels.

我們的美洲零售部門報告收入下降 2%，營業利潤下降 53%，這是由於期內毛利率收縮加上費用增加所致。這一業績符合我們的預期，並反映了與去年第三季度強勁業績的對比，原因是高需求和低庫存水平導致異常高的全價銷售水平。

Our Americas Wholesale segment reported a 10% decline in revenues and a 41% decrease in operating profit as we experienced increased order cancellations and higher customer accommodations as retailers work through their overall higher inventory levels.

我們的美洲批發部門報告收入下降 10%，營業利潤下降 41%，因為我們經歷了訂單取消增加和客戶住宿增加的情況，因為零售商正在努力應對總體較高的庫存水平。

Our Asia segment reported a 10% revenue increase in U.S. dollars and a 28% increase in constant currency as we experienced favorable comps in many of our markets in the region, given last year's store closures or reduced activity due to COVID restrictions.

我們的亞洲分部報告美元收入增長 10%，固定匯率增長 28%，因為我們在該地區的許多市場都經歷了有利的競爭，考慮到去年的商店關閉或由於 COVID 限制導致活動減少。

During the period, we were able to break even in this segment as a result of the revenue increase, coupled with gross margin expansion and effective expense management. Our Licensing segment had another solid performance this quarter, reporting a 4% revenue growth, driven by strong performance of handbags.

在此期間，由於收入增加、毛利率擴大和有效的費用管理，我們能夠在該分部實現收支平衡。本季度，我們的許可業務再次表現強勁，在手袋強勁表現的推動下，收入增長了 4%。

Regarding product performance, we continue to benefit from our global line of products across all categories, where product performance is very consistent across most global markets since we launched the global line.

關於產品性能，我們繼續受益於我們所有類別的全球產品線，自我們推出全球產品線以來，大多數全球市場的產品性能非常一致。

While our business has historically capitalized on sales of denim products during the back-to-school season, this year, we saw a deceleration in sales of casual products and at leisure and a continued acceleration of sales of dressy products as the customer is more focused on going out, traveling and socializing versus staying home.

雖然我們的業務歷來在返校季期間利用牛仔產品的銷售，但今年我們看到休閒產品和休閒產品的銷售放緩，而正裝產品的銷售持續加速，因為客戶更加關注外出、旅行和社交與待在家裡的對比。

As a result, we delivered solid results with the dressy assortment within our collections, including dresses from both Guess? and Marciano. While our collections of sweaters and outerwear are very strong this season, we believe that the warmer-than-usual temperatures in both North America and Europe have impacted demand temporarily. We expect to see increased sales of these products during the upcoming months.

因此，我們在我們的系列中以考究的風格取得了不錯的成績，包括來自 Guess?和馬爾西亞諾。雖然我們的毛衣和外套系列在本季非常強勁，但我們認為北美和歐洲比往常溫暖的氣溫暫時影響了需求。我們預計在接下來的幾個月中這些產品的銷量會有所增加。

Our sales of accessory products are growing faster than the rest of the business and, therefore, increasing in penetration. Strong product classifications here include handbags, travel accessories and small leather goods for women and men, eyewear, watches and fragrances.

我們配件產品的銷售增長速度快於其他業務，因此滲透率也在提高。這裡的強大產品分類包括手袋、旅行配飾和男女小皮具、眼鏡、手錶和香水。

As we approach the end of our fiscal year, I want to spend a few minutes discussing how we are tracking against our strategic business plan. Today, despite results of our efforts being masked by the current macroeconomic environment, including unprecedented currency headwinds, our company and business model have been transformed.

在我們接近財政年度結束之際，我想花幾分鐘討論一下我們如何跟踪我們的戰略業務計劃。今天，儘管我們努力的結果被當前的宏觀經濟環境所掩蓋，包括前所未有的貨幣逆風，但我們的公司和商業模式已經發生了轉變。

At the center of this transformation is our critical brand elevation initiative. As you know, Paul and the product teams have done an incredible job transforming the product and have made significant progress over the last few years in elevating our brands. This work remains ongoing as we continue to execute on our vision for the brands through our products, our images, our marketing, our stores and websites and, most importantly, our ability to deliver an outstanding customer experience.

這一轉變的核心是我們關鍵的品牌提升計劃。如您所知，Paul 和產品團隊在產品轉型方面做得非常出色，並且在過去幾年中在提升我們的品牌方面取得了重大進展。隨著我們繼續通過我們的產品、我們的形象、我們的營銷、我們的商店和網站以及最重要的是我們提供卓越客戶體驗的能力來實現我們對品牌的願景，這項工作仍在進行中。

Across the 25 product categories that we focus on, this team has significantly improved quality, including fabrics, trends and make, reduced SKU development and increased productivity significantly. And this team has surgically priced every product based on its respective customer perceived value, which has enabled us to raise prices thoughtfully and drive AUR increases in our business last year and this year.

在我們關注的 25 個產品類別中，該團隊顯著提高了質量，包括面料、趨勢和品牌，減少了 SKU 開發並顯著提高了生產力。這個團隊根據各自的客戶感知價值對每種產品進行手術定價，這使我們能夠深思熟慮地提高價格並推動我們去年和今年業務的 AUR 增長。

We believe that the work that we have done also helps to differentiate our product and insulate us somewhat from that part of the market that may be overly reliant on heavy discounting to drive volume. The work that Paul and the product and creative teams have done truly represents the greatest transformation that we have embarked on at Guess? in many years.

我們相信，我們所做的工作也有助於使我們的產品脫穎而出，並在某種程度上使我們與可能過度依賴大幅折扣來推動銷量的那部分市場隔離開來。 Paul 以及產品和創意團隊所做的工作真正代表了我們在 Guess?在很多年裡。

To support these product enhancements, we have also invested significantly in tools and infrastructure during the last 3 years and have improved our capabilities meaningfully to optimize data collection and reporting, customer engagement, segmentation, personalization, frequency of shopping and conversion.

為了支持這些產品改進，我們在過去 3 年中還對工具和基礎設施進行了大量投資，並顯著提高了我們的能力，以優化數據收集和報告、客戶參與、細分、個性化、購物頻率和轉化率。

Regarding our digital transformation, we continue to make good progress on optimizing the new platform utilization and the implementation of our new CRM solution. We remain on track with the rollout of this suite in Europe by the end of this year, and now we expect its rollout in North America early next year.

關於我們的數字化轉型，我們在優化新平台利用和實施新 CRM 解決方案方面繼續取得良好進展。我們將繼續按計劃在今年年底前在歐洲推出該套件，現在我們預計它將於明年初在北美推出。

As planned, we just completed the development of a new client (inaudible) and are launching it in Europe as we speak. And last but not least, we have updated our store fleet around the world meaningfully remodeling many stores and opening new locations, particularly in Europe and North America.

按照計劃，我們剛剛完成了一個新客戶端（聽不清）的開發，並且正在我們說話的時候在歐洲推出它。最後但同樣重要的是，我們更新了我們在世界各地的門店隊伍，對許多門店進行了有意義的改造，並開設了新門店，尤其是在歐洲和北美。

I will now touch on our supply chain initiative. As we have shared on previous calls, our strategy this year has been to order products earlier to mitigate the supply chain challenges that began last year. This strategy has served us well as we have been able to meet our wholesale customers' demands, solidifying our relationship with them as a reliable partner. We delivered more products than we had anticipated in the quarter as there has been considerable interest for early shipments from our customer base in Europe.

我現在將談談我們的供應鏈計劃。正如我們在之前的電話會議上分享的那樣，我們今年的戰略是提前訂購產品，以緩解去年開始的供應鏈挑戰。這一戰略對我們很有幫助，因為我們能夠滿足批發客戶的需求，鞏固我們與他們作為可靠合作夥伴的關係。我們在本季度交付的產品比我們預期的要多，因為我們在歐洲的客戶群對提前發貨表現出相當大的興趣。

As we have said before, we continue to order product based on anticipated customer demand. We have not been ordering more, we have been ordering earlier. As we expected, supply chains are recovering from last year's disruptions, and the product can now travel faster and arrive at destinations more in line with the historical time lines.

正如我們之前所說，我們繼續根據預期的客戶需求訂購產品。我們沒有訂購更多，我們訂購得更早。正如我們預期的那樣，供應鏈正在從去年的中斷中恢復過來，產品現在可以更快地運輸並更符合歷史時間表到達目的地。

We ended the quarter with 19% higher inventory levels than a year ago, a deceleration from the second quarter, and we expect that gap to narrow further by the end of the year.

我們在本季度結束時的庫存水平比一年前高出 19%，比第二季度有所下降，我們預計到今年年底這一差距將進一步縮小。

Roughly half of the increase was due to earlier receipts and the other half due to cost increases as a result of investments in quality and sustainability, inflationary factors and the impact of currency. We are working on reducing production and transportation time lines for next year to tighten our inventory investment and increased turnover.

大約一半的增長是由於較早的收款，另一半是由於質量和可持續性投資、通貨膨脹因素和貨幣影響導致的成本增加。我們正在努力減少明年的生產和運輸時間，以收緊我們的庫存投資並增加營業額。

With respect to freight costs, we are continuing to manage our model carefully with an eye on cost optimization. We have significantly reduced our air freight usage this year, resulting in meaningful cost reductions thus far. And we are also seeing some relief in ocean cargo rates which has and will provide us with some modest benefits for the last quarter of this year.

關於運費，我們將繼續謹慎管理我們的模式，著眼於成本優化。今年我們大幅減少了空運使用量，迄今為止顯著降低了成本。我們還看到海運費率有所下降，這已經並將在今年最後一個季度為我們帶來一些適度的好處。

Finally, I want to touch on our sustainability efforts. Sustainability remains a key focus for our brand, and we are committed to being part of the solution to climate change.

最後，我想談談我們在可持續發展方面所做的努力。可持續性仍然是我們品牌的重點，我們致力於成為氣候變化解決方案的一部分。

In addition to other work that we are doing across the organization, we are pleased to have just completed our first new Upcycled Collection. This new line, which we expect will be available in the first half of next year, will exclusively use materials from recycled products that we collect in our stores and give new life to all products returned by customers.

除了我們在整個組織內開展的其他工作外，我們很高興剛剛完成了我們的第一個新升級回收系列。我們預計將於明年上半年推出的這條新生產線將專門使用我們在商店中收集的回收產品中的材料，並為客戶退回的所有產品賦予新的生命。

Now turning to our outlook for the fourth quarter, which remains largely unchanged from what we described during our last call. We expect softer consumer demand and inflationary forces to continue to impact our results this year and into next year. We also sense that with the significant inventory levels being reported in the sector we could see heightened promotional activity over the holidays as companies seek to rightsize their inventories.

現在轉向我們對第四季度的展望，該展望與我們在上次電話會議中所描述的基本相同。我們預計消費者需求疲軟和通脹壓力將繼續影響我們今年和明年的業績。我們還感覺到，由於該行業報告的庫存水平很高，我們可能會看到假期期間的促銷活動有所增加，因為公司會尋求調整庫存規模。

Absent a weakening of the U.S. dollar, currencies will also remain a strong revenue and earnings headwind for us. As we normally do, we will focus on what we can control, and we will adapt, but always with an eye on doing what is right for our brand long term.

在沒有美元走弱的情況下，貨幣對我們來說仍將是強勁的收入和收益逆風。正如我們通常所做的那樣，我們將專注於我們可以控制的事情，我們會適應，但始終著眼於做對我們品牌長期有利的事情。

All in all, we expect fourth quarter revenues to be down low to mid-single digits in U.S. dollars and operating profit to exceed $100 million for the period. As it relates to fiscal year 2024 and beyond, in line with our past practice, we expect to share our plans when we report our Q4 results in March of next year.

總而言之，我們預計第四季度收入將下降至中等個位數美元，營業利潤將超過 1 億美元。由於它涉及 2024 財年及以後，根據我們過去的慣例，我們希望在明年 3 月報告第四季度業績時分享我們的計劃。

In closing, while there will always be work to be done, we are very happy with how we are positioned for the holiday period as well as our ability to capture long-term growth opportunities. The transformation that we have been effecting during the last 3 years is clearly a game changer for our company.

最後，雖然總會有工作要做，但我們對我們在假期期間的定位以及我們抓住長期增長機會的能力感到非常滿意。我們在過去 3 年中實施的轉型顯然改變了我們公司的遊戲規則。

We have 2 strong global brands, great products and a loyal customer base who love the Guess? and Marciano brands. Our powerful business model gives us a great platform to compete effectively all around the world, and our robust capital structure gives us the opportunity to invest and drive strong returns for our shareholders. We have a great team who manages our business with discipline, controls the things that they can control and seeks and drives opportunities to gain market share and deliver profitable growth. Paul and I are so proud of this team, of all their accomplishments, and we couldn't be more excited about our future.

我們擁有 2 個強大的全球品牌、優質的產品和忠實的客戶群，他們熱愛 Guess?和馬西亞諾品牌。我們強大的商業模式為我們提供了一個在全球範圍內有效競爭的絕佳平台，而我們穩健的資本結構使我們有機會進行投資並為股東帶來豐厚的回報。我們擁有一支優秀的團隊，他們以紀律管理我們的業務，控制他們可以控制的事情，並尋求和推動機會以獲得市場份額並實現盈利增長。保羅和我為這支球隊以及他們取得的所有成就感到非常自豪，我們對我們的未來感到無比興奮。

With that, I will pass it to Dennis to review the third quarter in more detail and provide more color about our outlook. Dennis?

有了這個，我將把它傳遞給丹尼斯，讓他更詳細地回顧第三季度，並為我們的前景提供更多色彩。丹尼斯？

Thank you, Carlos, and good afternoon, everyone. As Carlos described, our business and our teams performed well in the third quarter, even as significant global headwinds persist.

謝謝卡洛斯，大家下午好。正如卡洛斯所描述的，我們的業務和我們的團隊在第三季度表現良好，儘管全球逆風依然存在。

In constant currency, we grew the top line by over 10%. Though with the negative $76 million translation impact from the strong U.S. dollar, our reported U.S. dollar revenues declined almost 2% to $633 million.

按固定匯率計算，我們的收入增長了 10% 以上。儘管美元走強帶來了 7600 萬美元的負面影響，但我們報告的美元收入下降了近 2% 至 6.33 億美元。

Even against the backdrop of persistent global inflation and softening economic sentiment, we continue to benefit from our diversified business model with some regions continuing to post strong results, while in other areas of the business, our goal is to improve our performance. Especially satisfying too is that the substantial majority of our revenue growth is organic, meaning it is high quality, strong return levered growth, driven by higher demand from our wholesale partners plus same-store sales growth, productivity gains from our existing retail store investments.

即使在全球通脹持續和經濟疲軟的背景下，我們繼續受益於我們多元化的業務模式，一些地區繼續取得強勁業績，而在其他業務領域，我們的目標是提高我們的業績。尤其令人滿意的是，我們絕大部分的收入增長都是有機的，這意味著它是高質量、強勁的回報槓桿增長，由我們的批發合作夥伴的更高需求加上同店銷售增長、我們現有零售店投資帶來的生產力收益推動。

We feel that reflects positively on the strength and momentum of the brand in many of our markets. In Europe, we continued with strong momentum as the European consumer continues to reemerge after the pandemic. Demand from our European wholesale partners remained strong, and in our retail stores there, higher traffic and AUR increases helped deliver strong constant currency comps.

我們認為這積極地反映了該品牌在我們許多市場中的實力和勢頭。在歐洲，隨著歐洲消費者在大流行病後繼續復甦，我們繼續保持強勁勢頭。來自我們歐洲批發合作夥伴的需求依然強勁，在我們那裡的零售店，更高的客流量和 AUR 增長有助於提供強勁的固定貨幣組合。

Our retail stores in Canada and South Korea followed a similar pattern to Europe both delivering positive constant currency comps for the quarter. These areas of regional strength helped mitigate some softening in the U.S., where we're lapping last year's strong post-pandemic demand. We've also experienced headwinds in global e-comm as consumers are shopping more intensely in stores. And in China, COVID restrictions are still affecting commercial activity.

我們在加拿大和韓國的零售店遵循與歐洲類似的模式，都在本季度提供了積極的固定貨幣補償。這些區域優勢領域幫助緩解了美國的一些疲軟，我們正在應對去年大流行後的強勁需求。我們還經歷了全球電子商務的逆風，因為消費者在商店購物的頻率越來越高。在中國，COVID 限制仍在影響商業活動。

On top of all this, the U.S. dollar remained very strong against all major currencies and continue to be the most significant headwind for our margin performance, 180 basis points equal to our total adjusted operating margin decline. So let me drill down into our performance.

最重要的是，美元對所有主要貨幣的匯率仍然非常堅挺，並且繼續成為我們利潤率表現的最大阻力，180 個基點等於我們調整後的營業利潤率下降總額。因此，讓我深入了解我們的表現。

In Europe, the underlying dynamics of our business in the region remains solid even as inflation, energy shortages and negative economic sentiment affect consumers in the region.

在歐洲，儘管通貨膨脹、能源短缺和負面經濟情緒影響了該地區的消費者，但我們在該地區業務的基本動力依然強勁。

Overall, revenues in Europe grew 17% in constant currencies, though they declined 2% in U.S. dollars. Revenue growth for the segment was driven primarily by higher wholesale shipments, a strong constant currency comp store sales increase and new stores that have been added in the region over the last 12 months.

總體而言，歐洲的收入以固定匯率計算增長了 17%，但以美元計算下降了 2%。該部門的收入增長主要是由更高的批發出貨量、強勁的固定貨幣商店銷售額增長以及過去 12 個月在該地區增加的新商店推動的。

These growth drivers were more than offset by the negative impact of currency. Just as with last quarter, we and our wholesale partners benefited again from our proactive management of inventory, where we've accelerated product deliveries to mitigate supply chain delays.

這些增長動力被貨幣的負面影響所抵消。與上個季度一樣，我們和我們的批發合作夥伴再次受益於我們對庫存的主動管理，我們加快了產品交付速度以減少供應鏈延遲。

Our shipments this quarter include about $8 million in deliveries that we had expected would be shipped in Q4. In our European retail stores, we continue to see strong traffic into our stores though that growth rate moderated somewhat compared to our most recent quarters as we've now anniversaried some of the easing of COVID restrictions that took place last year.

我們本季度的出貨量包括我們預計將在第四季度發貨的約 800 萬美元。在我們的歐洲零售店，我們繼續看到我們商店的客流量強勁，儘管與我們最近幾個季度相比增長率有所放緩，因為我們現在已經結束了去年放寬的一些 COVID 限制。

We continued to enjoy strong AUR growth, given our price increases over the last year, while conversion was still negative, though eased from the second quarter. This resulted in a 15% constant currency comp increase for the quarter.

鑑於我們去年的價格上漲，我們繼續享受強勁的 AUR 增長，而轉化率仍然為負，儘管從第二季度開始有所緩解。這導致本季度 15% 的固定貨幣補償增加。

One further note on comps relates to Turkey, where the economy is experiencing hyperinflation. That's creating an outsized impact on our constant currency comps. If we exclude Turkey, our European store constant currency comp increase would have been 7%.

關於 comps 的另一個說明與土耳其有關，那裡的經濟正在經歷惡性通貨膨脹。這對我們的固定貨幣組合產生了巨大的影響。如果我們排除土耳其，我們的歐洲商店不變貨幣補償增加將是 7%。

European operating earnings decreased 19% and the operating margin declined by 230 basis points due to lower gross margins, mainly caused by the strong U.S. dollar partially offset by a lower expense rate due to leverage.

歐洲營業收入下降 19%，營業利潤率下降 230 個基點，原因是毛利率下降，這主要是由於美元走強，部分被槓桿作用導致的較低費用率所抵消。

In Americas Retail, revenues decreased 2% in U.S. dollars and 1% in constant currency. Revenues benefited from the operation of new stores opened over the last year, which was more than offset by permanent store closures. Comp store sales were flat in constant currency.

在美洲零售，收入以美元計算下降 2%，以固定匯率計算下降 1%。收入受益於去年開設的新店的運營，這被永久關閉的商店所抵消。按固定匯率計算，Comp 商店銷售額持平。

In the quarter, our comp performance was driven by increases in both AURs and traffic, offset by lower conversion. Again, this quarter, our tourist locations outperformed the rest of our store fleet as the U.S. returns to a more normalized level of travel after the pandemic.

在本季度，我們的 comp 性能受到 AUR 和流量增加的推動，但被較低的轉化率所抵消。再一次，本季度，隨著美國在大流行病後恢復到更正常的旅行水平，我們的旅遊地點的表現再次優於我們的其他商店。

Americas retail operating profit declined 53% and operating margin declined 730 basis points. The change in margin was driven by a higher IMU more than offset by a lower mix of full price selling, higher expenses including store selling expenses given pressures on labor costs and a lower level of COVID relief this year.

美洲零售營業利潤下降 53%，營業利潤率下降 730 個基點。利潤率的變化是由更高的 IMU 驅動的，這被較低的全價銷售組合、更高的費用（包括由於勞動力成本的壓力而導致的商店銷售費用）以及今年 COVID 減免水平較低所抵消。

In Americas Wholesale, revenues declined by 10% in U.S. dollars and 9% in constant currency as some U.S. wholesale partners are managing their own inventory levels by limiting their receipts. Operating profit declined 41% and operating margin declined 10.1 points, mainly due to product margin declines from increased customer accommodations and higher expenses.

在美洲批發業務中，收入以美元計算下降了 10%，以固定匯率計算下降了 9%，因為一些美國批發合作夥伴通過限制收入來管理自己的庫存水平。營業利潤下降 41%，營業利潤率下降 10.1 個百分點，這主要是由於客戶住宿增加和費用增加導致產品利潤率下降。

In Asia, revenue grew 10% in U.S. dollars and 28% in constant currency. The primary drivers for our sales growth included the direct operation of some of our South Korea retail stores, which we acquired from one of our wholesale partners, sales growth from our e-commerce business, along with a constant currency comp increase of 11% from the region's retail stores.

在亞洲，收入以美元計算增長 10%，以固定匯率計算增長 28%。我們銷售增長的主要驅動力包括我們從批發合作夥伴之一收購的一些韓國零售店的直接經營、電子商務業務的銷售增長，以及 11% 的固定匯率增長該地區的零售店。

While traffic continued to be down compared to a year ago, strong improvements in conversion and a higher AUR drove the comp growth. These increases were partially offset by permanent store closures in the region. The region posted a breakeven operating result, a $2 million improvement from last year.

雖然流量與一年前相比繼續下降，但轉化率的強勁改善和更高的 AUR 推動了 comp 增長。這些增長部分被該地區永久關閉的商店所抵消。該地區公佈了盈虧平衡的經營業績，比去年增加了 200 萬美元。

And finally, in our Licensing segment, royalty revenues increased 4% driven mainly by a strong increase in global selling of handbags. Segment operating profit was $25 million, a slight increase from last year. In the quarter, total company gross margin contracted 320 basis points to 42.5%, about half of which was driven by currency headwinds. Also affecting gross margin was a higher mix of markdowns this quarter compared to last year given last year's inventory scarcity.

最後，在我們的許可部門，特許權使用費收入增長了 4%，這主要是由於全球手袋銷量的強勁增長。部門營業利潤為 2500 萬美元，比去年略有增長。本季度，公司總毛利率收縮 320 個基點至 42.5%，其中約一半是受匯率不利因素的推動。考慮到去年的庫存短缺，與去年相比，本季度的降價促銷組合也影響了毛利率。

In the quarter, total company gross margin contracted 320 basis points to 42.5% about half of which was driven by currency headwinds. Also affecting gross margin was a higher mix of markdowns this quarter compared to last year given last year's inventory scarcity.

本季度，公司總毛利率收縮 320 個基點至 42.5%，其中約一半是受貨幣不利因素的推動。考慮到去年的庫存短缺，與去年相比，本季度的降價促銷組合也影響了毛利率。

Adjusted SG&A for the third quarter declined 5% to $211 million, including a favorable currency impact of $23 million compared to last year's expense level. In addition to that currency impact, performance-based compensation accruals were significantly lower this year, given last year's extremely strong performance against operating goals.

第三季度調整後的 SG&A 下降 5% 至 2.11 億美元，其中包括與去年費用水平相比 2300 萬美元的有利貨幣影響。除了這種貨幣影響外，鑑於去年在實現運營目標方面的表現極為強勁，今年基於績效的應計薪酬也顯著降低。

Partially offsetting these expense reductions were higher store selling expenses given net new store growth since last year as well as labor cost pressures. We also invested in additional variable expenses to support our wholesale growth. For the quarter, our adjusted SG&A rate improved 130 basis points to 33.4%.

考慮到自去年以來新店的淨增長以及勞動力成本壓力，部分抵消了這些費用減少的是較高的商店銷售費用。我們還投資了額外的可變費用來支持我們的批發增長。本季度，我們調整後的 SG&A 率提高了 130 個基點，達到 33.4%。

Our third quarter adjusted operating profit was $58 million, 18% lower than last year, and our adjusted operating margin was 9.1%, 180 basis points lower than last Q3.

我們第三季度調整後的營業利潤為 5800 萬美元，比去年同期下降 18%，調整後的營業利潤率為 9.1%，比上一季度低 180 個基點。

In the quarter, we recorded nonoperating net charges of $15 million. These charges relate to the revaluation of certain of our foreign subsidiaries, net assets and liabilities into U.S. dollars and the net charges to mark our deferred compensation plan and SERP plan assets to market.

本季度，我們記錄了 1500 萬美元的非運營淨費用。這些費用涉及將我們的某些外國子公司、淨資產和負債重估為美元，以及將我們的遞延補償計劃和 SERP 計劃資產標記為市場的淨費用。

Our third quarter adjusted tax rate was 30%, up modestly from last Q3's rate of 27%. Adjusted EPS in the quarter was $0.44 per share versus last Q3's $0.62.

我們第三季度調整後的稅率為 30%，略高於上一季度 27% 的稅率。本季度調整後每股收益為 0.44 美元，而上一季度為 0.62 美元。

Moving now to the balance sheet. We ended the third quarter with $170 million in cash compared to $391 million a year ago. Our year-over-year cash position was impacted significantly by the $238 million of share repurchases executed in the last 12 months.

現在轉到資產負債表。我們以 1.7 億美元的現金結束了第三季度，而一年前為 3.91 億美元。我們的同比現金狀況受到過去 12 個月執行的 2.38 億美元股票回購的重大影響。

We ended the quarter with a total of $270 million of borrowing availability on our various global facilities. We made no open market share repurchases during the quarter, leaving our remaining share repurchase authorization at $62 million.

本季度末，我們在各種全球設施上的借款總額為 2.7 億美元。本季度我們沒有進行公開市場股票回購，剩餘的股票回購授權為 6200 萬美元。

Inventories were $575 million, up 19% in U.S. dollars and 33% in constant currency versus last year. As Carlos mentioned, our additional inventory investment primarily reflects our strategy to order earlier this year to protect our business and support our partners as well as higher average unit costs, reflecting our investments in quality and sustainability, and inflationary pressures.

庫存為 5.75 億美元，與去年相比，以美元計算增長 19%，以固定匯率計算增長 33%。正如 Carlos 提到的，我們額外的庫存投資主要反映了我們今年早些時候訂購的策略，以保護我們的業務和支持我們的合作夥伴，以及更高的平均單位成本，反映了我們在質量和可持續性方面的投資，以及通脹壓力。

As the supply chains appear to be recovering, we expect to return to a more traditional receipt plan and that this growth rate will moderate over the next few quarters. Our receivables were $319 million, a 1% decrease versus last year's $321 million. On a constant currency basis, receivables increased about 14%.

隨著供應鏈似乎正在復蘇，我們預計將恢復到更傳統的收貨計劃，並且這種增長率將在未來幾個季度放緩。我們的應收賬款為 3.19 億美元，比去年的 3.21 億美元減少 1%。按固定匯率計算，應收賬款增長約 14%。

For the first 3 quarters of this year, capital expenditures were $72 million, up from $41 million in the prior year, mainly driven by investments in remodels, new stores and technology.

今年前三個季度，資本支出為 7200 萬美元，高於去年的 4100 萬美元，主要受改造、新店和技術投資的推動。

And one post Q3 development. This month, our Russian minority interest partner exercised his put option related to a 30% interest in our Russian entity, where our business is profitable and has been performing well. We've reviewed the various economic sanctions on Russia and have concluded that our pre-sanctioned obligation to purchase the interest is not prohibited by the sanctions.

還有一個後 Q3 開發。本月，我們的俄羅斯少數股東權益合夥人行使了與我們俄羅斯實體 30% 權益相關的看跌期權，我們在該實體的業務盈利且表現良好。我們審查了對俄羅斯的各種經濟制裁，並得出結論，我們購買權益的製裁前義務並未被制裁禁止。

Therefore, we expect to be able to proceed with the transaction, which we currently expect to take place by the end of the first quarter of next year. Free cash flow for the first 3 quarters of this year reflects a net investment of $98 million versus $41 million in the prior year. The change being mainly driven by this year's inventory acceleration, lower net cash earnings and higher capital spending, offset by last year's impact of the tax payment made associated with our IP transfer to Europe.

因此，我們預計能夠繼續進行交易，我們目前預計該交易將在明年第一季度末進行。今年前 3 季度的自由現金流反映了 9800 萬美元的淨投資，而去年同期為 4100 萬美元。這一變化主要是由今年的庫存加速、較低的淨現金收入和較高的資本支出推動的，但被去年與我們向歐洲的知識產權轉讓相關的納稅影響所抵消。

Today, we also announced that our Board approved our quarterly dividend of $0.225, which at recent stock prices represents an annual yield over 4.5%. So now let's talk about our fourth quarter outlook and how it will impact our full year.

今天，我們還宣布董事會批准了 0.225 美元的季度股息，按最近的股價計算，年收益率超過 4.5%。那麼現在讓我們談談我們的第四季度展望以及它將如何影響我們全年。

Overall, our operating expectations for the balance of the year remain largely unchanged. We expect areas of momentum, such as Europe, Canada and South Korea to continue where demand for the brand has been strong, with traffic to our stores increasing and higher AURs.

總體而言，我們對今年餘下時間的經營預期基本保持不變。我們預計歐洲、加拿大和韓國等對品牌的需求強勁的地區將繼續保持增長勢頭，我們商店的客流量將增加，AUR 將更高。

In the U.S., we expect that traffic patterns there will also continue and that consumers will remain more price sensitive with the effects of inflation affecting their spending habits. We are planning, assuming that currencies remain at roughly prevailing levels, which will weigh even further on this year's results.

在美國，我們預計那裡的交通模式也將繼續，消費者將對價格更加敏感，因為通貨膨脹的影響會影響他們的消費習慣。我們正在計劃，假設貨幣保持在大致普遍的水平，這將進一步影響今年的結果。

Most of that further headwind materialized already in the third quarter, most significantly with a large nonoperating mark-to-market charge, but currencies also further negatively impacted our third quarter operating margin. For the full year, we are adjusting our adjusted EPS outlook downward by $0.30, most of which relates to currencies plus the Q3 mark-to-market charge we recorded for our deferred comp and SERP plans.

大多數進一步的不利因素已經在第三季度實現，最顯著的是大量非經營性按市值計算的費用，但貨幣也進一步對我們第三季度的經營利潤率產生了負面影響。對於全年，我們將調整後的每股收益展望下調 0.30 美元，其中大部分與貨幣以及我們為遞延補償和 SERP 計劃記錄的第三季度按市值計算的費用有關。

The modest reduction to our full year adjusted operating margin outlook reflects the impact of currencies and an expectation that other companies' inventory levels may result in a more promotional environment.

我們對全年調整後營業利潤率前景的適度下調反映了貨幣的影響以及對其他公司庫存水平可能會帶來更多促銷環境的預期。

Therefore, for the full year, we are now expecting revenue growth of nearly 2% in U.S. dollars and about 10.5% in constant currency. We expect full year operating margin of about 9.7%, and full year adjusted EPS of $2.35.

因此，對於全年，我們現在預計收入將以美元計算增長近 2%，以固定匯率計算增長約 10.5%。我們預計全年營業利潤率約為 9.7%，全年調整後每股收益為 2.35 美元。

For the fourth quarter, we assume U.S. dollar sales will decline about 3.5%, but increase 3.5% in constant currency. We expect fourth quarter operating margin of about 13.2% and adjusted EPS of $1.32.

對於第四季度，我們假設美元銷售額將下降約 3.5%，但按固定匯率計算將增長 3.5%。我們預計第四季度營業利潤率約為 13.2%，調整後每股收益為 1.32 美元。

Lastly, I want to again highlight the impact of currencies on this year's financial outlook. Based on our assumptions, currencies will consume almost 9 points of revenue growth, almost $230 million. They will further consume about 130 basis points of adjusted operating margin and $60 million of adjusted operating profit.

最後，我想再次強調貨幣對今年金融前景的影響。根據我們的假設，貨幣將消耗近 9 個百分點的收入增長，將近 2.3 億美元。他們將進一步消耗約 130 個基點的調整後營業利潤率和 6000 萬美元的調整後營業利潤。

If we were to eliminate all of that, all other things being equal, our full year outlook would have instead been for sales growth of 10.5% to reach well over $2.8 billion, adjusted operating margin of around 11% and adjusted operating profit growth to exceed last year's $310 million.

如果我們要消除所有這些，在所有其他條件相同的情況下，我們的全年展望將是 10.5% 的銷售額增長超過 28 億美元，調整後的營業利潤率約為 11%，調整後的營業利潤增長超過去年的 3.1 億美元。

And combining this year's currency mark-to-market charges with a $60 million operating profit headwind, the total currency impact would approach $1.15 per share.

將今年的貨幣按市值計算的費用與 6000 萬美元的營業利潤逆風相結合，總的貨幣影響將接近每股 1.15 美元。

To reinforce Carlos' point, we are proud that in this challenging macroeconomic environment, we are delivering outstanding results.

為了強化卡洛斯的觀點，我們感到自豪的是，在這個充滿挑戰的宏觀經濟環境中，我們取得了出色的成績。

Unfortunately, those results are being severely masked by so much currency noise. With that, I'll conclude the company's remarks, and let's open up the call for your questions.

不幸的是，這些結果被如此多的貨幣噪音嚴重掩蓋了。至此，我將結束公司的發言，讓我們開始提問。

(Operator Instructions)

（操作員說明）

Our first question comes from Corey Tarlowe from Jefferies & Company.

我們的第一個問題來自 Jefferies & Company 的 Corey Tarlowe。

So Carlos, it seems like demand for the brand has been really strong with -- absent any FX issues, really robust growth. So maybe could you just talk about how the consumer is responding to some of the newness that you're flowing into stores. What some of the inventory turns are looking like and how the general sentiment is for the brand now versus maybe where we were at the beginning of the year.

所以卡洛斯，似乎對該品牌的需求非常強勁——沒有任何外匯問題，增長非常強勁。所以也許你能談談消費者對你流入商店的一些新鮮事物的反應。一些庫存周轉情況以及品牌現在的總體情緒與年初的情況相比如何。

And then just to piggyback off of that, how do you think about the promotional environment as well as we look to the fourth quarter?

然後順便說一下，你如何看待促銷環境以及我們對第四季度的看法？

Okay. Thank you, Corey. Yes. Yes, I think that what you are saying is absolutely the case. We feel that the demand for the brand continues to strengthen. And I should say, the brands because we are seeing also a significant commitment to the Marciano product as well in addition to Guess?

好的。謝謝你，科里。是的。是的，我認為你說的絕對是這樣。我們覺得對品牌的需求在不斷加強。我應該說，這些品牌是因為我們看到除了 Guess? 之外，我們還看到了對 Marciano 產品的重大承諾？

As you know, we have a very strong business in wholesale, especially in Europe. And this business is always a good benchmark for how the different collections are being accepted and embraced by our customer base because that base of clients and customers is very diverse.

如您所知，我們的批發業務非常強大，尤其是在歐洲。而且這項業務始終是我們客戶群如何接受和接受不同系列的良好基準，因為客戶和客戶群非常多樣化。

We have several thousand accounts and normally, that is a very good indicator of how the product is being accepted. And we have seen consecutive growth season after season in that business. And the customers continue to want more of that product being shipped earlier if possible.

我們有數千個帳戶，通常情況下，這是產品被接受程度的一個很好的指標。我們已經看到該業務逐季連續增長。如果可能的話，客戶繼續希望更多的產品能早點發貨。

That allowed us to really increase our shipments this quarter. And we feel that, that is all being driven by what they see in their sellout. So it's not just about ordering more product, but how the product is selling to the ultimate customers in their points of distribution. So we feel very good.

這使我們能夠真正增加本季度的出貨量。我們認為，這一切都是由他們在售罄中看到的情況所驅動的。因此，這不僅僅是訂購更多產品，而是產品如何在分銷點銷售給最終客戶。所以我們感覺很好。

And then, of course, we have a major presence with our retail stores, and this includes not only what we see in Europe, but all over the world, we have over 1,000 doors, as you know, that we control directly and about almost 700 that are in the hands of franchisees, licensees, partners of ours.

然後，當然，我們的零售店有很大的影響力，這不僅包括我們在歐洲看到的，而且在世界各地，我們有 1,000 多扇門，如您所知，我們直接控制並且幾乎700 個在我們的特許經營商、被許可人和合作夥伴手中。

And in those cases, of course, the behavior of the customer now considering how the different territories have evolved after the pandemic is somewhat different depending on where you are in the world. But we are seeing that the product is being very well accepted. We have a big difference in the performance of the type of product that we have in the collections.

當然，在這些情況下，客戶現在考慮大流行病後不同地區如何演變的行為會有所不同，具體取決於您在世界上的哪個位置。但我們看到該產品被廣泛接受。我們在系列中擁有的產品類型的性能有很大差異。

As you know, we are a lifestyle brand, and we can go from casual to dressy which is something that we think is a huge benefit and a big differentiator in this marketplace. And what we are seeing is that the dressy product is selling significantly better and accelerating versus what we are seeing with more of the casual part of the assortment.

如您所知，我們是一個生活方式品牌，我們可以從休閒到正裝，我們認為這是一個巨大的好處，也是這個市場的一個很大的差異化因素。我們看到的是，與我們看到的更多休閒產品相比，正裝產品的銷量要好得多，而且銷量還在加速增長。

But that said, just we are very pleased with how the overall collection has been accepted both for men and women and Guess? and Marciano. And then just the -- the one area that has been very strong for us and continues to be very strong and accelerating also is accessories. As you know, accessories is a big part of our collection. And we are seeing a phenomenal outstanding performance with accessories, especially driven by handbags, but many other accessories items, as I mentioned in my prepared remarks, are also doing very well.

但話雖如此，我們還是很高興整個系列在男士和女士以及 Guess?和馬爾西亞諾。然後就是 - 一個對我們來說非常強大並且繼續非常強大並且加速發展的領域也是配件。如您所知，配飾是我們系列的重要組成部分。我們看到配飾的表現非常出色，尤其是在手袋的推動下，但正如我在準備好的發言中提到的那樣，許多其他配飾也表現出色。

The newness, I think, is right on. We have some areas that have not performed as planned yet, but we think that -- and this is primarily on the cold part of the assortment sweaters, outerwear, which we think is the collection of this year's phenomenon. But we in this case, we think that the weather being a lot warmer than what you would expect for the time of the year is impacting or has impacted our sellout. And we feel that it's just a matter of the temperatures to change a little bit for us to start experiencing acceleration in those sales as well.

我認為，新鮮感是正確的。我們有一些領域尚未按計劃進行，但我們認為 - 這主要是在各種毛衣、外套的寒冷部分，我們認為這是今年現象的集合。但在這種情況下，我們認為天氣比你一年中的預期要暖和得多，正在影響或已經影響我們的銷售。而且我們認為，只要溫度稍微改變一下，我們就可以開始體驗這些銷售的加速增長。

And then you -- with respect to inventory turns, just we are carrying more inventory than we think we can carry for the business. This has been absolutely done intentionally. We order inventory earlier to mitigate the supply chain issues that we were experiencing.

然後你 - 關於庫存周轉率，只是我們攜帶的庫存比我們認為我們可以為業務攜帶的更多。這絕對是故意的。我們提前訂購庫存以緩解我們遇到的供應鏈問題。

And as a result of that, we are carrying some extra inventory. But when you look at our turnover, if you exclude that excess that we plan to remove from our core business for next year, and we are working on that pretty actively. We think that inventory turns are pretty much in line with what we would expect. And that is -- that should happen like that because we are buying and we are ordering based on what we expect the customer demand. It's going to be for full price selling, just we are not planning to buy additional product to sell on a promotional level.

因此，我們攜帶了一些額外的庫存。但是，當您查看我們的營業額時，如果您排除我們計劃明年從核心業務中移除的多餘部分，那麼我們正在非常積極地開展工作。我們認為庫存周轉率與我們的預期非常一致。那就是——這應該像那樣發生，因為我們正在購買，我們正在根據我們對客戶需求的預期進行訂購。它將以全價銷售，只是我們不打算購買額外的產品以進行促銷。

So overall, it's the system and the process that we are using is accomplishing what we expect. And your last -- well, next to the last question was about sentiment. I think that the overall sentiment for what we are seeing, just is definitely there's a lot of inventory in the marketplace.

所以總的來說，我們正在使用的系統和流程正在實現我們的預期。你的最後一個 - 嗯，在最後一個問題旁邊是關於情緒的。我認為，我們所看到的總體情緒肯定是市場上有很多庫存。

And I think that the customer is looking for price. But just -- we feel that we are very fortunate because we have a product that is very unique for the marketplace. And as a result, we can command a price that is representative of our ticket price.

我認為客戶正在尋找價格。但只是 - 我們覺得我們非常幸運，因為我們擁有一種在市場上非常獨特的產品。因此，我們可以製定一個代表我們票價的價格。

The promotional environment, we think, is very active, primarily driven by the -- what we see in terms of inventory ownership and we are trying to stay our course with our strategy. And so far, this is working definitely, as you saw our margins did -- were impacted by the promotional activity in the third quarter, and we are expecting that the same thing is going to happen in the fourth quarter within our outlook.

我們認為，促銷環境非常活躍，主要是由我們在庫存所有權方面看到的情況驅動的，我們正在努力堅持我們的戰略。到目前為止，這肯定是有效的，正如你所看到的我們的利潤率 - 受到第三季度促銷活動的影響，我們預計在我們的展望中第四季度也會發生同樣的事情。

But we feel that we can continue to drive margins that are significantly better than what we had pre COVID. So everything that we have done to transform the business model and pricing and how we are pricing goods and how we are selling those goods more for the price is working for us. Dennis?

但我們認為，我們可以繼續推動比 COVID 之前更好的利潤率。因此，我們為轉變商業模式和定價所做的一切，以及我們如何為商品定價以及我們如何以更高的價格銷售這些商品，都對我們有用。丹尼斯？

(Operator Instructions) And our next question comes from Dana Telsey from Telsey Advisory Group.

（操作員說明）我們的下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Can you talk a little bit and unpack the -- obviously, we have the currency impact in 1 bucket. As you think about cotton prices and supply chain, how does that flow into the operating margin and the outlook as we frame 2023? And what does this mean in terms of AUR?

你能談談並解開 - 顯然，我們在 1 個桶中有貨幣影響。當您考慮棉花價格和供應鏈時，這如何影響我們 2023 年的營業利潤率和前景？這對 AUR 意味著什麼？

Yes. Let me just address the outlook. Dana, as we said during our prepared remarks, just -- we expect to really give you a full just view of what we are seeing for next fiscal year when we release our fourth quarter numbers, and that is going to happen in March of 2023.

是的。讓我談談前景。 Dana，正如我們在準備好的發言中所說的那樣，我們希望在發布第四季度數據時真正讓您全面了解我們在下一財年看到的情況，這將在 2023 年 3 月發生.

So just we are obviously working on our plans, and we will come back to you with a full explanation of how we see the year and so forth, like we always do. And Dennis, do you want to address the currency?

因此，我們顯然正在製定我們的計劃，我們會像往常一樣向您詳細說明我們如何看待這一年等等。丹尼斯，你想解決貨幣問題嗎？

Yes. The currency impact, as we've been saying all year is pretty significant and if you think about it in terms of how it sort of paces through the year, the Europe, I use that as the best benchmark. It -- last year had just started to decline in the third quarter. And this year, it actually reached below parity. I think it got as low as $0.97.

是的。貨幣影響，正如我們全年所說的那樣非常重要，如果你考慮它在一年中的步伐，歐洲，我將其作為最佳基準。它 - 去年第三季度剛剛開始下降。而今年，它實際上達到了平價以下。我認為它低至 0.97 美元。

So the third quarter where we said -- as we just said in our prepared remarks, the overall margin impact was 180 basis points, which was the same as the total operating margin. That should be the most severe in the third quarter, assuming currencies remain at roughly prevailing levels that the currency started to drop as the dollar started to strengthen towards the back end of last year.

所以我們說的第三季度 - 正如我們剛剛在準備好的評論中所說的那樣，整體利潤率影響為 180 個基點，與總營業利潤率相同。這應該是第三季度最嚴重的，假設貨幣保持在大致普遍的水平，即隨著美元在去年年底開始走強而貨幣開始下跌。

And actually, as the dollar has weakened a little bit, 3Q into where we sit right now. So that starts to narrow. So all other things being equal, some of that currency pressure should start to abate as long as the currencies stay roughly where they are.

實際上，隨著美元略微走弱，第三季度進入了我們現在所處的位置。所以這開始縮小。因此，在所有其他條件相同的情況下，只要貨幣大致保持在原位，部分貨幣壓力就會開始減弱。

And then, Dana, you also asked about pricing and cost of products and so forth. And we saw significant spikes last year as there was significant issues with finding the product and the raw materials and so forth.

然後，Dana，你還詢問了產品的定價和成本等等。去年我們看到了顯著的峰值，因為在尋找產品和原材料等方面存在重大問題。

And with all the inflationary forces everywhere, we are seeing a more normalized environment. We have done a lot to plan ahead and just we worked on our calendars and we are still working on revising our calendars to be pretty much on top and being able to really offer a product whenever the demand is there for it. We have done a lot in fabric platforming. So then we have access to fabric and raw materials, and this is impacting all our businesses. And we are very pleased that we have done this because we are very well prepared, and we are -- we have contracts that go well into next year.

在到處都是通貨膨脹的情況下，我們看到了一個更加正常化的環境。我們已經做了很多提前計劃，我們只是在我們的日曆上工作，我們仍在努力修改我們的日曆，使其幾乎處於領先地位，並且能夠在有需求時真正提供產品。我們在結構平台方面做了很多工作。這樣我們就可以獲得織物和原材料，這正在影響我們所有的業務。我們很高興我們做到了這一點，因為我們已經做好了充分的準備，而且我們 - 我們的合同可以延續到明年。

And then we have done a lot about data. This is something that I think I mentioned during our previous call that just having access to data and being able to have visibility to see where the product is at all points during the development is something that is -- has helped us to really anticipate and react more effectively to what we need to service the business well.

然後我們在數據方面做了很多工作。這是我想我在我們之前的電話會議中提到的事情，即能夠訪問數據並能夠在開發過程中的所有時間點看到產品的可見性 - 幫助我們真正預測和反應更有效地滿足我們為業務提供良好服務所需的一切。

It's difficult to know exactly what's going to happen with cotton prices. And that's because all these markets have been very dynamic. But we -- I think we have done a good job in anticipating and trying to really set contracts where we consider it prudent.

很難確切知道棉花價格會發生什麼。那是因為所有這些市場都非常活躍。但是我們——我認為我們在預測和嘗試真正制定我們認為謹慎的合同方面做得很好。

And also, we are negotiating with our vendors, especially those that are somewhat favored by the fact that we are still paying in dollars. So just trying to really take that opportunity to split the benefits that they are experiencing. So then our cost becomes a lower number for those areas. So -- and we have done that with reasonable success.

而且，我們正在與我們的供應商進行談判，尤其是那些因為我們仍然以美元支付而在某種程度上受到青睞的供應商。所以只是想真正利用這個機會來分享他們正在體驗的好處。因此，我們的成本對於這些區域來說會變得更低。所以 - 我們已經取得了合理的成功。

Just one other point I would add -- make on the cost structure there. Another element that's been impactful has been freight. Airfreight last year with product delays, we have created a significant amount of inventory just to mitigate those delays, and that drove significant cost increases last year that's not happening this year because of the strategy to get product in early. So that's working for us. So this year's airfreight usage is down significantly. And on ocean rates versus last year, those had been increasing significantly, and that's been impacting our inventory costs and margins this year.

我還要補充一點——制定成本結構。另一個有影響力的因素是運費。去年的空運導致產品延誤，我們創造了大量庫存只是為了減輕這些延誤，這導致去年成本顯著增加，而今年由於提前獲得產品的策略而沒有發生。所以這對我們有用。因此，今年的空運使用量大幅下降。與去年相比，海運費率顯著增加，這一直在影響我們今年的庫存成本和利潤率。

But more recently, those rates have been falling. So we've contemplated an improvement on our outlook. Just keep in mind, that doesn't necessarily result in a big tailwind in margin for this year because it's got to roll through the inventories. So that might be more impactful into next year.

但最近，這些利率一直在下降。因此，我們已經考慮改善我們的前景。請記住，這不一定會給今年的利潤率帶來很大的順風，因為它必須通過庫存。因此，這可能會對明年產生更大的影響。

And at this time, we have run out of time for further questions. I will now turn the call back over to Carlos for closing comments.

現在，我們已經沒有時間來進一步提問了。我現在將把電話轉回給 Carlos 以徵求結束意見。

Thank you. Well, thank you, everyone, for your participation today. We are very excited about the holiday season, and we are confident in our long-term future for sure. We are managing the business well. We think that we are focusing on what we can control, and we are adapting relentlessly to this dynamic environment. It has been super dynamic.

謝謝你。嗯，謝謝大家今天的參與。我們對假期感到非常興奮，我們對我們的長期未來充滿信心。我們正在很好地管理業務。我們認為我們正在專注於我們可以控制的事情，並且我們正在不懈地適應這種動態環境。它一直是超級動態的。

We wish you a very nice Thanksgiving and happy holidays to all of you, and we look forward to speaking with you again soon. Have a great day, and thank you again.

我們祝大家感恩節愉快，假期愉快，我們期待很快再次與您交談。祝你有美好的一天，再次感謝你。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for your participation. You may now disconnect.

謝謝你們，女士們，先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連接。