G-III Apparel Group Ltd (GIII) 2026 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to the G-III Apparel Group second quarter fiscal 2026 earnings conference call. (Operator Instructions) Please note that today's conference is being recorded.

再會。感謝您的支持。歡迎參加 G-III 服裝集團 2026 財年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I will now hand the conference over to your speaker host, Neal Nackman, the company Chief Financial Officer. Please go ahead, sir.

現在，我將會議交給主持人、公司財務長尼爾·納克曼 (Neal Nackman)。先生，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. 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.

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。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. In the second quarter, we exceeded our expectations across both net sales and earnings. Net sales benefited from retailers responding to consumer demand for newness and fashion as we transition season. Sales momentum in the quarter was driven by our go-forward portfolio, specifically our key owned brands, DKNY, Donna Karan, Karl Lagerfeld, and Vilebrequin.

早安.謝謝你，尼爾，歡迎大家。第二季度，我們的淨銷售額和收益都超出了預期。隨著季節轉換，零售商響應消費者對新鮮和時尚的需求，淨銷售額受益。本季的銷售動能得益於我們積極的產品組合，特別是我們的主要自有品牌 DKNY、Donna Karan、Karl Lagerfeld 和 Vilebrequin。

Gross margins in the quarter were impacted by higher-than-expected tariff costs, driven primarily by a greater volume of tariff inventory shipments than initially forecasted. We're actively mitigating these pressures through a combination of vendor participation, selective sourcing shift, and targeted price increases. In the near term, we're absorbing a portion of these costs to remain competitive and capture market share. Looking ahead, we anticipate gross margins will largely normalize and ultimately expand as we exit licenses, as the penetration of our owned brands increases, and as we continue to take selected price increases.

本季毛利率受到高於預期的關稅成本的影響，主要原因是關稅庫存出貨量高於最初的預測。我們正在透過供應商參與、選擇性採購轉變和有針對性的價格上漲等措施積極緩解這些壓力。短期內，我們將承擔部分成本，以保持競爭力並佔領市場份額。展望未來，我們預計，隨著我們退出許可證、自有品牌滲透率的提高以及我們繼續選擇性提價，毛利率將基本正常化並最終擴大。

As we look to the second half of the year, our retail partners are increasingly cautious on their inventory buys, in anticipation of tariff increases becoming more pronounced. Additionally, we've seen a disproportionate reduction in open to buys, specifically for the Calvin Klein and Tommy Hilfiger businesses. During the transition, we're responsibly exiting these business and staying disciplined in our inventory position based on the increased cost pressures in narrower selling period.

展望下半年，我們的零售合作夥伴對庫存採購越來越謹慎，因為預計關稅上調將變得更加明顯。此外，我們也發現購買意願大幅減少，特別是 Calvin Klein 和 Tommy Hilfiger 兩家企業的購買意願。在過渡期間，我們將負責任地退出這些業務，並根據較短的銷售期內增加的成本壓力，嚴格控制庫存。

In response to the latest tariffs, including those affecting India, we've proactively adjusted our inventory positions, prioritizing margin over sales. Accordingly, fiscal 2026 guidance we provided this morning reflects all of these factors.

為了應對最新的關稅，包括影響印度的關稅，我們主動調整了庫存狀況，優先考慮利潤而不是銷售。因此，我們今天上午提供的 2026 財政年度指導反映了所有這些因素。

Now let us review our second quarter fiscal 2026 financial results. Net sales for the quarter were $613 million, well ahead of our guidance. Our GAAP earnings per diluted share were $0.25, also well above the top end of our guidance range. Inventory levels were up 5% versus last year's, reflecting our planned acceleration of inventory receipts due to tariffs.

現在讓我們回顧一下2026財年第二季的財務表現。本季淨銷售額為 6.13 億美元，遠高於我們的預期。我們的 GAAP 每股攤薄收益為 0.25 美元，也遠高於我們的指導範圍上限。庫存水準較去年同期上漲了 5%，這反映了我們因關稅而計劃加速庫存收貨。

We remain in a strong financial position, ending the quarter in a net cash position of $286 million after repurchasing $25 million in shares this past quarter, compared to last year's net neutral cash position.

我們的財務狀況依然強勁，在上個季度回購了價值 2,500 萬美元的股票後，本季末的淨現金狀況為 2.86 億美元，而去年同期的淨現金狀況為中性。

Turning to our strategic priorities. We're actively working to maximize the full potential of our globally recognized brands. To drive growth, we've built a robust corporate foundation, anchored by an experienced leadership team, world-class merchant capabilities, strength across lifestyle categories, a well-developed supply chain, and long-term relationships with retail partners. This foundation has enabled us to consistently launch and scale brands with speed.

談談我們的戰略重點。我們正在積極努力，最大限度地發揮我們全球知名品牌的潛力。為了推動成長，我們建立了強大的企業基礎，以經驗豐富的領導團隊、世界一流的商家能力、跨生活方式類別的實力、發達的供應鏈以及與零售合作夥伴的長期關係為支撐。這個基礎使我們能夠持續快速地推出和擴大品牌規模。

To support our long-term strategy, we're streamlining our go-to-market approach, including investments in technology and infrastructure. In North America, we're optimizing network capability and implementing process improvements to drive productivity and reduce costs across materials, labor, and freight. We're consolidating our warehouse network, exiting four facilities, and reducing associated staff by year-end, which is expected to generate significant savings. In parallel, we're investing in systems to support product creation all the way through to our speed to market and consumer engagement strategies.

為了支持我們的長期策略，我們正在簡化我們的市場進入方式，包括對技術和基礎設施的投資。在北美，我們正在優化網路能力並實施流程改進，以提高生產力並降低材料、勞動力和貨運成本。我們正在整合我們的倉庫網絡，退出四個設施，並在年底前減少相關員工，預計這將帶來大量節省。同時，我們正在投資支援產品創造的系統，直到我們的上市速度和消費者參與策略。

As part of our technology transformation, we're advancing digital tools such as 3D design, AI automation, and other innovations to help gain efficiencies. We're further realigning the organization as we transition our business to unlock additional savings in fiscal 2027 and beyond.

作為技術轉型的一部分，我們正在推動 3D 設計、AI 自動化等數位工具和其他創新，以幫助提高效率。隨著業務轉型，我們將進一步調整組織結構，以在 2027 財年及以後實現更多節省。

Capturing the long-term potential of our own brands is one of our top priorities. Owned brands represent an important and sustainable long-term profit driver as they generate higher operating margins and provide an accretive licensing income stream. Our strategy centers on leveraging each brand's iconic DNA to deliver a differentiated product to a wide array of consumers in their shopping channel of choice. We are rapidly scaling each brand's full lifestyle product offering by extending existing assortments while expanding into new categories. This has enabled us to unlock accelerated growth across the wholesale channel, particularly in North America.

把握我們自有品牌的長期潛力是我們的首要任務之一。自有品牌代表著重要且可持續的長期利潤驅動力，因為它們可以產生更高的營業利潤率並提供增值的授權收入流。我們的策略核心是利用每個品牌的標誌性 DNA，透過消費者選擇的購物管道向廣大消費者提供差異化的產品。我們正在透過擴展現有產品種類並拓展新類別來快速擴大每個品牌的全部生活方式產品供應。這使我們能夠實現批發通路（尤其是在北美）的加速成長。

Through our licensing partners, the brands have expanded into complementary categories, such as fragrance, eyewear, and home, as well as experiential categories like hospitality, culinary, and refined leisure, all broadening consumer touch points and deepening brand affinity.

透過我們的授權合作夥伴，這些品牌已擴展到香水、眼鏡和家居等互補類別，以及酒店、烹飪和精緻休閒等體驗類別，從而拓寬了消費者接觸點並加深了品牌親和力。

We're investing in our brand's e-commerce presence. Importantly, our owned brands remain highly underpenetrated internationally, presenting a significant opportunity for long-term expansion. We are continuing to invest in marketing to amplify our brand's global reach. This year, in addition to Donna Karan and DKNY, we're also investing in Karl Lagerfeld.

我們正在投資我們品牌的電子商務業務。重要的是，我們的自有品牌在國際上的滲透率仍然很低，這為長期擴張提供了重大機會。我們將繼續投資行銷以擴大我們品牌的全球影響力。今年，除了 Donna Karan 和 DKNY，我們還投資了 Karl Lagerfeld。

With an always-on marketing approach, we're focused on top-tier talent with authentic brand resonance, enriched content, and global market activations to connect with new and existing consumers and drive conversion. This will come to life through local influencer programs, pop-up experience, and in-store events, all designed to bring our brands closer to the consumer.

透過始終在線的營銷方式，我們專注於具有真實品牌共鳴、豐富內容和全球市場激活能力的頂級人才，以與新老消費者建立聯繫並推動轉換。這將透過當地影響力計劃、快閃體驗和店內活動來實現，所有這些都是為了讓我們的品牌更貼近消費者。

We see substantial potential across all growth avenues, including product, channel, categories, and geographies. We're confident in our ability to scale each of our own brands into the largest women's fashion brands over time.

我們看到所有成長途徑都具有巨大潛力，包括產品、通路、類別和地理。我們有信心，隨著時間的推移，我們有能力將自己的每個品牌擴展為最大的女性時尚品牌。

I'll now review brand highlights from the second quarter. This year marks four decades since Donna Karan revolutionized the way women dressed. The brand's unwavering spirit has transcended time, providing cross-generational women with a daily wardrobe that is effortless, sensual, and timeless. Our strategy centers on leveraging the brand's iconic DNA with classic silhouettes, cultured hardware, and sophisticated designs while infusing it with fresh contemporary interpretation. Its aspirational luxury positioning allows us to establish higher price points and capture premium full price distribution in the US.

我現在來回顧一下第二季的品牌亮點。今年是唐娜·卡蘭 (Donna Karan) 徹底改變女性穿著方式四十週年。該品牌堅定不移的精神超越了時代，為跨代女性提供輕鬆、性感、永恆的日常服裝。我們的策略重點是利用品牌的標誌性 DNA，包括經典的輪廓、精緻的硬體和精緻的設計，同時注入新鮮的現代詮釋。其理想的奢華定位使我們能夠設定更高的價格點並在美國獲得優質的全價分銷。

The brand's AURs and sell-throughs remain the strongest across our portfolio. As a result, Donna Karan has tapped into a white space opportunity, not only within our portfolio, but also in the crowded marketplace.

該品牌的 AUR 和銷售量在我們的產品組合中仍然是最強勁的。因此，Donna Karan 不僅在我們的產品組合中，而且在擁擠的市場中也抓住了空白機會。

In the second quarter, the brand delivered strong results across its lifestyle offering, led by continuous strength in dresses. Our accessories business is gaining traction, with premium handbags commanding AURs upward of $500, with several styles emerging as standouts, including the Baldwin, the Glenwood, and the Amagansett. As we continue to develop the Donna Karan lifestyle, we're expanding into new and existing categories with a current focus on social occasion wear and now entering more casual offerings through the upcoming launch of our Donna Karan weekend collection.

在第二季度，該品牌的生活方式產品取得了強勁的業績，其中連身裙的持續強勁表現尤為突出。我們的配件業務正在獲得發展動力，高端手袋的售價已超過 500 美元，其中幾款款式脫穎而出，包括 Baldwin、Glenwood 和 Amagansett。隨著我們繼續發展唐娜·卡蘭 (Donna Karan) 的生活方式，我們正在擴展到新的和現有的類別，目前專注於社交場合服裝，現在透過即將推出的唐娜·卡蘭 (Donna Karan) 週末系列，提供更多休閒產品。

donnakaran.com is outperforming expectations, driven by engaging content and great product that is boosting conversion and top line growth. Digital sales are gaining strong traction with affluent neighborhoods, which are emerging as our top performing markets, further reinforcing the brand's aspirational luxury positioning. We're optimizing customer acquisition costs while investing in retention to drive loyalty through compelling products and a seamless shopping experience, ultimately enhancing the customer lifetime value.

donnakaran.com 的表現超乎預期，這得益於引人入勝的內容和優質的產品，推動了轉換率和收入成長。數位銷售在富裕社區中獲得了強勁成長，這些社群正在成為我們表現最好的市場，進一步強化了品牌的理想奢華定位。我們正在優化客戶獲取成本，同時投資保留率，透過引人注目的產品和無縫的購物體驗來提高忠誠度，最終提高客戶終身價值。

Turning to marketing. Our fall 2025 campaign launched yesterday and directs our focus to five icons who embody the essence of the brand. The campaign entitled women to women, featuring authentic cast that have a rich history with the brand, including Claudia Schiffer, Irina Shayk, and Imaan Hammam, among others. The full media plan will roll out across key US markets with outdoor placements, robust digital and social programming, and high-caliber VIP social partnerships to maintain brand aspiration and relevance. In its first 24 hours, the campaign has already exceeded our expectations.

轉向行銷。我們的 2025 年秋季活動於昨天啟動，重點關注體現品牌精髓的五位偶像。該活動的主題是“女性對女性”，由與該品牌有著豐富歷史的真實演員出演，其中包括克勞迪婭·希弗、伊莉娜·莎伊克和伊曼·哈曼等。完整的媒體計劃將在美國主要市場推出，包括戶外廣告、強大的數位和社交節目以及高水準的 VIP 社交合作夥伴關係，以保持品牌的吸引力和相關性。在最初的 24 小時內，該活動已經超出了我們的預期。

Looking ahead to the second half of the year, we look forward to the soft launch of Donna Karan weekends for holiday 2025, with a more robust collection spanning an impressive 200 points of sale in spring 2026.

展望下半年，我們期待 Donna Karan 週末系列在 2025 年假期試營業，並在 2026 年春季推出更加豐富的系列，覆蓋令人印象深刻的 200 個銷售點。

The newest lifestyle line will feature relaxed sophisticated looks, complemented by the addition of casual handbag silhouettes. This brand extension opens up opportunities for further growth in traditional channels, as well as new distribution like leisure destination shops. We just signed a licensing agreement for fashion jewelry collection, with price points ranging from $125 to $350. As a reminder, Donna Karan is currently distributed in the US, where we expect the brand to grow over 40% this year. We see outside global growth potential in fiscal 2027 and beyond.

最新的生活方式系列將以輕鬆精緻的外觀為特色，並增加休閒手提包款式。此次品牌延伸為傳統通路的進一步成長以及休閒目的地商店等新通路開闢了機會。我們剛剛簽署了一份時尚珠寶系列的許可協議，價格從 125 美元到 350 美元不等。提醒一下，Donna Karan 目前在美國有分銷，我們預計該品牌今年的銷售額將成長 40% 以上。我們看到了2027財年及以後的全球成長潛力。

Karl Lagerfeld is building momentum globally, delivering another quarter of strong growth led by North America. In the region, sales grew over 30%, driven by outperformance across the lifestyle offerings with margin expansion. Notably, men's sales grew approximately 20% to last year. For the fall, we expect to add approximately 150 domestic points of sale, driven by extended assortments in suit separates, handbags, and footwear, as well as men's sportswear. Additionally, North American retail business saw high single-digit comp increases, driven by traffic and AUR growth.

卡爾·拉格斐 (Karl Lagerfeld) 在全球蓬勃發展，在北美市場的帶動下，再創季度強勁成長。在該地區，銷售額成長超過 30%，這得益於生活方式產品的優異表現和利潤率的提高。值得注意的是，男裝銷售額較去年同期成長了約 20%。今年秋季，我們預計將增加約 150 個國內銷售點，主要得益於西裝單品、手袋、鞋類以及男士運動裝的豐富品種。此外，受客流量和 AUR 成長的推動，北美零售業務實現了高個位數的年增幅。

Internationally, the brand delivered broad-based growth across all channels and product categories, as well as margin expansion despite a challenging macro backdrop. The wholesale business has accelerated, supported by curated product assortments to better deliver core essentials. We've also seen steady growth in our digital ecosystem.

在國際上，儘管宏觀環境充滿挑戰，但該品牌在所有通路和產品類別中都實現了廣泛增長，利潤率也實現了擴大。批發業務加速發展，透過精選產品組合來更好地提供核心必需品。我們的數位生態系統也穩定成長。

A couple of years ago, we bought our karllagerfeld.com site in-house, which has facilitated the expansion of the product offerings and distribution capabilities. We are further investing in upgrading the platform to drive conversion and capture back-end cost efficiencies.

幾年前，我們內部收購了 karllagerfeld.com 網站，有助於擴大產品供應和分銷能力。我們正在進一步投資升級平台，以推動轉換並提高後端成本效率。

Turning to marketing. On August 27, we unveiled our fall-winter 2025 global brand campaign From Paris, With Love, featuring cultural icon Paris Hilton. The campaign is another major investment in the brand, designed for high visibility to drive momentum across each touch point of the Karl Lagerfeld universe. Paris Hilton brings her unmistakable charisma through our collection, celebrating confidence, individuality, and attitude, qualities that reflect the irreverence spirit and sharp sophistication of Karl himself.

轉向行銷。8 月 27 日，我們發布了 2025 年秋冬全球品牌活動“來自巴黎的愛”，以文化偶像帕麗斯·希爾頓為主角。這項活動是該品牌的另一項重大投資，旨在提高知名度，推動卡爾拉格斐 (Karl Lagerfeld) 品牌世界各個接觸點的發展動能。帕麗斯希爾頓 (Paris Hilton) 透過我們的系列展現了她獨特的魅力，頌揚了自信、個性和態度，這些品質反映了卡爾 (Karl) 本人的不敬精神和敏銳的成熟度。

The collection highlights studio pieces, structured tailoring, and timeless accessories with the K/Autograph handbag line in the heart of the campaign. In just one week, the campaign has already garnered over 1.5 billion impressions, driving strong engagements globally. The rollout includes high-impact activations across our key global markets, from an immersive pop-up at Galeries Lafayette in Paris and unmistakable billboards in New York's Times Square and Los Angeles' Sunset Boulevard to major media features, branded taxis in Las Vegas, and a strong local influencer presence worldwide.

該系列以工作室作品、結構化剪裁和永恆配件為亮點，其中 K/Autograph 手袋系列是活動的核心。僅一周時間，該活動就已獲得超過 15 億次曝光，在全球範圍內引發強烈反響。這項活動包括在我們主要的全球市場開展具有高影響力的活動，從巴黎老佛爺百貨的沉浸式彈出窗口、紐約時代廣場和洛杉磯日落大道上醒目的廣告牌，到主流媒體專題報道、拉斯維加斯的品牌出租車，以及全球強大的本地影響力人物。

Digital storytelling also plays a central role with bold social first activations to connect with new audiences. The momentum will build towards a high-profile Paris Fashion Week event, with Paris Hilton in the center of an unforgettable late-night party, as well as store events planned for London, Berlin, Paris, and Munich during each city's fashion week. These efforts further solidify our cultural impact and our global presence. We're capturing further market share in Europe and North America, as well as building out our business in Asia, where today, the brand has a small presence.

數位化故事敘述也發揮核心作用，透過大膽的社交優先活動與新受眾建立聯繫。這一勢頭將朝著備受矚目的巴黎時裝週活動邁進，屆時帕麗斯·希爾頓將出席一場令人難忘的深夜派對，此外，倫敦、柏林、巴黎和慕尼黑等城市時裝週期間還將舉辦商店活動。這些努力進一步鞏固了我們的文化影響力和全球影響力。我們正在進一步擴大歐洲和北美的市場份額，同時拓展在亞洲的業務，目前該品牌在亞洲的市佔率還很小。

DKNY draws inspiration from the energy and attitude of New York, offering a modern wardrobe designed to seamlessly transition from day to night, appealing to a younger consumer seeking contemporary assortments. The brand delivered a solid second quarter led by North America. Outerwear saw outsized growth, with sales nearly doubling.

DKNY 從紐約的活力和態度中汲取靈感，提供從白天到夜晚無縫過渡的現代服裝，吸引尋求現代風格的年輕消費者。該品牌第二季表現穩健，以北美市場為主導。外套銷量大幅成長，幾乎翻了一番。

Our North American retail business experienced positive comp sales increases, driven by AUR growth, showing that our refresh product is resonating. Internationally, the brand is gaining traction. In Europe, we experienced nice wholesale expansion across DKNY jeans and accessories. We're pleased with the improving sell-through trends despite the challenging consumer environment.

在 AUR 成長的推動下，我們的北美零售業務實現了積極的銷售額成長，表明我們的更新產品引起了共鳴。在國際上，該品牌正受到越來越多的關注。在歐洲，DKNY 牛仔褲和配件的批發業務取得了良好的擴張。儘管消費環境充滿挑戰，但我們對銷售趨勢的改善感到高興。

In the Middle East, our business is mostly accessories where we saw solid sell-throughs. This year, we will open three new DKNY mono-branded boutiques in the Middle East. We're excited about our fall marketing campaign launched September 2 with global style icon Hailey Bieber. Born in New York, Hailey has an authentic connection and affinity for the brand and comes with a highly engaged global fan base of over 72 million social followers. Rooted in the New York street style, and redefined through Hailey's lens, the collection is timeless, versatile, and effortlessly cool. In just 24 hours, the campaign has already delivered an overwhelmingly positive response, garnering over 2.3 billion impressions and reaching over 22 million users over social media.

在中東，我們的業務主要是配件，銷售情況良好。今年，我們將在中東開設三家新的 DKNY 單一品牌精品店。我們對 9 月 2 日與全球時尚偶像 Hailey Bieber 合作推出的秋季行銷活動感到非常興奮。Hailey 出生於紐約，對這個品牌有著真誠的聯繫和喜愛，在全球擁有超過 7,200 萬名社群媒體粉絲。該系列植根於紐約街頭風格，並透過 Hailey 的鏡頭重新定義，永恆、多功能且時尚。僅 24 小時，該活動就獲得了非常積極的反響，在社交媒體上獲得了超過 23 億次曝光，覆蓋了超過 2200 萬用戶。

As we enter the second half of the year, our expanding product assortments, including extended sizing, we're well positioned to capture an incremental market share across premier North American department (inaudible). DKNY will roll out a series of global pop-ups and activations to promote its best-selling handbags, which are expected to drive traffic and conversion.

隨著我們進入下半年，我們不斷擴大的產品種類，包括擴大尺寸，我們有能力在北美主要百貨商場中佔據更大的市場份額。（聽不清楚）。 DKNY 將推出一系列全球快閃店和活動來推廣其最暢銷的手袋，預計這將推動流量和轉換率。

We deepened our relationship with the New York Yankees with a limited-edition collaboration, featuring fashion-forward sports apparel. Drawing inspiration from the Yankees game day gear, each piece has subtle hints of embroidery, as well as DKNY and Yankee co-branding. This collaboration is an extension of DKNY strategy to build brand visibility and connect with a broader audience in new ways while also leveraging our well-developed sports licensing capabilities.

我們透過限量版合作加深了與紐約洋基隊的關係，推出時尚前衛的運動服裝。從洋基隊比賽日裝備中汲取靈感，每件衣服都帶有微妙的刺繡元素，以及 DKNY 和洋基隊的聯合品牌標誌。此次合作是 DKNY 策略的延伸，旨在提升品牌知名度，以新的方式與更廣泛的受眾建立聯繫，同時利用我們成熟的運動授權能力。

Internationally, we're focused on brand expansion through new and existing partners across wholesale, digital, and franchise stores to increase global accessibility and awareness of the brand. We see outsized growth potential for the brand globally.

在國際上，我們專注於透過批發、數位和特許經營店的新舊合作夥伴進行品牌擴張，以提高品牌的全球可及性和知名度。我們看到該品牌在全球範圍內擁有巨大的成長潛力。

Vilebrequin, possibly the world's most recognized men's swimwear brand, showed solid improvement in the second quarter with positive sales growth this summer season, driven by Europe and the Caribbean. Our flagship store in Cannes, where we also opened our first ever beach club, has become the most productive store in our fleet.

Vilebrequin 可能是世界上最知名的男士泳裝品牌，其第二季度業績穩步提升，今年夏季的銷售額在歐洲和加勒比地區的推動下實現了正增長。我們在坎城的旗艦店，也是我們開設第一家海灘俱樂部的地方，已經成為我們門市中生產力最高的門市。

Several of our other stores are breaking all-time weekly records. To celebrate the start of the summer season in style, we teamed up with Fiat to create the Fiat Topolino Vilebrequin Collection edition, which sold out. The special version of the most coveted micro car is the celebration of style, spontaneity, and that timeless sensation of never-ending summer by the sea and a fabulous example of the brand's lifestyle reach.

我們的其他幾家商店也打破了每週的歷史紀錄。為了以時尚的方式慶祝夏季的開始，我們與菲亞特合作打造了菲亞特 Topolino Vilebrequin 系列，現在已經銷售一空。這款最令人垂涎​​的微型車的特別版是對風格、自發性和永恆的海邊夏日感覺的頌揚，也是品牌生活方式影響力的絕佳例證。

Vilebrequin Beach Clubs further extend the brand's lifestyle offerings, seamlessly blending beach culture, elevated culinary experiences, and refined leisure. After launching our first-ever beach club in Cannes over two years ago, we've perfected the beach club concept and developed a successful license model. Through a license partner, we opened our second beach club at The St. Regis in Doha, which is doing well. This summer, a third beach club launched in Crete, bringing Riviera charm and radiant sophistication to one of the most -- of the Mediterranean's most exclusive resorts, the Domes of Elounda. We have two more exciting launches in the pipeline this year in Miami and Oman.

Vilebrequin 海灘俱樂部進一步擴展了品牌的生活方式產品，將海灘文化、高級烹飪體驗和精緻休閒完美融合。兩年多前，我們在坎城推出了第一個海灘俱樂部，現在已經完善了海灘俱樂部的概念，並開發了成功的授權模式。透過授權合作夥伴，我們在多哈瑞吉酒店開設了第二家海灘俱樂部，目前經營狀況良好。今年夏天，克里特島開設了第三家海灘俱樂部，將裡維埃拉的魅力和璀璨的精緻帶到了地中海最獨特的度假勝地之一——伊羅達穹頂度假村。今年我們還將在邁阿密和阿曼推出另外兩款令人興奮的產品。

Coming out of a strong summer season, we see many more opportunities to further drive the business in summer 2026 and beyond with significant global potential for the brand over the long term. Investing in and expanding our complementary portfolio of licensed brands continues to be a key driver of our long-term strategy. We take a thoughtful approach to partnering with brands, ensuring that each new addition complements our existing portfolio while offering unique propositions that strengthen our business.

在經歷了強勁的夏季之後，我們看到了更多機會在 2026 年夏季及以後進一步推動業務發展，並且該品牌在長期內具有巨大的全球潛力。投資和擴大我們互補的授權品牌組合仍然是我們長期策略的關鍵驅動力。我們採取周到的方式與品牌合作，確保每個新品牌都能補充我們現有的產品組合，同時提供能夠增強我們業務的獨特主張。

Licensed brands are also a capital-light way to grow and leverage our powerful corporate foundation. Our team sports business is growing with the expanded rights for several of our major sports league licenses. This business historically limited us to just outerwear. With our newly negotiated renewals, we'll expand our offerings to include activewear and athleisure, as well as kids. We have several other exciting initiatives in the pipeline for next year.

授權品牌也是我們發展和利用強大企業基礎的一種輕資本方式。隨著我們幾項主要體育聯盟許可權利的擴大，我們的團隊體育業務正在不斷發展。從歷史上看，這項業務僅限於生產外套。透過我們新近談判的續約，我們將擴大我們的產品範圍，包括運動服和運動休閒服以及兒童服。我們明年也計劃推出其他幾項令人興奮的措施。

Nautica, Halston, and Champion, which launched last year, delivered solid results in the second quarter. Our newest licenses for Converse and BCBG adjusted in stores, and we're excited to see the product building momentum. BCBG launched here in North America with over 300 points of sale and is doing well.

去年推出的 Nautica、Halston 和 Champion 在第二季度取得了穩健的表現。我們針對 Converse 和 BCBG 的最新授權在商店進行了調整，我們很高興看到產品建設勢頭。BCBG 在北美設有 300 多個銷售點，銷售情況良好。

Converse also accesses a differentiated consumer and distribution network, where our fashion brands have little or no presence. This includes big box, sports specialty, and sporting goods stores, as well as internationally, in Western Europe, and through the brand's global network Converse stores.

匡威也進入了差異化的消費者和分銷網絡，而我們的時尚品牌在該網絡幾乎沒有或根本沒有影響力。這包括大型商場、運動專賣店和運動用品店，以及西歐等國際市場，以及透過該品牌的全球網路匡威商店。

For North America, our launch spans across a rapidly growing wholesale business in addition to existing Converse's brick-and-mortar online stores -- and online stores. Internationally, we partnered with Converse Partners throughout Europe, Latin America, and Southeast Asia, enabling us to service both Converse stores, as well as wholesale partners in those regions. Launch is already exceeding our expectations.

對於北美，除了現有的匡威實體線上商店和線上商店外，我們的產品還涵蓋快速成長的批發業務。在國際上，我們與歐洲、拉丁美洲和東南亞的匡威合作夥伴合作，使我們能夠為這些地區的匡威商店和批發合作夥伴提供服務。Launch 已經超越了我們的預期。

Looking ahead to fiscal 2027, we're proactively preparing for the expiration of several key PVH licenses, including Calvin Klein outerwear and athleisure and Tommy Hilfiger outerwear, sportswear, and athleisure. At peak, we built Calvin Klein and Tommy Hilfiger into $1.5 billion business in reported 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。在巔峰時期，我們將 Calvin Klein 和 Tommy Hilfiger 打造成了批發銷售額達 15 億美元的企業。

After this year, following the expiration of the categories that I just mentioned, we expect remaining PVH sales to represent approximately $400 million in fiscal 2027. As PVH transitions these categories to themselves or new licensees, we strongly believe this will create a meaningful product void in the market, which we see as a strategic opportunity to capture additional market share while continuing to deepen our partnerships with retailers.

今年之後，隨著我剛才提到的類別到期，我們預計 PVH 剩餘的銷售額將在 2027 財年達到約 4 億美元。隨著 PVH 將這些類別轉移給自己或新的授權商，我們堅信這將在市場上創造一個有意義的產品空白，我們認為這是一個戰略機遇，可以在繼續深化與零售商的合作夥伴關係的同時，獲得更多的市場份額。

Our owned brands, along with our growing license portfolio, will help offset lost sales from the PVH brands. With a solid balance sheet, we're poised to unlock our global growth potential and pursue future license and acquisition opportunities aligned with our long-term growth strategy. We're focused on enhancing our omnichannel capabilities by improving our North American retail segment store operations and strengthening our digital ecosystem.

我們的自有品牌以及不斷增長的授權組合將有助於彌補 PVH 品牌的銷售損失。憑藉穩健的資產負債表，我們準備釋放全球成長潛力，並尋求符合我們長期成長策略的未來許可和收購機會。我們致力於透過改善北美零售部門的門市營運和加強我們的數位生態系統來增強我們的全通路能力。

In North America, we've made significant progress in our turnaround efforts. We remain on track to almost breakeven this year, eliminating approximately $10 million in operating losses. On the digital front, in the second quarter, our global Digital business was up mid-single digits. As our Digital business continues to expand, we're strategically investing in our team technology and possess -- and processes to enhance and streamline our global go-to-market capabilities. We remain focused on delivering a more robust and visually compelling product catalog across our owned and third-party partner sites.

在北美，我們的轉虧為盈努力取得了重大進展。我們今年仍有望實現收支平衡，消除約 1,000 萬美元的營運虧損。在數位領域，第二季度，我們的全球數位業務成長了中等個位數。隨著我們的數位業務不斷擴大，我們正在策略性地投資我們的團隊技術和擁有以及流程，以增強和簡化我們的全球上市能力。我們將繼續致力於在我們自己的和第三方合作夥伴網站上提供更強大、更具視覺吸引力的產品目錄。

By elevating the quality of imagery, descriptors, and video content, we aim to provide an enriched consumer experience that drives conversion. Our owned websites delivered strong double-digit growth this quarter, underscoring the significant value and long-term potential of the channel. This momentum further enables consumers to engage with our brand seamlessly wherever they choose to shop.

透過提高影像、描述和影片內容的質量，我們旨在提供豐富的消費者體驗，從而推動轉換。本季度，我們自己的網站實現了強勁的兩位數成長，凸顯了該管道的巨大價值和長期潛力。這種勢頭進一步使消費者無論在哪裡購物都能與我們的品牌無縫互動。

In closing, we delivered solid second-quarter results, as we executed on our strategic priorities. Looking ahead, we've provided fiscal 2026 guidance to reflect the current macro environment, a more cautious outlook from our retail partners that affected most of our portfolio, especially Calvin Klein and Tommy Hilfiger ahead of the transition, as well as the impact of tariffs on our top and bottom lines.

最後，由於我們執行了策略重點，我們取得了穩健的第二季業績。展望未來，我們提供了 2026 財年指引，以反映當前的宏觀環境、零售合作夥伴的更為謹慎的前景（這影響了我們的大部分投資組合，尤其是過渡前的 Calvin Klein 和 Tommy Hilfiger），以及關稅對我們的頂線和底線的影響。

We now expect net sales of approximately $3.02 billion and non-GAAP diluted earnings per share between $2.55 and $2.75. With a clear strategic path, we're confident in our ability to unlock the full potential of our go-forward portfolio of globally recognized brands while successfully navigating a difficult environment. Our strong balance sheet and dynamic business model provides flexibility to invest in our brands as well as pursue strategic opportunities. We will also consider opportunistically returning capital to our shareholders through stock repurchases. I'm incredibly excited about the transformation journey we're on, driven by our commitment to delivering long-term growth and shareholder value.

我們目前預計淨銷售額約為30.2億美元，非公認會計準則每股攤薄收益在2.55美元至2.75美元之間。憑藉著清晰的策略路徑，我們有信心在艱難的環境中成功駕馭，充分釋放我們全球知名品牌組合的潛力。我們強大的資產負債表和動態的商業模式為投資我們的品牌和尋求策略機會提供了靈活性。我們也將考慮透過股票回購等方式適時向股東返還資本。我對我們正在進行的轉型之旅感到無比興奮，這源自於我們致力於實現長期成長和股東價值的承諾。

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

我現在將電話轉給尼爾，他將介紹第二季的財務表現並為第三季和 2026 年全年提供指導。

Thank you, Morris. Net sales for the second quarter ended July 31, 2025, were $613 million, compared to $645 million in the same period last year, well ahead of our expectations, driven by our Wholesale segment. The decline in sales compared to the prior year is primarily attributable to the exit from the Calvin Klein jeans and Sportswear License businesses.

謝謝你，莫里斯。截至 2025 年 7 月 31 日的第二季淨銷售額為 6.13 億美元，而去年同期為 6.45 億美元，遠超我們的預期，這得益於批發部門的推動。與前一年相比，銷售額的下降主要歸因於退出 Calvin Klein 牛仔褲和運動服許可業務。

Net sales of our Wholesale segment were $590 million, compared to $620 million in the previous year. Net sales of our Retail segment were $41 million for the quarter, compared to net sales of $37 million in the previous year. This growth is a direct result of our turnaround initiatives despite the decrease in store footprint in our North American outlet business. Our gross margin percentage was 40.8% in the second quarter of fiscal 2026, compared to 42.8% in the previous year's second quarter. The Wholesale segment's gross margin percentage was 38.9%, compared to 41.2% in the previous year.

我們批發部門的淨銷售額為 5.9 億美元，而前一年為 6.2 億美元。本季零售部門的淨銷售額為 4,100 萬美元，而去年同期的淨銷售額為 3,700 萬美元。儘管我們的北美奧特萊斯業務門市數量有所減少，但這一增長仍直接得益於我們的扭虧為盈舉措。2026 財年第二季我們的毛利率為 40.8%，去年同期第二季為 42.8%。批發部門的毛利率為 38.9%，而上年度為 41.2%。

The gross profit percentage in the current period decreased 230 basis points due to higher-than-expected tariff costs, driven primarily by a greater volume of tariff inventory shipments in the quarter as well as an unfavorable product mix. Gross margin in our Retail Operations segment was 52.4%, down from 54.4% in the prior year. This decline primarily reflects the liquidation of the G.H. Bass branded product, which as previously shared this past spring is transitioning to a license arrangement with the ALDO Group beginning January 2026. Non-GAAP SG&A expenses were $226 million, compared to $229 million in the previous year.

本期毛利率下降 230 個基點，原因是關稅成本高於預期，這主要是由於本季度關稅庫存出貨量增加以及產品組合不利所致。我們零售業務部門的毛利率為 52.4%，低於去年的 54.4%。這一下降主要反映了 G.H. Bass 品牌產品的清算，正如今年春天所分享的那樣，該產品將從 2026 年 1 月開始過渡到與 ALDO 集團的許可協議。非公認會計準則銷售、一般及行政費用為 2.26 億美元，而上年度為 2.29 億美元。

This decrease was driven by lower compensation expenses resulting from decreased profitability as well as reduced advertising expenses related to lower net sales of licensed products in the period. These decreases were partially offset by higher supply chain expenses, reflecting the acceleration of inventory receipts, as previously mentioned. Non-GAAP net income for the second quarter was $11 million, or $0.25 per diluted share, compared to $24 million, or $0.52 per diluted share, in the previous year. The impact of lower sales and additional tariff costs were the primary drivers in our reduced profitability.

造成此下降的原因是獲利能力下降導致的薪資費用減少，以及本期授權產品淨銷售額下降導致的廣告費用減少。這些減少部分被更高的供應鏈費用所抵消，反映了庫存收貨的加速，如前所述。第二季非公認會計準則淨收入為 1,100 萬美元，即每股攤薄收益 0.25 美元，去年同期為 2,400 萬美元，即每股攤薄收益 0.52 美元。銷售額下降和額外關稅成本的影響是我們獲利能力下降的主要原因。

Turning to the balance sheet. Inventories are in excellent shape at $640 million at the end of the quarter, increasing 5% from last year's $610 million. We remain in a strong financial position, ending the quarter in a net cash position of $286 million after repurchasing $25 million worth of shares this past quarter, compared to last year's net neutral cash position. Our total availability remains very strong at approximately $830 million. Our financial strength provides us flexibility to invest in our business and other strategic opportunities to drive future growth.

轉向資產負債表。本季末庫存狀況良好，為 6.4 億美元，較去年的 6.1 億美元成長 5%。我們的財務狀況依然強勁，在上個季度回購了價值 2,500 萬美元的股票後，本季末的淨現金狀況為 2.86 億美元，而去年同期的淨現金狀況為中性。我們的總可用資金仍然非常強勁，約為 8.3 億美元。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. We issued updated guidance this morning for fiscal 2026, which reflects a more cautious outlook resulting from both the retail landscape and consumer environment, as well as the impact of tariffs on our top and bottom lines. We now expect fiscal year 2026 net sales of approximately $3.02 billion, a decrease of approximately 5% to the previous year.

轉向指導。我們今天早上發布了 2026 財年的最新指引，反映了零售格局和消費環境以及關稅對我們的營收和利潤的影響所帶來的更加謹慎的前景。我們現在預計 2026 財年的淨銷售額約為 30.2 億美元，比前一年下降約 5%。

Driven by, first, the expiration of our Calvin Klein jeans and sportswear licenses as of December 31, 2024, which contributed approximately $175 million in sales in the previous full year. Second, the cautious stance from retail partners reflected in reduced open to buys in our order book, particularly in the second half of the year as consumer impacts from tariffs become more pronounced. This affected most of our portfolio, especially Calvin Klein and Tommy Hilfiger ahead of the transition.

首先，我們的 Calvin Klein 牛仔褲和運動服許可證將於 2024 年 12 月 31 日到期，這在上一全年貢獻了約 1.75 億美元的銷售額。其次，零售合作夥伴的謹慎態度反映在我們的訂單中購買量減少，特別是在下半年，因為關稅對消費者的影響變得更加明顯。這影響了我們大部分的投資組合，尤其是轉型前的 Calvin Klein 和 Tommy Hilfiger。

Third, we are responsibly planning our exit from the expiring Calvin Klein and Tommy Hilfiger licenses and staying disciplined in our inventory positions based on the increased cost pressures and narrow selling period. Additionally, we are foregoing sales due to the recent 50% tariff rate on India. This decision was made to protect margins.

第三，我們正在負責任地規劃退出即將到期的 Calvin Klein 和 Tommy Hilfiger 許可，並根據增加的成本壓力和縮短的銷售期，嚴格控制庫存。此外，由於印度最近徵收 50% 的關稅，我們放棄了銷售。做出此決定是為了保護利潤。

It is important to note, our key owned brands, DKNY, Donna Karan, Karl Lagerfeld, and Vilebrequin, continue to show healthy growth and are expected to grow at a mid-single-digit rate this year. I want to take a moment to discuss our estimated tariff impact. We expect the total incremental cost of tariffs to be approximately $155 million, up from the $135 million original estimate, and this is based on the latest tariff increases implemented for Vietnam, India, and Indonesia, among others.

值得注意的是，我們的主要自有品牌 DKNY、Donna Karan、Karl Lagerfeld 和 Vilebrequin 繼續呈現健康成長，預計今年將以中等個位數的速度成長。我想花點時間討論一下我們估計的關稅影響。我們預計關稅總增量成本約為 1.55 億美元，高於最初估計的 1.35 億美元，這是基於對越南、印度和印尼等國實施的最新關稅上調。

Through a combination of vendor participation, strategic sourcing shifts, and targeted price increases, we have successfully mitigated a portion of these costs. Our updated outlook for fiscal 2026 reflects an unmitigated impact of tariffs of approximately $75 million, with the majority expected to be incurred in the second half of the year. As a primarily North American wholesale business, we had limited flexibility to adjust pricing on inventory already sold into retailers for the upcoming seasons. As a result, in the near term, we are absorbing a larger share of these costs to remain competitive and protect market share.

透過供應商參與、策略採購轉變和有針對性的價格上漲等多種措施，我們成功地降低了部分成本。我們對 2026 財年的最新展望反映了關稅約 7,500 萬美元的未緩解影響，其中大部分預計將在今年下半年產生。作為一家主要在北美開展批發業務的企業，我們在調整已售給零售商的庫存在未來幾季的定價方面的靈活性有限。因此，在短期內，我們將承擔更大份額的成本，以保持競爭力並保護市場份額。

Looking ahead, we expect gross margins to normalize and ultimately expand, driven by the exit of lower-margin licenses, from the increased penetration of our higher-margin owned brands and from continued selective price increases. Non-GAAP net income for fiscal 2026 is expected to be between $113 million and $123 million or diluted earnings per share between $2.55 and $2.75. This compares to non-GAAP net income of $204 million or diluted earnings per share of $4.42 for fiscal 2025. Adjusted EBITDA for fiscal 2026 is expected to be between $198 million and $208 million compared to adjusted EBITDA of $325 million in fiscal 2025.

展望未來，我們預計毛利率將恢復正常並最終擴大，這得益於低利潤許可證的退出、高利潤自有品牌滲透率的提高以及持續的選擇性漲價。預計2026財年非公認會計準則淨利介於1.13億美元至1.23億美元之間，或每股攤薄收益在2.55美元至2.75美元之間。相較之下，2025財年非公認會計準則淨利為2.04億美元，或每股稀釋收益為4.42美元。預計 2026 財年的調整後 EBITDA 將在 1.98 億美元至 2.08 億美元之間，而 2025 財年的調整後 EBITDA 為 3.25 億美元。

Let me discuss a few points related to our guidance. As to the gross margin rate, we expect the full fiscal year 2026 gross margin rate to be down approximately 300 basis points. We expect third-quarter gross margin rate to be down slightly less than the fourth quarter, as the fourth-quarter sales will have the highest penetration and impact from tariff inventory.

讓我討論一下與我們的指導相關的幾點。至於毛利率，我們預計2026財年全年毛利率將下降約300個基點。我們預計第三季毛利率降幅將略低於第四季度，因為第四季的銷售滲透率和受關稅庫存的影響最高。

Regarding SG&A, as we look ahead, we are actively pursuing initiatives to optimize our business model and drive cost efficiencies across our operations. We believe that continued investments in our brands and infrastructure will be key supporting our business transformation and unlocking the full potential of our portfolio. For example, we are aligning our warehouse footprint and capacity to our needs and are making the appropriate investments in technology and our corporate platform.

關於銷售、一般及行政費用，展望未來，我們正在積極採取措施優化我們的業務模式，提高整個營運的成本效率。我們相信，對我們的品牌和基礎設施的持續投資將是支持我們的業務轉型和釋放我們產品組合的全部潛力的關鍵。例如，我們正在根據需求調整倉庫佔地面積和容量，並對技術和企業平台進行適當的投資。

Further, we will continue to support our brand investments through marketing, in line with last year. We expect interest expense to be approximately $5 million for the full year, benefiting from the $400 million debt repayment. We expect capital expenditures of approximately $40 million, principally driven by the build-out of shop-in-shops through our new brand launches and implementation of new technology to support our transforming business model. We are estimating a tax rate of approximately 30% for fiscal 2026. We have not anticipated any potential share repurchases in our guidance.

此外，我們將繼續透過行銷支持我們的品牌投資，與去年一樣。我們預計全年利息支出約為 500 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 4000 萬美元，主要用於透過推出新品牌和實施新技術來擴大店中店，以支持我們轉型的商業模式。我們估計 2026 財年的稅率約為 30%。我們的指導中沒有預期任何潛在的股票回購。

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

我的評論到此結束。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。

(Operator Instructions) Ashley Owens, KeyBanc Capital Markets.

（操作員指示）Ashley Owens，KeyBanc 資本市場。

So just to start on the gross margin, I appreciate the color there. Just anything else we should be mindful of weighing on the balance of the year. How you're approaching promotionality, just as you balance elasticity with some of these price increases, given the mixed consumer signals we're getting? And then moving into next year, I know it's early, but do you foresee further pressure in the first half of the year? Or should some of these mitigation strategies be fully in motion by then?

因此，從毛利率開始，我很欣賞那裡的顏色。我們應該注意其他任何事情，以平衡今年的平衡。考慮到我們收到的混合消費者訊號，您如何進行促銷，就像您如何平衡彈性和部分價格上漲一樣？然後進入明年，我知道現在還早，但您是否預見今年上半年將面臨進一步的壓力？或者到那時其中一些緩解策略是否應該全面實施？

Thank you for your question, Ashley. On price increases, we're targeting areas of our business where it's appropriate and acceptable to raise prices. As I said in our script, a lot of what we do is -- no, maybe I didn't say it in our script, is art. We don't sell a dozen eggs. We don't sell tonnage of steel.

謝謝你的提問，阿什利。在價格上漲方面，我們針對的是業務中適合且可以接受漲價的領域。正如我在劇本中所說，我們所做的很多事情——不，也許我沒有在劇本中說，是藝術。我們賣不了一打雞蛋。我們不出售噸位鋼材。

And art, if it's done appropriately and you target your consumer, you get paid well for art, and you create demand with great art. We're doing great art. We have demand for our collections. The consumer has accepted some price increases that we've implemented at the tail end of Q2. And currently, the month of August, we had product that was elevated in price point, and there was no consumer resistance.

如果藝術創作得當，並且瞄準目標消費者，你就能從藝術中獲得豐厚的報酬，而且你還能用偉大的藝術創造需求。我們正在創作偉大的藝術。我們的收藏品有需求。消費者已經接受了我們在第二季末實施的一些價格上漲。目前，也就是八月份，我們的產品價格有所提高，但並未引起消費者的抵觸。

Back-to-school is very good. The consumer is resilient. We're looking at it closely. The areas of business where we need to be competitive, we're competitive. Where we believe there's less elasticity, we'll implement it. We'll implement price increases. We have a unique situation. Tariffs are not for us and not solely the cause of margin deflation and topline dilution. You need to remember that we are exiting PVH's assets. And when tariffs are implemented, and prices need to be increased to come out alive, you modify your plan.

返校非常好。消費者俱有很強的適應力。我們正在密切關注此事。在我們需要競爭的業務領域，我們就有競爭力。如果我們認為彈性較小，我們就會實施它。我們將實施提價。我們的情況很獨特。關稅不適合我們，而且它也不是導致利潤率下降和營業額稀釋的唯一原因。您需要記住，我們正在退出 PVH 的資產。當關稅實施時，需要提高價格才能維持生計，你就修改計畫。

You have retailers that are not certain about acceptance of price increases. They know there's a transition of management and supervision of the brands. And we offered our plan for PVH on the exit. We have a limited time period to dispose, or sell-through, of our inventory in the PVH assets. And we decided that it was not worth the risk with the pressure of price increase and the lack of support that we were getting on the exit of the brands. So the tariffs influenced the level of inventory we bought.

一些零售商不確定是否接受價格上漲。他們知道品牌的管理和監督正在轉變。我們為 PVH 提出了退出計劃。我們處置或銷售 PVH 資產中的庫存的時間段有限。我們認為，考慮到價格上漲的壓力以及品牌退出時我們得不到的支持，不值得冒這個險。因此關稅影響了我們購買的庫存水準。

And all said, we're comfortable that, as we transition out of the PVH brands and get into the coming year, we believe that it all levels out. We've got some very strong initiatives that are now being shipped into the stores, new licenses, as well as the maturity of Donna Karan and Karl Lagerfeld and DKNY for that matter. And we see growth in every one of our brands. And as I stated earlier, owned brands provide a better return on margin than licensed brands. So as a percentage of our own brands' increases, you'll see margin improvement over the coming year.

總而言之，我們很高興，隨著我們逐漸擺脫 PVH 品牌並進入新的一年，我們相信一切都會趨於平穩。我們有一些非常強有力的舉措，目前正在運送到商店、新的許可證，以及 Donna Karan、Karl Lagerfeld 和 DKNY 的成熟。我們看到我們的每個品牌都在成長。正如我之前所說，自有品牌比授權品牌提供更好的利潤回報。因此，隨著我們自有品牌百分比的成長，您將看到來年利潤率的提高。

Ashley, this is Neal. With respect to the first half of next year, look, it's a little early for us to give you any kind of specific guidance. Let me give you a little bit of background in terms of what we're looking at. Certainly, we end this year -- or January is the beginning of our spring shipping. And then, of course, the first quarter will be the robust part of our spring shipping.

阿什利，這是尼爾。關於明年上半年，現在我們給您任何具體指導還為時過早。讓我向您介紹一下我們正在研究的背景。當然，今年年底——或者一月是我們春季運輸的開始。當然，第一季將是我們春季運輸的強勁時期。

The spring season, the latest set of tariffs really happened sort of midstream with respect to our going to market. We've been able to correct some of those prices and incorporate those, as Morris mentioned, not entirely. So we'll have a little bit of pressure. But I think, overall, the big thing for us is that if we see the tariffs coming ahead of time, before we go to market, we can appropriately price our product and get back to the kinds of margins that we expect to have and have had in the past.

春季，最新一輪關稅實際上是在我們進入市場的中期發生的。我們已經能夠糾正其中的一些價格，並將其納入其中，正如莫里斯所提到的，但不是全部。所以我們會面臨一點壓力。但我認為，總的來說，對我們來說最重要的是，如果我們在進入市場之前提前預見關稅的到來，我們就可以適當地為我們的產品定價，並恢復到我們預期和過去擁有的利潤水平。

Got it. Yeah, that's super helpful. Maybe just one more quickly to follow up. I think, with the mix of owned and licensed and just talking about PVH, when you last spoke to the portfolio strategy about six months ago, I believe it was mentioned that Calvin and Tommy were expected to represent about 25% of total sales at the end of this year. But just given the reduction in open to buys that you highlighted for some of these brands, is that still how we should be thinking about the full year mix shift? And I guess, better way to word that is the reduction there driving an acceleration in kind of a mix step down from PVH for the balance of the year? Thank you.

知道了。是的，這非常有幫助。也許只需再快速跟進一次即可。我認為，透過自有品牌和授權品牌的組合以及談論 PVH，當您大約六個月前上次談到投資組合策略時，我相信有人提到，預計 Calvin 和 Tommy 將佔今年年底總銷售額的 25% 左右。但是，考慮到您強調的某些品牌的購買開放度減少，我們是否仍然應該這樣考慮全年產品組合的變化？我想，更好的說法是，那裡的減少會加速 PVH 在今年餘下時間的混合降價嗎？謝謝。

Yeah, no dramatic change in terms of percentage, pretty similar to where we've been before. We've been impacted certainly across all the brands as far as the pullback in our sales as a result of the consumer pressures and the impact of tariffs.

是的，從百分比來看沒有太大的變化，與我們之前的情況非常相似。由於消費者壓力和關稅的影響，我們所有品牌的銷售額都受到了影響，出現下滑。

Okay. Great. I'll pass it along. Thank you.

好的。偉大的。我會傳達的。謝謝。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

I wanted to ask if you could provide a little bit more detail on the sales update for the year. Maybe could you give us more -- a bit more detail like how much is that attributed to like much lower revenues from the PVH brands versus your go-forward business, particularly given the comments that you expect the go-forward brands to be up mid-single digit? It's kind of -- I guess, it kind of implies a deceleration versus like the double-digit growth rates you've seen like in previous quarters. Thank you.

我想問您是否可以提供一些有關今年銷售更新的更多詳細資訊。也許您能為我們提供更多細節，例如這在多大程度上歸因於 PVH 品牌的收入遠低於您的未來業務，特別是考慮到您預計未來品牌的收入將增長中等個位數？我想，這有點暗示著與前幾季的兩位數成長率相比，成長率有所放緩。謝謝。

Yeah.. Thanks, Mauricio, for the question. Look, you're right on. We've actually got challenges this year, both -- first and foremost, really from the transition of the businesses. It's not just the businesses that are flowing off, but really all of the Calvin product is in a transition mode for us, and that does present some selling seasons -- selling problems into the marketplace.

是的..謝謝毛里西奧提出這個問題。瞧，你說得對。我們今年確實面臨挑戰，首先也是最重要的挑戰來自於業務轉型。不僅僅是業務在流失，實際上所有 Calvin 產品對我們來說都處於過渡模式，這確實帶來了一些銷售季節——向市場銷售問題。

I think when you combine that with the tariff pressures, as Morris was mentioning before, it's nearly a perfect storm. So we've got certainly deceleration in the Calvin and PVH brands, and we've got some deceleration in our own. And you're right, the mid-single digits is what we're expecting this year, down from where we've been a little bit more robust.

我認為，正如莫里斯之前提到的，當你將其與關稅壓力結合時，這幾乎是一場完美風暴。因此，我們的 Calvin 和 PVH 品牌的發展肯定有所放緩，我們自己的品牌的發展也有一定的放緩。你說得對，我們預計今年的成長率將處於中等個位數，比之前稍微強勁的水平有所下降。

We also see a little softness in some of our categories. Footwear has been soft for us. So there is an internal miss on what we projected to do in footwear. There's the confusion of exiting most of our production out of China did not help us. Moving into new factories and getting your trading partners to comply with how you produce, when you produce and the quality of what you produce is not seamless. So we were affected by transitioning from country to country as well as softness in the general consumer demand for footwear as we see it.

我們也發現某些類別略有疲軟。鞋類對我們來說一直都很柔軟。因此，我們對鞋類產品的預期存在內部錯誤。將我們的大部分生產轉移到中國之外，這對我們沒有幫助。遷入新工廠並讓您的貿易夥伴遵守您的生產方式、生產時間和產品品質並非天衣無縫。因此，我們受到了國家間轉型以及鞋類整體消費者需求疲軟的影響。

Got it. Just a quick follow-up on the Q2 results. Maybe could you tell us like how much was the tariff impact that you had on the second quarter? And I guess just like -- is it just like mainly because you were taking product with 145% China tariffs? Just trying to understand like how -- if this like will be actually like probably like relatively -- relative positive in Q2 next year just as you lap this headwind? Thank you.

知道了。只是對第二季結果的快速跟進。您能否告訴我們關稅對第二季的影響有多大？我想這主要是因為你買了對中國徵收 145% 關稅的產品嗎？只是想了解一下——如果這種情況實際上可能相對而言——明年第二季度當你克服這種逆風時，情況會如何？謝謝。

Yeah, Mauricio, if I were to look at our reduction of just over 200 basis points, I would say it was probably half tariffs and half product mix. So relatively speaking, a pretty small tariff impact in the quarter, but certainly, as a percentage, it was a significant part of the falloff from the prior year. We do not have tariffs at 145% rate. Our China tariffs were at 30%. And we did receive some of that -- of the tariff product that flowed through in the second quarter, probably slightly more than we would have expected when we did the original forecasts.

是的，毛里西奧，如果我看一下我們削減的 200 多個基點，我會說這可能是一半的關稅和一半的產品組合。因此相對而言，本季關稅的影響相當小，但從百分比來看，這無疑是去年同期下降的一個重要原因。我們沒有145%的關稅。我們對中國的關稅為30%。我們確實收到了第二季流入的部分關稅產品，可能比我們最初預測的要多一些。

To be clear, we were not impacted on the 145% tariff. That was a moment in time. We responded by rerouting product to Europe, where we marketed a potential problem. And we held in bond another batch of product, as tariffs became more realistic and we brought the product in. So if the assumption is the dilution of product -- of profit was 145% tariff, it was not.

需要明確的是，我們並未受到 145% 關稅的影響。那是一個值得紀念的時刻。我們的應對措施是將產品重新運送到歐洲，但在那裡我們銷售的產品有潛在問題。隨著關稅變得更加現實，我們將另一批產品保管起來，然後我們將這些產品進口進來。因此，如果假設產品利潤的稀釋是 145% 的關稅，那麼事實並非如此。

Got it. Understood, understood. Thank you so much.

知道了。明白了，明白了。太感謝了。

Paul Kearney, Barclays.

巴克萊銀行的保羅·科爾尼。

I was wondering if you can just help size the amount of product that was coming from India. I'm just trying to gauge the impact from the foregone product post tariff from India versus the reduction in order to buys from Calvin and Tommy. Thank you.

我想知道您是否可以幫助估算來自印度的產品數量。我只是想衡量印度取消關稅後產品與減少從 Calvin 和 Tommy 購買產品的影響。謝謝。

The amount -- thank you for your question, Paul. The amount of product we bring in from India historically has not been very much. It's a low single-digit percentage of our total production. This quarter, the third and fourth quarter, as we moved some product into India, is greater than the low single-digit number. But it is not impactful for the future. It is impactful for the year.

金額——謝謝你的提問，保羅。從歷史上看，我們從印度進口的產品數量並不多。這僅占我們總產量的個位數百分比。本季、第三季和第四季度，隨著我們將一些產品轉移到印度，銷售額超過了個位數。但對未來來說，影響並不大。這對今年來說影響很大。

We plan on taking some of the product, and again, marketing it in Europe, if we can. And if not, it will be held and dealt with, with our Indian partners. I'm happy to give you the top-line FOB number. It happens to be somewhere near $30 million, which does affect our fourth quarter, our year-end top-line results should we have to abandon it. And it's factored in as a giveback.

如果可以的話，我們計劃引進部分產品，並再次在歐洲進行行銷。如果沒有，我們將與印度合作夥伴一起處理此事。我很樂意向您提供最高 FOB 號碼。這個數字恰好接近 3000 萬美元，如果我們不得不放棄它，這確實會影響我們的第四季和年底的營收業績。這被視為一種回饋。

And just to clarify, the $30 million is the sales impact of the reduction.

需要澄清的是，3000 萬美元是減價對銷售的影響。

Okay. Thanks. My quick follow-up, and I think you touched on it a little bit, but in the past, you've spoken to some very strong pricing power for the right product. And I'm just curious, as you look to mitigate the tariffs into next year, do you -- are you starting to see any resistance on price, whether through your own brands or through what your retail partners are saying? Are we starting to push against the limit of what is possible on price? Thank you.

好的。謝謝。我快速跟進一下，我想您稍微提到了這一點，但在過去，您曾談到對正確產品擁有非常強大的定價權。我很好奇，當您希望在明年減輕關稅時，您是否開始看到價格方面的阻力，無論是透過您自己的品牌還是透過您的零售合作夥伴所說的？我們是否開始挑戰價格的極限了？謝謝。

So we are seeing some resistance, and the resistance is not because the consumer is not willing to pay, it's basically retailers wanting to see comp prices in the field. So for example, the off-price channel is about value, price value relationships. And for them to be comfortable that they can afford to pay increases, they need to see price increases in the department store level. They've not yet felt comfortable enough to get behind it in full force. They're buying their needs, and my belief is that there's a treasury waiting to be spent when prices are rationalized.

因此，我們看到了一些阻力，這種阻力並不是因為消費者不願意支付，而是因為零售商希望看到該領域的競爭價格。例如，折扣管道涉及價值、價格價值關係。為了讓他們確信自己能夠負擔得起漲價的費用，他們需要看到百貨公司層級的價格上漲。他們還沒有感到足夠自信，無法全力支持這項計畫。他們購買自己需要的東西，我相信，當價格合理化時，就會有一筆財富等著被花掉。

Thank you very much.

非常感謝。

Dana Telsey, Telsey Advisory Group.

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

As you think about the future, which is the future of your own brands, can you expand on the performance of your own brands for the remainder of this year or this quarter -- and this third quarter? And then, Morris, can you talk about the other potential license opportunities? I think Converse gets you into new places, BCBG, with obviously what we have going on now, it's a point in time. But if you think about the go forward, what do you see as the brand opportunities, both for licensing and any changes to your existing expectations? Thank you.

當您考慮未來，也就是您自有品牌的未來時，您能否詳細說明您自有品牌在今年剩餘時間或本季以及第三季的表現？那麼，莫里斯，您能談談其他潛在的許可機會嗎？我認為 Converse 可以帶你進入新的地方，BCBG，顯然我們現在正在做的事情，這是一個時間點。但是如果您考慮未來，您認為品牌機會是什麼，包括授權和現有期望的任何變化？謝謝。

Thanks for your questions. Our brands are retailing very well. You can tell pretty much every call, we talk about door expansion. You don't get door expansion without performing. So initially, as you launch a new brand, you get a handful of doors to test it.

感謝您的提問。我們的品牌零售情況非常好。幾乎每次通話中你都可以聽出，我們談論的是門的擴展。如果不表演的話，門就不會擴大。因此，最初，當您推出新品牌時，您會得到一些機會來測試它。

As sales begin to surface, the door count increases. And today, every retailer we trade with has seen the merit of carrying Donna Karan. They've seen outsized performance relative to inventory that they've carried and door count. So we're getting not only greater door count, we're getting better penetration per door. And we ourselves are expanding classifications within those brands, as I've stated before.

隨著銷售額的增加，上門數量也隨之增加。如今，與我們開展業務的每家零售商都見證了銷售 Donna Karan 的優點。相對於他們所持有的庫存和上門數量而言，他們已經看到了超乎尋常的業績。因此，我們不僅增加了門的數量，而且提高了每扇門的滲透率。正如我之前所說，我們自己也在擴大這些品牌的分類。

Weekend, which is yet to be shipped, has booked incredibly well, and I believe we'll be in almost 300 doors for spring. That's not been shipped yet. So there's a soft launch coming in the next probably 45 days, and then, we get further penetrated as it retails. And with Karl Lagerfeld, basically the same way. If you're a store shopper and you do shop department stores, you'll see great penetration of DKNY, Karl Lagerfeld, and Donna Karan. They're clearly leaders in the department store sector as far as penetration.

週末版尚未發售，但預訂情況非常好，我相信春季的銷售量將達到近 300 家。那個還沒出貨。因此，我們大概會在接下來的 45 天內進行一次軟啟動，然後，隨著零售的進行，我們會進一步滲透。卡爾·拉格斐 (Karl Lagerfeld) 也基本上是如此。如果您是商店購物者並且經常在百貨公司購物，您會看到 DKNY、Karl Lagerfeld 和 Donna Karan 的滲透率很高。就滲透率而言，他們顯然是百貨公司領域的領導者。

You wouldn't know this, but as far as performance as well, there was a call out from Macy's on several brands. I believe there were four brands that Tony Spring called out as performing well. And Donna Karan again, I believe this might have been the third time he cited good performance with Donna Karan, and we're proud to hear it. We're proud to see it.

您可能不知道，但就性能而言，梅西百貨也對幾個品牌提出了批評。我認為 Tony Spring 認為有四個品牌表現良好。再次提到唐娜·卡蘭 (Donna Karan)，我相信這可能是他第三次稱讚唐娜·卡蘭 (Donna Karan) 的出色表現，我們對此感到非常自豪。我們很自豪地看到這一點。

And we have no distribution outside of the United States. We have no off-price distribution. It's a pure brand that has pricing power that we believe we can take advantage of. And we just shipped product into Saks for the first time in Donna Karan. So we're hopeful that it will retail and we'll have another department store group that will support the brand.

我們在美國以外沒有分銷管道。我們沒有折扣分銷。這是一個純粹的品牌，擁有定價權，我們相信我們可以利用這一點。我們剛剛首次將 Donna Karan 的產品運送到 Saks。因此，我們希望它能夠零售，並且我們將有另一個百貨公司來支持該品牌。

And our own retail in Karl Lagerfeld has been very good. We're looking at outlet expansion now. We're shopping for more stores as we logically and carefully maybe, maybe, maybe conquered the retail space on our own, which is essential to some of our brands. We do not have a store for Donna Karan. We're likely to open a couple of flagships. And we're beginning to get significant interest in licensing Donna Karan.

而且我們自己在 Karl Lagerfeld 的零售業表現也非常好。我們現在正在考慮擴張門市。我們正在尋找更多的商店，因為我們可能、可能、可能自己征服了零售空間，這對我們的一些品牌來說至關重要。我們沒有 Donna Karan 商店。我們可能會開設幾家旗艦店。我們開始對唐娜·卡蘭 (Donna Karan) 的授權產生濃厚興趣。

As I stated, the first license was jewelry, and the jewelry looks great. Parts of it come from Donna's archives. And we're getting great support, great marketing, great talent that underpins it all in G-III. So I talk about Donna Karan, the Donna Karan today is -- let's say, if we talk about the triplets, Donna Karan, DKNY, and Karl Lagerfeld, Donna Karan is the smallest of the group with great potential. It's quite large for a launch. It's far better than we anticipated scale-wise, but there's a long way to go. We believe it can be a $1 billion brand in the coming years.

正如我所說，第一個許可證是珠寶，而且珠寶看起來很棒。其中部分內容來自唐娜的檔案。我們在 G-III 中獲得了強大的支援、出色的行銷和優秀的人才。所以我說說唐娜·卡蘭，今天的唐娜·卡蘭是——比方說，如果我們談論三姐妹，唐娜·卡蘭、DKNY 和卡爾·拉格斐，唐娜·卡蘭是這個群體中最小的一個，但卻有很大的潛力。對於一次發射來說，它的規模相當大。從規模上看，這比我們預期的要好得多，但還有很長的路要走。我們相信，未來幾年它可以成為一個價值 10 億美元的品牌。

So as we post that, margins will improve, top line will improve, and diversity will also improve. We'll be better balanced for pricing elasticity.

因此，當我們發布該消息時，利潤率將會提高，收入將會提高，多樣性也會提高。我們將更好地平衡定價彈性。

I'm sorry to be so wordy. But as you can tell, I'm very proud of what this organization has accomplished in difficult times, not only tariffs, PVH, the consumer. If there was a perfect windstorm, we were hit with it, and we're coming out rock solid. From a financial point of view, we're in great shape. From a balanced portfolio, I haven't even touched on your question of BCBG and Converse.

很抱歉我說了這麼多話。但正如你們所看到的，我對這個組織在困難時期所取得的成就感到非常自豪，不僅僅是關稅、PVH、消費者。如果發生一場大風暴，我們就會遭受攻擊，並且堅如磐石。從財務角度來看，我們的狀況良好。從平衡的投資組合來看，我甚至還沒有觸及你關於 BCBG 和 Converse 的問題。

Those are globally recognized brands, who doesn't know Converse, and supported by Nike. It's owned by Nike, and we're challenged to take on pretty much globally. There's North America, there's Western Europe. And most of our licensees do not include anything out of North America. This one does. And the abundance of orders that are coming in, we've shipped very little. We're about to get our product out there, but we have great global distribution. We've been given accolades for how great the product looks.

這些都是全球知名的品牌，誰不知道匡威，還有耐吉的支持。它歸耐吉所有，我們面臨的挑戰幾乎遍布全球。有北美，有西歐。而且我們的大多數授權商並不包括北美以外的產品。這個確實如此。儘管訂單很多，但我們發貨的卻很少。我們的產品即將上市，但我們擁有強大的全球分銷能力。我們因產品外觀精美而獲得讚譽。

I don't want to speak for the Converse organization, their team, but as they come through, they're much more than satisfied and maybe surprised as to how fast we brought it to market utilizing identified factories that are unique for Nike production. They need to be approved. We got that accomplished. We got product produced and ready to be delivered and product looks great. So I think we have a big brand in the horizon.

我不想代表匡威組織及其團隊發言，但當他們看到這些產品時，他們感到非常滿意，甚至可能對我們利用專為耐吉生產的工廠以如此快的速度將其推向市場感到驚訝。他們需要得到批准。我們完成了這個任務。我們已經生產產品並準備交付，而且產品看起來很棒。所以我認為我們有一個大品牌即將問世。

And BCBG covers another piece of our business, or not our business, newly entered into the business, which is contemporary. There's an effort to balance assortments in department stores with more contemporary brand, and BCBG covers that. We shipped a fair amount of product just recently, and the sell-throughs this past week were excellent. So we see growth in two emerging brands that I think will hit the radar screen, and maybe we'll talk about how important, again, our license business is as we exit PVH.

而BCBG則涵蓋了我們另外一塊業務，或者說不是我們業務的，新進入的業務，也就是當代的業務。百貨公司致力於透過更多現代品牌來平衡商品組合，而 BCBG 正是滿足了這項要求。我們最近運送了相當數量的產品，過去一週的銷售情況非常好。因此，我們看到兩個新興品牌的成長，我認為它們將引起人們的關注，也許我們會再次討論，在我們退出 PVH 時，我們的授權業務有多麼重要。

Thank you very much.

非常感謝。

Thank you, Dana, as always. And thank you all for your participation. And wait and see. We've got some great stuff on the horizon. I'm eager to share it with you in the coming quarters. Thank you all.

一如既往地感謝你，達娜。並感謝大家的參與。且等著瞧吧。我們即將迎來一些偉大的事情。我渴望在接下來的幾季與大家分享。謝謝大家。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。