G-III Apparel Group Ltd (GIII) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the G-III Apparel Group Fourth Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Neal Nackman, CFO. Please go ahead.

美好的一天，謝謝你的支持。歡迎來到 G-III Apparel Group 2022 財年第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。現在，我想將會議交給您今天的發言人，首席財務官尼爾·納克曼 (Neal Nackman)。請繼續。

Good morning, and thank you for joining us. Before we begin, I would like to remind participants that certain statements made on today's call and in the Q&A session may constitute forward-looking statements within the meaning of the Federal Securities Laws. Forward-looking statements are not guarantees, and actual results may differ materially from those expressed or implied in forward-looking statements. Important factors that could cause actual results of operations or the financial condition of the company to differ are discussed in the documents filed by the company with the SEC. The company undertakes no duty to update any forward-looking statement.

早上好，感謝您加入我們。在我們開始之前，我想提醒與會者，在今天的電話會議和問答環節中所做的某些陳述可能構成聯邦證券法意義上的前瞻性陳述。前瞻性陳述並非保證，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。公司向美國證券交易委員會提交的文件中討論了可能導致實際經營結果或公司財務狀況不同的重要因素。公司不承擔更新任何前瞻性陳述的義務。

In addition, during the call, we will refer to non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA, which are all non-GAAP financial measures. We have provided reconciliations of these non-GAAP financial measures to GAAP measures in our press release, which is also available on our website. Also disclosed in our press release for your reference are last year's GAAP and non-GAAP results by quarter.

此外，在電話會議期間，我們將參考非 GAAP 淨收入、非 GAAP 每股攤薄淨收入和調整後的 EBITDA，這些都是非 GAAP 財務指標。我們在我們的新聞稿中提供了這些非 GAAP 財務措施與 GAAP 措施的對賬，該新聞稿也可在我們的網站上找到。我們的新聞稿中還披露了去年按季度的 GAAP 和非 GAAP 業績供您參考。

I will now turn the call over to our Chairman and Chief Executive Officer, Morris Goldfarb.

我現在將電話轉交給我們的董事長兼首席執行官 Morris Goldfarb。

Thank you, Neal, and thank you, everyone, for joining us. I want to start by thanking the G-III team for their dedication and hard work last year. I'm proud of their expertise, entrepreneurial spirit and ability to move quickly working as a team across functions to capture opportunities in a dynamic environment. G-III has a proven track record of successfully evolving over the years to drive our business and meet the needs of our customers in an ever changing landscape.

謝謝你，Neal，也謝謝大家加入我們。首先，我要感謝 G-III 團隊去年的奉獻精神和辛勤工作。我為他們的專業知識、創業精神和跨職能團隊快速行動以在動態環境中捕捉機會而感到自豪。 G-III 擁有多年來成功發展的良好記錄，以推動我們的業務發展並在不斷變化的環境中滿足客戶的需求。

Once thought of solely as leather coat business, we've become a highly diversified apparel company. I'm extremely proud of the G-III we've built and I'm looking forward to sharing with you two of our newest growth initiatives. This past year we made significant progress on our strategic priorities, despite a challenging operating environment. Across our brands we successfully shifted at category focus based on market demand. We expanded our portfolio with a Karl Lagerfeld acquisition, which also grew a European business and brought in new international expertise and we advanced our digital capabilities.

我們曾經被認為只是一家皮衣公司，現在已經成為一家高度多元化的服裝公司。我為我們打造的 G-III 感到非常自豪，我期待著與您分享我們的兩項最新增長計劃。在過去的一年裡，儘管運營環境充滿挑戰，但我們在戰略重點方面取得了重大進展。在我們的品牌中，我們成功地根據市場需求轉移了品類重點。我們通過收購 Karl Lagerfeld 擴大了我們的產品組合，這也發展了歐洲業務並帶來了新的國際專業知識，並且我們提升了我們的數字能力。

Now, let's review our full year and fourth quarter fiscal 2023 results. Net sales for the full fiscal year was $3.23 billion, up 17% from $2.77 billion last year. Full fiscal year non-GAAP net income per diluted share was $2.85 compared to last year's $4.20. Adjusting for higher-than-planned taxes, we would have met our non-GAAP EPS guidance for the year. For the fiscal 2023 fourth quarter, net sales reached $854 million, an increase of 14% from $748 million last year. Fourth quarter non-GAAP net income per diluted share was $0.41 compared to last year's $1.06. This past year, we experienced unique supply chain disruptions that impacted our bottom line performance.

現在，讓我們回顧一下 2023 財年全年和第四季度的業績。整個財年的淨銷售額為 32.3 億美元，比去年的 27.7 億美元增長 17%。與去年的 4.20 美元相比，整個財年非 GAAP 每股攤薄淨收入為 2.85 美元。根據高於計劃的稅收進行調整，我們本可以達到今年的非 GAAP 每股收益指導。 2023 財年第四季度，淨銷售額達到 8.54 億美元，比去年的 7.48 億美元增長 14%。第四季度非 GAAP 每股攤薄淨收益為 0.41 美元，而去年為 1.06 美元。在過去的一年裡，我們經歷了獨特的供應鏈中斷，影響了我們的底線績效。

Today, port congestion has meaningfully eased lead times from factories to our warehouses have decreased, freight costs have declined, and we've obtained adequate third-party warehousing and we've moderated our inventory levels. Furthermore, we aggressively sold inventory in the fourth quarter that would have otherwise shipped in the first quarter of fiscal 2024. This enabled us to reduce inventory levels and the associated impact on our warehouse operation. We're now starting the year in a better inventory position and created cash profitably while avoiding the associated elevated warehousing, handling and interest costs.

今天，港口擁堵顯著緩解了從工廠到我們倉庫的交貨時間減少，運費下降，我們獲得了足夠的第三方倉儲，我們也降低了庫存水平。此外，我們在第四季度積極出售了本應在 2024 財年第一季度發貨的庫存。這使我們能夠降低庫存水平以及對我們倉庫運營的相關影響。我們現在以更好的庫存狀況開始了今年，並創造了有利可圖的現金，同時避免了相關的倉儲、處理和利息成本的增加。

We ended the year in a strong financial position with approximately $750 million in cash and availability. This is after we utilized $260 million in cash for several important investments, including $200 million to complete the Karl Lagerfeld acquisition, $27 million for stock repurchases and $25 million for a digital opportunity. Further, we sequentially decreased our inventories by $192 million from the third quarter, ending the year with inventory levels up 39% to fourth quarter fiscal 2022.

我們以約 7.5 億美元的現金和可用資金以強勁的財務狀況結束了這一年。這是在我們將 2.6 億美元現金用於幾項重要投資之後，包括 2 億美元用於完成對 Karl Lagerfeld 的收購、2700 萬美元用於股票回購和 2500 萬美元用於數字機會。此外，我們從第三季度開始連續減少了 1.92 億美元的庫存，到年底，到 2022 財年第四季度，庫存水平上升了 39%。

This sequential improvement compares to third quarter inventory levels that were up 100% to fiscal 2022 third quarter. As of today, we fully paid off our revolver and currently have over $175 million of cash on our balance sheet. The decrease in supply chain lead times and our adjusted inventory purchases should allow us to see significant improvement in our fiscal 2024 inventory levels, further providing a source of cash. Our balance sheet strength provides us the flexibility to continue to invest in the future growth of our own brands and consider acquisitions of new businesses.

與 2022 財年第三季度相比，第三季度庫存水平增長了 100%，這一環比有所改善。截至今天，我們已經完全還清了我們的左輪手槍，目前我們的資產負債表上有超過 1.75 億美元的現金。供應鏈交貨時間的減少和我們調整後的庫存採購應該讓我們看到 2024 財年庫存水平的顯著改善，進一步提供現金來源。我們的資產負債表實力使我們能夠靈活地繼續投資於我們自有品牌的未來增長，並考慮收購新業務。

Looking ahead to guidance for this coming year, with the inclusion of a full year of the acquired Karl Lagerfeld business, our top line is expected to be $3.23 billion, flat to last year. We expect non-GAAP net income per diluted share to be in the range of $2.55 to $2.65 compared to $2.85 in fiscal 2023. Let me provide some context around how we're planning the quarters and the full year. For the first half of the year, we're taking a more conservative approach, especially in the first quarter, which will be challenged due to several reasons.

展望來年的指引，包括收購的 Karl Lagerfeld 業務的全年收入，我們的收入預計為 32.3 億美元，與去年持平。我們預計非 GAAP 每股攤薄淨收入將在 2.55 美元至 2.65 美元之間，而 2023 財年為 2.85 美元。讓我提供一些關於我們如何規劃季度和全年的背景信息。對於今年上半年，我們採取了更為保守的方法，尤其是在第一季度，由於多種原因，這將受到挑戰。

First, in last year's first quarter, there was a significant surge in demand coming out of the pandemic. There were industry-wide inventory delays. Retailers were light on inventory, and we're accepting inventory as it became available. Fortunately, for us, we had inventory on hand to service the demand. This resulted in significantly higher sales than we would have expected in last year's first quarter, which ended up approximately 20% up to pre-pandemic Q1 levels. We will now be comping these strong increases in the first quarter of fiscal 2024.

首先，在去年第一季度，大流行導致需求大幅激增。整個行業的庫存都出現了延遲。零售商的庫存很少，我們接受可用的庫存。幸運的是，對我們來說，我們手頭有庫存來滿足需求。這導致銷售額大大高於我們去年第一季度的預期，與大流行前第一季度的水平相比增長了約 20%。我們現在將在 2024 財年第一季度完成這些強勁增長。

Second, due to the rebalancing of our categories based on consumer demand, we're planning significant decreases in the athleisure and jeans category in the first quarter. We then expect to see these categories grow, ending the year with sales approximately the same as last year. Lastly, as I just mentioned, we took advantage of early selling opportunities and shipped a significant amount of inventory in the past fourth quarter that otherwise would have shipped in the first quarter of 2024. Then in the back half of the year, as we comp the moderation in consumer demand, we expect to see normalized growth rates, and importantly, higher profitability.

其次，由於我們根據消費者需求對類別進行了重新平衡，我們計劃在第一季度大幅減少運動休閒和牛仔褲類別。然後，我們預計這些類別會增長，年底銷售額與去年大致持平。最後，正如我剛才提到的，我們利用了早期的銷售機會，並在過去的第四季度運送了大量庫存，否則這些庫存將在 2024 年第一季度運送。然後在今年下半年，我們計算在消費者需求放緩的情況下，我們預計會看到正常的增長率，重要的是，更高的盈利能力。

Neal will review our financial results and provide additional detail on guidance for fiscal 2024 shortly. Let me walk through the progress we've made with respect to our 5 strategic priorities. Our first priority is to drive our power brands across categories. Our strength across design, merchandising, sourcing, supply chain, marketing and retail relationships has enabled us to significantly grow. We continue to seize opportunities to expand our largest brands and bring in additional brands that fit our long-term strategic vision.

Neal 將審查我們的財務業績，並很快提供有關 2024 財年指導的更多詳細信息。讓我介紹一下我們在 5 個戰略重點方面取得的進展。我們的首要任務是推動我們的跨類別品牌。我們在設計、銷售、採購、供應鏈、營銷和零售關係方面的優勢使我們得以顯著發展。我們繼續抓住機會擴大我們最大的品牌，並引進更多符合我們長期戰略願景的品牌。

Continuing the trend from the past few quarters, our performance this quarter was led by strength in outerwear, dresses and suit separates. Our category mix is shifting back to pre-pandemic penetration levels. Additionally, we've added and developed strong handbag, footwear and jeans divisions, which have all become significant contributors to our business. This is a testament to the agility and diversification of our model. Last quarter, we announced the staggered category extensions for Calvin Klein and Tommy Hilfiger licenses, which began in January of 2024 and will continue through December 2027.

延續過去幾個季度的趨勢，我們本季度的業績主要由外衣、連衣裙和套裝單品的強勁表現帶動。我們的類別組合正在恢復到大流行前的滲透水平。此外，我們還增加並發展了強大的手袋、鞋類和牛仔褲部門，這些部門都對我們的業務做出了重要貢獻。這證明了我們模型的敏捷性和多樣化。上個季度，我們宣布了 Calvin Klein 和 Tommy Hilfiger 許可的交錯類別延期，該延期從 2024 年 1 月開始，將持續到 2027 年 12 月。

This extended time line allows us to strategically transition out of these licenses. We've been directing resources towards several new initiatives, including further leaning into building our own brands, acquiring new businesses, developing new long-term licenses and expanding our private label business. We already have a number of substantial growth opportunities, 2 of which we announced today. First, is the Spring 2024 repositioning and expansion of the Donna Karan label. I'll provide more details on this shortly.

延長的時間線使我們能夠戰略性地過渡出這些許可證。我們一直在將資源用於多項新舉措，包括進一步致力於打造我們自己的品牌、收購新業務、開發新的長期許可以及擴大我們的自有品牌業務。我們已經擁有許多重要的增長機會，其中 2 個是我們今天宣布的。首先，是 Donna Karan 品牌在 2024 年春季的重新定位和擴張。我將很快提供更多詳細信息。

Second, our newly announced long-term license with authentic brands group for Nautica in North America. Since being acquired in 2018 by authentic, Nautica's relevance has expanded substantially and it has become one of the company's most important global brands. Celebrating its 40th anniversary, Nautica is available in approximately 1,300 freestanding stores and shop-in-shops globally, along with a strong digital presence across more than 30 countries. G-III will produce Nautica products across a number of categories, starting with jeans wear apparel, which includes jeans and a full range of corresponding lifestyle products and then expanding in a phased approach with additional categories, including sportswear, suit separates and dresses.

其次，我們新宣布與北美 Nautica 正宗品牌集團的長期許可。自 2018 年被 authentic 收購以來，Nautica 的相關性大幅提升，已成為該公司最重要的全球品牌之一。慶祝成立 40 週年，Nautica 在全球約 1,300 家獨立商店和店中店有售，並在 30 多個國家/地區擁有強大的數字業務。 G-III 將生產多個品類的 Nautica 產品，首先是牛仔服飾，包括牛仔褲和各種相應的生活方式產品，然後分階段擴展到其他品類，包括運動服、套裝和連衣裙。

The new 5-year license, which begins in January 2024, includes 3 extensions for 5 years each with first deliveries expected to hit the floor in January of 2024. The product will be sold across G-III's distribution network, including better department stores, digital channels and Nautica's stores and website in North America and franchise stores globally. The brand joins our portfolio, which includes some of the largest and most recognized American brands in the world.

新的 5 年許可證從 2024 年 1 月開始，包括 3 次 5 年的延期，每一次的首次交付預計將於 2024 年 1 月開始。該產品將在 G-III 的分銷網絡中銷售，包括更好的百貨商店，數字渠道和 Nautica 在北美的商店和網站以及全球的特許經營店。該品牌加入了我們的產品組合，其中包括一些世界上最大和最知名的美國品牌。

Our second priority is to expand our portfolio through ownership of brands and drive their licensing opportunities. Owned brands have become a critical part of the company's strategy, having expanded net sales to over $1.3 billion this year with higher operating margins than our licensed brands. We ended the fiscal year with DKNY generating approximately $600 million in net sales. Since it launched under our ownership in 2017, we've doubled sales and turned it from the unprofitable business we acquired into one of the most profitable brands.

我們的第二個優先事項是通過品牌所有權擴大我們的產品組合併推動他們的許可機會。自有品牌已成為公司戰略的重要組成部分，今年的淨銷售額已擴大到超過 13 億美元，營業利潤率高於我們的授權品牌。我們在本財政年度結束時 DKNY 產生了大約 6 億美元的淨銷售額。自 2017 年在我們的所有權下推出以來，我們的銷售額翻了一番，並將其從我們收購的無利可圖的業務轉變為最賺錢的品牌之一。

This expansion was achieved by building a best-in-class team with expertise introducing new high-performing products. We achieved scale rapidly through our wholesale strategy, supported by our investments in marketing, which continues to keep the brand top of mind for consumers. We see a tremendous runway for growth of this brand with a long-term sales potential with over $1 billion. Our own Donna Karan business is small today. We're repositioning and expanding the brand aggressively beginning spring 2024.

這種擴張是通過建立一流的團隊來實現的，該團隊具有引入新的高性能產品的專業知識。在市場營銷投資的支持下，我們通過批發戰略迅速擴大規模，繼續保持品牌在消費者心目中的地位。我們看到了這個品牌的巨大增長空間，其長期銷售潛力超過 10 億美元。今天，我們自己的 Donna Karan 業務規模很小。從 2024 年春季開始，我們將積極重新定位和擴展品牌。

The new Donna Karen will be a modern system of addressing created to appeal to women's sensors on every level, addressing the full lifestyle needs of the new consumer. It will be more widely distributed embedded department stores, digital channels and our own Donna Karan website in North America and internationally. Early reads on the product have been well received, and we have the support to roll out across our major retail partners.

新的 Donna Karen 將是一個現代地址系統，旨在吸引各個層面的女性傳感器，滿足新消費者的全部生活方式需求。它將在北美和國際上更廣泛地分佈嵌入式百貨商店、數字渠道和我們自己的 Donna Karan 網站。對該產品的早期閱讀受到好評，我們得到了在主要零售合作夥伴中推廣的支持。

Our recent market research has shown that Donna Karan is widely considered a top fashion brand and is recognized as one of the most famous designer names in American fashion. Further, it clearly indicates that consumer demand exists for the brand and reinforces our opportunity. This, coupled with our track record of having successfully grown major brands to more than $3 billion in annual net sales today gives us confidence in the growth potential of Donna Karan. We believe that it can approach annual net sales of over $500 million in the midterm. As an own brand, Donna Karan is expected to develop into a more profitable contributor to our business because we do not pay a licensing fee and have full control of global distribution.

我們最近的市場調查表明，唐娜·卡蘭 (Donna Karan) 被廣泛認為是頂級時尚品牌，並被公認為美國時尚界最著名的設計師品牌之一。此外，它清楚地表明消費者對該品牌存在需求並增強了我們的機會。這一點，再加上我們成功將主要品牌發展到如今年淨銷售額超過 30 億美元的記錄，讓我們對 Donna Karan 的增長潛力充滿信心。我們相信它可以在中期達到年淨銷售額超過 5 億美元。作為一個自有品牌，Donna Karan 有望發展成為我們業務的更有利可圖的貢獻者，因為我們不支付許可費並且完全控制全球分銷。

Further, we can expand the brand into additional license categories with the possibility of a highly accretive royalty income stream. Our Karl Lagerfeld business had strong growth last year, reaching $400 million in annualized global sales. This coming year, we're forecasting double-digit sales growth. We see long-term brand potential of $1 billion in net sales. Vilebrequin and the European Karl Lagerfeld brand are 2 additional key owned businesses with significant upside, which I will discuss further.

此外，我們可以將品牌擴展到其他許可類別，並有可能獲得高度增值的特許權使用費收入流。去年，我們的 Karl Lagerfeld 業務增長強勁，全球年銷售額達到 4 億美元。來年，我們預測銷售額將實現兩位數增長。我們看到 10 億美元淨銷售額的長期品牌潛力。 Vilebrequin 和歐洲的 Karl Lagerfeld 品牌是另外 2 家具有顯著優勢的主要自有企業，我將進一步討論。

Licensing and partnerships of our own brands are highly profitable and are up strong double digits in fiscal 2023, generating approximately $65 million in royalty income while also broadening brand recognition. We work with best-in-class partners who produce and distribute product in specialized categories such as fragrance, home and kids. For example, (inaudible) 0:17:35, our new fragrance partner is focused on growing our iconic fragrances for DKNY, Donna Karan and Karl Lagerfeld.

我們自有品牌的許可和合作夥伴關係利潤豐厚，並在 2023 財年實現兩位數的強勁增長，產生了約 6500 萬美元的特許權使用費收入，同時也擴大了品牌知名度。我們與一流的合作夥伴合作，他們生產和分銷香水、家居和兒童等專業類別的產品。例如，（聽不清）0:17:35，我們的新香水合作夥伴專注於為 DKNY、Donna Karan 和 Karl Lagerfeld 開發我們的標誌性香水。

Additionally, we have unique hospitality and real estate partnerships for Karl Lagerfeld and Vilebrequin. We see many licensing opportunities across our entire own portfolio and can leverage its capability for brands that we acquire. As we move into fiscal 2024, we are focused on capitalizing on the opportunities for our own brands. We intend to grow them through our focus on global expansion in wholesale distribution with new categories, omni-channel and licensing.

此外，我們還與 Karl Lagerfeld 和 Vilebrequin 建立了獨特的酒店和房地產合作夥伴關係。我們在自己的整個產品組合中看到了許多許可機會，並且可以利用其能力為我們收購的品牌服務。隨著我們進入 2024 財年，我們專注於利用我們自己品牌的機會。我們打算通過我們專注於通過新類別、全渠道和許可進行批發分銷的全球擴張來發展它們。

Our next priority is to further expand our global reach. The Karl Lagerfeld acquisition significantly expanded our European operations and accelerated G-III's global presence. The European management team of Karl Lagerfeld has made strong progress this year, having grown sales by 25%. They transitioned their digital business in-house from an outsourced model, enabling the expansion of product offerings, operational efficiencies and further global reach. They also launched jeans, which is expected to contribute nicely to their top line.

我們的下一個優先事項是進一步擴大我們的全球影響力。對 Karl Lagerfeld 的收購顯著擴展了我們的歐洲業務並加速了 G-III 的全球業務。 Karl Lagerfeld 的歐洲管理團隊今年取得了長足進步，銷售額增長了 25%。他們將自己的數字業務從外包模式轉變為內部業務，從而擴大了產品供應範圍、提高了運營效率並進一步擴大了全球影響力。他們還推出了牛仔褲，預計這將對他們的收入做出很好的貢獻。

With our partners, we launched the first ever Karl Lagerfeld hotel in Macao. Branded luxury real estate concepts are in development in Spain and in Malaysia with more expected to follow. This year, Vogue's Met Gala, fashion's most globally recognized event, along with the museum summer exhibition will pay tribute to Karl himself. This is one of the greatest honors for a designer and the Karl Lagerfeld name will appear in extensive global news stories, social media and throughout the museum itself significantly benefiting our global brand reach and our business as well.

我們與合作夥伴在澳門推出了首家 Karl Lagerfeld 酒店。品牌豪華房地產概念正在西班牙和馬來西亞開發，預計會有更多。今年，Vogue 的 Met Gala 這一時尚界最受全球認可的盛會以及博物館夏季展覽將向 Karl 本人致敬。這是設計師的最高榮譽之一，Karl Lagerfeld 的名字將出現在廣泛的全球新聞報導、社交媒體和整個博物館本身中，這對我們的全球品牌影響力和我們的業務都大有裨益。

We're expanding the largest -- we are planning the largest marketing campaign we've ever done for Karl Lagerfeld. In addition, we're creating special products have lined up a number of collaborations with celebrities and are producing content for our website and social channels. Our largest accounts around the world in New York, Paris, Milan, London and Dubai are hosting events, pop-up shops and dedicating windows. Here in New York City, Karl Lagerfeld will take over the windows of 2 of the city's largest department stores. This will be the most significant moment for the brand to date, and we expect the halo effect to drive awareness, interest and sales for the Karl Lagerfeld brand.

我們正在擴大規模——我們正在計劃我們為 Karl Lagerfeld 做過的最大的營銷活動。此外，我們正在創造特殊產品，與名人進行了一系列合作，並為我們的網站和社交渠道製作內容。我們在紐約、巴黎、米蘭、倫敦和迪拜的全球最大客戶正在舉辦活動、快閃店和專門的櫥窗。在紐約市，Karl Lagerfeld 將接管該市最大的兩家百貨公司的櫥窗。這將是該品牌迄今為止最重要的時刻，我們預計光環效應將推動 Karl Lagerfeld 品牌的知名度、興趣和銷量。

Additionally, we're in the process of developing a film of Carl's life coproduced by us and starring Jared Leto, who is expected to positively impact the brand awareness. Vilebrequin achieved a record year of sales and profitability with strong double-digit comp growth. This coming year is an exciting one for the brand. We'll continue to expand with store openings in global key markets and reinforce the luxury status of Vilebrequin with unique partnerships and immersive brand experiences. This summer, we're scheduled to open a restaurant and Beach Club in the south of France that is being designed to lend itself to franchise.

此外，我們正在製作一部由我們聯合製作並由傑瑞德萊托主演的卡爾生平電影，預計他將對品牌知名度產生積極影響。 Vilebrequin 實現了創紀錄的銷售額和盈利能力，實現了兩位數的強勁增長。即將到來的一年對品牌來說是激動人心的一年。我們將繼續在全球主要市場開設門店，並通過獨特的合作夥伴關係和身臨其境的品牌體驗來鞏固 Vilebrequin 的奢侈品地位。今年夏天，我們計劃在法國南部開設一家餐廳和海灘俱樂部，旨在提供特許經營權。

Last year, we opened a branded Beach Cabana Club and Store in the Boca Raton hotel. We see long-term potential of $250 million in sales for the brand. DKNY's international growth was in the high single digits with global sales now over 30% of the total brand. We've implemented an accelerated growth strategy for Europe with the help of great partners who've committed to open approximately 25 freestanding stores in key European cities by the end of next year. This will complement our department store footprint and further penetrate the region. Overall, the international market represents significant opportunities. We're reviewing best practices across our brands and expect to realize cost synergies and to strengthen our international platform.

去年，我們在博卡拉頓酒店開設了品牌海灘小屋俱樂部和商店。我們認為該品牌的銷售額有 2.5 億美元的長期潛力。 DKNY 的國際增長以高個位數增長，全球銷售額現已超過品牌總銷售額的 30%。在優秀合作夥伴的幫助下，我們在歐洲實施了加速增長戰略，這些合作夥伴承諾到明年年底在歐洲主要城市開設大約 25 家獨立商店。這將補充我們百貨商店的足跡，並進一步滲透該地區。總體而言，國際市場蘊藏著巨大機遇。我們正在審查我們品牌的最佳實踐，並期望實現成本協同效應並加強我們的國際平台。

Our next priority is to maximize omni-channel opportunities and leverage data. We continue to expand in digital, having grown total sales by approximately 15% in fiscal 2023 through a focus on our pure-play presence across a number of partners, including Amazon, Zalando and Fanatics by developing our own global sites. We added a dedicated team for our business with pure-play digital retailers, which has helped us scale quickly. In Amazon alone, we were able to grow by 50% despite a challenging digital environment. We're receiving more data than ever from our retail partners, enabling us to make smarter decisions.

我們的下一個優先事項是最大限度地利用全渠道機會和利用數據。我們繼續在數字領域擴張，通過開發我們自己的全球網站，專注於我們在包括亞馬遜、Zalando 和 Fanatics 在內的眾多合作夥伴中的純業務存在，從而使 2023 財年的總銷售額增長了約 15%。我們為純數字零售商的業務增加了一個專門的團隊，這幫助我們迅速擴大規模。儘管數字環境充滿挑戰，但僅在亞馬遜，我們就能實現 50% 的增長。我們從零售合作夥伴那裡收到的數據比以往任何時候都多，使我們能夠做出更明智的決策。

Additionally, we've made investments in our DKNY and Karl Lagerfeld sites in the U.S. and Europe, along with enhancing our CRM tools. We have a sizable business with department stores, including Macy's, Dillard's, Nordstrom's, Bloomingdale's and Hudson Bay with a strong online presence. Customers return to stores, which brought about a shift from digital to in-store sales. The availability of our products across both channels and department stores and pure play retailers continues to drive omni-channel sales for our business. The development of vendor direct shipping capabilities remains on track, and we see this initiative providing additional opportunities to grow in digital.

此外，我們還對位於美國和歐洲的 DKNY 和 Karl Lagerfeld 網站進行了投資，同時增強了我們的 CRM 工具。我們與百貨公司有相當大的業務往來，包括梅西百貨、迪拉德百貨、諾德斯特龍百貨、布魯明戴爾百貨和哈德遜灣百貨，並在網上擁有強大的影響力。顧客返回商店，這帶來了從數字銷售到店內銷售的轉變。我們的產品在渠道和百貨商店以及純粹的零售商中的可用性繼續推動我們業務的全渠道銷售。供應商直接運輸能力的發展仍在進行中，我們認為這一舉措提供了更多的數字增長機會。

Our final and recent strategic priority is to continue to scale our private label business. Last year or last quarter, I mentioned the significant opportunity we see for this area of G-III. Through our overseas office and strong relationships with the retailers and brands, we've built a solid business, which increased by 50% this year alone. We currently service private label customers across the department store, specialty retailers, off-price clubs and we recently expanded into mass retail. We have a very strong and well-developed infrastructure, where we are experts in market research, sourcing, technical design, merchandising, quality control and logistics.

我們最後和最近的戰略重點是繼續擴大我們的自有品牌業務。去年或上個季度，我提到了我們在 G-III 的這一領域看到的重大機遇。通過我們的海外辦事處以及與零售商和品牌的牢固關係，我們建立了穩固的業務，僅今年一年就增長了 50%。我們目前為百貨商店、專業零售商、折扣俱樂部的自有品牌客戶提供服務，最近我們擴展到大眾零售。我們擁有非常強大和發達的基礎設施，我們是市場研究、採購、技術設計、銷售、質量控制和物流方面的專家。

Our 40-year relationships with best-in-class manufacturing partners and overseas offices with more than 400 employees and more than 40 markets have established a platform that enables us to sell our services to retailers. By leveraging our existing expertise across a broad range of consumer products and price points, private label product development represents another growth engine for G-III.

我們與一流的製造合作夥伴以及擁有 400 多名員工和 40 多個市場的海外辦事處 40 年的合作關係建立了一個平台，使我們能夠向零售商銷售我們的服務。通過利用我們在廣泛的消費品和價位上的現有專業知識，自有品牌產品開發代表了 G-III 的另一個增長引擎。

In conclusion, we ended fiscal 2023 in a solid financial position and made significant progress implementing our strategic priorities, which expanded our own portfolio and grew our global reach. We've been directing resources towards several new initiatives, 2 of which we announced today. For the long term, we're confident and optimistic about the runway for profitable future growth.

總之，我們以穩健的財務狀況結束了 2023 財年，並在實施我們的戰略重點方面取得了重大進展，這擴大了我們自己的產品組合併擴大了我們的全球影響力。我們一直在將資源用於多項新舉措，其中 2 項是我們今天宣布的。從長遠來看，我們對未來盈利增長的跑道充滿信心和樂觀。

I'll now pass the call to Neal for a discussion of our fourth quarter financial results as well as guidance for the first quarter and full year fiscal 2024.

我現在將電話轉給 Neal，討論我們第四季度的財務業績以及對 2024 財年第一季度和全年的指導。

Thank you, Morris. With respect to our results of operations, the comments I'm about to make are on a non-GAAP basis. Net sales for the fourth quarter ended January 31, 2023, increased approximately 14% to $854 million from $748 million in the same period last year. Included in our sales for this quarter were $61 million in sales of the Karl Lagerfeld business, which became a wholly owned subsidiary on May 31, 2022.

謝謝你，莫里斯。關於我們的經營業績，我要發表的評論是基於非公認會計原則的。截至 2023 年 1 月 31 日的第四季度淨銷售額從去年同期的 7.48 億美元增長約 14% 至 8.54 億美元。我們本季度的銷售額包括 Karl Lagerfeld 業務的 6100 萬美元銷售額，該業務於 2022 年 5 月 31 日成為全資子公司。

Accordingly, the results of the Karl Lagerfeld business were included in our results for the entire fourth quarter. Net sales of our wholesale segment increased approximately 14% to $822 million from $719 million last year. Net sales of our retail segment were $49 million for the fourth quarter compared to net sales of $45 million in the previous year's fourth quarter. Our gross margin percentage was 33% in the fourth quarter of fiscal 2023 compared to 33.7% in the previous year's fourth quarter. The reduction in gross margin percentage is attributable to the decrease in gross margin percentage in our wholesale segment.

因此，Karl Lagerfeld 業務的業績包含在我們整個第四季度的業績中。我們批發部門的淨銷售額從去年的 7.19 億美元增長了約 14% 至 8.22 億美元。我們零售部門第四季度的淨銷售額為 4900 萬美元，而去年第四季度的淨銷售額為 4500 萬美元。我們在 2023 財年第四季度的毛利率為 33%，而去年第四季度為 33.7%。毛利率下降是由於我們批發分部的毛利率下降所致。

The Wholesale segment gross margin percentage was 31.4% compared to 31.9% in the prior year. As we have stated before, the acquired Karl Lagerfeld business operates at a higher gross margin percentage than the previously existing wholesale segment. Their inclusion in the quarter resulted in increased gross margin percentages by approximately 270 basis points. Accordingly, excluding the Karl Lagerfeld business, gross margins are down approximately 320 basis points. While we are currently seeing relief in inflationary pressures in product and transit costs, we are still working our way through higher costs from earlier in the year. The principal reason for the decline in gross margin percentage is from a combination of higher discounting and inflationary pressures.

批發業務的毛利率為 31.4%，而去年同期為 31.9%。正如我們之前所說，收購的 Karl Lagerfeld 業務的毛利率高於之前存在的批發業務。將它們納入本季度後，毛利率百分比增加了約 270 個基點。因此，不包括 Karl Lagerfeld 業務，毛利率下降了約 320 個基點。雖然我們目前看到產品和運輸成本的通脹壓力有所緩解，但我們仍在努力解決今年早些時候更高的成本問題。毛利率下降的主要原因是更高的折扣和通脹壓力。

In addition, our warehouse continue to work through the higher inventory levels throughout the quarter, which resulted in higher distribution costs. The gross margin percentage in our retail operations segment was 45.8% compared to 51.3% in the previous year. We offered higher discounts to reduce inventory levels. SG&A expenses were $236 million or 27.7% compared to $175 million or 23.4% in last year's fourth quarter. SG&A grew by approximately $37 million with the inclusion of the acquired Karl Lagerfeld business. We had significant increase in our warehousing costs as a result of our higher inventory levels, and we also had higher digital and brand advertising expenses in the quarter.

此外，我們的倉庫在整個季度繼續應對較高的庫存水平，這導致了更高的分銷成本。我們零售業務分部的毛利率為 45.8%，而去年為 51.3%。我們提供更高的折扣以降低庫存水平。 SG&A 費用為 2.36 億美元或 27.7%，而去年第四季度為 1.75 億美元或 23.4%。隨著收購的 Karl Lagerfeld 業務的納入，SG&A 增長了約 3700 萬美元。由於庫存水平較高，我們的倉儲成本顯著增加，而且本季度我們的數字和品牌廣告費用也有所增加。

Non-GAAP net income for the fourth quarter was $20 million or $0.41 per diluted share compared to $52.6 million or $1.06 per diluted share in the previous year. We had higher-than-planned tax expenses of approximately $5 million or $0.10 per share. Adjusting for these higher-than-planned taxes, we would have met our non-GAAP EPS guidance for the quarter.

第四季度非美國通用會計準則淨收入為 2000 萬美元或稀釋後每股收益 0.41 美元，而去年同期為 5260 萬美元或稀釋後每股收益 1.06 美元。我們的稅收支出高於計劃，約為 500 萬美元或每股 0.10 美元。對這些高於計劃的稅收進行調整後，我們本可以達到本季度的非 GAAP 每股收益指導。

Now let's review results for the full fiscal year ended January 31, 2023. Net sales for the full fiscal year were $3.23 billion, up from $2.77 billion in the same period last year. The Karl Lagerfeld acquisition added approximately $130 million in sales for the 7 months, it was included in our annual results. Net sales of our wholesale operations segment increased to $3.16 billion or 17% from $2.7 billion in the previous year. Net sales of our retail operations segment for the year were $137 million compared to the previous year's $117 million.

現在讓我們回顧一下截至 2023 年 1 月 31 日的整個財年的業績。整個財年的淨銷售額為 32.3 億美元，高於去年同期的 27.7 億美元。對 Karl Lagerfeld 的收購在 7 個月內增加了約 1.3 億美元的銷售額，這已包含在我們的年度業績中。我們的批發業務部門的淨銷售額從上一年的 27 億美元增至 31.6 億美元或 17%。我們零售業務部門今年的淨銷售額為 1.37 億美元，而上一年為 1.17 億美元。

Full fiscal year 2023 gross margin percentage was 34.3% compared to 35.7% in the previous year. This decrease in gross margin percentage was primarily driven by the gross margin percentage in our wholesale operations segment, which was 32.6% this year and 34.2% last year. The inclusion of the acquired Karl Lagerfeld business positively impacted our gross margin percentage by approximately 130 basis points. Excluding the Karl Lagerfeld business, our gross margins were down approximately 300 basis points.

2023 財年整個財年的毛利率為 34.3%，上年為 35.7%。毛利率下降的主要原因是我們批發業務部門的毛利率，今年為 32.6%，去年為 34.2%。納入收購的 Karl Lagerfeld 業務對我們的毛利率產生了約 130 個基點的積極影響。不包括 Karl Lagerfeld 業務，我們的毛利率下降了大約 300 個基點。

As we discussed in last quarter's call, our elevated inventory levels resulted in storage and process capacity pressures within our distribution centers. We incurred onetime logistical costs, along with additional warehousing costs, which impacted our gross margins by approximately 200 basis points. We have eliminated a great majority of these charges in the upcoming year. Additionally, inflation and a more promotional environment further negatively impacted gross margins. The gross margin percentage in our retail operations segment was 49.9% compared to 50.9% in the prior year. SG&A expenses for the year were $844 million compared to $645 million. The full year's SG&A as a percentage of sales was 26.1% compared to 23.4% last year. This year's SG&A rate was expected to delever with the inclusion of the Karl Lagerfeld business, which added approximately $80 million in expenses.

正如我們在上一季度的電話會議中討論的那樣，我們的庫存水平升高導致我們的配送中心內的存儲和處理能力壓力。我們產生了一次性物流成本以及額外的倉儲成本，這對我們的毛利率產生了大約 200 個基點的影響。我們在來年取消了其中的大部分費用。此外，通貨膨脹和更具促銷性的環境進一步對毛利率產生了負面影響。我們零售業務部門的毛利率為 49.9%，而去年為 50.9%。當年的 SG&A 費用為 8.44 億美元，而 6.45 億美元。全年的 SG&A 佔銷售額的百分比為 26.1%，而去年為 23.4%。今年的 SG&A 率預計會隨著 Karl Lagerfeld 業務的加入而去槓桿化，這增加了大約 8000 萬美元的費用。

Further, warehousing costs increased significantly as a result of managing our higher inventory levels and we incurred higher advertising expenses. Full year non-GAAP net income was $139 million or $2.85 per diluted share compared to $208 million or $4.20 per diluted share in the previous year. Net income per diluted share included approximately $5 million or $0.10 per share of higher-than-planned tax expenses. Adjusting for these higher taxes, we would have met our non-GAAP EPS guidance for the full year.

此外，由於管理我們較高的庫存水平，倉儲成本顯著增加，並且我們產生了更高的廣告費用。全年非 GAAP 淨收入為 1.39 億美元或每股攤薄收益 2.85 美元，而上一年為 2.08 億美元或每股攤薄收益 4.20 美元。每股攤薄淨收入包括約 500 萬美元或每股 0.10 美元的高於計劃的稅收支出。調整這些更高的稅收，我們將達到我們全年的非 GAAP EPS 指導。

Turning to the balance sheet. We ended the year with inventory levels approximately 39% above last year, where inventories were at a historically low base due to the supply chain issues and strong consumer demand that occurred last year. This is a sequential improvement in the third quarter, which was up 100% compared to fiscal 2022 third quarter. Our inventory increases were significantly impacted by the accelerated production calendars that were in place for most of the year. Inventory represents current purchases and will be viable into next year. With supply chain challenges easing, we have now tightened our production calendars.

轉向資產負債表。我們年底的庫存水平比去年高出約 39%，由於供應鏈問題和去年發生的強勁消費者需求，庫存處於歷史低位。這是第三季度的環比改善，與 2022 財年第三季度相比增長了 100%。我們的庫存增加受到一年中大部分時間的加速生產日曆的顯著影響。庫存代表當前的採購量，並將持續到明年。隨著供應鏈挑戰的緩解，我們現在已經收緊了生產日程。

In addition, we have already tempered our buying into next year to account for our existing inventory levels and will continue to do so. We ended the quarter in a net debt position of $428 million compared to $54 million in the prior year. This increase in debt was impacted by the $200 million in cash used to complete the Karl Lagerfeld acquisition, $27 million for stock repurchases and a $25 million investment in a digital opportunity.

此外，我們已經調整了明年的採購量，以應對我們現有的庫存水平，並將繼續這樣做。本季度結束時，我們的淨債務頭寸為 4.28 億美元，而去年同期為 5400 萬美元。債務的增加受到用於完成 Karl Lagerfeld 收購的 2 億美元現金、2700 萬美元的股票回購以及 2500 萬美元的數字機會投資的影響。

In addition, we're now higher than normal inventory levels. We expect inventory levels to normalize by the end of the third quarter next year, which should result in a strong upcoming year of positive cash flows. We generated EBITDA of $266 million this past year, and we are very comfortable with our debt leverage. We had cash and availability under our credit agreement of approximately $750 million at the close of the quarter. We believe that our liquidity and financial position provide us the flexibility to take advantage of acquisition opportunities and invest in our future growth.

此外，我們現在的庫存水平高於正常水平。我們預計庫存水平將在明年第三季度末恢復正常，這將導致來年出現強勁的正現金流。去年我們產生了 2.66 億美元的 EBITDA，我們對我們的債務槓桿非常滿意。根據我們的信貸協議，截至本季度末，我們擁有大約 7.5 億美元的現金和可用性。我們相信我們的流動性和財務狀況使我們能夠靈活地利用收購機會並投資於我們的未來增長。

As for guidance, for the full fiscal year 2024, we expect net sales of approximately $3.23 billion, flat to the previous year. On a non-GAAP basis, we expect net income for the full fiscal year 2023 of between $125 million and $130 million or between $2.55 and $2.65 per diluted share. This compares to non-GAAP net income of $139 million or $2.85 per diluted share for fiscal 2023. Full year fiscal 2023 adjusted EBITDA is expected to be between $248 million and $253 million compared to adjusted EBITDA of $266 million in fiscal 2023.

至於指導，對於整個 2024 財年，我們預計淨銷售額約為 32.3 億美元，與上一年持平。在非 GAAP 基礎上，我們預計 2023 年整個財年的淨收入在 1.25 億美元至 1.3 億美元之間，或攤薄後每股收益在 2.55 美元至 2.65 美元之間。相比之下，2023 財年的非 GAAP 淨收入為 1.39 億美元或每股攤薄收益 2.85 美元。2023 財年全年調整後的 EBITDA 預計在 2.48 億美元至 2.53 億美元之間，而 2023 財年的調整後 EBITDA 為 2.66 億美元。

For the first quarter of fiscal year 2024, we expect net sales of approximately $560 million compared to $689 million in the same period last year. On a non-GAAP basis, we expect a net loss of between $7 million and $2 million or between $0.15 and $0.05 per share. This compares to non-GAAP net income of $35 million or $0.72 per diluted share in the first quarter of fiscal year 2023.

對於 2024 財年第一季度，我們預計淨銷售額約為 5.6 億美元，而去年同期為 6.89 億美元。在非 GAAP 基礎上，我們預計淨虧損在 700 萬美元至 200 萬美元之間，即每股虧損 0.15 美元至 0.05 美元。相比之下，2023 財年第一季度的非 GAAP 淨收入為 3500 萬美元或每股攤薄收益 0.72 美元。

Let me add some context around modeling. As Morris discussed, we are taking a more conservative view for the first half of the year, especially in the first quarter. We anticipate the second quarter's net sales rate of decline to be at a much lower rate than the first quarter but still down mid-single digits as compared to the prior year. Then as we anniversary the moderation in consumer demand in the back half of last year, we expect to see more normalized growth in the second half of the year. As to some other line items, we expect significant gross margin improvement throughout the year and anticipate ending the year with gross margins up approximately 350 basis points to the fiscal 2023 rate. This is driven by a few factors.

讓我添加一些關於建模的上下文。正如莫里斯所討論的那樣，我們對今年上半年，尤其是第一季度持更為保守的看法。我們預計第二季度的淨銷售額下降率將遠低於第一季度，但與去年同期相比仍處於中個位數下降。然後，在我們紀念去年下半年消費者需求放緩之際，我們預計下半年將出現更多正常化增長。至於其他一些項目，我們預計全年毛利率將顯著提高，並預計年底毛利率將比 2023 財年的水平提高約 350 個基點。這是由幾個因素驅動的。

First, freight costs have moderated almost back to pre-pandemic levels, and we expect this to benefit us throughout the year. Second, we will anniversary significant onetime logistical costs, primarily incurred in the third quarter of last year, which should benefit our gross margins. Lastly, the first half of the year through the June 1, 2022, will benefit -- we will benefit from the inclusion of the acquired Karl Lagerfeld business, which positively impacts our gross margin percentages. We anticipate SG&A will delever as we continue to expect elevated warehousing costs associated with higher inventory levels through the third quarter of this year as well as continued inflationary pressure on costs.

首先，運費已經幾乎回落到大流行前的水平，我們預計這將使我們全年受益。其次，我們將紀念主要在去年第三季度發生的重大一次性物流成本，這應該有利於我們的毛利率。最後，從今年上半年到 2022 年 6 月 1 日，我們將受益於收購的 Karl Lagerfeld 業務的納入，這將對我們的毛利率產生積極影響。我們預計 SG&A 將去槓桿化，因為我們繼續預計今年第三季度庫存水平較高以及持續的成本通脹壓力會導致倉儲成本上升。

Further, the addition of the Karl Lagerfeld business in the first half of the year will increase the percentage of net sales represented by SG&A expenses. Specifically for the first quarter, we expect gross margin percentages to increase by approximately 600 basis points for last year, primarily due to freight cost reductions, the addition of the Karl Lagerfeld business and the benefit from promotional sales that were shifted to the fourth quarter as Morris discussed it -- as Marc discussed. We expect non-GAAP interest expense to be approximately $50 million. We are estimating a tax rate of 27% during the year. We have not anticipated any potential share repurchases in our guidance.

此外，今年上半年 Karl Lagerfeld 業務的加入將增加 SG&A 費用占淨銷售額的百分比。具體到第一季度，我們預計去年的毛利率百分比將增加約 600 個基點，這主要是由於運費降低、Karl Lagerfeld 業務的增加以及促銷銷售的好處轉移到第四季度莫里斯討論過它——就像馬克討論過的那樣。我們預計非 GAAP 利息支出約為 5000 萬美元。我們估計年內的稅率為 27%。在我們的指引中，我們沒有預期任何潛在的股票回購。

That concludes my comments. I will now turn the call back to Morris for closing remarks.

我的評論到此結束。我現在將把電話轉回給莫里斯，請他作結束語。

Thank you, Neal, and thank you all for joining us today. We have proven time and again over the years that we have been able to quickly pivot to deliver results. We feel good about the opportunities for growth ahead of G-III, including global expansion of DKNY and the recently acquired Karl Lagerfeld brand. Our new initiatives with Donna Karan and Nautica and our plans across our entire portfolio along with our focus on developing new initiatives. We have a strong foundation for success in place, and I'm confident in our team's ability to drive our business forward and deliver for our shareholders.

謝謝你，尼爾，感謝大家今天加入我們。多年來，我們一次又一次地證明，我們能夠迅速轉向交付成果。我們對 G-III 之前的增長機會感到滿意，包括 DKNY 的全球擴張和最近收購的 Karl Lagerfeld 品牌。我們與 Donna Karan 和 Nautica 的新舉措以及我們在整個產品組合中的計劃以及我們對開發新舉措的關注。我們為成功打下了堅實的基礎，我對我們團隊推動業務發展並為股東帶來回報的能力充滿信心。

I'd like to thank our entire organization and all our stakeholders for their continued support.

我要感謝我們整個組織和所有利益相關者的持續支持。

Operator, we're now ready to take some questions.

接線員，我們現在準備好回答一些問題。

We have a question from Edward Yruma from Piper Sandler.

Piper Sandler 的 Edward Yruma 向我們提出了一個問題。

I guess first, Morris, I would love to click down a little bit on Nautica, it seems like some exciting news there. Can you talk a little bit about kind of how big the brand is relative to the CK and Hilfiger brands? As you think about the positioning of the brand relative to maybe where CK and Hilfiger were historically, kind of how do you think this slots in? And then, Neal, just a couple of quick follow-ups. I guess maybe a little more color on the tax expenses. And I think you guys made some comments about a digital acquisition. Would love any more color on that.

我想首先，莫里斯，我想點擊一下諾蒂卡，那裡似乎有一些令人興奮的消息。你能談談這個品牌相對於 CK 和 Hilfiger 品牌有多大嗎？當您考慮該品牌相對於 CK 和 Hilfiger 歷史位置的定位時，您如何看待這個位置？然後，Neal，只是一些快速跟進。我想稅收支出可能會有更多色彩。我想你們對數字收購發表了一些評論。會喜歡更多的顏色。

Thanks for your question, Ed. Nautica today is an important brand in authentics portfolio. I'm not at liberty to discuss the scale of it. That's really authentics privilege to do. I'll tell you that it's not very large on the women's side of it, which is our opportunity. When we took on Calvin Klein, it was virtually a men's brand. Tommy was skewed towards the men's side of the business. And El Corte is women's. So we're very comfortable in the brand tucking in more toward a Tommy's sort of attitude. It's an incredibly well-recognized brand throughout the world. We're capable of making the appropriate product for it. We have the sourcing in place. We have design in place, we have distribution in place.

謝謝你的問題，埃德。今天的 Nautica 是正品組合中的一個重要品牌。我無權討論它的規模。這真的是真正的特權。我會告訴你，它在女性方面並不是很大，這是我們的機會。當我們接手 Calvin Klein 時，它實際上是一個男裝品牌。湯米偏向男性業務。 El Corte 是女性的。因此，我們對品牌更多地融入 Tommy 的態度感到非常滿意。這是一個在世界範圍內非常知名的品牌。我們有能力為它製造合適的產品。我們有採購到位。我們有適當的設計，我們有適當的分配。

And I think the odds are stacked in our favor to make this a very, very important brand in our portfolio. So we're excited by the opportunity and uniquely most of the categories sat in the hands of Spark, which is an arm of authentic and when we were able to aggregate multiple categories that we will launch as appropriate for our relationship for PVH. So, the first launch will be the Jeans launch, which we're developing as we speak. We'll ship product at the beginning of calendar 2024. And we've got support from our existing partners, our retail partners. So no reason that this brand can't be a significant piece of G-III's business.

而且我認為我們很有可能使它成為我們產品組合中非常非常重要的品牌。因此，我們對這個機會感到興奮，而且大多數類別都掌握在 Spark 手中，Spark 是真實的一個分支，當我們能夠聚合多個類別時，我們將根據我們與 PVH 的關係推出適當的類別。因此，第一個發布將是 Jeans 發布，我們正在開發中。我們將在 2024 年初發貨。我們得到了現有合作夥伴、零售合作夥伴的支持。因此，這個品牌沒有理由不能成為 G-III 業務的重要組成部分。

Thanks, Ed. This is Neal. With respect to your questions for me. On the tax expenses, just to recap, through the third quarter, we were anticipating an effective tax rate at about 23.3%. We ended the year on a non-GAAP basis with an effective tax rate at about 26.6%. We're forecasting about a 27% tax rate go forward. The refinements in the fourth quarter really were about in 3 general areas: first, most significantly related to the acquisition. Secondly, there was some restructuring that was done that caused some extra taxes and lastly, just year-end adjustments that impacted the final results.

謝謝，埃德。這是尼爾。關於你問我的問題。關於稅收支出，回顧一下，到第三季度，我們預計有效稅率約為 23.3%。我們在非公認會計原則的基礎上結束了這一年，有效稅率約為 26.6%。我們預測未來的稅率約為 27%。第四季度的改進實際上是關於 3 個一般領域：首先，最重要的是與收購相關。其次，進行了一些重組，導致了一些額外的稅收，最後，只是年終調整影響了最終結果。

With respect to our digital investment, this is actually the second smaller investment that we've made. We've made these investments to kind of facilitate getting a little bit smarter. These are companies that we have some interactions with. We're able to learn from some of the best-in-class processes that they're doing on the digital side. And there's some other opportunities that we have with these entities.

關於我們的數字投資，這實際上是我們進行的第二筆較小的投資。我們已經進行了這些投資，以促進變得更聰明。這些是我們與之有一些互動的公司。我們能夠從他們在數字方面所做的一些一流流程中學習。我們與這些實體還有其他一些機會。

I guess for clarity's sake, we probably should define at this point our investments. We have an investment in a pure-play aggregator of digital businesses. Composed in there is of 4 unique situations, all are profitable. And strategically, we're sourcing product for them as well. So it's sort of a strategic relationship as well as, call it, a learning experience, as Neil described. And the other one is we own a stake in Saks of Fifth digital business as was negotiated with Saks a couple of years ago. It's almost 2 years at this point. So we own a stake in that, and that's tucked into that dollar value as well.

我想為了清楚起見，我們可能應該在此時定義我們的投資。我們投資了一家純粹的數字業務聚合商。由 4 種獨特的情況組成，都是有利可圖的。從戰略上講，我們也在為他們採購產品。因此，正如尼爾所描述的，這是一種戰略關係，也可以稱之為學習經驗。另一個是幾年前與 Saks 談判時，我們擁有 Saks of Fifth 數字業務的股份。此時已經快2年了。所以我們擁有其中的股份，這也包含在美元價值中。

Our next question comes from Paul Kearney with Barclays.

我們的下一個問題來自巴克萊銀行的 Paul Kearney。

I guess first, can you quantify the size of the pull forward of sales into Q4 from Q1? And then second, good progress on the inventory, the sequential movement to -- from Q3 to Q4. Can you help us think about when you see inventory growth being fully rebalanced with sales growth, just the timing of that this year?

我想首先，你能量化銷售從第一季度到第四季度的拉動規模嗎？其次，庫存進展良好，從第三季度到第四季度的順序移動。你能幫我們想想當你看到庫存增長與銷售增長完全重新平衡時，就在今年的時間嗎？

Sure. Thanks for your question, Paul. The -- it's hard to specifically identify the exact items. Our challenge from the fourth quarter was, again, to try to take advantage of opportunities, reduce inventory that provided relief to the warehouse operation. It also enables us to convert that inventory into cash quicker. I think if you were just thinking about generally a size parameter, I think if you look at the size of our excess, we really were on plan essentially in the fourth quarter. And if you thought about the beat, it would have been some reasonably large portion of our sales beat that would have been associated with that pull forward.

當然。謝謝你的問題，保羅。 -- 很難具體確定確切的項目。我們從第四季度開始的挑戰再次是試圖利用機會，減少庫存，以減輕倉庫運營的壓力。它還使我們能夠更快地將庫存轉換為現金。我想如果你只是在考慮一般的尺寸參數，我想如果你看看我們過剩的尺寸，我們真的在第四季度基本上按計劃進行了。而且，如果您考慮節拍，那將是我們銷售節拍中相當大的一部分與這種推動有關。

With respect to your second question on inventory levels, we're carrying inventory. Some of it is seasonal in our outerwear area, and that is why I refer back to the third quarter where I really expect that we'll get to a more normalized inventory level. Historically, we returned inventories around 4x a year. We really have always been a relatively quick turn in terms of inventory. Again, the production calendar has really stretched that out. We needed to do that for a whole host of reasons, which we thought was prudent during this past year. And we'll work our way through it. You'll see sequential decreases compared to the prior year but in fairness, we're up against now with very large inventory increases this past year. But in terms of getting to a normalized inventory that starts to look a lot closer to a 4x turn, we expect that to be at the end of the third quarter.

關於你關於庫存水平的第二個問題，我們正在進行庫存。在我們的外衣領域，有些是季節性的，這就是為什麼我回顧第三季度的原因，我真的希望我們能達到一個更正常的庫存水平。從歷史上看，我們每年大約退回 4 次庫存。就庫存而言，我們確實一直是相對較快的轉變。同樣，生產日曆確實延長了時間。出於多種原因，我們需要這樣做，我們認為在過去的一年中這樣做是謹慎的。我們將努力解決它。你會看到與前一年相比連續下降，但公平地說，我們現在面臨著過去一年庫存大幅增加的情況。但就開始看起來更接近 4 倍轉向的正常化庫存而言，我們預計這將在第三季度末實現。

Well, our order book supports the projected shippings that we have. We have a pretty strong order book. The bulk of it supports moving our existing inventory, which is something we're very happy with. So we should be able to rationalize our inventory levels by the end of the year. There is, I guess, the price to pay for holding all that inventory. Part of it is our freight costs associated with those inventory with that inventory level, they are old freight costs, where we were paying as much as $17,000 or $18,000 of container. So that resides in our inventory.

好吧，我們的訂單簿支持我們的預計出貨量。我們有一個非常強大的訂單。其中大部分支持移動我們現有的庫存，這是我們非常滿意的事情。因此，我們應該能夠在年底前合理化我們的庫存水平。我想，持有所有庫存是要付出代價的。其中一部分是我們與具有該庫存水平的庫存相關的運費，它們是舊運費，我們支付了高達 17,000 美元或 18,000 美元的集裝箱。所以這存在於我們的庫存中。

The new deliveries are somewhere around $3,200 a container. So there's a vast difference to old margin versus new margin. And we're trying to make the best sense of it that we can. So we call this a little bit of a cleaning up year. We had more issues than we expected last year in logistics that came at us every which way caused by the environment, caused by cancellations, caused by retailers appropriately managing their business and taking the pain off of their shareholders. So it all fell on us, and we are who we are. We'll get over it then we'll get back to a normalized G-III in the near future.

新交付的貨物價格約為每集裝箱 3,200 美元。因此，舊保證金與新保證金之間存在巨大差異。我們正在努力盡可能地理解它。所以我們稱今年為清理年。我們去年在物流方面遇到的問題比我們預期的要多，這些問題是由環境造成的，由取消造成的，由零售商適當管理他們的業務和減輕股東的痛苦造成的。所以這一切都落在了我們身上，我們就是我們自己。我們會克服它，然後我們會在不久的將來回到標準化的 G-III。

We have a question from Jay Sole with UBS.

我們有來自瑞銀的 Jay Sole 的問題。

This is Mauricio Serna from UBS. I was calling -- I want to ask a couple of questions, sorry. I don't know if you already talked to what because I just was able to join now. Maybe if you could talk about like what are you thinking about the quarterly cadence for the year, just looking at the implied 1Q sales, I think it implies like a high-teens decline, but you're guiding to flat sales, how are you thinking about the sales progression throughout the year? And if you could also elaborate a little bit more on what you're seeing on the potential growth or the potential long-term revenue that you could generate from the -- with Nautica now and with the new strategy on Donna Karan.

我是瑞銀的 Mauricio Serna。我正在打電話——我想問幾個問題，抱歉。我不知道你是否已經談過什麼，因為我現在才能夠加入。也許如果你能談談你對今年的季度節奏有何看法，只看隱含的第一季度銷售額，我認為這意味著十幾歲的下降，但你正在引導銷售持平，你怎麼樣考慮全年的銷售進展？如果你還可以詳細說明你所看到的潛在增長或潛在的長期收入，你可以從中產生——現在使用 Nautica 以及 Donna Karan 的新戰略。

So the volatility in comps this year versus last year, part of it was a unique anomaly. If you go back a year ago, our business was off the charts, anything that we had had a home. We were able to ship inventory was in high demand. Deliveries were late. Retailers were not canceling late deliveries. They continue to take them in, which caused some of the problem through the course of the year. So we had open windows, we had sufficient inventory and we shipped, if you go back to the prior year, you go back to pre-pandemic last year was more than 20% greater than the pre-pandemic years.

因此，今年 comps 與去年相比的波動，部分是一個獨特的異常現象。如果你回到一年前，我們的業務就超出了圖表，我們擁有的任何東西都有家。我們能夠運送庫存，需求量很大。交貨晚了。零售商沒有取消延遲交貨。他們繼續收留他們，這在一年中造成了一些問題。所以我們打開了窗戶，我們有足夠的庫存，我們發貨了，如果你回到前一年，你回到去年大流行前的年份比大流行前的年份多 20%。

So we're back to a cadence that's similar to pre-pandemic. We're managing to the inventories that retailers are trying to maintain. There's a high level of focus as we all know, retailers have had an overabundance of inventory and a busy -- have been busy rightsizing their inventory levels as we are. So the first quarter this year is close to flat to pre-pandemic this year being fiscal 2024 will be close to pre-pandemic levels. And we see the year balancing out where we believe that our business will be pretty much flat to this past year.

因此，我們回到了類似於大流行前的節奏。我們正在管理零售商試圖維持的庫存。眾所周知，人們高度關注，零售商庫存過多，而且很忙——一直忙於像我們一樣調整庫存水平。因此，今年第一季度與大流行前的水平接近持平，因為 2024 財年將接近大流行前的水平。我們看到這一年平衡，我們認為我們的業務將與去年持平。

So Q3 and Q4 shipping levels will be accelerated to last year. And at that point, we believe that we'll have right sized inventory. We'll have right sized real estate as we make adjustments in the real estate that we hold. And it will take us a few months to put our business where it needs to be operating with a couple of new brands going toward eliminating a couple of old brands and trying to maintain SG&A that's appropriate for our business. So we're okay with where we are. We've done aggressive assessments as to what we need to do, and we're on a path.

因此，Q3 和 Q4 的出貨水平將加速到去年。到那時，我們相信我們將擁有合適規模的庫存。當我們對我們持有的房地產進行調整時，我們將擁有合適大小的房地產。我們需要幾個月的時間才能將我們的業務置於需要運營的幾個新品牌，以消除幾個舊品牌並努力維持適合我們業務的 SG&A。所以我們對我們所在的地方很滿意。我們已經對我們需要做什麼進行了積極的評估，並且我們正在努力。

As far as it relates to Nautica and Donna Karan, Nautica won't be a business of scale until 2025, this 2026. As we enter into additional categories, the first category is going to be the denim business, which is the first category we give back the jeans business, which is the first category we give back to PVH in Tommy Hilfiger. We -- it's not a very large business that we're giving back, and we should, at a minimum, do far better with Nautica than what we've done with the jeans side of Tommy for an assortment of reasons.

就 Nautica 和 Donna Karan 而言，Nautica 要到 2025 年才能成為規模化的企業，這個 2026 年。當我們進入其他類別時，第一個類別將是牛仔佈業務，這是我們的第一個類別回饋牛仔褲業務，這是我們在 Tommy Hilfiger 中回饋 PVH 的第一個品類。我們——我們要回饋的不是一個非常大的企業，我們至少應該在 Nautica 上做得比我們在 Tommy 的牛仔褲方面所做的要好得多，原因有很多。

And then Donna Karan, we're launching Donna Karan. It will -- it's open to us in all categories. We own the brand. We've evaluated the merit of the brand. We've outsourced data to make us comfortable that our belief is reality. And we're going to be aggressive on the marketing side. We have retailers that have given us commitments to launch the brand and put it in the place that it needs to be. So we believe long term, it's easily a $0.5 billion business. And that's not even long term. I would say that's probably around 3 years from now, 3 to 4 years. And beyond that, it's a $1 billion brand. There's no question. So they're both amazingly well-recognized brands throughout the globe.

然後是 Donna Karan，我們推出了 Donna Karan。它將 - 它在所有類別中對我們開放。我們擁有這個品牌。我們評估了品牌的價值。我們外包數據是為了讓我們相信我們的信念是現實。我們將在營銷方面積極進取。我們有零售商向我們承諾推出該品牌並將其放置在需要的地方。因此，我們相信從長遠來看，這很容易成為一項價值 5 億美元的業務。這甚至不是長期的。我會說這可能是從現在起大約 3 年，3 到 4 年。除此之外，它還是一個價值 10 億美元的品牌。毫無疑問。因此，它們都是全球知名度驚人的品牌。

Donna Karan, if you were to think of the American designers, Donna Karan is near the top of the list. So it's well recognized. And again, true to who we are, we produce appropriate product for the venues that we ship to. So I'm comfortable that we can produce it, comfortable that we can source it and comfortable that we can sell it. So there's, again, no reason that Donna Karan won't be significant in our portfolio. Thank you for your question, Mauricio.

Donna Karan，如果你要提到美國設計師，Donna Karan 幾乎名列前茅。所以很受認可。再一次，忠於我們的身份，我們為我們運送到的場地生產合適的產品。所以我很高興我們可以生產它，很高興我們可以採購它並且很高興我們可以出售它。所以，再一次，唐娜·卡蘭沒有理由不在我們的投資組合中發揮重要作用。謝謝你的問題，毛里西奧。

Our next question comes from Noah Zatzkin from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Noah Zatzkin。

Just on Donna Karan. I was just hoping you could maybe expand a bit maybe as it relates to where the business stands today. So kind of if you could just remind us how large that business is today, general channel positioning, the number of doors it's in? And then how you expect it to evolve off its current base? And then just on the model, on incremental cost associated with the higher inventory levels that's contemplated in guidance. Hoping you could help quantify the impact of that ideally from an EPS perspective, but just generally, how we should think about the cadence of that impact as you continue to right size the inventory position through the first 3 quarters?

就在唐娜·卡蘭身上。我只是希望你可以擴展一下，因為它與今天的業務狀況有關。如果你能提醒我們今天的業務有多大，一般渠道定位，它有多少門？然後你期望它如何從目前的基礎上發展？然後就模型而言，與指南中預期的更高庫存水平相關的增量成本。希望您能從 EPS 的角度幫助量化這種影響，但總的來說，隨著您在前 3 個季度繼續調整庫存規模，我們應該如何考慮這種影響的節奏？

Thank you, Noah. Donna Karan and DKNY were acquired at the same time. They were 2 -- they are 2 separate brands. Most of the world doesn't really recognize that DKNY is a derivative or owned by Donna Karan. We realized that early. And we decided to launch DKNY and in 2017 to serve our channel of distribution, which, as you know is Macy's, Dillard's, it's the department store sector. We didn't position it as luxury. We took it down a notch from where LVMH had it and it worked incredibly well for us. When we took it on, we were criticized for paying too much money for a brand that that provided no profits.

謝謝你，諾亞。 Donna Karan 和 DKNY 同時被收購。他們是 2 - 他們是 2 個獨立的品牌。世界上大多數人並沒有真正認識到 DKNY 是 Donna Karan 的衍生品或所有。我們很早就意識到了這一點。我們決定在 2017 年推出 DKNY 來服務我們的分銷渠道，正如你所知，梅西百貨、迪拉德百貨公司就是百貨商店部門。我們沒有將其定位為奢侈品。我們將它從 LVMH 擁有的地方降低了一個檔次，它對我們來說效果非常好。當我們接受它時，我們被批評為一個沒有利潤的品牌付出了太多的錢。

So we didn't look at the profit as we bought the brand. Fortunately for us, we recognize that there was always a potential that our licensor would take back as brands, we needed stuff of our own. So, we plugged in the plan that spoke to our strengths with a great brand, more so than the brand and where it was positioned. And quickly, we found that we made an amazing decision. It worked well. And today, I'd say we're in a comfortable level because of that acquisition. Alongside of that acquisition came Donna Karan, and we were in a thought process of creating a halo brand out of Donna Karan and doing pretty much what many companies do. They take the halo piece and create derivatives out of it in the future. And the halo generally is an expense. It's not a profit-making situation.

所以我們買品牌的時候沒有看利潤。對我們來說幸運的是，我們認識到我們的許可方總是有可能收回品牌，我們需要自己的東西。因此，我們在計劃中加入了一個偉大的品牌來體現我們的優勢，而不是品牌及其定位。很快，我們發現我們做出了一個驚人的決定。它運作良好。而今天，我想說由於這次收購，我們處於一個舒適的水平。與那次收購一起出現的是 Donna Karan，我們正在考慮從 Donna Karan 中創建一個光環品牌，並做許多公司所做的事情。他們拿走了光環，並在未來從中創造出衍生品。而光環通常是一種開銷。這不是一個盈利的情況。

So we looked at it. We had our thoughts. We interviewed (inaudible) 0:59:26 designers in our industry and thought about spending $20 million, $25 million a year on creating the halo. We stepped back and said, "no, we don't need that halo. We'll just softly launch Donna Karan brought down from designer to the opening price points for Saks and Bloomingdale's and Nordstrom". And we've kept it alive in the small scale with the knowledge that if something happened with Calvin Klein, it would be a great brand to supplement our business and position a notch lower than it is now. So that is the strategy.

所以我們看了看。我們有自己的想法。我們採訪了我們行業的（聽不清）0:59:26 設計師，並考慮每年花費 2000 萬、2500 萬美元來創造光環。我們退後一步說，“不，我們不需要那個光環。我們只是輕輕地推出 Donna Karan，從設計師那裡降到 Saks、Bloomingdale's 和 Nordstrom 的開價點”。我們知道如果 Calvin Klein 發生什麼事情，它將成為一個很好的品牌來補充我們的業務，並且定位比現在低一個檔次，因此我們一直在小範圍內保持它的活力。這就是策略。

We have the tools to not only maintain our business. We have the tools to grow our business and we have the appetite to be more aggressive and acquire additional or license additional products to again show our stakeholders what they've invested in and how aggressive and productive this company can be. We are not sitting in defensive mode. We're aggressive in how we're positioning our business. We believe -- and we know we're one of the premier suppliers of product to the department store sector in the United States. We plan on maintaining that status and we plan on growing in various other ways. It's a hungry aggressive team that is driven by success.

我們擁有的工具不僅可以維持我們的業務。我們擁有發展業務的工具，我們有興趣更加積極進取並獲得更多產品或許可更多產品，以再次向我們的利益相關者展示他們投資的內容以及這家公司的積極性和生產力。我們沒有處於防禦模式。我們在如何定位我們的業務方面非常積極。我們相信 - 我們知道我們是美國百貨商店行業的主要產品供應商之一。我們計劃保持這一地位，併計劃以其他各種方式發展。這是一支由成功驅動的飢餓進取的團隊。

And Noah, with respect to the warehousing and the logistical challenges, just to give you a little more color throughout the last year and just sort of really explain what happened last year again. The single largest hit we had really was in the third quarter of last year, and that had to do with the demurrage expenses we described, which was getting inventory off the ports in a situation where we really had significant inventories in our existing warehouses. So that item should prove to be a pretty good boost for us as we don't incur those costs again in this current third quarter.

諾亞，關於倉儲和後勤方面的挑戰，只是為了在去年給你更多的色彩，並再次真正解釋去年發生的事情。我們真正受到的最大打擊是在去年第三季度，這與我們描述的滯期費有關，即在我們現有倉庫中確實有大量庫存的情況下，將庫存從港口運走。因此，該項目應該證明對我們來說是一個很好的推動力，因為我們在當前的第三季度不會再次產生這些成本。

With respect to the other parts of the -- of having higher inventory, it really impacts us both in cost of goods sold as well as in SG&A. We run what's been designed as flexible warehousing scenario where we use third-party warehouse providers. Those expenses we put into the SG&A line item, we do run about 1/3 of our own warehousing. Those expenses we put into our cost of goods sold. And to the extent that inventory levels are high and start to reach very high levels within the existing buildings that we run, you really run into operational efficiencies in all aspects of the operation, receiving shipping as well as picking in the warehouse operation.

關於擁有更高庫存的其他部分，它確實影響了我們的銷售成本和 SG&A。我們在使用第三方倉庫提供商的情況下運行被設計為靈活的倉儲場景。我們投入 SG&A 行項目的那些費用，我們確實運行了大約 1/3 的我們自己的倉儲。我們將這些費用計入已售商品成本。就庫存水平高並開始在我們運營的現有建築物內達到非常高的水平而言，您確實會在運營的各個方面遇到運營效率問題，包括收貨和倉庫運營中的揀選。

In addition to that, you'll run into additional storage costs. So what we expect as we go into next year is that we will still have high inventory levels for the first quarter still have somewhat high inventories in the second. We really don't start to eat into those -- the inventory carryover levels until the third quarter. And so we'll have additional charges in the first half of the year as it relates to these warehousing expenses. And then, of course, in the third quarter, we'll start to see that mitigate and get the benefit of not having those demurrage charges. Fourth quarter should be a much more normalized event for us

除此之外，您還會產生額外的存儲成本。因此，我們預計明年第一季度的庫存水平仍然很高，第二季度的庫存水平仍然偏高。我們真的不會開始考慮這些——庫存結轉水平要到第三季度。因此，我們將在今年上半年收取與這些倉儲費用相關的額外費用。然後，當然，在第三季度，我們將開始看到這種情況有所緩解，並從沒有這些滯期費中受益。第四季度對我們來說應該是一個更加正常化的事件

And our last question comes from Dana Telsey from Telsey Group.

我們的最後一個問題來自 Telsey Group 的 Dana Telsey。

Morris, as you think about the portfolio that you have at G-III and the next evolution of the business, what are you seeing out there in terms of attracting whether it's new licensing opportunities, new brand partners, the mix of whether it's international or domestic, what are you seeing out there? I know it's only been, what is it? 3 months or so since we heard the news about Tommy and Calvin. But as you architect the next evolution, what's coming your way? And what do you think that's in the portfolio structure that continues to drive sales and margins?

莫里斯，當你考慮你在 G-III 的投資組合和業務的下一步發展時，你在吸引方面看到了什麼，無論是新的許可機會、新的品牌合作夥伴，還是國際或國內，你在外面看到了什麼？我知道它只是，它是什麼？自從我們聽到有關 Tommy 和 Calvin 的消息以來已經過去了 3 個月左右。但是，當您設計下一個演變時，您會遇到什麼？您認為在繼續推動銷售和利潤率的投資組合結構中是什麼？

Great question. Thanks, Dana. Number one, it's only been 3 months. And then it's not as if we -- it was a planned event. It came a little bit as a last minute shocker as one might say. But again, as I described G-III format, I guess we move on, and we moved quickly. You might imagine that when the industry realized that we had a couple of open lanes coming, we got some amazing calls and amazing opportunities. Some of them are still under consideration. Some are eliminated because they don't fit our profile and some just don't work in our eyes. So take that as one lane of opportunity.

很好的問題。謝謝，達娜。第一，才三個月。然後就好像我們——這是一個計劃好的事件。有人可能會說，這有點像最後一分鐘的震驚。但同樣，正如我描述的 G-III 格式，我想我們繼續前進，而且我們行動迅速。你可能會想像，當業界意識到我們有幾條開放通道即將到來時，我們會接到一些驚人的電話和驚人的機會。其中一些仍在考慮中。有些被淘汰是因為它們不符合我們的形象，有些只是在我們眼中不起作用。因此，將其視為一個機會。

And the other, we've been talking about expanding our global reach by aggressively building our business globally. So the minute this occurred, we retooled, we went to Dubai, we went to Eastern Europe. We made different alliances or additional alliances than we've had historically. They don't all come to prosperity overnight. It takes a little while. But as we mentioned in our scripted form, there are 25 new stores planned for Europe. That's an aggressive number for franchising and pretty much a new initiative or a new focus. So there will be many hundreds of additional stores open.

另一方面，我們一直在談論通過在全球範圍內積極建立我們的業務來擴大我們的全球影響力。所以在這發生的那一刻，我們進行了重組，我們去了迪拜，我們去了東歐。我們建立了與歷史上不同的聯盟或額外的聯盟。他們並非都在一夜之間繁榮起來。這需要一點時間。但正如我們在腳本表格中提到的那樣，計劃在歐洲開設 25 家新店。對於特許經營來說，這是一個激進的數字，幾乎是一項新舉措或新重點。因此，將會有數百家額外的商店開業。

We've spoken about opportunities that we found in licensing hotels and communities that are going to be important to us as we go forward. The names that we have are well suited for luxury housing or luxury hospitality. And we've been sought out, and we've made 3 deals with the fourth coming on board as well, all in different parts of the world, all with a good deal of money behind them. So we're happy with what's opening up for us. And there's a long way to go. As I said, this is not the defense time. This is offense. We've got -- we're citing opportunities. We have support of our retail community.

我們已經談到了我們在授權酒店和社區中發現的機會，這些機會在我們前進的過程中對我們很重要。我們的名字非常適合豪華住宅或豪華酒店。我們已經被找到了，我們已經達成了 3 筆交易，第四筆交易也在船上，所有交易都在世界不同地區，背後都有大量資金支持。因此，我們對為我們開放的內容感到滿意。還有很長的路要走。正如我所說，這不是防禦時間。這是冒犯。我們有 - 我們正在引用機會。我們得到零售社區的支持。

We are a pretty good vendor, our retailers prospered with our efforts. And I think a brand is part of what you buy when you make an acquisition of product. And the other is the integrity and the quality of product and design of product that's delivered. So I think our retailers are comfortable that we provide sufficient comfort that what we take on will prosper, it's worth an opportunity. So we have that opportunity, and we think we can grow significantly in our world in the coming years.

我們是一個非常好的供應商，我們的零售商在我們的努力下取得了成功。我認為品牌是您購買產品時購買的商品的一部分。另一個是產品的完整性和質量以及所交付產品的設計。因此，我認為我們的零售商對我們提供足夠的安慰感到滿意，我們所承擔的一切都會繁榮，這值得一個機會。所以我們有這個機會，我們認為我們可以在未來幾年在我們的世界中取得顯著增長。

So with that, I wish you all a great day. Thanks for sticking with us and more to come.

因此，祝大家度過愉快的一天。感謝您堅持使用我們，未來還會有更多。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。