G-III Apparel Group Ltd (GIII) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the G-III Apparel Group second-quarter fiscal 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 G-III Apparel Group 2025 財政年度第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Neal Nackman, CFO. Please go ahead.

現在我想將會議交給今天的發言人、財務長尼爾·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.

早安，感謝您加入我們。在開始之前，我想提醒與會者，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含義內的前瞻性陳述。前瞻性聲明並非保證，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。

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 statements.

本公司向 SEC 提交的文件中討論了可能導致公司實際經營結果或財務狀況出現差異的重要因素。該公司不承擔更新任何前瞻性陳述的責任。

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.

此外，在電話會議中，我們將提及非 GAAP、淨利潤、非 GAAP 稀釋每股淨利潤以及調整後 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公認會計原則財務指標與公認會計原則指標的調節表，該新聞稿也可以在我們的網站上找到。

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

我現在將把電話轉給我們的董事長兼執行長莫里斯·戈德法布。

Thank you, Neal, and thank you everyone for joining us. We're pleased with our second quarter results, which exceeded our bottom-line guidance, and we feel confident in our raised outlook as we enter the second half of the year with momentum.

謝謝你，尼爾，也謝謝大家加入我們。我們對第二季度的業績感到滿意，該業績超出了我們的底線指導，並且隨著我們以強勁的勢頭進入下半年，我們對提高的前景充滿信心。

With our diverse portfolio of more than 30 globally recognized brands, we have long been a partner of choice, because of our best-in-class ability to build businesses at scale. Having the most desirable brands is central to our strategy and over the past year, our plans to better control our destiny with our own powerful brands along with some great new license opportunities are working, creating an incredibly dynamic portfolio for our future.

憑藉我們由 30 多個全球知名品牌組成的多元化產品組合，我們長期以來一直是首選合作夥伴，因為我們具有一流的大規模建立業務的能力。擁有最理想的品牌是我們策略的核心，在過去的一年裡，我們透過自己強大的品牌來更好地控制我們命運的計劃以及一些偉大的新許可機會正在發揮作用，為我們的未來創造了一個令人難以置信的充滿活力的產品組合。

We'll continue to drive the growth of our Go Forward portfolio in two keyways. First, and most significantly, the organic growth of our own brands, Donna Karan, DKNY, Karl Lagerfeld, and Vilebrequin across North America and internationally. Second, a group of new licensed opportunities secured with highly recognized brands including Halston, Nautica, Champion Outwear, BCBG, and this morning's exciting announcement of our license with Converse, Inc., which I will discuss shortly.

我們將繼續在兩個關鍵方面推動 Go Forward 產品組合的成長。首先，也是最重要的是，我們自有品牌 Donna Karan、DKNY、Karl Lagerfeld 和 Vilebrequin 在北美和國際上的有機成長。其次，獲得了一系列新的授權機會，包括 Halston、Nautica、Champion Outwear、BCBG 等知名品牌，以及今天早上我們與 Converse, Inc. 令人興奮地宣布的授權，我將很快討論這一點。

Taken together, we're confident in our plan. We have created a strong Go-Forward portfolio that further diversifies our business model. This enables us to broaden our reach across product categories, distribution channels, and geographies as we deliver wherever the consumer shops. As we evolve our portfolio, we're actively managing and supporting our current business with Calvin Klein and Tommy Hilfiger through the transition of those licenses.

總而言之，我們對我們的計劃充滿信心。我們創建了強大的 Go-Forward 產品組合，進一步豐富了我們的業務模式。這使我們能夠擴大產品類別、分銷管道和地理的覆蓋範圍，無論消費者在哪裡購物，我們都可以送貨。隨著我們產品組合的發展，我們正在透過這些許可證的過渡來積極管理和支持我們目前與 Calvin Klein 和 Tommy Hilfiger 的業務。

A proven track record demonstrates G-IIIs ability to drive growth and is supported by our powerful corporate foundation, which includes experienced Senior Leadership, a strong long-tenured merchant and product development talent with expertise across a broad range of categories, a well-developed sourcing and supply chain, our newly established infrastructure to support global growth, and our long-standing relationship with a diversified distribution network of retail partners.

良好的業績記錄證明了G-III 推動成長的能力，並得到了我們強大的企業基礎的支持，其中包括經驗豐富的高級領導層、強大的長期任職商人和產品開發人才，他們擁有廣泛的類別專業知識、成熟的採購和供應鏈、我們新建立的支援全球成長的基礎設施，以及我們與多元化零售合作夥伴分銷網絡的長期關係。

Now let's review our financial results. Net sales for the quarter were $645 million in line with our expectations. Gross margin rate expanded 90 basis points driven by strong sell-throughs across businesses and the greater penetration of our higher margin-owned brands.

現在讓我們回顧一下我們的財務表現。該季度淨銷售額為 6.45 億美元，符合我們的預期。由於各業務的強勁銷售以及我們利潤率較高的自有品牌的更大滲透率的推動，毛利率擴大了 90 個基點。

Non-GAAP earnings per diluted share was $0.52 and well ahead of our expectations. Our inventory remains in good position, down approximately 24% from last year's second quarter and we ended the quarter in a strong financial position.

非 GAAP 攤薄每股收益為 0.52 美元，遠遠超出我們的預期。我們的庫存保持良好狀態，比去年第二季度下降了約 24%，本季結束時我們的財務狀況良好。

I'm pleased to announce our new global agreement for Converse Inc for men's and women's apparel launching in fall of 2025. Converse is an iconic American youth lifestyle brand owned by Nike Inc. with international recognition that meets the ever-shifting demands of the younger consumer. With a long-standing legacy across multiple sport and creative communities, Converse is known for its cultural relevance and unique collaborations. This license represents a significant opportunity for G-III because it enables us to expand the active lifestyle business, which includes our team sports division. We will integrate Converse by leveraging our existing fashion talent to build out this business.

我很高興地宣布，我們與Converse Inc 就男女服裝達成的新全球協議將於2025 年秋季推出。滿足年輕人不斷變化的需求消費者。匡威在多個運動和創意社區中擁有悠久的歷史，以其文化相關性和獨特的合作而聞名。該許可證對 G-III 來說是一個重要的機會，因為它使我們能夠擴大積極的生活方式業務，其中包括我們的團隊運動部門。我們將利用現有的時尚人才來整合 Converse，以發展這項業務。

It also provides us with exposure to a differentiated consumer, and we both benefit from expanding our distribution networks. Additionally, we increased our investment in AWWG, bringing our total ownership state to just under 20% up from our initial 12% announced in June.

它也為我們提供了接觸差異化消費者的機會，我們雙方都受益於擴大我們的分銷網絡。此外，我們還增加了對 AWWG 的投資，使我們的總所有權狀態從 6 月宣布的最初 12% 增加到略低於 20%。

Generating over $650 million in revenues across 3,500 points of sale in more than 86 countries, AWWG is a global fashion group and premier platform for international brands. They also are the owners of Hackett, Pepe Jeans, Façonnable, and manage the Iberian business for PVH. They will serve as our partner to drive DKNY, Donna Karan, and Karl Lagerfeld across Spain and Portugal, furthering our European reach.

AWWG 是一家全球時尚集團和國際品牌的首要平台，在超過 86 個國家的 3,500 個銷售點創造了超過 6.5 億美元的收入。他們也是 Hackett、Pepe Jeans、Façonnable 的所有者，並為 PVH 管理伊比利亞業務。他們將作為我們的合作夥伴，推動 DKNY、Donna Karan 和 Karl Lagerfeld 穿越西班牙和葡萄牙，進一步擴大我們在歐洲的影響力。

We believe these businesses can incrementally add more than $200 million in sales across the Iberian market over the next three to five years. We've already begun working to reintroduce Pepe Jeans and Hackett into the North American market. This partnership will expand our business globally. We're extremely pleased with another quarter of outside sales growth of our own brands, Donna Karan, DKNY, Karl Lagerfeld, and Vilebrequin, which combined grew mid-teens to last year's quarter and are gaining market share, especially in North America.

我們相信，這些企業在未來三到五年內可以在伊比利亞市場逐步增加超過 2 億美元的銷售額。我們已經開始努力將 Pepe Jeans 和 Hackett 重新引入北美市場。此次合作將擴大我們的全球業務。我們對我們自有品牌Donna Karan、DKNY、Karl Lagerfeld 和Vilebrequin 的外部銷售額又一個季度的增長感到非常滿意，這些品牌的銷售額與去年同期相比均實現了十幾歲左右的增長，並且正在擴大市場份額，尤其是在北美。

Growing and investing in these businesses globally for long-term is central to our growth and a key strategic priority. With full control of these brands from design, production, global distribution, and marketing, they represent an important and sustainable profit driver generating higher operating margins and providing licensing income for G-III.

在全球範圍內長期發展和投資這些業務是我們發展的核心，也是關鍵的策略重點。透過對這些品牌從設計、生產、全球分銷和行銷的全面控制，它們成為重要且可持續的利潤驅動因素，為 G-III 帶來更高的營業利潤並提供授權收入。

Donna Karan's North American launch is exceeding expectations year-to-date. The brand is resonating with consumers with strong AURs and sell-throughs, resulting in higher retail margins. We continue to fuel this momentum with a focus on storytelling under Donna Karan's purpose and rich history of empowering women as seen in our successful spring campaign, which was in Women We Trust. For fall, we launched another powerful campaign, Reflections on Women, featuring a new group of eight iconic models, including Christy Turlington, Amon Hahn, Amber Valletta, and Karen Elson, all with a strong connection to the brand.

今年迄今為止，唐娜·卡蘭 (Donna Karan) 在北美的推出超出了預期。該品牌憑藉強勁的 AUR 和銷售量與消費者產生共鳴，從而帶來更高的零售利潤。我們繼續推動這一勢頭，重點關注唐娜·卡蘭 (Donna Karan) 的宗旨和賦予女性權力的豐富歷史，這在我們成功的春季活動《我們信任的女性》中可見一斑。秋季，我們推出了另一項強大的活動“Reflections on Women”，由八位新標誌性模特兒組成，包括 Christy Turlington、Amon Hahn、Amber Valletta 和 Karen Elson，她們都與品牌有著密切的聯繫。

We are seeing the impact of the campaign, and the fashion industry is taking note. Tomorrow, the daily front row of Fashion Trade Magazine is honoring our work with its prestigious Best Ad Campaign of the Year Award. So congrats to our entire team on this well-deserved recognition. A nice capstone to Donna Karen's highly successful relaunch. We launch with roughly 200 North American doors in spring and retailers have expanded door count and floor space in response to the brand's success.

我們正在看到活動的影響，時尚界也在關注。明天，《時尚貿易雜誌》的每日前排將授予我們久負盛名的年度最佳廣告活動獎，以表彰我們的工作。因此，恭喜我們整個團隊獲得當之無愧的認可。唐娜凱倫 (Donna Karen) 的重新推出取得了巨大成功，這是一個很好的壓軸。我們在春季推出了大約 200 個北美門，零售商也擴大了門數和占地面積，以響應該品牌的成功。

Looking ahead, in North America this fall, we will expand to 500 doors across 1,200 points of sale with additional expansion planned for spring. There is high interest internationally and we expect to support this expansion beginning in fall 2025. Donna Karan has a billion dollar net sales opportunity globally.

展望未來，今年秋季，我們將在北美地區擴大 1,200 個銷售點，開設 500 個門，並計劃在春季進行進一步擴張。國際上對此表現出濃厚的興趣，我們預計從 2025 年秋季開始支持這項擴張。

DKNY delivered another quarter of high-single-digit sales increase led by North America as the brand continues to take market share. We're also making progress in the transformation of our own DKNY North American retail stores and are pleased with the double-digit comp sales lift we're seeing since recently implementing the management, footprint, merchandising, and brand experience changes we had previously discussed.

隨著該品牌繼續佔據市場份額，DKNY 在北美地區的帶動下，又實現了一個季度的高個位數銷售成長。我們在自己的 DKNY 北美零售店的轉型方面也取得了進展，並且對自最近實施我們之前討論過的管理、足跡、銷售和品牌體驗變革以來看到的兩位數的銷售額提升感到滿意。

Building upon the success of Kaia Gerber, as the face of the brand this spring, we're partnering with her again for our fall campaign entitled New York Stories. Celebrating the riches of New York City and Kaia's book club and her love of reading, the campaign will further bolster DKNY's appeal among younger customers. It launched on social media last month and will come to life in a series of activations across New York City, London, and Milan, aligning with each city's Fashion Week in September and engaging consumers via activations, robust influencer programs, and social content.

今年春季，Kaia Gerber 作為品牌的代言人取得了成功，在此基礎上，我們將再次與她合作，推出名為「紐約故事」的秋季廣告活動。該活動旨在頌揚紐約市的財富和 Kaia 的讀書俱樂部以及她對閱讀的熱愛，將進一步增強 DKNY 對年輕顧客的吸引力。該活動於上個月在社交媒體上推出，並將在紐約、倫敦和米蘭的一系列活動中得以實現，與每個城市9 月份的時裝週相配合，並透過活動、強大的影響者計劃和社群內容吸引消費者。

DKNYs relevance is growing globally with increased demand that affords us the opportunity to continue its reach, especially with AWW's support in Iberia. The brand is performing better across Asia as we redefined our distribution in that market. We're expanding our core categories and for the fall season have added an additional 600 points of sale, accelerating our growth in North America. This past quarter, our fragrance partner unveiled a new DKNY Blockbuster fragrance called DKNY 24/7 that launched in select markets and will be distributed full-scale next month.

隨著需求的增加，DKNY 在全球範圍內的影響力不斷增強，這為我們提供了繼續擴大影響力的機會，特別是在 AWW 在伊比利亞的支持下。隨著我們重新定義在該市場的分銷，該品牌在亞洲的表現越來越好。我們正在擴大我們的核心品類，並在秋季增加了 600 個銷售點，加速了我們在北美的成長。上個季度，我們的香水合作夥伴推出了一款名為 DKNY 24/7 的全新 DKNY Blockbuster 香水，該香水在部分市場推出，並將於下個月全面分銷。

We're also switching our watch licensee to TMS, a reputable partner to many fashion brands. We believe they will help reinvigorate this lifestyle category. We see over $1 billion in net sales potential for DKNY globally in the near-term. Karl Lagerfeld had another quarter of impressive growth with sales increasing mid-teens to last year, especially in North America, where we further built out its lifestyle collection. This resulted in the addition of approximately 500 new points of sale this year, bringing us to a total of over 2,900 points of sale.

我們也將手錶授權商轉為 TMS，這是許多時尚品牌的信譽良好的合作夥伴。我們相信它們將有助於重振這一生活方式類別。我們預計 DKNY 近期在全球的淨銷售潛力將超過 10 億美元。 Karl Lagerfeld 又一個季度實現了令人矚目的成長，銷售額比去年增長了十幾歲，尤其是在北美，我們在那裡進一步打造了其生活方式系列。今年我們增加了約 500 個新銷售點，使銷售點總數超過 2,900 個。

Additionally, retail stores in North America are performing well with double-digit sales increases to last year. The brand is performing well internationally, especially in digital channel, despite the challenging European macroeconomic environment. In September, Karl Lagerfeld will launch a new collection that reinforces and modernizes the brand's heritage. The marketing campaign will feature up-and-coming European fashion models, and we will create pop-ups in key luxury department stores across Europe.

此外，北美的零售店表現良好，銷售額比去年增長了兩位數。儘管歐洲宏觀經濟環境充滿挑戰，但該品牌在國際上表現良好，尤其是在數位管道方面。九月，卡爾·拉格斐 (Karl Lagerfeld) 將推出一個新系列，以強化品牌傳統並使之現代化。這項行銷活動將以嶄露頭角的歐洲時尚模特兒為特色，我們將在歐洲各地的主要奢侈品百貨商店開設快閃店。

Additionally, the jeans collection is introducing a new collaboration that blends vintage and modern elements. We're expanding Karl Lagerfeld's presence globally through store openings, entrance into new geographies, and the addition of new lifestyle categories. Today marks the grand opening of our Regent Street flagship store in London and our Hamburg store is set to open shortly, providing a presence in Karl’s hometown.

此外，牛仔褲系列也推出了融合復古與現代元素的全新合作。我們正在透過開設商店、進入新的地區以及增加新的生活方式類別來擴大 Karl Lagerfeld 在全球的影響力。今天是我們倫敦攝政街旗艦店的盛大開業，我們的漢堡店也即將開業，在 Karl 的家鄉開設分店。

Our partnership with AWWG to expand in the Iberian market will further penetrate into Europe. Additionally, we're expanding into Latin America with an established distribution partner who plans to open four stores by the end of 2024. A fragrance partner unveiled a new premium fragrance duo and we entered into a new licensing agreement for fashion jewelry and watches for men and women. We see over $1 billion in net sales potential for Karl Lagerfeld globally.

我們與 AWWG 合作拓展伊比利亞市場，並將進一步滲透到歐洲。此外，我們正在與一家成熟的分銷合作夥伴一起向拉丁美洲擴張，該合作夥伴計劃在2024 年底開設四家商店。的男士時尚珠寶和手錶許可協議和婦女。我們預計 Karl Lagerfeld 在全球的淨銷售潛力將超過 10 億美元。

Vilebrequin faced pressures in Europe this quarter. The consumer environment remained soft and cooler weather conditions in late June and early July negatively impacted beachwear sales heading into summer. France, Vilebrequin’s largest market, was negatively impacted by the restricted access to Paris during the Olympics. During the quarter, Vilebrequin opened the brand's first flagship store in Cannes, which has quickly become the highest-grossing store in our fleet, and we plan to open five new stores in the second-half of the year.

Vilebrequin 本季在歐洲面臨壓力。消費環境依然疲軟，六月底和七月初的涼爽天氣對進入夏季的沙灘裝銷售產生了負面影響。法國是 Vilebrequin 最大的市場，因奧運期間進入巴黎受到限製而受到負面影響。本季度，Vilebrequin 在坎城開設了該品牌的第一家旗艦店，該店已迅速成為我們旗下門市中收入最高的商店，我們計劃在今年下半年開設 5 家新店。

In addition, the company-operated Beach Club in Cannes continues to outperform. We have seven partner-operated beach club concepts in various stages of development. We continue to see global expansion for the business in the long-term. Our licensed business remains an important part of our portfolio, complementing the growth of our own brands. Some of the most well-known brands in fashion have come to us to build their businesses, because of our experienced talent, significant expertise in developing products, our infrastructure, and our status as a supplier of choice for retailers. Our ability to fuel the growth of these brands provides significant opportunities for both of our businesses.

此外，該公司在坎城經營的海灘俱樂部繼續表現出色。我們有七個合作夥伴經營的海灘俱樂部概念，處於不同的開發階段。從長遠來看，我們繼續看到該業務的全球擴張。我們的授權業務仍然是我們產品組合的重要組成部分，補充了我們自有品牌的成長。由於我們經驗豐富的人才、產品開發方面的豐富專業知識、我們的基礎設施以及我們作為零售商首選供應商的地位，一些最知名的時尚品牌紛紛來找我們建立業務。我們推動這些品牌發展的能力為我們兩家公司的業務提供了重要的機會。

As a reminder, we built Calvin Klein and Tommy Hilfiger into a $1.5 billion business at its peak. Since the unexpected announcement of the upcoming expirations of those licenses, we've done an amazing job expanding our business and have made a lot of progress developing new relationships. We're pleased with our execution to-date. We're actively managing Calvin Klein and Tommy Hilfiger with our dedicated teams and are working with all our retail partners to continue their support for these brands.

提醒一下，我們將 Calvin Klein 和 Tommy Hilfiger 打造成巔峰時期價值 15 億美元的企業。自從意外宣布這些許可證即將到期以來，我們在擴展業務方面做得非常出色，並在發展新關係方面取得了很大進展。我們對迄今為止的執行情況感到滿意。我們透過專業團隊積極管理 Calvin Klein 和 Tommy Hilfiger，並與所有零售合作夥伴合作，繼續支持這些品牌。

Balancing our resources to support all these current businesses, as well as future ones has created slightly elevated SG&A levels. With over 70-years of experience, we are the preeminent resource for women's apparel in North America. We've developed long-standing relationships with retail partners, who have confidence in our ability and are actively working with us to support our new brand opportunities. This year we launched Nautica jeans, easily replacing the Tommy jeans business as the license was given back at the end of last year. Champion outwear and Halston, which will extend our lifestyle product offerings and drive incremental growth, are just hitting retail floors. Additionally, BCBG and Converse will launch next fall.

平衡我們的資源以支援所有這些當前業務以及未來業務，從而使 SG&A 水平略有提高。憑藉 70 多年的經驗，我們是北美女裝的卓越資源。我們與零售合作夥伴建立了長期合作關係，他們對我們的能力充滿信心，並積極與我們合作以支持我們的新品牌機會。今年我們推出了 Nautica jeans，隨著去年底收回許可證，輕鬆取代了 Tommy jeans 業務。 Champion Outwear 和 Halston 剛剛登陸零售店，它們將擴展我們的生活方式產品系列並推動增量成長。此外，BCBG 和 Converse 將於明年秋季推出。

In conclusion, we've delivered a strong first-half of the year and are executing against our strategic goals. We've done a great job improving what we own, building upon our infrastructure, and adding what we need for the future of our business. Looking at the remainder of the year, we're controlling the controllables and we remain cautiously optimistic. We're closely monitoring the supply chain dynamics and have factored data impact into our updated outlook.

總之，我們上半年的業績表現強勁，並且正在執行我們的策略目標。我們在改善我們所擁有的、建立我們的基礎設施以及添加我們未來業務所需的內容方面做得非常出色。展望今年剩餘時間，我們正在控制可控因素，並保持謹慎樂觀。我們正在密切關注供應鏈動態，並將數據影響納入我們最新的展望中。

Given our (technical difficulty) and supported by our forward order book, we're reaffirming our top line, while once again raising our full-year earnings per diluted share guidance to be in the range of $3.95 to $4.05. Our proven track record of success and our strong balance sheet gives us ample flexibility to invest in long-term opportunities to expand our business and make strategic investments. The plans we laid out over the past two years are working. We're seeing results as we continue to evolve our business model for the future. The new G-III is already stronger and better than ever before.

考慮到我們的（技術困難）和遠期訂單的支持，我們重申了我們的營收，同時再次將我們的全年每股攤薄收益指引提高到 3.95 美元至 4.05 美元之間。我們良好的成功記錄和強大的資產負債表使我們能夠靈活地投資於長期機會，以擴展我們的業務並進行策略性投資。我們過去兩年制定的計劃正在發揮作用。隨著我們繼續發展面向未來的業務模式，我們正在看到成果。新款 G-III 已經比以往任何時候都更強大、更好。

I'll now pass the call to Neal for a discussion of our second quarter as well as our fiscal 2025 outlook.

我現在將致電 Neal，討論我們的第二季以及 2025 財年展望。

Thank you, Morris. Net sales for the second quarter ended July 31, 2024 was $645 million compared to $660 million in the same period last year and in line with our expectations. Net sales of our wholesale segment was $620 million driven by strong growth of our own brands in North America offset by a decline in the Calvin Klein and Tommy Hilfiger businesses. This compares to $639 million in the previous year.

謝謝你，莫里斯。截至 2024 年 7 月 31 日的第二季淨銷售額為 6.45 億美元，去年同期為 6.6 億美元，符合我們的預期。我們的批發部門的淨銷售額為 6.2 億美元，這是由於我們自有品牌在北美的強勁成長抵消了 Calvin Klein 和 Tommy Hilfiger 業務的下滑。相比之下，去年為 6.39 億美元。

Net sales of our retail segment were $37 million for the quarter, compared to net sales of $34 million in the previous year's second quarter, despite the closing of nine doors. Our gross margin percentage was 42.8% in the second quarter of fiscal 2025, compared to 41.9% in the previous year's second quarter. The wholesale segment's gross margin percentage was 41.2%, compared to 40.6% in last year's comparable quarter.

儘管關閉了 9 家門市，但我們零售部門本季的淨銷售額為 3,700 萬美元，而去年第二季的淨銷售額為 3,400 萬美元。 2025 財年第二季我們的毛利率為 42.8%，去年第二季為 41.9%。批發部門的毛利率為41.2%，去年同期為40.6%。

We continue to drive gross margins through a combination of growth of our higher margin go-forward brands and product mix. The gross margin percentage in our retail operations segment was 54.4%, compared to 50.5% in the prior year's period, driven by lower promotions over the implementation of our merchandising changes.

我們繼續透過提高利潤率較高的品牌和產品組合的成長來提高毛利率。我們的零售業務部門的毛利率為 54.4%，而去年同期為 50.5%，這是由於實施商品調整而促銷活動減少所致。

Non-GAAP SG&A expenses were $229 million, compared to $237 million in the previous year's second quarter. The decrease in SG&A was partially due to favorable warehousing expenses, resulting from lower-than-anticipated inventory receipts, as well as better-than-expected warehouse operations. In addition, certain advertising expenses shifted into the third quarter.

非 GAAP SG&A 費用為 2.29 億美元，去年第二季為 2.37 億美元。 SG&A 下降的部分原因是庫存收貨低於預期，以及倉庫運作優於預期，產生了有利的倉儲費用。此外，某些廣告費用轉移至第三季。

We also continued to experience decreases in royalty advertising expenses associated with lower net sales of licensed brands. Non-GAAP net income for the second quarter was $23.8 million or $0.52 per diluted share, compared to $18.6 million or $0.40 per diluted share in the previous year's second quarter. These results were significantly better than our expectations.

由於授權品牌淨銷售額下降，我們的特許權使用費廣告費用也持續減少。第二季非 GAAP 淨利潤為 2,380 萬美元，即稀釋後每股收益 0.52 美元，而去年第二季的淨利潤為 1,860 萬美元，即稀釋後每股收益 0.40 美元。這些結果明顯優於我們的預期。

Turning to the balance sheet, we continue to make good progress with respect to our inventory levels. Inventory decreased 24% to $610 million at the end of the quarter from last year's $805 million. Our inventory levels are well aligned with future sales.

談到資產負債表，我們的庫存水準持續取得良好進展。本季末庫存從去年的 8.05 億美元下降 24% 至 6.1 億美元。我們的庫存水準與未來的銷售非常一致。

We ended the quarter with no debt compared to a net debt of $268 million in the previous year's second quarter. This swing is primarily a result of cash flows from operations, which includes the large decrease in our inventory levels offset by our investment in AWWG for $83 million, $60 million in stock buybacks, and the repayment of $50 million of a seller note that was due in December of 2023.

與去年第二季 2.68 億美元的淨債務相比，本季末我們沒有任何債務。這種波動主要是營運現金流的結果，其中包括我們的庫存水準大幅下降，但被我們對AWWG 的8,300 萬美元投資、6,000 萬美元的股票回購以及償還到期的5,000 萬美元賣方票據所抵消。

Subsequent to the quarter, we retired our $400 million 2025 senior secured notes. After this repayment, the only outstanding debt is seasonal borrowings under our revolving credit facility. As a reminder, we announced last quarter that we had upsized and extended our revolving credit facility to $700 million. We have a strong financial and liquidity position, which provides us with the flexibility to make investments to drive our business, as well as return capital to shareholders. Furthermore, we have a solid credit profile, which provides us ample optionality to make additional investments by accessing the capital markets.

本季結束後，我們註銷了 4 億美元的 2025 年優先擔保票據。償還後，唯一的未償債務是我們循環信貸安排下的季節性借款。提醒一下，我們在上季宣布，我們已將循環信貸額度擴大並延長至 7 億美元。我們擁有強大的財務和流動性狀況，這使我們能夠靈活地進行投資以推動我們的業務，並向股東返還資本。此外，我們擁有良好的信用狀況，這為我們提供了充足的選擇，可以透過進入資本市場進行額外投資。

As for our outlook, we are pleased with our second quarter results and remain cautiously optimistic about the remainder of the fiscal year. For the full fiscal year 2025, we are reaffirming our net sales guidance of $3.2 billion, a growth of approximately 3%, compared to the previous year's net sales, driven by our own brands and the launches of the new initiatives.

至於我們的前景，我們對第二季的業績感到滿意，並對本財年剩餘時間保持謹慎樂觀。在我們自己的品牌和新舉措的推出的推動下，我們重申 2025 財年的淨銷售額目標為 32 億美元，與上一年的淨銷售額相比增長約 3%。

Importantly, this growth is happening as we transition out of Calvin Klein and Tommy Hilfiger licenses. For fiscal 2025, we continue to anticipate sales of our go-forward portfolio to approach approximately 70% of our total net sales in line with what we experienced thus far.

重要的是，隨著我們擺脫 Calvin Klein 和 Tommy Hilfiger 的許可，這種成長正在發生。到 2025 財年，我們繼續預期未來投資組合的銷售額將接近我們總淨銷售額的 70% 左右，與我們迄今為止的經驗一致。

On a non-GAAP basis, we are raising our outlook and now expect net income for fiscal 2025 to be between $180 million and $185 million or between $3.95 and $4.05 per diluted share. This compares to non-GAAP net income of $190 million or $4.04 per diluted share for fiscal 2024. The increase for fiscal 2025 reflects our outperformance in the second quarter, the anticipated interest expense savings associated with the paydown of our senior secured notes and the reduced share count associated with our year-to-date stock buybacks.

在非公認會計準則的基礎上，我們正​​在提高預期，目前預計 2025 財年淨利潤將在 1.8 億美元至 1.85 億美元之間，或稀釋後每股收益在 3.95 美元至 4.05 美元之間。相比之下，2024 財年的非GAAP 淨利潤為1.9 億美元，即稀釋後每股收益4.04 美元。利息費用節省以及減少的利息支出。

Fiscal 2025 adjusted EBITDA is expected to be between $305 million and $310 million, compared to adjusted EBITDA of $324 million in fiscal 2024. As previously mentioned, we continue to expect incremental expenses of approximately $60 million, primarily related to marketing expenses to support the launch of Donna Karen and further drive brand engagement for DKNY, as well as investments in technology and talent to expand our operational capabilities.

2025 財年調整後EBITDA 預計在3.05 億至3.1 億美元之間，而2024 財年調整後EBITDA 為3.24 億美元。的行銷費用有關Donna Karen 的加盟，進一步推動 DKNY 的品牌參與度，以及對技術和人才的投資，以擴大我們的營運能力。

For the third quarter of fiscal 2025 we expect net sales of approximately $1.1 billion, compared to $1.07 billion in the previous period of fiscal 2024. We expect non-GAAP net income per diluted share for the third quarter to be between $98 million and $103 million, or between $2.20 and $2.30 per diluted share. This compares to non-GAAP net income of $130 million or $2.78 per diluted share in fiscal 2024.

我們預計2025 財年第三季的淨銷售額約為11 億美元，而2024 財年上一季的淨銷售額為10.7 億美元。萬美元至1.03 億美元之間，或攤薄後每股 2.20 美元至 2.30 美元之間。相比之下，2024 財年非 GAAP 淨利潤為 1.3 億美元，即稀釋後每股收益 2.78 美元。

Let me provide some additional context around modeling as we have mentioned in the last two quarters, the gross margin rate for the third quarter is expected to be down, as compared to last year's third quarter due to a mix of programs, including a greater concentration of sales of our licensed brands.

讓我提供一些有關建模的額外背景信息，正如我們在過去兩個季度中提到的那樣，由於計劃的組合（包括更大的集中度），與去年第三季度相比，第三季度的毛利率預計將下降我們的授權品牌的銷售額。

The fourth quarter gross margins will be up in line with the increase we experienced in the second quarter. So taken together, we continue to expect for the full fiscal 2025 gross margin rate to be similar to fiscal 2024.

第四季的毛利率將與第二季的增幅一致。綜上所述，我們繼續預期 2025 財年的整體毛利率將與 2024 財年相似。

Regarding SG&A, as previously mentioned and in line with our plan, we continue to make several investments to support the growth of our business for the long-term with marketing spend in the second-half expected to be skewed higher in the third quarter in line with the full marketing campaign and related activations.

關於SG&A，如前所述，根據我們的計劃，我們將繼續進行多項投資，以支持我們業務的長期增長，預計下半年的營銷支出將在第三季度有所上升與完整的營銷活動和相關的激活。

Non-GAAP interest expense is expected to be approximately $22 million for the full-year and reflects the paydown of the $400 million senior secured notes. We continue to expect capital expenditures of approximately $50 million. This is higher than our spend in previous years, principally driven by the build out of shop and shops for our new brand launches and new technology to support our business. We are estimating a tax rate of 28.5% for fiscal 2025. We have not anticipated any future potential share repurchases in our guidance.

全年非公認會計準則利息支出預計約為 2,200 萬美元，反映了 4 億美元優先擔保票據的償還情況。我們仍然預計資本支出約為 5000 萬美元。這高於我們前幾年的支出，主要是由於新品牌發布和新技術支持我們的業務而建立的商店和商店。我們預計 2025 財年的稅率為 28.5%。

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

我的評論到此結束。現在我將把電話轉回給莫里斯，讓他發表結束語。

Thank you, Neal, and thank you all for joining us today. I'm proud of our team's work this quarter and I'm confident in G-IIIs future as a global leader in fashion. I'd also like to thank our entire organization, our many partners, and all our stakeholders for their support.

謝謝尼爾，也謝謝大家今天加入我們。我對我們團隊本季的工作感到自豪，並對 G-III 作為全球時尚領導者的未來充滿信心。我還要感謝我們整個組織、眾多合作夥伴以及所有利害關係人的支持。

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。

(Operator Instructions)

（操作員說明）

Paul Kearney, Barclays.

保羅·科爾尼，巴克萊銀行。

Hi, everyone. Thanks for taking my questions. Just two quick ones. So can you further elaborate on the opportunity you see for the Converse license and how should we think about future license additions from here versus the current (inaudible) brands?

大家好。感謝您回答我的問題。就兩個快的。那麼，您能否進一步詳細說明您所看到的匡威授權的機會，以及與當前（聽不清楚）品牌相比，我們應該如何考慮未來增加的授權？

Then second, inventories for the quarter remain incredibly clean. Can you talk about maybe the composition of that for owned versus licensed and how should we think about inventories through the back half? Thank you.

其次，本季的庫存仍然非常乾淨。您能否談談自有和許可的構成，以及我們應該如何考慮後半段的庫存？謝謝。

Thank you, Paul. Thanks for your question. Converse is a huge opportunity for us. It perfectly fits in an area of business that we can implement and utilize the talent that we have. It's not an area of business that we need to scout for amazing talent. We have the talent. And what's better than a partnership with Nike? Converse is a brand that we believe, I would have to say that Nike believes we can contribute to globally. Not often that you get global distribution to a mega brand. Usually it's confined to a geographic region. We’re pretty much have most regions of the world and it's an opportunity for us to expand their brand and our talent and our sourcing into an area of business that we know.

謝謝你，保羅。謝謝你的提問。 Converse 對我們來說是一個巨大的機會。它非常適合我們可以實施和利用我們擁有的人才的業務領域。這不是我們需要尋找優秀人才的業務領域。我們有才華。還有什麼比與耐吉合作更好的呢？匡威是一個我們相信的品牌，我不得不說耐吉相信我們可以為全球做出貢獻。大型品牌的全球分銷並不常見。通常它僅限於一個地理區域。我們幾乎涵蓋了世界大部分地區，這對我們來說是一個機會，可以將他們的品牌、我們的人才以及我們的採購擴展到我們熟悉的業務領域。

We've been in the business before. We've had partnerships with Nike before. And it's a challenge. Nike factories are unique. They have to be Nike approved, which is a rigid approval process. Nike was comfortable that we could achieve it, and we have. We've got factories approved already. Sample making and limited production is being tested as we speak. We're good to go. We're excited about the initiative. We have trading partners standing at the wing basically ready to write orders. So it's exciting for us.

我們以前也從事過這個行業。我們之前與耐吉有過合作關係。這是一個挑戰。耐吉工廠是獨一無二的。它們必須得到耐吉的批准，這是一個嚴格的批准過程。耐吉對我們能夠實現這一目標感到很滿意，而且我們確實做到了。我們的工廠已經獲得批准。就在我們說話的時候，樣品製作和限量生產正在進行測試。我們就可以出發了。我們對這項舉措感到興奮。我們的貿易夥伴站在側翼，基本上已經準備好下訂單了。所以這對我們來說是令人興奮的。

As it relates to -- okay, Neal, you can take the inventory.

因為它涉及到——好吧，尼爾，你可以清點一下。

Yes, on inventory. Look, our inventories are in great shape. Not only are they decent sized, but our aging are much better than they've been historically. As far as the balance between licensed and non-licensed, we really don't see any out of balance situations. In terms of the go-forward positions for Q3 and Q4, we are going to come up against lower inventory levels from the previous year, so I don't expect these kinds of falloffs like we've experienced in the first quarter and the second quarter. And in fact, I would tell you that we're expecting Q3 and Q4 inventories to be slightly up, more aligned with future sales growth.

是的，在庫存中。看，我們的庫存狀況很好。它們不僅尺寸合適，而且我們的老化程度比歷史上好得多。至於許可和非許可之間的平衡，我們確實沒有看到任何不平衡的情況。 In terms of the go-forward positions for Q3 and Q4, we are going to come up against lower inventory levels from the previous year, so I don't expect these kinds of falloffs like we've experienced in the first quarter and the second四分之一.事實上，我想告訴你，我們預計第三季和第四季的庫存將略有上升，與未來的銷售成長更加一致。

Thank you very much. Best of luck.

非常感謝。祝你好運。

Thank you, Paul.

謝謝你，保羅。

Ashley Owens, KeyBanc Capital Markets.

Ashley Owens，KeyBanc 資本市場。

Hi, everyone. Thanks for taking my question today. This is Chandana Madaka on for Ashley. So taking in results and guides for 3Q, there's a step up that's expected in the 4Q. Just wanting to see if you could speak more around what's driving the confidence. I think, I mean, you've mentioned Champion and Halston have hit the floors, order book in a good position, digging in further there? Also, if you could call out any categories that have outperformed, that would be very helpful. Thank you.

大家好。感謝您今天提出我的問題。我是 Chandana Madaka，替 Ashley 發言。因此，考慮到第三季的結果和指南，預計第四季將出現進步。只是想看看您是否可以更多地談談推動信心的因素。我想，我的意思是，你提到冠軍和霍爾斯頓已經落地，訂單處於良好位置，進一步挖掘那裡？此外，如果您能指出任何表現出色的類別，那將非常有幫助。謝謝。

Yes, so, look, we're very comfortable with the fourth quarter. We've still got work to do, as is normal for us this time of year. We just came off the spring market week. A couple of things to keep in mind, when you look at the compares as far as the previous year, we're really up against the weakest quarter of the prior year.

是的，所以，看，我們對第四季非常滿意。我們還有工作要做，這對我們來說是每年這個時候的常態。我們剛結束春季市場週。有幾件事需要記住，當您查看與去年的比較時，我們確實面對的是去年最弱的季度。

So we feel comfortable with some outsized growth relative to that quarter. In addition, we're really continuing with the rollout of what you've seen so far, which is the launch of the new initiatives and the continued strong growth from our own brands.

因此，我們對相對於該季度的大幅成長感到滿意。此外，我們確實在繼續推出您迄今為止所看到的內容，即推出新舉措以及我們自有品牌的持續強勁增長。

The outsized growth in some of our assets, as in Donna Karen, is really obvious. We launched with a great level of success. The marketing campaign was amazing. The product that was developed through the archives was just unimaginable. If you looked at it today, you would think it was Donna Karan over the past at a very high luxury level.

我們的一些資產（例如唐娜·凱倫）的大幅增長是非常明顯的。我們的推出取得了巨大的成功。行銷活動非常棒。透過檔案開發出來的產品簡直難以想像。如果你今天再看，你會認為這是過去的唐娜·卡蘭（Donna Karan），奢華程度非常高。

And it was produced at an affordable price point and the results are great. We're incredibly happy, the retailer is happy. I spoke to the door count and the door count expansion and the classification expansion and penetration. So we're excited by the brand.

而且它的生產價格合理，效果也很好。我們非常高興，零售商也很高興。我談到了門數和門數擴展以及分類擴展和滲透。所以我們對這個品牌感到興奮。

We previewed with two European department stores last week, and they're excited by the opportunity of bringing Donna Karan onto their floors. So we believe Donna Karen takes off globally very shortly. The fact that we've managed to build our business, our own brands at high-single-digits into low-double-digit growth is amazing in this environment with all the headwinds that have come at us.

上週我們與兩家歐洲百貨公司進行了預展，他們對有機會將唐娜·卡蘭 (Donna Karan) 帶到他們的樓層感到興奮。因此，我們相信唐娜凱倫很快就會在全球起飛。事實上，在這種充滿逆風的環境下，我們成功地建立了我們的業務、我們自己的品牌，從高個位數增長到低兩位數增長，這一點令人驚嘆。

And at the same time, managed to sustain a reasonable business for our licensure PVH as we exit the brand. And exiting the brand and maintaining a semblance of peace and effort between the two partners, as well as the retailer is no easy feat. We've done it well you know product is retailing at a very high level and we fight to maintain some semblance of size with the retailers as we exit the brand.

同時，當我們退出品牌時，我們設法維持了我們的授權 PVH 的合理業務。退出品牌並在兩個合作夥伴以及零售商之間維持表面上的和平與努力並不是一件容易的事。我們做得很好，你知道產品的零售水平非常高，當我們退出該品牌時，我們努力與零售商保持一定的規模。

Thank you. I appreciate it.

謝謝。我很感激。

Thank you.

謝謝。

Will Gaertner, Wells Fargo.

威爾·加特納，富國銀行。

Hey, guys. Thanks. Thanks for taking my question. So it looks like SG&A down in 2Q from a growth perspective, how do we think about SG&A spend into the second half of the year? And then how to think about this sort of heavy investment cycle that you're undergoing here to invest in the own brands and the marketing campaigns? How to think about that into next year? Is that going to continue and how long will it go for?

嘿，夥計們。謝謝。感謝您提出我的問題。因此，從成長角度來看，第二季的 SG&A 有所下降，我們如何看待下半年的 SG&A 支出？然後如何考慮您在這裡經歷的這種投資於自有品牌和行銷活動的巨額投資週期？明年如何考慮這個問題？這種情況會持續下去嗎？

Yes, so Will, the third quarter is going to have a significant increase in the SG&A. We did have a couple of pieces from the second quarter in terms of advertising and then warehouse expenses related to the inventory receipts that's falling into the third quarter. When you think about that $60 million SG&A spend that we talk about that's incremental for us this year, that is significantly going to be the second-half based. So you've got both of those two factors weighing in on the second-half. I think in terms of the investment spend go forward, we're growing the Donna Karan business quickly, but we're also going to probably still probably have a slightly outsized SG&A advertising spend as it relates to that brand until it scales up to a greater level.

是的，所以威爾，第三季的銷售、管理及管理費用將大幅增加。我們確實有一些第二季的廣告費用，以及與第三季的庫存收據相關的倉庫費用。當你想到我們談論的 6000 萬美元的銷售、一般行政費用（SG&A）支出，這對我們來說是今年的增量時，這很大程度上將是基於下半年的。所以這兩個因素都會在下半場發揮作用。我認為就未來的投資支出而言，我們正在快速發展唐娜·卡蘭 (Donna Karan) 業務，但我們也可能仍會擁有略大的 SG&A 廣告支出，因為它與該品牌相關，直到它擴大到更高的水平。

Yes, Neal is exactly right. The marketing spend is huge as a percentage of the business that we've shipped. And it's first stage. We're barely in the business for nine months. We've broken our internal plans by mega dollars, yet the percentage of marketing spend that we implemented just was huge for the first year. As we scale this business, it levels off and percentage of SG&A comes down.

是的，尼爾完全正確。行銷支出占我們已出貨業務的比例龐大。這是第一階段。我們剛開業九個月。我們已經超出了我們的內部計劃數百萬美元，但我們在第一年實施的營銷支出所佔的比例卻很大。當我們擴大這項業務時，它會趨於平穩，SG&A 的百分比也會下降。

The dollars won't change, but as the top line changes, you'll see a dramatic difference. The big spend, well worth it. And again, we're marketing to the globe today. These expenses didn't exist before as predominantly a licensee. The marketing was the expense of the licensor. So today there's an added element of expense that we control and is working. What could be better than stating that it's working? So thank you, Will. Thank you for your question.

美元不會改變，但隨著收入的變化，你會看到巨大的差異。花費很大，非常值得。再說一遍，我們今天正在向全球進行行銷。這些費用以前並不存在，因為主要是被授權人。行銷費用是授權人的費用。因此，今天我們控制並正在發揮一項額外的費用要素。還有什麼比說它正在發揮作用更好呢？所以謝謝你，威爾。謝謝你的提問。

Just, can I squeeze in one more? Just on the visibility into your order book, US versus Europe, can you maybe just frame up what you're seeing in both regions and how the order book is shaping up?

只是，我可以再擠一張嗎？就您的訂單簿的可見性而言，美國與歐洲，您能否概括一下您在這兩個地區所看到的情況以及訂單簿的形成？

So our order book is much more elastic in North America. Our European business, as we grow it, is built on two deliveries. North American business is built on an everyday delivery cycle. We inventory product, we plan for supportive reorders, and in Europe for the moment, we run tight on inventory. We know how to move inventory in North America. We're not as proficient in Europe or Southeast Asia.

因此，我們在北美的訂單簿更具彈性。隨著我們歐洲業務的發展，我們的業務是建立在兩次交付的基礎上的。北美業務建立在日常交付週期之上。我們庫存產品，我們計劃支持性重新訂購，目前在歐洲，我們庫存緊張。我們知道如何在北美轉移庫存。我們在歐洲或東南亞並不那麼精通。

But the partnership with AWWG affords us that ability and down the road our order book composition will change with the comfort of having supply to support quick growth through Europe. We're not there yet. So the order book is significantly more important to the company in North America than it is in Europe.

但與 AWWG 的合作為我們提供了這種能力，而我們的訂單組成將隨著供應支持整個歐洲的快速成長而改變。我們還沒到那兒。因此，對於北美公司來說，訂單簿比歐洲公司重要得多。

Understood, thank you, I'll pass the line.

明白了，謝謝，我這就去掛號。

Thank you, Will.

謝謝你，威爾。

Mauricio Serna, UBS.

毛里西奧·塞爾納，瑞銀。

Great. Good morning and thanks for taking my questions. A couple of questions to start. Maybe, can you give us an idea of given the success that you've seen with Donna Karen so far, like how should we think about that size of a business expected for this year?

偉大的。早安，感謝您提出我的問題。有幾個問題要開始。也許，鑑於您迄今為止與唐娜·凱倫 (Donna Karen) 取得的成功，您能否給我們一個想法，例如我們應該如何考慮今年預計的業務規模？

And just to make sure I understand this, on the guidance update on the EPS, it seems you beat the quarter Q2 by $0.25 and you're racing by $0.37 at the midpoint. So that $0.12, just to understand, is just mostly lower interest expenses and the impact of the buybacks, or is there any changes in terms of the margin outlook that we should be considering?

為了確保我理解這一點，在 EPS 的指導更新中，您似乎比第二季度快了 0.25 美元，而您在中點上快了 0.37 美元。那麼，0.12 美元，只是為了理解，主要是利息費用降低和回購的影響，或者我們應該考慮的利潤率前景是否有任何變化？

So I'll take the first question, and Neil will respond to you on the EPS. So Donna Karen, all I can tell you is it's the best launch this company has ever had. It's the best press this company has ever had. And I think, I said earlier it has a strong potential, and I believe it's a conservative number, of doing $1 billion in sales, which does not include licensing opportunities. It does not include elements of the business that Donna Karen, oh, DKNY currently has, or Karl Lagerfeld.

我將回答第一個問題，尼爾將在 EPS 方面回答您。唐娜·凱倫（Donna Karen），我只能告訴你，這是該公司有史以來最好的一次發布。這是該公司有史以來獲得的最好的媒體報道。我認為，我之前說過它具有巨大的潛力，我相信這是一個保守的數字，可以實現 10 億美元的銷售額，其中不包括許可機會。它不包括唐娜·凱倫（Donna Karen）、噢，DKNY 目前擁有的業務元素，或卡爾·拉格斐（Karl Lagerfeld）的業務元素。

But we're fine-tuned at this point to grow globally. And I hate to say, but the sky's the limit, but I don't want to put a number down. I don't want it to be too low and I don't want to put a $5 billion number out there. We put out a very conservative number in my eyes, which is the $1 billion number.

但我們目前已做好全球成長的調整。我不想說，但天空才是極限，但我不想寫下數字。我不希望這個數字太低，也不希望公佈 50 億美元的數字。我們給了一個在我看來非常保守的數字，就是10億美元的數字。

We're not far from achieving that with Karl Lagerfeld in pretty much record time. Karl Lagerfeld, when we took it on, had zero distribution in North America and a much smaller business in Europe. And with our efforts, jointly with our acquired partners, we've grown it, we've just said double-digits this year, high-double-digits, not high-double-digits, high-teens I would have said.

我們距離卡爾·拉格斐 (Karl Lagerfeld) 在創紀錄的時間內實現這一目標已經不遠了。當我們接手卡爾·拉格斐 (Karl Lagerfeld) 時，它在北美的分銷量為零，在歐洲的業務規模要小得多。透過我們的努力，與我們收購的合作夥伴一起，我們已經實現了成長，今年我們剛剛說過兩位數，高兩位數，而不是高兩位數，我會說高十幾歲。

And in a market environment that one might say is soft. And you know, every day there's door expansion and modules and areas that were perfecting to improve on that business. Same thing with DKNY, when we acquired DKNY from LVMH, it had virtually no distribution in North America and a tiny business in Europe. And today, it's one of the most distributed brands on the women's side of the business in North America. So we achieved that in record time.

在一個可以說是疲軟的市場環境中。你知道，每天都會有門的擴展、模組和區域的完善，以改善該業務。 DKNY 也是如此，當我們從 LVMH 收購 DKNY 時，它在北美幾乎沒有分銷，在歐洲的業務也很小。如今，它已成為北美女性業務中分佈最廣的品牌之一。所以我們在創紀錄的時間內就實現了這個目標。

You can go back to Calvin Klein, Calvin Klein had virtually no women's distribution in North America or anywhere in the globe. Under G-III's guidance and guardianship, we built it to possibly the largest women's brand in the world. I'm not sure that it's well recognized, but between Calvin Klein and Tommy Hilfiger, which were underachievers in other hands on the women's side of the business. We contributed $3.5 billion to $4 billion of retail sales for those grants. So now having the ability of focusing that talent pool and those relationships, maybe sky is a limit.

你可以回到 Calvin Klein，Calvin Klein 在北美或全球任何地方幾乎沒有女裝分銷。在 G-III 的指導和守護下，我們將其打造成可能是世界上最大的女裝品牌。我不確定這一點是否得到了廣泛認可，但在 Calvin Klein 和 Tommy Hilfiger 之間，他們在女性業務方面的其他方面表現不佳。我們為這些贈款貢獻了 35 億至 40 億美元的零售額。因此，現在有能力集中人才庫和這些關係，也許天空才是極限。

Mauricio, as far as the EPS role, you are absolutely correct. The other two pieces, aside from the bead, are the interest savings, as well as the share repurchases. The Q will be getting filed shortly, but we purchased about 1.1 million shares back in the second quarter. And then our interest savings, if you were to compare that to the previous forecast, was up about $3 million, was down about $3 million.

Mauricio，就 EPS 角色而言，您是完全正確的。除了珠子之外，另外兩部分是利息節省和股票回購。 Q 很快就會提交，但我們在第二季購買了約 110 萬股。然後，如果您將其與先前的預測進行比較，我們的利息節省將增加約 300 萬美元，減少約 300 萬美元。

Got it. I think the guidance is $22 million for interest expenses for the year. Is that right?

知道了。我認為今年的利息支出指導為 2200 萬美元。是這樣嗎？

That's correct.

這是正確的。

Great. And then just one last one if I can squeeze this in. Maybe could you just give us a sense of how to dimensionalize, Converse, roll out over time in terms of the distribution, the retail partners that you would be distributing the brand to. And again, in a way, what kind of size do you think that business could reach in the long run?

偉大的。如果我能把這一點塞進去的話，那就是最後一個。再說一次，在某種程度上，您認為從長遠來看，業務可以達到什麼樣的規模？

We believe in a reasonable time, I'm not sure it's a long run, in the long-term. We can reach $200 million in sales. As I said earlier, it's global distribution, it's department stores, it's sporting goods shops, it's distributors that will engage to help us distribute throughout the world or areas that are designated for us, which is a good part of the world. And we're in a good position to grow that business, and the entire team is excited by the initiative.

我們相信一個合理的時間，我不確定這是一個長期的、長期的。我們的銷售額可以達到 2 億美元。正如我之前所說，這是全球分銷，百貨公司，體育用品商店，分銷商將參與幫助我們在世界各地或為我們指定的地區進行分銷，這是世界的一個很好的部分。我們處於發展該業務的有利位置，整個團隊都對這項舉措感到興奮。

Great, thanks so much, and congratulations on the results.

太好了，非常感謝，恭喜結果。

Thank you, Mauricio.

謝謝你，毛里西奧。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Thank you. Good morning, everyone, and nice to see the progress. Morris, if you look at the opportunities for the licensed brands, certainly the success of Donna Karen with more to come and now Converse. How do you think about the distribution expansion, where the growth comes from, categories, distribution channels, regional, international versus the US? Is there anything of each of the brands that would be more the standout as we go through the rest of ‘24 and into ‘25?

謝謝。大家早安，很高興看到進展。莫里斯，如果你看看授權品牌的機會，肯定會看到唐娜凱倫 (Donna Karen) 的成功以及更多的未來，現在還有匡威 (Converse)。您如何看待分銷擴張、成長來自何處、類別、分銷管道、區域、國際與美國？當我們瀏覽 24 月的剩餘部分並進入 25 月時，每個品牌中是否有任何東西會更加突出？

And then Neal, anything to mention on freight costs and what you're seeing in terms of supply chain and lead times? Thank you.

然後，尼爾，關於貨運成本以及您在供應鏈和交貨時間方面看到的情況，有什麼要提的嗎？謝謝。

Thank you, Dana. So we haven't touched on a couple of assets. The AWWG partnership gives us the ability or will give us the ability of distributing Pepe, which is an important brand in Europe and in India. We're going to distribute it to North America with the guidance of the AWWG leadership team. In there is kind of a unique element for us that integrates into some of our businesses as well, which is Red Bull as the A1 license for Pepe.

謝謝你，達納。所以我們還沒有觸及一些資產。 AWWG 的合作夥伴關係使我們有能力或將有能力分銷 Pepe，這是歐洲和印度的一個重要品牌。我們將在 AWWG 領導團隊的指導下將其分發到北美。對我們來說，有一種獨特的元素也融入我們的一些業務中，這就是紅牛作為佩佩的 A1 許可證。

So it's a co-brand and that should, we know it has great interest and appeal for the North American market. So, you know, we're going to take that on and then we're working aggressively on positioning Hackett appropriately in men's apparel and hopefully we establish a foothold in women's as we get more immersed in the partnership.

所以它是一個聯合品牌，我們知道它對北美市場有很大的興趣和吸引力。所以，你知道，我們將採取這一行動，然後我們積極努力將哈克特定位在男裝領域，並希望隨著我們更加深入地融入到合作夥伴關係中，我們能在女裝領域站穩腳跟。

And then again, there's another brand called Fashion Noble that had a huge presence in North America that we're going to undertake and help develop the distribution here. On top of that, there are brands that are specific to private label initiatives that are unique to retailers that we're developing as well. So there's an entire fortress of amazing assets to build from, all targeted for unique distribution.

再說一遍，還有另一個品牌，名為 Fashion Noble，在北美擁有巨大的影響力，我們將負責並幫助開發這裡的分銷。最重要的是，還有一些專門針對自有品牌計畫的品牌，這些品牌也是我們正在開發的零售商所獨有的。因此，有一整座令人驚嘆的資產可供建造，所有這些資產都針對獨特的發行。

So I'd have to say it's as well-rounded as one could imagine and with our capabilities of producing pretty much every classification, including footwear and handbags and accessories, we seem to have control of it and it's all logical. Parts of the production and design are now allocated to different parts of the world.

因此，我不得不說，它正如人們所能想像的那樣全面，並且憑藉我們生產幾乎所有類別（包括鞋類、手袋和配件）的能力，我們似乎可以控制它，而且這一切都是合乎邏輯的。部分生產和設計現在分配到世界不同地區。

We have a design team that sits in China that creates products specifically for unique retailers, as well as some of our team sport initiatives. We're allocating responsibilities and functions into a broader spectrum of talent that we now have. So, I think we have really great control and a great future today, as I said earlier. I don't think G-III has ever been in better shape than it is today.

我們在中國有一個設計團隊，專門為獨特的零售商創造產品，以及我們的一些團隊運動項目。我們正在將責任和職能分配給我們現有的更廣泛的人才。所以，我認為，正如我之前所說，我們今天擁有真正強大的控制力和美好的未來。我不認為 G-III 的狀態比現在更好。

And Dana, with respect to your questions on freight costs and lead times, the majority of what we bring in is under contract. However, there is some that is not, and certainly to the extent that it is not, we are seeing and expecting and have built that into our third quarter guidance, some higher-level freight costs that we expect, certainly in the third quarter, probably continue a bit into the fourth.

達納（Dana），關於您關於運費和交貨時間的問題，我們帶來的大部分貨物都是在合約範圍內的。然而，有些情況並非如此，當然在某種程度上並非如此，我們正在看到和預期並將其納入我們的第三季度指導，我們預期的一些更高水平的貨運成本，當然是在第三季度，可能會繼續進入第四個。

As far as lead times, I did mention that we had inventory that was not received. We are seeing a small amount of delay overall on average. It's not that significant, but certainly on the fine-tuned margins at the end of a quarter, it can impact us a little bit. And again, we feel like we've built that into our perspective guidance as well.

至於交貨時間，我確實提到我們有未收到的庫存。平均而言，我們發現總體上有少量延遲。這並不是那麼重要，但在季度末微調的利潤率上，它肯定會對我們產生一些影響。再說一遍，我們覺得我們也將其納入了我們的觀點指導中。

Thank you.

謝謝。

Thank you, Dana. Okay, so thank you all for your interest today. Have a great fall season, and we look forward to speaking to you in December. Thank you.

謝謝你，達納。好的，謝謝大家今天的關注。祝您秋季愉快，我們期待在 12 月與您交談。謝謝。

And 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。您現在可以斷開連線。