G-III Apparel Group Ltd (GIII) 2026 Q1 法說會逐字稿

Good day, and welcome to the G-III Apparel Group first quarter fiscal 2026 earnings call. (Operator Instructions) As a reminder, this call may be recorded.

大家好，歡迎參加 G-III Apparel Group 2026 財年第一季財報電話會議。（操作員指示）提醒一下，此通話可能會被錄音。

I would now like to turn the call over to Neal Nackman, company Chief Financial Officer. Please go ahead.

現在我想將電話轉給公司財務長尼爾·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 guaranteed, 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。前瞻性陳述不保證，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 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.

本公司向美國證券交易委員會提交的文件中討論了可能導致公司實際經營業績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義務。

In addition, during the call, we will refer to non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA, which are all non-GAAP financial measures. We have provided reconciliations of these non-GAAP financial measures to GAAP measures in our press release, which is also available on our website.

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 (EBITDA)，這些都是非公認會計準則財務指標。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。

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

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)。

Good morning. Thank you, Neal, and welcome, everyone. We delivered solid first-quarter results with earnings outperformance that exceeded the high end of our guidance. Our first quarter results were driven by double-digit growth of our key owned brands DKNY, Karl Lagerfeld, and Donna Karan, mostly offsetting the lost sales of the exited Calvin Klein jeans and sportswear license business.

早安.謝謝你，尼爾，歡迎大家。我們第一季的業績表現穩健，獲利超出了我們預期的上限。我們第一季的業績得益於我們的主要自有品牌 DKNY、Karl Lagerfeld 和 Donna Karan 的兩位數增長，這基本上抵消了退出 Calvin Klein 牛仔褲和運動服許可業務所造成的銷售損失。

These results are a testament to our ability to execute our strategic priorities by leveraging our diverse portfolio of globally recognized brands and our unwavering commitment to different brand building and operational excellence.

這些結果證明了我們有能力利用全球知名品牌的多元化組合以及對不同品牌建立和卓越營運的堅定承諾來執行我們的策略重點。

As we've entered the second quarter, we saw a cooler weather negatively impacting early spring. As the weather got more seasonal, we've seen positive sales momentum across our brands, channels and regions. We're cautiously optimistic about the consumer environment and are encouraged by the health of our brands and business as we execute in the second quarter and are actively taking advantage of the market disruption to further capture market share.

進入第二季度，寒冷的天氣對早春產生了負面影響。隨著天氣變得更加季節性，我們看到各個品牌、通路和地區的銷售動能呈現正向態勢。我們對消費環境持謹慎樂觀的態度，並對我們的品牌和業務在第二季度的執行情況感到鼓舞，並積極利用市場混亂來進一步佔領市場份額。

Before reviewing our quarterly results, I want to address the broader macroeconomic environment and the recent tariff developments. While the global landscape remains uncertain, we are staying focused on what we can control by executing our strategy to drive profitable growth and positioning G-III to capture market share throughout this period of disruption and beyond.

在回顧我們的季度業績之前，我想談談更廣泛的宏觀經濟環境和最近的關稅發展。儘管全球格局仍不明朗，但我們仍將專注於我們能夠控制的事情，透過執行我們的策略來推動獲利成長，並定位 G-III 以在這段混亂時期及以後佔領市場份額。

Based on incremental tariffs, we estimate the potential unmitigated tariff impact for fiscal 2026 to be approximately $135 million. We're actively working to reduce the impact through a combination of strategies, including continued sourcing diversification, vendor negotiations, selective retail price increases, disciplined inventory management, cost savings, and operational efficiencies.

根據增量關稅，我們估計 2026 財年的潛在未緩解關稅影響約為 1.35 億美元。我們正在積極努力透過多種策略來減少影響，包括持續的採購多樣化、供應商談判、選擇性零售價格上漲、嚴格的庫存管理、節省成本和提高營運效率。

Starting with sourcing and vendor negotiations. We're leveraging our scale with our long-standing suppliers to negotiate discounts to partially offset cost increases without compromising the high-quality, value-driven assortments G-III is always known for. With over 50 years of sourcing experience, we've consistently led the way in global production shifts.

從採購和供應商談判開始。我們利用我們的規模與長期供應商協商折扣，以部分抵消成本增加，同時又不損害 G-III 一貫以高品質、價值驅動的產品組合而聞名。憑藉 50 多年的採購經驗，我們一直在全球生產轉變中處於領先地位。

From our beginnings in a single New York City factory, we were early movers, relocating production to South Korea, then Indonesia, then Mongolia and eventually China, capitalizing on emerging sourcing markets as they open.

從最初在紐約市的一家工廠開始，我們率先採取行動，將生產轉移到韓國，然後是印尼、蒙古，最後是中國，利用新興採購市場的開放。

Today, our well-diversified supply chain stands over 40 countries across Southeast Asia, the Middle East, Europe, and the Americas, supported by a team of over 400 professionals on the ground. As a result, China will represent less than 20% of our production by year-end down from nearly 90% several years ago.

如今，我們多元化的供應鏈遍布東南亞、中東、歐洲和美洲的 40 多個國家，並由 400 多名當地專業人員提供支援。因此，到今年年底，中國產量將占我們總產量的 20% 以下，而幾年前這一比例接近 90%。

Next, on pricing, we're actively negotiating with retailers and will selectively raise prices. With over 30 in-demand brands across categories, price points and channels, our portfolio offers strong pricing power. Consumers are willing to pay more when quality and value are clear.

接下來在定價方面，我們正在積極與零售商進行談判，並選擇性地提高價格。我們的產品組合涵蓋跨類別、跨價位、跨通路的 30 多個熱門品牌，並具有強大的定價能力。當品質和價值明確時，消費者願意支付更多。

This is evident in the strong AURs and growing demand for our newer brands like Donna Karan and Karl Lagerfeld, whose distribution is extremely limited in the off-price channel because these brands, along with our new license initiative are new to the market, this gives us the opportunity to set higher initial price points. We'll continue to monitor consumer response closely to protect both market share and profitability.

這體現在強勁的 AUR 和對 Donna Karan 和 Karl Lagerfeld 等新品牌不斷增長的需求上，這些品牌在折扣渠道的分銷極其有限，因為這些品牌以及我們的新許可計劃都是新進入市場的，這讓我們有機會設定更高的初始價格點。我們將繼續密切關註消費者的反應，以保護市場份額和獲利能力。

On the inventory front, we're in good shape, ending the quarter down 5% to last year as we continue to manage inventory tightly, staying disciplined in our buys. In terms of our cost savings initiatives, as we enter the Calvin Klein and Tommy Hilfiger businesses, we're realigning our organization to unlock further efficiencies in fiscal [2007] and beyond. This includes streamlining and spring aligning our warehouse network which will result in the exit of four warehouses and related staff reduction of over 150 people.

在庫存方面，我們的狀況良好，由於我們繼續嚴格管理庫存，在採購中保持紀律，本季末庫存比去年同期下降了 5%。就我們的成本節約舉措而言，隨著我們進入 Calvin Klein 和 Tommy Hilfiger 業務，我們正在重新調整我們的組織，以在 2007 財年及以後進一步提高效率。這包括精簡和春季調整我們的倉庫網絡，這將導致四個倉庫的退出和相關員工減少 150 多人。

Additionally, we're integrating and optimizing warehousing for our international businesses and reducing inbound freight costs through further consolidation of our brands. We're also investing in systems to increase supply chain transparency, upgrading digital tools to better support our omnichannel strategy and leveraging technology to drive more operational efficiencies.

此外，我們正在整合和優化國際業務的倉儲，並透過進一步整合我們的品牌來降低入境運費成本。我們也投資於提高供應鏈透明度的系統，升級數位工具以更好地支援我們的全通路策略，並利用技術提高營運效率。

On the real estate front, we successfully renegotiated favorable lease terms for our corporate offices, securing appropriate actions for kickouts on approximately one-third of our space. Additionally, we continue to focus on optimizing our global store footprint to improve productivity. Our North American retail segment is expected to break even this year further enhancing our operating income by $14 million.

在房地產方面，我們成功地為公司辦公室重新協商了有利的租賃條款，確保對大約三分之一的空間採取適當的驅逐行動。此外，我們繼續致力於優化我們的全球門市佈局以提高生產力。我們的北美零售部門預計今年將實現收支平衡，這將使我們的營業收入進一步增加 1,400 萬美元。

We had planned to relaunch our Sonia Rykiel brand this fall, but given the uncertainties, we made the decision to cancel production and postpone the launch. We've written down costs related to materials on hand and disbanded the dedicated team with plans to revisit the launch when the operating environment stabilizes.

我們原本計劃今年秋天重新推出 Sonia Rykiel 品牌，但考慮到不確定性，我們決定取消生產並推遲發布。我們已經減記了與現有材料相關的成本，並解散了專門的團隊，並計劃在營運環境穩定後重新考慮發布。

And in parallel, we're realigning our teams to support the organization's future needs. While we remain disciplined in managing expenses, we'll continue to invest in our key owned brands and other growth initiatives to support long-term expansion.

同時，我們正在重新調整我們的團隊以支援組織未來的需求。在我們嚴格管理費用的同時，我們將繼續投資於我們的主要自有品牌和其他成長計劃，以支持長期擴張。

Now let us review our first quarter fiscal 2026 financial results. Non-GAAP earnings per diluted share was $0.19 compared to $0.12 last year, well above the top end of our guidance range. Net sales for the quarter were $584 million, in line with our guidance. We remain in a strong financial position, ending the quarter with cash and availability of approximately $740 million.

現在讓我們來回顧一下2026財年第一季的財務表現。非公認會計準則每股攤薄收益為 0.19 美元，去年同期為 0.12 美元，遠高於我們預期範圍的最高值。本季淨銷售額為 5.84 億美元，符合我們的預期。我們的財務狀況依然強勁，本季末我們的現金和可用資金約為 7.4 億美元。

Turning to our strategic priorities. As we continue on our transformation journey, our top priority remains driving the growth of our own brands as they represent an important and sustainable long-term profit driver. These brands generate higher operating margins and provide an accretive licensing income stream.

談談我們的戰略重點。在我們繼續轉型的過程中，我們的首要任務仍然是推動自有品牌的成長，因為它們代表著重要且可持續的長期利潤驅動力。這些品牌產生更高的營業利潤率並提供了增值的授權收入流。

As I mentioned earlier, this quarter's results were driven by the strong performance of our key owned brands, DKNY, Karl Lagerfeld, and Donna Karan, which collectively grew double digits.

正如我之前提到的，本季的業績得益於我們的主要自有品牌 DKNY、Karl Lagerfeld 和 Donna Karan 的強勁表​​現，這些品牌總體實現了兩位數的成長。

International remains one of our largest untapped opportunities for our brands. We're developing our expertise in Europe, where the support of AWWG our brands are beginning to gain traction. We're building on our brand's already strong global recognition and investing in marketing to drive additional awareness and engagement in key markets of receipts.

國際市場仍然是我們品牌尚未開發的最大機會之一。我們正在歐洲發展我們的專業知識，在那裡，AWWG 的支持使我們的品牌開始獲得關注。我們正在鞏固我們品牌已經很強大的全球知名度，並投資行銷以推動主要收據市場的進一步認知和參與。

Now let me walk you through brand highlights from the first quarter. Donna Karan had a stellar first year after relaunching last spring, with momentum continuing into the first quarter. Sales grew nearly 50% to last year, and the brand's AURs and sell-throughs remain the strongest across our portfolio. We've just scratched the surface on the opportunity here in the US and are excited to introduce the brand into international markets with a potential of $1 billion in annual sales over the long term.

現在讓我帶您了解第一季的品牌亮點。Donna Karan 自去年春季重新推出以來，第一年就取得了輝煌的成績，而這一勢頭一直延續到第一季度。銷售額較去年同期成長了近 50%，該品牌的 AUR 和銷售量仍然是我們產品組合中最強勁的。我們剛剛在美國抓住了這個機會，並很高興將該品牌引入國際市場，長期來看，年銷售額有可能達到 10 億美元。

The brand saw a substantial growth in dresses, which nearly doubled this quarter as well as suit separates, which also saw significant growth. Saks, Nordstrom, as well as other premium retailers are expanding distribution into their stores after successful digital-only launch last year. At Nordstrom, we're quickly scaling and expect to be in 50 doors by fall.

該品牌的連身裙銷量大幅增長，本季增長近一倍，套裝銷量也實現了顯著增長。繼去年成功推出純數位版後，Saks、Nordstrom 以及其他高端零售商正在擴大其實體店的分銷範圍。在諾德斯特龍，我們正在快速擴張，預計到秋季將開設 50 家門市。

As a reminder, we never distributed categories for Calvin Klein and Tommy into full-price premium stores. Retailers are also dedicating additional floor space and currently, the brand is available in over 1,700 domestic points of sale, up from approximately 500 last spring. The brand's website, donnakaran.com also saw a strong growth led by the dress category.

提醒一下，我們從未將 Calvin Klein 和 Tommy 的類別分配到全價高檔商店。零售商也投入了更多的營業面積，目前，該品牌在國內銷售點已超過 1,700 個，比去年春季的約 500 個有所增加。該品牌的網站 donnakaran.com 也出現了以服裝類別為主導的強勁增長。

We have plenty of opportunities to expand across categories, including accessories. Our new premium handbag line is commanding AURs of up to $500 and seeing strong demand, underscoring the brand's resonance with aspirational consumers.

我們有很多機會擴展包括配件在內的各個類別。我們的新款高級手袋系列售價高達 500 美元，需求強勁，凸顯了該品牌與有抱負的消費者之間的共鳴。

We're thoroughly and thoughtfully expanding into additional lifestyle categories through our licensing partners with a focus on fragrance, intimates, home and menswear. Inter Parfums, a fragrance partner is building on the brand's iconic Cashmere Mist franchise with the launch of a new scent, Cashmere and Vanilla, which received positive reviews and is experiencing strong sell-throughs.

我們正在透過授權合作夥伴全面而周到地擴展到其他生活方式類別，重點關注香水、貼身衣物、家居和男裝。香水合作夥伴 Inter Parfums 在該品牌標誌​​性的 Cashmere Mist 系列的基礎上推出了一款新香水 Cashmere and Vanilla，這款香水獲得了好評，銷量強勁。

As part of this launch, we produced a capsule apparel collection made of 100% Cashmere available exclusively on the brand's digital side. On the marketing front, we've developed award-winning campaigns that have driven significant brand awareness and engagement since the relaunch. This spring's campaign featuring Kate Moss was equally powerful, reaching global audiences and exceeding our expectations with over $27 million in earned media value.

作為此次發布的一部分，我們製作了由 100% 羊絨製成的膠囊服裝系列，僅在該品牌的數位管道上銷售。在行銷方面，我們開展了屢獲殊榮的活動，自重新推出以來，這些活動大大提高了品牌知名度和參與度。今年春季以凱特摩斯 (Kate Moss) 為主角的廣告活動同樣震撼人心，觸及全球觀眾，並超越我們的預期，媒體價值超過 2700 萬美元。

A great indicator of the brand's strong recognition is its significant celebrity interest and a VIP red carpet styling moment, which includes Margot Robbie, Gwenyth Paltrow, Jenna Ortega, and Doechii, among others.

該品牌受到廣泛關注的一個重要指標是其受到眾多名人的青睞以及 VIP 紅毯造型時刻，其中包括瑪格羅比 (Margot Robbie)、格溫妮絲帕特洛 (Gwenyth Paltrow)、珍娜奧特加 (Jenna Ortega) 和 Doechii 等。

DKNY delivered another strong quarter with double-digit sales growth driven by momentum in North America. The brand is gaining share across categories as we deepen our lifestyle assortment. Jean sales more than doubled this quarter, and we saw additional outperformance in athleisure, handbags, swim and outerwear. DKNY has established a growing licensing income stream with best-in-class licensing partners.

DKNY 在本季再創佳績，在北美市場的推動下，銷售額將達到兩位數成長。隨著我們生活風格產品的種類不斷豐富，該品牌在各個類別中的份額也不斷增加。本季牛仔褲銷量成長了一倍多，運動休閒裝、手袋、泳裝和外套的銷量也表現出色。DKNY 與一流的授權合作夥伴建立了不斷增長的授權收入來源。

As a complement to our expanding men's outerwear offering, we're tapping into the opportunity in men's by licensing categories, including sportswear, suits, dress shirts, net wear and shoes. We've also established a successful license fragrance business with one of the brand's iconic fragrance franchises, Be Delicious, nominated as a finalist for the Fragrance Foundation 2025 Hall of Fame award.

作為我們不斷擴大的男士外套產品的補充，我們正在透過授權類別挖掘男士市場的機會，包括運動裝、西裝、正裝襯衫、網眼服裝和鞋子。我們還與該品牌的標誌性香水特許經營權之一 Be Delicious 建立了成功的授權香水業務，並被提名為香水基金會 2025 年名人堂獎的決賽入圍者。

On the marketing front, our Spring 2025 campaign featuring Lila Moss, rolled out across key global markets, including the US, UK, Italy, Germany, Spain, Portugal, South Korea, and the Middle East. Our digital and social influencer program kept the brand top of mind throughout the season. DKNY continues its successful partnership with the New York Yankees, with a prominent billboard in right field. And this year, we also sponsored a DKNY branded Jersey giveaway for over 18,000 fans entering Yankee Stadium.

在行銷方面，我們以 Lila Moss 為特色的 2025 年春季活動已在全球主要市場展開，包括美國、英國、義大利、德國、西班牙、葡萄牙、韓國和中東。我們的數位和社交影響力計劃讓品牌在整個季節都保持領先地位。DKNY 繼續與紐約洋基隊成功合作，在右外野設立了醒目的廣告看板。今年，我們還贊助了 DKNY 品牌球衣贈送活動，為進入洋基體育場的 18,000 多名球迷送出球衣。

Internationally, the brand is also gaining momentum. This quarter, Europe delivered strong growth across lifestyle categories with particular strength in jeans and accessories while the Middle East saw solid sell-throughs in core categories, including handbags, sportswear, and footwear. We remain in the early innings of international expansion.

在國際上，該品牌也正在蓬勃發展。本季度，歐洲的生活方式類別實現了強勁增長，尤其是牛仔褲和配飾，而中東地區的核心類別（包括手袋、運動服和鞋類）的銷售表現穩健。我們仍處於國際擴張的早期階段。

Karl Lagerfeld delivered another quarter of double-digit growth. In North America, the brand saw a particular strength in sportswear, footwear, dresses and suits, which collectively grew over 20%. We're leaning into white space opportunities in menswear by adding new license categories such as dress shirts and knitwear and that complements our men's outerwear and suit offerings.

卡爾·拉格斐 (Karl Lagerfeld) 再次實現兩位數季度成長。在北美，該品牌在運動服、鞋類、連身裙和西裝方面表現尤為強勁，這些產品的整體成長率超過 20%。我們正致力於抓住男裝領域的空白機會，增加新的許可類別，例如正裝襯衫和針織品，以補充我們的男士外套和西裝產品。

Internationally, the brand continues to expand with mid-single-digit sales increases driven by broad-based growth across channel and product categories. We're refining our assortment to reach a broader consumer while balancing the brand's aspirational appeal.

在國際上，該品牌繼續擴張，在各通路和產品類別的廣泛成長推動下，銷售額實現了中等個位數成長。我們正在完善我們的產品組合，以覆蓋更廣泛的消費者，同時平衡品牌的理想吸引力。

Our new Karl Studio line offers more premium fashion forward product and is soliciting strong press and consumer engagement with solid growth in the quarter. We saw almost 40% growth in digital across our partner marketplaces and karl.com. We're in the early stages of building out the Karl Lagerfeld jeans line which grew 50% in the quarter, helping us capture a younger consumer.

我們的全新 Karl Studio 系列提供更多高端時尚前衛產品，並吸引了媒體和消費者的強烈關注，本季實現了穩健成長。我們在合作夥伴平台和karl.com上實現了近40%的數位成長。我們正處於打造Karl Lagerfeld牛仔褲系列的早期階段，本季成長了50%，幫助我們吸引了更多年輕消費者。

The brand is experiencing solid sell-through for spring delivering strong comparable sales growth across full price and outlet stores. We're expanding the brand's retail footprint in key global markets, including the opening of the first store in Karl's hometown of Hamburg, Germany this quarter. To drive brand awareness in Asia, we recently launched the high-impact pileup in Seoul, Korea, a city celebrated for its bold expressive street style, making it an ideal market to spar consumer engagement.

該品牌春季銷售表現穩健，全價店和直營店的可比銷售額均實現強勁成長。我們正在擴大品牌在全球主要市場的零售足跡，包括本季在卡爾的家鄉德國漢堡開設第一家門市。為了提升品牌在亞洲的知名度，我們最近在韓國首爾推出了高影響力的連環畫活動，這座城市以其大膽富有表現力的街頭風格而聞名，是吸引消費者參與的理想市場。

This two-week activation offered an immersive journey into the world of Karl, bringing the brand to life in a vibrant and locally resonant setting. The results exceeded our expectations and sales at the pop up more than triple projections and the event generated significant media buzz. Key opinion leaders and influencers amplified our message, driving strong engagement, expanding our reach across digital and social platforms and generating significant brand awareness.

為期兩週的活動提供了一次沉浸式的 Karl 世界之旅，在充滿活力和當地共鳴的環境中讓品牌煥發生機。結果超出了我們的預期，彈出式銷售的銷售額是預期的三倍多，而這項活動引起了媒體的廣泛關注。關鍵意見領袖和影響者擴大了我們的訊息，推動了強大的參與度，擴大了我們在數位和社交平台上的影響力，並產生了顯著的品牌知名度。

This success underscores the tremendous untapped potential in Asia. We're energized by the momentum and are actively engaging with partners to unlock further growth opportunities in the region. In addition to growing our own brands, expanding our portfolio of strategic licenses remains a key pillar of our long-term strategy.

這一成功凸顯了亞洲尚未開發的巨大潛力。這一勢頭激勵著我們，我們正積極與合作夥伴合作，發掘該地區進一步的成長機會。除了發展我們自己的品牌之外，擴大我們的策略授權組合仍然是我們長期策略的重要支柱。

We believe these partnerships will further diversify our business model and drive growth in a capital-light way. Our over 30 globally recognized brands are differentiated across lifestyle categories, having a wide range of aesthetics, price points and distribution channels, appealing to a broad consumer base.

我們相信這些合作夥伴關係將進一步使我們的業務模式多樣化，並以輕資本的方式推動成長。我們擁有超過 30 個全球知名品牌，涵蓋不同的生活風格類別，具有廣泛的美學、價格點和分銷管道，吸引了廣泛的消費者群體。

We also have global distribution rights for some of our newer licenses. Meanwhile, a powerful corporate platform enables us to bring brands to market efficiently and at scale. Retailers value their relationship with G-III and consider us a partner of choice for exactly the reasons I just mentioned. Our partners have access to our substantial portfolio of brands and the significant value we offer in the high-quality commercial product that we supply at the right price points and on time.

我們也擁有一些較新許可證的全球分銷權。同時，強大的企業平台使我們能夠有效率、大規模地將品牌推向市場。零售商重視與 G-III 的關係，並將我們視為首選合作夥伴，原因正是我剛才提到的。我們的合作夥伴可以使用我們大量的品牌組合以及我們以合適的價格按時提供的高品質商業產品所提供的巨大價值。

Additionally, a key differentiator in the value-add service we provide through our dedicated field merchandisers who ensure our products are well represented on their sales floors, helping to drive strong profitability for our retail partners. In turn, retailers continue to invest in our brands by allocating premium floor space and expanding door counts fueling mutual growth.

此外，我們透過專門的現場銷售人員提供的增值服務成為我們的一個關鍵區別，他們確保我們的產品在他們的銷售場所得到很好的展示，從而幫助我們的零售合作夥伴實現強勁的盈利能力。反過來，零售商繼續投資我們的品牌，分配優質的樓面空間並擴大門市數量，促進共同成長。

Macy's naming us their 2024 Partner of the Year for the second time is a testament to this reflecting the strength of our 40-plus year relationship and our shared commitment to Echelon. Our newly launched Nautica jeans Houston and Champion outerwear at a good spring season and are scaling in size. Just a reminder, regarding Nautica, due to our licensing agreement with Tommy Hilfiger, we're currently limited in our ability to produce additional categories. These restrictions will be lifted as we return the Tommy Hilfiger categories.

梅西百貨第二次將我們評為 2024 年度合作夥伴，這充分證明了我們 40 多年的牢固合作關係以及我們對 Echelon 的共同承諾。我們新推出的 Nautica 牛仔褲和 Champion 外套正值春季，尺寸正在擴大。需要提醒的是，關於 Nautica，由於我們與 Tommy Hilfiger 簽訂了授權協議，我們目前生產其他類別產品的能力受到限制。當我們恢復 Tommy Hilfiger 類別時，這些限制將被取消。

In the first year of launching Nautica jeans, we more than offset the sales of the Tommy Jeans business. We're on track to launch Converse and BCBG this fall. Converse fall order book for North America and Western Europe is building nicely with first orders set to ship in August.

在推出 Nautica 牛仔褲的第一年，我們的銷售額就超過了 Tommy Jeans 業務的銷售額。我們計劃於今年秋季推出 Converse 和 BCBG。匡威在北美和西歐的秋季訂單進展順利，首批訂單將於 8 月出貨。

Converse provides access to a differentiated consumer and distribution network where our fashion brands have little or no presence. This includes big back sports specialty and sporting goods stores as well as Western Europe and through the brand's global distribution network, including the over 1,000 Converse stores that G-III can potentially service.

匡威為我們提供了一個差異化的消費者和分銷網絡，而我們的時尚品牌很少或根本沒有涉足這一領域。其中包括大型體育用品專賣店和體育用品商店以及西歐，並透過該品牌的全球分銷網絡，包括 G-III 可能服務的 1,000 多家匡威商店。

As for our PVH licenses, for this year, we expect our go-forward brands led by DKNY and Karl Lagerfeld, will largely offset the sales decline in the exited Calvin Klein jeans and sportswear licenses, which represented $175 million in sales last year.

至於我們的 PVH 授權，今年，我們預計以 DKNY 和 Karl Lagerfeld 為首的前進品牌將在很大程度上抵消已退出的 Calvin Klein 牛仔褲和運動服授權帶來的銷售下滑，這些授權去年的銷售額為 1.75 億美元。

Looking ahead to fiscal 2027, we're proactively preparing for the expiration of several key PVH licenses, including Calvin Klein outerwear and athleisure as well as Tommy Hilfiger outerwear, sportswear and athleisure. Over the course of our long-standing partnership, we've played a pivotal role in building the Calvin Klein and Tommy Hilfiger North American women's wholesale business, contributing to over $15 billion in cumulative wholesale sales.

展望 2027 財年，我們正在積極為幾個關鍵 PVH 許可證的到期做準備，包括 Calvin Klein 外套和運動休閒裝以及 Tommy Hilfiger 外套、運動裝和運動休閒裝。在我們長期的合作過程中，我們在打造 Calvin Klein 和 Tommy Hilfiger 北美女裝批發業務方面發揮了關鍵作用，累計批發銷售額超過 150 億美元。

As PVH transitions to managing these categories directly or through new licenses, they will face the dual challenge of building the necessary infrastructure and onboarding new partners while G-III has the opportunity to capture market share and accelerate growth of our portfolio.

隨著 PVH 轉向直接或透過新許可證管理這些類別，他們將面臨建立必要基礎設施和引入新合作夥伴的雙重挑戰，而 G-III 則有機會佔領市場份額並加速我們產品組合的成長。

As we look forward, we're focused on our own brands, and we will be able to fully unlock the global potential of our portfolio. Our strong balance sheet also affords us the ability to pursue future licenses and acquisition opportunity that align with our long-term growth strategy.

展望未來，我們將專注於自己的品牌，並能夠充分釋放我們產品組合的全球潛力。我們強勁的資產負債表也使我們能夠尋求符合我們長期成長策略的未來授權和收購機會。

Turning to our next strategic priority of enhancing our omnichannel capabilities, which includes continuing to improve our North American retail segment, store operations and strengthening our digital ecosystem. In North America, we reduced the losses in our retail segment by more than half last year after successfully executing our turnaround strategies which included management changes, reducing our store footprint, and remerchandising product on our floors to present a better brand experience.

我們接下來的策略重點是增強我們的全通路能力，其中包括繼續改善我們的北美零售部門、門市營運和加強我們的數位生態系統。在北美，我們成功實施了扭虧為盈策略，包括管理層變動、減少門市面積以及重新銷售店內產品以提供更好的品牌體驗，從而使去年零售部門的虧損減少了一半以上。

As I've stated earlier, this year, we expect the business to break even, eliminating approximately $14 million in operating losses, and we remain on track to achieve these results. On the digital front, we saw a high single-digit sales growth across retailer sites and pure-play platforms.

正如我之前所說，今年我們預計業務將實現收支平衡，消除約 1,400 萬美元的營運虧損，我們仍有望實現這些成果。在數位領域，我們看到零售商網站和純平台的銷售額均實現了高個位數成長。

Our investments in upgrading our owned websites and our expanded lifestyle offerings on pure-play platforms is helping to enhance our brand's presence across digital touch points and driving market share gains. We continue to invest in supporting this ever-important channel and ensuring the consumer can access our brands wherever they shop.

我們對升級自有網站和在純平台上擴展生活風格產品的投資有助於提升我們品牌在數位接觸點上的影響力並推動市場份額的成長。我們將繼續投資支持這項至關重要的管道，並確保消費者無論在哪裡購物都能購買到我們的品牌。

In closing, we delivered a solid first quarter, fueled by the strength of our key owned brands. amid ongoing macroeconomic uncertainty, we remain disciplined and focused on the levers within our control. We're reaffirming our fiscal year 2026 top line guidance and are actively working to mitigate the impact of tariffs.

最後，由於我們自有品牌的強勁表現，我們在第一季取得了穩健的業績。在持續的宏觀經濟不確定性中，我們依然保持紀律，並專注於我們能夠控制的槓桿。我們重申 2026 財年的最高業績指引，並積極努力減輕關稅的影響。

Our experienced leadership team has successfully navigated through major market disruptions, and we're confident in our ability to emerge from this period even stronger. Backed by a healthy balance sheet, we're investing in our highest conviction growth priorities, including accelerating global growth of our portfolio of brands, deepening consumer engagement, creating iconic products and enhancing our brand portfolio through both licensing and potential acquisitions.

我們經驗豐富的領導團隊成功度過了重大的市場動盪，我們有信心我們能夠走出這段時期，變得更強大。在健康資產負債表的支持下，我們正在投資我們最堅定的成長重點，包括加速我們品牌組合的全球成長、深化消費者參與度、創造標誌性產品以及透過授權和潛在收購來增強我們的品牌組合。

I want to reiterate how excited I am by our globally recognized brands and the strength of that platform. We're well positioned to drive sustainable, profitable growth and deliver long-term value for our shareholders.

我想重申一下，我對我們全球知名的品牌和該平台的實力感到多麼興奮。我們已做好準備，推動可持續的獲利成長，並為股東創造長期價值。

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

現在我將電話轉給尼爾，他將向您介紹 2026 財年第一季的財務業績，並為第二季提供一些指導。

Thank you, Morris. Net sales for the first quarter ended April 30, 2025, were $584 million compared to $610 million in the same period last year, in line with our expectations. Net sales of our wholesale segment were $563 million compared to $598 million in the previous year. Net sales of our retail segment were $36 million for the quarter compared to net sales of $31 million in the previous year.

謝謝你，莫里斯。截至 2025 年 4 月 30 日的第一季淨銷售額為 5.84 億美元，而去年同期為 6.1 億美元，符合我們的預期。我們批發部門的淨銷售額為 5.63 億美元，而前一年為 5.98 億美元。本季我們零售部門的淨銷售額為 3,600 萬美元，而去年同期的淨銷售額為 3,100 萬美元。

Our gross margin percentage was 42.2% in the first quarter of fiscal 2026 compared to 42.5% in the previous year's first quarter. The Wholesale segment's gross margin percentage was 40.4% compared to 40.9% in last year's comparable quarter. The gross profit percentage in the current year's period decreased 50 basis points due to unfavorable product mix, which was partially offset by the increased sales of our higher margin owned brands.

2026 財年第一季我們的毛利率為 42.2%，去年同期第一季為 42.5%。批發部門的毛利率為 40.4%，去年同期為 40.9%。由於產品組合不佳，本年度毛利率下降了 50 個基點，但利潤率較高的自有品牌的銷售成長部分抵消了這一下降。

The gross margin percentage in our retail operations segment was 53.5% compared to 47% in the prior year's period. The gross margin in the current year saw a significant improvement driven by our merchandising and execution initiatives as part of our retail segment turnaround strategy as well as strong digital sales growth of our Donna Karan products, which carry higher AURs.

我們零售業務部門的毛利率為 53.5%，去年同期為 47%。作為我們零售部門轉型策略的一部分，我們的商品推銷和執行舉措，以及具有更高 AUR 的 Donna Karan 產品強勁的數位銷售成長，推動了本年度毛利率的顯著提高。

Non-GAAP SG&A expenses were $231 million compared to $237 million in the previous year's first quarter. The decrease in expenses to last year was primarily due to a reduced advertising expense in this quarter versus the higher spend in the prior year related to the relaunch of the Donna Karan brand and DKNY marketing campaigns. In addition, we experienced lower advertising expenses resulting from a decreased net sales of licensed product in the current period.

非公認會計準則銷售、一般及行政費用為 2.31 億美元，去年第一季為 2.37 億美元。去年費用的減少主要是由於本季廣告費用的減少，而去年與重新推出 Donna Karan 品牌和 DKNY 行銷活動相關的支出較高。此外，由於本期授權產品淨銷售額下降，導致我們的廣告費用也下降。

Non-GAAP net income for the first quarter was $8.4 million or $0.19 per diluted share compared to $5.8 million or $0.12 per diluted share in the previous year's first quarter.

第一季非公認會計準則淨收入為 840 萬美元或每股攤薄收益 0.19 美元，去年同期為 580 萬美元或每股攤薄收益 0.12 美元。

Turning to the balance sheet. Inventories are in excellent shape at $456 million at the end of the quarter decreasing 5% from the previous year's $480 million. We ended the quarter with a net cash position of approximately $239 million compared to a net cash position of $82 million in the prior year. We repurchased 800,000 shares for approximately $20 million in the quarter. We remain in a very strong financial position with approximately $740 million of liquidity.

轉向資產負債表。庫存狀況良好，本季末庫存為 4.56 億美元，較上年的 4.8 億美元下降 5%。本季末，我們的淨現金狀況約為 2.39 億美元，而去年同期的淨現金狀況為 8,200 萬美元。我們在本季回購了 80 萬股，價值約 2,000 萬美元。我們的財務狀況仍然非常強勁，擁有約 7.4 億美元的流動資金。

Our financial strength provides us flexibility to invest in our business and other strategic opportunities to drive future growth.

我們的財務實力使我們能夠靈活地投資於我們的業務和其他策略機會，以推動未來的成長。

Turning to guidance. For the full fiscal year 2026, we are reaffirming our net sales guidance of approximately $3.14 billion. However, due to uncertainty around tariffs and related macroeconomic conditions, we have withdrawn our net income, non-GAAP net income, and adjusted EBITDA guidance for fiscal 2026 issued on our last earnings call on March 13, 2025. We estimate the unmitigated impact of tariffs on product imported into the US to be approximately $135 million, which include an incremental tariff rate of 30% on Chinese products and 10% on imports from other countries.

轉向指導。對於整個 2026 財年，我們重申淨銷售額預期約為 31.4 億美元。然而，由於關稅和相關宏觀經濟條件的不確定性，我們撤回了在 2025 年 3 月 13 日的上次收益電話會議上發布的 2026 財年淨收入、非 GAAP 淨收入和調整後的 EBITDA 指引。我們估計，關稅對美國進口產品的實際影響約為 1.35 億美元，其中包括對中國產品徵收 30% 的增量關稅，以及對其他國家進口產品徵收 10% 的增量關稅。

As Morris outlined in his prepared remarks, we are working diligently to offset the impact of tariffs through diversifying our sourcing mix and vendor discounts, selective price increases and other cost-saving initiatives. As you can imagine, this is an iterative process that we are actively managing and are focused on mitigating as much as we can. We expect the impact of tariffs to be predominantly weighted to the second half of fiscal 2026.

正如莫里斯在其準備好的演講中所概述的那樣，我們正在努力透過多樣化採購組合和供應商折扣、選擇性提價和其他節約成本的舉措來抵消關稅的影響。正如您所想像的，這是一個迭代過程，我們正在積極管理並致力於盡可能地緩解影響。我們預計關稅的影響將主要集中在 2026 財年下半年。

For the second quarter of fiscal year 2026, we expect net sales to be approximately $570 million compared to $645 million in the prior year. The majority of the decrease to last year is related to timing shifts in certain programs from the second quarter into the second half of this year as well as supply chain disruptions we are experiencing as a result of incremental tariffs. We expect gross margins for the second quarter to be generally in line with last year, and at this point, are anticipating only a small impact from tariffs in the quarter.

對於 2026 財年第二季度，我們預計淨銷售額約為 5.7 億美元，而上一年為 6.45 億美元。與去年相比，下降的主要原因是某些項目從今年第二季到下半年的時間變化，以及由於關稅增加而導致的供應鏈中斷。我們預計第二季的毛利率將與去年基本持平，目前預計本季關稅的影響很小。

We expect non-GAAP net income per diluted share for the second quarter of fiscal 2026 to be between $1 million and $6 million or between $0.02 and $0.12 per diluted share. This compares to non-GAAP net income of $23.8 million or $0.52 per diluted share in fiscal 2025.

我們預計 2026 財年第二季非 GAAP 每股攤薄淨利潤在 100 萬美元至 600 萬美元之間，或每股攤薄淨利潤在 0.02 美元至 0.12 美元之間。相比之下，2025 財年非 GAAP 淨收入為 2,380 萬美元，即每股攤薄收益 0.52 美元。

With respect to modeling sales cadence in the back half, we anticipate a low single-digit increase for the third quarter and a mid-single-digit increase in the fourth quarter, inclusive of the new launches for the fall and holiday season.

對於下半年的銷售節奏建模，我們預計第三季將出現低個位數成長，第四季將出現中等個位數成長，其中包括秋季和假期季節的新產品發布。

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，請他作最後發言。

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.

謝謝你，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，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、我們的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，我們現在可以回答一些問題。

Ashley Owens, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Ashley Owens。

So maybe just starting off, you talked about taking price increases as part of the plan and discussing some pricing power in AURs and some of your own brands. With these being newer and still more limited in distribution, is this where the focus is for some of those price increases or maybe just more broadly, what parts of the assortment, whether it be dresses, coats, et cetera, do you see the most opportunity to take price?

因此，也許剛開始時，您就談到將價格上漲作為計劃的一部分，並討論了 AUR 和一些自有品牌的一些定價權。由於這些產品較新且分銷管道較為有限，這些價格上漲的重點是否在於此？或者更廣泛地說，您認為哪些商品（無論是洋裝、外套等）最有降價的機會？

Thanks for the question, Ashley. It's actually a really good one. We're getting a great level of cooperation from our retailers in adjusting pricing in targeted areas of our business. We're not arbitrarily taking a 10% increase or 6% or a 15% increase. We're looking at the opportunities that the consumer will accept.

謝謝你的提問，阿什利。它確實非常好。在調整我們業務目標領域的定價方面，我們得到了零售商的高度合作。我們不會隨意增加 10% 或 6% 或 15%。我們正在尋找消費者願意接受的機會。

It seems that our retailers are accepting what we suggest. We are partners in this path, and we will find price points that work effectively for ourselves, our retailers and most importantly, for the consumer.

看來我們的零售商正在接受我們的建議。我們是這條道路上的合作夥伴，我們將找到對我們自己、我們的零售商以及最重要的消費者最有效的價格點。

The advantage we have is we have several brands that do not have pricing pressure. We're retailing Donna Karan effectively with good margin and amazing sell-throughs at higher price point. We're positioned differently than with Calvin and Tommy Hilfiger. There's no real history and if there is, it relates to designer and Donna Karan in her peak produced product dresses that were $1,000 or $1,500.

我們的優勢在於我們擁有幾個沒有定價壓力的品牌。我們以較高的價格有效地零售 Donna Karan，利潤豐厚，銷售量驚人。我們的定位與 Calvin 和 Tommy Hilfiger 不同。沒有真正的歷史，如果有的話，它與設計師唐娜·卡蘭 (Donna Karan) 在其巔峰時期生產的價格為 1,000 美元或 1,500 美元的產品連衣裙有關。

So when a consumer walks in to see a Donna Karan dress or a sportswear or athleisure, they say, "Oh my god, what value this really is. And with that, we've taken a different approach. We've taken the iconic and dresses and sportswear and pretty much the entire collection that Donna had created and adjusted the fabrics, but kept the trends actual and we're getting amazing attention for it and great sell-through. So not very difficult to raise our price points.

因此，當消費者走進來看到 Donna Karan 的連身裙、運動服或運動休閒服時，他們會說，「天哪，這東西到底有多值錢。因此，我們採取了不同的方法。我們採用了標誌性的連身裙和運動裝以及唐娜設計的幾乎整個系列，並調整了面料，但保持了實際的流行趨勢，我們因此獲得了驚人的關注和巨大的銷售。因此要提高我們的價格點並不是很困難。

With Karl Lagerfeld similar form. Karl's got a unique identity, European without distribution, very little distribution in the off-price channel. So the comparatives and the retailers that we're selling to are very reasonable, and the brand has amazing pricing power. Again, that has a lot to do mostly to do with how we create product and how we keep quality and integrity of the brand in place. So those are advantages.

與Karl Lagerfeld的造型相似。Karl's 具有獨特的身份，在歐洲沒有分銷管道，折扣管道的分銷也很少。因此，我們的產品與零售商的比較非常合理，而且該品牌擁有驚人的定價能力。再次強調，這主要與我們如何創造產品以及如何維持品牌的品質和完整性有關。這些都是優勢。

The launch of Converse is yet another one. There's virtually no apparel or adult apparel in the pipeline or in the past for Converse. So our pricing can be adjusted and hopefully, that gets accepted.

Converse 的推出是另一個例證。匡威 (Converse) 過去或現在幾乎沒有生產過任何服裝或成人服裝。因此我們的定價可以調整，並且希望能夠被接受。

And getting it past our retailers or our customers is an easier process because there's no real reference point. The consumer is really what we look at. What will they accept. And the other area, the other area of opportunity is the fact that we'll be distributing to a different level of retailer and a big percentage of our business and the sourcing arm is the same.

而且，讓零售商或客戶了解這一點是一個比較容易的過程，因為沒有真正的參考點。我們真正關注的是消費者。他們會接受什麼。另一個領域，另一個機會領域是，我們將向不同層級的零售商進行分銷，但我們業務的很大一部分和採購部門是相同的。

The factories are very, very much the same and our negotiating ability with the factories is as strong as anybody in the industry, my bet is we're much stronger -- it's always been a focus of this company where -- we're keyed in on developing factories, partnering with them regardless of what country it is. We have a reputation for not abandoning a vendor that goes a long way in this type of environment.

這些工廠都非常非常相似，我們與工廠的談判能力與業內任何人一樣強，我敢打賭我們更強大——這一直是我們公司的重點——我們專注於發展工廠，與他們合作，無論他們在哪個國家。我們以不會拋棄在此類環境中走得很遠的供應商而聞名。

So I think we have an advantage, and I do not see -- it's all open. We're not certain where tariffs level off. But if they remain in this zone, I believe we're fine. I hope that answers your question, Ashley.

所以我認為我們有優勢，而且我看不出來——一切都是開放的。我們不確定關稅何時會趨於平穩。但如果他們留在這個區域，我相信我們會沒事的。我希望這能回答你的問題，艾希莉。

Yeah. No, no, super helpful. Maybe just one really quickly here on the guide with the relaunch or the postponed of Sonia, anything there that was factored into the guide for that? And then additionally to with just regards to the order book, what you are doing for demand planning is looking at the second half? Any pulling back on supply with potential for less consumer demand if it does slow down?

是的。不，不，非常有幫助。也許只是在指南中快速介紹索尼婭的重新啟動或推遲，指南中是否考慮到了任何因素？另外，除了訂單之外，您在需求計劃方面所做的工作是關注下半年嗎？如果經濟確實放緩，是否會減少供應並導致消費需求減少？

So as it relates to Sonia Rykiel, we worked hard at developing an amazing collection of product. We sold into the stores that we needed to in Europe. It was accepted -- the price points were accepted, a great deal of difficulty in launching a brand with production in small units, sourcing the appropriate factories that are, in a sense, doing us a favor to launch. We're always working short on margin to get the product produced in place, then our view was it was not going to be a very big business, it was money and we would position the brand for the future.

因此，就 Sonia Rykiel 而言，我們努力開發一系列令人驚嘆的產品。我們向歐洲需要的商店銷售產品。這是可以接受的——價格點是可以接受的，推出小批量生產的品牌存在很大困難，尋找合適的工廠在某種意義上對我們推出產品有幫助。我們總是在利潤有限的情況下努力生產產品，我們認為這不會是一個非常大的生意，而是為了錢，我們會為品牌的未來定位。

As tariffs became out of hand and the process became complicated, production kind of lost its taste for doing us a favor and produce small units. So we decided the best thing to do is pack up and come back another day. And we've disappointed some retailers, mostly in Europe. And we disbanded the showroom, the people that were staffed to run it, and design is now focused on another area of our business. So not a costly event.

隨著關稅失控和流程變得複雜，生產不再願意幫我們生產小批量產品。所以我們決定最好的方法就是收拾行李，改天再來。我們讓一些零售商感到失望，主要是歐洲的零售商。我們解散了展廳和負責管理的人員，現在設計將集中在我們業務的另一個領域。所以這不是一個昂貴的活動。

It would have been far more costly to go forward for the year, and we felt this was not the year to to launch a brand and lose money doing it. So it was a decision with my sounding board at G-III, and we decided that we do.

如果今年繼續推進的話，成本會高得多，而且我們認為今年不適合推出品牌並因此而虧損。所以這是我和 G-III 的顧問們共同做出的決定，我們決定這麼做。

Ashley, with respect to the order book and your question on supply challenges, the -- look, we're certainly anticipating acceleration in the second half. We've got launches that come on in the second half. If you looked at what we did last year, you saw we had a very strong second half as opposed to the first. These businesses have bigger seasons, the ones we launched in the fall versus the spring period of time. I would say that the certainly, ordering demand is slightly slower this year than we were last year.

阿什利，關於訂單和你關於供應挑戰的問題，我們當然預計下半年會加速。我們將在下半年推出新產品。如果你回顧我們去年的表現，你會發現與上半年相比，我們下半年表現非常強勁。這些業務的季節性比較大，我們在秋季而不是春季推出了這些業務。我想說的是，今年的訂購需求肯定比去年略慢。

But we remain cautiously optimistic that the consumer will be there for us. They'll be there for the brands we're delivering. We've got a lot of newness going out there. And that's really what gives us confidence again in the second half order book.

但我們仍然謹慎樂觀地認為消費者會支持我們。他們會支持我們所提供的品牌。我們有很多新鮮事物要推出。這確實讓我們對下半年的訂單再次充滿信心。

In terms of supply, we're always prudent with respect to our inventory purchases, and we buy in accordance with things that we'll be comfortable with should demand get soft on us. So it's something that we've been managing through -- throughout our entire careers here and something that we do well.

在供應方面，我們在庫存採購方面始終非常謹慎，並且根據我們能夠承受的需求疲軟程度進行採購。所以這是我們整個職業生涯中一直在管理的事情，也是我們做得很好的事情。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Just first, could you talk about roughly how much is this timing shift that you mentioned on the Q2 guide impacting the revenue outlook? And does that all shift to Q3? Or is it actually like spread out in Q2 and Q3? And then just on tariffs, like any sense of like how much you expect to mitigate out of the $135 million. And I guess, looking into like should we assume a similar unmitigated impact on the first half of next year? Or maybe there's like some acceleration on initiatives or just seasonality implies like less impact.

首先，您能否大致談談您在第二季指南中提到的時間變化對收入前景的影響有多大？這一切會轉移到第三季嗎？或者它實際上像 Q2 和 Q3 那樣展開？然後就關稅問題，例如你預計能從 1.35 億美元中減輕多少負擔。我想，我們是否應該假設明年上半年也會出現類似的未緩解的影響？或者可能是某些措施加速，或只是季節性因素導致影響較小。

Thanks, Mauricio. Yes, so with respect to your first question in terms of shifting, it's probably easier for us to identify the shifts that are related to the supply chain issues we've had. When we had a 145% tariff rate in China, essentially, we were shut down and shut out of many programs. We ceased in some cases, significant amounts of production and then really have to restart that when subsequently those tariffs became more manageable for us.

謝謝，毛里西奧。是的，關於您關於轉變的第一個問題，我們可能更容易確定與我們遇到的供應鏈問題相關的轉變。當我們在中國徵收 145% 的關稅時，實際上，我們的許多項目都被關閉了，被排除在外。在某些情況下，我們停止了大量生產，然後當這些關稅對我們來說變得更容易承受時，我們不得不重新啟動生產。

So that's something that we probably feel that if we will look at the downdraft that we've got in the second quarter, it probably represents about half of the decrease, something in the magnitude, I'd say, $30 million of a falloff that's just supply chain related for us in the second quarter. So that would leave the balance really related to sales and sales shifts -- that shift is both Q3 and Q4. We see programs that will be going both -- into both quarters.

因此，我們可能會覺得，如果我們看看第二季的下滑趨勢，它可能代表了大約一半的下降，我想說，第二季僅與供應鏈相關的下降就達 3000 萬美元。因此，剩下的平衡實際上與銷售和銷售變化有關——這種變化既是第三季度，也是第四季度。我們看到這些項目將會在兩個季度同時進行。

So part of it is really due also to bankruptcy in Canada for Hudson's Bay. We anticipated a fair amount of business for Q2 for Hudson's Bay. We we felt that they would be in a Chapter 11 position. We factored in for their business, we had orders on hand. And at the end of the day, and they went into liquidation mode. So that was a fair amount of it. And part of it, as I described, the shutdown of Sonia Rykiel affected us to some degree as well.

因此，部分原因其實也是由於哈德遜灣公司在加拿大的破產。我們預計哈德遜灣公司第二季的業務量將會相當可觀。我們覺得他們會陷入破產保護的境地。我們考慮到了他們的業務，我們手頭上有訂單。最終，他們進入了清算模式。所以這是相當多的。正如我所描述的，Sonia Rykiel 的關閉也對我們產生了一定程度的影響。

And Mauricio, with respect to the tariff question, we indicated in our prepared remarks, we're following several avenues to mitigate the increased tariff costs. So by way of additional color, let me give you some insight a little bit into the process.

毛里西奧，關於關稅問題，我們在準備好的演講中指出，我們正在採取多種途徑來減輕增加的關稅成本。因此，透過額外的說明，讓我給你稍微了解一下這個過程。

As a wholesaler, our product lines for our fall and holiday season will largely went to the market and was sold to our customers prior to the new incremental tariffs. So we have been continuing to discuss with our retail partners the ability to selectively lift prices on those lines. This process is going on, and the ultimate results from this process are still uncertain.

作為批發商，我們的秋季和假期季節的產品線將在新的增量關稅實施之前大量進入市場並銷售給我們的客戶。因此，我們一直在與零售合作夥伴討論選擇性提高這些產品價格的能力。這個過程仍在繼續，而最終的結果尚不確定。

With respect to our spring lines, those will come to market in the summer. And for those lines, we will be able to incorporate our new higher costs with our upfront selling. With respect to conversations with our sourcing vendors, we've made great progress with realigning our sourcing locations and striking compromises on our prices that are also originated prior to the incremental tariffs.

關於我們的春季產品線，它們將於夏季上市。對於這些產品線，我們將能夠將新的更高成本納入預付銷售中。在與採購供應商的對話方面，我們在重新調整採購地點和在價格上達成妥協方面取得了很大進展，這些妥協也是在增量關稅之前產生的。

We've not completed our purchasing for the year, and there's certainly some degree of uncertainty with respect to the costing and the location for those goods. But all of those processes cover our largest portion of the year and are currently very fluid. Accordingly, we did not feel comfortable specifying what the impact on our bottom line results would be.

我們還沒有完成今年的採購，這些貨物的成本和地點肯定存在一定程度的不確定性。但所有這些流程涵蓋了我們一年中的大部分時間，目前非常不穩定。因此，我們不太願意具體說明這會對我們的底線結果產生什麼影響。

Mauricio, you have to realize that we have pricing power within our brands, which I tried to describe earlier. We believe that we're not immune, but I think we're in good shape to manage price increases with consumer acceptance on a big percentage of our business, and the pieces that are essential, we're the most competitive resource in our universe of competition.

毛里西奧，你必須意識到我們在我們的品牌內擁有定價權，正如我之前試圖描述的那樣。我們相信我們並非無法倖免，但我認為我們能夠很好地應對價格上漲，消費者對我們很大一部分業務的接受度很高，而對於至關重要的部分，我們是競爭環境中最具競爭力的資源。

So I would say the -- as we raise our prices, our competition has to raise their prices. So a good chance that the scale of our business grows as we are, in many cases, the opening price point for our department stores. So they would trade down and come to us and give up a resource that couldn't manage pricing the way we can.

所以我想說——當我們提高價格時，我們的競爭對手也必須提高價格。因此，我們的業務規模很有可能隨著百貨公司的開盤價而成長，在許多情況下。因此，他們會降低價格並來找我們，並放棄無法像我們一樣管理定價的資源。

And finally, just to be clear on this, the spring and into next year, again, when we see the -- our cost impact upfront, we're able to engineer that into our pricing and work back to the margins that we need to run the business.

最後，為了明確這一點，春季和明年，當我們再次看到 - 我們的前期成本影響時，我們能夠將其納入我們的定價中，並回到我們經營業務所需的利潤率。

Got it. And just a quick follow-up. Do you maintain the revenue guide facing like this situation with Sonia Rykiel postponing the launch. So is it fair to assume that you -- you think like relative to where you were in March, you may be like the outperformance that you've seen in the own brands is allowing you to maintain the guide despite this headwind? Or what is -- what is it allowing you to maintain the sales guide despite not postponing this launch?

知道了。這只是一次快速的跟進。在 Sonia Rykiel 延遲發布的情況下，您是否會維持收入指南的現狀？那麼，是否可以公平地假設，相對於 3 月份的情況，您在自有品牌中看到的優異表現可能會讓您在逆風中保持領先？或者是什麼——是什麼讓您在沒有推遲發布的情況下保持銷售指南？

No, that's right. We see other strength in the rest of the portfolio.

不，沒錯。我們看到投資組合中其他部分也表現出優勢。

Paul Kearney, Barclays.

巴克萊銀行的保羅·科爾尼。

So just on the on the inventory. Can you maybe speak to how you're anticipating ending 2Q inventory levels just given you said that you were kind of shut out production when China tariffs were 145 and then you're restarting it. So where do you think inventory lands for you in 2Q and then through the year? And then I have a follow-up.

所以只是在庫存上。您能否談談您對第二季末庫存水準的預期，因為您說過，當中國關稅達到 145 時，您的生產就被關閉了，然後您又重新啟動了生產。那麼您認為第二季以及全年的庫存狀況如何？然後我有一個後續問題。

Yeah. Look, inventory has been, we've been chasing. We've been cleaner in terms of what sits in our warehouses. But we continue to think that our inventory levels will move more consistent with the sales growth that we've got in the future periods.

是的。你看，庫存一直在，我們一直在追逐。我們的倉庫裡的物品變得更乾淨了。但我們仍然認為，我們的庫存水準將與未來期間的銷售成長更加一致。

Paul, this is not a normal period of time. There's still uncertainty as to where tariffs lined up, and there's a date that politically has been given out that tariffs will be reviewed. And we are accelerating everything that we can. So there may be a shift that is not a normal shift. We're moving out as much product not to get stuck in a windfall potential, not that I believe it occurs, but we want to be out of the way if there's another storm.

保羅，這不是一個正常的時期。關稅的具體方向仍存在不確定性，但從政治角度來看，關稅審查的日期已經確定。我們正在盡一切努力加快步伐。因此，可能會出現不正常的轉變。我們正在轉移盡可能多的產品，以免陷入意外之財，雖然我相信這種情況不會發生，但如果再次發生暴風雨，我們希望避開。

So you can -- I'm sorry. No, go ahead, no. It's difficult at this time to really run a stable business with all the factors that surround us. But it's all good as far as inventory levels. I'd say if we wind up and we tell you of inventory that we're able to receive in Q2 that looks like it's a negative, it's an absolute positive. We've gotten out of the way and we own the inventory.

所以你可以——我很抱歉。不，繼續吧，不。考慮到我們周圍的所有因素，目前要真正穩定地經營企業非常困難。但就庫存水準而言，一切都很好。我想說，如果我們最終告訴您我們能夠在第二季度收到的庫存，這看起來是負數，但實際上絕對是正數。我們已經走出困境並且擁有了庫存。

Okay. And my second one is and fully understand you're speaking to the pricing power of some of your own brands. But when we look in the industry, and we hear others speaking to consumer uncertainty, driving traffic headwinds, we're starting to see inventory build throughout the industry. I guess, what are you expecting for promotions for the remainder of the year? And how will you navigate that?

好的。我的第二個問題是，我完全理解您談到一些自有品牌的定價能力。但當我們觀察這個行業時，我們聽到其他人談論消費者的不確定性，推動交通逆風，我們開始看到整個行業的庫存增加。我想，您對今年剩餘時間的促銷有什麼期待？您將如何應對？

We're not feeling very much pressure on promotions. Our products, as I described, the deliver quality product, you deliver it on time, you're positioned well. You manage, you care and manage your customers, in many cases, you win. And this isn't only for our brands. This includes our exiting brands, Tommy and Calvin, our sales are very good.

我們在促銷方面沒有感受到太大的壓力。正如我所描述的，我們的產品提供優質產品，您可以按時交付，您的定位很好。您管理、您關心和管理您的客戶，在許多情況下，您就會獲勝。這不僅適用於我們的品牌。其中包括我們現有的品牌Tommy和Calvin，我們的銷售情況非常好。

The -- they're performing incredibly well in the department stores that they occupy space. There's some pressure in how we're managing the business as we're exiting it, but the product is selling well, there's a high demand for it.

他們在其所在的百貨公司中表現非常出色。當我們退出業務時，我們在管理業務方面面臨一些壓力，但產品銷售良好，需求很高。

And in many cases, our -- I would tell you that our inventory levels right now are a little bit too low for the demand that -- for the product that we're creating and selling through.

在很多情況下，我想告訴你，我們目前的庫存水準對於我們正在生產和銷售的產品的需求來說有點太低了。

Thank you. And thank you all for your interest in our company and your patience, tolerance, and support, and I wish you a great weekend.

謝謝。感謝大家對我們公司的關注以及你們的耐心、包容和支持，祝大家週末愉快。

Thank you for your participation. You may now disconnect. Everyone, have a great day.

感謝您的參與。您現在可以斷開連線。祝大家有個愉快的一天。