Guess? Inc (GES) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Guess? first quarter fiscal 2025 earnings conference call. I would like to turn the call over to Fabrice Benarouche, Senior Vice President of Finance and Investor Relations and Chief Accounting Officer. Please go ahead.

大家好，歡迎來到猜猜？ 2025 財年第一季財報電話會議。我想將電話轉給財務和投資者關係高級副總裁兼首席會計官法布里斯·貝納魯什 (Fabrice Benarouche)。請繼續。

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 Markus Neubrand, Chief Financial Officer.

謝謝你，接線生。大家下午好，感謝您今天加入我們。今天與我一起通話的是執行長 Carlos Alberini；和財務長馬庫斯‧諾伊布蘭德 (Markus Neubrand)。

During today's call, the company will be making forward-looking statements, including comments regarding future plans, strategic initiatives, capital allocation and short and long-term outlooks. 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.

在今天的電話會議上，該公司將做出前瞻性聲明，包括有關未來計劃、戰略舉措、資本配置以及短期和長期前景的評論。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，該公司的實際結果可能與當前的預期有重大差異。

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

我們也會參考某些非公認會計原則或調整後的衡量標準。公認會計原則（GAAP）調節和這些措施的描述可以在今天的收益報告中找到。

Now I will turn it over to Carlos.

現在我將把它交給卡洛斯。

Thank you, Fabrice, and thank you all for joining us for our Q1 fiscal 2025 quarterly conference call. The year is off to a strong start, and we are pleased to report significant progress against a number of important operational, strategic, and financial objectives.

謝謝 Fabrice，也謝謝大家參加我們的 2025 財年第一季季度電話會議。今年是一個良好的開端，我們很高興地報告在一些重要的營運、策略和財務目標方面取得的重大進展。

From an operational and financial perspective, our teams executed well during the quarter, which enabled us to deliver results for the first quarter that exceeded our expectations in terms of revenues, operating earnings and per share results. We grew sales in each of our segments and expanded gross margins, both of which favorably impacted the bottom line.

從營運和財務角度來看，我們的團隊在本季度表現良好，這使我們能夠在第一季實現收入、營業利潤和每股業績超出我們預期的業績。我們每個細分市場的銷售額均有所成長，毛利率也有所提高，這兩者都對利潤產生了有利的影響。

On the strategic front, we are excited to have completed our company's first ever acquisition. We launched a new brand Guest Jeans, secured the renewal of a key licensing agreement, and transformed our US distribution function.

在策略方面，我們很高興完成了公司的首次收購。我們推出了新品牌 Guest Jeans，續簽了一項重要授權協議，並轉變了我們在美國的分銷職能。

We also made great strides to further strengthen our financial foundation and deliver value for our shareholders, including rewarding them with a special dividend refinancing and repaying our 2024 convertible notes and obtaining an expanded credit facility. Markus will share more on this financial highlights in just a few minutes.

我們也在進一步鞏固我們的財務基礎並為股東創造價值方面取得了巨大進步，包括透過特別股息再融資獎勵他們、償還我們的 2024 年可轉換票據以及獲得擴大的信貸額度。馬庫斯將在幾分鐘內分享有關這一財務亮點的更多資訊。

And we achieved all of this in just a little more than two months since we last spoke. We are proud of this results, which reflect the talent and skill of our dedicated and experienced team members. On behalf of Paul and myself, I want to take this opportunity to recognize our teams around the world for a job well done and thank them for their outstanding contributions.

自從我們上次講話以來，我們在短短兩個多月的時間內就實現了這一切。我們對此結果感到自豪，這反映了我們敬業且經驗豐富的團隊成員的才華和技能。我謹代表保羅和我本人，藉此機會表彰我們在世界各地的團隊所做的出色工作，並感謝他們所做的傑出貢獻。

This results also reflect the strength and resilience of our brands and the benefit of our highly diversified business model across product categories, geography and channels of distribution, that business model helps to enhance the predictability of our earnings and cash flows.

這一結果也反映了我們品牌的實力和彈性，以及我們跨產品類別、地理位置和分銷管道的高度多元化業務模式的優勢，該業務模式有助於提高我們收益和現金流的可預測性。

The addition of rag & bone to our portfolio even further diversifies our business and should serve to enhance our company's growth in the years to come. For the first quarter, we grew revenues by 4%, reaching $592 million.

rag＆bone 加入我們的產品組合進一步使我們的業務多元化，並應有助於促進我們公司在未來幾年的成長。第一季度，我們的營收成長了 4%，達到 5.92 億美元。

As I highlighted a moment ago, each one of our operating segments posted a revenue increase with the Americas, wholesale and licensing segments contributing more significantly to the total growth for the quarter.

正如我剛才強調的那樣，我們的每個營運部門都實現了收入成長，其中美洲、批發和授權部門對本季總成長的貢獻更大。

Our Guess? business in the Americas retail has continued to face challenges with declines in traffic and conversion that resulted in comp sales headwinds, though, with the addition of rag & bone, April revenues, we were able to more than offset that top top-line pressure in the segment and deliver very modest growth.

我們的猜測？美洲零售業務繼續面臨流量和轉換率下降的挑戰，導致比較銷售逆風，不過，隨著 rag＆bone 的增加，4 月份的收入，我們能夠抵消頂線壓力該細分市場並實現非常溫和的增長。

On a consolidated basis, the addition of rag & bone, which we began to consolidate starting in April drove the growth for the quarter with a core Guess? and Marciano businesses generating revenues up 3% versus last year in constant currency. Overall, we are pleased with the Rag & bone business, which is performing in line with our expectations and has been a fantastic addition to the Guess? portfolio.

在合併的基礎上，我們從 4 月開始合併的 rag＆bone 的增加推動了本季的成長，核心猜猜？以固定匯率計算，Marciano 和 Marciano 業務的營收比去年成長了 3%。總體而言，我們對 Rag＆Bone 業務感到滿意，該業務的表現符合我們的預期，並且對 Guess? 來說是一個出色的補充？資料夾。

Our team managed the business well with tight inventory control and careful expense management. Our disciplined approach to inventory management drove up 4% reduction in Guess? and Marciano inventory levels, a higher level full-price selling and a 120 basis points increase in gross margins for the quarter.

我們的團隊透過嚴格的庫存控制和謹慎的費用管理，很好地管理了業務。我們嚴格的庫存管理方法使您猜減少了 4%？和 Marciano 庫存水準提高，全價銷售水準提高，本季毛利率提高 120 個基點。

Given the seasonality of the business, we had anticipated an operating loss for the quarter. However, we kept that anticipated loss in half reporting only an $8 million adjusted operating loss and a $0.27 adjusted loss per diluted share.

考慮到業務的季節性，我們預計本季將出現營運虧損。然而，我們將預期虧損減半，報告調整後營運虧損僅 800 萬美元，調整後每股攤薄虧損為 0.27 美元。

Let me offer some regional highlights for the quarter. In Europe, we delivered a 1% increase in revenues, reaching $284 million ahead of expectations. The strong momentum in our European retail business continued as we posted double-digit comps and grew wholesale deliveries, both in constant currency.

讓我介紹本季的一些區域亮點。在歐洲，我們的營收成長了 1%，達到 2.84 億美元，超出預期。我們的歐洲零售業務持續保持強勁勢頭，以固定匯率計算，我們的業績實現了兩位數成長，批發交付量也有所成長。

Most of our growth, though, was masked by a significant currency headwind. Our business performed well in mature markets in Southern and Central Europe, while our softer markets tended to be in the North and the East.

然而，我們的大部分成長都被嚴重的貨幣逆風所掩蓋。我們的業務在南歐和中歐的成熟市場表現良好，而我們的疲軟市場往往在北部和東部。

Strong product performance was broadly based with accessories performing best. The business was driven by the healthy performance of handbags, travel accessories, women's jewelry, and fragrances. Our women's apparel business was strong, particularly in knit tops, sweaters, skirts, and denim. And our men's business posted solid increases as well, driven by the demand for knit tops, sweaters, and active wear.

強大的產品性能主要體現在配件表現最佳。手袋、旅行配件、女士珠寶和香水的健康表現推動了該業務的發展。我們的女裝業務強勁，尤其是針織上衣、毛衣、裙子和牛仔布。在針織上衣、毛衣和運動服需求的推動下，我們的男裝業務也實現了穩健成長。

In the Americas retail, revenues increased roughly 0.5%, reaching $144 million. Across the US and Canada the retail environment has remained challenging with consumers remaining cautious in their spending. We saw declines in both our women's and men's businesses, while active wear and sweaters were our best performing categories.

在美洲零售業，營收成長約 0.5%，達到 1.44 億美元。在美國和加拿大，零售環境仍然充滿挑戰，消費者對支出保持謹慎。我們的女裝和男裝業務都出現下滑，而運動服和毛衣是我們表現最好的類別。

Accessories outperformed apparel, especially handbags, watches, fragrances, and travel accessories. We are working to navigate the current environment and drive improvements in this business. We feel good about our current product assortment and have been evaluating opportunities to drive more business and improved trends through marketing investments, including trialing different promotional actions, both in-store and online.

配件表現優於服裝，尤其是手袋、手錶、香水和旅行配件。我們正在努力應對當前環境並推動該業務的改進。我們對目前的產品種類感到滿意，並一直在評估透過行銷投資推動更多業務和改善趨勢的機會，包括嘗試店內和網路上的不同促銷活動。

Our Americas wholesale business was strong and grew 21% in the quarter to $62 million, driven mainly by rag & bone shipments as well as growth from Mexico. In Asia, revenues increased 3% to $73 million. And finally, our licensing business performed extremely well, delivering a revenue increase of 21% to $29 million.

我們的美洲批發業務表現強勁，本季成長 21%，達到 6,200 萬美元，主要得益於碎布和骨頭的出貨量以及墨西哥的成長。在亞洲，營收成長了 3%，達到 7,300 萬美元。最後，我們的授權業務表現非常出色，營收成長了 21%，達到 2,900 萬美元。

We are pleased to have delivered on our earnings objectives for the quarter in addition to driving other key strategic initiatives across our business. Growing Guess? and expanding our global reach has always been foundational to our strategic vision, since Paul and his brothers started the business.

除了推動整個業務的其他關鍵策略舉措外，我們很高興實現了本季的獲利目標。成長的猜測？自 Paul 和他的兄弟創業以來，擴大我們的全球影響力一直是我們策略願景的基礎。

In the 43 years since then, we have built a powerful platform anchored by successful regional management centers across the globe. Our products are sold in over 100 countries and we have developed broad capabilities to solve through virtually every distribution model.

在此之後的 43 年裡，我們建立了一個強大的平台，以全球成功的區域管理中心為基礎。我們的產品銷往 100 多個國家，我們已經開發出廣泛的能力來解決幾乎所有分銷模式的問題。

Between our company and our network of licensee partners, we bring products to market across 25 different categories leveraging a diverse supply chain that we feel is truly best in class. As a result, we have built Guess? into the thriving $5.5 billion retail business that it is today.

在我們公司和我們的授權合作夥伴網絡之間，我們利用我們認為真正一流的多元化供應鏈，將 25 個不同類別的產品推向市場。結果，我們建構了 Guess？進入今天蓬勃發展的 55 億美元零售業務。

Looking to the future, we continue to see multiple opportunities to further grow the Guess? brand. Beyond that, we can leverage our powerful platform to support more than just one brand. We know that with our capabilities we can do more. We have built a platform that can power a bigger and broader business, generate synergistic growth, and margin expansion, and deliver significant value creation over time.

展望未來，我們繼續看到進一步發展 Guess? 的多種機會？品牌。除此之外，我們還可以利用我們強大的平台來支持多個品牌。我們知道，憑藉我們的能力，我們可以做得更多。我們建立了一個平台，可以推動更大、更廣泛的業務，產生協同成長和利潤擴張，並隨著時間的推移創造顯著的價值。

This is what we call the inflection point, the evolution that I described in our last call that was to leverage that platform and drive outsized growth. Through our multiple existing brands, through internally developed or segmented brands, or through acquisitions of new brands.

這就是我們所說的拐點，我在上次電話會議中描述的演變是利用該平台並推動超額成長。透過我們的多個現有品牌，透過內部開發或細分品牌，或透過收購新品牌。

Looking at our core Guess? brand, the business remains healthy and has been performing well. It is gratifying to see continued success in mature markets in Europe. In addition to that, we are excited about our growth opportunities in newer markets such as Turkey, Middle East, India, and Latin America, where the business is enjoying strong momentum.

看看我們的核心猜猜？品牌，業務保持健康並且表現良好。令人欣慰的是看到歐洲成熟市場的持續成功。除此之外，我們對土耳其、中東、印度和拉丁美洲等新市場的成長機會感到興奮，這些市場的業務發展勢頭強勁。

For our Guess? brand, handbags have been instrumental in growing the brand, and we see opportunities for further growth as we expand our footprint. That's why we are pleased to share that Paul has pre-negotiated the extension of our handbag license, cementing that important partnership until 2039 on very favorable terms.

對於我們的猜測？品牌手袋在品牌發展方面發揮了重要作用，隨著我們擴大業務範圍，我們看到了進一步成長的機會。因此，我們很高興地告訴大家，Paul 已就延長我們的手袋許可證進行了預先談判，以非常優惠的條件將這一重要的合作夥伴關係鞏固到 2039 年。

The new contract included a $40 million upfront cash payment for the license renewal. Going forward, we see handbags as a strong category to augment the apparel assortment of other lifestyle brands beyond Guess? as well. Rag & bone is a great example with this potential.

新合約包括用於續約許可證的 4000 萬美元預付款現金。展望未來，我們認為手袋是一個強大的品類，可以豐富 Guess? 以外的其他生活風格品牌的服裝種類。以及。 Rag＆Bone 就是具有這種潛力的一個很好的例子。

As you know, we have recently launched our Guess Jeans brand and just finished its first sales campaign, an exciting moment for our company. While the Harkins to the legacy of the Guess? brand, Guess jeans is a completely new lifestyle brand with its own identity and multi-category assortment. It employs a brand new store concept with its own marketing strategy and advertising campaigns targeting the younger Gen C customer, but welcoming all customers.

如您所知，我們最近推出了 Guess Jeans 品牌，並剛剛完成了首次銷售活動，這對我們公司來說是一個令人興奮的時刻。而哈金斯留給Guess的遺產呢？ Guess jeans 品牌是一個全新的生活品牌，擁有自己的特色和多品類品種。它採用全新的商店概念，擁有自己的行銷策略和廣告活動，針對年輕的 C 世代客戶，但歡迎所有客戶。

Guess Jeans is an environmentally conscious brand that is introducing air wash and innovative strong washing process for denim that dramatically reduces water consumption. This, combined with an ecofriendly store environment defined by sustainable store materials, will connect well with its target consumer. And with its casual offering and more compelling price points, it fits well within our overall brand and pricing architecture.

Guess Jeans 是一個具有環保意識的品牌，正在為牛仔布引入空氣洗滌和創新的強力洗滌工藝，從而大大減少用水量。再加上由永續商店材料定義的生態友善的商店環境，將與目標消費者建立良好的連結。憑藉其休閒產品和更具吸引力的價格點，它非常適合我們的整體品牌和定價架構。

The brand is already ahead of expectations with wholesale accounts showing great enthusiasm for the brand and product. In France, Galeries Lafayette just featured Guess Jeans with a special installation and pop-up at their flagship Paris Haussman store that included air wash visual effects at denim customization station with a special product displayed at in signage.

該品牌已經超出了預期，批發客戶對該品牌和產品表現出了極大的熱情。在法國，老佛爺百貨公司 (Galeries Lafayette) 剛剛在巴黎 Haussman 旗艦店展示了 Guess Jeans 的特殊裝置和快閃店，其中包括牛仔布定制站的氣洗視覺效果，以及標牌上展示的特殊產品。

They also featured our first Guess Jeans advertising campaign on the facade of these iconic store, which is located in a very high traffic area in Paris. Also in June, Italian department store chain La Rinascente, plans to do a special Guess Jeans presentation in its flagship store on Corso Vittorio Emanuele and Milan.

他們還在這家標誌性商店的正面展示了我們的首個 Guess Jeans 廣告活動，該商店位於巴黎人流量非常大的地區。同樣在 6 月，義大利百貨連鎖店 La Rinascente 計劃在其位於 Corso Vittorio Emanuele 和米蘭的旗艦店舉辦一場特別的 Guess Jeans 展示會。

Under the direction of Nicolai Marciano, we just completed the first Guess Jeans advertising campaign featuring English fashion model and actress Iris law, the daughter of actor Jude Law. We believe her influence will help expand the reach of the Guess Jeans brand globally online, imprint and across social media as well.

在 Nicolai Marciano 的指導下，我們剛剛完成了第一個 Guess Jeans 廣告活動，由英國時裝模特兒兼演員 Iris law（演員 Jude Law 的女兒）擔任主角。我們相信她的影響力將有助於擴大 Guess Jeans 品牌在全球線上、品牌和社交媒體上的影響力。

Also for the third year, during Coachella weekend Guess Jeans hosted celebrity guests and brand ambassadors in a luxury compound of homes. The weekend included multiple after parties hosted by top-performing artists under Anderson Paak, Metro Boomin, and Kaytranada with a star studded guest list, including Billie Eillish, Ice Spice, J Balvin, Robert Pattinson, Justin, and Hailey Bieber and more. The event proved enormously successful resulting in nearly 4 billion impressions and 58 million views.

這也是第三年，在 Coachella 週末期間，Guess Jeans 在豪華住宅區接待了名人嘉賓和品牌大使。週末包括由 Anderson Paak、Metro Boomin 和 Kaytranada 等頂尖藝術家舉辦的多場餘興派對，嘉賓名單星光熠熠，包括 Billie Eillish、Ice Spice、J Balvin、Robert Pattinson、Justin 和 Hailey Bieber 等。該活動取得了巨大成功，產生了近 40 億次展示和 5800 萬次瀏覽。

As you know, we completed our acquisition of rag & bone in Q1 through a partnership with WHP Global. Rag & bone is already a $0.25 billion business, a heritage brand with proven longevity with a diverse product offering for both women and men, commanding premium pricing and margins and appealing to a highly aspirin consumer base. This nicely complements our existing business.

如您所知，我們在第一季度透過與 WHP Global 的合作完成了對 rag＆bone 的收購。 Rag＆Bone 已經是一家價值 2.5 億美元的企業，是一個歷史悠久的傳統品牌，為女性和男性提供多樣化的產品，擁有較高的定價和利潤，吸引了高度阿斯匹靈的消費群。這很好地補充了我們現有的業務。

Rag & bone also brings with it an experienced and talented management team led by Andrew Rosen. Paul and I want to welcome them all to the Guess family. We hope you also saw that on Tuesday, we announced Andrew's appointment as rag & bones, Executive Chair.

Rag & Bone 也帶來了由 Andrew Rosen 領導的經驗豐富、才華洋溢的管理團隊。 Paul 和我歡迎他們加入 Guess 大家庭。我們希望您也看到，週二我們宣布任命 Andrew 為 rag & Bones 執行長。

Andrew is a visionary in American fashion and has been involved with rag & bones since 2006. He brings a wealth of experience and expertise to the brand, providing strategic direction and oversight to drive the brand's mission forward.

Andrew 是美國時尚界的遠見卓識者，自 2006 年以來一直涉足 rag＆bones。 他為該品牌帶來了豐富的經驗和專業知識，提供戰略方向和監督，以推動該品牌的使命向前發展。

It's only been a couple of months, but our teams are already working well together. Paul has been highly engaged with Andrew and the rag & bone team, along with our licensees and our country management teams to begin executing our ambitious agenda to grow the business with new product categories and international expansion.

雖然才幾個月，但我們的團隊已經合作得很好。 Paul 一直與 Andrew 和 rag＆bone 團隊以及我們的被授權人和國家管理團隊密切合作，開始執行我們雄心勃勃的議程，透過新產品類別和國際擴張來發展業務。

We are already advertising the brand in existing in new markets, and we are actively looking for new store locations, including key cities in Europe. As rag & bone continues to operate as an independent fashion brand together, we can help to optimize their operations by sharing resources and leveraging scale, including sourcing opportunities.

我們已經在現有的新市場上為該品牌做廣告，並且正在積極尋找新的商店地點，包括歐洲的主要城市。隨著 rag＆bone 繼續作為獨立時尚品牌共同運營，我們可以透過共享資源和利用規模（包括採購機會）來幫助他們優化營運。

Turning to a focus on product. During the quarter, we made significant progress to reduce our SKU development count in our global apparel lines with a goal to achieve a 30% reduction. We have also tightened the assortment in our retail stores to concentrate our buys into fewer SKUs to increase productivity and service levels.

轉向對產品的關注。本季度，我們在減少全球服裝系列的 SKU 開發數量方面取得了重大進展，目標是減少 30%。我們也收緊了零售店的品種，將採購集中到更少的 SKU 上，從而提高生產力和服務水準。

In addition, we continue to refine and perfect our pricing structure by focusing on the customer's perceived value for each and every product. Beyond creating value by growing our business and optimizing our product offering, pricing, and the way we buy, we are focused on continuous improvement in everything we do to drive efficiencies in our operations.

此外，我們透過關注客戶對每種產品的感知價值，不斷完善我們的定價結構。除了透過發展業務和優化產品供應、定價和購買方式來創造價值之外，我們還致力於持續改進我們所做的一切，以提高營運效率。

To support this goal, the transition to a third party provider to operate our US distribution center is well underway. We selected GXO logistics, which has been our distribution partner in Europe for many years. The transition, which is going smoothly should help reduce costs as well as improved service levels. We have launched a process to sell that facility with GXO, leasing it back to operate. We expect further sale transaction to be finalized before the end of the third quarter this year.

為了支持這一目標，向第三方供應商運營我們的美國配送中心的過渡正在順利進行中。我們選擇了GXO Logistics，它多年來一直是我們在歐洲的分銷合作夥伴。此次過渡進展順利，應有助於降低成本並提高服務水準。我們已經啟動了一項流程，透過 GXO 出售該設施，然後將其租回營運。我們預計進一步的銷售交易將在今年第三季末之前完成。

Turning to our outlook, consistent with our previous guidance, we expect strong revenue growth to exceed $3 billion this year for the first time ever and to deliver nearly $3 in adjusted earnings per share.

談到我們的前景，與我們先前的指引一致，我們預計今年的營收強勁成長將首次超過 30 億美元，並帶來近 3 美元的調整後每股收益。

Before I hand off to Markus, let me share my personal reflection and what has me so excited about our company and our future. I have been back now a little more than five years, and so much has changed and that includes with me.

在我把工作交給馬庫斯之前，讓我分享一下我的個人反思以及是什麼讓我對我們的公司和我們的未來如此興奮。我回來已經五年多了，發生了很多變化，包括我自己。

Because when I returned in 2019, I brought with me the perspective that I left with in 2010. Laser focused on growing the Guess? brand, a successful brand, well known for over 40 years and already well distributed in over 100 countries.

因為當我在 2019 年回來時，我帶著 2010 年離開時的觀點。品牌，一個成功的品牌，享譽 40 多年，並已暢銷 100 多個國家。

I still strongly believe that there are growth opportunities for Guess? and great things to come. What I have come to realize, though is that arguably our most valuable asset is the powerful machine this platform that we have built that broadcast to the precipice of a $3 billion global brand.

我仍然堅信 Guess 有成長機會？以及即將發生的偉大事情。但我逐漸意識到，我們最有價值的資產可以說是我們建構的強大機器這個平台，它可以將價值 30 億美元的全球品牌傳播到懸崖邊。

What started with Paul and his brothers vision for Guess? we can do with other brand, either developed internally or acquired from others. That's the inflection point recognizing that this company is more than just one brand, it is that platform. Our expansive global footprint, broad channel capabilities, extensive supply chain, diverse category portfolio and strong management team. That's a powerful arsenal, not easy to replicate, but so adaptable.

Paul 和他的兄弟對 Guess 的願景是從什麼開始的？我們可以與其他品牌合作，無論是內部開發的還是從別人那裡收購的。這是一個轉捩點，讓我們認識到這家公司不僅僅是一個品牌，而是一個平台。我們廣泛的全球足跡、廣泛的通路能力、廣泛的供應鏈、多樣化的品類組合和強大的管理團隊。這是一個強大的武器庫，不容易複製，但適應性很強。

We wake up every day, energized by the belief that we can do things that others simply cannot do. To take a regional brand and make it global, to turn a single category brand into a lifestyle brand, to make something exponentially bigger because we can grow it across multiple dimensions.

我們每天醒來，都相信我們可以做別人做不到的事情，這讓我們充滿活力。將區域品牌推向全球，將單一品類品牌轉變為生活方式品牌，使產品呈指數級增長，因為我們可以在多個維度上發展它。

We are off to a great start with rag & bone and Guess Jeans already has solid traction. Our strong start to the year reinforces our belief and our passion. We have a strong capital structure, and we are careful stewards of our shareholders' capital. So we will more prudently learn as we go and course-correct when necessary.

我們在 rag & bond 上有了一個良好的開端，而 Guess Jeans 已經擁有了堅實的吸引力。今年的強勁開局增強了我們的信念和熱情。我們擁有強大的資本結構，並且我們謹慎地管理股東的資本。因此，我們會更加謹慎地學習，並在必要時糾正方向。

But I'm even more enthusiastic now than I was in 2019, and I couldn't be more excited and confident in our ability to drive outsized growth with this platform and create outsized value for our shareholders.

但我現在比 2019 年更加熱情，我對我們透過這個平台推動超額成長並為股東創造超額價值的能力感到無比興奮和信心。

And with that, I will pass the call to Markus. Markus, please go ahead.

然後，我會將電話轉給馬庫斯。馬庫斯，請繼續。

Thank you, Carlos, and good afternoon, everyone. I want to echo Carlo's sentiments about our quarter. Our team performed very well, resulting in higher than expected revenues, adjusted operating margin and a lower adjusted loss per share than we had anticipated.

謝謝你，卡洛斯，大家下午好。我想表達卡洛對我們季度的看法。我們的團隊表現非常出色，收入高於預期，調整後的營業利潤率和調整後的每股虧損低於我們的預期。

On April 2, 2024, we completed the rag & bone acquisition and have integrated rag & bone into our existing segments. Let me take you through our first quarter results in more detail. Total company revenues in the first quarter grew by 4% in US dollars and 7% in constant currency, with the Europe and licensing segments performing better than expected, partially offset by lower than anticipated revenues in our Americas retail segment.

2024年4月2日，我們完成了對rag＆bone的收購，並將rag＆bone整合到我們現有的部門中。讓我更詳細地向您介紹我們第一季的業績。第一季公司總收入以美元計算成長了 4%，以固定匯率計算成長了 7%，其中歐洲和授權部門的表現優於預期，部分被美洲零售部門低於預期的收入所抵消。

Compared to last year's first quarter, rag & bone accounts for 4 points and a core business for 3 points of the total company revenue growth in constant currency.

與去年第一季相比，以固定匯率計算，rag＆bone 占公司總收入成長的 4 個百分點，核心業務佔 3 個百分點。

Turning to our segment performance, starting with Europe, where we posted a 1% revenue increase in US dollars and 7% in constant currency. Retail comps, including e-commerce, increased 4% in US dollars and 9% in constant currency.

談到我們的細分市場表現，首先是歐洲，我們公佈的美元收入成長了 1%，以固定匯率計算收入成長了 7%。零售業（包括電子商務）以美元計算成長了 4%，以固定匯率計算成長了 9%。

As in the past few quarters, Turkey's hyperinflation type had a meaningful impact on the retail comps, including e-commerce and excluding Turkey, that retail comp increase in constant currency would have been 4%.

與過去幾季一樣，土耳其的惡性通貨膨脹對零售業產生了重大影響，包括電子商務，不包括土耳其，以固定匯率計算，零售業成長率為 4%。

A key driver for the revenue growth in the quarter was a strong store comparable revenue growth of 12% in constant currency. While traffic declined modestly our teams drove AUR growth and a higher conversion. Key actions we took over the last six months continue to benefit our performance, including improved assortments for replenishment and better customer experience.

本季營收成長的關鍵驅動因素是以固定匯率計算 12% 的強勁商店可比營收成長。雖然流量略有下降，但我們的團隊推動了 AUR 成長和更高的轉換率。我們在過去六個月中採取的關鍵行動繼續有利於我們的業績，包括改進補貨品種和更好的客戶體驗。

Improving from fourth quarter trends, our e-commerce comps declined by 1% in constant currency compared to Q1 of last year. Our revenues in European wholesale increased low single digit in constant currency, this was partially driven by earlier than anticipated shipments to wholesale accounts that welcomed to our products to support good sales momentum in their businesses.

與第四季的趨勢相比，我們的電子商務比較有所改善，以固定匯率計算，與去年第一季相比下降了 1%。我們在歐洲批發的收入以固定匯率計算呈現低個位數成長，部分原因是批發客戶的出貨早於預期，這些客戶歡迎我們的產品以支援其業務的良好銷售動能。

The operating margin in our European business decreased by 80 basis points to negative 0.2% due to higher expenses and currency headwinds, partially offset by higher revenues and improved initial mark ups.

由於費用增加和貨幣不利因素，我們歐洲業務的營業利潤率下降了 80 個基點，至負 0.2%，但部分被收入增加和初始加價改善所抵消。

Revenues for Americas retail increased roughly 0.5% in US dollars and remained roughly flat in constant currency. The decline in retail comps in our core business in the US and Canada was offset by the addition of rag & bone and robust retail comps in Mexico.

美洲零售收入以美元計算成長約 0.5%，以固定匯率計算大致持平。我們在美國和加拿大的核心業務零售公司的下降被 rag＆bone 和墨西哥強勁的零售公司的增加所抵消。

American retail comps, including e-commerce, declined 8% in constant currency. In our US and Canada stores, comps fell by 12% in constant currency as a result of lower levels of traffic and conversion.

以固定匯率計算，包括電子商務在內的美國零售企業下跌 8%。在我們的美國和加拿大商店，由於客流量和轉換率較低，以固定匯率計算，銷售額下降了 12%。

As Carlos mentioned, we are taking action to improve our performance. Our US and Canada e-com comparable revenues decreased by 1% compared to Q1 of last year. Lower traffic to our website was partially offset by business initiatives that drove a higher conversion rate.

正如卡洛斯所提到的，我們正在採取行動來提高我們的績效。我們的美國和加拿大電子商務可比營收與去年第一季相比下降了 1%。我們網站流量的下降被提高轉換率的業務舉措所部分抵銷。

Americas retail posted a negative 7.2% operating margin, a roughly 5 point decrease in operating margin compared to last year, which was driven by the unfavorable impact from lower store comps and higher expenses, partially offset by lower markdowns and a higher IMU.

美洲零售業的營業利潤率為負7.2%，與去年相比，營業利潤率下降了約5 個百分點，這是由於商店競爭較低和費用較高的不利影響造成的，但降價下降和IMU 較高部分抵消了這一影響。

In Americas, wholesale revenues increased by 21% in US dollars and 18% in constant currency, mainly driven by the first-time consolidation of rag & bone. Operating margin reached 22.7%, a decrease of 280 basis points from last year's first quarter, mainly driven by the impact of new acquired businesses.

在美洲，以美元計算的批發收入增長了 21%，以固定匯率計算的批發收入增長了 18%，這主要是由於 rag & Bon 的首次整合推動的。營業利益率達22.7%，較去年第一季下降280個基點，主要受到新收購業務的影響。

In Asia, revenue grew 3% in US dollars and 7% in constant currency. Revenue growth was mainly driven by our new business in India and e-commerce in China. Retail comps, including e-commerce for the region decreased 5% in constant currency.

在亞洲，以美元計算的收入成長了 3%，以固定匯率計算的收入成長了 7%。收入成長主要由我們在印度的新業務和中國的電子商務推動。以固定匯率計算，該地區的零售業（包括電子商務）下降了 5%。

Operating margin in Asia decreased 30 basis points to 5.1%, higher revenues were offset by lower product margins and higher expenses.

亞洲的營業利潤率下降 30 個基點至 5.1%，較高的收入被較低的產品利潤和較高的費用所抵消。

And finally, our licensing segment had a strong quarter and exceeded our expectations, with revenues increasing 21% in both US dollars and constant currency. The first quarter benefited from the amortization of the upfront payment for the handbag license renewal. Segment operating margin was 92% and operating profit increased by 20%.

最後，我們的授權業務季度表現強勁，超出了我們的預期，以美元和固定匯率計算的收入均成長了 21%。第一季受益於手袋許可證更新預付款的攤銷。分部營業利益率為 92%，營業利益成長 20%。

In Q1, total company gross margin reached 41.9%, up 120 basis points from a year earlier, mainly driven by higher revenues, improved IMUs and lower markdowns partially offset by higher expenses.

第一季度，公司總毛利率達到 41.9%，年增 120 個基點，主要是由於收入增加、IMU 改進以及降價降低（部分被費用增加所抵消）所推動的。

Adjusted SG&A expense for the quarter increased 11% to $256 million. The increase was mainly due to rag & bone and investments in marketing and infrastructure, especially in Europe. For the quarter, our adjusted SG&A rate increased 2.8 points to 43.2%.

本季調整後的 SG&A 費用成長 11%，達到 2.56 億美元。這一成長主要歸因於rag＆bone以及對行銷和基礎設施的投資，尤其是在歐洲。本季度，我們調整後的 SG&A 率增加了 2.8 個百分點，達到 43.2%。

In the quarter, our adjusted operating margin for the company decreased 160 basis points to a negative 1.3%, driven by higher expenses and an unfavorable impact from currencies, offset by higher revenues and IMU.

本季度，由於費用增加和貨幣不利影響，我們調整後的公司營業利潤率下降了 160 個基點，至負 1.3%，但被收入和 IMU 增加所抵消。

In the quarter, we further reported nonoperating net income of $36 million. This includes a net non-cash gain due to a re-measurement of derivatives related to our convertible notes and related attach. With the completion of the convertible note exchange transactions earlier this year, the accounting treatment change to fair value resulting in a non-operating, non-cash gain or loss.

在本季度，我們也報告了 3,600 萬美元的非營業淨利潤。這包括由於重新計量與我們的可轉換票據和相關附加物相關的衍生品而產生的淨非現金收益。隨著今年稍早可轉換票據交換交易的完成，會計處理改為公允價值，導致非經營、非現金損益。

Further our GAAP corporate overhead expenses in the quarter were impacted by $11 million of charges related to the rag & bone transaction and the transition of our Kentucky distribution center to a third party provider, and we recorded an adjusted effective tax rate of 12.3%. Adjusted Q1 diluted loss per share was $0.27 compared to $0.07 of loss per share in last year's first quarter.

此外，本季我們的 GAAP 公司管理費用也受到與 rag＆bone 交易相關的 1100 萬美元費用以及我們的肯塔基州配送中心向第三方提供者的過渡的影響，我們記錄的調整後有效稅率為 12.3%。調整後第一季攤薄每股虧損為 0.27 美元，去年第一季每股虧損為 0.07 美元。

Moving to the balance sheet, our inventories were $555 million at the end of the quarter, excluding rag & bone our core inventories were down 4% in US dollars and 1% in constant currency compared to last year, underscoring our disciplined inventory management.

從資產負債表來看，本季末我們的庫存為5.55 億美元，不包括碎肉，與去年相比，我們的核心庫存以美元計算下降了4%，以固定匯率計算下降了1%，這突顯了我們嚴格的庫存管理。

For the quarter, capital expenditures were roughly $20 million, mainly driven by investments in store remodels, technology and the acquisition of certain assets in Chile and Peru. We ended the quarter with $243 million in cash compared to $299 million a year ago.

本季的資本支出約為 2000 萬美元，主要是由商店改造、技術以及在智利和秘魯收購某些資產的投資推動的。本季結束時，我們的現金為 2.43 億美元，而去年同期為 2.99 億美元。

The most significant drivers of that $56 million of cash consumption over the last four quarters include $234 million of free cash flow, which includes $40 million of upfront payment in connection with the handbag license renewal more than offset by $185 million in dividends, the rag & bone acquisition of $57 million, $31 million in share repurchases and $12 million in minority capital distributions.

過去四個季度5,600 萬美元現金消耗的最重要驅動因素包括2.34 億美元的自由現金流，其中包括與手袋許可證續簽相關的4,000 萬美元預付款，這被1.85 億美元的股息、抹布和服裝公司的股利抵銷。

We ended the quarter with a total of $279 million of borrowing capacity on our various global facilities. So roughly $520 million of available liquidity. As Carlos mentioned, we issued a special dividend of $2.25 per share to our shareholders, while also repaying $33 million in 2024 convertible notes due in April.

截至本季末，我們全球各機構的借款能力總計為 2.79 億美元。可用流動資金約 5.2 億美元。正如卡洛斯所提到的，我們向股東發放了每股 2.25 美元的特別股息，同時還償還了 4 月到期的 2024 年可轉換票據 3,300 萬美元。

Furthermore, in connection with the closing of the rag & bone acquisition, we increased the borrowing capacity of our asset-based revolving credit facility in North America by roughly $50 million.

此外，隨著 rag＆bone 收購的完成，我們將北美基於資產的循環信貸額度的借款能力增加了約 5000 萬美元。

We also exchanged an additional tranche of our 2024 convertible notes, which had been due last month, deferring $15 million of maturities in 2028. We are very pleased with our free cash flow for the last 12 months, which improved more than $100 million compared to the prior period. .That performance resulted from both our careful working capital management as well as sizable cash infusions from nonrecurring events.

我們也交換了上個月到期的另一批2024 年可轉換票據，將1500 萬美元的到期期限推遲到2028 年。比，增加了1 億多美元。這一業績得益於我們謹慎的營運資金管理以及非經常性事件帶來的大量現金注入。

Turning to our outlook for fiscal year 2025, our view of the year is consistent with what we shared with you back in March. We continue to expect the cautious consumer, who's shopping is affected by external factors like inflation, credit availability and higher interest rates.

談到我們對 2025 財年的展望，我們對這一年的看法與我們在 3 月與大家分享的一致。我們仍然預期消費者會謹慎，他們的購物會受到通貨膨脹、信貸可用性和利率上升等外部因素的影響。

In our core retail business in the US and Canada, our traffic headwinds persist. As Carlos described earlier, we are working on initiatives to drive improvements in this business.

在我們在美國和加拿大的核心零售業務中，我們的交通逆風持續存在。正如卡洛斯之前所描述的，我們正在努力推動這項業務的改進。

In Europe, we expect our business to remain strong. The addition of rag & bone will contribute to a substantial portion of this year's growth for the total company. And as always, given the diversification of our model, we will remain agile to react quickly to new developments, including both opportunities and challenges.

在歐洲，我們預計我們的業務將保持強勁。 rag＆bone 的加入將為今年​​整個公司的成長做出很大貢獻。一如既往，鑑於我們模式的多元化，我們將保持敏捷，對新的發展（包括機會和挑戰）做出快速反應。

For the fiscal year 2025, we now expect revenues will increase in the range of 10.7% to 12.7% in US dollars. This is net of a 1.5 point headwind because of last year's extra week and 1 point currency headwind given prevailing exchange rates.

對於 2025 財年，我們目前預計營收將以美元計算將成長 10.7% 至 12.7%。這扣除了去年額外一周帶來的 1.5 個百分點的逆風以及當前匯率帶來的 1 個百分點的貨幣逆風。

Currency headwinds should ease in the latter half of fiscal 2025. Given the Red Sea, we continue to expect headwinds from inbound freight costs. And our plans to support our growth initiatives by investing into marketing and infrastructure remain in place.

貨幣阻力應在 2025 財年下半年有所緩解。我們透過投資行銷和基礎設施來支持我們的成長計劃的計劃仍然有效。

Based on these assumptions, for the full year, we expect an adjusted operating margin between 7.7% and 8.5% and adjusted earnings per share in the range of $2.62 to $3. For the second quarter, we expect revenues will increase in the range of 9% to 11% in US dollars.

基於這些假設，我們預計全年調整後營業利潤率為 7.7% 至 8.5%，調整後每股收益為 2.62 美元至 3 美元。對於第二季度，我們預計營收將成長 9% 至 11%（以美元計算）。

Currency headwinds are expected to have a net adverse impact on revenue growth of roughly 2 points. We expect adjusted operating margin between 5.3% and 6.1% and adjusted earnings per share between $0.38 and $0.47.

貨幣逆風預計將對收入成長產生約 2 個百分點的淨不利影響。我們預計調整後營業利潤率將在 5.3% 至 6.1% 之間，調整後每股收益將在 0.38 美元至 0.47 美元之間。

Overall, we expect revenue growth to accelerate in the third quarter of the year with the first outerwear shipments in North America and an acceleration of the new Guess Jeans brand. Going into the fourth quarter, we expect that revenue growth will be negatively impacted as we will [anniversary] last year's 53rd week.

總體而言，隨著北美的首批外套出貨以及新 Guess Jeans 品牌的加速推出，我們預計今年第三季的營收成長將加速。進入第四季度，我們預計收入成長將受到負面影響，因為我們將迎來去年的第 53 週。

Turning to operating margin, we do expect the margin pressure to abate in the third quarter when compared with last year. The fourth quarter should represent an opportunity for adjusted operating margin expansion. Our outlook for free cash flow is unchanged as we anticipate generating a free cash flow of roughly $160 million for the full year. Our priority is to invest in our brands and businesses to support sustainable growth. We will remain highly disciplined in the way we allocate capital across projects.

談到營業利潤率，我們預計第三季的利潤率壓力與去年相比將會減輕。第四季應該是調整後營業利潤率擴張的機會。我們對自由現金流的展望保持不變，因為我們預計全年自由現金流約為 1.6 億美元。我們的首要任務是投資我們的品牌和業務以支持永續成長。我們將在專案之間分配資本的方式上保持嚴格的紀律。

In closing, I've been a part of the Guess family for almost a year. I am proud of our teams that continue executing with excellence as demonstrated again by our performance last quarter, we have an incredible platform and our strong capital structure enables us to invest in our future.

最後，我加入 Guess 大家庭已經快一年了。我為我們的團隊繼續卓越執行而感到自豪，上季度的業績再次證明了這一點，我們擁有令人難以置信的平台，我們強大的資本結構使我們能夠投資於我們的未來。

We are very excited about our prospects for growth. We are focused on data analytics to improve decision making on our journey to achieve operational excellence. Looking forward, our strategic objectives will guide us to drive sustainable, profitable growth and meaningful shareholder returns. And with that, we can now open the call up for questions.

我們對我們的成長前景感到非常興奮。我們專注於數據分析，以改善我們實現卓越營運的決策。展望未來，我們的策略目標將引導我們推動永續的獲利成長和有意義的股東回報。這樣，我們現在就可以開始提問了。

(Operator Instructions) Mauricio Serna, UBS.

（操作員指示）Mauricio Serna，UBS。

Great. Good afternoon and thanks for taking our questions. First on, just wanted to ask on the revenue guidance for the year. I think you lowered a little bit despite our beat on our first quarter. I was wondering if this mostly related to maybe like FX being a bigger headwind than previously anticipated.

偉大的。下午好，感謝您提出我們的問題。首先，只是想詢問今年的收入指引。我認為儘管我們在第一季表現出色，但你們的表現還是有所下降。我想知道這是否主要與外匯的阻力比之前預期的更大有關。

And then on the margins for the year, I think it slightly up at the midpoint just slightly. But is that reflective of like the new licensing agreement. Just trying to reconcile what were the changes in there? And then I have another follow-up. Thank you.

然後在今年的邊緣，我認為它在中點略有上升。但這是否反映了新的授權協議？只是想協調那裡發生了什麼變化？然後我還有另一個後續行動。謝謝。

Yes. Hi, Mauricio let me start and then Markus is going to complete this. But just in general, we -- our guidance today and our outlook is very consistent with the previous one that we shared with you about two months ago when we release for fourth quarter earnings.

是的。嗨，毛里西奧讓我開始，然後馬庫斯將完成這個。但總的來說，我們今天的指導和展望與大約兩個月前我們發布第四季度收益時與您分享的指導非常一致。

And yes, of course, we tweak some in the outlook there based on our performance in the first quarter and the trends that we are seeing. So we did a two exams, that touched primarily the retail business in the Americas and also just a lot of the performance was also very positive with respect to what we see in some other businesses that compensator on our offset some of the weakness that we saw in the Americas.

是的，當然，我們根據第一季的表現和我們看到的趨勢對前景進行了一些調整。因此，我們進行了兩次考試，主要涉及美洲的零售業務，就我們在其他一些業務中看到的情況而言，很多表現也非常積極，彌補了我們所看到的一些弱點在美洲。

In addition to that we do have some timing issues that impacted, just at the wholesale business in Europe, but it's relatively small piece. And we are seeing a lot of momentum in the growth of that business for the second half of the year. So that is also embedded in our guidance.

除此之外，我們確實還存在一些影響的時間問題，僅影響歐洲的批發業務，但影響相對較小。我們看到下半年該業務的成長勢頭強勁。這也體現在我們的指導中。

Your question about licensing, there is a small adjustment to the licensing business because of the renewal of that license, but it's not significant but it's embedded in the guidance as well. And I think that Markus is going to talk about the currency issue as well, which is impacting us in the first half significantly, but it's supposed to abate in the second half. So Markus?

您關於許可的問題，由於許可證的更新，許可業務進行了小幅調整，但這並不重要，但也嵌入在指南中。我認為馬庫斯也會談論貨幣問題，這對我們上半年的影響很大，但下半年應該會減弱。那麼馬庫斯？

Hi, Mauricio. Thank you for your question. Regarding the revenue points, to reiterate what Carlos just said, our guidance is very consistent and the guidance we gave today is consistent with what we provided previously with strong revenue growth and also adjusted operating margin, adjusted EPS at the top end of 8.5% and $3 per our per share.

嗨，毛里西奧。謝謝你的問題。關於收入點，重申卡洛斯剛才所說的，我們的指導非常一致，我們今天給出的指導與我們之前提供的指導一致，收入強勁增長，還調整了營業利潤率，調整後每股收益上限為8.5%，每股 3 美元。

Let me give you some little bit more color on the second quarter, whereas the guidance which we provided today. We expecting US dollar revenue growth between 9% and 11% for the second quarter. Adjusted operating margin between 5.3% and 6.1% and EPS between $0.38 and $0.47.

讓我跟大家介紹一下第二季的情況，以及我們今天提供的指導。我們預計第二季美元營收將成長在 9% 至 11% 之間。調整後營業利潤率在 5.3% 至 6.1% 之間，每股收益在 0.38 美元至 0.47 美元之間。

That's consistent with how we were thinking about the second quarter when we guided last time with only two notable changes. As Carlos touched on, we are pleased with the European wholesale customers have a good sell-out performance, and we anticipated some earliest in the Q1 in first quarter instead of the second quarter.

這與我們上次指導時對第二季的看法是一致的，只有兩個顯著的變化。正如卡洛斯談到的那樣，我們對歐洲批發客戶的良好銷售表現感到高興，我們預計最早會在第一季而不是第二季出現。

And then as Carlos also, just mentioned and we talked about in prepared remarks, the Americas retail business has been soft and these assumptions on our part of our second quarter guidance is obviously, of course, that's why I wanted to start with the second quarter this is impacting the fourth quarter and the rest of the year as well.

然後，正如卡洛斯剛剛提到的，我們在準備好的發言中談到，美洲零售業務一直疲軟，我們對第二季度指導的這些假設顯然是，當然，這就是為什麼我想從第二季度開始這也影響了第四季和今年剩餘時間。

As you think about the quarterly cadence for the back half of the year, we have opportunity for adjusted operating margin expansion, especially in the fourth quarter and considering the seasonality of our business, the fourth quarter being the strongest revenue quarter, that's great because it represents the biggest opportunity for adjusted operating profit growth.

當你考慮下半年的季度節奏時，我們有機會調整營業利潤率擴張，特別是在第四季度，並考慮到我們業務的季節性，第四季度是收入最強勁的季度，這很好，因為它代表調整後營業利潤成長的最大機會。

Got it. Very helpful with this color. Maybe just to elaborate on your comment about Q4, like what is driving that opportunity in operating margin expansion? And maybe just lastly if you could elaborate on what you've done. I guess it's very nice to see some lower markdowns in the Americas Retail business that you've highlighted like, could you talk a little bit more about what drove that lower markdown activity?

知道了。對這個顏色很有幫助。也許只是為了詳細說明您對第四季的評論，例如是什麼推動了營業利潤率擴張的機會？也許最後您​​能詳細說明一下您所做的事情。我想很高興看到您強調的美​​洲零售業務降價幅度較低，您能多談談是什麼推動了降價活動的降低嗎？

Let me first dive in, we shared also lot in the Q4 call what is driving the second half of the year in terms of overall revenue initiatives where we have several concrete initiatives like Guess Jeans, we have India, Chile and Peru. The internalization of the outerwear and dress category with stop shipping the second half and of course, rag & bone.

首先讓我深入探討一下，我們在第四季度電話會議中也分享了許多推動下半年整體收入計劃的因素，其中我們有幾項具體計劃，例如 Guess Jeans，我們有印度、智利和秘魯。外套和洋裝類別的內部化下半年停止出貨，當然還有rag＆bone。

The headwinds that we talked about earlier last year's 53rd week and the six -- in the first half of the year, which where we expect then also to abate in the second half of this year.

我們去年稍早談到的第 53 週和上半年的第 6 週的逆風，我們預計今年下半年也會減弱。

Going back to your question about operating margin, and I think what is for the fourth quarter, we see improve -- for the fourth quarter improved full-price selling. I think that we quoted last year's fourth quarter, we had higher markdowns. I think that's also where we see this as an opportunity for improved full-price selling. And we also see with the timing of the wholesale shipments and also supported by the good solid performance of our partners.

回到你關於營業利潤率的問題，我認為第四季度我們看到了改善——第四季度全價銷售有所改善。我認為我們引用了去年第四季的數據，我們的降價幅度更高。我認為這也是我們認為這是改善全價銷售的機會的地方。我們也看到了批發出貨的時間安排，以及我們合作夥伴良好可靠表現的支持。

We see the fourth quarter benefiting from the timing of the wholesale shipments. And furthermore, third points with the timing of our advertising spend across the year this will benefit our fourth quarter operating margin as well.

我們認為第四季受惠於批發出貨的時機。此外，第三點是我們全年廣告支出的時間安排，這也將有利於我們第四季的營業利潤率。

And I would add that the addition of rag & bone, has a significant impact, this is a additions has it may be a component of a retail as part of the mix of business and that should be accretive to the fourth quarter as well.

我想補充一點，碎布和骨頭的加入會產生重大影響，這是一項補充，它可能是零售業的一個組成部分，作為業務組合的一部分，這也應該會增加第四季度的業績。

And you asked the question about margins in general, we have been very disciplined in the way we have been buying inventory. We are obsessed with trying to read what the future demand is going to look like. And then we are tying the or limiting inventory buys to support that business based on the future customer demand.

你問了關於整體利潤率的問題，我們在購買庫存的方式上一直非常嚴格。我們沉迷於嘗試了解未來的需求會是什麼樣子。然後，我們根據未來的客戶需求，捆綁或限制庫存購買以支援該業務。

And it has worked very well for us. We instituted this now a couple of maybe three or four years ago that we have been doing this and we are applying this methodology in every one of our businesses, regardless of region. And as a result, we can optimize margins in the sellout.

它對我們來說非常有效。我們在三、四年前就制定了這一方法，我們一直在這樣做，並且我們正在將這種方法應用到我們的每項業務中，無論哪個地區。因此，我們可以優化銷售利潤。

Because in every case we have -- we choose to not overbuy, even if that means that we are not going to be maximizing sales, but we are trying to respect our core value about elevating the brand and selling a lot of the products that we buy at full price and avoid discounting at this type of a cost of reducing sales, if anything, but having a much healthier business.

因為在每種情況下，我們都選擇不過度購買，即使這意味著我們不會最大化銷售，但我們正在努力尊重我們的核心價值，即提升品牌並銷售我們所銷售的大量產品。購買並避免以這種方式打折，這會減少銷售額（如果有的話），但業務會更加健康。

Got it. Very helpful. Thanks again for all the details.

知道了。很有幫助。感謝你提供的細節。

Thank you, Mauricio.

謝謝你，毛里西奧。

(Operator Instructions) Eric Beder, Small Cap Consumer Research.

（操作員指令）Eric Beder，小型盤股消費者研究部。

Well, good afternoon. Congrats on the acquisition. I want to talk a little bit around rag & bone. You mentioned that you were looking for retail space in Europe. I know this brand is not heavily distributed outside the US. So how do you look upon expanding this brand into international and also there's not a lot of source here or in the US. How many do you think longer term can this brand support. And when you look -- let's listen this, I have a follow-up.

嗯，下午好。祝賀收購。我想談談《rag＆bone》。您提到您正在歐洲尋找零售空間。我知道這個品牌在美國以外的地區並沒有大量銷售。那麼，您如何看待將這個品牌擴展到國際市場，而且這裡或美國都沒有很多來源。您認為這個品牌長期可以支持多少人？當你看時——讓我們聽聽這個，我有一個後續行動。

Yes, thank you, Eric, for the question. This we are super excited about rag & bone. I think it's very clear, we just made a big announcement with Andrew Rosen becoming the runaround chair and we couldn't be more excited about the team. We couldn't be more excited about the opportunities that we are going to pursue together.

是的，謝謝艾瑞克提出的問題。我們對rag＆bone感到非常興奮。我認為這一點非常明確，我們剛剛發布了一項重大公告，安德魯·羅森 (Andrew Rosen) 成為了周轉主席，我們對這個團隊感到非常興奮。我們對我們將共同追求的機會感到無比興奮。

So let me start there, but just we have a lot to do. We see two huge opportunities. One is to really increase the product assortment that the company has operated with and the second big thing is about making this brand global, I mean just bringing more into the international landscape. And we are working on both fronts with the two teams are. And we believe that in order to represent the brand appropriately and give the kind of brand awareness that the brand needs, especially in a region like the European region, we definitely need a store presence in some of the key cities.

讓我從這裡開始，但我們還有很多事情要做。我們看到兩個巨大的機會。一是真正增加公司營運的產品種類，第二件大事是讓這個品牌全球化，我的意思是讓更多的產品進入國際視野。我們正在與兩個團隊在這兩個方面合作。我們相信，為了適當地代表品牌並賦予品牌所需的品牌知名度，特別是在歐洲地區這樣的地區，我們絕對需要在一些主要城市開設商店。

So we have been looking into the opportunities that could be available to us. The great thing is that, as you know, we have a major infrastructure and great platform at Guess? and with an amazing team that is represented in multiple centers in the European markets. And that whole team has been mobilized to really look for this opportunity.

因此，我們一直在尋找可以提供給我們的機會。如您所知，最棒的是，我們在 Guess? 擁有重要的基礎設施和出色的平台。並擁有一支出色的團隊，在歐洲市場的多個中心都有代表。整個團隊都被動員起來，真正尋找這個機會。

Now just we haven't selected anything yet, but we are moving very quickly. And then there is also a big opportunity on the product side to really look at opportunities for additional product categories and that today may be represented inside the assortment that the brand offers, but that they have -- they show an opportunity to be bigger businesses and we are thinking about also a licensing model for some of those categories as well.

現在我們還沒有選擇任何東西，但我們的行動非常快。然後，在產品方面也有一個很大的機會，可以真正尋找其他產品類別的機會，今天這些產品類別可能會出現在該品牌提供的品種中，但它們擁有——它們展示了成為更大企業的機會，並且我們也在考慮針對其中一些類別的授權模式。

With respect to stores in the domestic business and market you're right, I mean, the company has only 34 stores. And we think that there is an opportunity to be expanded now in a bigger ways. But we are going slowly the great is that this company did not have full access to capital in the past, on the previous ownership banks, and we think that we can provide that. So there is a lot more flexibility to move into that type of expansion.

關於國內業務和市場的門市，你是對的，我的意思是，公司只有34家門市。我們認為現在有機會進行更大範圍的擴張。但我們進展緩慢，最重要的是，這家公司過去沒有完全獲得資本，在以前的所有權銀行，我們認為我們可以提供這一點。因此，進入這種類型的擴張有更大的靈活性。

But we are going to go slowly. And again, this is just Andrew Rosen and the team are thinking about all the things we are working on putting a new plan together. But things are going to take some time and we're going to move carefully and be very judicious with way we employ capital.

但我們要慢慢來。再說一次，這只是安德魯羅森和團隊正在考慮我們正在努力製定新計劃的所有事情。但事情需要一些時間，我們將謹慎行事，並在使用資本的方式上非常明智。

The great thing is that their retail business is highly successful, just they have great productivity in the stores that they do have, I think at every single store it produces a positive cash flow and we would expect that that type of experience would be replicated with a new stores.

很棒的事情是他們的零售業務非常成功，只是他們在自己擁有的商店中擁有很高的生產力，我認為每家商店都會產生正的現金流，我們希望這種體驗能夠被複製一家新店。

Of course, we have incredible relationships with landlords and that is also the case with Andrew and the team at rag & bone and we are working together to really maximize those relationships and make sure that we are just teaming up on things that are important to the brand and the growth.

當然，我們與房東有著令人難以置信的關係，與 Andrew 和 rag＆bone 團隊的關係也是如此，我們正在共同努力，真正最大限度地擴大這些關係，並確保我們只是在對業主重要的事情上進行合作。品牌和成長。

So we couldn't be more excited and I know that is reasonably early. The product seems to be working really well, just the our partners I mean I'm talking about department stores and the people that are buying the brand are super excited about the collections and as a result, we see a very nice trend in our wholesale business, and that should also translate into the retail business on the same product is sold at the point of sale in own retail, same thing with the e-commerce business. So overall, very, very happy and excited about the future for the brand and for us together.

所以我們非常興奮，我知道現在還太早。該產品似乎運作得非常好，只是我們的合作夥伴，我的意思是我說的是百貨公司，購買該品牌的人們對這些系列非常興奮，因此，我們在批發方面看到了非常好的趨勢業務，這也應該轉化為在自己的零售銷售點銷售相同產品的零售業務，與電子商務業務相同。總的來說，對於這個品牌和我們共同的未來，非常非常高興和興奮。

Great. Just quick follow-up. So for the first time, you talked about the platform being levered for other brands and being able to take it like rag & bone to kind of the next level. When you look out longer term here, really for six, whatever amount of years, you see Guess? as kind of this multi-branded platform that leverages its worldwide connections to have like three or four of these different brands? And I guess is that acquisition or is that a combination of acquisition and it's not at all like you do with Guess Jeans? Thank you.

偉大的。只是快速跟進。因此，您第一次談到該平台可以為其他品牌提供槓桿作用，並且能夠像rag＆bone一樣將其提升到一個新的水平。當你放眼長遠，實際上是六年，無論多少年，你猜猜？作為一種多品牌平台，利用其全球聯繫擁有三到四個不同的品牌？我想這是一次收購，還是收購的組合，它與你對 Guess Jeans 所做的完全不同？謝謝。

Yes. Thank you, Eric. Yes, no, I mean, we do believe that the power of this platform is pretty significant. And we do think that there is an opportunity here to bring other businesses through that platform whether it's from internally developed brands or segmented brands just the Guess Jeans example is a great one where it's not something that we necessarily fully developed. But because it is absolutely anchored in our heritage and what gets -- just has in its DNA, but it's a separate brands and it's definitely an incremental business, which by the way, is doing very, very well. And we are excited about the opportunity for growth with that brand.

是的。謝謝你，埃里克。是的，不，我的意思是，我們確實相信這個平台的力量非常重要。我們確實認為，這裡有機會透過該平台吸引其他企業，無論是內部開發的品牌還是細分品牌，Guess Jeans 的例子就是一個很好的例子，但我們不一定完全開發它。但因為它絕對紮根於我們的傳統和DNA中，但它是一個獨立的品牌，而且絕對是一項增量業務，順便說一句，它做得非常非常好。我們對與該品牌一起成長的機會感到興奮。

But that is just an example rag & bone is another great example where we can use the platform that has been built over the last 43 years since Paul and his brother started the business in just to be able to really optimize and grow those different businesses. I think that you would be super premature to start thinking about, okay, now we're going to add another one and another one.

但這只是一個例子，rag＆bone 是另一個很好的例子，我們可以使用自 Paul 和他的兄弟創業以來在過去 43 年裡建立的平台，以便能夠真正優化和發展這些不同的業務。我認為你現在開始考慮還為時過早，好吧，現在我們要添加一個又一個。

I think right now we are fully focused on just growing our core business, which is a big one, but offers a lot of opportunities and we are definitely putting a lot of energy into the rag & bone acquisition strategy. The good thing is that that brand is being managed as an independent brand and autonomous and we have a great team.

我認為現在我們完全專注於發展我們的核心業務，這是一項很大的業務，但提供了很多機會，我們肯定會在 rag＆bone 收購策略上投入大量精力。好的一面是，該品牌作為一個獨立品牌進行管理，自主經營，而且我們擁有一支優秀的團隊。

So you notice a while, obviously, we want to coordinate activities and work together and weigh in on the strategic direction of the brand has on the company. We are giving just a lot of power and decision making opportunities to the team to do their job. And we are very happy with that because again, the team is super strong.

所以你注意到一段時間，顯然，我們希望協調活動並共同努力，並權衡品牌對公司的策略方向。我們為團隊提供了大量的權力和決策機會來完成他們的工作。我們對此感到非常高興，因為這支球隊再次非常強大。

So we want this to be successful before we think about the next one and the next one. But don't think that doesn't mean -- that means that we don't think that other brands could be incorporated into this portfolio. We believe strongly that will be the case. Where we want to take every move with a lot of care, a lot of attention and a lot of energy, and that's what we're doing.

因此，在我們考慮下一項和下一項之前，我們希望這項計劃能夠成功。但這並不意味著——這意味著我們不認為其他品牌可以納入這個產品組合。我們堅信情況將會如此。我們希望在採取每一步時都非常小心、投入大量精力，這就是我們正在做的事情。

Thank you. And with that, I will conclude the Q&A session and turn it back. Carlos Alberini for closing comments.

謝謝。至此，我將結束問答環節並將其轉回。卡洛斯·阿爾貝里尼 (Carlos Alberini) 發表總結評論。

Thank you very much, operator. Well, thank you all for your participation today. We are very pleased with our performance, and we are very excited about our future. Our team is energized to grab what I call our inflection point opportunity and take our company to the next level of growth and profitability.

非常感謝您，接線生。好的，謝謝大家今天的參與。我們對我們的表現感到非常滿意，我們對我們的未來感到非常興奮。我們的團隊充滿活力，抓住我所說的拐點機會，帶領我們的公司達到新的成長和獲利水準。

I know I speak on behalf of Paul and myself in saying that we have a great team and it's very exciting to be part of this journey together right now. So thank you all for all your support for our company and our story, and we'll speak again soon. Have a great day.

我知道我代表保羅和我自己說，我們擁有一支出色的團隊，現在能夠一起參與這趟旅程非常令人興奮。感謝大家對我們公司和我們故事的支持，我們很快就會再次發言。祝你有美好的一天。

Thank you. And with that, we conclude our conference call. Thank you all for participating and have a great day.

謝謝。我們的電話會議到此結束。感謝大家的參與並祝您有個愉快的一天。