Guess? Inc (GES) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the Guess?

大家好，歡迎來到猜猜？

third-quarter fiscal 2025 earnings conference call.

2025 財年第三季財報電話會議。

I would like to turn the call over to Fabrice Benarouche, Senior Vice President of Finance, Investor Relations and Chief Accounting Officer.

我想將電話轉給財務、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)。

Sir, you may begin.

先生，您可以開始了。

Thank you, operator.

謝謝你，接線生。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

On the call today with me are Carlos Alberini, Chief Executive Officer; and Dennis Secor, Interim Chief Financial Officer.

今天與我一起通話的是執行長 Carlos Alberini；臨時財務長 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- and long-term outlooks.

在今天的電話會議中，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。

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，該公司的實際結果可能與當前預期有重大差異。

Comments will also reference certain non-GAAP or adjusted measures.

評論也將參考某些非公認會計準則或調整後的衡量標準。

GAAP reconciliations and descriptions of these measures can be found in today's earnings release.

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 Q3 fiscal 2025 quarterly conference call.

謝謝 Fabrice，也謝謝大家參加我們的 2025 財年第三季電話會議。

We are pleased to share with you our third quarter results and the progress we have made to date this year against a number of important operational, strategic, and financial objectives as we continue to focus on driving sustainable revenue and earnings growth and creating value for our shareholders.

我們很高興與您分享我們的第三季業績以及我們今年迄今為止在許多重要的營運、策略和財務目標方面所取得的進展，因為我們將繼續專注於推動可持續的收入和盈利增長並為我們的公司創造價值。

As we entered fiscal 2025, we outlined six critical objectives that we were focused on.

當我們進入 2025 財年時，我們概述了我們重點關注的六個關鍵目標。

These objectives relate to organization and talent, growth, brand relevancy, customer centricity, product excellence, and optimization.

這些目標涉及組織和人才、成長、品牌相關性、以客戶為中心、產品卓越和優化。

I will speak about the progress that we have made against these objectives, and I will provide details on our third quarter results and our near and long-term outlook.

我將談論我們在實現這些目標方面取得的進展，並將提供有關我們第三季業績以及我們的近期和長期前景的詳細資訊。

Turning first to our operating results.

首先來看我們的經營績效。

In the quarter, we grew revenues by 13%, reaching $739 million slightly lower than we had expected due to a stronger US dollar than we had anticipated.

本季度，由於美元強於我們的預期，我們的營收成長了 13%，達到 7.39 億美元，略低於我們的預期。

Our company growth was fueled primarily by the addition of rag & bone, along with a modest increase in sales from our core Guess business.

我們公司的成長主要得益於 rag＆bone 的增加，以及我們核心 Guess 業務銷售額的小幅成長。

During the quarter, all of our operating segments posted revenue growth, with the exception of licensing, which was flat as a result of internalizing outerwear.

在本季度，我們所有的營運部門都實現了收入成長，但授權業務除外，由於外套內部化，收入持平。

For our core Guess business, our revenue performance was at the low end of expectations, but we delivered earnings at the high end of expectations as a result of improved expense management.

對於我們的核心 Guess 業務，我們的收入表現處於預期的低端，但由於費用管理的改善，我們的利潤達到了預期的高端。

We performed well in European wholesale, delivering a mid-single-digit sales increase, which included some earlier-than-planned deliveries.

我們在歐洲批發業務中表現良好，銷售額實現中個位數成長，其中包括一些比計劃提前的交貨。

Growth was even stronger in the Americas wholesale business, with sales increasing roughly 25% as this business benefited from internalizing outerwear.

美洲批發業務的成長更為強勁，銷售額成長了約 25%，因為該業務受益於外套的內部化。

In European retail, we experienced a similar sales trend as in the second quarter and performed at the lower end of our expectations.

在歐洲零售業，我們經歷了與第二季類似的銷售趨勢，但表現低於我們預期。

We overcame softer store traffic with stronger conversion and higher AURs, yielding a positive comp.

我們透過更強的轉換率和更高的 AUR 克服了商店流量疲軟的情況，產生了積極的回報。

In Asia, our core Guess business declined slightly with softness in our South Korea and China businesses.

在亞洲，我們的核心 Guess 業務因韓國和中國業務疲軟而略有下降。

Asia did not meet expectations in the quarter.

亞洲本季的業績未達預期。

Our Guess America's Retail Business, also missed our expectations and the business remained particularly challenging.

我們的 Guess America 零售業務也沒有達到我們的預期，業務仍然特別具有挑戰性。

Store traffic remains under pressure, yielding comp sales declines.

商店客流量仍面臨壓力，導致銷售額下降。

We believe our fall product is strong and we have made sure that the collection is well represented in our stores in the region, including a strong presentation of global best sellers.

我們相信我們的秋季產品很強大，並且我們已確保該系列產品在該地區的商店中得到充分展示，包括全球暢銷產品的強勢展示。

We also believe that enhancing our marketing and customer engagement efforts is critical to turning this business around, and we are actively working on this opportunity for the holidays as we speak.

我們也相信，加強行銷和客戶參與工作對於扭轉業務至關重要，就在我們發言時，我們正在積極利用假期的機會。

In addition, we are evaluating our pricing strategy given current consumer sentiments and the competitive promotional environment.

此外，考慮到當前的消費者情緒和競爭激烈的促銷環境，我們正在評估我們的定價策略。

Moving next to our product performance, we experienced different performance levels across each region.

接下來我們的產品效能，我們在每個地區都經歷了不同的性能水平。

In Europe, Accessories, women's apparel, and footwear all delivered sales increases, while we experienced declines in both our men's apparel and Marciano businesses.

在歐洲，配件、女裝和鞋類的銷售額均有所成長，而男裝和 Marciano 業務的銷售額均出現下降。

For this season, Paul and the product teams introduced a lot of new products in the collections, including a new capsule of women's sweaters that performed strongly, while women's outerwear, denim pants, activewear, and men's sweaters also contributed to the comp increase.

這一季，Paul 和產品團隊在系列中推出了許多新產品，其中包括表現強勁的新系列女式毛衣，而女式外套、牛仔褲、運動服和男式毛衣也為銷售成長做出了貢獻。

These trending categories more than offset some continued softness in our dress business in the region, as trends have shifted into other categories in the last few months.

這些趨勢類別足以抵消我們在該地區的服裝業務持續疲軟的影響，因為過去幾個月趨勢已轉向其他類別。

In the Americas, while both our women's and men's businesses were down, women's and men's sweaters performed strongly, just as they did in Europe, driven in part by the new capsule that I just mentioned.

在美洲，雖然我們的女裝和男裝業務都在下滑，但女裝和男裝毛衣表現強勁，就像在歐洲一樣，部分原因是我剛才提到的新膠囊系列。

We also saw sales declines in most accessory categories, as well as in footwear and Marciano, though fragrances and watches were notable exceptions, both growing in the quarter.

我們還發現大多數配件類別以及鞋類和 Marciano 的銷售額均出現下降，但香水和手錶是明顯的例外，均在本季度實現增長。

And finally, our licensing business performed better than expected and delivered flat royalties versus last year, with growth in fragrances, footwear and handbags offset by the categories that we internalized this year.

最後，我們的授權業務表現優於預期，與去年相比，特許權使用費持平，香水、鞋類和手袋的成長被我們今年內部化的類別所抵消。

Turning to rag & bone, we continue to be very pleased with the strong collaboration of our two teams and the progress of the integration of the business onto our platform. rag & bone's top line was short of our plans for the quarter, though some of that relates to a shift in the timing of wholesale shipments, which we now expect in Q4.

談到 rag＆bone，我們仍然對我們兩個團隊的強大合作以及業務整合到我們平台上的進展感到非常滿意。 rag＆bone 的營收低於我們本季的計劃，儘管其中一些與批發發貨時間的變化有關，我們現在預計在第四季度。

Overall, the business remains on a solid trajectory and its direct-to-consumer trends were particularly strong in October.

整體而言，該業務仍保持穩健發展勢頭，其直接面向消費者的趨勢在 10 月尤其強勁。

Thus far for the year, the rag & bone brand is delivering double-digit sales growth against its prior year numbers.

今年到目前為止，rag＆bone 品牌的銷售額較上一年實現了兩位數的成長。

rag & bone's team, led by Andrew Rosen as Executive Chair of the brand and working in strong collaboration with Paul, is delivering solid growth for the company and many initiatives are now in progress to expand the business through new stores, product category and international expansion.

rag＆bone 的團隊由品牌執行主席 Andrew Rosen 領導，並與 Paul 密切合作，正在為公司帶來穩健的成長，目前正在採取許多舉措，透過新店、產品類別和國際擴張來擴大業務。

Regarding third-quarter total company margins, we delivered gross margin of 43.6%, consistent with our expectations going into the quarter.

關於第三季公司總利潤率，我們的毛利率為 43.6%，與我們對本季的預期一致。

Turning to total company SG&A, we managed expenses well during the quarter.

談到公司的銷售、一般管理費用（SG&A）總額，我們在本季很好地管理了費用。

About three-quarters of our year-over-year expense increase in the third quarter was to support our near- and longer-term growth objectives.

第三季年比費用成長的約四分之三是為了支持我們的近期和長期成長目標。

As we had planned, we significantly increased our marketing and advertising investments, roughly an 85% increase against last year's third quarter.

按照我們的計劃，我們大幅增加了行銷和廣告投資，比去年第三季增加了約 85%。

This growth includes increased investments in our Guess brand, investments in rag & bone domestically and abroad, and in Guess Jeans.

這一成長包括增加對 Guess 品牌的投資、對國內外 rag & bond 以及 Guess Jeans 的投資。

These investments are primarily directed to build stronger brand awareness and enhance our engagement with our customers.

這些投資主要是為了建立更強的品牌知名度並增強我們與客戶的互動。

In the quarter, we delivered adjusted operating profit of $43 million and an adjusted operating margin of 5.8%, both within the range of our expectations.

本季度，我們實現了 4,300 萬美元的調整後營業利潤和 5.8% 的調整後營業利潤率，均在我們的預期範圍內。

And we delivered adjusted earnings per share of $0.34, also consistent with expectations in spite of a higher adjusted income tax rate for the period, which brings me to our outlook.

儘管調整後的所得稅稅率較高，但我們的調整後每股收益為 0.34 美元，也符合預期，這讓我對我們的前景有了展望。

We are now adjusting our outlook for the year to incorporate our recent trends as well as external factors like currencies, freight costs, and taxes outside our control but very impactful to our results.

我們現在正在調整今年的前景，以納入我們最近的趨勢以及我們無法控制但對我們的業績影響很大的外部因素，例如貨幣、貨運成本和稅收。

When we last provided our outlook, we had expected some stabilization in our retail businesses and an environment where we could manage promotions more tightly than last year.

當我們上次提供前景時，我們預計零售業務會有所穩定，並且我們可以比去年更嚴格地管理促銷活動。

But with the softness that we experienced in the third quarter, primarily in North America and in Asia, we are adjusting our fourth-quarter revenue outlook to reflect that softness and a consumer who is clearly more sensitive to price.

但由於我們在第三季經歷了疲軟，主要是在北美和亞洲，我們正在調整第四季度的營收前景，以反映這種疲軟以及消費者對價格顯然更加敏感的情況。

We are also adjusting our promotional plans for the holiday season, given the customer's price sensitivity and our expectations of the overall competitive landscape.

考慮到客戶的價格敏感度以及我們對整體競爭格局的預期，我們也正在調整假期季節的促銷方案。

Freight costs, which have been volatile all year given the Red Sea crisis, also moved against us again, and that, too, will negatively impact Q4.

由於紅海危機，運費全年一直在波動，這也再次對我們不利，這也將對第四季產生負面影響。

On currencies, the recent strengthening of the US dollar will put further pressure on Q4 revenues and margins.

貨幣方面，近期美元走強將對第四季營收和利潤率帶來進一步壓力。

And last, we expect the lower earnings will result in a higher income tax rate for the year.

最後，我們預計收入下降將導致今年所得稅率上升。

As a result, we now expect full-year revenues at or slightly below $3 billion, growing between 7% and 8%.

因此，我們現在預計全年營收將達到或略低於 30 億美元，成長 7% 至 8%。

And we have updated our adjusted EPS outlook for the year to a range of $1.85 to $2.00. Dennis will take you through our outlook in more detail in just a few minutes.

我們已將今年調整後的每股盈餘展望更新為 1.85 美元至 2.00 美元。丹尼斯將在短短幾分鐘內向您詳細介紹我們的前景。

So let me now pivot and talk about the future as we continue to make progress against a number of important operational and strategic objectives.

因此，現在讓我轉向並談論未來，因為我們將繼續在一些重要的營運和策略目標方面取得進展。

As I have discussed throughout the year, our vision for growth has evolved over time.

正如我一年來所討論的那樣，我們的成長願景隨著時間的推移而不斷演變。

And we are now focused on leveraging the powerful platform that we have built at this company to support not just the continual expansion of the Guess brand, but the expansion of multiple brands.

我們現在專注於利用我們在這家公司建立的強大平台，不僅支持 Guess 品牌的持續擴張，而且支持多個品牌的擴張。

We have broad channel capabilities, distributing through our own stores, online, big department stores, and thousands of mom-and-pop shops.

我們擁有廣泛的通路能力，透過我們自己的商店、網路、大型百貨公司和數千家夫妻店進行分銷。

We have a global footprint, with management teams and partners already distributing in 100 countries.

我們的業務遍及全球，管理團隊和合作夥伴已遍佈 100 個國家。

We have an extensive global supply chain, and along with our licensee partners, we bring products to market in 25 different categories.

我們擁有廣泛的全球供應鏈，並與我們的授權合作夥伴一起，將 25 個不同類別的產品推向市場。

Our platform enables us to do things that others simply cannot do, from expanding regional brands globally to transforming mono-category brands into lifestyle brands.

我們的平台使我們能夠做到其他人根本無法做到的事情，從在全球擴展區域品牌到將單一類別品牌轉變為生活方式品牌。

As we look forward to further leverage our platform model, we continue to be focused on our key objectives And I will now elaborate on two of these, growth and marketing.

當我們期待進一步利用我們的平台模式時，我們將繼續專注於我們的關鍵目標，我現在將詳細闡述其中兩個目標：成長和行銷。

Underlying all of this is our ongoing commitment to product excellence and optimization of our operations to drive efficiency.

所有這一切的基礎是我們對卓越產品和優化營運以提高效率的持續承諾。

Let me start with growth.

讓我從成長開始。

As I just said, we continue to see great opportunities for growth with our Guess brand, as well as with both rag & bone and Guess Jeans. rag & bone was already on a solid growth trajectory when we acquired it.

正如我剛才所說，我們繼續看到 Guess 品牌以及 rag＆bone 和 Guess Jeans 的巨大成長機會。當我們收購 rag＆bone 時，它已經處於穩健的成長軌道。

In collaboration with our partners, Yehuda Shmidman and his WHP Global team, our goal is to accelerate that growth with all the fuel that our platform brings.

我們與我們的合作夥伴 Yehuda Shmidman 及其 WHP Global 團隊合作，我們的目標是利用我們平台帶來的所有動力來加速這一成長。

And that acceleration is already happening.

這種加速已經發生。

With access to capital and additional capacity, the brand will expand through new stores, new and expanded product categories, and penetrating new markets, focusing initially on Europe, the Middle East, Mexico, Canada, and Australia.

憑藉資金和額外產能，該品牌將透過新店、新的和擴展的產品類別以及滲透新市場進行擴張，首先將重點放在歐洲、中東、墨西哥、加拿大和澳洲。

For rag & bone in Europe, we envision distribution that relies primarily on wholesale partners, supported by retail stores in key cities to introduce the brand and build customer awareness in the region.

對於歐洲的rag＆bone，我們設想分銷主要依靠批發合作夥伴，並由主要城市的零售店支持，以介紹品牌並在該地區建立客戶認知度。

We have signed a lease for a new store in Amsterdam and are actively pursuing additional stores in Munich, Dusseldorf, Stockholm, Copenhagen, and Vienna.

我們已在阿姆斯特丹簽署了一家新店的租約，並積極尋求在慕尼黑、杜塞爾多夫、斯德哥爾摩、哥本哈根和維也納開設新店。

We have begun marketing to seed awareness even before the brand is available in those markets.

甚至在該品牌進入這些市場之前，我們就已經開始行銷以提高知名度。

We are also in discussions with potential partners to represent rag & bone outside of Europe in Mexico, the Middle East, and Australia.

我們也正在與潛在合作夥伴進行討論，以在歐洲以外的墨西哥、中東和澳洲代表 rag＆bone。

We have already inked an enhanced handbag deal and are working with our licensees to bring more categories to the brand.

我們已經簽署了一項增強的手袋協議，並正在與我們的授權商合作，為該品牌帶來更多類別。

Moving to Guess Jeans, Under Nicolai Marciano's leadership, we are building momentum with this brand.

轉向 Guess Jeans，在 Nicolai Marciano 的領導下，我們正在為這個品牌打造動力。

We have augmented the line based on the feedback that we have received from the market, and the response to our newest collection has been quite positive.

我們根據市場回饋擴大了產品線，並且對我們最新系列的反應非常積極。

The brand is doing well in wholesale accounts in Europe, and in January, we will be launching Guess Man at the Pitti Uomo trade show in Florence, Italy.

該品牌在歐洲的批發客戶中表現良好，一月份，我們將在義大利佛羅倫薩的 Pitti Uomo 貿易展上推出 Guess Man。

We have opened three stores in Europe, in Berlin, Amsterdam, and near Milan.

我們在歐洲開設了三家商店，分別位於柏林、阿姆斯特丹和米蘭附近。

And we are set to open two more stores, one in Tokyo with a big event to launch the brand in Japan, and the other one on Melrose in West Hollywood, California.

我們計劃再開設兩家商店，一家在東京，並在日本舉辦該品牌的大型活動，另一家位於加州西好萊塢的梅爾羅斯。

In addition, Macy's just recently agreed to bring Guess Jeans to about a dozen of its stores in the US.

此外，梅西百貨最近剛同意將 Guess Jeans 帶到在美國的十幾家商店。

For Guess in Europe, as we assess our category development, the competitive environment in the region, and our brand positioning, we see significant opportunities to grow, specifically in the handbags and footwear business, outerwear and sweaters, women's and men's apparel, denim, athleisure, and various accessories for both women and men, including fragrances and luggage.

對於歐洲的Guess，當我們評估我們的品類發展、該地區的競爭環境以及我們的品牌定位時，我們看到了巨大的成長機會，特別是在手袋和鞋類業務、外套和毛衣、男女服裝、牛仔布、運動休閒，以及各種男女配件，包括香水和行李箱。

Our results in North America have not been in line with the brand's potential, and we have a much smaller store portfolio today.

我們在北美的業績與該品牌的潛力並不相符，而且我們現在的商店組合要小得多。

However, we are developing strategies to reverse the trends that we have been experiencing especially as it relates to customer acquisition and engagement.

然而，我們正在製定策略來扭轉我們所經歷的趨勢，特別是與客戶獲取和參與相關的趨勢。

We are currently reviewing our pricing strategies in the region, especially in our factory business, aligning that business with the expectations of our customers and the competitive environment, as this customer has become highly sensitive to price.

我們目前正在審查我們在該地區的定價策略，特別是在我們的工廠業務中，使該業務與客戶的期望和競爭環境保持一致，因為該客戶對價格變得高度敏感。

Moving then to marketing.

然後轉向行銷。

Our experience is that today's consumers are more discerning in managing their spending and the world of social media and customer engagement has evolved significantly.

我們的經驗是，現今的消費者在管理支出方面更加挑剔，社群媒體和客戶參與度也發生了顯著變化。

We have challenged ourselves to broaden our own marketing capabilities to build a best-in-class marketing engine.

我們挑戰自我，擴大自身的行銷能力，打造一流的行銷引擎。

For Guess , our brand review and benchmarking study led us to the conclusion that there are opportunities to make incremental investments in social media, collaborations, customer engagement, and CRM to connect more and differently with our customers and enhance their shopping experience.

對於Guess 來說，我們的品牌審查和基準研究得出的結論是，有機會在社交媒體、合作、客戶參與和CRM 方面進行增量投資，以更多、以不同方式與客戶建立聯繫，並增強他們的購物體驗。

We also identified opportunities to place the customer at the center of our product development cycle, actively listen to our customers to impact product design and styling, and relentlessly focus on meeting their needs and expectations.

我們也找到了將客戶置於產品開發週期中心的機會，積極傾聽客戶對產品設計和造型的影響，並不懈地致力於滿足他們的需求和期望。

Over the past year, with Paul's vision and guidance, the Guess team has executed a dynamic and multifaceted marketing strategy designed to elevate our brand relevance among younger audiences and deepen connections with our loyal customers.

過去一年，在 Paul 的願景和指導下，Guess 團隊執行了動態、多方面的行銷策略，旨在提高我們的品牌在年輕受眾中的相關性，並加深與忠實客戶的聯繫。

Key initiatives encompassed innovative collaborations with emerging talent, strategic influencer partnerships, and immersive experiential activations that covered very cool destinations like a safari in Africa, and branding events in beach clubs and winter resorts.

主要舉措包括與新興人才的創新合作、策略影響力夥伴關係以及沉浸式體驗活動，涵蓋非常酷的目的地，例如非洲野生動物園，以及海灘俱樂部和冬季度假村的品牌活動。

This effort also included highly targeted campaigns tailored for millennial consumers featuring Georgina Rodriguez in our holiday campaign across print, out-of-home, connected TV, and paid digital media, and hosting more than 80 in-store events during the period.

這項工作還包括為千禧一代消費者量身定制的高度針對性的活動，其中喬治娜·羅德里格斯(Georgina Rodriguez) 參與了我們的假日活動，涵蓋印刷品、戶外、聯網電視和付費數字媒體，並在此期間舉辦了80 多場店內活動。

This quarter, we engaged an external partner to help us develop a social media strategy that speaks to all of our customers across multiple customer segments.

本季度，我們聘請了一位外部合作夥伴來幫助我們制定社交媒體策略，與多個客戶群的所有客戶進行交流。

It's about a six-month program that will track the efficacy of our existing social media practices and refine our strategic framework to work with today's consumer.

這是一個為期六個月的計劃，將追蹤我們現有社交媒體實踐的有效性，並完善我們與當今消費者合作的策略框架。

Ultimately, our goal is to build a powerful marketing engine that can support Guess and our other brands.

最終，我們的目標是建立一個強大的行銷引擎來支持 Guess 和我們的其他品牌。

We have just begun this project and we'll be excited to share some of the key outcomes in the quarters to come.

我們剛開始這個項目，我們將很高興在未來幾季分享一些關鍵成果。

In closing, one of our company's most defining strengths is its ability to adapt, continuously evolving to seize new opportunities and achieve greater success.

最後，我們公司最具決定性的優勢之一是其適應能力、不斷發展以抓住新機會並取得更大成功的能力。

This adaptability is embedded in our DNA.

這種適應性已融入我們的 DNA 中。

While it originated with our founders, it has become a hallmark of our culture, guiding our entire organization.

雖然它起源於我們的創始人，但它已成為我們文化的標誌，指導著我們整個組織。

Our journey at Guess began as a denim wholesaler, but over time, we expanded our horizons, evolving into a true lifestyle brand.

我們在 Guess 的旅程始於一家牛仔布批發商，但隨著時間的推移，我們擴大了視野，發展成為一個真正的生活方式品牌。

We extended beyond US wholesale, reinventing ourselves as a specialty retailer and embracing multi-channel capabilities along the way.

我們超越了美國批發業務，將自己重塑為專業零售商，並一路擁抱多通路能力。

Later, we set our sights on global expansion, and today, almost 75% of our sales come from international markets.

後來，我們將目光投向全球擴張，如今，我們有近 75% 的銷售額來自國際市場。

Our track record speaks to our ability to identify opportunities, reposition resources, and execute on our vision.

我們的業績記錄證明了我們識別機會、重新定位資源和執行願景的能力。

As we look ahead, our continued growth and value creation depend on our ability to once again evolve.

展望未來，我們的持續成長和價值創造取決於我們再次發展的能力。

Our focus is on optimizing our global platform to support and expand our existing businesses while fostering new ones, both organically, as with Guess teams, and through strategic acquisitions like rag & bone.

我們的重點是優化我們的全球平台，以支援和擴展我們現有的業務，同時培養新業務，既透過與 Guess 團隊的有機合作，又透過 rag＆bone 等策略收購。

This requires a dual focus, preserving the aspects of our business that are thriving while addressing areas of challenge.

這需要雙重關注，在解決挑戰領域的同時保留我們業務蓬勃發展的方面。

For instance, in our US Guess business, we see opportunities to improve.

例如，在我們的美國 Guess 業務中，我們看到了改進的機會。

We are re-evaluating every element of our customer experience, understanding their needs, preferences, and expectations from product offerings to pricing and brand engagement.

我們正在重新評估客戶體驗的每個要素，了解他們的需求、偏好和期望，從產品提供到定價和品牌參與。

Additionally, we are assessing our organizational structure and leadership to ensure that we have the right talent and strategies in place for success.

此外，我們正在評估我們的組織結構和領導力，以確保我們擁有成功所需的合適人才和策略。

Guess has a proud legacy in the US market, and we are fully committed to reclaiming and building upon that strength.

Guess 在美國市場擁有令人自豪的傳統，我們完全致力於恢復和鞏固這一優勢。

Admittedly, the road ahead is ambitious, yet I'm confident in our team and our culture.

誠然，前進的道路是雄心勃勃的，但我對我們的團隊和文化充滿信心。

Together, we have consistently proven our ability to manage the present while planning for the future.

我們共同不斷證明了我們在規劃未來的同時管理當前的能力。

Some initiatives will deliver swift results, while others will require more time.

有些舉措會很快產生成果，而有些舉措則需要更多時間。

Investments in marketing, for example, may not deliver immediate returns, and acquisitions like rag & bone will not occur every year.

例如，行銷方面的投資可能不會立即帶來回報，而像rag＆bone這樣的收購也不會每年都會發生。

This dynamic could result in year-over-year growth rate variability, particularly as we transition from this year's acquisition-driven momentum to next year's focus on organic growth.

這種動態可能會導致同比成長率的變化，特別是當我們從今年的收購驅動動力轉向明年的有機成長的重點時。

Despite these nuances, I remain incredibly optimistic about the opportunities before us.

儘管有這些細微差別，我對擺在我們面前的機會仍然非常樂觀。

Our business competencies and the caliber of our team position us for enduring success.

我們的業務能力和團隊素質使我們能夠取得持久的成功。

Paul and I extend our deepest gratitude to our team members for their hard work and dedication.

保羅和我對我們的團隊成員的辛勤工作和奉獻精神表示最深切的感謝。

We also want to wish a happy Thanksgiving to them, their families, and our valued shareholders.

我們也祝福他們、他們的家人以及我們尊貴的股東感恩節快樂。

Together, we look forward to a future filled with growth and achievement.

我們共同期待一個充滿成長和成就的未來。

And with that, I will hand over to Dennis to review the third quarter and share our outlook for the balance of the year.

接下來，我將交給丹尼斯回顧第三季並分享我們對今年剩餘時間的展望。

Dennis?

丹尼斯？

Thank you, Carlos, and good afternoon.

謝謝你，卡洛斯，下午好。

Before I get into the details, just a quick reminder that we've fully integrated rag & bone's operating results into our existing operating segments.

在詳細介紹之前，我先快速提醒一下，我們已將 rag＆bone 的營運績效完全整合到我們現有的營運部門中。

So, as Carlos mentioned, Q3 revenues increased 13% in US dollars, reaching $739 million.

因此，正如 Carlos 所提到的，第三季營收以美元計算成長了 13%，達到 7.39 億美元。

With the steep strengthening of the US dollar in the quarter, currencies, which we'd expected would be about a 1.5-point tailwind, actually turned to a small headwind, more than a $10 million revenue change versus expectations.

隨著本季美元大幅走強，我們預計貨幣將帶來約 1.5 個百分點的順風，實際上變成了小逆風，收入與預期相比變化超過 1000 萬美元。

In constant dollars, our revenue grew 14%.

以不變美元計算，我們的收入成長了 14%。

Overall, our revenue growth was driven primarily by the addition of rag & bone.

總體而言，我們的收入成長主要是由 rag＆bone 的增加所推動的。

Revenues for the core Guess in Marciano business grew modestly, in the low single digits, with growth in the Americas wholesale and European businesses offsetting declines in both our Americas retail and Asia business.

Guess in Marciano 核心業務的收入以較低的個位數小幅增長，美洲批發和歐洲業務的增長抵消了美洲零售和亞洲業務的下降。

In Europe, we grew US dollar revenues by 7%, reaching $368 million.

在歐洲，我們的美元收入成長了 7%，達到 3.68 億美元。

Revenues grew 6% in constant currency.

以固定匯率計算，營收成長 6%。

Retail comps, including ecom, increased 8% in US dollars and 7% in constant currency.

零售業（包括電子商務）以美元計算成長了 8%，以固定匯率計算成長了 7%。

As has been the case for several quarters, Turkey's hyperinflation had a meaningful impact on those comps.

與幾季的情況一樣，土耳其的惡性通貨膨脹對這些公司產生了重大影響。

Excluding Turkey, that constant dollar comp increase would have been 5%.

如果不包括土耳其，美元匯率的恆定成長率將為 5%。

In our stores, we delivered a constant currency comp increase of 5%.

在我們的商店中，我們實現了 5% 的恆定金錢補償成長。

As Carlos highlighted, we did experience softer traffic to our stores compared with a year ago, though a sequential improvement over the second quarter.

正如卡洛斯所強調的那樣，與一年前相比，我們的商店客流量確實有所下降，但與第二季相比有所改善。

Improved conversion and a higher AUR more than offset the small traffic decline to drive the positive comp.

轉換率的提高和 AUR 的提高足以抵消流量的小幅下降，從而推動積極的競爭。

Our e-comm business improved sequentially with a 16% constant currency comp increase.

我們的電子商務業務持續改善，匯率恆定成長率為 16%。

Our European wholesale business continues to perform well, with revenue growth in the mid-single digits.

我們的歐洲批發業務持續表現良好，收入實現中個位數成長。

In fact, we shipped more in the quarter than we had anticipated to support the solid sales momentum in our customers' businesses.

事實上，我們本季的出貨量超出了我們的預期，以支持客戶業務的強勁銷售動能。

The operating margin on our European business was 8.8%, 150 basis points lower than a year ago, driven by higher selling, occupancy, and infrastructure costs, and increased marketing investment, all of which more than offset better product margins, mainly driven by a lower level of markdowns.

我們歐洲業務的營業利潤率為8.8%，比一年前下降150 個基點，這是由於銷售、入住和基礎設施成本增加以及行銷投資增加所推動的，所有這些都抵消了更好的產品利潤率，主要是由於較低的降價水平。

In America's retail, revenues grew 12%, reaching $173 million.

美國零售業營收成長 12%，達到 1.73 億美元。

In constant dollars, the growth was 14%.

以不變美元計算，成長率為 14%。

Similar to last quarter, the segment's growth was driven by the addition of rag & bone's retail business, more than offsetting the declines from the core Guess business.

與上季類似，該細分市場的成長是由 rag＆bone 零售業務的增加所推動的，足以抵消核心 Guess 業務的下降。

Traffic headwinds, coupled with a decline in conversion, resulted in an overall 14% constant currency comp decline in our US and Canadian stores.

客流量逆風加上轉換率下降，導致我們美國和加拿大商店的整體匯率恆定下降 14%。

Including e-com, the comp decline was 15%.

包括電子商務在內，年減了 15%。

America's retail posted an operating loss margin of 4.3%, roughly a 10-point decline from last year's third quarter.

美國零售業營業虧損率為 4.3%，較去年第三季下降約 10 個百分點。

That margin decline was driven primarily by deleverage on the fixed-cost base, given the comp decline, along with higher expenses, including store occupancy costs.

利潤率下降的主要原因是固定成本基礎上的去槓桿化（考慮到比較下降）以及包括商店佔用成本在內的費用增加。

In America's wholesale, revenues increased by 79% in US dollars to $99 million, driven by the addition of rag & bone, along with higher shipments in the US.

在美國的批發業務中，由於 rag＆bone 的增加以及美國發貨量的增加，收入增長了 79%（以美元計算），達到 9,900 萬美元。

The revenue increase in constant dollars was 83%.

以不變美元計算，營收成長了 83%。

The growth in the US Guess business was driven by the direct operation of our outerwear business, which last year was operated as a licensed business, and increased shipments to off-price accounts.

美國Guess業務的成長是由我們去年作為特許業務運營的外套業務的直接運營以及向折扣帳戶的發貨量的增加所推動的。

Operating margin was 25.7%, 340 basis points lower than last year's Q3, driven mainly by the addition of rag & bone.

營業利益率為 25.7%，比去年第三季低 340 個基點，主要是由於 rag＆bone 的加入所致。

In Asia, revenues increased 2% in US dollars to $65 million.

在亞洲，以美元計算的收入成長了 2%，達到 6,500 萬美元。

In constant currency, revenues also grew 2%.

以固定匯率計算，營收也成長了 2%。

Growth from India and rag & bone was partially offset by declines in most of our Asian businesses including South Korea and China, where traffic to our retail stores remains under pressure.

印度和rag＆bone的成長被我們大多數亞洲業務的下滑所部分抵消，其中包括韓國和中國，我們零售店的客流量仍然面臨壓力。

Retail comps, including ecom for the region, decreased 16% in constant currency.

以固定匯率計算，零售業（包括該地區的電子商務）下降了 16%。

Our operating loss margin in Asia was 2%, compared to a 1% operating profit margin in last year's third quarter, a negative three-point change due mainly to lower product margins and negative comps.

我們在亞洲的營業利潤率為 2%，而去年第三季的營業利潤率為 1%，出現負三點變化，主要是由於產品利潤率下降和業績不佳。

And finally, our licensing segment revenues were flat, despite the internalization of our outerwear business.

最後，儘管我們的外套業務實現了內部化，但我們的授權部門收入卻持平。

Segment operating margin was 91.8%.

分部營業利益率為 91.8%。

In the third quarter, total company gross margin reached 43.6%, 110 basis points below a year earlier.

第三季度，公司總毛利率達43.6%，比去年同期下降110個基點。

With the softness in our business coming from retail, which carries a higher product margin, channel mix was the biggest headwind to gross margins along with occupancy deleverage given comp headwinds.

由於我們的業務疲軟來自零售業，而零售業的產品利潤率較高，通路組合是毛利率的最大阻力，同時考慮到競爭的阻力，入住率去槓桿化也成為毛利率的最大阻力。

Partially offsetting that was an improved IMU and fewer markdowns.

改進的 IMU 和更少的降價部分抵消了這一影響。

Adjusted SG&A expenses for the quarter increased 20% to $279 million.

本季調整後的 SG&A 支出成長 20%，達到 2.79 億美元。

The most significant drivers of this change resulted from our acquisition of rag & bone, as well as the incremental marketing investments that we're making to increase the exposure of the Guess brand and to build awareness for our new Guess Jeans brand.

這項變更最重要的推動因素來自於我們對 rag＆bone 的收購，以及我們為增加 Guess 品牌的曝光度並提高我們新的 Guess Jeans 品牌的知名度而進行的增量行銷投資。

To reiterate Carlos' point, 77% of this expense increase results from these two items.

重申卡洛斯的觀點，77% 的費用成長都是由這兩項造成的。

In addition, we increased infrastructure expenses in both North America and Europe.

此外，我們也增加了北美和歐洲的基礎設施支出。

Partially offsetting these increases was a lower level of performance-based compensation given this year's expected performance.

考慮到今年的預期業績，基於業績的薪酬水平較低，部分抵消了這些增長。

For the quarter, our adjusted SG&A rate increased two points to 37.8%.

本季度，我們調整後的 SG&A 率增加了兩個百分點，達到 37.8%。

In the quarter, our adjusted operating profit totaled $43 million, and with the lower gross margin and higher SG&A rate, our adjusted operating margin declined 310 basis points to 5.8%.

本季度，我們調整後的營業利潤總計 4,300 萬美元，由於毛利率較低和 SG&A 率較高，我們調整後的營業利潤率下降了 310 個基點至 5.8%。

Just as the recent strengthening US dollar affected our top line, it also negatively impacted our operating profit expectations by $3 million.

正如近期美元走強影響了我們的營收一樣，它也對我們的營業利潤預期產生了 300 萬美元的負面影響。

In the quarter, we recorded an adjusted effective tax rate of 36.6%.

本季度，我們的調整後有效稅率為 36.6%。

As we've adjusted our full-year estimate of earnings across our various companies and tax jurisdictions, we now expect to operate with a higher full-year adjusted tax rate.

由於我們調整了各個公司和稅務管轄區的全年獲利預測，我們現在預計將以更高的全年調整後稅率進行營運。

Therefore, our third-quarter tax provision includes the accrual associated with third-quarter earnings, along with the adjustment for the first half of the year.

因此，我們的第三季稅務撥備包括與第三季收益相關的應計費用以及上半年的調整。

In the third quarter, we recorded $6 million in non-operating charges, primarily resulting from marking to market our foreign currency hedge contracts.

第三季度，我們錄得 600 萬美元的非營業費用，主要是因為以市價計價我們的外幣對沖合約所致。

One other item within non-operating activity, we reported a net charge of $40 million related to a non-cash, unrealized loss due to the remeasurements of derivatives associated with our convertible notes and related hedge.

非經營活動中的另一項，我們報告了 4000 萬美元的淨費用，該淨費用與由於重新計量與我們的可轉換票據和相關對沖相關的衍生品而產生的非現金未實現損失有關。

Consistent with prior quarters, we have excluded this latter $40 million amount from the adjusted results we are reporting in order to facilitate a better understanding of our normal commercial operations.

與前幾季一致，我們已將後 4000 萬美元的金額從我們報告的調整後業績中排除，以便更好地了解我們的正常商業運營。

Adjusted Q3 diluted earnings per share was $0.34 compared to $0.49 in last year's third quarter.

調整後第三季攤薄每股收益為 0.34 美元，去年第三季為 0.49 美元。

Moving now to the balance sheet.

現在轉向資產負債表。

Our inventories were $676 million at the end of the quarter, up 20% from a year ago.

截至本季末，我們的庫存為 6.76 億美元，比去年同期成長 20%。

Our investment in inventory includes rag & bone's inventory, which we did not own last year.

我們對存貨的投資包括rag＆bone的存貨，我們去年並沒有擁有這些存貨。

That represents half of the growth.

這代表了成長的一半。

In addition, given the Red Sea crisis, we've taken steps to protect our European business and preserve deliveries to our customers.

此外，鑑於紅海危機，我們已採取措施保護我們的歐洲業務並保證向客戶的交付。

One consequence of this is the higher freight costs that Carlos discussed.

這樣做的後果之一是卡洛斯提到的貨運成本更高。

In addition, we've accelerated deliveries from our suppliers, not ordering more, just taking deliveries sooner.

此外，我們也加快了供應商的交貨速度，不是訂購更多，而是更快交貨。

Most of that inventory was in transit to our warehouses at the end of the quarter.

大部分庫存已在本季末運往我們的倉庫。

Those in-transit inventories represent about eight points of the growth.

這些在途庫存約佔成長的八個百分點。

Factoring out those two discrete investments, inventories were up in the very low single digits.

剔除這兩項獨立投資後，庫存增幅僅為非常低的個位數。

For the first nine months of the year, capital expenditures were roughly $64 million, mainly driven by investments in store remodels and openings and technology.

今年前 9 個月，資本支出約為 6,400 萬美元，主要是由商店改造、開業和技術方面的投資所推動的。

We ended the quarter with $141 million in cash, compared to $244 million a year ago.

本季結束時，我們的現金為 1.41 億美元，而去年同期為 2.44 億美元。

Over the last four quarters, we've generated $135 million in free cash flow and drew $132 million on our various debt facilities.

在過去的四個季度中，我們產生了 1.35 億美元的自由現金流，並從各種債務融資中提取了 1.32 億美元。

We repaid $33 million on our convertible notes, paid $184 million in dividends, repurchased $82 million of our common stock, and paid $57 million to acquire rag & bone.

我們償還了 3,300 萬美元的可轉換票據，支付了 1.84 億美元的股息，回購了 8,200 萬美元的普通股，並支付了 5,700 萬美元收購了 rag＆bone。

We ended the quarter with $345 million of borrowing capacity on our various global facilities so $486 million of available liquidity.

本季結束時，我們各種全球設施的借款能力為 3.45 億美元，因此可用流動資金為 4.86 億美元。

So now moving to Outlook, let me summarize the key factors from the third quarter that are impacting our Outlook for the remainder of this year.

現在轉向展望，讓我總結一下第三季影響我們今年剩餘時間展望的關鍵因素。

I'll start with Europe, which has been our strongest region in the recent past.

我將從歐洲開始，歐洲是我們最近表現最強大的地區。

As we shared before, in our wholesale business, we believe we have been gaining share among our wholesale accounts, bolstered by the performance of our brand in their stores and our reliability as a partner to deliver product despite the many challenges of the recent past, COVID, the supply chain crisis, and now the Red Sea.

正如我們之前分享的，在我們的批發業務中，我們相信我們在批發客戶中的份額一直在增加，這得益於我們品牌在他們商店中的表現以及我們作為交付產品的合作夥伴的可靠性，儘管最近面臨許多挑戰，新冠疫情、供應鏈危機，以及現在的紅海。

Our Spring-Summer '25 order book finished up 10%, and despite having one less selling week this year, we expect to deliver top-line growth for the full year.

我們的 25 年春夏訂單量最終成長了 10%，儘管今年銷售量減少了一周，但我們預計全年營收將實現成長。

So we continue to be quite pleased with this business.

因此，我們仍然對這項業務感到非常滿意。

As I said earlier, we were able to deliver more of the current season in the third quarter than we had anticipated, so that will have an offsetting effect on our fourth quarter revenues.

正如我之前所說，我們在第三季交付的本季產量比我們預期的要多，因此這將對我們第四季的收入產生抵銷作用。

In European retail, our business generally performed in line, though at the lower end of our expectations, and our expected comp performance for this business remains largely unchanged for the fourth quarter.

在歐洲零售業，我們的業務表現總體符合預期，儘管處於我們預期的下限，並且我們對該業務的預期第四季度業績表現基本保持不變。

Also, as Carlos alluded, we anticipate now that freight costs will be higher to support our fourth quarter business, both because of higher ocean charges as well as additional air freight.

此外，正如卡洛斯所提到的，我們現在預計貨運成本將會更高，以支持我們第四季的業務，這不僅是因為海運費用上漲，也是因為空運費用增加。

These incremental freight headwinds, which we estimate in the $5 million range, will have the most consequential effect on our European business.

我們估計這些增量貨運逆風將在 500 萬美元範圍內，將對我們的歐洲業務產生最嚴重的影響。

Moving to North America, as you heard from Carlos, we were disappointed with the performance of our retail business in the third quarter.

轉向北美，正如您從卡洛斯那裡聽到的那樣，我們對第三季零售業務的表現感到失望。

Traffic headwinds became stronger in the quarter, both in the US and in Canada, and we were unable to convert that traffic better than we had in the past.

本季美國和加拿大的流量逆風變得更加強勁，我們無法比過去更好地轉換流量。

We believe, given that inflation and economic concerns have been top-of-mind issues for consumers, especially in the United States, we are seeing this reflected in our customers as they shop.

我們相信，鑑於通貨膨脹和經濟擔憂一直是消費者最關心的問題，尤其是在美國，我們在客戶購物時看到了這一點。

We expect that this dynamic will persist in the fourth quarter.

我們預計這種動態將持續到第四季。

As Carlos also shared, we're re-examining our pricing and promotional activity for the fourth quarter and expect that all these factors will now impact our top-line and margin expectations for this business.

正如卡洛斯也分享的那樣，我們正在重新審查第四季度的定價和促銷活動，並預計所有這些因素現在將影響我們對該業務的營收和利潤率預期。

In Asia, especially in South Korea, we experienced a similar dynamic to the US and are also adjusting our expectations for fourth-quarter revenues and margins.

在亞洲，尤其是韓國，我們經歷了與美國類似的動態，並且也在調整我們對第四季營收和利潤率的預期。

And now to currencies.

現在談貨幣。

In the past three months, the US dollar has strengthened significantly against virtually all of the major currencies in which we operate.

在過去三個月中，美元兌我們開展業務的幾乎所有主要貨幣都大幅走強。

As examples, since August, the US dollar has appreciated about 5.5% against both the euro and Swiss franc.

例如，自8月以來，美元兌歐元和瑞士法郎均升值約5.5%。

Against our prior expectations, the stronger US dollar, assuming it remains at roughly prevailing rates, will consume about $45 million in full-year revenues and about $10 million in operating profit for the full year, both including the third quarter impact I mentioned a moment ago.

與我們之前的預期相反，假設美元保持大致現行匯率，美元走強將消耗全年約 4500 萬美元的收入和約 1000 萬美元的營業利潤，兩者都包括我剛才提到的第三季度的影響。

Therefore, based on these factors, we have updated our outlook for the full year.

因此，基於這些因素，我們更新了全年展望。

We're adjusting our revenue expectations by roughly $70 million to $80 million and now expect revenue growth in the range between 7% and 8%.

我們將營收預期調整了約 7,000 萬至 8,000 萬美元，現在預計營收成長在 7% 至 8% 之間。

More than half of that change reflects the impact of the stronger US dollar, with the balance reflecting the impact of weaker retail trends in North America and Asia.

其中一半以上的變化反映了美元走強的影響，其餘則反映了北美和亞洲零售趨勢疲軟的影響。

We now expect full-year adjusted operating margin between 6.2% and 6.5%, reflecting roughly a $35 million to 45 million operating profit reduction from our prior expectations.

我們現在預計全年調整後營業利潤率將在 6.2% 至 6.5% 之間，這反映出我們先前的預期營業利潤約減少 3,500 萬至 4,500 萬美元。

The combined effects of the stronger US dollar and higher freight costs result in about a third of that reduction, with the balance being driven by the lower expected sales and margins from our retail businesses.

美元走強和貨運成本上升的綜合影響導致了約三分之一的減少，其餘部分是由我們零售業務的預期銷售額和利潤率下降所推動的。

Given the higher expected adjusted tax rate, along with the third quarter non-operating charges, we have updated our outlook for adjusted EPS in the range of $1.85 to $2.

鑑於預期的調整後稅率較高，以及第三季的非營業費用，我們將調整後每股盈餘的預期更新為 1.85 美元至 2 美元。

For the fourth quarter, we expect revenue growth in the range between 2.2% and 5.4%, adjusted operating margin in the range of 12.2% and 13%, and adjusted EPS in the range of $1.37 to $1.52.

對於第四季度，我們預計營收成長在 2.2% 至 5.4% 之間，調整後營業利潤率在 12.2% 至 13% 之間，調整後每股收益在 1.37 美元至 1.52 美元之間。

As you look at our Q4 outlook, there are a few factors to consider.

當您查看我們的第四季度前景時，有幾個因素需要考慮。

First, the fourth quarter last year included an extra week.

首先，去年第四季多了一周。

The negative impact of that extra week on this year's fourth quarter growth rates is roughly 5 points.

這額外的一周對今年第四季成長率的負面影響約為 5 個百分點。

Also, given its large wholesale mix, rag & bone's largest selling quarter is typically the third, unlike the fourth quarter for our core Guess business.

此外，鑑於其龐大的批發組合，rag＆bone 最大的銷售季度通常是第三季度，這與我們核心 Guess 業務的第四季度不同。

Therefore, rag & bone in this first year of the acquisition will naturally contribute more to third-quarter growth rate than to the fourth-quarter growth rate, about three points more. rag & bone still contributes meaningfully to our Q4 growth, just not as much as it did in Q3.

因此，rag＆bone在這第一年的收購中對第三季度成長率的貢獻自然會比對第四季成長率的貢獻更大，大約多出三個百分點。 rag＆bone 仍然對我們第四季的成長做出了有意義的貢獻，只是不如第三季那麼大。

This all should normalize once we fully anniversary the acquisition.

一旦我們收購滿週年紀念日，這一切都應該正常化。

Adjusting for these two factors should give you some additional insight into the sequential business trends.

根據這兩個因素進行調整應該可以讓您對連續的業務趨勢有一些額外的了解。

The Q4 operating earnings comparison to last year is similarly clouded by last year's extra week, as well as by currencies.

第四季營業利潤與去年相比也同樣受到去年額外一週以及貨幣因素的影響。

If we normalize for these two items, the midpoint of our implied Q4 adjusted operating profit outlook is roughly flat to last year.

如果我們將這兩項標準化，則我們隱含的第四季度調整後營業利潤前景的中點與去年大致持平。

And finally, as to free cash flow outlook, we now expect free cash flow for the year of about $40 million at the upper end of our guidance.

最後，關於自由現金流前景，我們現在預計今年的自由現金流約為 4000 萬美元，處於我們指導的上限。

This is lower than we had previously expected due to the change in operating income and to the early receipt of inventories, which we ultimately expect to turn favorably once supply chain issues are resolved.

由於營業收入的變化和提前收到庫存，這低於我們先前的預期，我們最終預計一旦供應鏈問題得到解決，情況將會改善。

So with that, we'll end our prepared remarks and open the call up to your questions.

因此，我們將結束準備好的發言並開始回答你們的問題。

Operator?

操作員？

(Operator Instructions) Mauricio Serna, UBS.

（操作員指示）Mauricio Serna，UBS。

Just wanted to get a better sense if you could bridge a little bit more, like, how are you thinking about the Q4 revenue growth?

只是想更好地了解您是否可以提供更多信息，例如，您如何看待第四季度的收入成長？

Maybe I'm very interested in hearing, like, the impact from the Europe wholesale shipment.

也許我很想聽聽歐洲批發運輸的影響。

How much of that are you seeing?

你看到了多少？

And then in terms of -- if we think about the long-term operating margin opportunity, I know this year you've been -- you have like several investments that you're doing and there's like some FX headwinds, but looking into the longer term, where do you think that operating margin could recover at some point to?

然後，如果我們考慮長期營業利潤率機會，我知道今年您正在做的幾項投資，並且存在一些外匯逆風，但研究一下從長遠來看，您認為營業利潤率在某個時候可以恢復到什麼程度？

Thank you.

謝謝。

Hi Mauricio, this is Carlos.

嗨毛里西奧，我是卡洛斯。

I'm going to start and then Dennis will talk more about the bridge that you're asking.

我將開始，然後丹尼斯將更多地談論您所問的橋樑。

We were pleased with third quarter.

我們對第三季感到滿意。

In terms of the top line, we were in line with what we had anticipated and the guidance that we had provided, except for the strength of the dollar that during the quarter worked against us.

就營收而言，我們符合我們的預期和我們提供的指導，但本季美元走強對我們不利。

As you know, we have a very big business in Europe, and that has been impacted significantly, and also other currencies had an impact on third quarter.

如您所知，我們在歐洲擁有非常大的業務，這受到了重大影響，其他貨幣也對第三季產生了影響。

So for that reason, we were at the low end of that guidance gap.

因此，出於這個原因，我們處於指導差距的低端。

And during the quarter, there was something that really helped us, contributed to the topline, and also the bottom-line performance, which was shipments in Europe in our wholesale business that were ahead of what we had anticipated.

在本季度，有一些事情確實對我們有幫助，對收入和利潤業績做出了貢獻，那就是我們批發業務在歐洲的發貨量超出了我們的預期。

So some product shipped earlier than what we expected, which was going to be in the fourth quarter.

因此，有些產品的出貨時間比我們預期的要早，預計在第四季出貨。

That represented about $10 million.

這相當於約 1000 萬美元。

And we, of course -- that is expected to impact the fourth quarter, but that has already been considered within our revised outlook.

當然，我們預計這將影響第四季度，但這已經在我們修訂後的前景中被考慮。

And we were very pleased with this development because, number one, with the whole crisis of the Red Sea and the delays in shipping that we are experiencing throughout the supply chain, to be able to really secure the type of product that we needed to service the business well was a major success story for our team.

我們對這一發展感到非常滿意，因為，第一，隨著整個紅海危機以及我們在整個供應鏈中遇到的運輸延誤，我們能夠真正確保我們需要服務的產品類型該業務是我們團隊的一個重大成功故事。

And we feel that the other great part of this is that the brand is doing very well and our retailers, our customers at wholesale, are anxious to get more products from our brands.

我們認為，另一個重要原因是該品牌表現非常好，我們的零售商、我們的批發客戶都渴望從我們的品牌中獲得更多產品。

We think that we are taking market share during this time, and to have access to product I think is number one.

我們認為我們正在這段時間佔據市場份額，並且獲得我認為第一的產品。

We experienced the same thing back during COVID days and supply chain issues that we were experiencing back then, and we know that that helps solidify our relationships with our customers, and we will continue to protect that ability, that capability.

在新冠肺炎疫情期間，我們也經歷過同樣的事情，以及當時所經歷的供應鏈問題，我們知道這有助於鞏固我們與客戶的關係，我們將繼續保護這種能力。

We have incurred significant costs to be able to do this, including alternative shipping modes, like air freight in some cases, and also we have adjusted our supply chain processes to be able to really get product earlier and working with our vendors in very close proximity.

為了做到這一點，我們付出了巨大的成本，包括替代運輸方式，例如在某些情況下空運，而且我們還調整了我們的供應鏈流程，以便能夠真正更早地獲得產品並與我們的供應商進行非常密切的合作。

And we have made some changes in where the product is coming from.

我們對產品的來源進行了一些更改。

That is also helping us in this particular case with some of the product being moved into proximity to where the product is going to be distributed.

在這種特殊情況下，這也有助於我們將一些產品移至產品將要分銷的地方附近。

With respect to operating margin opportunities, when I came back to the company at the time, we were looking at an operating margin of about mid-single digits.

關於營業利潤率機會，當我當時回到公司時，我們看到的營業利潤率約為中個位數。

And we set our eyes on developing a model that was going to go back to a double-digit operating margin.

我們著眼於開發一種能夠恢復兩位數營業利潤的模型。

And we achieved that.

我們做到了。

Unfortunately, during the last few quarters, we had some challenges.

不幸的是，在過去幾個季度中，我們遇到了一些挑戰。

We think that that is completely achievable for the type of business model that we have in the company.

我們認為，對於我們公司的商業模式類型來說，這是完全可以實現的。

And the investments that we have made while they are just in their inception, especially rag & bone, which is of certain size.

我們在剛起步的時候就進行了投資，特別是rag＆bone，它具有一定的規模。

We're talking about a company that did $250 million last year.

我們談論的是一家去年營業額為 2.5 億美元的公司。

We think that this is a brand that has major opportunities to become a lifestyle brand and a global brand, and that is what we are hoping that we will be able to achieve over time.

我們認為這個品牌有很大機會成為生活風格品牌和全球品牌，這也是我們希望隨著時間的推移能夠實現的目標。

Yes, rag & bone today is dilutive to our operating margin, but we don't think that's going to be the case for long.

是的，如今的 rag & bone 稀釋了我們的營業利潤，但我們認為這種情況不會持續太久。

So we are hoping that after we make some of these initial investments, that we'll be able to start gaining some momentum with the brand.

因此，我們希望在進行一些初始投資後，我們將能夠開始為該品牌獲得一些動力。

The business model, I think, is very attractive.

我認為這種商業模式非常有吸引力。

We see all of their stores are doing really well in terms of four-wall EBITDA contribution, and we feel that this should be a contributor to margin as opposed to a dilutive factor over time.

我們看到他們所有的商店在四牆 EBITDA 貢獻方面都做得非常好，我們認為這應該是利潤的貢獻者，而不是隨著時間的推移而稀釋的因素。

So double-digit operating margin is definitely within our sights, and I'm not saying that that's going to happen next year.

因此，兩位數的營業利潤率絕對是我們的目標，而且我並不是說明年就會發生這種情況。

But we don't see any limiting factors to be able to accomplish that with this company, especially considering that we are collecting over $100 million in royalties every year with a 90% operating margin, so a lot of opportunity there.

但我們認為這家公司沒有任何限制因素能夠實現這一目標，特別是考慮到我們每年收取超過 1 億美元的特許權使用費，營業利潤率為 90%，因此存在很多機會。

Dennis?

丹尼斯？

Yeah, onto the fourth-quarter bridge, if you think about last fourth quarter against this Q4.

是的，如果你想想上個第四節對這個第四節的情況，就到了第四節的橋。

You first have to start, there's some fairly sizable and significant non-comp issues, a couple I mentioned in the prepared remarks.

你必須先開始，有一些相當大且重要的非補償問題，我在準備好的評論中提到了一些問題。

You've got last year had the extra week, obviously that creates a headwind as well as currency.

去年多了一周，顯然這會帶來逆風和貨幣。

So those combine to be a high single-digit sort of headwind going into the quarter.

因此，這些因素加在一起將成為本季的一個高個位數的逆風。

Then you've got contributing rag & bone, obviously, it's a non-comp event going the other way.

然後你就得貢獻“rag＆bone”，顯然，這是一個非競賽活動，反之亦然。

We get all that top line in the quarter.

我們在本季獲得了所有的收入。

And the rest of the organic business, which, which net you still get some level of growth, similar to the third quarter, we're seeing growth coming from Europe.

其餘的有機業務仍獲得一定程度的成長，與第三季類似，我們看到成長來自歐洲。

The wholesale business should be a strong contributor to our growth.

批發業務應該是我們成長的強大貢獻者。

As we said, the spring-summer order book was up in the 10% range, so notwithstanding the fact that we're going to have one fewer selling week in the year, we still see the European wholesale business growing.

正如我們所說，春夏訂單量成長了 10%，因此儘管一年中的銷售週將減少，但我們仍然看到歐洲批發業務正在成長。

We still have tailwinds coming from the European retail business and the ecom business.

我們仍然有來自歐洲零售業務和電子商務業務的推動力。

The challenges are, as they were in the third quarter, here and in Asia, where we've got some headwinds in the retail business.

與第三季一樣，挑戰在於這裡和亞洲，我們的零售業務遇到了一些阻力。

The wholesale business of America also should be a contributor, as we've internalized the outerwear business here.

美國的批發業務也應該要做出貢獻，因為我們已經將這裡的外套業務內部化了。

So I think those are the large drivers.

所以我認為這些是主要的驅動因素。

And then just to remind you what we said in the prepared remarks, if you look at last year on the bottom line, the operating earnings line, and you factor out the extra week and the currency, you get to a -- in the midpoint of our guidance, you get to roughly a flat operating profit level year over year.

然後提醒您我們在準備好的評論中所說的話，如果您查看去年的底線、營業收入線，並考慮到額外的一周和貨幣，您會得到一個 - 在中點根據我們的指導，您的營業利潤水準較去年同期大致持平。

Yeah, and this is after making additional investments in marketing, which are significant.

是的，這是在行銷方面進行了額外投資之後的結果，這非常重要。

Just you saw the change over our marketing investment last year.

如您所見，我們去年行銷投資的變化。

This year we're talking about a rather significant number.

今年我們談的是一個相當大的數字。

We are very convinced that there is a big opportunity for us to really regain topline momentum by investing in marketing overall.

我們堅信，透過整體行銷投資，我們有很大機會真正重獲營收動力。

So we are doing this in a very surgical way, and we are seeking some advice from some experts on social media and all those projects are ongoing.

因此，我們正在以一種非常外科手術的方式來做這件事，我們正在社交媒體上尋求一些專家的建議，所有這些項目都正在進行中。

And I think the team did a very good job during the last few months just increasing the intensity of the kind of activities where we are investing, including a lot of influencer programs and experiential activations.

我認為團隊在過去幾個月做得非常好，只是增加了我們投資的活動的強度，包括許多影響者計劃和體驗活動。

We are doing a lot in targeted campaigns for a very specific consumer group.

我們針對特定的消費群體進行了大量有針對性的活動。

Georgina Rodriguez did another campaign with us.

喬治娜·羅德里格斯和我們一起做了另一場活動。

Paul has been just working with that team now for some time.

保羅已經在該團隊工作了一段時間了。

Georgina continues to gain in popularity.

喬治娜繼續受歡迎。

She has over 64 million followers on Instagram.

她在 Instagram 上擁有超過 6400 萬粉絲。

She's on her third season with Netflix, doing a great job with that.

她在 Netflix 的第三季表現出色。

And we think that she's very relevant for our consumer group.

我們認為她與我們的消費群體非常相關。

Very exciting.

非常令人興奮。

And then we are doing a lot of in-store events.

然後我們會舉辦很多店內活動。

This is something that I don't know how many brands have the capability to do this.

這是不知道有多少品牌有能力做到這一點的。

We did more than 80 store events during the last few months.

在過去的幾個月裡，我們舉辦了 80 多場商店活動。

We think that these are very, very powerful.

我們認為這些非常非常強大。

We just did one in Vegas this past Saturday, for example, and the store was up 60% for the day, just to give you an idea of how powerful these moves are.

例如，上週六我們剛剛在維加斯做了一次，當天商店的股價上漲了 60%，只是為了讓您了解這些舉措的威力有多大。

And then, in terms o also investing in loyalty, we just launched a new loyalty program in Europe.

然後，在忠誠度投資方面，我們剛剛在歐洲推出了一項新的忠誠度計劃。

We just tested two countries, Poland and Italy, as pilot tests, and our plan is to go into several other countries in Q1 next year.

我們剛剛對波蘭和義大利兩個國家進行了試點測試，我們的計劃是在明年第一季進入其他幾個國家。

But we are excited about this program.

但我們對這個計劃感到興奮。

We think that this is very unique.

我們認為這是非常獨特的。

It's truly omnichannel, the program.

該計劃是真正的全渠道。

This is going to cater to a customer, overall customer in Europe.

這將迎合歐洲的整體客戶。

So we take the Eurozone as our field.

所以我們把歐元區當作我們的領域。

And people are going to be able to redeem points or whatever we do in any one of those countries, so you don't have to be limited to your country of origin or where you live.

人們將能夠兌換積分或我們在這些國家/地區中的任何一個所做的任何事情，因此您不必局限於您的原籍國或居住地。

And we think that this is going to be powerful as well.

我們認為這也將非常強大。

The program is also integrated with our clienteling app in-store, so then we can offer a better experience and service our customers with a full set of tools.

該程式還與我們店內的客戶應用程式集成，以便我們可以提供更好的體驗並透過全套工具為客戶提供服務。

So I'll stop there.

所以我就到此為止。

Thank you, Mauricio.

謝謝你，毛里西奧。

Thank you, and best of luck.

謝謝你，祝你好運。

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

（操作員說明）Eric Beder，小資本消費者研究。

So, I want to step back and think about this.

所以，我想退一步思考這個問題。

So, if I look at the overarching kind of shifts in the Guess brand, it has been over the last few years a shift to a universal product and a shift to elevate the brand, in terms of products, in terms of the way you do the stores, in terms of the way you interact with the customer.

因此，如果我看看 Guess 品牌的整體轉變，在過去幾年裡，它一直在向通用產品轉變，並在產品方面、在您的工作方式方面提升品牌的轉變商店，就您與顧客互動的方式而言。

And if you look at Europe, that's been a huge success for this.

如果你看看歐洲，你會發現這方面取得了巨大的成功。

The elevation has led to more sales.

提升帶來了更多的銷售。

And if you look at the US, especially the retail stores, that hasn't had the same impact.

如果你看看美國，尤其是零售商店，你會發現這並沒有產生同樣的影響。

Does this concept of having a truly universal product offering make sense given these different continents

考慮到這些不同的大陸，這種擁有真正通用產品的概念是否有意義

(technical difficulty).

（技術難度）。

How should we be thinking about this in terms of going forward, in terms of the brand?

從品牌的角度來看，我們該如何思考這個問題？

Thank you, Eric.

謝謝你，埃里克。

It's a very good question.

這是一個非常好的問題。

We have done this, what you call universal product line, we call it the global line of product, which we have implemented for all our product categories, which are 25 of them.

我們已經做到了這一點，你們稱之為通用產品線，我們稱之為全球產品線，我們已經為所有產品類別（其中 25 個）實施了這一點。

And this was a major effort.

這是一項重大努力。

It got finalized during the last three years, I would say now, which is the major effort started with COVID and it went into -- just it took us about two years to complete most of what we were trying to do.

我現在想說的是，它是在過去三年裡完成的，這是從新冠疫情開始的主要努力，而且我們花了大約兩年的時間才完成了我們試圖做的大部分工作。

Now, this is impacting all the product lines, including our full price outlet assortment and so forth.

現在，這正在影響所有產品線，包括我們的全價直營店品種等。

I would say that you are absolutely right.

我想說你是絕對正確的。

This project has been tremendously successful in Europe.

該項目在歐洲取得了巨大成功。

The brand has been elevated to a very, very significant point, and we feel that the customer has embraced all these efforts, both in full price and also in our wholesale business, and also in our e-commerce business.

該品牌已經提升到了一個非常非常重要的地步，我們覺得客戶已經接受了所有這些努力，無論是全價還是我們的批發業務以及我們的電子商務業務。

We always said that the brand was perceived at a much higher level in Europe than it was in our US business, and that, we think, has been the result of a lot of promotional activities in this market, and we think that because we had a long legacy in wholesale with independent stores and many of our other brands that are in our space were kind of like just competing on the same floors, on the same locations.

我們總是說，該品牌在歐洲的認知度比我們在美國業務中的認知度要高得多，我們認為這是該市場上大量促銷活動的結果，我們認為這是因為我們獨立商店和我們空間內的許多其他品牌在批發方面的悠久傳統有點像在同一樓層、同一地點競爭。

It became more a price competition as opposed to just the uniqueness of the product that was being offered to the customer.

這更多地變成了價格競爭，而不僅僅是向客戶提供產品的獨特性。

And we think that that had an impact on how the brand was perceived.

我們認為這對品牌的認知產生了影響。

But we feel that over time, we have been turning that.

但我們覺得，隨著時間的推移，我們已經在改變這一點。

We have a very limited offering now.

我們現在提供的產品非常有限。

We're talking about closing this year with about 55 stores in North America.

我們正在討論今年關閉北美約 55 家商店。

That includes both US and Canada that I'm talking about.

這包括我所說的美國和加拿大。

And, of course, that has an impact on how the brand is perceived and accessible.

當然，這會影響品牌的認知度和可及性。

And our business on e-commerce is also relatively limited.

而且我們在電商方面的業務也比較有限。

We are working to really reclaim this space.

我們正在努力真正回收這個空間。

Just part of that elevation that you talked about is also a change in styling.

您所談到的提升的一部分也是樣式的變化。

And the assortment today is a lot more on the contemporary space.

現今的產品種類較集中在當代空間。

And we have, by changing that styling, we have created a space with the casual wear.

透過改變這種造型，我們創造了一個休閒裝的空間。

And we think that Guess Jeans is a perfect candidate to fill that space.

我們認為 Guess Jeans 是填補這一空白的完美候選者。

So, of course, today we don't have the distribution for Guess Jeans.

當然，今天我們沒有 Guess Jeans 的發行版。

This is a new project that Nicolai is heading.

這是尼古拉領導的一個新計畫。

We are very pleased with the initial results of this offering, but most of that business is at wholesale and is primarily in the European region.

我們對這項服務的初步結果非常滿意，但大部分業務都是批發，並且主要在歐洲地區。

We think that there is a big opportunity here in the US for that product because it is a lot more casual wear, more reclaiming the DNA of the denim part of the assortment for Guess.

我們認為該產品在美國有很大的機會，因為它是更多休閒服裝，更多地回收了 Guess 產品系列中牛仔布部分的 DNA。

Also, price points are a lot more attractive and more directly or directed to a younger customer.

此外，價格點也更具吸引力，並且更直接或針對年輕客戶。

We are working on marketing.

我們正在致力於行銷。

We think that that is going to be a key tool for us to really change the relevancy and the awareness of the brand.

我們認為這將成為我們真正改變品牌相關性和知名度的關鍵工具。

We are also looking at pricing.

我們也在考慮定價。

We have increased prices quite significantly.

我們大幅提高了價格。

We're talking about AUR growth of about 30% from the time when, just prior to everything that I'm describing now, I'm talking about pre-COVID.

我們談論的是 AUR 成長約 30%，就在我現在描述的一切之前，我談論的是新冠疫情之前的情況。

Our prices are up 30% and we're seeing gross profit margin of increasing by about 900 basis points.

我們的價格上漲了 30%，毛利率增加了約 900 個基點。

It's a pretty significant change that we have affected.

這是我們所影響的一個相當重大的改變。

We think that it was the right thing to do, and these changes have impacted most product categories that you can find in the store today.

我們認為這是正確的做法，這些變化已經影響了您今天可以在商店中找到的大多數產品類別。

But that being said, we are seeing that a lot of our competition has been more aggressive with pricing and promotional activities.

但話雖這麼說，我們發現我們的許多競爭對手在定價和促銷活動方面都更加激進。

And we are looking at that to make sure that we don't lose in this type of competitive environment.

我們正在考慮這一點，以確保我們不會在這種競爭環境中失敗。

And we feel that we definitely have the room because we have created that room through the price increases.

我們覺得我們肯定有這個空間，因為我們透過漲價創造了這個空間。

But we want to make sure that we continue to run the business with that feeling that the brand is more elevated.

但我們希望確保我們繼續以品牌更加提升的感覺來經營業務。

We are putting more quality into the garments.

我們正在提高服裝的品質。

We are doing a lot of things that are driving improvements in sustainability.

我們正在做很多事情來推動永續發展。

We are doing a lot of things that we think are key for the customer that is really interested in our products.

我們正在做很多我們認為對於對我們的產品真正感興趣的客戶來說至關重要的事情。

We feel that just creating big opportunities in key categories like just what we have with outerwear, what we have in our accessories world.

我們認為，只要在關鍵類別上創造巨大的機會，例如我們的外套、配件領域。

This is a company that does about 45% of the business with accessories. 55% only is apparel.

這家公司大約 45% 的業務是配件業務。 55%僅是服裝。

And we feel that that is very unique.

我們覺得這是非常獨特的。

We have a big handbag business.

我們有很大的手袋業務。

We have strong businesses with products in other apparel categories.

我們在其他服裝類別的產品方面擁有強大的業務。

We think that going back to Guess Jeans can help us to develop further our men's business that has been just contracting during the last few years.

我們認為，回到 Guess Jeans 可以幫助我們進一步發展過去幾年一直在萎縮的男裝業務。

So we see a lot of opportunity here.

所以我們在這裡看到了很多機會。

Obviously, we cannot do everything at once, but we think that the brand has a big, big place here in the US and Canada, and we plan to go back and rebuild it.

顯然，我們無法一次完成所有事情，但我們認為該品牌在美國和加拿大擁有很大的地位，我們計劃回去重建它。

And I'm going to ask the obligatory tariffs question.

我要問強制關稅問題。

Obviously, you have a much wider international base than most other companies that have US operations.

顯然，與大多數在美國開展業務的其他公司相比，你們擁有更廣泛的國際基礎。

How is your ability to respond if the government raises tariffs on goods from Asia and China?

如果政府提高來自亞洲和中國的商品關稅，您的應對能力如何？

Thank you and good luck for the holiday season.

謝謝你，祝你假期好運。

Thank you, Eric.

謝謝你，埃里克。

Well, of course, we are looking at tariffs and we are looking at our sourcing.

嗯，當然，我們正在考慮關稅，我們正在考慮我們的採購。

We have done a lot of work to really reduce our dependency on China during the last few years.

過去幾年，我們做了很多工作來真正減少對中國的依賴。

We have a very strong team in Europe that leads all these efforts, and they have done a great job in reducing that.

我們在歐洲有一支非常強大的團隊來領導所有這些努力，他們在減少這些努力方面做得非常出色。

And what we do have today, we think that there is plenty of flexibility to move the sourcing to other places and we are looking into that as we speak.

我們今天所擁有的，我們認為有足夠的彈性將採購轉移到其他地方，我們正在研究這一點。

That being said, of course, there are some products and some categories The Chinese vendors are very strong at, and we have to be very careful.

話雖如此，當然，有些產品和某些類別中國供應商非常擅長，我們必須非常小心。

We still don't want to compromise the quality and the make of the products that we do make.

我們仍然不想損害我們生產的產品的品質和製造。

So definitely we're going to be watching for this.

所以我們肯定會關注這一點。

And then there are some other parts, I just read about Mexico being just another target here for tariffs.

還有其他一些部分，我剛剛讀到墨西哥只是另一個關稅目標。

We do not have significant sourcing now, but there are a few categories that we depend on Mexico, and we may have to look at other alternative sources.

我們現在沒有大量的採購，但有一些類別我們依賴墨西哥，我們可能必須尋找其他替代來源。

And we are not concerned about that because just the business is -- can depend more on South America and other parts.

我們並不擔心這一點，因為業務可以更依賴南美洲和其他地區。

We do, especially in the type of product that we bring from Mexico.

我們確實這樣做，尤其是我們從墨西哥帶來的產品類型。

Overall, this is going to be more challenging, but because of all the work that has been done during the last few years, we don't see this as a very significant issue.

總的來說，這將更具挑戰性，但由於過去幾年所做的所有工作，我們認為這不是一個非常重要的問題。

There are some categories where things are more challenging, but we are looking at those as well.

有些類別的事情更具挑戰性，但我們也在關注這些類別。

Thank you.

謝謝。

Good luck for the holidays.

祝假期好運。

Thank you, Eric.

謝謝你，埃里克。

Thank you.

謝謝。

Ladies and gentlemen, at this time I would like to now turn the call back over to Carlos for closing remarks.

女士們、先生們，現在我想將電話轉回給卡洛斯，讓他致閉幕詞。

Thank you, operator.

謝謝你，接線生。

Well, I just want to say thank you to all of you for your participation today.

好吧，我只想對大家今天的參與表示感謝。

Really, this was a challenging business, but we are very pleased with our performance this quarter.

確實，這是一項具有挑戰性的業務，但我們對本季的表現非常滿意。

And we are also very pleased with all the progress that we are making this year.

我們對今年取得的所有進展也感到非常滿意。

We feel that the company is going through a period of transformation.

我們感覺公司正在經歷一個轉型時期。

We are making significant investments to create value for our shareholders in the long term.

我們正在進行重大投資，以便為股東創造長期價值。

We are well positioned for the future.

我們為未來做好了充分準備。

We believe that we have all the tools to really bring a lot of value.

我們相信我們擁有真正帶來大量價值的所有工具。

And we are very excited about our opportunity.

我們對我們的機會感到非常興奮。

So we wish you all a very happy Thanksgiving with your families, your friends.

因此，我們祝福大家與家人、朋友度過一個愉快的感恩節。

And we look forward to reconnecting for our year-end report.

我們期待在年終報告中重新建立聯繫。

So have a great day and thank you again for your participation.

祝您有美好的一天，再次感謝您的參與。

Ladies and gentlemen, that concludes today's conference call.

女士們先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。