G-III Apparel Group Ltd (GIII) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the G-III Apparel Group fourth quarter and full fiscal year 2025 earnings call. (Operator Instructions) Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Neal Nackman, Company CFO. Please go ahead.

您好，感謝您的支持。歡迎參加 G-III 服裝集團 2025 財年第四季和全年財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、公司財務長尼爾·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。在我們開始之前，我想提醒與會者，今天的電話會議和問答環節中發表的某些聲明可能構成聯邦證券法所定義的前瞻性聲明。前瞻性陳述並不構成保證，實際結果可能與前瞻性陳述中所表達或暗示的結果有重大差異。

Important factors that could cause actual results of operations where 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. 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.

本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與公司財務狀況不同的重要因素。該公司不承擔更新任何前瞻性陳述的責任。此外，在電話會議中，我們將參考非公認會計準則淨收入、非公認會計準則每股攤薄淨收入和調整後息稅折舊攤銷前利潤，這些都是非公認會計準則財務指標。

We have provided reconciliations of these non-GAAP financial measures to GAAP measures in our press release, which is also available on our website. I will now turn the call over to our Chairman and Chief Executive Officer, Morris Goldfarb.

我們在新聞稿中提供了這些非 GAAP 財務指標與 GAAP 指標的對帳表，您也可以在我們的網站上查閱。現在我將電話轉給我們的董事長兼執行長莫里斯‧戈德法布 (Morris Goldfarb)。

Thank you, Neal, and thank you, everyone, for joining us. Good morning. As noted in our press release, our outstanding fourth quarter results outperformed expectations. For the year, we brought to market compelling product, driving remarkable top line growth of our own and new launches. Our own brands and our new launches, which more than offset anticipated net sales declines of $188 million for the Calvin Klein and Tommy Hilfiger businesses and $40 million for the guest brand exit.

謝謝尼爾，也謝謝大家加入我們。早安.正如我們的新聞稿中所述，我們第四季度的業績超出了預期。這一年，我們向市場推出了引人注目的產品，推動了我們自身產品和新產品的顯著營收成長。我們的自有品牌和新產品的推出，遠遠抵消了 Calvin Klein 和 Tommy Hilfiger 業務預期的 1.88 億美元淨銷售額下滑以及客座品牌退出帶來的 4,000 萬美元淨銷售額下滑。

Our world-class teams have consistently executed and delivered bottom line growth and record non-GAAP earnings per share of $4.42 in fiscal 2025, an increase of 9% over last year, exceeding our forecast. These results are in light of what was and continues to be a very challenging operating environment. I want to recognize this achievement and thank our global teams for their efforts. Touching on highlights from the year.

我們世界一流的團隊始終如一地執行並實現盈利增長，並在 2025 財年創下非 GAAP 每股收益 4.42 美元的記錄，比去年增長 9%，超過了我們的預測。這些結果是建立在過去和現在都極具挑戰性的營運環境中得出的。我要承認這項成就並感謝我們全球團隊的努力。談論今年的亮點。

First, we powered global growth with annual net sales increasing 2.7% and $3.18 billion, driven by over 20% growth of our key owned brands, DKNY, Karl Lagerfeld, Donna Karan and Donna Karan while expanding gross margins as well.

首先，我們推動了全球成長，年淨銷售額成長 2.7%，達到 31.8 億美元，這得益於我們自有的主要品牌 DKNY、Karl Lagerfeld、Donna Karan 和 Donna Karan 的成長超過 20%，同時毛利率也不斷提高。

Second, our Calvin client and Tommy Hilfiger businesses now collectively represent approximately 34% of our total sales down from over 50% two years ago, and we expect a further decline to approximately 25% by the end of fiscal 2026.

其次，我們的 Calvin 客戶和 Tommy Hilfiger 業務目前合計占我們總銷售額的約 34%，低於兩年前的 50% 以上，我們預計到 2026 財年末將進一步下降至約 25%。

Third, we brought to market four new brands, which contributed sizably to our top line growth. Our Donna Karan relaunch was extremely successful outpacing our internal expectations and delivering strong profitability with high AURs and sell-throughs. Our launches of Nautica, Houston and Champion outerwear also performed well for their first year. And together, these four launches represent a significant growth opportunity.

第三，我們向市場推出了四個新品牌，這對我們的營收成長貢獻巨大。我們對 Donna Karan 的重新推出非常成功，超出了我們的內部預期，並透過高 AUR 和銷售量實現了強勁的盈利能力。我們推出的 Nautica、Houston 和 Champion 外套在第一年也表現不佳。總的來說，這四次發布代表著巨大的成長機會。

Fourth, our retail segment turnaround in North America is working as we cut our losses in half. Fifth, our approximate 20% investment in All We Wear Group, or AWWG will accelerate our international growth. AWWG is a premier platform for brands generating over $650 million in revenues across 3,500 points of sale in over 86 countries. They are owners of iconic European brands, Hackett, Pepe Jeans and Façonnable and manage the Iberian business for PVH.

第四，我們在北美的零售部門的轉型正在取得成效，我們的損失減少了一半。第五，我們對All We Wear Group（AWWG）約20%的投資將加速我們的國際成長。AWWG 是一個頂級品牌平台，在 86 個國家的 3,500 個銷售點創造了超過 6.5 億美元的收入。他們是歐洲標誌性品牌 Hackett、Pepe Jeans 和 Façonnable 的所有者，並負責 PVH 的伊比利亞業務。

AWWG will expand DKNY, Donna Karan and Karl Lagerfeld across Spain and Portugal, while we work to build their brands in North America. Lastly, we made sizable investments in marketing to drive growth of DKNY and Donna Karan as evidenced in the strong sales and earnings for the two brands as well as technology and talent to enhance operational capabilities.

AWWG 將在西班牙和葡萄牙拓展 DKNY、Donna Karan 和 Karl Lagerfeld 的品牌影響力，同時我們也致力於在北美打造他們的品牌。最後，我們在行銷方面進行了大量投資，以推動 DKNY 和 Donna Karan 的成長，這體現在兩個品牌強勁的銷售和盈利以及技術和人才投入以提升營運能力。

Now let us review the progress we've made on our strategic priorities. Number one is drive growth of our own brands. Our top priority is driving the growth of our own brands. Own brands now represent just over half of our total net sales. With full control over design, production, global distribution and marketing, these brands are sustainable long-term profit driver, generating higher operating margins and providing an accretive licensing income stream.

現在讓我們回顧一下我們在策略重點上所取得的進展。第一是推動自有品牌的成長。我們的首要任務是推動自有品牌的發展。目前，自有品牌已占到我們總淨銷售額的一半多一點。憑藉對設計、生產、全球分銷和行銷的全面掌控，這些品牌成為可持續的長期利潤驅動力，產生更高的營業利潤率，並提供增值的授權收入來源。

With only 20% of our net sales generated outside of the United States, we see a tremendous long-term opportunity to capture market share globally as we work to unlock our brand's full potential. I also want to expand on the licensing income that our own brands generate. We license our own brands to best-in-class partners with expertise in specific categories, such as fragrance, men's, home, kids, optical, jewelry and watches as well as unique experiential categories like luxury beach pubs, hotels and residences.

我們的淨銷售額只有 20% 是來自美國以外，因此，我們在努力釋放品牌全部潛力的過程中看到了在全球佔領市場份額的巨大長期機會。我還想擴大我們自有品牌產生的授權收入。我們將自己的品牌授權給在特定類別（如香水、男士、家居、兒童、眼鏡、珠寶和手錶）以及豪華海灘酒吧、酒店和住宅等獨特體驗類別擁有專業知識的一流合作夥伴。

In return, G-III earns a highly accretive licensing income stream the vast majority of which falls directly to our bottom line. This strategy expands our brand's global reach, drives top line sales and even further bolsters profitability. This year, our own brands generated over $80 million in licensing royalty income, a 10% increase from last year.

作為回報，G-III 獲得了高度增值的許可收入流，其中絕大部分直接計入我們的利潤。這項策略擴大了我們品牌的全球影響力，推動了銷售額的成長，甚至進一步提高了獲利能力。今年，我們自己的品牌創造了超過 8,000 萬美元的特許權使用費收入，比去年增長了 10%。

Now let me walk you through highlights from the fourth quarter and full year. Donna Karan, fiscal 2025 marked the Epic relaunch of our iconic Donna Karan brand as we developed a comprehensive lifestyle collection and expanded distribution across premier North American department stores. We identified a significant opportunity within the aspirational luxury segment, strategically positioning the brand at higher AURs resulting in robust sell-throughs and making it our most profitable launch to date.

現在讓我向您介紹第四季和全年的亮點。Donna Karan，2025財年標誌著我們標誌性Donna Karan品牌的史詩般重新推出，因為我們開發了全面的生活方式系列並擴大了在北美主要百貨公司的分銷。我們在理想奢侈品領域發現了一個重大機遇，策略性地將該品牌定位在更高的AUR上，從而實現了強勁的銷售量，並使其成為我們迄今為止最賺錢的新產品。

The brand's return was further amplified by our award-winning marketing campaigns which captivated global audiences and garnered substantial median celebrity attention. For spring 2025, our marketing campaign unveiled supermodel Kate Moss a fashion and cultural icon whose timeless elegance perfectly embodies the essence of Donna Karan. Looking ahead to the coming year, we will continue building the brand in North America by first, the retail footprint.

我們屢獲殊榮的行銷活動吸引了全球觀眾並獲得了大量名人關注，進一步擴大了品牌的回報。2025 年春季，我們的行銷活動推出了超級名模凱特·莫斯 (Kate Moss)，她是一位時尚和文化偶像，其永恆的優雅完美地體現了唐娜·卡蘭 (Donna Karan) 的精髓。展望新的一年，我們將繼續在北美建立品牌，首先是零售業務。

Following our remarkable success in fiscal 2025, and our retail partners are expanding floor space. We concluded the year with over 1,500 points of sale and anticipate exceeding 1,700 by spring 2025 with further expansion planned for the fall. Additionally, the brand performed well on our retail partners' sites and our own donnakaran.com which should drive a nice sales lift this coming year.

繼我們在 2025 財年取得顯著成功之後，我們和零售合作夥伴正在擴大經營面積。今年，我們的銷售點已超過 1,500 個，預計到 2025 年春季將超過 1,700 個，並計劃在秋季進一步擴展。此外，該品牌在我們的零售合作夥伴網站和我們自己的 donnakaran.com 上表現良好，這將推動來年的銷售業績大幅提升。

Second, lifestyle integration. Our goal is to address our consumer for more occasions in her life. This year, we're enhancing our social occasion wear, focusing on dresses, and building our footwear and handbag collections. We will further emphasize these categories through targeted marketing efforts and see additional opportunities in casual wear.

第二，生活方式融合。我們的目標是滿足消費者生活中更多場合的需求。今年，我們將增強社交場合服裝的品質，重點關注連身裙，並打造鞋類和手袋系列。我們將透過有針對性的行銷努力進一步強調這些類別，並在休閒服裝中尋找更多機會。

Third, category diversification. We are broadening our aspirational appeal and global reach through licensed partnerships. Donna Karan's iconic Cashmere Mist Fragrance is celebrating its 30 anniversary and remains a top selling fragrance in North America. Building on this success into Profumo, our fragrance partner is unveiling a new set.

第三，品類多樣化。我們正在透過授權合作夥伴關係擴大我們的理想吸引力和全球影響力。Donna Karan 的標誌性 Cashmere Mist 香水正在迎來其 30 週年紀念，並且仍然是北美最暢銷的香水。借助 Profumo 的成功，我們的香水合作夥伴推出了一套新的系列。

We are also excited to launch a deal reline with our partner this fall. With the success of our relaunch and brand building efforts, we expect more licensing opportunities to quickly follow. Additionally, as we build as we build out a comprehensive collection of the brand here in North America, we will look to expand globally beginning in fiscal 2027. We believe Donna Karan has over $1 billion in annual reported net sales potential.

我們也很高興今年秋天能與我們的合作夥伴達成交易。隨著我們重新推出和品牌建立工作的成功，我們預計更多的授權機會將會迅速跟進。此外，隨著我們在北美建立起全面的品牌系列，我們將考慮從 2027 財年開始在全球擴張。我們相信 Donna Karan 的年度淨銷售潛力超過 10 億美元。

DKNY had an exceptional year achieving mid-teen growth led by strong performance in North America. I will touch on a few highlights in the region. We've broadened our DKNY jeans performance and sportswear offerings, which were well received by consumers, driving market share gains and contributing to the over 1,000 points of sale added this year. These three categories combined grew over 50% to last year.

DKNY 度過了出色的一年，在北美市場的強勁表現帶動下，實現了中等水平的成長。我將談談該地區的一些亮點。我們擴大了 DKNY 牛仔褲性能和運動服產品系列，受到了消費者的一致好評，推動了市場份額的成長，並促成今年新增了 1,000 多個銷售點。去年這三個類別合計成長了50%以上。

Our direct-to-consumer business also showed sequential improvement with stores and .com, delivering double-digit comp sales growth and improved productivity. The DKNY brand is supported by a comprehensive lifestyle offering. Our fragrance partner launched the new DKNY 24/7 fragrance this year, driving strong awareness and consumer engagement globally.

我們的直接面向消費者的業務也透過商店和.com 顯示出連續的改善，實現了兩位數的銷售額增長和生產率的提高。DKNY 品牌得到了全面的生活方式產品的支持。我們的香水合作夥伴今年推出了新款 DKNY 24/7 香水，在全球範圍內提高了知名度和消費者參與度。

Internationally, we launched brand building activations across premier department stores in London, Madrid, and Milan, boosting brand visibility. In China, we closed all our DKNY stores to eliminate operational losses. The brand remains available digitally, while we evaluate and redefine our go-forward strategy in this key market.

在國際上，我們在倫敦、馬德里和米蘭的頂級百貨公司開展了品牌建立活動，提升了品牌知名度。在中國，我們關閉了所有 DKNY 商店，以消除營運損失。當我們評估並重新定義在這個關鍵市場的未來策略時，該品牌仍然可以透過數位方式提供。

Our increased marketing investments drove powerful brand awareness and engagements globally. We leverage storytelling tied to New York City to enhance the brand's cultural relevance and deepen our connection with consumers.

我們增加的行銷投入在全球範圍內增強了品牌知名度和參與度。我們利用與紐約市相關的故事來增強品牌的文化相關性並加深與消費者的聯繫。

We're excited to have Lila Moss as the new face of the brand for spring 2025, keeping us helping us reach a younger, fashion-forward and socially connected audience. We expect growth in fiscal 2026 to be powered by a few key drivers.

我們很高興莉拉·莫斯 (Lila Moss) 能成為該品牌 2025 年春季的新代言人，繼續幫助我們吸引更年輕、更時尚、更具社交聯繫的受眾。我們預計 2026 財年的成長將受到幾個關鍵驅動因素的推動。

First, in North America, we expect to continue taking market share as we extend our category offerings and see significant opportunity in outerwear as well as further growth in jeans, dresses, career wear and accessories, resulting in over 400 new points of sale this spring with further expansion planned for fall 2025.

首先，在北美，隨著我們擴大產品類別，我們預計將繼續佔據市場份額，並在外套方面看到巨大機遇，以及牛仔褲、連身裙、職業裝和配飾的進一步增長，今年春季將新增 400 多個銷售點，併計劃在 2025 年秋季進一步擴張。

Second, internationally, the brand's global growth potential remains largely untapped. Our marketing efforts, along with European events have created additional brand recognition and demand. Premier department stores in Europe are looking to expand lifestyle product assortments, providing international consumer fuller brand experience. We are just starting to see the benefits of our AWWG partnership and expect to gain traction in fiscal 2025.

其次，從國際來看，該品牌的全球成長潛力仍未大幅開發。我們的行銷努力以及歐洲的活動創造了額外的品牌認知和需求。歐洲頂級百貨公司正在尋求擴大生活風格產品的種類，為國際消費者提供更全面的品牌體驗。我們剛開始看到與 AWWG 合作帶來的好處，並有望在 2025 財年獲得發展動力。

We also see growth in other key international partners with assortments centered around handbags and footwear and longer-term opportunities in Asia Pacific. In fiscal 2025, the brand delivered approximately $675 million in reported net sales, including our licensees global retail sales were over $2.4 billion.

我們也看到其他主要國際合作夥伴的成長，其產品系列以手袋和鞋類為主，並在亞太地區擁有長期發展機會。在 2025 財年，該品牌報告的淨銷售額約為 6.75 億美元，其中包括我們的授權商的全球零售額超過 24 億美元。

In fiscal 2026, DKNY is expected to grow double digits, and we see over $1 billion in annual reported net sales potential over the midterm. Karl Lagerfeld had an outstanding year, increasing over 20% to last year. The strong performance was fueled by outsized growth in North America which grew approximately 35% as we extended our lifestyle product assortment with the launch of suit separates and enhancements of our sportswear and dress categories contributing to the nearly 600 new points of sale this year.

在 2026 財年，DKNY 預計將實現兩位數的成長，並且我們預計中期年度淨銷售額潛力將超過 10 億美元。卡爾拉格斐 (Karl Lagerfeld) 今年表現出色，銷售額較去年增長了 20% 以上。強勁的業績得益於北美地區的超額增長，該地區增長了約 35%，因為我們擴展了生活方式產品的種類，推出了西裝單品，並增強了我們的運動裝和連衣裙類別，從而為今年新增了近 600 個銷售點。

We did well increasing our digital penetration. We saw exceptional strength in handbags and accessories -- our North American direct-to-consumer business showed solid improvement with positive comp sales growth for stores and e-com as well as increased productivity.

我們在提高數位滲透率方面做得很好。我們在手袋和配件方面表現出色——我們的北美直接面向消費者的業務顯示出穩步改善，商店和電子商務的銷售額均實現了正增長，生產力也提高了。

Internationally, the brand generated high single-digit sales growth as we extended our reach by building our aspirational offering, drawing on the brand's iconic DNA to engage consumers. Our brand-building experience is resonated with global audience, while elevating our position in aspirational luxury.

在國際上，隨著我們透過打造我們的理想產品來擴大我們的影響力，並利用該品牌的標誌性 DNA 來吸引消費者，該品牌實現了高個位數的銷售成長。我們的品牌建立經驗引起了全球觀眾的共鳴，同時提升了我們在奢華時尚領域的地位。

We strengthened our omnichannel presence optimizing our retail stories in Europe while driving continued momentum in our digital business with solid growth for the holiday season as we expanded the brand on pure-play platforms. In wholesale, growth was driven by our key European accounts as well as distributors in markets like Eastern Europe and the Middle East as well as our new Latin American distributor who opened five new stores.

我們加強了全通路業務，優化了我們在歐洲的零售故事，同時隨著我們在純平台上擴展品牌，我們的數位業務繼續保持強勁成長勢頭，假日季實現了穩健成長。在批發方面，成長主要得益於我們的主要歐洲客戶、東歐和中東等市場的分銷商以及開設了五家新店的拉丁美洲分銷商。

We continue to develop Karl Lagerfeld into a full lifestyle brand. Our men's business is gaining traction, complementing our women's offering and now accounts for over 15% of the global brand sales this year. Further, the power of the Karl Lagerfeld name has enabled us to extend into additional categories as well as the unique experiential licenses with partners.

我們將繼續將卡爾拉格斐 (Karl Lagerfeld) 發展成為一個全方位的生活風格品牌。我們的男裝業務發展勢頭強勁，與女裝業務形成互補，今年已佔全球品牌銷售額的 15% 以上。此外，卡爾·拉格斐 (Karl Lagerfeld) 品牌的力量使我們能夠擴展到更多類別以及與合作夥伴達成獨特的體驗許可。

Currently, the brand has a luxury hotel in Macau and Vilebrequin is being built in Marbella. Looking ahead to fiscal 2026, in North America, we will build on our momentum and expand within each category. Internationally, we see additional wholesale distribution opportunities with growth in Western Europe supported by AWWG and Latin America with our partner opening six new stores.

目前，該品牌在澳門擁有一家豪華酒店，而Vilebrequin正在馬貝拉建設中。展望2026財年，在北美，我們將保持現有動能並在每個類別內擴展。在國際上，我們看到了更多的批發分銷機會，西歐市場的成長得益於 AWWG 的支持，而拉丁美洲市場的成長得益於我們的合作夥伴開設了六家新店。

In fiscal 2025, the brand delivered approximately $580 million in reported net sales. And including our licensees global retail to consumers were over $1.4 billion. In fiscal 2026, Karl Lagerfeld is expected to grow double digits, and we see over $1 billion in annual net sales potential over the long term.

2025 財年，該品牌報告的淨銷售額約為 5.8 億美元。包括我們的授權經銷商在內，全球面向消費者的零售額超過 14 億美元。2026 財年，Karl Lagerfeld 預計將達到兩位數成長，我們預計長期來看其年淨銷售額潛力將超過 10 億美元。

Bill Bracken, our status swimwear brand achieved solid results despite a tough year that impacted key markets. The brand, which caters to an aspirational consumer continues to demonstrate strong global awareness and engagement.

我們的知名泳裝品牌 Bill Bracken 儘管經歷了對主要市場造成影響的艱難一年，但仍取得了穩健的業績。該品牌迎合了有抱負的消費者，並繼續展現出強大的全球知名度和參與度。

We are enhancing its status appeal through lifestyle product as we increase the penetration of premium product with higher AURs and launched several creative collaborations throughout the year. Further extending the brand's lifestyle appeal, we expanded into Beach Clubs and premium C-side vacation destinations.

隨著我們提高 AUR 更高的高端產品的滲透率，並在全年推出了多項創意合作，我們正在透過生活方式產品提升其地位吸引力。為了進一步擴大品牌的生活方式吸引力，我們擴展到海灘俱樂部和高端 C 端度假目的地。

Our company-owned Beach Club in [Con] is performing well in its second year, delivering over 20% growth since launch, validating the success concept, successful concept we created and its support in our brand positioning and status. Our first franchisee club opened last September at the St. Regis Doha is performing well, and our first rooftop pool restaurant and bar will soon open in Miami.

我們公司旗下位於[Con]的海灘俱樂部在開業第二年就表現良好，自推出以來實現了超過20%的增長率，驗證了我們創造的成功理念、成功概念及其對我們品牌定位和地位的支持。我們的第一個特許經營俱樂部於去年 9 月在多哈瑞吉酒店開業，表現良好，我們的第一家屋頂泳池餐廳和酒吧即將在邁阿密開業。

Moving forward, we will continue to broaden our lifestyle product assortment to extend our consumer reach. We are also rolling out a specialized training program for our sales associates to provide in-depth brand training, which is expected to improve conversion and lift sales. We expect to double the business over time. And next strategic priority is to build out our complementary portfolio of licensed brands.

展望未來，我們將繼續拓寬我們的生活風格產品種類，以擴大我們的消費者覆蓋範圍。我們還推出了一項專門的培訓計劃，為我們的銷售人員提供深入的品牌培訓，預計將提高轉換率並提升銷售額。我們期望隨著時間的推移業務量能夠翻倍。下一個策略重點是建立我們互補的授權品牌組合。

In addition to our own brands, licensed assets are a key component of our go-forward strategy as they are capital-light way to grow. Each brand offers unique attributes that diversify our portfolio across product, aesthetic distribution channel and consumer segment. For example, our sports licensing business and now Converse target a differentiated consumer and distribution network, including big box, sports specialty and sporting goods stores, where we have little to no presence and our fashion brands will seek significant presentation -- penetration.

除了我們自己的品牌之外，授權資產也是我們未來策略的關鍵組成部分，因為它們是輕資本成長的方式。每個品牌都具有獨特的屬性，使我們的產品組合、美學分銷管道和消費者細分市場多樣化。例如，我們的體育授權業務和現在的匡威瞄準的是差異化的消費者和分銷網絡，包括大型商場、體育專賣店和體育用品商店，我們在這些領域幾乎沒有存在感，而我們的時尚品牌將尋求顯著的展示——滲透。

We've built a powerful corporate platform that enables us to bring brands to market in an efficient and scalable manner. This corporate platform consists of our well-developed sourcing and supply chain infrastructure. Merchant expertise in product development and our experienced senior leadership team will have a proven track record of growing high-potential brands into significant businesses.

我們建立了強大的企業平台，使我們能夠以高效、可擴展的方式將品牌推向市場。此企業平台由我們完善的採購和供應鏈基礎設施組成。商家在產品開發方面的專業知識和我們經驗豐富的高階領導團隊將擁有將高潛力品牌發展為重要企業的成功經驗。

We launched three new licenses in fiscal 2025 and which contributed nicely to our top line sales for the year. We launched [Nonaka] Jeans in spring 2024. And in the fall, we launched Houston as well as Champion outerwear. All performing well for their first year. We're building on these brands early momentum with expanded distribution and product offering.

我們在 2025 財年推出了三個新許可證，這對我們當年的營收貢獻很大。我們於2024年春季推出了[Nonaka]牛仔褲。秋季，我們推出了 Houston 和 Champion 外套。他們在第一年都表現良好。我們正在透過擴大分銷和產品供應來鞏固這些品牌的早期發展勢頭。

Our newly signed licenses for Converse and BCBG will launch in fall 2025. Product is well underway, and the brand's first marketing shows strong early appetite and a growing order book. Our licensed team business has strong double-digit growth this year. We expanded the rights of our NFL and MLB licenses, which will support double-digit growth next year. On December 31, our PVH licenses for Calvin Klein jeans and sportswear expired. These two licenses represented approximately $175 million of our total revenue of fiscal 2025.

我們與 Converse 和 BCBG 新簽署的許可將於 2025 年秋季推出。產品品質正在穩步提升，品牌的首次行銷顯示出了旺盛的早期需求和不斷增長的訂單量。我們的授權團隊業務今年實現了強勁的兩位數成長。我們擴大了NFL和MLB的授權範圍，這將支持明年實現兩位數的成長。12月31日，我們對 Calvin Klein 牛仔褲和運動服的 PVH 許可到期。這兩項許可證約占我們 2025 財年總收入的 1.75 億美元。

Looking ahead to fiscal 2026 and beyond, we're committed to maximizing sell-throughs and profitability for Calvin Klein and Tommy Hilfiger. Further, as our PVH licenses continue to expire, we anticipate this will create a significant product void for our retailers. We believe that our long-established credibility and successful execution of retail positions us as a vendor of choice to fill the gap, thereby capturing market share and strengthening our go-forward brands positioning in North America.

展望 2026 財年及以後，我們致力於最大限度地提高 Calvin Klein 和 Tommy Hilfiger 的銷售額和獲利能力。此外，隨著我們的 PVH 許可證不斷到期，我們預計這將為我們的零售商造成大量產品空白。我們相信，我們長期建立的信譽和成功的零售執行使我們成為填補空白的首選供應商，從而佔領市場份額並加強我們在北美的前瞻性品牌定位。

Turning to our next strategic priority of enhancing our omnichannel capabilities. In North America, we delivered on our retail segment turnaround, which included management changes reducing our store footprint and rebating our merchandising strategy to present a better brand experience. We cut losses in half adding over $15 million to our bottom line with further improvement expected in fiscal 2026.

我們接下來的策略重點是增強我們的全通路能力。在北美，我們實現了零售部門的扭轉，包括管理層變動、減少門市面積和調整商品銷售策略以提供更好的品牌體驗。我們將損失減少了一半，使我們的利潤增加了 1500 多萬美元，預計 2026 財年將進一步改善。

We've invested in infrastructure to support our digital ecosystem. We made upgrades to our own brands' websites to enhance consumer experience, improved site performance and increased conversion. Sales from our own digital sites grew over 20% this year. We strengthened our brand's presence across retailer websites and expanded pure-play partnerships with Amazon and Zalando, among others.

我們已經投資了基礎設施來支持我們的數位生態系統。我們對自有品牌的網站進行了升級，以增強消費者體驗、提高網站效能並提高轉換率。今年，我們自己的數位網站的銷售額成長了 20% 以上。我們加強了品牌在零售商網站上的影響力，並擴大了與亞馬遜、Zalando 等公司的純合作關係。

We expect a nice lift to digital sales in fiscal 2026 as we further capture market share across these channels and platforms. As we look ahead to fiscal 2026 and beyond, we plan to invest in technology and infrastructure to support our long-term growth.

隨著我們進一步佔領這些通路和平台的市場份額，我們預計 2026 財年的數位銷售將大幅提升。展望 2026 財年及以後，我們計劃投資技術和基礎設施以支持我們的長期成長。

We also expect to gain efficiencies from our operational improvements. Specifically, we're investing in systems to increase supply chain transparency, improve digital technologies for our omnichannel business and leverage AI tools to streamline operations, while phasing out less neutral technology.

我們也期望透過營運改善來提高效率。具體來說，我們正在投資系統以提高供應鏈透明度，改善全通路業務的數位技術，並利用人工智慧工具簡化運營，同時逐步淘汰不太中性的技術。

And on the efficiency front, last year, we focused on realigning our organization to better serve our future business as we transition out of the Calvin and Tommy Hilfiger brands. We're streamlining our supply chain infrastructure to optimize our logistical flows. And by the end of fiscal 2026, we will have exited four warehouse facilities, this is one part of our strategy to ensure that we have a dynamic warehousing network to maximize capacity and utilization, we also emphasize our direct-to-consumer capabilities.

在效率方面，去年我們專注於重組組織，以便在我們從 Calvin 和 Tommy Hilfiger 品牌轉型的過程中更好地服務我們未來的業務。我們正在簡化我們的供應鏈基礎設施以優化我們的物流流程。到 2026 財年末，我們將退出四個倉庫設施，這是我們策略的一部分，以確保我們擁有一個動態的倉儲網絡，以最大限度地提高容量和利用率，我們還強調我們的直接面向消費者的能力。

In conclusion, fiscal 2025 was an incredible year, marked by our robust top and bottom line growth driven by the progress made on our strategic initiatives. Looking ahead to 2026, while we expect the environment to remain unpredictable, I'm confident in our ability to successfully navigate through challenges as we've done in the past.

總而言之，2025 財年是令人難以置信的一年，由於我們策略舉措的進展，我們實現了強勁的營收和利潤成長。展望 2026 年，雖然我們預期環境仍然難以預測，但我相信我們有能力像過去一樣成功克服挑戰。

Accordingly, we expect fiscal 2026 net sales of approximately $3.14 billion, with sales down approximately 1% compared to 2025. We're confident in the strong underlying growth of our go-forward brands, which this past year delivered $2.1 billion in revenues and is expected to reach over $5 billion in annual net sales over the long term. We expect non-GAAP diluted earnings per share between $4.15 to $4.25.

因此，我們預計 2026 財年淨銷售額約為 31.4 億美元，與 2025 年相比銷售額將下降約 1%。我們對未來品牌的強勁潛在成長充滿信心，這些品牌去年實現了 21 億美元的營收，預計長期內年淨銷售額將達到 50 億美元以上。我們預計非 GAAP 稀釋每股收益在 4.15 美元至 4.25 美元之間。

We will continue to market our events while making additional investments in technology and infrastructure to drive future growth with our transforming business model. Our strong balance sheet and credit profile provides flexibility to make strategic investments to fuel growth.

我們將繼續推廣我們的活動，同時在技術和基礎設施方面進行額外投資，以透過我們轉型的商業模式推動未來成長。我們強大的資產負債表和信用狀況提供了靈活性，可以進行策略性投資來促進成長。

Our investments in AWWG give us further optionality to expand ownership over time from existing shareholders. We will also consider opportunistically returning capital to shareholders through stock repurchases. G-III is undergoing an incredible transformation and we're committed to delivering long-term growth and shareholder value.

我們對 AWWG 的投資使我們有進一步的選擇權，可以隨著時間的推移從現有股東中擴大所有權。我們也將考慮透過股票回購等方式適時向股東返還資本。G-III 正在經歷令人難以置信的轉變，我們致力於實現長期成長和股東價值。

I'll now pass the call to Neal who will walk you through the financial results for fiscal 2025 and provide guidance for the first quarter and full year 2026.

現在我將電話轉給尼爾，他將向您介紹 2025 財年的財務業績，並為 2026 年第一季和全年提供指導。

Thank you, Morris. Net sales for the fourth quarter ended January 31, 2025, were $840 million up 10% compared to $765 million in the same period last year. Net sales of our wholesale segment were $799 million compared to $729 million in the previous year. We had good sales increases in our owned brands and our go-forward license portfolio.

謝謝你，莫里斯。截至 2025 年 1 月 31 日的第四季淨銷售額為 8.4 億美元，較去年同期的 7.65 億美元成長 10%。我們批發部門的淨銷售額為 7.99 億美元，而前一年為 7.29 億美元。我們的自有品牌和未來授權組合的銷售都取得了良好的成長。

Net sales of our retail rent were $56 million for the fourth quarter compared to net sales of $51 million in the previous year's fourth quarter. Our gross margin percentage was 39.5% in the fourth quarter of fiscal 2025 compared to 36.9% in the previous period. The Wholesale segment's gross margin percentage was 38.1% compared to 35.6% in the previous year's quarter. The gross margin percentage in the current year's period was positively impacted by the higher penetration and performance of our owned brands compared to last year's fourth quarter.

我們第四季零售租賃的淨銷售額為 5,600 萬美元，而去年同期的淨銷售額為 5,100 萬美元。我們的 2025 財年第四季的毛利率為 39.5%，而上一季為 36.9%。批發部門的毛利率為 38.1%，去年同期為 35.6%。與去年第四季相比，本年度的毛利率百分比受到我們自有品牌滲透率和業績表現的提高的正面影響。

Additionally, sales of our licensed portfolio, so a significant improvement in gross margin rate, primarily driven by a more favorable outerwear performance. The gross margin percentage in our retail operations segment was 48.3% and compared to 44.2%, a significant improvement driven by our merchandising and execution initiatives as part of our Retail segment turnaround strategy. Non-GAAP SG&A expenses were $244 million compared to $219 million in the previous year's quarter.

此外，我們授權產品組合的銷售，使毛利率顯著提高，這主要得益於更有利的外套表現。我們零售業務部門的毛利率為 48.3%，去年同期為 44.2%，這得益於我們零售部門轉型策略中行銷和執行措施的顯著改善。非公認會計準則銷售、一般及行政支出為 2.44 億美元，去年同期為 2.19 億美元。

This year's increases are partially correlated to the 10% sales increase in the quarter as well as the planned investments in marketing, technology, and talent that we have discussed throughout the year. In addition, we recorded a $6 million increase to our bad debt reserve in the quarter. Non-GAAP net income for the fourth quarter was $58 million or $1.27 per diluted share compared to $36 million or $0.76 per diluted share in the previous year's quarter.

今年的成長部分與本季 10% 的銷售額成長以及我們全年討論的對行銷、技術和人才的計畫投資相關。此外，本季我們的壞帳準備金增加了 600 萬美元。第四季非公認會計準則淨利潤為 5,800 萬美元，即每股攤薄收益 1.27 美元，而去年同期非公認會計準則淨利潤為 3,600 萬美元，即每股攤薄收益 0.76 美元。

This is driven by higher sales and improvements in gross margins. Now let's review results for the full fiscal year ended January 31, 2025. Net sales for the fiscal year 2025 were $3.18 billion, an increase of 2.7% from $3.1 billion in fiscal 2024, led by an over 20% growth of our key owned fashion brands, DKNY, Donna Karan, Karl Lagerfeld and Vilebrequin as well as new launches, the [Nordica] Jeans, Holston and Champion outerwear.

這是由於銷售額增加和毛利率提高所致。現在讓我們回顧一下截至 2025 年 1 月 31 日的全年財務表現。2025 財年的淨銷售額為 31.8 億美元，較 2024 財年的 31 億美元增長 2.7%，其中，我們自有的主要時尚品牌 DKNY、Donna Karan、Karl Lagerfeld 和 Vilebrequin 以及新品 [Nordica Champions、Holston 和 Karan、Karl Lagerfeld 和 Vilebrequin 以及新品 [Nordica Champions、Holston 和 20%。

This growth was offset by approximately $188 million or a 15% decrease in the Calvin Klein and Tommy Hilfiger brands. Net sales of our wholesale operations segment increased to $3.08 billion or 2.5% from $3.01 billion. Net sales of our retail operations segment for the year were $166 million compared to the previous year of $148 million. We experienced strong double-digit comparable store sales growth in our DKNY and Karl Lagerfeld stores.

但 Calvin Klein 和 Tommy Hilfiger 品牌的銷售額約 1.88 億美元（15%）的下降抵消了這一成長。我們批發業務部門的淨銷售額從 30.1 億美元增至 30.8 億美元，增幅為 2.5%。我們零售業務部門的淨銷售額今年為 1.66 億美元，而上年的為 1.48 億美元。我們的 DKNY 和 Karl Lagerfeld 專賣店同店銷售額均實現了強勁的兩位數成長。

Full fiscal year 2025 gross margin percentage expanded approximately 70 basis points to 40.8% compared to 40.1% in the prior year. The Wholesale segment gross margin percentage was 39.4% compared to 38.9%. The gross margin percentage in the current year's period was positively impacted by greater sales penetration of our higher margin owned brands as well as product mix.

2025 財年全年毛利率由上年度的 40.1% 擴大約 70 個基點至 40.8%。批發部門的毛利率為 39.4%，去年同期為 38.9%。本年度的毛利率百分比受到我們利潤率較高的自有品牌和產品組合的銷售滲透率提高的正面影響。

The gross margin percentage in our retail operations segment was 50.4% compared to 48.1% in the prior year. This is a result of merchandising changes. Non-GAAP SG&A expenses for the year were $968 million compared to $917 million in the previous year.

我們零售業務部門的毛利率為 50.4%，而上年度為 48.1%。這是商品銷售變化的結果。本年度非公認會計準則銷售、一般及行政支出為 9.68 億美元，上年度為 9.17 億美元。

The full year SG&A as a percentage of sales was 30.4% compared to 29.6%. This increase in SG&A is associated with the planned higher investment in expenses primarily associated with the marketing for Donna Karan and DKNY and the expansion of our operational capabilities through talent and technology investments, offset by a decrease in royalty advertising expenses associated with our decrease in license revenue.

全年銷售、一般及行政開支佔銷售額的百分比為 30.4%，去年同期為 29.6%。銷售、一般及行政費用的增加與計劃增加的投資有關，這主要與 Donna Karan 和 DKNY 的營銷以及通過人才和技術投資來擴大我們的運營能力有關，但與許可收入減少相關的版稅廣告費用的減少抵消了這一增加。

Full year non-GAAP net income was $204 million compared to $190 million of $4.42 per diluted share, up 9% to the previous year's $4.04 per diluted share. The increase was driven by the expansion of our gross margin rate as well as interest expense savings generated from the early retirement of the $400 million senior secured notes offset by the investments in SG&A I just outlined.

全年非 GAAP 淨收入為 2.04 億美元，而去年同期為 1.9 億美元，每股攤薄收益 4.42 美元，較上年的每股攤薄收益 4.04 美元增長 9%。成長的主要原因是我們的毛利率提高，以及提前贖回 4 億美元優先擔保票據所產生的利息支出節省，但這些節省被我剛才概述的銷售、一般和行政費用 (SG&A) 投資所抵消。

Turning to the balance sheet. We ended the year in a solid position with respect to our inventory levels. Inventory decreased approximately 8% to $478 million at the end of the year from last year's $520 million. Our inventory levels are well aligned to support future sales. We ended the year with an improved net cash position of approximately $175 million compared to a net cash position of $90 million in the previous year.

轉向資產負債表。我們在庫存水準方面以穩健的狀態結束了這一年度。庫存從去年的 5.2 億美元減少到年底的 4.78 億美元，降幅約 8%。我們的庫存水準能夠很好地支持未來的銷售。我們今年的淨現金狀況改善至約 1.75 億美元，而前一年的淨現金狀況為 9,000 萬美元。

During the fiscal year 2025, we paid down $400 million in senior secured notes and repurchased $60 million of our own shares. We also have $100 million in strategic investments led by our AWWG investment. We believe that our healthy balance sheet and strong credit profile provide us the financial flexibility to invest in our future growth, take advantage of strategic opportunities in the marketplace, and opportunistically return capital to shareholders.

在 2025 財年，我們償還了 4 億美元的優先擔保票據，並回購了價值 6,000 萬美元的自有股票。我們還有由 AWWG 投資領投的 1 億美元策略投資。我們相信，健康的資產負債表和強勁的信用狀況為我們提供了財務靈活性，以投資於未來的成長，利用市場上的策略機遇，並適時向股東返還資本。

As for our guidance. For fiscal year 2026, our key owned brands, DKNY, Donna Karan, Karl Lagerfeld and Vilebrequin are expected to continue to grow at a double-digit rate. The growth in these key owned brands, along with the rest of our go-forward portfolio will almost entirely offset the decline of the Calvin Klein jeans and sportswear licenses that expired December 31, 2024. Accordingly, for the full fiscal year 2026, we expect net sales of $3.14 billion, a decrease of approximately 1%.

至於我們的指導。2026 財年，我們的主要自有品牌 DKNY、Donna Karan、Karl Lagerfeld 和 Vilebrequin 預計將繼續以兩位數的速度成長。這些主要自有品牌以及我們未來投資組合中其他品牌的成長將幾乎完全抵消 2024 年 12 月 31 日到期的 Calvin Klein 牛仔褲和運動服許可證的下降。因此，我們預計 2026 財年全年淨銷售額為 31.4 億美元，下降約 1%。

On a non-GAAP basis, we expect net income for fiscal 2026 of between $192 million and $197 million or between $4.15 and $4.25 per diluted share. This compares to non-GAAP net income of $204 million or $4.42 per diluted share for fiscal 2025. Full year fiscal 2026 adjusted EBITDA is expected to be between $310 million and $315 million compared to $326 million in the previous year.

根據非公認會計準則，我們預計 2026 財年的淨收入在 1.92 億美元至 1.97 億美元之間，或每股攤薄收入在 4.15 美元至 4.25 美元之間。相比之下，2025 財年非 GAAP 淨收入為 2.04 億美元，即每股 4.42 美元。預計 2026 財年全年調整後 EBITDA 在 3.1 億美元至 3.15 億美元之間，而前一年為 3.26 億美元。

For the first quarter of fiscal year 2026, we expect net sales of approximately $580 million compared to $610 million in the same period of fiscal 2025. We expect the non-GAAP net income for the first quarter of fiscal 2026 to be between $2 million and $7 million or between $0.05 to $0.15 per share. This compares to non-GAAP net income of $5.8 million or $0.12 per diluted share for the first quarter of fiscal 2025.

對於 2026 財年第一季，我們預計淨銷售額約為 5.8 億美元，而 2025 財年同期為 6.1 億美元。我們預計 2026 財年第一季的非 GAAP 淨收入將在 200 萬美元至 700 萬美元之間，或每股 0.05 美元至 0.15 美元之間。相比之下，2025 財年第一季的非 GAAP 淨收入為 580 萬美元或每股攤薄收入 0.12 美元。

Let me discuss a few key points in modeling related to our guidance. Regarding the recently completed 20% China tariffs, we believe we can mitigate a vast majority of the act, our long-standing and important relationships with our manufacturing partners enable us to negotiate partial cost offsets.

讓我討論一下與我們的指導相關的建模中的幾個關鍵點。關於最近完成的20％的中國關稅，我們相信我們可以減輕絕大部分的影響，我們與製造合作夥伴的長期重要關係使我們能夠協商部分成本抵消。

Furthermore, a large portion of our product sourced from China is outerwear, which has higher AURs. We believe we have more elasticity to lift prices in the outer work category and we will also look across the other categories for selective price increases. Additionally, we will continue to seek strategies to further diversify our sourcing away from China.

此外，我們從中國採購的產品中很大一部分是外套，其 AUR 較高。我們相信，我們在提高外部工作類別的價格方面具有更大的彈性，我們還將考慮在其他類別中進行選擇性提價。此外，我們將繼續尋求策略，進一步實現採購多元化，不再只依賴中國。

As a reminder, we do not have exposure to sourcing from Mexico or Canada. Regarding our sales cadence, we expect the first half of the year to decline in the second half to show modest growth, which will benefit from our new initiatives.

提醒一下，我們沒有接觸過墨西哥或加拿大的採購。關於我們的銷售節奏，我們預計上半年將會下降，下半年將會呈現適度成長，這將受益於我們的新舉措。

As for the gross margin rate, we expect full fiscal year 2026 to see slight gross margin rate expansion, supported by the growth of our higher margin owned brands. Regarding SG&A, we continue to evaluate our infrastructure and are focused on aligning our warehouse footprint and capacity to our needs and are making the appropriate investments in technology and infrastructure to support long-term. Further, we will continue to support our marketing efforts in line with the previous year.

至於毛利率，我們預計 2026 財年全年毛利率將略有擴大，這得益於我們利潤率較高的自有品牌的成長。關於銷售、一般及行政費用，我們將繼續評估我們的基礎設施，並致力於使我們的倉庫佔地面積和容量與我們的需求保持一致，並對技術和基礎設施進行適當的投資，以支持長期發展。此外，我們將繼續像去年一樣支持我們的行銷工作。

Overall, we anticipate just under 100 basis points of increase in SG&A. We expect interest expense to be approximately $9 million for the full year, benefiting from the $400 million debt repayment. We expect capital expenditures of approximately $50 million principally driven by the buildouts of shop-in-shops for our new brand launches and new technology to support our transforming business model.

整體而言，我們預計銷售、一般及行政費用將增加不到 100 個基點。我們預計全年利息支出約為 900 萬美元，受益於 4 億美元的債務償還。我們預計資本支出約為 5,000 萬美元，主要用於為推出新品牌而建立店中店，以及用於支持我們轉型商業模式的新技術。

We are estimating a tax rate of 28.5% for fiscal 2026. We have not anticipated any potential share repurchases in our guidance. That concludes my comments. I will now turn the call back to Morris for closing remarks.

我們預計 2026 財年的稅率為 28.5%。我們在指引中並未預期任何潛在的股票回購。我的評論到此結束。現在我將請莫里斯作結束語。

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

謝謝你，尼爾，也謝謝大家今天的到來。我對我們團隊本季的工作感到自豪，我對 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、眾多合作夥伴和所有利害關係人的支持。接線員，我們現在準備回答一些問題。

(Operator Instructions) Ashley Owens, KeyBanc Capital Markets.

（操作員指示）Ashley Owens，KeyBanc 資本市場。

So first off, maybe just help us with some of the context on the headwinds. I know you mentioned in your prepared remarks, there's a greater roll off of some of the PVH licenses this year. So how much did each of these impact the full year guide?

因此首先，也許可以幫我們了解一些不利因素的背景。我知道您在準備好的發言中提到，今年一些 PVH 許可證的發放數量有所增加。那麼這些對全年指南的影響有多大？

And then additionally, I know you made comments on tariffs, but any impact from that on non-outerwear categories. And then any additional color you could provide us thus far on exit rates in February and how trends have fared so far into March?

此外，我知道您對關稅發表了評論，但這對非外套類別有任何影響嗎？那麼，您能否向我們提供迄今為止 2 月退出率的更多細節，以及 3 月迄今為止的趨勢如何？

Sure, Ashley. With respect to the prior year, the full of the Calvin Klein businesses were approximately $200 million, which we significantly offset and that more than offset last year. And as I mentioned in my prepared remarks with respect to tariffs, the way we summarize it just to give you a little more refinement, if you look at our current inventory position, we still have a good inventory position going into the first quarter.

當然，阿什利。與前一年相比，Calvin Klein 業務的全部損失約為 2 億美元，我們大幅彌補了這一損失，並且比去年彌補的還多。正如我在關於關稅的準備好的發言中提到的那樣，我們總結的方式只是為了給你更多的細化，如果你看看我們目前的庫存狀況，你會發現，進入第一季度，我們的庫存狀況仍然良好。

So I think tariffs with respect to the first quarter, we feel pretty comfortable with having very limited exposure there. Tariffs with respect to the second half of the year, obviously, we have more time to prepare to have our negotiations with both our customers and our vendors. Probably the single biggest exposure we have is in the second quarter.

因此我認為，就第一季的關稅而言，我們對其影響非常有限，感覺相當舒適。關於下半年的關稅，顯然，我們有更多的時間準備與客戶和供應商進行談判。我們面臨的最大風險可能出現在第二季。

And as you know, these tariffs came about very quickly. So those are the ones that we'll have to score the most to try to figure out answers to. We believe we've got that all rolled into our forecasting. Specifically with respect to outerwear, as I mentioned, it is the highest priced item that we sell.

正如你們所知，這些關稅出台得非常快。因此，我們必須對這些問題進行最高評分，以找出答案。我們相信我們已經將所有這些納入我們的預測中。具體來說，就外套而言，正如我所提到的，它是我們銷售的價格最高的商品。

And therefore, we feel like there's good elasticity with respect to being able to increase the prices there. But we'll look across the whole portfolio for places that we can have increases.

因此，我們認為那裡在提高價格方面具有良好的彈性。但我們會在整個投資組合中尋找可以增加的地方。

Ashley, as it relates to trends in business in February and early March, clearly, we have full visibility on February. February was tough for the retailer who's very cold, and I can remember last quarter talking about how warm it was and how it impacted our coat business I guess, February, I'd have to say, it was very cold, and it impacted our spring business.

阿什利，就二月份和三月初的商業趨勢而言，顯然，我們對二月份有全面的了解。二月對零售商來說是艱難的一個月，因為天氣非常寒冷，我還記得上個季度我們討論過天氣有多熱以及這對我們的大衣業務有何影響，我想，二月，我不得不說，天氣非常冷，這影響了我們的春季業務。

In spite of that, our guidance is out there for first quarter which has that factored in, and our business is good. And early March is good. Our retail is fine. And we're -- we're looking forward to a good retail year. Unfortunately, there are many issues that don't relate to a stable retail environment that we're dealing with and very difficult to anticipate.

儘管如此，我們第一季的業績預期已經考慮到了這一點，而且我們的業務狀況良好。三月初很好。我們的零售很好。我們期待零售業的繁榮發展。不幸的是，我們面臨的許多問題與穩定的零售環境無關，而且很難預測。

But in spite of that, we've given you the best guidance we could provide for year-end, which indicates a pretty good year going forward.

但儘管如此，我們還是為您提供了我們所能提供的最佳年底指引，這預示著未來一年將會是相當不錯的一年。

Okay. Got it. And then quickly as well, I know you mentioned AI in the prepared remarks as being an area of investment you'll be focusing on to streamline operations this year. With AI, it seems that it's one of those items that is changing pretty quickly. So I would be curious in the past 90 days or so, if you've seen any new opportunities or just any additional thoughts about some of the new initiatives that you'll be working on within AI.

好的。知道了。然後很快，我知道您在準備好的演講中提到人工智慧是您今年將重點關注的投資領域，以簡化營運。就人工智慧而言，它似乎是那些正在快速變化的事物之一。所以我很好奇，在過去 90 天左右的時間裡，您是否看到了任何新的機會，或者對您將在 AI 領域開展的一些新舉措有什麼額外的想法。

Well, we're evaluating it all. It's coming at us so fast. Changes are being looked at. We're using AI for areas of our business, which believe it or not also include design in sectors of our business using AI in the entry point of Converse, which is great. We have a blank canvas that we can utilize the best there is.

嗯，我們正在評估這一切。它正快速地向我們襲來。正在研究變化。我們將人工智慧運用到我們業務的各個領域，不管你信不信，我們也在匡威的切入點上將人工智慧運用到我們業務的設計領域，這很好。我們有一塊空白的畫布，我們可以充分利用它。

There's no systems in place for commerce, and it will be as futuristic as the market has to offer, and we anticipate a good deal of help through utilization of AI, but we're evaluating all the opportunities and we'll implement the components that are appropriate for our business.

目前還沒有適用於商業的系統，它將像市場所提供的那樣具有未來性，我們預計透過使用人工智慧將提供很多幫助，但我們正在評估所有機會，並實施適合我們業務的組件。

Great. I'll pass it along.

偉大的。我會傳達的。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Just wanted to make sure on the Q4 outperformance, I just want to make sure there wasn't like any type of like shift in wholesale shipments or anything like that coming out of Q1? Because like just looking at the initial guidance, maybe that was the reason, but it seems like it was more like outperformance than what you were expecting.

我只是想確保第四季度的表現，我只是想確保批發出貨量沒有出現任何類型的變化，或類似第一季出現的情況？因為就像只看初步指導一樣，也許這就是原因，但它似乎更像是超越你所預期的表現。

So I wanted to check on. Just double check on that. And then on the decline that you saw in PVH revenues in fiscal year '25, I think it was like a little bit less than anticipated. So I just was wondering what drove that like higher than anticipated, I guess, sales from those brands? And then lastly, could you provide some details around like what is like the current size of the Donna Karan business?

所以我想檢查一下。請再檢查一下。然後，關於 PVH 25 財年收入的下降，我認為比預期的要少一些。所以我只是想知道是什麼推動了這些品牌的銷售額高於預期？最後，您能否提供一些細節，例如 Donna Karan 業務目前的規模是多少？

So as it relates to Q4. Nothing unique as a matter of fact. I guess maybe there is a unique component Hudson's Bay affected us. The bankruptcy of Hudson Bay affected us negatively. We've adjusted for that. So had Hudson Bay not filed for the equivalent of Chapter 11. We would have shown you better numbers so if anything, our numbers were anticipated better than we gave you because of the quick adjustment of Hudson Bay.

因此它與 Q4 相關。事實上並沒有什麼獨特之處。我想也許哈德遜灣對我們產生了一種獨特的影響。哈德遜灣公司的破產對我們產生了負面影響。我們已經對此進行了調整。所以哈德遜灣公司並沒有申請相當於第 11 章的破產保護。我們本應向您展示更好的數字，因此，由於哈德遜灣的快速調整，我們的預期數字比我們給您的數字要好。

And that said, we've adjusted the go-forward fiscal 2026 numbers as it relates to doing far less business with Hudson Bay should they not go into liquidation and remain in business. So the adjustment was recently made, which maybe as a result of the anticipated 1% down for the year.

儘管如此，我們已經調整了 2026 財年的預測數據，因為如果哈德遜灣不進入清算程序並繼續營業，我們與哈德遜灣的業務往來就會大大減少。因此最近進行了調整，這可能是由於預計今年將下降 1% 的結果。

The PVH full-Ish, that was pretty much significantly what we anticipated. We knew we'd have significant full this year. And we did, and that's again, without any licenses really falling off this year. Next year, again, we do have Calvin Klein Jeans Sportswear that fall off -- and in addition to, that, we're expecting some flows in the rest of the portfolio where we do continue to have licenses that go beyond the end of '24.

PVH 完整版，這基本上符合我們的預期。我們知道今年我們會取得重大成果。我們確實做到了，而且今年沒有任何許可證真正被撤銷。明年，我們確實會有 Calvin Klein Jeans 運動服裝業務的下滑，除此之外，我們預計其餘投資組合中也會有一些資金流動，我們確實會繼續持有有效期到 24 年底以後的許可證。

It's not only the fall-off go forward. It's the year that you're in. You project your business out conservatively so you can manage your inventory in the exit of a license category. So in spite of all that, I think it's remarkable that we're guiding the way we are with adjusting now, what we buy and when we buy it for. So I think we're in a great position.

這不僅僅是前進的衰退。這是你所在的年份。您可以保守地規劃您的業務，以便能夠在許可證類別退出時管理您的庫存。因此，儘管如此，我認為我們現在調整購買什麼以及何時購買的方式是十分了不起的。所以我認為我們處於非常有利的地位。

Got the question about Donna Karan?

對唐娜·卡蘭 (Donna Karan) 有疑問嗎？

We don't disclose the segmented pieces of our business. I'll tell you; it's the best launch that we've had. And we anticipate growth that approaches 40% go forward and -- the margins on Donna Karan are the best in the company with not touching the global side of the business. There's no distribution outside of North America, and it's concise, tailored, better distribution than a better than our other.

我們不會透露我們業務的各個部分。我會告訴你；這是我們迄今最好的一次發布。我們預計未來的成長率將接近 40%，而且在不影響全球業務的情況下，Donna Karan 的利潤率是公司中最高的。北美以外沒有分銷，而且它簡潔，量身定制，比我們的其他分銷更好。

Nice to hear that. Just last one, maybe could you talk a little bit more about the gross margin in Q4, like pre outperformance. I know you mentioned a little bit about the details there in the prepared remarks, but just wanted if you can provide a little bit more insight, that would be great.

很高興聽到這個。最後一個問題，您能否再多談一下第四季的毛利率，例如之前的表現。我知道您在準備好的評論中提到了一些細節，但我只是希望如果您能提供更多見解，那就太好了。

We've been seeing stronger margins, obviously, from the businesses that we own. We don't pay a royalty on those businesses. That's a component. Overall, a lot of the portfolio performed stronger than the prior year. While I wouldn't characterize it as a strong coat year, it was certainly stronger than the coat year in the prior year, and the coat margins were strong. If you look at the prior year, were see, you'd also see that was probably our lowest gross margin.

顯然，我們所擁有的業務的利潤率一直在提高。我們不對這些業務支付特許權使用費。這是一個組件。整體而言，許多投資組合的表現都比前一年強勁。儘管我不會將今年描述為外套銷售強勁的一年，但它肯定比前一年外套銷售強勁，並且外套利潤率也很高。如果您回顧前一年，您會發現那可能是我們的毛利率最低的一年。

So I think all of those components lead towards what was a very strong gross margin result and somewhat consistent with what we had forecasted from the beginning of the year, which was a slight improvement to gross margins from the previous year.

因此，我認為所有這些因素導致了非常強勁的毛利率結果，並且與我們年初的預測基本一致，即毛利率比上一年略有提高。

Thank you, Mauricio.

謝謝你，毛里西奧。

Dana Telsey, Telsey Advisor Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisor Group)。

Congratulations on the very nice fourth quarter. As you think about the growing of your own brands and you talked in your initial remarks, Morris, about the extended categories for Donna Karan or DKNY. How do you see that developing and coming into the picture? What are you seeing overall in terms of wholesale order trends especially with your largest customer. And when you think about your own DTC, particularly in North America, how do you see that developing?

恭喜您度過了非常美好的第四季。莫里斯，當您考慮自己品牌的發展時，您在最初的演講中談到了 Donna Karan 或 DKNY 的擴展類別。您如何看待這項發展和前景？就批發訂單趨勢而言，尤其是您最大的客戶，您總體上看到了什麼趨勢？當您考慮自己的 DTC，特別是在北美時，您認為它的發展會如何？

Thanks for your questions, Dana. The Donna Karan brand is, as I've stated before, and I guess our retailers will attest to it, it was an amazing launch. We created fabulous product. A lot of it is stemming from the archives of Donna herself.

謝謝你的提問，達娜。正如我之前所說，Donna Karan 品牌的發布令人驚嘆，我想我們的零售商也可以證明這一點。我們創造了極好的產品。其中許多內容源自唐娜本人的檔案。

The quality of what we delivered was excellent. That doesn't happen often in a launch. Maybe we were lucky, maybe we were good. Maybe everybody cares a little bit more about this one. But at the end of the day, it works seamlessly the opportunities are huge.

我們交付的產品品質非常好。這種事情在發表會上並不常見。也許我們很幸運，也許我們很優秀。或許每個人都更關心這一點。但最終，它運作無縫，機會巨大。

Clearly, in your first year out, forget about added classifications that will tack on to the brand. But your penetration is not what an existing brand, Donna Karan, Karl Lagerfeld, those brands are around for -- with us for five, six, seven, eight years.

顯然，在您離開的第一年，請忘記那些會附加在品牌上的附加分類。但你的滲透力並不及現有品牌，例如 Donna Karan、Karl Lagerfeld，這些品牌已經與我們合作了五、六、七、八年。

And we've matured with it, and we've built scale with it with Donna Karan the level of inventory that we carried to support it was not very high because it was a launch. We were cautious on the buy. The retailers were a little bit cautious on the initial purchases. But as the product hit, it just low out of all our stores, all our customers' stores and it was a chase to maximize the business through the course of the year, and we won't give you the total number, but it was the single biggest launch that we've had anything that we've ever tackled.

隨著它的不斷成熟，我們也與 Donna Karan 一起建立了規模，但由於它只是一次發布，因此我們為支持它而持有的庫存水平並不是很高。我們對購買持謹慎態度。零售商對最初的採購有點謹慎。但隨著產品的推出，它在所有商店、所有客戶的商店中都銷售一空，我們努力在全年實現業務最大化，我們不會告訴您總數，但這是我們有史以來最大的一次發布。

So -- and on top of it, we're forecasting internally close to a 40% increase in the size of the business going forward. it wasn't the Fluke thing. We've got commitments from our retailers. Our digital business had a hiccup when we first launched. We've solved it, so our direct-to-consumer digital is planned at being up more than 60% this year comp to our launch year.

因此 — 最重要的是，我們內部預測未來業務規模將成長近 40%。這不是僥倖的事。我們已經獲得了零售商的承諾。我們的數位業務在剛推出時遇到了一些問題。我們已經解決了這個問題，因此我們計劃今年的直接面向消費者的數位業務量比推出年增長 60% 以上。

So all good things, there is an appetite in Europe. We're questioning whether we're ready for Europe with the appropriate marketing. We have an aggressive budget on marketing as we see that it takes quite a bit to create the customer awareness and win that customer. So all things are in really good shape.

所以，所有好的東西，歐洲都有胃口。我們正在思考我們是否已經做好了以適當的方式進入歐洲市場的準備。我們在行銷方面投入了充足的預算，因為我們發現，建立客戶意識並贏得客戶需要花費相當多的精力。所以一切情況都很好。

Our getting away from Donna for the moment, we will launch a more casual element of Donna go forward. And we will open some stores in North America going forward. We're just not ready for the store launch and we'll touch on the more casual piece this year for fourth quarter, it will be in the stores. So that's extending the brand's presence. We've -- we have a very, very proud group that is limiting the distribution to the appropriate retail partners -- and it's great.

我們暫時告別Donna，以後我們會推出更多帶有休閒元素的Donna。我們未來還會在北美開設一些商店。我們還沒有為商店的開業做好準備，今年第四季我們將推出更休閒的產品，它將在商店中上架。這就擴大了品牌的影響力。我們 - 我們有一個非常非常自豪的團隊，將分銷限制在適當的零售合作夥伴 - 這是偉大的。

We've succeeded. I think [Jerry] came in and applauded the effort.

我們成功了。我認為 [Jerry] 進來並對這項努力表示讚賞。

With respect to order trends, Dana, they're pretty similar to what we experienced last year. This time of the year, we have about 50% of our order book done we've shown for fall. And certainly the spring order book. So very similar to where we were last year and in support of really what our initial forecast look like.

關於訂單趨勢，Dana，它與我們去年經歷的非常相似。每年的這個時候，我們的秋季訂單已經完成了大約 50%。當然還有春季訂單。與我們去年的情況非常相似，並且確實支持了我們最初的預測。

We're focused on the execution in DTC, we're adjusting our quick response needs through our warehouses. As I stated, we're closing warehouses this year and making the ones that are responsible or direct-to-consumer, more accountable for immediate service to that consumer who pretty much demands it.

我們專注於DTC的執行，並透過我們的倉庫調整我們的快速回應需求。正如我所說的，我們今年將關閉一些倉庫，讓那些負責或直接面向消費者的倉庫更負責地為那些最需要它的消費者提供即時服務。

Again, with Donna Karan, as I said, we had a glitch. We fixed it. We fixed the marketing side of it, and we're seeing an amazing difference our business February, March has more than doubled what we had a year ago. We've redefined leadership in our digital side of the business as well. So we've done a lot of work. Our team is ready to go and ready to post numbers that will make a difference for our company.

再次，正如我所說，我們與唐娜·卡蘭 (Donna Karan) 合作時遇到了一些小問題。我們修好了它。我們解決了行銷方面的問題，看到了驚人的變化，二月和三月我們的業務比去年同期增長了一倍多。我們也重新定義了業務數位化的領導力。因此我們做了很多工作。我們的團隊已經準備就緒，準備發布能為公司帶來改變的數字。

Thank you for your questions and thank you for your support. With that I appreciate everybody's interest in joining us today, and I hope you enjoy your spring season. Thank you.

感謝您的提問，感謝您的支持。我感謝大家今天加入我們的興趣，並希望大家享受春天的時光。謝謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。現在您可以斷開連接並享受美好的一天。