Guess? Inc (GES) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Guess first quarter fiscal 2026 earnings conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the call over to Fabrice Benarouche, Senior Vice President of Finance, Investor Relations, and Chief Accounting Officer. Please proceed.

大家好，歡迎參加 Guess 2026 財年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，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 Fabrice Benarouche。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us today. On the call today with me are Carlos Alberini, Chief Executive Officer; Dennis Secor, Interim Chief Financial Officer; and Alberto Toni, our incoming 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有首席執行官卡洛斯·阿爾貝里尼 (Carlos Alberini)、臨時首席財務官丹尼斯·塞科爾 (Dennis Secor) 和即將上任的首席財務官阿爾貝托·托尼 (Alberto Toni)。

During today's call, the company will be making forward-looking statements, including comments regarding future plans, strategic initiatives, capital allocation, and short- and long-term outlooks. The company's actual results may differ materially from current expectations based on risk factors included in today's press release and the company's quarterly and annual reports filed with the SEC. Comments will also reference certain non-GAAP or adjusted measures. GAAP reconciliations and descriptions of these measures can be found in today's earnings release.

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。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。這些指標的 GAAP 對帳和描述可以在今天的收益報告中找到。

Now I will turn it over to Carlos.

現在我將把發言權交給卡洛斯。

Thank you, Fabrice, and thank you all for joining us for our Q1 fiscal 2026 quarterly conference call. We are pleased to report our Q1 operating results that came in ahead of expectations across key financial metrics, reflecting the successful integration of rag & bone and continued momentum in our Guess wholesale businesses across Europe and the Americas. Disciplined expense management, combined with a better-than-expected top line, enabled us to report operating results ahead of our guidance range, narrowing our loss for the quarter.

謝謝你，Fabrice，也謝謝大家參加我們的 2026 財年第一季電話會議。我們很高興地報告，我們的第一季營運表現在關鍵財務指標上均超出預期，反映了 rag & bone 的成功整合以及我們在歐洲和美洲的 Guess 批發業務的持續發展勢頭。嚴格的費用管理，加上好於預期的營收，使我們能夠報告超出預期範圍的經營業績，縮小了本季度的虧損。

In the period, we grew our business in US dollars by 9% despite a currency headwind that consumed about 2.5 points of growth. The majority of that growth came from the acquisition of rag & bone, which added 9 percentage points to our top-line constant currency growth, reflecting a full quarter of ownership this year versus just one month in the prior year period.

在此期間，儘管匯率逆風導致成長減少約 2.5 個百分點，但我們的美元業務仍成長了 9%。這一增長主要源於對 rag & bone 的收購，以固定匯率計算，此次收購為我們的營收成長增加了 9 個百分點，反映出今年整個季度的所有權，而去年同期僅為一個月。

Our core gift business also contributed, adding about 3 points of constant currency growth driven by higher shipments in our wholesale operations across Europe and the Americas. These gains more than offset softer results in Asia and in our Americas retail channel. Licensing revenue declined versus the prior year, creating a modest headwind in the period.

我們的核心禮品業務也做出了貢獻，由於我們在歐洲和美洲的批發業務出貨量增加，增加了約 3 個百分點的固定貨幣成長。這些收益足以抵銷亞洲和美洲零售通路業績疲軟的影響。許可收入較上年同期下降，給本期間帶來了輕微的阻力。

For GES, our European wholesale business was the largest contributor of this growth posting a mid-teen growth rate in the quarter. Our products continue to perform well among our wholesale partners in that region, and we believe that we are being rewarded for ensuring reliable product deliveries despite some of the recent supply chain challenges.

對於 GES 而言，我們的歐洲批發業務是這一成長的最大貢獻者，本季實現了中等水平的成長率。我們的產品在該地區的批發合作夥伴中繼續表現良好，我們相信，儘管最近面臨一些供應鏈挑戰，但我們仍因確保可靠的產品交付而獲得回報。

We shared on our last call that we are mitigating the supply chain risk caused by the Red Sea crisis by bringing in products early. We are not buying more. We are buying earlier. This near-term working capital investment bore fruit during the quarter, protecting our partners and our businesses as we were able to ship larger volumes than we had anticipated for the quarter, mainly driven by the availability of the product. In our European retail stores, revenues came in slightly below our expectations, posting a constant currency comp decrease of 4% as a decline in store traffic more than offset improved conversion, improved AUR and better units per transaction.

我們在上次電話會議上表示，我們正在透過提前引進產品來減輕紅海危機造成的供應鏈風險。我們不會再購買了。我們提前購買。這項近期營運資本投資在本季度取得了成果，保護了我們的合作夥伴和業務，因為我們能夠出貨比本季預期的更多，這主要受到產品可用性的推動。在我們的歐洲零售店，收入略低於我們的預期，按固定匯率計算下降了 4%，因為商店客流量的下降超過了轉換率的提高、AUR 的提高和每筆交易單位數的增加。

In the Americas wholesale business, the GES brand delivered double-digit top line growth, surpassing our expectations for the quarter. Similar to Europe, we were also able to deliver more product earlier to our partners than what we had planned. And for the year, we expect this business to grow modestly. In the Americas Retail business, our performance improved in the latter part of the quarter and exceeded our expectations. While traffic headwinds remained our key productivity challenge, we were able to offset some of that with improved conversion.

在美洲批發業務中，GES 品牌實現了兩位數的營收成長，超出了我們對本季的預期。與歐洲類似，我們也能夠比計劃更早向合作夥伴交付更多產品。我們預計今年該業務將溫和成長。在美洲零售業務中，我們的業績在本季後半段有所改善，超出了我們的預期。儘管交通阻力仍然是我們面臨的主要生產力挑戰，但我們能夠透過提高轉換率來抵消部分阻力。

As a result, we closed the period with a net 10% constant currency comp sales decline for the quarter. Our business in Asia continues to face headwinds and fell short of our expectations this quarter, with revenues declining by over 20%, with significant weakness in the Greater China market. Consistent with what we shared with you on our last call, we are continuing to look for a partner to take on our business in this market, and we have been contracting our operations here, including headcount reductions, store closings and ceasing to purchase product for future seasons.

因此，在本季結束時，我們以 10% 的固定匯率銷售額淨額結束了這一季度。我們在亞洲的業務持續面臨阻力，本季未達到我們的預期，營收下降超過 20%，大中華區市場表現明顯疲軟。與我們在上次電話會議上與您分享的內容一致，我們將繼續尋找合作夥伴來承擔我們在這個市場的業務，並且我們一直在收縮這裡的業務，包括裁員、關閉商店和停止購買未來季節的產品。

Sales declined in most of our Asian businesses and store traffic remains the key driver of the comp sales decline in our stores there. And finally, in our licensing business, royalties declined slightly more than we had planned. Royalties declined in fragrances and footwear, while handbags royalties grew.

我們大部分亞洲業務的銷售額都有所下降，而門市客流量仍是導致這些門市銷售額下降的主要原因。最後，在我們的授權業務中，版稅的下降幅度比我們計畫的要小一些。香水和鞋類的版稅下降，而手袋的版稅則增加。

Moving next to our product performance. Results varied by region and category throughout the quarter. In Europe, women's apparel sales increased driven by strong performance in activewear and sweaters. In accessories, fragrances and watches delivered positive comps. In the Americas, the business was negative across most categories with women's activewear and watches performing well.

接下來談談我們的產品效能。本季的結果因地區和類別而異。在歐洲，運動服和毛衣的強勁表現推動女裝銷售成長。在配件方面，香水和手錶表現不錯。在美洲，大多數類別的業務都表現不佳，只有女士運動服和手錶表現良好。

Turning to rag & bone. The business significantly outperformed our expectations for the quarter, driven primarily by strong wholesale shipments. Rag & bone performance in the retail stores and online also outperformed our expectations. Paul has been working hard with many of our licensee partners to add new product categories into our rag & bone assortment.

轉向 rag & bone。該季度的業務表現大大超出了我們的預期，主要得益於強勁的批發出貨量。Rag & bone 在零售店和網路上的表現也超出了我們的預期。Paul 一直在與我們的許多授權合作夥伴努力合作，為我們的 rag & bone 產品系列添加新的產品類別。

As we shared before, we already signed a new handbag license and that business is doing well. We also have new license deals at various stages of completion and watches, fragrances and eyewear, and we are excited about the prospects for those categories in the future.

正如我們之前所分享的，我們已經簽署了新的手袋許可證，而且業務進展順利。我們還擁有處於不同完成階段的新許可協議以及手錶、香水和眼鏡，我們對這些類別未來的前景感到興奮。

Moving now to the rest of the P&L. We delivered total company gross margin of 39.9%, 200 basis points lower than last year and also below our expectations going into the quarter. About 70% of that change was driven by business mix, mainly lower royalty income and a higher contribution from wholesale, which naturally carries lower product margins. There was a modest headwind due to increased promotional activity and that amount was fully offset by improvements in initial merchandise margins. Currencies were also a modest headwind to our margins during the period.

現在轉到損益表的其餘部分。我們公司的總毛利率為 39.9%，比去年同期低 200 個基點，也低於我們本季的預期。其中約 70% 的變化是由業務組合推動的，主要是特許權使用費收入降低和批發貢獻增加，這自然導致產品利潤率降低。由於促銷活動的增加，出現了輕微的阻力，但這種阻力被初始商品利潤率的提高完全抵消。在此期間，貨幣也對我們的利潤率造成了一定的阻力。

Total company SG&A increased 11% year-over-year with the integration of rag & bone driving the majority of that increase. In the quarter, we reported an adjusted operating loss of $26 million and an adjusted operating loss margin of 4%, both of which represented improvement over our expectations for the quarter and we delivered an adjusted loss per share of $0.44, also an improvement over our expectations.

公司銷售、一般及行政開支總額年增 11%，其中大部分成長來自對 rag & bone 的整合。本季度，我們報告調整後的營業虧損為 2,600 萬美元，調整後的營業虧損率為 4%，這兩項數據均超出了我們對本季度的預期，調整後的每股虧損為 0.44 美元，也超出了我們的預期。

Before I update you on our strategic initiatives, let me spend a few moments discussing tariffs and how we believe they may impact our business and our outlook. On last quarter's call, in our discussion of tariffs, we shared a few important aspects of our business: first, roughly 75% of our business is done outside of the United States, and therefore, not directly impacted by the tariffs. Second, the remaining 25% of directly produced and distributed products represents roughly $200 million in annual purchases. Both our Guess and rag & bone sourcing teams have undertaken a massive effort to move a substantial amount of our production out of China to other markets. We also reworked costs with vendors and pricing with retail customers.

在向您介紹我們的策略舉措之前，請允許我花幾分鐘時間討論一下關稅以及我們認為它們可能對我們的業務和前景產生的影響。在上個季度的電話會議中，我們在討論關稅時分享了我們業務的一些重要方面：首先，我們大約 75% 的業務是在美國境外進行的，因此不會直接受到關稅的影響。其次，剩餘 25% 的直接生產和分銷產品每年的採購額約為 2 億美元。我們的 Guess 和 rag & bone 採購團隊都做出了巨大努力，將大量生產從中國轉移到其他市場。我們也重新制定了與供應商的成本和與零售客戶的定價。

As a result of these efforts, we expect that the year-over-year impact of tariffs on our margins this year will be less than $10 million. And we have achieved that with very minimal price increases. That $10 million is fully incorporated in the outlook that we are providing today. So that is the cost impact to our P&L based on what we know today. The tariffs have also sparked renewed fears of inflation or recession, but we have not attempted to predict how they may affect the consumers' appetite to spend their disposable income.

透過這些努力，我們預計今年關稅對我們利潤率的年比影響將不到 1000 萬美元。而且我們以極小的價格上漲實現了這個目標。這 1000 萬美元已完全納入我們今天提供的展望中。根據我們目前所知，這就是成本對我們的損益的影響。關稅也引發了人們對通貨膨脹或經濟衰退的新一輪擔憂，但我們並未試圖預測它們將如何影響消費者的可支配收入支出意願。

Now I would like to turn to our strategic direction and provide an update on several key initiatives underway across the business. On our last call, I outlined the key strategic initiatives that our teams are driving to grow our business, strengthening our organization, improve brand awareness and customer engagement to increase retail productivity, build a more efficient infrastructure and optimize our business model to improve profitability and return on investment capital.

現在我想談談我們的策略方向，並提供整個業務正在進行的幾項關鍵舉措的最新情況。在我們上次電話會議上，我概述了我們的團隊正在推動的關鍵策略舉措，以發展我們的業務，加強我們的組織，提高品牌知名度和客戶參與度，以提高零售生產力，建立更有效率的基礎設施，並優化我們的業務模式，以提高盈利能力和投資資本回報率。

Today, I will walk you through the progress that we are making against some of these priorities, starting with one of our most immediate focus areas: retail productivity. One of the key challenges of our business over the last several years has been the decline in customer traffic into our stores and to our website. Those trends have persisted in the US and Asia for some time, and we are now seeing similar patterns emerge in our European retail business. To address this, we are rolling out a range of initiatives aimed at reengaging customers and driving higher traffic across both physical and digital channels.

今天，我將向大家介紹我們在實現這些優先事項方面所取得的進展，首先從我們最直接的關注領域之一開始：零售生產力。過去幾年來，我們業務面臨的主要挑戰之一是我們商店和網站的顧客流量下降。這些趨勢在美國和亞洲已經持續了一段時間，現在我們看到類似的模式出現在我們的歐洲零售業務中。為了解決這個問題，我們正在推出一系列舉措，旨在重新吸引客戶並推動實體和數位管道的流量增加。

We continue to see a significant opportunity to increase brand awareness and customer engagement through increased marketing investment. We are in the middle of a project working with General Idea, which is a consulting firm to craft a new market vision to transform our social media strategy that we believe will reignite our brand relevance and awareness with today's consumer.

我們繼續看到透過增加行銷投資來提高品牌知名度和客戶參與度的重大機會。我們正與 General Idea（顧問公司）合作進行一個項目，旨在製定新的市場願景來改變我們的社交媒體策略，我們相信這將重新點燃我們品牌與當今消費者的相關性和知名度。

Nicolai Marciano is our internal lead for this project. We are beginning with the implementation of several initiatives as we speak, including the reorganization of our teams, the deployment of new practices and increased investment into social channels and relationships with influencers and other collaborations to attract a younger audience.

Nicolai Marciano 是我們這個專案的內部負責人。我們正在開始實施幾項舉措，包括重組我們的團隊、部署新的實踐、增加對社交管道的投資以及與有影響力的人建立關係和其他合作以吸引更年輕的觀眾。

In addition, we recently launched the customer loyalty program in Europe thus far in just two markets, Italy and Poland, and the learnings and results from this implementation have been very, very positive. In those markets, among our loyalty customers, we saw increases in revenues from those customers of roughly 36%. We also saw that those customers returned to the stores with greater frequency and they spend more per visit. Our plan is now to roll this program out to more countries in the region, starting next with Germany, Austria and Spain, with additional markets to come online later in the year.

此外，我們最近在歐洲僅在義大利和波蘭兩個市場推出了客戶忠誠度計劃，實施的經驗和成果非常非常積極。在這些市場中，我們的忠誠客戶為我們帶來了約 36% 的收入成長。我們還發現這些顧客返回商店的頻率更高，而且每次訪問的消費也更多。我們的計劃是將該計劃推廣到該地區的更多國家，首先從德國、奧地利和西班牙開始，其他市場將在今年稍後上線。

As we continue to sign up more customers into our database and we gain insights into their shopping habits, we are investing in improving our customer insights capabilities using AI-powered tools. Next, there is an opportunity in how we buy. Over the past several years, we have been very successful in driving IMU improvements across our apparel lines. In order to drive production cost down, it necessitated a larger and earlier commitment of our production volumes, therefore, leaving less open to buy later in the year. Undoubtedly, that resulted in missing certain trends, sacrificing a level of revenues for the extra IMU point.

隨著我們繼續將更多客戶註冊到我們的資料庫中，並深入了解他們的購物習慣，我們正在投資使用人工智慧工具來提高我們的客戶洞察能力。接下來，我們的購買方式也存在著機會。在過去的幾年中，我們非常成功地推動了服裝系列的 IMU 改進。為了降低生產成本，我們必須更早承諾更多的生產量，因此，今年稍後可供購買的數量就會減少。毫無疑問，這會導致錯過某些趨勢，為了額外的 IMU 點而犧牲一定程度的收入。

We think there is an opportunity to better balance that going forward. Our team is developing fast track capabilities within our supply chain to more quickly replenish best sellers and inject additional product into the market as trends develop in the season. We used to operate in this manner several years ago and had success primarily in North America. We are implementing this again with our Spring/Summer '26 collection with our goal ultimately to leave 50% of our buy open after replace our initial orders.

我們認為未來有機會更好地平衡這一點。我們的團隊正在開發供應鏈中的快速通道功能，以便更快地補充暢銷產品，並隨著季節趨勢的發展向市場注入更多產品。幾年前我們曾以這種方式運營，並且主要在北美取得了成功。我們將在 2026 年春夏系列中再次實施此舉措，最終目標是在替換初始訂單後保留 50% 的購買量。

We are also looking closely at pricing. Over the past several years, we implemented a strategy to elevate our brand and raise the perception of our brand among consumers. That initiative was anchored in building more quality into our products, including better fabrications, better make and better embellishment. While the program was successful in many ways, our recent analysis of pricing suggests that some of our legacy customers were not able to make that journey with us. It's also reflective of what we have experienced with today's consumer who tends to be quite sensitive to pricing.

我們也在密切關注定價。在過去的幾年裡，我們實施了一項策略來提升我們的品牌並提高消費者對我們品牌的認知度。該計劃旨在提高我們產品的質量，包括更好的製造、更好的製作和更好的裝飾。雖然該計劃在許多方面都取得了成功，但我們最近的定價分析表明，我們的一些傳統客戶無法與我們一起完成這趟旅程。這也反映了我們當今消費者對價格非常敏感的經驗。

Our plan now is to rebalance our product assortment to increase our penetration and offering of opening price point products. And finally, we think our existing clustering model is too rigid, not addressing the unique dynamics of individual stores, not leaving store management with enough flexibility to assort stores based on the unique dynamics of their particular store.

我們現在的計劃是重新平衡我們的產品組合，以增加我們的滲透率和起始價位產品的供應。最後，我們認為現有的聚類模型過於僵化，沒有解決單一商店的獨特動態，也沒有給商店管理層足夠的靈活性來根據特定商店的獨特動態對商店進行分類。

One store may attract a more casual customer while another may appeal to one that is looking for a more dressy outfit. Weather patterns may be different as well, necessitating a different assortment based on seasonality. Our new model will create that greater flexibility to allow managers more autonomy to assort their stores based on the unique characteristics of that store's customer.

一家商店可能會吸引較休閒的顧客，而另一家商店可能會吸引那些尋求更正式服裝的顧客。天氣模式也可能不同，需要根據季節進行不同的分類。我們的新模式將創造更大的靈活性，讓管理人員能夠更自主地根據商店客戶的獨特特徵對商店進行分類。

As part of this effort, we will also challenge the product categories to be offered in each store to optimize the product assortment and the space allocation based on expected productivity per square foot. Visual merchandising standards will be improved as well to optimize navigation throughout the stores and ease of shopping. Improving retail productivity for us is the highest priority that we have today.

作為這項工作的一部分，我們還將挑戰每家商店提供的產品類別，以根據每平方英尺的預期生產力優化產品分類和空間分配。視覺行銷標準也將得到改善，以優化整個商店的導航和購物的便利性。提高零售生產力是我們目前的首要任務。

Just as a point of reference, a 10% improvement in sales in our retail stores company-wide would represent roughly $140 million in incremental revenue and around $70 million in incremental operating profit. Thus far, the early reads on these initiatives have been encouraging. In both North America and Europe so far in the second quarter, we have seen sequential improvements in conversion rates with both regions posting sequential improvements in retail comps.

作為參考，我們全公司零售店的銷售額提高 10% 將意味著約 1.4 億美元的增量收入和約 7,000 萬美元的增量營業利潤。到目前為止，這些措施的早期解讀令人鼓舞。截至第二季度，北美和歐洲的轉換率均持續改善，兩個地區的零售額也均持續改善。

Another area of opportunity for us to improve profitability in our business is rationalizing our business model. Businesses are not static. They evolve and change over time. The profitability of certain channels has changed as consumer shopping behaviors have evolved.

我們提高業務獲利能力的另一個機會是合理化我們的業務模式。企業並不是一成不變的。它們隨著時間而發展和變化。隨著消費者購物行為的演變，某些管道的獲利能力也發生了變化。

Certain categories that represented large opportunities in the past may no longer generate the returns necessary to justify the investments. Market that were once profitable may no longer generate appropriate levels of income. We are looking at this across all different dimensions of our business to ensure that we are making and sustaining investments that deliver solid returns to our shareholders. We are examining our store portfolio, ensuring that every store serves the strategic and financial purpose to represent the brand in the marketplace and to deliver profit in that market.

某些過去代表巨大機會的類別可能不再產生證明投資合理性所需的回報。曾經獲利的市場可能不再產生適當的收入水準。我們正在從業務的各個方面審視這個問題，以確保我們進行並維持能夠為股東帶來豐厚回報的投資。我們正在審查我們的商店組合，確保每家商店都符合策略和財務目的，在市場上代表品牌並在該市場中創造利潤。

We shared on our last call that in North America, we are exiting nonstrategic and profitable full-price Guess stores, and we are consolidating some of our infrastructure supporting that business. We expect to reduce our North America store fleet by roughly 20 stores with some of them closing this year at their natural lease expirations. So far this year, we have closed six of these stores. We are examining unproductive businesses. Those may be regions or brands.

我們在上次電話會議上透露，在北美，我們正在退出非戰略性且盈利的全價 Guess 商店，並且正在整合支持該業務的一些基礎設施。我們預計將減少北美約 20 家門市，其中一些門市將於今年自然租約到期時關閉。今年到目前為止，我們已經關閉了六家這樣的商店。我們正在檢視沒有生產力的企業。這些可能是地區或品牌。

For example, on our last call, we shared the changes that we are making in China. While we continue to believe that there is an opportunity for Guess in the Greater China market, given the market size and our brand's high awareness, we have not been able to make that business profitable over the many years that we have operated there.

例如，在上次電話會議上，我們分享了我們在中國正在進行的變革。儘管我們仍然相信，鑑於市場規模和我們品牌的高知名度，Guess 在大中華區市場仍有機會，但我們在大中華區經營多年，一直未能實現盈利。

This year, we expect that business will lose roughly $20 million and we are committed to eliminating that loss for next year. We are looking for a third-party partner to take over this business, and we have already met with several potential candidates. In the meantime, as I said before, we are continuing to operate this business for us to minimize the negative impact on our earnings.

今年，我們預計該業務將損失約 2,000 萬美元，我們致力於在明年消除這一損失。我們正在尋找第三方合作夥伴來接管這項業務，我們已經與幾位潛在候選人會面。同時，正如我之前所說，我們將繼續經營這項業務，以盡量減少對我們獲利的負面影響。

And just to remind you, we expect these two nitiatives, North America stores and Greater China will unlock over $30 million in operating profit starting with the next fiscal year. But there are still other dimensions of our business that we are examining. We plan to address underperforming product categories and profitable customer relationships and productive SKUs and also plan to consolidate further products at a global level, including additional categories for our factory outlet business, which are currently developed regionally.

需要提醒您的是，我們預計這兩個舉措，即北美門市和大中華區門市，將從下一個財年開始釋放超過 3000 萬美元的營業利潤。但我們仍在研究業務的其他方面。我們計劃解決表現不佳的產品類別、盈利的客戶關係和高效的 SKU，並計劃在全球範圍內整合更多產品，包括目前在區域內開發的工廠直銷業務的其他類別。

This is all to ensure that every aspect of our business is creating value. And finally, it's our infrastructure and its alignment to today's business. Since Guess was founded in 1981, our business has evolved dramatically. We started as a pure wholesale denim supplier in the United States with one lone footprint here in Los Angeles that encompassed every aspect of our business.

這一切都是為了確保我們業務的每個方面都在創造價值。最後，是我們的基礎設施及其與當今業務的一致性。自 1981 年 Guess 成立以來，我們的業務發生了巨大的變化。我們最初是美國純粹的牛仔布批發供應商，在洛杉磯只有一個分支機構，業務範圍涵蓋了我們業務的方方面面。

Over time, we grew our business by opening our own retail stores, both full price and outlets. We entered new territories, adding both operating and infrastructure functions to support those businesses. We expanded globally, adding direct resources in new countries and ultimately developed regional centers as the business grew.

隨著時間的推移，我們透過開設自己的零售店（包括全價店和專賣店）擴大了業務。我們進入了新的領域，增加了營運和基礎設施功能來支援這些業務。我們在全球擴張，在新的國家增加直接資源，並最終隨著業務的成長而發展區域中心。

We added multiple new categories, some internal, some external and stood up the necessary infrastructure to support that expansion. We also added IT systems to support our business. And we evolved along with the consumer, adding e-commerce capabilities as the shopping habits of consumers changed over time. Today's business is far more complex across multiple dimensions and requires a more sophisticated ecosystem.

我們新增了多個新類別，有些是內部的，有些是外部的，並建立了必要的基礎設施來支援這種擴展。我們還添加了 IT 系統來支援我們的業務。我們與消費者一起發展，隨著消費者購物習慣的改變而增加電子商務功能。現今的業務在多個維度上都變得更加複雜，需要更加完善的生態系統。

We believe that we have opportunities to reengineer those businesses to make sure that our infrastructure aligns with our business as it exists today. As an example of this, we have separate support structures that are based now in both Los Angeles and Lugano, Switzerland, one to support the North American business, while the other supports our European business, performing largely the same functions.

我們相信，我們有機會重新設計這些業務，以確保我們的基礎設施與我們現有的業務保持一致。舉例來說，我們現在在洛杉磯和瑞士盧加諾設有獨立的支援結構，一個支援北美業務，另一個支援我們的歐洲業務，執行大致相同的功能。

We see an opportunity to optimize the structures, creating one global center that can support both regions taking advantage of the significant scale of our fleet and business. We believe our European support infrastructure presents a strong opportunity for consolidation and optimization.

我們看到了優化結構的機會，創造一個可以支援兩個地區的全球中心，利用我們龐大的機隊和業務規模。我們相信，我們的歐洲支援基礎設施為整合和優化提供了強大的機會。

This year, our business in Europe should reach nearly $1.7 billion in sales. It's large and complex, spanning more than 35 countries with a regional center, multiple country support centers and several logistics centers throughout the region. As it has evolved over time, it has undoubtedly created some duplication of effort where much of the same work that is done in the regional center is also replicated within the countries.

今年，我們在歐洲的業務銷售額預計將達到近17億美元。它規模龐大、結構複雜，橫跨 35 多個國家，在整個地區設有一個區域中心、多個國家支援中心和多個物流中心。隨著時間的推移，它無疑造成了一些重複勞動，即區域中心所做的許多相同工作也在各國重複。

We see an opportunity to realign these resources where strategy is developed and set from the regional center leaving the in-country resources to manage local execution. Logistics presents an opportunity as well. In time, both in Europe and North America, we have added logistics capabilities and centers to address specific needs or opportunities at the time. Today, we have eight centers throughout Europe and another three in North America.

我們看到了重新調整這些資源的機會，即由區域中心製定和設定策略，而由國內資源來管理當地的執行。物流也帶來了機會。隨著時間的推移，我們在歐洲和北美都增加了物流能力和中心，以滿足當時的特定需求或機會。如今，我們在歐洲擁有八個中心，在北美擁有三個中心。

Within each region, there are opportunities to consolidate and optimize these networks. Another area of opportunity is our systems environment. Our IT infrastructure has evolved similarly to our business very organically, building and adding to a network based on the business needs of that moment with different solutions and tools in different parts of our business.

在每個地區，都有機會整合和優化這些網路。另一個機會領域是我們的系統環境。我們的 IT 基礎設施與我們的業務非常有機地發展相似，根據當時的業務需求建立和添加網絡，並在業務的不同部分使用不同的解決方案和工具。

We believe that there are opportunities to restructure this and reengineer a systems network that is more uniform and standardized globally. These are just a few of the areas that we are tackling, but they reflect a broader goal to build a unified global platform that enables us to operate as one integrated business rather than a collection of regionally siloed operations.

我們相信有機會重組並重新設計一個在全球範圍內更加統一和標準化的系統網絡。這些只是我們正在努力解決的幾個領域，但它們反映了一個更廣泛的目標，即建立一個統一的全球平台，使我們能夠作為一個綜合企業而不是一個區域孤立企業的集合來運作。

By centralizing what makes sense and tailoring only where necessary, we aim to support our future growth with greater agility, efficiency and strategic alignment. Now let me share a few thoughts on our outlook for the remainder of this year. We have updated our outlook to reflect the relatively minor changes in business trends that we experienced in Q1.

透過集中有意義的內容並僅在必要時進行客製化，我們旨在以更高的靈活性、效率和策略一致性來支持我們未來的成長。現在，讓我分享一些關於今年剩餘時間展望的想法。我們已更新我們的展望，以反映我們在第一季經歷的業務趨勢的相對較小的變化。

For the year, we still expect our revenue growth will be driven by owning rag & bone for a full year, solid growth from our European wholesale business and the conversion of our Middle East business to a joint venture. We have moderated our expectation coming from our European retail stores, given our first quarter experience. Though we do expect some improvement later in the year given our marketing and retail productivity initiatives that I just summarized.

對於今年，我們仍然預計收入成長將得益於全年擁有 rag & bone、歐洲批發業務的穩健成長以及中東業務轉變為合資企業。根據第一季的經驗，我們降低了對歐洲零售店的預期。不過，考慮到我剛才總結的行銷和零售生產力舉措，我們確實預計今年稍後會有所改善。

In addition, the US dollar has weakened over the past two months, which should result in a stronger currency tailwind on revenues. All in, we expect full year revenues to grow in the range of 5.5% to 7.4%. For the full year, we now expect adjusted operating margin between 4.4% and 5.1% and adjusted EPS in the range of $1.32 to $1.64 a share. Dennis will share more details in just a moment.

此外，美元在過去兩個月內有所走弱，這將為收入帶來更強勁的貨幣順風。總體而言，我們預計全年營收將成長 5.5% 至 7.4%。對於全年而言，我們現在預計調整後的營業利潤率在 4.4% 至 5.1% 之間，調整後的每股收益在 1.32 美元至 1.64 美元之間。丹尼斯稍後將分享更多細節。

Before I turn the call over, I want to comment on our Chief Financial Officer transition. In April, we announced the appointment of Alberto Toni, a seasoned executive with more than three decades of international experience in finance and operations. His proven ability to drive performance across design-led, retail and consumer-facing organizations will be instrumental as we sharpen our focus on operational efficiency, portfolio discipline and long-term value creation for Guess.

在轉交電話之前，我想對我們的財務長的過渡發表評論。今年 4 月，我們宣布任命 Alberto Toni，他是一位經驗豐富的高階主管，在財務和營運領域擁有 30 多年的國際經驗。他已證明能夠推動以設計為主導、零售和麵向消費者的組織的業績，這將對我們更加註重 Guess 的營運效率、產品組合紀律和長期價值創造起到至關重要的作用。

Alberto will be based in Lugano, Switzerland and will lead Guess's financial team globally. Dennis Secor, Interim CFO, will remain on board as Executive Vice President through September of 2025 to ensure a seamless leadership transition. With a deep bench of finance leaders that includes Fabrice Benarouche and several other talented executives, we are well positioned to advance our strategic priorities and deliver sustainable growth.

Alberto 將駐紮在瑞士盧加諾，領導 Guess 的全球財務團隊。臨時財務長丹尼斯·塞科爾 (Dennis Secor) 將繼續擔任執行副總裁直至 2025 年 9 月，以確保領導層的順利過渡。我們擁有一群強大的財務領導團隊，包括 Fabrice Benarouche 和其他幾位才華橫溢的高管，我們有能力推進我們的策略重點並實現永續成長。

In closing, this year, we are managing through a complex environment and have made meaningful strides in advancing our operational, strategic and financial priorities. On behalf of Paul and myself, I want to extend our appreciation to our global teams for their dedication and strong execution. As we begin fiscal year 2026, we are energized by the opportunities ahead. Our strategic focus remains on driving higher productivity across our direct-to-consumer channels and enhancing profitability through targeted business and portfolio optimization. We are firmly committed to unlocking our full potential and delivering long-term shareholder value.

最後，今年，我們在複雜的環境中進行了管理，並在推動我們的營運、策略和財務重點方面取得了有意義的進展。我代表保羅和我本人，向我們全球團隊的奉獻精神和強大的執行表示感謝。當我們開始 2026 財年時，我們對未來的機會充滿信心。我們的策略重點仍然是提高直接面向消費者的管道的生產力，並透過有針對性的業務和投資組合優化來提高獲利能力。我們堅定地致力於充分發揮我們的潛力並實現長期股東價值。

With that, let me welcome and pass the call to Alberto.

現在，請容許我歡迎 Alberto，並把電話轉交給他。

Thanks, Carlos, and good afternoon, everyone. This is my first week of work at Guess, and I'm very thrilled to join such a great organization and an amazing brand. I'm currently in LA to start a thorough handover from Dennis to secure a smooth transition. I'm looking forward to contributing to the next chapter of Guess long and successful history. So with that, let me turn the call over to Dennis to walk you through our results and provide additional context on our outlook.

謝謝，卡洛斯，大家下午好。這是我在 Guess 工作的第一周，我很高興能加入這樣一個偉大的組織和一個令人驚嘆的品牌。我目前正在洛杉磯與丹尼斯進行徹底的交接，以確保順利過渡。我期待著為 Guess 悠久而成功的歷史的下一篇章做出貢獻。因此，讓我將電話轉給丹尼斯，讓他向您介紹我們的結果並提供有關我們前景的更多背景資訊。

Thank you, Alberto, and good afternoon, everyone. As Carlos shared, total company revenues increased 9% in US dollars to $648 million. In constant currency, the increase was 12%. The biggest driver of the increase was the acquisition of rag & bone, adding 9 points of constant currency growth. Last year's rag & bone results include revenues for just one month, April, the month of acquisition, while this year includes the full quarter.

謝謝你，阿爾貝托，大家下午好。正如卡洛斯所分享的，公司總收入以美元計算成長了 9%，達到 6.48 億美元。以固定匯率計算，增幅為12%。成長的最大動力是收購rag & bone，增加了9個百分點的固定匯率成長。去年，Rag & Bone 的業績僅包括一個月的收入，即收購月份的四月份收入，而今年的業績則包括了整個季度的收入。

The core Guess business grew 3% in constant currency in the quarter, with growth in wholesale businesses, both in Europe and the Americas, offsetting negative comps from our direct businesses. In Europe, we grew 8% in US dollars to $306 million. In constant currency, the growth was 9%. Retail comps, including e-comm, declined 4% in US dollars and 3% in constant currency. Our wholesale business continues to perform well with revenues increasing in the mid-teens in the quarter. As Carlos shared, we were able to ship some orders earlier than we had planned. The adjusted operating loss margin in our European business was 2.9%, 270 basis points lower than a year ago, driven primarily by the impact of the infrastructure spending and currencies. In Americas Retail, revenues grew 9% in US dollars, reaching $157 million.

本季度，Guess 核心業務以固定匯率計算成長了 3%，歐洲和美洲的批發業務均有所成長，抵消了直接業務的負面年比影響。在歐洲，我們的銷售額以美元計算成長了 8%，達到 3.06 億美元。以固定匯率計算，成長率為 9%。包括電子商務在內的零售同店銷售額以美元計算下降了 4%，以固定匯率計算下降了 3%。我們的批發業務持續表現良好，本季營收成長了百分之十幾。正如卡洛斯所分享的，我們能夠比計劃更早發送一些訂單。我們歐洲業務的調整後營業虧損率為 2.9%，比一年前低 270 個基點，主要受基礎建設支出和貨幣的影響。美洲零售業的營收以美元計算成長了 9%，達到 1.57 億美元。

In constant currency, the growth was 12%. The segment's growth was driven primarily by the acquisition of rag & bone, more than offsetting the impact of negative comps in our core Guess retail stores as well as the impact of currencies. Comps from our US and Canadian stores declined 10% in constant currency with the trend improving in the latter part of the quarter. Including our e-com business, the constant currency comp decline was 11%.

以固定匯率計算，成長率為12%。該部門的成長主要得益於對 rag & bone 的收購，這足以抵消我們核心 Guess 零售店的負面同店銷售以及貨幣的影響。我們美國和加拿大門市的同店銷售額以固定匯率計算下降了 10%，但本季後半段趨勢有所改善。包括我們的電子商務業務在內，以固定匯率計算的銷售額下降了 11%。

Traffic to our stores continued to be down, though some of that was offset with an improvement in conversion. Americas Retail posted an adjusted operating loss margin of 10.5%, a 330 basis point decline from last year's first quarter.

我們商店的客流量持續下降，但部分下降因轉換率的增加而抵消。美洲零售業調整後的營業虧損率為 10.5%，較去年第一季下降 330 個基點。

That margin decline was driven primarily by deleverage on the fixed cost base given the comp declines both in-store and online, more markdowns and higher store costs, partially offset by the addition of the rag & bone business and an increased IMU. In Americas Wholesale, revenues increased by 63% in US dollars to $101 million, driven by the addition of rag & bone, along with higher guest shipments in the US and in Mexico.

利潤率下降主要是由於固定成本基礎的去槓桿化，因為店內和線上的銷售額均下降，降價幅度加大，門市成本上升，但增加的破爛業務和 IMU 的增加部分抵消了這一影響。在美洲批發業務方面，受 rag & bone 的加入以及美國和墨西哥客流量增加的推動，收入以美元計算增長了 63%，達到 1.01 億美元。

In constant currency, the growth rate was 70%. The increase in the US Guess business was primarily to our off-price accounts. Adjusted operating margin was 19.9%, 280 basis points lower than a year ago, primarily due to the impact of rag & bone business.

以固定匯率計算，成長率為70%。美國 Guess 業務的成長主要歸功於我們的折扣帳戶。調整後的營業利益率為19.9%，比去年同期低280個基點，主要受Rag & Bone業務的影響。

In Asia, revenues decreased 20% in US dollars to $58 million. In constant currencies, the decline was 16%. Most of our Asian businesses declined with the most impactful declines from South Korea and China, where as Carlos shared, we are purposefully constraining our business. Retail comps, including e-com for the region decreased 20% in constant currency.

在亞洲，收入以美元計算下降了 20%，至 5,800 萬美元。以固定匯率計算，降幅為16%。我們的大部分亞洲業務都出現了下滑，其中韓國和中國的業務下滑最為嚴重，正如卡洛斯所說，我們正在有意限制我們的業務。該地區包括電子商務在內的零售銷售額以固定匯率計算下降了 20%。

Our adjusted operating loss margin in Asia was 3.1%, 820 basis points lower than last year, driven mainly by the impact of the lower revenues on the expense base. And finally, our Licensing segment revenues declined 14% to $25 million.

我們在亞洲的調整後營業虧損率為 3.1%，比去年低 820 個基點，主要原因是營收下降對費用基礎的影響。最後，我們的許可部門收入下降了 14%，至 2500 萬美元。

As Carlos shared, we delivered total company gross margin of 39.9%, 200 basis points lower than last year, driven mainly by business mix. Adjusted SG&A expenses for the quarter increased 11% to $285 million. The most significant drivers of this change resulted from our acquisition of rag & bone, the conversion of our Middle East business to a joint venture partially offset by the favorable impact of currencies on our expense base. For the quarter, the SG&A rate increased 80 basis points to 44%.

正如卡洛斯所分享的，我們公司的總毛利率為 39.9%，比去年低 200 個基點，主要受業務組合的影響。本季調整後的銷售、一般及行政費用增加 11% 至 2.85 億美元。這項變更的最重要驅動因素是我們對 rag & bone 的收購，以及我們將中東業務轉變為合資企業，但貨幣對我們費用基礎的有利影響部分抵消了這些影響。本季度，銷售、一般及行政費用率上漲 80 個基點，達到 44%。

In the quarter, our adjusted operating loss totaled $26 million and with a lower gross margin and higher SG&A rate, our adjusted operating margin declined 270 basis points to negative 4%. In the quarter, we recorded an adjusted effective tax rate of 18.1% lower than what we expect for the full year.

本季度，我們的調整後營業虧損總計 2,600 萬美元，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 270 個基點至負 4%。本季度，我們記錄的調整後有效稅率為 18.1%，低於我們全年的預期。

In the first quarter, we recorded $6 million in adjusted net nonoperating income primarily resulting from a revaluation of certain of our foreign subsidiaries, net assets and liabilities into US dollars. Our adjusted Q1 diluted loss per share was $0.44 compared to an adjusted Q1 loss per share last year of $0.27.

第一季度，我們記錄了 600 萬美元的調整後淨非營業收入，這主要是由於我們將某些外國子公司、淨資產和負債重新估價為美元。我們調整後的第一季每股攤薄虧損為 0.44 美元，而去年第一季調整後的每股虧損為 0.27 美元。

Moving now to the balance sheet. We ended the quarter with $638 million of inventory, up 15% in US dollars and 14% in constant currency compared to last year's Q1. About 3/4 of that increase is in Europe, where we've accelerated product deliveries to mitigate against potential disruptions given the Red Sea crisis and to support our growing business. That increase represents roughly five weeks of Europe supply, where, as Carlos said, they're not buying more, just earlier.

現在轉到資產負債表。本季末，我們的庫存總額為 6.38 億美元，與去年第一季相比，以美元計算成長 15%，以固定匯率計算成長 14%。其中約四分之三的成長來自歐洲，我們加快了產品交付速度，以減輕紅海危機可能造成的中斷，並支持我們不斷成長的業務。這一增幅相當於歐洲大約五週的供應量，正如卡洛斯所說，他們並沒有購買更多，只是購買得更早。

Our goal is that once that situation is resolved, we can begin to reduce that working capital investment. The balance of the inventory growth is split roughly evenly between the Americas and Asia. Our receivables were $331 million, an 11% increase in both US and constant dollars compared to last year's Q1.

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。庫存成長的平衡大致平均分配給美洲和亞洲。我們的應收帳款為 3.31 億美元，與去年第一季相比，以美元和恆定美元計算均成長了 11%。

This increase supports our growing wholesale business, both in Europe and the Americas. For the first quarter, capital expenditures were $22 million, mainly driven by investments in store remodels, new stores and technology. This compares to $21 million last year. We ended the quarter with $151 million in cash compared to $242 million a year ago.

這一成長支持了我們在歐洲和美洲不斷成長的批發業務。第一季資本支出為 2,200 萬美元，主要來自對門市改造、新店和科技的投資。相比之下，去年這一數字為 2,100 萬美元。本季末我們的現金為 1.51 億美元，而去年同期為 2.42 億美元。

The most significant drivers of that $91 million cash consumption over the last four quarters includes $70 million in dividends and minority interest distributions, $50 million in share repurchases from July of last year and $21 million in free cash flow consumption partially offset by $38 million of net borrowings and $40 million related to the gross proceeds from the sale of our US distribution facility. We ended the first quarter with just under $350 million of borrowing capacity on our various global facilities, so roughly $0.5 billion of available liquidity. We also announced today that our Board has approved our regular quarterly cash dividend of $0.30 per share.

在過去四個季度中，9,100 萬美元現金消耗的最重要驅動因素包括 7,000 萬美元的股息和少數股東權益分配、自去年 7 月以來的 5,000 萬美元股票回購以及 2,100 萬美元的自由現金流消耗，但部分抵銷了 3,800 萬美元的淨借款和 4,000 萬美元的總收益與出售相關的設施影響。截至第一季末，我們在全球各個機構的借貸能力略低於 3.5 億美元，因此可用流動資金約為 5 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。

So moving now to our outlook. Carlos just shared the key drivers of our business for this year, and we've experienced only relatively modest changes to our expected business trends thus far. Therefore, we are making only minor adjustments to our outlook for the year.

現在轉到我們的展望。卡洛斯剛剛分享了我們今年業務的關鍵驅動力，到目前為止，我們預期的業務趨勢僅發生了相對溫和的變化。因此，我們對今年的展望僅做了微小的調整。

Moving positively, Americas Retail exceeded our Q1 expectations as did our European wholesale business, though some of that is just a shift between the first and second quarters, trending lower than our expectations are our European retail stores and our Asia business. We've also revised Americas wholesale as one of our customers there has ceased operations, and we've made a modest adjustment to the phasing of our Middle East joint venture.

積極的一面是，美洲零售業務超出了我們第一季的預期，我們的歐洲批發業務也是如此，儘管其中一些只是第一季和第二季之間的轉變，但我們的歐洲零售店和亞洲業務的趨勢低於我們的預期。由於我們的一個美洲客戶已經停止運營，我們也修改了美洲批發業務，並且我們對中東合資企業的分階段進行了適度調整。

We've also adjusted our outlook to the current currency environment, which is markedly different from our prior outlook. That will now more favorably impact both revenues and operating profit and we've been able to reduce some anticipated spending. So as Carlos shared, we've updated our full year outlook for revenue growth between 5.5% and 7.4% and adjusted operating margin between 4.4% and 5.1% and adjusted EPS between $1.32 and $1.64. And again, this outlook fully absorbed the anticipated impact of tariffs based on what we know today.

我們也根據當前的貨幣環境調整了我們的展望，這與我們先前的展望有明顯不同。這將對收入和營業利潤產生更有利的影響，並且我們能夠減少一些預期支出。正如卡洛斯所說，我們已將全年營收成長預期調整為5.5%至7.4%之間，調整後營業利潤率調整為4.4%至5.1%之間，調整後每股收益調整為1.32美元至1.64美元之間。再次強調，根據我們目前掌握的情況，這項預期已完全吸收了關稅的預期影響。

For the second quarter, we expect US dollar revenues to grow between 2.9% and 4.7%. Now let me give you some extra color to this to help you better understand the underlying trends. First, the second quarter is our first fully comparable quarter with rag & bone, so we will no longer benefit from acquisition growth as we did in Q1, just from their organic growth.

對於第二季度，我們預計美元收入將成長 2.9% 至 4.7%。現在讓我給你一些額外的信息，以幫助你更好地理解潛在的趨勢。首先，第二季度是我們與 rag & bone 的第一個完全可比季度，因此我們將不再像第一季那樣受益於收購成長，而只是受益於其有機成長。

Second, that Q2 revenue growth range includes roughly 1 point of tailwind from currencies. So in constant currency, think of that in very round numbers is up 2% to 4%. And that growth aligns with the 3% core constant currency growth rate that we just achieved in the first quarter.

其次，第二季營收成長範圍包括貨幣帶來的約 1 個百分點的順風。因此，以固定匯率計算，大約是上漲 2% 至 4%。這一成長與我們第一季剛剛實現的 3% 核心恆定貨幣成長率一致。

As we move into the second half of this year, as we said on our last call, we do expect to see some improvement in retail trends as we benefit from the portfolio of marketing and retail productivity initiatives that Carlos described. We expect adjusted Q2 operating margin between 2.5% and 3.3% and adjusted earnings per share between $0.11 and $0.21. The lower operating margin versus last year is split roughly evenly between a higher occupancy rate and a higher SG&A rate largely due to the comp declines in our retail businesses.

正如我們在上次電話會議上所說的那樣，隨著我們進入今年下半年，我們確實預計零售趨勢會有所改善，因為我們受益於卡洛斯所描述的營銷和零售生產力計劃組合。我們預計第二季調整後營業利潤率將在2.5%至3.3%之間，調整後每股盈餘將在0.11美元至0.21美元之間。營業利潤率較去年同期下降，大致是由於更高的入住率和更高的銷售、一般及行政費用（SG&A）率，這主要歸因於我們零售業務的同比下滑。

For the full year, we still expect free cash flow of roughly $55 million, including $65 million of CapEx. We are planning the changes in the earnings outlook to be offset by a tightening of working capital. And with that, I'll conclude our prepared remarks and open the call up to your questions. Operator?

就全年而言，我們仍預期自由現金流約為 5,500 萬美元，其中包括 6,500 萬美元的資本支出。我們計劃透過緊縮營運資金來抵銷獲利前景的變化。至此，我將結束我們準備好的發言，並開始回答大家的提問。操作員？

(Operator Instructions) Mauricio Vega, UBS.

（操作員指示）Mauricio Vega，瑞銀。

I was wondering if you could talk a little bit more about how you're thinking about the rag & bone brand organic growth expectations for the year? And then maybe on the Americas Retail business, you said that one came ahead of your expectations in Q1. How are you thinking about that business trajectory as the year progresses and your initiatives kind of like start materializing into hopefully better performance?

我想知道您是否可以進一步談談您對今年 rag & bone 品牌有機成長預期的看法？然後也許就美洲零售業務而言，您說第一季的業績超出了您的預期。隨著時間的推移，您如何看待業務發展軌跡，以及您的計劃是否開始實現並有望取得更好的業績？

Thank you, Mauricio. I appreciate your questions. So let me start with rag & bone. We have been very pleased with this business and with the acquisition and with everything that is bringing to the Guess business and our portfolio. We had a very good first quarter, and this was on top of a year or the 10 months that we own the business where we exceeded our expectations.

謝謝你，毛里西奧。我很感謝你的提問。那麼就讓我從 rag & bone 開始。我們對這項業務、此次收購以及它為 Guess 業務和我們的產品組合帶來的一切感到非常滿意。我們第一季的業績非常好，這是我們經營這項業務一年來（或十個月以來）業績超出預期的最佳時期。

We had, I think, very high expectations for this year coming in and we were able to really do better than that in the first quarter. And the great thing is that most of the performances that were better than expected were across the different channels. So we had a great wholesale business in the first quarter. The business shipped a lot more than what we had anticipated, and it came from multiple accounts.

我認為，我們對今年的業績抱有很高的期望，而且我們在第一季確實取得了比預期更好的成績。最棒的是，大多數超出預期的表現都來自不同的管道。因此，我們第一季的批發業務表現非常出色。這項業務的出貨量遠遠超出了我們的預期，而且來自多個帳戶。

In addition to that, our direct-to-consumer business was also strong, both on in stores and e-commerce where we saw some pretty significant increases over what -- over the prior year. We have a big plan for this year. We are talking about $320 million plus and that is just to put -- give you a point of reference here before we acquired the company, the business did $250 million on an annualized basis. So to go from $250 million to over $320 million is a pretty significant increase. Of course, some of this is driven by the addition of new stores. We currently have 41 stores.

除此之外，我們的直接面向消費者的業務也表現強勁，無論是在實體店還是電子商務，與前一年相比都出現了相當顯著的成長。我們今年有一個大計劃。我們談論的是 3.2 億美元以上，這只是給你一個參考點，在我們收購該公司之前，該業務的年營業額為 2.5 億美元。因此，從 2.5 億美元增加到 3.2 億美元以上是一個相當顯著的成長。當然，部分原因是新店的增加。我們目前有 41 家商店。

When we acquired the company, we had 38. And we have an expectation to open over 10 stores in the next few months. So a lot of that growth is going to come from that. But in addition to that, we are seeing same-store sales growth in addition to the organic growth of our wholesale business. And we are adding new markets.

當我們收購該公司時，我們有 38 名員工。我們預計未來幾個月將開設 10 多家商店。因此，很大一部分成長將來自於此。但除此之外，除了批發業務的有機成長之外，我們也看到同店銷售額也在成長。我們正在拓展新的市場。

We are trying to expand the presence of the brand into the European market. We opened one store, and we have two more to open in the next few months in Germany. The one that we open is in Amsterdam. And we are also trying to develop other markets worldwide. The brand is already represented in Korea, and there are a few other markets where we have a presence and we think that the brand can really be very aligned with what customers are looking for in those new markets. And then you have the additional product categories, which are represented by both internal development.

我們正努力將品牌的影響力擴展到歐洲市場。我們已經在德國開了一家店，未來幾個月還會再開兩家店。我們開的那家店在阿姆斯特丹。我們也正在努力開拓全球其他市場。該品牌已在韓國設有代表處，並且在其他一些市場也設有業務，我們認為該品牌確實可以與這些新市場的客戶的需求非常契合。然後您還有其他產品類別，它們由內部開發代表。

The team is working on new categories, new products, and the products look amazing. And we can see that our customers at wholesale are very, very excited about growing their business with us. But in addition to that, we are adding licensed products to the assortment. We did a deal in handbags that drove with our licensee that has been our partner for many, many years.

團隊正在致力於新類別、新產品，而且產品看起來很棒。我們可以看到，我們的批發客戶對於與我們一起拓展業務感到非常興奮。但除此之外，我們還在產品系列中加入了授權產品。我們與我們的授權經銷商進行了手袋交易，授權經銷商已經與我們合作很多年了。

And the bags are already in the stores and doing very well. We are very excited with that. There are some other deals that are being worked on as we speak, including fragrances. We have a couple of deals already done with watches and eyewear and more to come.

這些袋子目前已在商店中銷售，並且銷售情況良好。我們對此感到非常興奮。目前，還有一些其他交易正在進行中，包括香水。我們已經達成了幾項有關手錶和眼鏡的交易，未來還會有更多交易。

So overall, the team is doing a phenomenal job under the leadership of Andrew Rosen. We couldn't be more pleased that he is with us on driving a great business. They are doing a lot of great things on the product to really expand certain product categories that have been very successful including denim. We have a very unique product called Miramar that has been just phenomenal for us. And they have been strengthening the team, which is another big thing to really drive the business to a completely new level.

總體而言，在安德魯羅森的領導下，該團隊表現出色。我們非常高興他能與我們一起推動這項偉大的事業。他們在產品上做了很多出色的工作，真正擴大了某些非常成功的產品類別，包括牛仔布。我們有一款非常獨特的產品，名為 Miramar，它對我們來說非常了不起。他們一直在加強團隊建設，這是推動業務邁向全新水平的另一件大事。

So we have a new Chief Marketing Officer that is starting very soon, and we have a new Head of Human Resources and several others. And we continue to look for just ways to strengthen our talent there. So very excited about everything that is going on. We have changed some of the business models, including outlets, for example, outlet used to run the stores with excess product from the other channels.

因此，我們很快就會有一位新的行銷長上任，還有一位新的人力資源主管和其他幾位新員工。我們將繼續尋找公正的方法來加強我們在那裡的人才。我對正在發生的一切感到非常興奮。我們改變了一些商業模式，包括奧特萊斯，例如以前奧特萊斯是用其他通路多餘的產品來經營門市。

And now we have created an entirely new business model where we are making product for those stores. And we have opened several stores just to expand our outlet distribution. So very excited on the business on fire there.

現在我們創造了一個全新的商業模式，為這些商店生產產品。我們已經開設了幾家商店，以擴大我們的銷售網點分佈。我對那裡生意興隆感到非常興奮。

Your second question, Mauricio, it's about Americas retail, and I'm very excited about this. Definitely, we continue to see some weakness in traffic and that traffic is impacting our ability to really turn around the business. But we are seeing a lot of great moves here with the changes that we have made, starting with product, just we -- I think what we shared with you in the last call that we were going after more casual assortment and trying to really bring a lot more denim into the product selection that we had in those stores and bringing more casual and less dressy type of product.

毛里西奧，你的第二個問題是關於美洲零售業的，我對此感到非常興奮。毫無疑問，我們繼續看到流量方面的一些疲軟，流量正在影響我們真正扭轉業務的能力。但是，我們看到我們所做的改變有很多很棒的舉措，從產品開始，就像我們——我想我們在上次電話會議上與你們分享過，我們正在追求更休閒的商品種類，並試圖在我們在這些商店的產品選擇中加入更多的牛仔布，並帶來更休閒、更少正式的產品類型。

Also, we are addressing pricing there and trying to cover many of the opening price points that we had not had enough of an assortment or an offering. We are doing a lot in terms of allocating the product where it belongs, depending on the characteristics of the stores that we are trying to serve.

此外，我們正在解決那裡的定價問題，並試圖涵蓋許多我們沒有足夠的品種或供應的起始價格點。我們根據所服務的商店的特點，在將產品分配到其所屬位置方面做了很多工作。

We have done more in the whole retail process, addressing people and addressing visual merchandising to do a better job and we are seeing that for the first time in a long time that many days, we are seeing positive comps in the stores, which is very exciting. Of course, we only have 60 stores in that chain. I'm talking about the full price (inaudible) stores, sorry?

我們在整個零售過程中做了更多工作，針對人員和視覺行銷，以便做得更好，我們看到，在很長一段時間內，我們第一次在商店中看到了積極的業績，這是非常令人興奮的。當然，我們這個連鎖店只有 60 家店。我說的是全價（聽不清楚）商店，對不起？

No, just the full price, that's what you're saying, right?

不，只是全價，這就是你所說的，對嗎？

Yes, full price stores. And as part of this, we are seeing, for example, in the first quarter that women's apparel was positive at a plus 3%. Just we haven't seen this in a very long time. And our business now is primarily focusing on women, just we think that the customer represents about 85% of the total customer base. And of course, if we turn women's, that's a major, major sign of success for us.

是的，正價商店。例如，我們在第一季就看到女裝銷售額成長了 3%。只是我們已經很久沒有看到這種情況了。我們現在的業務主要集中在女性客戶身上，我們認為女性客戶約佔總客戶群的 85%。當然，如果我們轉向女性化，這對我們來說是一個非常重要的成功標誌。

So we are excited. We are seeing conversion up about 6% in spite of the traffic being down about 11%. But that traffic trend is better than what we saw in the fourth quarter. We are seeing AUR up. We are seeing the ADS up and all of this is converting into a much better bottom line relative to what we were expecting, and this has been one of the major reasons why we had a better first quarter than what we had expected.

所以我們很興奮。儘管流量下降了約 11%，但轉換率卻上升了約 6%。但這流量趨勢比我們在第四季看到的要好。我們看到 AUR 上升。我們看到 ADS 的上漲，所有這些都轉化為比我們預期更好的底線，這也是我們第一季表現優於預期的主要原因之一。

We expect just our outlook today does not include a significant change from the current trends. But between us, I think that could happen. It could happen that we continue to see improvement and that could turn from the trends that we are experiencing now. And this could include our other part of the business, which is more the factory outlet business, which is a much bigger business for us now here in North America than the full-price stores.

我們預計，今天的展望不會對當前趨勢產生重大影響。但在我們之間，我認為這是可能發生的。我們可能會繼續看到改善，並可能改變我們現在所經歷的趨勢。這可能包括我們的其他業務部分，即工廠直銷店業務，對於我們目前在北美的全價商店來說，這是一個更大的業務。

And we have seen improved conversion in that business as well. We are addressing pricing. I think we mentioned this in the past that we thought that in some cases, we have opportunities to recapture customer share by addressing prices, and we are being more promotional, but we were able to absorb that with an increased (inaudible) during the period. So we feel good about how we are positioned with that business as well. So I'll stop there, and I don't know if you have a follow-up question, Mauricio.

我們也看到該業務的轉換率有所提高。我們正在解決定價問題。我想我們過去提到過，我們認為在某些情況下，我們有機會透過解決價格問題來重新獲得客戶份額，而且我們正在進行更多的促銷，但我們能夠透過在此期間增加（聽不清楚）來吸收這一點。因此，我們對於自己在該業務中的定位也感到很滿意。我就講到這裡，我不知道您是否有後續問題，毛里西奧。

No, this is very encouraging and super helpful to hear. I guess just a quick follow-up. As you're thinking about the second half of the year and maybe thinking about the ranges of your operating margin outlook. How are you thinking about like second half potentially being able to have a little bit of modest margin expansion or maybe like flattish margins on a year-over-year basis on the second half, not full year?

不，聽到這個消息非常令人鼓舞，而且非常有幫助。我想這只是一個快速的後續行動。當您考慮下半年時，也許會考慮營業利潤率前景的範圍。您認為下半年的利潤率可能會有小幅成長，還是與去年同期相比（而非全年）利潤率持平？

Dennis?

丹尼斯？

Yes, let me take that. I think I'd start first. I think the way to understand this year is really the first understand the top line. And as always, our model has a lot of moving parts, but if you start with the top line, the shape of this year's growth curve is really an inverted bell curve. We start high, then we moderated a bit in the middle two quarters.

是的，讓我來接受。我想我應該先開始。我認為了解今年的方法實際上是首先了解頂線。像往常一樣，我們的模型有很多活動部件，但如果從頂線開始，今年的增長曲線形狀實際上是一條倒鐘形曲線。我們一開始的漲幅很高，然後在中間兩個季度略有回落。

Still positive and then up again in the fourth quarter. So you start with the quarter, we just completed 9.4%. That's buoyed by the extra two months that we get from rag & bone, some earlier shipments a bit in wholesale. But as we said, the core Guess business grew at 3 points. And that's an important data point to keep in mind. But within that first quarter, we're also flying into about a 2.5 point headwind on currencies.

仍然保持正增長，並在第四季度再次上升。從本季開始，我們剛剛完成了 9.4%。這是因為我們從 rag & bone 獲得了額外的兩個月時間，一些早期的批發發貨量也讓我們有所振奮。但正如我們所說，Guess 的核心業務成長了 3 個百分點。這是需要牢記的重要數據點。但在第一季度，我們也面臨貨幣方面約 2.5 個百分點的逆風。

As you move into the second quarter, we just guided to that using, again, very round numbers, about 3% to 5% top line growth. Now with a 1 point tailwind that's the 2% to 4% we talked about, which compares to that 3% core organic growth that we talked about.

進入第二季度，我們再次使用非常整數的數字來預測，營收成長率約為 3% 至 5%。現在有了 1 點的順風，也就是我們所說的 2% 到 4%，相較之下，我們之前談到的核心有機成長率是 3%。

Third quarter looks pretty similar to that. It's mostly the organic growth at work. There's always a little bit of noise from wholesale shipments. We start to see some modest improvement in the retail business based on the initiatives that we've got going. But again, that's generally the dynamic of those middle quarters.

第三季看起來與此非常相似。這主要是工作中的有機成長。批發運輸過程中總是會有一些噪音。根據我們採取的舉措，我們開始看到零售業務有所改善。但同樣，這通常是中間部分的動態。

And then when you get to the fourth quarter, based on what we know right now, we see a significant change, mostly due to currencies. We expect the fourth quarter to be up in the high single to approaching 10% range. It's an important quarter for us. It's the biggest quarter for us in the year. That organic growth is still working.

然後，當你進入第四季度時，根據我們目前所知道的情況，我們會看到一個重大變化，這主要是由於貨幣的原因。我們預計第四季的增幅將達到高點至接近10%的區間。這對我們來說是一個重要的季度。這是我們今年業績最好的一個季度。這種有機成長仍然有效。

We're starting to see, as Carlos alluded to, those retail improvements that we talked about. But in Q4, currency becomes a 5 point tailwind based on where it is right now. So one data point for you. The euro now was today was over [114]; it was [105] on average last Q4.

正如卡洛斯所提到的，我們開始看到我們所談論的零售業的改善。但在第四季度，根據目前的狀況，貨幣將成為 5 點的順風。所以給你一個數據點。目前歐元兌美元匯率超過 [114]；去年第四季的平均匯率為 [105]。

So that's almost 9% growth. So from the first quarter to the fourth quarter, about an 8 point swing. So for the full year, we guided to 5.5 to 7.5 round numbers, organic growth of Guess is in there at about 3 points. The extra two months of rag & bone gives us about 2 points of growth in currencies based on where they are right now, another 2 points of growth.

所以這幾乎是9%的成長。因此從第一節到第四節，分差大約是 8 分。因此，對於全年而言，我們預期 Guess 的有機成長率約為 3 個百分點，即 5.5 到 7.5 個整數。額外兩個月的 rag & bone 為我們帶來了大約 2 個點的貨幣增長（基於目前的水平），另外 2 個點的增長。

So if you look at that and then from an operating margin perspective, the first three quarters generally relative to last year are still in that same range as we expect to see some compression of our operating margins. But when we get to the fourth quarter, that's the opportunity with that currency tailwind there, some better performance in the retail businesses, we start to leverage our fixed cost base. So I hope that gives you some insight into how we see the year progressing.

因此，如果從營業利潤率的角度來看，前三個季度與去年同期相比總體上仍處於同一範圍內，因為我們預計營業利潤率會有所壓縮。但當我們進入第四季時，隨著貨幣順風的出現，零售業務表現更好，我們開始利用我們的固定成本基礎。所以我希望這能讓你們了解我們如何看待今年的進展。

(Operator Instructions)

（操作員指示）

Is that, Eric, because the line was cracking here? Go ahead.

艾瑞克，這是因為這裡的線路故障了嗎？前進。

Okay. a lot of pieces here. When you look at how should we be thinking about inventories? I know that this quarter was unusual. How are you going to kind of look at the rest of the year in terms of slowing inventories based upon tariffs in the rest of the world here.

好的。這裡有很多件。當您考慮我們應該如何考慮庫存？我知道這個季度很不尋常。基於世界其他地區的關稅，您如何看待今年剩餘時間庫存放緩的情況？

Eric, I'll start and then I'm sure that Dennis will finish. But just our inventories are up about 15% in dollars and about 14% in constant currency. And these numbers are a little bit higher than what we had anticipated. But everything that drove these numbers has been intentional. Just we have been watching the whole supply chain challenges, especially all the inventory that is coming into Europe from Asian countries, and with the Red Sea crisis, this has been a significant challenge to make sure that inventory or product was available to support both our wholesale business and also our own retail direct-to-consumer businesses.

艾瑞克，我先開始，然後我相信丹尼斯會完成。但我們的庫存以美元計算上漲了約 15%，以固定匯率計算上漲了約 14%。這些數字比我們預期的要高一點。但推動這些數字的一切都是有意為之。我們一直在關注整個供應鏈的挑戰，特別是從亞洲國家進入歐洲的所有庫存，以及紅海危機，這是一個重大挑戰，以確保庫存或產品能夠支持我們的批發業務以及我們自己的零售直接面向消費者的業務。

So we have been very aggressive in bringing product early, even if that represented a need for an additional investment and we are happy with it because having access to all that product enabled us to really ship product early and because the product is selling well and our retail customers are very happy with our relationship. They want to take that product early. And this happens in both in Europe, but it also happened here in North America. I mean, we will continue to really make sure that we can support our business for sure.

因此，我們非常積極地提前推出產品，即使這意味著需要額外的投資，但我們對此感到滿意，因為能夠獲得所有這些產品使我們能夠提前發貨，而且產品銷售良好，我們的零售客戶對我們的關係非常滿意。他們想儘早拿到產品。這種情況不僅發生在歐洲，也發生在北美。我的意思是，我們將繼續確保我們能夠真正支持我們的業務。

But of course, over the long term, we expect to rerun the business with a more streamlined inventory ownership. We are now comparing apples-on-apples. Meaning just now we have anniversaried the acquisition of rag & bone. So the 15% is a true 15% increase in inventory. And we think that over time, we could take just a lot of that increase out of the model, but I'm talking about more medium term. I mean we don't anticipate that we'll be able to close the year with a number that is significantly different than that.

但當然，從長遠來看，我們希望以更精簡的庫存所有權重新經營業務。我們現在正在進行同類比較。這意味著我們剛剛慶祝了對 rag & bone 的收購週年紀念日。因此，15% 是真正的庫存增加 15%。我們認為，隨著時間的推移，我們可以從模型中去除大部分的成長，但我談論的是中期成長。我的意思是，我們預計今年年底的數字不會與此有太大差異。

Of course, we are trying to work in such a way that we protect the business, but also we run with a streamlined efficient model. And if we see opportunities to reduce inventory levels, we will try to do so even this year. But over the medium term, especially if the supply chain issues with in transit times, get normalized, we would fully expect to really get a reduction in inventory ownership.

當然，我們正在努力以這樣的方式進行工作，即保護業務，同時也採用精簡高效的模式。如果我們發現有機會降低庫存水平，我們今年就會嘗試這樣做。但從中期來看，特別是如果運輸時間的供應鏈問題正常化，我們完全可以預期庫存所有權會真正減少。

Just I would add to that, we're focused, Eric, on driving improvements to our cash flows and Carlo's prepared remarks, you talked a lot about profit initiatives and growth initiatives. Those obviously are designed to improve cash flows. Working capital is another area we've made the investments.

我只想補充一點，埃里克，我們專注於推動現金流的改善，在卡洛的準備好的發言中，你談了很多關於利潤計劃和增長計劃。這些顯然是為了改善現金流。營運資金是我們進行投資的另一個領域。

And I would size that investment somewhere in the order of $50 million. That has been very important to protect the business, we believe and we've heard from our accounts that we are rewarded in gaining share because we've been so reliable on delivering products. And once the Red Sea crisis wanes and it's a more normal environment. We expect to be able to reclaim that cash once again.

我認為這項投資的規模大約是 5,000 萬美元。我們相信這對於保護業務非常重要，而且我們從客戶那裡聽說，由於我們在交付產品方面非常可靠，我們在獲得市場份額方面獲得了回報。一旦紅海危機消退，環境就會恢復正常。我們希望能夠再次收回這筆現金。

Okay. Could we get an update on Guess jeans?

好的。我們能得到有關 Guess 牛仔褲的最新消息嗎？

Guess Jeans, well, we are very pleased with the development of Guess jeans. Just we have a very nice distribution, especially in Europe. And the business is primarily a wholesale business now. We have been able to deliver a few seasons now and we continue to exceed our expectations, not by a huge amount, but we are doing better than what we had anticipated. There is a lot of work that is being done by the teams here to really improve our product offering.

Guess Jeans，我們對 Guess 牛仔褲的發展感到非常滿意。我們的分銷非常好，特別是在歐洲。目前，該業務主要為批發業務。我們已經完成了幾個賽季，並且繼續超越我們的預期，雖然不是很多，但我們做得比我們預期的要好。這裡的團隊正在做大量工作來真正改善我們的產品。

We have been very, very much in a listening mode working with the different accounts just to understand whether we have everything that they want or they need more, and we have been developing more product based on that, both for men and women. And we are trying to understand just where the customer is gravitating and try to strengthen the offering. Based on that, we think that we are in a very good place in terms of the type of trends that are in the marketplace. And how we are addressing them with our products.

我們一直非常認真地傾聽不同客戶的意見，以了解我們是否擁有他們想要的一切，或者他們是否還需要更多，並且我們一直在以此為基礎開發更多產品，既適合男性也適合女性。我們正試圖了解客戶的興趣所在，並嘗試加強產品供應。基於此，我們認為就市場趨勢而言，我們處於非常有利的位置。以及我們如何透過我們的產品解決這些問題。

I think the product line looks great. And we think that the pricing model that we are following is also pretty much in line with what it needs to be. We have several accounts in North America. We wish that the North America business was bigger by now, but we think that at the end of the day, it's like in every one of our businesses, product will win. We are also excited about our marketing initiatives because we think that what we are talking about and doing as it relates to social media, is also going to impact a brand like Guess jeans that appeals to a much younger consumer that is -- lives with social media.

我認為該產品線看起來很棒。我們認為，我們遵循的定價模式也基本上符合需求。我們在北美有多個帳戶。我們希望北美業務現在能夠變得更大，但我們認為，最終，就像我們的每項業務一樣，產品將會獲勝。我們對我們的行銷舉措感到興奮，因為我們認為，我們所談論和做的與社交媒體有關的事情也將影響像 Guess 牛仔褲這樣的品牌，該品牌吸引了更年輕的消費者——他們生活在社交媒體中。

So we are excited about that as well. And we're trying to really make sure that all those new practices that we are trying to implement as it relates to marketing that they have into consideration the Guess jeans needs, including influencers, including the whole idea of collaborations and things that we can do to really expand the distribution and the awareness. We are excited about the new stores. We have now three stores opened in Europe, and we are planning to open Melrose here in Los Angeles. We are planning to open Tokyo in a few months.

所以我們對此也感到很興奮。我們正在努力確保我們所嘗試實施的所有與行銷相關的新做法都考慮到了 Guess 牛仔褲的需求，包括影響者、整個合作理念以及我們可以採取的措施來真正擴大分銷和提高知名度。我們對新店感到很興奮。我們目前在歐洲開設了三家商店，並計劃在洛杉磯開設 Melrose 商店。我們計劃幾個月後在東京開業。

So we have a lot going on to really put the brand out there. And every time that we do one of these events, we get significant participation and a lot of excitement from that younger consumer. So we think that it's just the beginning of a great opportunity. Operator? All right.

因此，我們做了很多工作來真正推廣這個品牌。每次我們舉辦這類活動時，都會得到年輕消費者的積極參與和極大興奮。因此我們認為這只是一個巨大機會的開始。操作員？好的。

Well, just in closing, I want to thank you all for participating today. We are very pleased with the start of our year. We are encouraged by the early results of our initiatives regarding product, marketing and retail productivity in both North America and in Europe. And we believe that these successes can be leveraged across the rest of our direct-to-consumer business. And especially in the second half of the year, Dennis was just alluding to.

好吧，最後，我要感謝大家今天的參與。我們對今年的開始感到非常高興。我們在北美和歐洲的產品、行銷和零售生產力方面的舉措所取得的早期成果令我們感到鼓舞。我們相信，這些成功經驗可以推廣到我們其他的直接面向消費者的業務。尤其是下半年，丹尼斯只是暗示而已。

So we are excited. We have a big plan for the second half, but we think that we have opportunities to meet and exceed those plans. We have a strong just opportunity with our direct-to-consumer business, but also in our wholesale business, our trends are very strong. And we are excited and ready to drive the business and gain market share, leveraging the strong inventory position that we have built.

所以我們很興奮。我們對下半年有一個宏偉的計劃，但我們認為我們有機會實現並超越這些計劃。我們的直接面向消費者的業務有著強大的機會，而且我們的批發業務趨勢也非常強勁。我們很高興並準備好利用我們已經建立的強大庫存地位來推動業務發展並獲得市場份額。

We look forward to reporting back to you on our progress, and we wish you have a great day. Thank you so much.

我們期待向您報告我們的進展情況，並祝您度過愉快的一天。太感謝了。