Guess? Inc (GES) 2025 Q4 法說會逐字稿

Good day everyone and welcome to the Guess? fourth-quarter fiscal 2025 earnings conference call. I would like to turn the call over to Fabrice Benarouche, Senior Vice President of Finance, Investor Relations, and Chief Accounting Officer. The floor is yours.

大家好，歡迎來到“猜猜看？”2025 財年第四季財報電話會議。我想將電話轉給財務、投資者關係高級副總裁兼首席會計長 Fabrice Benarouche。現在輪到你了。

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

謝謝您，接線生。大家下午好，感謝大家今天的參與。今天與我一起參加電話會議的還有執行長 Carlos Alberini；以及臨時財務長丹尼斯‧塞科爾 (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.

在今天的電話會議上，公司將發表前瞻性聲明，包括有關未來計劃、戰略舉措、資本配置以及短期和長期展望的評論。

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

根據今天的新聞稿以及公司向美國證券交易委員會提交的季度和年度報告中包含的風險因素，公司的實際業績可能與當前預期有重大差異。評論也將參考某些非 GAAP 或調整後的指標。在今天的收益報告中可以找到這些指標的 GAAP 對帳和描述。

Now, I will turn it over to Carlos.

現在，我將把發言權交給卡洛斯。

Thank you, Fabrice, and thank you all for joining us for our Q4 fiscal 2025 conference call. We are pleased to report to you on our fourth-quarter and full-year results, as well as share the progress that we have made against important operational, strategic, and financial objectives that support our goal to drive sustainable revenue and earnings growth.

謝謝你，Fabrice，也謝謝大家參加我們的 2025 財年第四季電話會議。我們很高興向您報告我們的第四季度和全年業績，並分享我們在實現重要營運、策略和財務目標方面所取得的進展，這些目標支持我們實現永續收入和獲利成長的目標。

As we reflect on the past year, it was a year marked by significant accomplishments. To name a few of these, we completed our acquisition of rag & bone with WHP Global. This was the first brand acquisition in our 44-year history as we begin to leverage our powerful operating platform across more brands.

回顧過去的一年，這是重大成就的一年。舉幾個例子，我們與 WHP Global 合作完成了對 rag & bone 的收購。這是我們 44 年歷史上的首次品牌收購，我們開始利用我們強大的營運平台來拓展更多品牌。

We launched our new brand Guess? Jeans globally to attract a new younger customer, offering an entire collection inspired by our rich archives, providing denim that is affordable yet sustainable.

我們推出了新品牌 Guess？牛仔褲在全球吸引新的年輕客戶，提供受我們豐富的檔案啟發的整個系列，提供價格實惠且可持續的牛仔布。

We signed a partnership agreement with the Tata Group to represent Guess? Jeans in India. We launched an aggressive plan to expand the awareness and distribution of the Guess? brand in India, closing the year with 22 new stores in the market.

我們與塔塔集團簽署了合作協議，代表 Guess？印度的牛仔褲。我們推出了一項積極的計劃來擴大 Guess 的知名度和分銷範圍？品牌，今年在印度市場開設了 22 家新店。

With Paul's leadership, we renewed our Guess? handbag license with Signal, cementing that important partnership until 2039, which represents a large license under very favorable terms. In addition, we signed a new licensing deal with them to produce handbags for rag & bone.

在保羅的領導下，我們重新開始了猜測？與 Signal 簽訂了手提包許可協議，鞏固了這一重要合作夥伴關係直至​​ 2039 年，這代表著在非常優惠的條件下達成的一項大規模許可。此外，我們也與他們簽署了新的授權協議，為rag & bone生產手袋。

We entered into a joint venture agreement with our partner in the Middle East, the Chalhoub Group. We internalized the development and distribution of our outerwear and dresses businesses previously licensed to GIII.

我們與中東合作夥伴 Chalhoub 集團簽訂了合資協議。我們將先前授權給 GIII 的外套和連身裙業務的開發和分銷內部化。

And we began partnering with GXO Global in the US to manage our US distribution to drive operating efficiencies and also sold our US warehousing facility to free up capital. At the same time, our team made progress on a number of fronts. We also continued to navigate a challenging environment. As we have discussed through the year, the Red Sea crisis disrupted the flow of goods and increased shipping costs and transit times.

我們開始與美國 GXO Global 合作管理我們的美國分銷業務，以提高營運效率，同時出售我們的美國倉儲設施以釋放資金。同時，我們的團隊在許多方面取得了進展。我們也將繼續在充滿挑戰的環境中前進。正如我們今年所討論的那樣，紅海危機擾亂了貨物流通，增加了運輸成本和運輸時間。

Globally, consumers have faced significant inflationary pressures tempering demand for more discretionary products. Traffic declines into our retail stores have persisted; and the strength of the US dollar has impacted both our revenues and margins. Throughout the year we remained nimble and we adapted, managing the business to mitigate most of these external factors, delivering products on time, and maintaining healthy margins.

在全球範圍內，消費者面臨巨大的通膨壓力，抑制了對更多非必需產品的需求。我們零售店的客流量持續下降；美元的強勢影響了我們的收入和利潤。在這一年中，我們保持靈活並不斷適應，管理業務以減輕大多數外部因素的影響，按時交付產品並保持健康的利潤率。

There was much to be proud of, as well as much opportunity for improvement, and we are excited entering fiscal '26 with a strong plan to capitalize on our successes and address several breakthrough opportunities.

我們有很多值得驕傲的事情，也有很多改進的機會，我們很高興進入 26 財年，並製定了強有力的計劃來利用我們的成功並抓住幾個突破性的機會。

So let me get more into the details, starting with our operating results for the fourth quarter. In the quarter, consistent with our expectations, we grew revenues by 5%, reaching $932 million. Adjusted for currencies and last year's extra week, our total company growth would have been 14%, a substantial difference. Within that 14% of growth, rag & bone represented 9 points, and our core Guess? business contributed the other 5 points.

那麼，讓我更詳細地介紹一下，先介紹一下我們第四季的經營業績。本季度，我們的營收與預期一致，成長了 5%，達到 9.32 億美元。在根據貨幣和去年的額外一周進行調整後，我們公司的整體成長率將達到 14%，這是一個相當大的差異。在這 14% 的成長中，rag & bone 佔據了 9 個百分點，而我們的核心品牌 Guess?商業貢獻了另外 5 分。

From a revenue standpoint, our core Guess? business performed near the upper end of our expectations with the strongest performances coming from our Wholesale businesses. In Europe, Wholesale grew mid-single digits despite the strong currency headwinds and one less shipping week versus last year. The Guess? brand continued its strong momentum among our thousands of Wholesale customers in the region. And we continue our optimism for this year with our order book for the fall-winter collection having closed with a 7% growth.

從收入角度來看，我們的核心猜測是什麼？業務表現接近我們預期的上限，其中批發業務表現最為強勁。在歐洲，儘管面臨強勁的貨幣逆風且運輸週數較去年同期減少一周，但批發業務仍實現了中等個位數成長。猜猜看？品牌在該地區數千名批發客戶中繼續保持強勁勢頭。我們對今年依然保持樂觀態度，秋冬系列的訂單量已成長 7%。

In America's Wholesale, the Guess? brand also performed well, exceeding our expectations for the quarter with double-digit growth fueled by greater shipments of several core product categories as well as the direct operation of our outwear business, which previously was operated by GIII as a licensed business.

在美國批發市場，你猜？品牌也表現良好，本季度實現了兩位數增長，超出了我們的預期，這得益於幾個核心產品類別的出貨量增加以及我們外套業務的直接運營，而該業務之前由 GIII 作為授權業務運營。

In our European Retail business, revenues came in within our expectations, and we delivered a constant currency comp increase of 5% as improved conversion, AUR, and units per transaction more than offset a year-over-year decline in store traffic.

在我們的歐洲零售業務中，收入達到了我們的預期，並且由於轉換率、AUR 和每筆交易單位的提高足以抵消門市客流量同比下降的影響，我們實現了 5% 的固定匯率增長。

Our licensing business exceeded our revenue expectations, growing 18% in the quarter, fueled by strong performance of footwear, fragrances, handbags, and eyewear.

我們的授權業務超出了我們的收入預期，本季成長了 18%，這得益於鞋類、香水、手袋和眼鏡的強勁表現。

Our America's Guess? Retail business did not meet our revenue expectations for the quarter. Traffic headwinds, coupled with a declining conversion, resulted in an overall 14% constant currency comp decline in our US and Canadian Guess? stores and e-commerce.

我們的美國猜猜看？零售業務本季的營收未達我們的預期。流量逆風加上轉換率下降，導致我們在美國和加拿大的匯率總體下降了 14% 猜測？商店和電子商務。

Our Guess? Asia business performed at the lower end of our revenue expectations with a revenue decline in the upper teens, with declines in most of our Asian businesses, most notably in South Korea and China, where traffic to our retail stores remained challenging. These declines were partially offset by the expansion of our India business.

我們的猜測？亞洲業務表現處於我們收入預期的低端，收入下降幅度在百分之十幾左右，我們的大多數亞洲業務都出現下滑，最明顯的是韓國和中國，我們零售店的客流量仍然很困難。這些下降被我們印度業務的擴張部分抵消。

Moving next to our product performance, we experienced different levels of performance across each region. In Europe, accessory sales increased with strong performances in both handbags and fragrances. Women's apparel also grew with active wear, outerwear, knit tops, and denim delivering the strongest increases. Both footwear and our men's businesses posted modest declines.

接下來看看我們的產品效能，我們發現每個地區的效能水準都不同。在歐洲，配件銷售成長，手袋和香水錶現強勁。女裝也出現成長，其中運動服、外套、針織上衣和牛仔布增幅最強勁。鞋類和男裝業務均出現小幅下滑。

In the Americas, both our women's and men's businesses were down, as were accessories and footwear. One product category that performed relatively well was women's activewear, driven by woven pants and skirts.

在美洲，我們的女裝和男裝業務都出現下滑，配件和鞋類業務也同樣下滑。表現相對較好的一個產品類別是女士運動服，以梭織褲子和裙子為主導。

Turning to rag & bone, the business outperformed our revenue expectations, mainly driven by strong e-commerce performance, and we continue to be pleased with the progress that we are making and with the collaboration of our two teams. Regarding fourth-quarter total company margins, we delivered gross margin of 44.1%, below our expectations mainly driven by slightly higher markdown pressure and unfavorable currency impact.

談到Rag & Bone，該業務的表現超出了我們的收入預期，這主要得益於強勁的電子商務表現，我們對所取得的進展以及我們兩個團隊的合作感到滿意。就第四季公司總利潤率而言，我們的毛利率為 44.1%，低於我們的預期，主要原因是降價壓力略有增加以及不利的貨幣影響。

Total company adjusted SG&A increased 11% and was in line with our plan. The increase reflects the addition of the rag & bone infrastructure, as well as planned increased investments in marketing and advertising. Our marketing and advertising spending more than doubled in the quarter and supported investments in our Guess? brand, rag & bone domestically and abroad, and in Guess? Jeans. These investments are designed to build stronger brand awareness and enhance customer engagement.

公司調整後的銷售、一般及行政開支總計增加了 11%，符合我們的計劃。這一增長反映了 rag & bone 基礎設施的增加，以及計劃增加的營銷和廣告投資。本季我們的行銷和廣告支出增加了一倍多，並支持了我們對 Guess 的投資？品牌、國內外的 rag & bone 以及 Guess?牛仔褲。這些投資旨在增強品牌知名度和提高客戶參與度。

In the quarter, we delivered adjusted operating profit of $107 million and an adjusted operating margin of 11.4%, which was below our expectations and reflects our lower than anticipated gross margin, and we delivered adjusted earnings per share of $1.48 within our expectations given a lower tax rate for the quarter.

本季度，我們實現調整後營業利潤 1.07 億美元，調整後營業利潤率為 11.4%，低於我們的預期，反映了我們低於預期的毛利率，由於本季度稅率較低，我們實現調整後每股收益 1.48 美元，符合我們的預期。

In all, for the full year, we grew revenues by 8% in US dollars to $3 billion. In constant currency, we grew revenues by 10%. We delivered adjusted operating profit of $180 million and an adjusted operating margin of 6%. We reported adjusted EPS of $1.96.

總體而言，全年我們的收入成長了 8%，達到 30 億美元。以固定匯率計算，我們的收入成長了 10%。我們實現調整後營業利潤 1.8 億美元，調整後營業利益率為 6%。我們報告的調整後每股收益為 1.96 美元。

While we certainly take pride in many aspects of our operating performance this year, we are disappointed to have fallen short of the earnings goals that we set for ourselves at the beginning of the year.

雖然我們對今年的經營業績的許多方面感到自豪，但我們對未能實現年初為自己設定的盈利目標感到失望。

As we look to fiscal 2026 and the future, we are focused on key strategic initiatives to strengthen our organization, improve brand awareness and customer engagement, increase retail store and e-commerce productivity, build a more efficient infrastructure, and optimize our business model to improve profitability and return on invested capital. In addition, we have many opportunities to grow our business and we are well positioned to leverage them in the near and long term.

展望 2026 財年及未來，我們專注於關鍵策略舉措，以加強我們的組織，提高品牌知名度和客戶參與度，提高零售店和電子商務的生產力，建立更高效的基礎設施，並優化我們的業務模式，以提高盈利能力和投資回報率。此外，我們有很多機會來發展我們的業務，並且我們有能力在短期和長期內利用這些機會。

I will now spend a few minutes on each of these initiatives. I will start with our organization. We are very pleased that Alberto Toni will be joining our team as Chief Financial Officer starting in June. Alberto brings with him a strong global financial and operational background, including 17 years with the Heineken company where he progressed through multiple financial roles. He subsequently spent several years as CFO of the Bata Group and most recently as CFO of Flos B&B Italia Group. Alberto will be based in Lugano and will lead our finance team globally.

我現在將花幾分鐘時間討論每一項舉措。我先從我們的組織說起。我們非常高興 Alberto Toni 將於六月加入我們的團隊並擔任財務長。阿爾貝托擁有強大的全球金融和營運背景，包括在喜力公司工作 17 年並擔任多個財務職位。隨後，他擔任了 Bata 集團的財務長數年，最近又擔任 Flos B&B Italia 集團的財務長。Alberto 將駐紮在盧加諾並領導我們的全球財務團隊。

I'm also very pleased to welcome Lorenzo Maria Di Vecchio to the position of General Counsel, also based in Lugano. Lorenzo spent the last five years with the Christian Dior Couture Company, most recently as General Counsel for the EMEA region.

我也非常高興地歡迎 Lorenzo Maria Di Vecchio 擔任總法律顧問，他的辦公室也設在盧加諾。過去五年，Lorenzo 一直在 Christian Dior Couture Company 任職，最近擔任 EMEA 地區的總法律顧問。

In addition, we have reorganized and have promoted Ufuk Memoglu to Chief Commercial Officer for Europe and Asia. Ufuk currently leads our business in many markets across Europe and Asia. Ufuk has been with Guess? for nine years and has progressed with significant added country responsibilities.

此外，我們也進行了重組，並將 Ufuk Memoglu 提升為歐洲和亞洲首席商務長。Ufuk 目前在歐洲和亞洲的許多市場領導我們的業務。Ufuk 一直都跟 Guess 在一起嗎？九年來，他不斷進步，承擔了多項重要的國家責任。

We have also promoted Vladimir Romanov to Chief Merchandising Officer for EMEA. Vladimir has also been with Guess? for nine years, developing and running our business in Russia and Kazakhstan. He brings outstanding leadership qualities and product knowledge. He will also be based in Lugano and will oversee our retail buying, planning, store development, visual merchandizing, and the retail operations team.

我們也將 Vladimir Romanov 提升為 EMEA 地區的首席行銷長。弗拉基米爾 (Vladimir) 也曾與 Guess 合作過嗎？九年來，我們在俄羅斯和哈薩克發展和經營業務。他具有出色的領導能力和產品知識。他還將駐紮在盧加諾，負責監督我們的零售採購、規劃、店鋪開發、視覺行銷和零售營運團隊。

Regarding our marketing initiatives, we are committed to continuing to invest in our brands to expand global awareness and to improve customer loyalty and frequency of shopping.

關於我們的行銷舉措，我們致力於繼續投資我們的品牌，以擴大全球知名度並提高客戶忠誠度和購物頻率。

In North America, in particular, we are focused on improving customer engagement and traffic to our stores and online. We know that 80% of the customers visiting stores perform extensive research online prior to their visits, so having a meaningful presence in social media is critical to influence customer choice and behavior.

特別是在北美，我們專注於提高客戶參與度以及增加我們商店和網路上的流量。我們知道，80% 的顧客在光顧商店之前都會在網路上進行廣泛的研究，因此在社群媒體上保持有意義的存在對於影響顧客的選擇和行為至關重要。

We have engaged General Idea, a full-service creative agency to tap into this opportunity. This project is ongoing and we expect the implementation will begin in July this year. Nicolai Marciano is leading this project internally. We are also implementing a new CRM system in Europe and the early results have been encouraging.

我們已與一家提供全方位服務的創意機構 General Idea 合作，以利用這一機會。該項目正在進行中，預計今年7月開始實施。Nicolai Marciano 在內部領導這個專案。我們也在歐洲實施了新的 CRM 系統，早期結果令人鼓舞。

Last, we have been testing new imagery and navigation in our websites and social media channels and focusing our marketing efforts and resources at a more local level with good initial results, including improved conversion.

最後，我們一直在我們的網站和社交媒體管道上測試新的圖像和導航，並將我們的行銷工作和資源集中在更本地化的層面，並取得了良好的初步成果，包括轉換率的提高。

Regarding our retail store productivity, we are focused on product, pricing, visual merchandising, and customer experience. We plan to develop exclusive products for the direct-to-consumer business, leveraging a speed-to-market model to address current trends and the replenishment of best sellers more effectively.

關於我們的零售店生產力，我們專注於產品、定價、視覺行銷和客戶體驗。我們計劃為直接面向消費者的業務開發獨家產品，利用快速上市模式更有效地應對當前趨勢和暢銷產品的補充。

As part of our efforts to optimize assortments per store, we will work with a more sophisticated store clustering model that will consider specific customer interest, price sensitivity, weather characteristics, and casual versus dressy preferences.

作為我們優化每家商店商品組合的努力的一部分，我們將採用更複雜的商店聚類模型，該模型將考慮特定客戶的興趣、價格敏感度、天氣特徵以及休閒與正式的偏好。

Regarding pricing, we identified opportunities to expand our offering of products at entry price points in several categories. We strongly believe that today's customers are a lot more price sensitive and will respond well to quality products offering strong value for the price.

關於定價，我們發現了在幾個類別中擴大入門價位產品供應的機會。我們堅信，如今的顧客對價格更加敏感，並且會對物有所值的優質產品做出積極的反應。

Last, we plan to optimize the use of store selling space with enhanced visual merchandising and proper space allocation based on category potential. We are currently developing a new store concept that addresses these opportunities.

最後，我們計劃透過增強視覺行銷和根據品類潛力進行適當的空間分配來優化店面銷售空間的使用。我們目前正在開發一種新的商店概念來應對這些機會。

Most of these initiatives should also benefit our e-commerce business. While some of these initiatives will be implemented as early as the second quarter, we expect to see the full impact of these initiatives in the second half of the year.

其中大部分舉措也應該會使我們的電子商務業務受益。雖然其中一些舉措最早將於第二季實施，但我們預計這些措施的全面影響將在下半年顯現。

My next point is about our infrastructure and expense optimization. Our global presence is significant, requiring sizable costs to run the business and new investments to continuously upgrade our capabilities. We currently have two distinct infrastructures that support our different businesses in the US, Asia, and Europe. We are exploring the potential integration of these networks, which we believe can have a significant positive impact on our cost structure and profitability over time.

我的下一個觀點是關於我們基礎設施和費用優化。我們的全球影響力十分巨大，需要投入大量成本來經營業務，並進行新的投資來持續提升我們的能力。我們目前擁有兩個不同的基礎設施，支援我們在美國、亞洲和歐洲的不同業務。我們正在探索這些網路的潛在整合，我們相信這將對我們的成本結構和長期獲利能力產生重大的正面影響。

We are also continuing to optimize our business portfolio. In connection with this, let me talk about our business in Greater China. We expect that this business will lose approximately $20 million this year. In spite of how challenging this market has been for us over the years, we continue to believe that there is an opportunity for the Guess? brand in Greater China, as our brand awareness is high and the market is very large and compelling.

我們也在繼續優化我們的業務組合。就此，我來談談我們在大中華區的業務。我們預計該業務今年將虧損約 2,000 萬美元。儘管多年來這個市場對我們來說充滿挑戰，但我們仍然相信 Guess 還有機會？品牌在大中華區的知名度很高，市場規模很大，而且引人注目。

We plan to turn this business to a third party to run it. We have already met several potential candidates for consideration. We expect for this transition to be completed before the end of this year, which should contribute to a significant improvement in our profitability in fiscal year 2027 and beyond.

我們計劃將這項業務轉交給第三方經營。我們已經會見了幾位潛在的候選人以供考慮。我們預計這一轉變將在今年年底前完成，這將有助於我們 2027 財年及以後的獲利能力顯著提升。

In addition, in North America, we see an opportunity to exit non-strategic, unprofitable Guess? full-price store locations and consolidate some of our infrastructure supporting that business. We expect to reduce our North American store fleet by roughly 20 stores by the end of the year, with some of them closing this year at their natural lease end.

此外，在北美，我們看到了退出非策略性、無利可圖的 Guess 的機會？全價商店位置並整合一些支持該業務的基礎設施。我們預計到今年年底，我們在北美的門市數量將減少約 20 家，其中一些門市將在今年自然租約結束時關閉。

The US and Canadian markets continue to be critical to our long-term strategic vision for the brand, so we plan to maintain a significant retail presence with stores in key cities and markets. Taken together, these two initiatives are expected to unlock over $30 million in operating profit starting with next fiscal year.

美國和加拿大市場對於我們品牌的長期策略願景仍然至關重要，因此我們計劃在主要城市和市場開設門市，保持重要的零售業務。綜合起來，這兩項措施預計將從下一個財年開始帶來超過 3,000 萬美元的營業利潤。

Let me now touch on growth. I believe strongly in our company's long-term opportunity to grow our revenues organically. First, starting with our direct-to-consumer business, the work I just mentioned to attract more customers into our stores and to our websites and to improve the productivity of our assets should impact our top-line performance meaningfully.

現在讓我談談成長問題。我堅信我們公司擁有長期有機成長收入的機會。首先，從我們的直接面向消費者的業務開始，我剛才提到的吸引更多顧客進入我們的商店和網站以及提高我們資產的生產力的工作應該會對我們的營收表現產生重大影響。

We have great store locations in key markets and our sales productivity is below the benchmark set by best-in-class operators in the same malls or commercial areas. Similarly, our e-commerce penetration relative to our total direct-to-consumer business is also lower than for the best online performers.

我們在主要市場擁有優越的店面位置，但我們的銷售效率低於同一商場或商業區域的一流營運商設定的基準。同樣，我們的電子商務滲透率相對於我們的直接面向消費者的業務總量也低於表現最好的線上企業。

Second, we continue to plan growth with our Wholesale business after many years of consistent expansion. Paul and the creative team have done an outstanding job strengthening our product offering, both internally developed and licensed products. As a result, many mature product categories continue to deliver solid growth such as handbags, footwear, outerwear, dresses, and denim products, to name a few. Others are at their inception such as athleisure, men's accessories, luggage, and fragrances.

其次，經過多年的持續擴張，我們將繼續規劃批發業務的成長。保羅和創意團隊出色地完成了我們的產品供應工作，包括內部開發和授權產品。因此，許多成熟的產品類別繼續實現穩健增長，例如手袋、鞋類、外套、連身裙和牛仔產品等。其他產品尚處於起步階段，例如運動休閒、男士配件、箱包和香水。

Third, we see significant opportunities for revenue growth in existing markets such as Germany, Poland, Mexico, and Central and Eastern Europe and in new or underdeveloped markets such as Middle East, India, and Latin America.

第三，我們看到德國、波蘭、墨西哥、中歐和東歐等現有市場以及中東、印度和拉丁美洲等新興或欠發達市場存在巨大的收入成長機會。

And last, our new brand initiatives with the Guess? Jeans and rag & bone can contribute sizable revenue growth in spite of the significant magnitude of our current sales base. All in all, we see multiple opportunities to grow our revenues in the years to come.

最後，我們與 Guess 合作推出的新品牌計畫？儘管我們目前的銷售規模很大，但牛仔褲和rag & bone 仍能貢獻可觀的營收成長。總而言之，我們看到了未來幾年增加收入的多個機會。

Looking at key growth drivers for fiscal 2026, First, we expect rag & bone will continue to contribute significantly to our top-line growth, both as we operate for a full 12 months and also as that business continues to grow organically.

縱觀 2026 財年的主要成長動力，首先，我們預計 rag & bone 將繼續為我們的營收成長做出重大貢獻，無論是在我們整整 12 個月的營運期間，還是在該業務繼續有機成長的情況下。

In addition, as I mentioned earlier, we have entered into a joint venture agreement with the Chalhoub Group, our current licensee, to directly manage our business in the Middle East. Through that arrangement, we will enjoy the benefit of the full Retail business in our revenues, which should contribute meaningfully to growth in the year.

此外，正如我之前提到的，我們已經與我們目前的授權商 Chalhoub 集團簽訂了合資協議，直接管理我們在中東的業務。透過這種安排，我們將享受零售業務的全部收益，這將對今年的成長做出有意義的貢獻。

In Europe, we expect our Guess? business will continue to grow, especially in our Wholesale business, where we believe we have been gaining share for the last several years. As I mentioned earlier, we recently closed our order book for the fall-winter season this year with orders up 7% to last year's fall-winter season.

在歐洲，我們期待我們的猜測？業務將繼續成長，特別是我們的批發業務，我們相信我們在過去幾年中一直在增加市場份額。正如我之前提到的，我們最近結束了今年秋冬季的訂單，訂單量比去年秋冬季增加了 7%。

And additionally, we expect Guess? Jeans to also contribute to this year's growth as we expand within the distribution that we already have opened, as well as expand that distribution, including new stores in both Tokyo and on Melrose Avenue in West Hollywood.

此外，我們期待猜猜？隨著我們擴大已經開設的分銷網點以及擴大分銷網點（包括在東京和西好萊塢梅爾羅斯大道開設新店），牛仔褲也將為今年的成長做出貢獻。

And that brings me to our outlook for fiscal year 2026. We are expecting to achieve revenue growth in the range of 3.9% to 6.2%; adjusted operating margin between 4.5% and 5.4%; and adjusted earnings per share in the range of $1.32 to $1.76.

這就是我對 2026 財年的展望。我們預期實現3.9%至6.2%之間的營收成長；調整後的營業利潤率在4.5%至5.4%之間；調整後每股收益在 1.32 美元至 1.76 美元之間。

Let me clarify that this guidance does not include the impact of the US tariffs announced yesterday. While our earnings could certainly be impacted, let me share a perspective on how tariffs might affect our results.

我要澄清的是，該指引不包括昨天宣布的美國關稅的影響。雖然我們的收益肯定會受到影響，但讓我分享一下關稅如何影響我們業績的觀點。

First, we operate a very diversified business model geographically. Roughly 75% of our business is conducted outside of the US, and therefore, not subject to increased tariffs.

首先，我們在地域上實行高度多元化的業務模式。我們的業務約有 75% 在美國境外開展，因此不受關稅上調的影響。

Now, with respect to the remaining 25%, our estimate of the cost of the products that we directly produce and distribute in the US is roughly $200 million. About one-third of this total relates to rag & bone, which attracts a more affluent customer, which gives us greater flexibility and pricing power.

現在，對於剩下的 25%，我們估計我們在美國直接生產和分銷的產品成本約為 2 億美元。其中約三分之一與 rag & bone 有關，它吸引了更富裕的顧客，這給了我們更大的靈活性和定價能力。

The remaining two-thirds of that relates to the Guess? business in the US, where we have a substantial outlet business. Based on the nature of the products that we carry in our outlet assortment, we feel there are significant opportunities to counter source these products in markets, especially in Latin America, where the tariffs announced tend to be more moderate.

剩下的三分之二跟猜測有關？我們在美國擁有大量的直銷業務。根據我們直銷店所售產品的性質，我們認為在市場上有很大機會反向採購這些產品，特別是在拉丁美洲，因為那裡宣布的關稅往往更為溫和。

To close, this past year, we navigated a challenging environment and made significant progress in executing our plans against important operational, strategic, and financial objectives. On behalf of Paul and myself, I want to thank our teams all over the world for their hard work and their great contributions.

最後，在過去的一年裡，我們克服了充滿挑戰的環境，在執行重要的營運、策略和財務目標計畫方面取得了重大進展。我代表保羅和我本人，感謝我們在世界各地的團隊的辛勤工作和巨大貢獻。

As we enter fiscal year 2026, we are excited about our growth opportunities. We are focusing our strategic initiatives on increasing direct-to-consumer sales productivity globally and improving profitability through business and portfolio optimization. We remain fully committed to maximizing our potential and creating significant value for our shareholders in the years to come.

進入 2026 財年，我們對我們的成長機會感到興奮。我們的策略舉措重點在於提高全球直接面向消費者的銷售效率，並透過業務和投資組合優化來提高獲利能力。我們將繼續全力致力於最大限度地發揮我們的潛力，並在未來幾年為股東創造巨大價值。

And with that, I will hand over to Dennis to review the results in more detail and share our outlook. Dennis?

接下來，我將把工作交給丹尼斯，讓他更詳細地審查結果並分享我們的觀點。丹尼斯？

Thank you, Carlos, and good afternoon. As Carlos mentioned, Q4 revenues increased 5% in US dollars, reaching $932 million, driven by the acquisition of rag & bone, comparable growth in our core Guess? business, offsetting a 4-point currency headwind and a 5-point headwind from last year's extra week.

謝謝你，卡洛斯，下午好。正如卡洛斯所提到的，受收購 rag & bone 的推動，第四季度營收以美元計算增長了 5%，達到 9.32 億美元，與我們的核心品牌 Guess 相比，增長幅度相當。業務，抵消了 4 點的貨幣逆風和去年額外一周的 5 點的逆風。

In Europe, we grew US dollar revenues by 2%, reaching $494 million. Adjusting for the negative impacts of both the currency headwinds and last year's extra week, revenues would have grown 13%. Retail comps, including e-com, were flat in US dollars and up 5% in constant currency. In constant currency, our stores delivered a comp increase of 4%, and e-com delivered 8%.

在歐洲，我們的美元收入成長了 2%，達到 4.94 億美元。扣除貨幣逆風和去年額外一週的負面影響後，營收將成長 13%。包括電子商務在內的零售同店銷售額以美元計算持平，以固定匯率計算則上漲 5%。以固定匯率計算，我們的實體店銷售額成長了 4%，電子商務銷售額成長了 8%。

Our European Wholesale business continues to perform well with constant currency double-digit growth despite one less shipping week. We're very pleased with the trajectory of this business and the strong sales momentum in our Wholesale partners' businesses.

儘管運輸週數減少了一周，但我們的歐洲批發業務繼續表現良好，並保持兩位數的固定匯率成長。我們對這項業務的發展軌跡以及批發合作夥伴業務的強勁銷售勢頭感到非常滿意。

The adjusted operating margin in our European business was 15.4%, 260 basis points lower than a year ago, driven by higher selling, occupancy, and infrastructure costs, increased marketing investments, and the addition of rag & bone, all of which more than offset the benefit of a lower level of markdowns.

我們歐洲業務的調整後營業利潤率為 15.4%，比一年前低 260 個基點，原因是銷售、入住率和基礎設施成本上升、行銷投資增加以及 rag & bone 的加入，所有這些都抵消了較低降價水準帶來的好處。

In America's Retail, revenues grew 4% in US dollars, reaching $255 million. Adjusting for the negative impacts of both the currency headwinds and last year's extra week, revenues would have grown 9%. 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, where our US and Canadian stores posted a 13% constant currency comp decline. Including our e-com business, the US and Canada comp decline was 14%.

在美國零售業，營收以美元計算成長了 4%，達到 2.55 億美元。扣除貨幣逆風和去年額外一週的負面影響後，收入將增加 9%。該部門的成長得益於 rag & bone 零售業務的加入，足以抵消核心 Guess? 部門的下滑。業務，我們的美國和加拿大門市的固定匯率營業收入下降了 13%。包括我們的電子商務業務在內，美國和加拿大的年減幅度為 14%。

America's Retail posted adjusted operating margin of 8.9%, a 610 basis point decline from last year's fourth quarter. That margin decline was driven primarily by deleverage on the fixed cost base given the comp decline, more markdowns, and higher store costs, partially offset by an increased IMU.

美國零售業調整後的營業利潤率為 8.9%，較去年第四季下降 610 個基點。利潤率下降主要是由於固定成本基礎去槓桿造成的，因為同店銷售額下降、降價幅度加大以及門市成本上升，但 IMU 的增加部分抵消了這一影響。

In America's Wholesale, revenues increased by 63% in US dollars to $81 million, driven by the addition of rag & bone, along with higher Guess? shipments in the US and in Mexico. Adjusting for the negative impacts of both the currency headwinds and last year's extra week, revenues would have grown 76%.

在美國批發市場，受 rag & bone 的加入以及 Guess? 銷量上漲的推動，收入以美元計算增長了 63%，達到 8100 萬美元。美國和墨西哥的貨物運輸。扣除貨幣逆風和去年額外一週的負面影響後，營收將成長 76%。

The growth in the US Guess? business was mainly driven by higher shipments to off-price accounts, as well as the direct operation of our outerwear business, which last year was operated as a licensed business. Adjusted operating margin was 12.8%, roughly 16 points lower than last year's Q4, driven mainly by the addition of rag & bone, along with lower product margins.

猜猜美國的成長情況如何？業務成長主要得益於折扣帳戶出貨量的增加，以及外套業務的直接經營，去年外套業務以特許經營的方式運作。調整後的營業利益率為 12.8%，比去年第四季低約 16 個百分點，主要原因是增加了 rag & bone，同時產品利潤率下降。

In Asia, revenues decreased 15% in US dollars to $70 million. Adjusting for the negative impacts of both the currency headwinds and last year's extra week, revenues would have declined 4%. We saw declines in most of our Asia businesses, most notably South Korea and China, offsetting the expansion of our India business and the addition of rag & bone.

在亞洲，營收以美元計算下降了 15%，至 7,000 萬美元。經過貨幣逆風和去年額外一週的負面影響調整後，收入將下降 4%。我們的大部分亞洲業務（尤其是韓國和中國）均出現下滑，抵消了印度業務的擴張和 rag & bone 業務的增加。

Retail comps, including e-com for the region, decreased 11% in constant currency. Our adjusted operating margin in Asia was 1.3%, 350 basis points lower than last year's Q4, mainly due to the leverage, including the loss of last year's extra selling week and lower product margins.

該地區包括電子商務在內的零售同店銷售額以固定匯率計算下降了 11%。我們在亞洲的調整後營業利潤率為 1.3%，比去年第四季低 350 個基點，主要原因是槓桿作用，包括去年額外銷售週的損失和產品利潤率較低。

And finally, our licensing segment revenues grew 18%, and segment operating margin was 94.8%. In the fourth quarter, total company gross margin reached 44.1%, 130 basis points below last year's Q4, mainly driven by higher store occupancy costs and the addition of rag & bone.

最後，我們的授權部門收入成長了 18%，部門營業利潤率為 94.8%。第四季度，該公司總毛利率達到 44.1%，比去年第四季低 130 個基點，主要原因是門市佔用成本上升以及 rag & bone 的加入。

Adjusted SG&A expenses for the quarter increased 11% to $305 million. The most significant drivers of this change resulted from our acquisition of rag & bone, core Guess? infrastructure investments, primarily in Europe, as well as the incremental marketing investments that we are making to increase the exposure of the Guess? brand and to build awareness for our new Guess? Jeans brand.

本季調整後的銷售、一般及行政費用增加 11% 至 3.05 億美元。這項變化最重要的驅動力源自於我們對 rag & bone 和核心品牌 Guess 的收購？基礎設施投資，主要在歐洲，以及我們正在進行的增量行銷投資，以增加 Guess 的曝光率？品牌並提高我們新 Guess 的知名度？牛仔褲品牌。

Partially offsetting these increases were the favorable impacts of one less selling week of operating expenses, currency translation, and lower performance-based comp. For the quarter, our adjusted SG&A rate increased 190 basis points to 32.7%. In the quarter, our adjusted operating profit totaled $107 million, and with a lower gross margin and a higher SG&A rate, our adjusted operating margin declined 320 basis points to 11.4%.

部分抵銷了這些成長的是營業費用減少一週、貨幣換算和基於績效的薪資降低等有利影響。本季度，我們的調整後銷售、一般及行政費用率上升了 190 個基點，達到 32.7%。本季度，我們的調整後營業利潤總計 1.07 億美元，由於毛利率較低且銷售、一般及行政費用率較高，我們的調整後營業利潤率下降 320 個基點至 11.4%。

In the quarter, we recorded an adjusted effective tax rate of 17.6%. This resulted from the final distribution of taxable income among our various tax jurisdictions. Our final full-year adjusted tax rate was 24%. In the fourth quarter, we recorded $4 million in non-operating charges, primarily resulting from revaluation of certain of our foreign subsidiaries' net assets and liabilities into US dollars.

本季度，我們記錄的調整後有效稅率為 17.6%。這是由於我們各個稅收管轄區之間的應稅收入最終分配所造成的。我們最終的全年調整後稅率為24%。第四季度，我們記錄了 400 萬美元的非營業費用，主要原因是將我們的某些外國子公司的淨資產和負債重新估價為美元。

One other item within non-operating activity, we reported a net charge of $19 million related to a non-cash, unrealized loss due to the remeasurements of derivatives associated with our convertible notes and related hedge. Consistent with prior quarters, we have excluded this latter $19 million amount from the adjusted results we are reporting in order to facilitate a better understanding of our normal commercial operations. Adjusted Q4 diluted earnings per share was $1.48 compared to $2.01 in last year's fourth quarter.

非經營活動中的另一項是，我們報告了 1900 萬美元的淨費用，與因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。與前幾季一致，我們將後者 1900 萬美元的金額從報告的調整後結果中排除，以便更好地了解我們的正常商業運營。調整後第四季每股攤薄收益為 1.48 美元，而去年第四季為 2.01 美元。

Moving then to the balance sheet. We ended the quarter with $563 million of inventory, up 21% in US dollars and 27% in constant currency compared to last year. More than half of that increase relates to our acquisition of rag & bone, which we did not own a year ago.

然後轉到資產負債表。本季末，我們的庫存總額為 5.63 億美元，與去年相比，以美元計算成長 21%，以固定匯率計算成長 27%。其中超過一半的成長與我們收購 rag & bone 有關，而一年前我們還沒有這家公司。

Inventories were up roughly 9% in US dollars in our core Guess? business, almost entirely in Europe, where we accelerated product deliveries to support our growing business and mitigate against potential disruptions given the Red Sea crisis. Our goal is that once that situation is resolved, we can begin to reduce this working capital investment.

我們的核心猜測是，庫存以美元計算上漲了約 9%？業務幾乎全部在歐洲，我們加快了產品交付速度，以支持我們不斷成長的業務，並減輕紅海危機可能造成的中斷。我們的目標是，一旦解決了這個問題，我們就可以開始減少營運資金投資。

Our receivables were $391 million, a 24% increase in US dollars and a 31% increase in constant currency compared to last year's fourth quarter. As with inventory, one of the significant drivers of this growth is the acquisition of rag & bone, as well as the overall growth in our Guess? Wholesale businesses.

我們的應收帳款為 3.91 億美元，與去年第四季相比，以美元計算成長了 24%，以固定匯率計算成長了 31%。與庫存一樣，這一成長的重要驅動力之一是對 rag & bone 的收購，以及我們 Guess? 的整體成長。批發業務。

For the year, capital expenditures were $86 million, mainly driven by investments in store models, new stores, and technology in both the core Guess? and rag & bone businesses. This compared to $74 million last year.

全年資本支出為 8,600 萬美元，主要源自於對核心 Guess 的店鋪模式、新店和技術的投資。以及 rag & bone 業務。相比之下，去年同期這一數字為 7,400 萬美元。

We ended the quarter with $188 million in cash compared to $360 million a year ago. The most significant drivers of that $172 million cash consumption over the last four quarters include $199 million in dividends and distribution, including the special dividend paid in Q1, $57 million to acquire rag & bone, and $61 million in share repurchases, more than offsetting free cash flow of $30 million, $90 million of net debt proceeds, including the impact of our various convertible note transactions, and $40 million related to the gross proceeds from our sale of our US distribution facility.

本季末我們的現金為 1.88 億美元，而去年同期為 3.6 億美元。過去四個季度 1.72 億美元現金消耗的最重要驅動因素包括 1.99 億美元的股息和分配（包括第一季支付的特別股息）、5700 萬美元用於收購 rag & bone 以及 6100 萬美元的股票回購，這些支出超過了 3000 萬美元的自由現金流、9000 萬美元的股票回購，這些支出超過了 3000 萬美元的自由現金流、9000 萬美元的淨收益4000 萬美元。

We ended the year with just under $400 million of borrowing capacity on our various global facilities, so roughly $588 million of available liquidity. We also announced today that our board has approved our regular quarterly cash dividend of $0.30 per share.

截至年底，我們在全球各個機構的借貸能力略低於 4 億美元，因此可用流動資金約為 5.88 億美元。我們今天還宣布，董事會已批准每股 0.30 美元的常規季度現金股息。

Turning then to our outlook for fiscal year '26, we are expecting that, in general, consumers will remain cautious in their spending given concerns over returning inflationary pressures and tariff issues. On top of that, both the war in Ukraine and the Red Sea crisis are not resolved, certainly impacting the European consumer and global supply chain.

那麼，談到我們對 26 財年的展望，我們預計，由於擔心通膨壓力和關稅問題再次出現，消費者總體上仍將在支出方面保持謹慎。除此之外，烏克蘭戰爭和紅海危機都尚未解決，這必將對歐洲消費者和全球供應鏈產生影響。

We did, however, see some improvement in retail trends compared to the earliest weeks of the first quarter, and we do expect the marketing initiatives that Carlos described will begin to drive some modest benefit as we move through the year. Despite these challenges, we still anticipate growth for fiscal year 2026 coming from a variety of sources.

然而，與第一季最初幾週相比，我們確實看到零售趨勢有所改善，我們確實預計卡洛斯所描述的行銷舉措將在全年開始帶來一些適度的收益。儘管面臨這些挑戰，我們仍預計 2026 財年將透過多種途徑成長。

Carlos touched on the most impactful drivers of that growth. First, rag & bone, where we'll add both the extra two months before we anniversary the acquisition, plus their organic growth. Against their own full-year numbers, this business grew in the high-single digits last year, and since the acquisition, our two teams have been collaborating to accelerate that growth.

卡洛斯談到了這一增長最具影響力的驅動因素。首先是 rag & bone，我們將在收購週年紀念日之前增加額外的兩個月，加上他們的有機成長。與他們自己的全年數據相比，這項業務去年實現了高個位數成長，自收購以來，我們兩個團隊一直在合作加速這一成長。

This year, we plan to open both full price and outlet stores in the US. We've also been seeding European demand by marketing the brand in key European markets even before opening stores. This year, we've already opened one store in Amsterdam and plan to open two stores in Germany.

今年，我們計劃在美國開設全價店和直營店。我們也曾在開設門市之前就已在歐洲主要市場行銷該品牌，以激發歐洲需求。今年我們已經在阿姆斯特丹開了一家店，並計劃在德國開兩家店。

Next, our Middle East Joint Venture, where we'll add both their organic results plus the full retail sales, as we'll own that business deeper in the distribution channel. I'll also note here that as a joint venture, we'll also begin to consolidate that business's full P&L, including its operating costs and record a minority interest impact below operating income.

接下來是我們的中東合資企業，我們將把他們的有機業績和全部零售額都加進去，因為我們將在分銷管道中更深入地擁有該業務。我還要在此指出，作為一家合資企業，我們也將開始合併該業務的全部損益表，包括其營運成本，並在營業收入下記錄少數股東權益的影響。

Next is Europe, where our Wholesale business continues to grow. In our retail stores in Europe, while we again delivered positive comp sales in the fourth quarter, we have experienced traffic declines for the last few quarters, and most recently, those comps have turned negative.

接下來是歐洲，我們的批發業務在這裡持續成長。在我們位於歐洲的零售店，雖然我們在第四季度再次實現了正向銷售額，但過去幾季我們的客流量一直在下降，最近，這些銷售額已經變成負數。

We expect that some of this is caused by the very recent softening of consumer sentiment, but we're monitoring demand closely and anticipate some level of improvement. Our outlook for the fiscal year assumes these comps will be roughly flat to slightly positive for the year.

我們預期部分原因是近期消費者信心減弱，但我們正在密切監控需求並預期會出現一定程度的改善。我們對本財年的展望是假設這些可比較數據在本年度將大致持平或略有上升。

In the Americas retail business, our outlook assumes that the consumer environment generally remains stable with no further material deterioration or significant upturn in demand. Similarly, in Asia, where trends have been challenging, we're planning for those conditions to persist.

在美洲零售業務中，我們的展望假設消費環境整體保持穩定，不會進一步的實質惡化或需求大幅上升。同樣，在亞洲，趨勢一直充滿挑戰，我們計劃讓這些情況持續下去。

With respect to the store closures in North America, we do not plan to immediately close the 20 stores that Carlos referred to. Those with leases expiring this year will simply close at their natural lease expiration. For the remainder, we plan to work with landlords to close them throughout this year. Ultimately, we expect all 20 will be closed by year end.

關於北美門市關閉，我們並不打算立即關閉卡洛斯提到的20家門市。那些租約今年到期的租戶將在其自然租約到期時關閉。對於剩餘的店鋪，我們計劃與房東合作，在今年內關閉它們。最終，我們預計所有 20 個項目都將在年底前完成。

For the full year, we expect US dollar revenue growth in the range between 3.9% and 6.2%, with the core Guess? brand and rag & bone both contributing significantly to that growth. For the first quarter, we expect US dollar revenue growth in the range between 5.8% and 7.5%, with the growth driven by rag & bone, given that we only operated that business for one month last Q1. Coming out of the first quarter, we will have anniversaried the rag & bone acquisition. With respect to currencies, as is our practice, we have based our outlook on prevailing currency rates. That should result in about a one point net currency headwind for the year, with the strongest headwind in the first quarter, some lessening of that headwind in the middle two quarters, turning finally to a modest tailwind in the fourth quarter.

就全年而言，我們預計美元收入成長率將在 3.9% 至 6.2% 之間，核心收入將來自 Guess？品牌和 rag & bone 都對這一成長做出了重大貢獻。對於第一季度，我們預計美元收入成長將在 5.8% 至 7.5% 之間，其中成長主要由 rag & bone 推動，因為去年第一季我們只經營該業務一個月。第一季結束後，我們將迎來收購 Rag & Bone 的周年紀念。關於貨幣，依照我們的慣例，我們的展望以現行貨幣匯率為基礎。這應該會導致全年淨貨幣逆風約為一個百分點，其中第一季逆風最為強勁，中間兩季逆風有所減弱，最終在第四季轉為溫和的順風。

So considering both the operational and currency factors sequentially, that should result in a US dollar growth rate that softens a bit coming out of the first quarter into the middle quarters, then increases again into the fourth quarter, given the currency tailwind. For the full year, we expect an adjusted operating margin in the range between 4.5% and 5.4%.

因此，綜合考慮營運和貨幣因素，美元成長率在第一季到中期應該會略有下降，然後在第四季度由於貨幣順風而再次上升。我們預計全年調整後的營業利潤率將在 4.5% 至 5.4% 之間。

Given our revenue outlook, this should result in adjusted operating profit roughly in the range between $140 million and $170 million. The year-over-year change in operating margin is mainly driven by higher SG&A, with the majority of our year-over-year expense increase resulting from consolidating the full 12 months of rag & bone, the conversion of our Middle East business to a joint venture, and higher marketing expenses.

根據我們的收入預期，調整後的營業利潤大約在 1.4 億美元至 1.7 億美元之間。營業利潤率的同比變化主要由於銷售、一般及行政費用的增加，而我們費用的同比增加大部分是由於合併 rag & bone 全年 12 個月的業務、將我們的中東業務轉變為合資企業以及營銷費用的增加。

For the first quarter, we expect an operating loss margin between 5.6% and 4.7%. We expect the year-over-year operating margin decline to abate in the middle quarters, with the opportunity for expansion coming in the fourth quarter. For the full year, we expect adjusted EPS in the range of $1.32 and $1.76. And for the first quarter, we expect an adjusted loss per share between $0.74 and $0.65.

對於第一季度，我們預計營業虧損率在 5.6% 至 4.7% 之間。我們預期中期營業利潤率年減的趨勢將會減弱，第四季將出現擴張的機會。我們預計全年調整後每股收益將在 1.32 美元至 1.76 美元之間。對於第一季度，我們預計調整後每股虧損在 0.74 美元至 0.65 美元之間。

And just to reiterate what Carlos just said, our outlook does not include any impact from the new tariffs announced yesterday. This adjusted outlook includes the full ongoing operating results of the North American retail stores that we plan to close this year. We have, however, excluded from this adjusted outlook a $7 million related restructuring charge. That restructuring charge is included in the GAAP guidance that we have included in today's earnings release. For the full year, we expect free cash flow of about $55 million.

我重申一下卡洛斯剛才所說的話，我們的展望不包括昨天宣布的新關稅的任何影響。這項調整後的展望涵蓋了我們計劃今年關閉的北美零售店的全部持續經營業績。然而，我們從這項調整後的前景中排除了 700 萬美元的相關重組費用。此重組費用已包含在我們今天的收益報告中的 GAAP 指南中。我們預計全年自由現金流約為 5500 萬美元。

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

至此，我們的準備好的發言就結束了，下面開始回答大家的提問。操作員？

(Operator Instructions) Mauricio Serna, UBS.

（操作員指示）瑞銀 (UBS) 的 Mauricio Serna。

Yes. Good morning. Good afternoon. Sorry. Thanks for taking our question. Maybe could you elaborate on thinking about the rag & bone brand? It's pretty good growth that you talked about. Could you maybe elaborate a little bit more of what are the drivers that keep you so optimistic about the brand continuing to grow in 2020 calendar year '25 from an organic or comp sale standpoint?

是的。早安.午安.對不起。感謝您回答我們的問題。您能否詳細說明一下對 rag & bone 品牌的看法？您談到的成長相當不錯。您能否更詳細地解釋一下，從有機銷售或可比較銷售的角度來看，是什麼因素讓您如此樂觀地認為該品牌將在 2025 年繼續增長？

And then maybe also could you maybe talk about what is happening in the Americas business as you think about the strategy for that business in fiscal year '26, in terms of any visibility that you have for the Americas Retail business to return to growth, provided outside of the ongoing headwinds that we're seeing right now. Thank you.

然後，也許您還可以談談美洲業務的情況，同時考慮 26 財年的美洲業務策略，就您對美洲零售業務恢復成長的任何預見性而言，前提是我們目前看到的持續逆風除外。謝謝。

Yes. Thank you, Mauricio. Thank you for your questions. So let me start with your question about rag & bone. I am so pleased. We are so excited about this acquisition. It was our first acquisition, a huge milestone for our company in the 44-year history that the company has.

是的。謝謝你，毛里西奧。感謝您的提問。那麼，讓我先從您關於 rag & bone 的問題開始。我很高興。我們對此次收購感到非常興奮。這是我們的首次收購，也是公司 44 年歷史上的重要里程碑。

But we couldn't have picked a better match for what we could do to help just positioning the company and the team that that company has. The strength of the brand in the market is really very, very brilliant. And we feel that there is a lot that we can do with that team.

但我們不可能找到更好的匹配，因為我們所能做的就是幫助定位公司和公司擁有的團隊。該品牌在市場上的實力確實非常非常出色。我們覺得我們可以和這個團隊一起做很多事。

Andrew Rosen has been leading that whole effort for us, and that is another incredible addition to our team. He's a strong leader. He knows the markets extremely well. He's incredibly connected. And he has a great vision for the company. He goes back many years with the original founders even, and has been involved with this business for all those years.

安德魯羅森 (Andrew Rosen) 一直在領導我們的整個工作，這對我們的團隊來說又是一個不可思議的補充。他是一位強而有力的領導者。他非常了解市場。他的人脈非常廣泛。他對公司有著遠大的願景。他甚至與最初的創始人有過多年的交情，並且多年來一直參與這項業務。

So he has tremendous history and knowledge of the business. And he has a very clear vision for where we should go with the business. We are very, very pleased with the results. We are excited about what is in front of us. We have opened several stores during our ownership with WHP.

因此，他擁有豐富的業務歷史和知識。他對於我們業務的發展方向有著非常清晰的願景。我們對結果非常非常滿意。我們對眼前的事物感到興奮。我們在擁有 WHP 期間開設了多家商店。

And also, we have plans to open many more stores. We just opened one store in Amsterdam. It's the first after the UK presence that the brand already had with two stores in London. This is the first store in other areas of Europe. And we have plans to open several more. We already have two locations that are going to be opening in Germany. And we are looking into many other markets.

此外，我們還計劃開設更多商店。我們剛在阿姆斯特丹開了一家店。這是該品牌進軍英國市場後的第一家店，此前該品牌已在倫敦開設了兩家門市。這是歐洲其他地區的第一家店。我們也計劃開設更多家。我們已經有兩個即將在德國開設的門市。我們正在研究許多其他市場。

The business in North America or the US has been very strong. And this impacts both the Wholesale business and also the direct-to-consumer business. And specifically about the fourth quarter, we had a very strong fourth quarter in e-commerce. And we are very pleased because the margins have been very healthy. So it's not driven by promotional activities, but more by the strength of the product collection that we are putting in front of the customer.

北美或美國的業務一直非常強勁。這既影響批發業務，也影響直接面向消費者的業務。具體到第四季度，我們的電子商務表現非常強勁。我們非常高興，因為利潤率一直都非常高。因此，這不是由促銷活動推動的，而是由我們擺在客戶面前的產品系列的實力所推動的。

And we have some new products that have been doing extremely well. You may have seen them in several shows. They featured a product called Miramar. And we are very pleased with the performance and the potential of that collection to really expand into other categories and become even a bigger story. We are very excited about what the brand can do outside the US. And we thought that this was something that we could bring with significant strength from the Guess? platform and capabilities.

我們有一些新產品表現得非常好。您可能已經在幾場演出中見過他們。他們推出了一款名為 Miramar 的產品。我們對該系列的表現和潛力感到非常滿意，它確實可以擴展到其他類別，甚至成為一個更大的故事。我們對該品牌在美國以外的發展感到非常興奮。我們認為這是我們能夠從 Guess 中發揮出巨大力量的東西嗎？平台和能力。

And in addition to the stores, we are also including doing a lot of marketing and advertising in those markets. Paul has been very actively investing in marketing campaigns throughout Europe and also in the US. And we think that this should also be helping.

除了商店之外，我們還在這些市場進行大量行銷和廣告宣傳。保羅一直積極投資歐洲和美國的行銷活動。我們認為這也應該有所幫助。

And then, in addition, in terms of product categories, we have been very actively working on licensing deals. Paul also negotiated a great deal with our current licensee for handbags to do the handbags of rag & bone. And you can find those in the stores as we speak and online. And we see a lot of opportunity there. And there are several other deals that he's working on, including fragrances and some other eyewear and some other opportunities on product.

此外，在產品類別方面，我們一直非常積極地致力於授權交易。保羅也與我們目前的手袋授權商進行了大量談判，以生產 rag & bone 手袋。您可以在商店和網上找到它們。我們在那裡看到了很多機會。他還正在進行其他幾項交易，包括香水、其他眼鏡和其他一些產品機會。

We have a big plan for the current fiscal year for rag & bone. And we think that the opportunities are pretty significant to get a very, very strong growth for this year, partially with new stores. We have many new stores coming on board in the US for both full price and some outlet stores as well. And we have, as I said, several stores in Europe. And we're also pretty actively working on Wholesale expansion in Asia as well.

我們為 Rag & Bone 本財年制定了一個宏偉計劃。我們認為，今年實現非常強勁的成長機會相當大，部分原因是開設了新店。我們在美國開設了許多新店，有全價店，也有一些直營店。正如我所說，我們在歐洲有幾家商店。我們也積極地致力於亞洲的批發擴張。

So a lot happening there. And we couldn't be happier with the team and how we are working together. We love the brand. We think that this brand should be and can be and will be a lifestyle brand for women and men and just with a global presence. So very excited about that.

那裡發生了很多事。我們對團隊以及我們的合作方式感到非常滿意。我們喜歡這個品牌。我們認為這個品牌應該、可以、也會成為一個面向女性和男性的生活風格品牌，並且具有全球影響力。我對此感到非常興奮。

Your second question about Americas and just -- I talked quite a bit in my prepared remarks about how we are thinking about our retail business. As we looked into the past, we have lost meaningful productivity in our retail stores. We have been in this market for decades. And during all that time, we used to have just more higher productivity in many, many stores. And we have lost some of that.

您的第二個問題是關於美洲的——我在準備好的演講中談了很多關於我們如何看待我們的零售業務。回顧過去，我們的零售店已經失去了有意義的生產力。我們已經在這個市場上待了幾十年了。在那段時間裡，我們許多商店的生產效率都提高了。而我們已經失去了其中的一些。

We believe strongly in having key retail locations. We think that there are several things that we can do and our leadership team has spent considerable time developing a plan. And just the big areas where we are planning to work on is, one is product. We have decided to develop an exclusive collection of product within or for our retail offering. And that would definitely impact our North America business.

我們堅信擁有關鍵的零售點。我們認為我們可以做幾件事，我們的領導團隊也花了大量時間制定計劃。我們計劃開展工作的大領域之一是產品。我們已決定在我們的零售產品範圍內或為我們的零售產品開發一系列獨家產品。這肯定會影響我們的北美業務。

We are also planning to enact something that we used to do quite a bit in the past, but we are not doing that much of right now. And it's a speed-to-market model just to really be able to capitalize on current trends that we see that maybe were not included in the original collection. And also to be able to replenish best sellers that are selling well and more effectively before the demand slows down within a season.

我們也計劃實施一些我們過去經常做但現在做得不多的事情。這是一種快速上市模式，能夠真正利用我們看到的原始系列中可能未包含的當前趨勢。並且能夠在一個季節內需求放緩之前更有效地補充暢銷的商品。

We are leaving open now. This is a new thing. We're leaving open about 50% of our open to buy in for the stores to support this model. And we are also working on a new clusterization model. What we are trying to do here is to be a lot more granular in terms of how we buy product and allocate product per store. So we used to just be more limited in terms of clusters to the size of a store or the sales that that store had delivered in the past.

我們現在營業。這是一件新鮮事。我們將保留約 50% 的開放份額供商店購買，以支持這種模式。我們也正在研究一種新的集群化模型。我們在這裡嘗試做的是，在如何購買產品以及如何為每家商店分配產品方面更加細緻。因此，我們過去的集群僅受到商店規模或該商店過去的銷售額的限制。

Now we are looking at things that include price sensitivity, weather characteristics, casual versus dressy preferences by the customer. And also we plan to look into the customer's purchasing history per store to be able to really optimize this model. So we have a big thing.

現在我們正在考慮包括價格敏感度、天氣特徵、顧客的休閒與正式偏好等因素。我們還計劃調查每家商店的顧客購買歷史，以便真正優化這個模型。所以我們有一件大事。

Another big, big area that we plan to attack, and we are already acting on this, is pricing. We feel that we have increased prices very meaningfully over the last -- since COVID, let's say. And we think that as we look into our trajectory and the recent results, we think that there are several opening price points where we could offer more product. It's not that we don't have those opening price points in the assortment today, but we think that we could have a larger assortment within those price points.

我們計劃進軍的另一個重要領域是定價，而我們已經開始採取行動了。我們認為，自疫情爆發以來，我們已經大幅提高了價格。我們認為，當我們回顧我們的發展軌跡和最近的結果時，我們認為有幾個起始價格點我們可以提供更多的產品。並不是說我們今天的商品組合中沒有這些起始價位，而是我們認為我們可以在這些價位內擁有更大的商品組合。

So that's what we are going to be doing. And as a result of that, we'll be increasing the offering in key categories, and we are analyzing this by product category. As you know, our business is rather complex, so this is a pretty significant objective.

這就是我們要做的。因此，我們將增加主要類別的供應量，並按產品類別進行分析。如您所知，我們的業務相當複雜，因此這是一個非常重要的目標。

But we have teams already working on all this, and we expect to really be able to impact the second half of the year with this. We know that the consumer today is looking for value, and they are a lot more price sensitive. So we think that this can be a big driver of success for us.

但我們已經有一個團隊在致力於這一切，我們希望能夠真正對今年下半年產生影響。我們知道，如今的消費者追求的是價值，而且對價格更加敏感。因此我們認為這可以成為我們成功的一大推動力。

We're also working on visual merchandising. Our assortment of products in terms of the different categories that we carry is very rich, but that makes it very complex and it's difficult when you walk into a store to be able to understand the product story. So we want to focus on that, provide for an easier navigation in stores and even in our websites.

我們也致力於視覺行銷。就我們所經營的不同類別而言，我們的產品種類非常豐富，但這也使其非常複雜，當您走進商店時很難了解產品故事。因此，我們希望專注於此，在商店甚至我們的網站上提供更便利的導航。

And we want to optimize the space that we give to each product category based on category potential. This is a challenging model, but we think that we are on our way. We have very competent people looking into this. And we are even developing a new store concept with optimum space allocation per category, and that is something that is going to impact all new stores.

我們希望根據類別潛力來優化分配給每個產品類別的空間。這是一個具有挑戰性的模式，但我們認為我們正在前進。我們有非常有能力的人員正在調查此事。我們甚至正在開發一種新的商店概念，對每個類別進行最佳空間分配，這將影響所有新店。

The last big point is about customer experience and what the customers see. So we are also improving our imagery and navigation of websites and social media. We are trying to perfect our omnichannel integration and increasing social media spending. I'm sure you heard my comments about doing a whole project on marketing and social media strategy. We are using a third party called General Idea who's helping us with this, and Nicolai is leading this charge internally.

最後一個重點是關於客戶體驗以及客戶所看到的內容。因此，我們也在改進網站和社群媒體的圖像和導航。我們正在努力完善全通路整合並增加社群媒體支出。我相信您已經聽到了我關於開展整個行銷和社交媒體策略專案的評論。我們正在利用一家名為 General Idea 的第三方來幫助我們完成這項工作，而 Nicolai 在內部領導這項工作。

So a lot going on, but we see a lot of opportunity. We think that we still have very, very key locations throughout the market, and this includes not only the US but also in Canada, a market that we love. And we think that we can really increase our store productivity. We have not embedded into our numbers a significant impact for this, so hopefully our performance is going to prove that those numbers were conservative.

雖然發生了很多事情，但我們看到了很多機會。我們認為我們在整個市場仍然擁有非常非常關鍵的位置，這不僅包括美國，還包括我們熱愛的加拿大市場。我們認為我們確實可以提高商店的生產力。我們的數字並沒有反映出這一點的重大影響，所以希望我們的表現能夠證明這些數字是保守的。

Sounds good. Thanks for all the details.

聽起來不錯。感謝您提供所有詳細資訊。

Thank you, Mauricio.

謝謝你，毛里西奧。

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

（操作員指示）Eric Beder，小型消費者研究。

Good afternoon.

午安.

Hi, Eric.

你好，埃里克。

I want to talk a little bit about the opportunity for Guess? Jeans. How should we be thinking about that as an emerging opportunity in the US in terms of the Wholesale retail, and what are you seeing in terms of the reactions to your initial stores in Europe?

我想稍微談談 Guess 的機會？牛仔褲。我們該如何看待它作為美國批發零售業的新興機會？您認為歐洲最初開設的商店的反應如何？

Thank you, Eric. Well, as we are very excited about Guess? Jeans. This is another big opportunity for us. We have -- I think that the team that really launched this brand, and that is Nicolai and his team. They have done a great job in articulating what the vision for the brand was and also showing how critical certain aspects of the -- how this plan and vision were put together including the focus on sustainability, the focus on really having product that is, significantly aligned with what that younger customer is looking for, the Gen Z customer. But also seeing that there are opportunities for anybody to dress, wearing the product, so for both men and women.

謝謝你，埃里克。好吧，我們對 Guess 感到非常興奮？牛仔褲。這對我們來說是另一個重大機會。我們有—我認為真正推出這個品牌的團隊是 Nicolai 和他的團隊。他們出色地表達了品牌的願景，並展示了該計劃和願景的某些方面有多麼重要，包括對永續性的關注、對真正擁有與年輕客戶（即 Z 世代客戶）的需求高度一致的產品的關注。但也看到，任何人都有機會穿著該產品，無論男女。

So we and the events that were carried to launch this and to make this story known, I think were really great. I'm talking about things in Milan, a big event there, then a big event in Pitti Uomo. This happened twice now because we went back with big exhibition. I'm talking about thousands of people that came to see and have the entire experience. And I think that all this, of course included many, many customers, especially from Europe, but also from America.

所以，我認為我們以及為啟動這項活動和讓這個故事廣為人知而舉辦的活動真的很棒。我談論的是米蘭的事情，那裡的一個大型活動，然後是 Pitti Uomo 的一個大型活動。因為我們回去參加大型展覽，所以這種情況已經發生過兩次了。我說的是成千上萬的人來觀看並體驗整個過程。我認為，這一切當然包括許多客戶，特別是來自歐洲的客戶，但也包括來自美國的客戶。

And that came -- and I'm talking about Wholesale customers that came to really view this and experience the brand and I think that that created a lot of energy and a lot of support for the brand. So we had a very strong launch and the business has done better than what we had expected.

這就是——我說的是批發客戶真正地來觀看和體驗這個品牌，我認為這為品牌創造了很多能量和很多支持。因此，我們的發表會非常順利，業務表現也比我們預期的還要好。

Most of that business is Wholesale-based and most of that Wholesale distribution has been in Europe and just this includes several countries. I think that the number one performer is Italy, but we have many great stories across different countries, including Russia and others.

大部分業務以批發為主，批發分銷大部分都在歐洲，其中包括幾個國家。我認為表現最好的是義大利，但我們在不同國家也有很多精彩的故事，包括俄羅斯和其他國家。

We are also bringing the brand to the US, but the start of this has been a little bit slower. We're thinking about strengthening our Wholesale team to give more focus to that particular strategy. I mentioned during my prepared remarks about the promotion of Ufuk Memoglu to Chief Commercial Officer, and one of his responsibilities is Guess? Jeans and he's looking for somebody that can really run this part of the strategy, and we are excited about that.

我們也將品牌引進美國，但起步有點慢。我們正在考慮加強我們的批發團隊，以便更加專注於這項特定策略。我在準備好的演講中提到了將 Ufuk Memoglu 晉升為首席商務官，他的職責之一是猜猜？牛仔褲，他正在尋找一個能夠真正執行這項策略的人，我們對此感到非常興奮。

With respect to the stores in Europe, there are only two stores -- no, three stores open now, and the results I think that -- just we could do better. We are looking at the mix of product that we have there. Also, the initial launch had a collection that did not address fashion in a very significant way because, at the time, we thought that going more with a basic collection would be better.

就歐洲的門市而言，目前只有兩家——不，是三家——而且我認為，從結果來看，我們可以做得更好。我們正在研究那裡的產品組合。此外，最初推出的系列並沒有以非常重要的方式涉及時尚，因為當時我們認為推出更多基本系列會更好。

But as we roll over three seasons now, the customers, Wholesale customers, have been asking for more fashion, so the collection today is a lot richer in fashion and that is, we feel that and we think that that is going to impact our performance at the retail level as well.

但隨著我們已經過了三個季節，顧客，批發顧客，一直要求更多的時尚，所以今天的系列在時尚方面更加豐富，也就是說，我們感覺到了這一點，我們認為這也會影響我們在零售層面的表現。

We are opening one store in Melrose here in West Hollywood in a couple of months -- a few months, and we think that that is going to really bring a lot more awareness to the brands in this market and. And we are also going to open a flagship location in Tokyo. It's an incredible location. And we feel that that is going to bring a lot of energy to that market, the market of Japan.

幾個月後，我們將在西好萊塢的梅爾羅斯開設一家商店，我們認為這將真正提高這個市場上品牌的知名度。我們還將在東京開設一家旗艦店。這是一個令人難以置信的地方。我們認為這將為日本市場帶來巨大的活力。

And I'm sure you saw, there was a press release where we announced that Guess? Jeans through Nicolai and he was able to sign a collaboration with Verdy, who is a very high level Japan. It's I think they call him Japanese multi-hyphenated artist. This Verdy has done incredible things there, and he's a very high figure in the Japanese market and very relevant to this customer group that we're looking to attract into the brand.

我相信您已經看到了，我們在一份新聞稿中宣布了“猜猜看？”Jeans 透過 Nicolai 和 Verdy 簽署了合作協議，Verdy 是日本非常高水準的俱樂部。我認為他們稱他為日本多連字符藝術家。Verdy 在那裡做出了令人難以置信的成就，他在日本市場上享有很高的聲譽，與我們希望吸引的品牌客戶群息息相關。

So I'm very excited about Guess? Jeans. We think that this is definitely going to be a big $100 million-plus opportunity very soon, and we think that just -- this is just a matter of expanding our distribution. The great thing is that we got a lot of points of distribution with our customers at Wholesale, so the product is becoming a lot more available and accessible, and of course, just we open websites, just a representation for Guess? Jeans as well.

所以我對 Guess 感到非常興奮？牛仔褲。我們認為這肯定很快就會成為一個價值 1 億美元以上的巨大機會，而且我們認為這只是擴大我們的分銷管道的問題。最棒的是，我們在批發方面與客戶建立起了許多分銷點，因此產品變得更加容易獲得和普及，當然，我們開設的網站只是 Guess 的一個代表？還有牛仔褲。

Okay, question on Wholesale, actually, not Wholesale, but more of an opportunity. So you took over the GIII portfolio with license portfolio for dresses and outerwear. This will be your first full year for both of those. How should we thinking about the opportunity for that? And when you look at your license portfolio, are there other opportunities to take back some of the licenses and control directly? Thank you.

好的，關於批發的問題，實際上，不是批發，而更多的是一個機會。所以你接管了 GIII 投資組合，其中包括服裝和外套的許可投資組合。這將是你實現這兩個目標的第一個完整年份。我們該如何看待這個機會？當您查看您的授權組合時，是否還有其他機會收回部分授權並直接控制？謝謝。

Yeah, Eric. The dresses part of the GIII business were not a huge business, but we thought that it was a very natural integration for us because we were already doing a lot of dresses for many of our businesses, including both Guess? and even Marciano.

是的，埃里克。GIII 業務中的連身裙部分並不是一項大業務，但我們認為這對我們來說是一個非常自然的整合，因為我們已經為許多業務部門生產了很多連身裙，包括 Guess？甚至馬西亞諾。

But in addition to that, outerwear was definitely a big, big business, and we are very pleased that we brought this back. We have significant know-how within our capabilities with our team, and I think at the outerwear collection that we have now to really represent that business is really a great collection and is doing very well.

但除此之外，外套絕對是一項很大的生意，我們很高興能夠將其帶回來。我們團隊擁有豐富的專業知識，我認為我們現在的外套系列真正體現了這一業務，這是一個非常棒的系列，而且做得很好。

So we are very pleased with that transition and the way it has been integrated into our operation. A lot of this is supported by our platform in Europe, which is kind of like at the core of our sourcing and product development for the entire company now, since we consolidated our efforts there.

因此，我們對這種轉變以及它融入我們營運的方式感到非常滿意。其中許多都得到了我們在歐洲的平台的支持，由於我們在那裡鞏固了我們的努力，所以現在這個平台就像是我們整個公司採購和產品開發的核心。

But with respect to other licenses, really, I think that one strength of our company is the tenure of the licensing relationships that the company has had for many, many years, in many cases like 30 years-plus, and so forth.

但就其他許可證而言，我認為我們公司的一個優勢是公司已經擁有多年的許可關係，在許多情況下是 30 多年，等等。

And I think that makes that business very successful and how the product integrates with the rest of what we do internally very seamless and represents the brand with great integrity and with consistency across all markets and across product categories. Of course, every now and then we'll have changes and so forth, and this could impact both product categories or territories.

我認為這使得該業務非常成功，並且產品與我們內部所做的其他業務的結合非常無縫，並且代表了品牌的高度完整性和在所有市場和產品類別中的一致性。當然，我們不時會做出一些改變等等，這可能會影響產品類別或地區。

But overall, we like the long-term relationships that are strong, where there is trust, where there is significant respect and a great spirit of collaboration between the teams. And we think that that makes what we offer to the customer a lot stronger. So we don't have any plans to discontinue anything for now.

但總的來說，我們喜歡長期牢固的關係，在這種關係中存在著信任、高度尊重以及團隊之間良好的合作精神。我們認為這會讓我們為客戶提供更強大的服務。因此我們目前沒有停止任何專案的計劃。

But, of course, you can always have changes. But if you look at the tenure that we have with our biggest licenses, it for sure goes back several decades.

但是，當然，你總是可以做出改變。但如果你看看我們最大許可證的有效期，它肯定可以追溯到幾十年前。

Great. Good luck for '26 -- '25, excuse me. I'm sorry.

偉大的。祝 26 至 25 年好運，不好意思。對不起。

Yeah. Thank you. It's fiscal '26 for us, so it's fine. Thank you, Eric.

是的。謝謝。對我們來說這是 26 財年，所以沒問題。謝謝你，埃里克。

Thank you, and this concludes our Q&A session for today. I will turn it back to Carlos for final remarks.

謝謝，今天的問答環節到此結束。我將把發言交還給卡洛斯，請他做最後的評論。

Thank you, operator. Well, thank you all for your participation today. We are all navigating through uncertain times right now, but we feel that we are well positioned and we have a clear strategy to grow our business, improve profitability, and create value for our shareholders.

謝謝您，接線生。好的，謝謝大家今天的參與。我們現在都在經歷不確定的時期，但我們感到我們處於有利地位，並且我們有一個明確的策略來發展我們的業務，提高盈利能力並為股東創造價值。

So as we have done at all times -- at times like this in the past, we'll continue to manage our business with a focus on what we can control. We have a great team here that is highly motivated and ready to take this company to the next level of growth and profitability and we are excited about the future. So thank you, again, and have a great day.

因此，正如我們過去一直在做的那樣，在這樣的時刻，我們將繼續管理我們的業務，並專注於我們所能控制的事情。我們擁有一支優秀的團隊，他們積極進取，隨時準備帶領公司邁向更高的成長和獲利水平，我們對未來充滿期待。再次感謝您，祝您有美好的一天。

And thank, you, all for participating in today's program. You may now disconnect.

感謝大家參加今天的節目。您現在可以斷開連線。