G-III Apparel Group Ltd (GIII) 2026 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the G-III Apparel Group fourth-quarter and full-year fiscal 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Neal Nackman. Please go ahead, sir.

各位好，感謝您稍候。歡迎參加 G-III Apparel Group 2026 會計年度第四季及全年財報電話會議。(接線員指示) 請注意，今日會議將被錄音。現在我將把會議交給今天的發言人 Neal Nackman。先生，請開始。

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.

各位早安，感謝您加入我們。在開始之前，我想提醒與會者，今天電話會議及問答環節中的某些陳述，可能構成聯邦證券法所定義的前瞻性陳述。前瞻性陳述並無保證，實際結果可能與前瞻性陳述中明示或暗示的內容存在重大差異。可能導致公司實際營運結果或財務狀況不同的重要因素，已在公司向美國證券交易委員會（SEC）提交的文件中討論。

The company undertakes no duty to update any forward-looking statements. In addition, during the call, we will refer to non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA, which are all non-GAAP financial measures. We have provided reconciliations of these non-GAAP financial measures to GAAP measures in our press release, which is also available on our website.

公司不承擔更新任何前瞻性陳述的義務。此外，在本次電話會議中，我們將提及非 GAAP 淨利、非 GAAP 稀釋後每股淨利以及調整後 EBITDA，這些皆為非 GAAP 財務衡量指標。我們已在新聞稿中提供上述非 GAAP 財務衡量指標與 GAAP 指標之調節表，新聞稿亦可於我們的網站取得。

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

現在我將把電話會議交給我們的董事長兼執行長 Morris Goldfarb。

Thank you, Neal and thank you, everyone, for joining us. Fiscal 2026 was a pivotal year for G-III. I'm proud of the results our team has delivered and the meaningful progress we made advancing our long-term strategy despite a tough environment. As we transition out of our Calvin Klein and Tommy Hilfiger businesses, we accelerated the strategic transformation of our portfolio, unlock new growth opportunities and strengthened the foundation of G-III.

謝謝你，Neal，也謝謝各位加入我們。2026 會計年度對 G-III 而言是關鍵的一年。我為團隊交出的成果感到自豪；即使在艱困的環境下，我們仍在推進長期策略方面取得了有意義的進展。隨著我們逐步退出 Calvin Klein 與 Tommy Hilfiger 業務，我們加速了產品組合的策略性轉型，釋放新的成長機會，並強化了 G-III 的基礎。

The power and global recognition of our brands, combined with our disciplined operating model and strong balance sheet enabled us to deliver compelling product and differentiated brand experiences despite a highly dynamic retail environment, including evolving tariff conditions and cost pressures.

我們品牌的力量與全球知名度，加上嚴謹的營運模式與強健的資產負債表，使我們即便在高度動態的零售環境中——包括關稅條件變化與成本壓力——仍能提供具吸引力的產品與差異化的品牌體驗。

As we reshape the portfolio, we're sharpening our focus on a brand builder and long-term steward of both our owned and licensed brands. At the same time, we've made targeted investments in infrastructure, technology and talent to support the next phase of growth. In the fourth quarter, our underlying results were strong, excluding the impact of the Saks bankruptcy, full year EPS would have exceeded the high end of our guidance.

在重塑產品組合的同時，我們更聚焦於成為品牌打造者，以及自有與授權品牌的長期守護者。同時，我們也在基礎建設、科技與人才方面進行有針對性的投資，以支持下一階段的成長。第四季在排除 Saks 破產影響後，我們的基本面表現強勁；若以全年來看，每股盈餘（EPS）將會高於我們指引區間的上緣。

For the full year, our key owned brands, DKNY, Donna Karan, Karl Lagerfeld and Vilebrequin, collectively delivered mid-single-digit growth, helping offset the impact of the exited PVH licenses. These brands are growing with improving quality of revenue higher full price sell-throughs and increasing global relevance, the clear validation of our strategic direction.

就全年而言，我們的主要自有品牌 DKNY、Donna Karan、Karl Lagerfeld 與 Vilebrequin 合計實現中個位數成長，有助於抵消退出 PVH 授權所帶來的影響。這些品牌在營收品質提升、更高的正價銷售率以及全球相關性提升的帶動下持續成長，清楚驗證了我們的策略方向。

With that, I'll now review our fourth quarter and full year fiscal 2026 results. Net sales were $771 million in the fourth quarter and $2.96 billion for the full year. Relative to guidance, sales were negatively impacted by approximately $20 million as we stopped shipments to Saks in December ahead of the bankruptcy filing.

接下來，我將回顧 2026 會計年度第四季與全年業績。第四季淨銷售額為 7.71 億美元，全年為 29.6 億美元。相較於指引，銷售額約受到 2,000 萬美元的負面影響，原因是我們在 12 月於破產申請前停止對 Saks 出貨。

Strong margin for the fourth quarter and the full year was ahead of expectations, driven by higher full-price selling and more balanced distribution with less penetration in the off-price channel. We're successfully establishing higher price points with our newer brands and seeing healthy consumer response further supporting our margin expansion opportunity.

第四季與全年毛利率均優於預期，主要受惠於更高的正價銷售，以及更均衡的通路配置、降低在折扣通路（off-price channel）的滲透率。我們正成功為較新的品牌建立更高的價格帶，並看到消費者的健康反應，進一步支持我們的毛利率擴張機會。

Non-GAAP earnings per diluted share were $0.30 in the fourth quarter and $2.61 for the full year. In the fourth quarter, we took an approximate $17.5 million bad debt expense associated with the Saks bankruptcy, which negatively impacted earnings by $0.30.

第四季非 GAAP 稀釋後每股盈餘為 0.30 美元，全年為 2.61 美元。第四季我們認列約 1,750 萬美元與 Saks 破產相關的壞帳費用，使盈餘減少 0.30 美元。

Turning to our balance sheet. Our working capital remains in great shape. We exited the year with clean inventories, down 4% year-over-year on lower units. We ended the year with more than $400 million in cash and over $900 million in total liquidity. This is after returning more than $50 million to shareholders through share repurchases and our new cash dividend. We remain in the strong financial position with ample flexibility to continue investing in our brands and infrastructure to support long-term growth.

接著談資產負債表。我們的營運資金仍維持在非常良好的狀態。我們在年末的庫存乾淨，因件數下降，庫存較去年同期減少 4%。年末現金超過 4 億美元，總流動性超過 9 億美元。這是在透過庫藏股回購與新增現金股利向股東返還超過 5,000 萬美元之後的水準。我們仍處於強健的財務狀況，具備充足彈性，可持續投資於品牌與基礎建設以支持長期成長。

Turning to our strategic priorities. Over the past several years, we've been very clear about our strategy, simplifying our portfolio, leaning into our most powerful owned brands and building a company with greater control and long-term growth potential.

接著談我們的策略重點。過去幾年，我們一直非常清楚地闡述策略：精簡產品組合、加大投入最具力量的自有品牌，並打造一家擁有更高掌控度與長期成長潛力的公司。

Fiscal 2026 was another important step in that journey, capturing the long-term potential of our own brands is a top strategic priority. These brands are powerful, sustainable drivers of profitability, delivering higher margins and incremental licensing income. During the year, our own brands demonstrated strong consumer resonance supported by compelling product, disciplined distribution and effective marketing.

2026 會計年度是這段旅程中的另一個重要步驟；釋放自有品牌的長期潛力是我們的首要策略重點。這些品牌是強勁且可持續的獲利驅動因素，能帶來更高毛利率與額外的授權收入。在本年度，我們的自有品牌在具吸引力的產品、嚴謹的通路策略與有效的行銷支持下，展現出強烈的消費者共鳴。

We saw solid full price sell-throughs, healthy margins and increased brand engagement. Our key owned brands delivered mid-single-digit growth accounting for close to 60% of revenue this year, up from roughly 50% last year.

我們看到穩健的正價銷售率、健康的毛利率，以及更高的品牌互動度。我們的主要自有品牌實現中個位數成長，今年約占營收的 60%，高於去年的約 50%。

We're driving this growth through four key areas. First, product and consumer engagement. We continue to invest in brand-building initiatives through an always-on marketing strategy that leverages top-tier talent, elevated content and targeted global activations to expand and reach and drive conversion.

我們透過四個關鍵領域推動這項成長。第一，產品與消費者互動。我們持續透過「常態化（always-on）」行銷策略投資品牌打造計畫，運用頂尖人才、更高質感的內容與精準的全球行銷活動，擴大觸及並推動轉換。

Second, driving direct-to-consumer. We're focused on strengthening our digital business to boost traffic and conversion across owned and partner sites. Meanwhile, we're executing well on our retail segment turnaround initiatives in North America optimizing the footprint to improve productivity and profitability.

第二，推動直面消費者（DTC）。我們聚焦強化數位業務，以提升自有與合作夥伴網站的流量與轉換率。同時，我們也在北美有效執行零售事業的轉型措施，優化據點布局以提升生產力與獲利能力。

Third, international expansion. With just over 20% of fiscal 2026 net sales generated outside the United States, the opportunity remains significant. We're pursuing global expansion with discipline, prioritizing the right markets, partners and infrastructure to ensure long-term sustainable growth.

第三，國際擴張。2026 會計年度淨銷售額中，僅略高於 20% 來自美國以外市場，因此機會仍相當可觀。我們以紀律推進全球擴張，優先選擇合適的市場、合作夥伴與基礎建設，以確保長期可持續成長。

Fourth, category expansion through licensing. Our partners have helped us expand the lifestyle offerings into complementary categories that broaden our brand reach and deepen consumer connections. In return, G-III earns a highly accretive licensing income stream, the vast majority of which falls directly to our bottom line. We see significant opportunity to grow our brands through new licensing partners over time.

第四，透過授權進行品類擴張。我們的合作夥伴協助我們將生活風格產品延伸至互補品類，擴大品牌觸及並加深與消費者的連結。作為回報，G-III 取得高度增益性的授權收入來源，其中絕大部分將直接反映在我們的最終獲利上。我們認為，隨著時間推進，透過新的授權合作夥伴來擴大品牌仍有顯著機會。

I will now walk you through brand highlights from the year. Donna Karan continues to be one of our most powerful and new-to-market growth engines, delivering strong profitability supported by healthy AURs and sell-throughs.

接下來我將帶各位回顧本年度的品牌亮點。Donna Karan 持續是我們最具力量、且屬於新進市場的成長引擎之一；在健康的平均單價（AUR）與銷售率支持下，帶來強勁的獲利能力。

In fiscal 2026, the brand delivered approximately 40% growth, underscoring the strength of the relaunch and the momentum we are seeing across channels. Touching on a few highlights. In North America, we're expanding distribution of key wholesale accounts, supported by consistent sell-throughs that continue to build retailer confidence.

在 2026 會計年度，該品牌實現約 40% 的成長，凸顯重新上市（relaunch）的強勁力道，以及我們在各通路所見的動能。簡要提及幾項亮點。在北美，我們正擴大主要批發客戶的通路覆蓋，並在持續穩定的銷售率支持下，進一步建立零售商信心。

We ended the year with approximately 1,900 points of sale with an additional 400 expected for fall. Sales on donnakaran.com grew close to 170% this year, driven by more than 120% increase in traffic. Repeat customers represented close to 20% of sales and we acquired nearly 100,000 new customers during the year. The brand continued to perform well on retailer sites, and we expect digital momentum to continue as we expand our lifestyle offerings online.

我們在年底時約有 1,900 個銷售據點，並預期秋季將再新增 400 個。donnakaran.com 的銷售今年成長接近 170%，主要由網站流量增加逾 120% 所帶動。回購客戶約占銷售額的 20%，且我們在年度內新增近 100,000 名新客戶。該品牌在零售商網站上的表現持續強勁，隨著我們在線上擴展生活風格產品，我們預期數位動能將持續延伸。

Category diversification through licensing and product expansion is broadening the brand's reach. Donna Karan weekend launched in November to strong reception while license categories continue to perform well. The fragrance business grew approximately 20% this year, led by the continued strength of the Cashmere Mist franchise, which remained one of the top products in prestige fragrance. Our new jewelry line is off to a good start and will roll out in select department stores this spring.

透過授權與產品擴張進行的品類多元化，正在擴大品牌觸及範圍。Donna Karan weekend 於 11 月推出並獲得熱烈回響，同時各授權品類持續表現良好。香氛業務今年約成長 20%，主要由 Cashmere Mist 系列持續強勢帶動，該系列仍是高端香氛市場的頂尖產品之一。我們全新的珠寶系列開局良好，並將於今年春季在部分百貨公司陸續上市。

Our marketing investments are reinforcing the brands authority and cultural relevance across key markets globally. This year, our campaigns have featured iconic empowered women like Kate Moss and Claudia Schiffer, who embody the brand and bring authenticity to the collection. At the same time, we've seen strong organic momentum with A-list celebrities choosing the brand, underscoring that it continues to capture how women want to dress today with confidence and effortless ease.

我們的行銷投資正在強化品牌在全球關鍵市場的權威性與文化相關性。今年，我們的行銷活動邀請了 Kate Moss 與 Claudia Schiffer 等具代表性的自信女性，她們體現品牌精神，並為系列帶來真實感。同時，我們也看到強勁的自然聲量動能，A 咖名人選擇該品牌，凸顯其仍能以自信且毫不費力的風格，捕捉當代女性想要的穿著方式。

Looking ahead, as we build on our success in North America, we remain focused on thoughtfully scaling across categories, doors and geographies while protecting its premium positioning and strong brand equity. With increasing brand awareness and multiple growth levers still ahead, we expect strong growth in fiscal 2027 and remain highly confident in Donna Karan's long-term trajectory and $1 billion annual G-III net sales potential.

展望未來，在鞏固北美成功基礎之際，我們仍專注於在品類、通路據點與地理市場上審慎擴張，同時維護其高端定位與強勁的品牌資產。隨著品牌知名度提升且仍有多項成長動能可推進，我們預期 2027 會計年度將實現強勁成長，並對 Donna Karan 的長期發展軌跡及 G-III 年度淨銷售額達 10 億美元的潛力保持高度信心。

Karl Lagerfeld delivered another exceptional year growing high single digits. Brand heat was reinforced through our impactful marketing campaigns with Paris Hilton, strengthening consumer engagement at key touch points on a global scale. Building on that momentum, we're continuing our partnership with Paris for spring and summer this year.

Karl Lagerfeld 再度交出卓越的一年，實現高個位數成長。我們與 Paris Hilton 合作的具影響力行銷活動強化了品牌熱度，並在全球關鍵接觸點提升消費者互動。在此動能基礎上，我們今年春夏將持續與 Paris 的合作。

In North America, sales grew high teens for the year as we broadened the lifestyle assortment and expanded distribution across key accounts. Our footprint in the region grew to approximately 3,000 points of sale with more than 300 new points of sale expected by fall.

在北美，隨著我們擴充生活風格產品組合並在主要客戶通路擴大鋪貨，全年銷售成長達高十位數。我們在該區域的據點規模增至約 3,000 個銷售據點，並預期至秋季將再新增超過 300 個據點。

In our North American direct-to-consumer business, we continue to optimize the retail footprint and enhance digital. This year, the brand saw a positive comp sales increases across stores and e-comm fueled by over 20% growth on karl.com. Internationally, the brand grew mid-single digits with expanding margins despite softer consumer trends in Europe.

在北美直營消費者（DTC）業務方面，我們持續優化零售據點布局並強化數位能力。今年，品牌在門市與電商皆實現同店銷售正成長，其中 karl.com 成長逾 20% 提供助力。國際市場方面，儘管歐洲消費趨勢較疲弱，品牌仍實現中個位數成長，且毛利率持續擴張。

The Karl Lagerfeld jeans line remained a primary growth driver, delivering 30% growth for the year, helping to engage a younger consumer. We're prioritizing productivity and improvements in our international operations to drive stronger profitability across channels. With more than 170 Karl Lagerfeld branded freestanding stores worldwide, we're thoughtfully expanding the global retail footprint. This year, 15 new stores were opened in key strategic markets, including Latin America and Mexico through our partners, and we continue to target underpenetrated regions such as Asia Pacific for future growth.

Karl Lagerfeld 牛仔系列仍是主要成長動能，全年成長 30%，有助於吸引更年輕的消費者。我們正優先提升生產力並改善國際營運，以推動各通路更強的獲利能力。全球已有超過 170 家 Karl Lagerfeld 品牌獨立門市，我們正審慎擴大全球零售版圖。今年在拉丁美洲與墨西哥等關鍵策略市場透過合作夥伴新開 15 家門市，同時持續鎖定亞太等滲透率較低的地區作為未來成長重點。

Our licensing and hospitality business continues to reinforce Karl's position as a global lifestyle brand with aspirational relevance. This year, we signed licensing agreements for luxury brand residences in Portugal and the Middle East. In fiscal 2026, the brand generated approximately $630 million in reported net sales and over $1.7 billion in global retail sales.

我們的授權與飯店（hospitality）業務持續強化 Karl 作為具嚮往價值之全球生活風格品牌的定位與相關性。今年，我們簽署了在葡萄牙與中東的奢華品牌住宅授權協議。在 2026 會計年度，該品牌創造約 6.30 億美元的申報淨銷售額，以及超過 17 億美元的全球零售銷售額。

Looking ahead, we're focused on accelerating global expansion, scaling our digital business and engaging a broader consumer through expanded lifestyle offerings and brand activations. These initiatives reinforce our confidence in the powerful growth runway for Karl Lagerfeld and capturing over $1 billion in GIII's net sales opportunity long term.

展望未來，我們將聚焦加速全球擴張、擴大數位業務規模，並透過擴展生活風格產品與品牌活動觸及更廣泛的消費者。這些舉措進一步強化我們對 Karl Lagerfeld 強勁成長跑道的信心，並在長期把握 GIII 淨銷售額超過 10 億美元的機會。

Turning to DKNY. Our strategy remains focused on investing in how and where the brand shows up with a clear emphasis on driving full price sales. Over the last 12 to 24 months, we've taken a disciplined approach to elevating brand presentation, refining our distribution and deepening engagement with a younger consumer.

接著談 DKNY。我們的策略仍聚焦於投資品牌呈現的方式與出現的場域，並明確強調推動正價銷售。在過去 12 至 24 個月，我們以嚴謹的方式提升品牌呈現、優化通路配置，並加深與年輕消費者的互動。

Our North American direct-to-consumer business improved with stores and dotcom, delivering double-digit comp growth and higher productivity. Notably, sales on dkny.com, increased approximately 40% for the year, reflecting strong consumer engagement with the collections.

我們在北美的直營消費者（DTC）業務於門市與官網均有所改善，實現雙位數同店成長並提升生產力。值得注意的是，dkny.com 的銷售全年約成長 40%，反映消費者對系列產品的高度投入與互動。

North America increased marketing spend and targeted activations resonated with our target audience, driving strong response to fashion and newness. Internationally, brand-building activations across key markets boosted visibility and fueled ready-to-wear growth led by jeans and handbags.

北美提高行銷支出並推出精準的品牌活動，與目標受眾產生共鳴，帶動對時尚與新品的強勁反應。在國際市場，我們於關鍵市場推動的品牌建設活動提升了能見度，並帶動成衣成長，其中以牛仔與手袋為主要動能。

DKNY delivered several standout brand moments. We launched two global campaigns, Spring 2025 with Lila Moss and Fall of '25 with Haley Bieber significantly elevating brand visibility and cultural relevance. Social engagement rose nearly 300% year-over-year with four campaigns generating the strongest social performance in the brand's history. Haley returns for Spring 2026 supported by a global media plan. Marketing-led storytelling translated into results.

DKNY 創造了多個突出的品牌高光時刻。我們推出兩檔全球行銷活動：2025 春季由 Lila Moss 代言，以及 2025 秋季由 Haley Bieber 代言，顯著提升品牌能見度與文化相關性。社群互動年增近 300%，其中四個活動創下品牌史上最佳社群表現。Haley 將於 2026 春季回歸，並由全球媒體計畫支持。以行銷為主導的敘事轉化為實際成果。

The Paula commuter tote became our number one handbag collection for the year, supported by immersive pop-ups and experiential moments that brought the brand's New York City DNA to key markets. Broader high-impact brand moments, including a landmark Burj Khalifa projection in Dubai and 190 screen citywide digital takeover further amplified visibility and brand heat. In fiscal 2026, DKNY delivered approximately $650 million in reported net sales and over $2.4 billion in global retail sales.

Paula 通勤托特包成為我們年度第一大手袋系列，並透過沉浸式快閃與體驗活動，將品牌的紐約市 DNA 帶到各大重點市場。更廣泛的高影響力品牌事件，包括在杜拜哈里發塔（Burj Khalifa）的地標投影，以及全市 190 面螢幕的數位接管，進一步放大能見度與品牌熱度。在 2026 會計年度，DKNY 創造約 6.50 億美元的申報淨銷售額，以及超過 24 億美元的全球零售銷售額。

As we look to next year, our focus centers on product newness, expanded lifestyle assortments and scaling distribution across North America. Internationally, we're unlocking growth in Europe and China, where we recently onboarded a new licensing partner and we'll open a new Shanghai store this spring. We're also seeing opportunity in markets across the Asia Pacific and India through new partnerships. With disciplined execution and a clear strategic focus, we're confident in DKNY's billion dollar G-III net sales opportunity.

展望明年，我們的重點將聚焦於產品上新、擴大生活風格產品組合，並在北美擴大通路覆蓋。在國際市場方面，我們正於歐洲與中國釋放成長動能；我們近期引入新的授權合作夥伴，並將於今年春季在上海開設新店。我們也透過新的合作夥伴關係，在亞太與印度等市場看到機會。憑藉嚴謹的執行與清晰的策略聚焦，我們對 DKNY 在 G-III 淨銷售額達 10 億美元的機會充滿信心。

Vilebrequin, a status swimwear brand delivered low single-digit sales growth despite a challenging European backdrop. Demand remained resilient among our aspirational consumer supported by strong global brand awareness and engagement. Growth was driven by higher AURs reflecting the brand's pricing power, premium positioning and continued demand for its luxury swimwear and lifestyle offering.

Vilebrequin 作為具地位象徵的泳裝品牌，儘管歐洲環境充滿挑戰，仍實現低個位數的銷售成長。在強勁的全球品牌知名度與互動支持下，我們的嚮往型消費者需求仍具韌性。成長主要由更高的平均零售單價（AUR）所帶動，反映品牌的定價能力、高端定位，以及對其奢華泳裝與生活風格產品的持續需求。

Performance was led by strength in Europe, particularly in France and the Caribbean, along with continued momentum in digital. In hospitality, we're building on strong performance in Cannes and partner locations in Doha and [Cree] with the addition of a fourth partner beach operation in Oman.

業績表現主要由歐洲的強勢帶動，尤其是法國與加勒比地區，同時數位業務亦持續保持動能。在飯店（hospitality）方面，我們在坎城以及位於杜哈與 [Cree] 的合作據點之強勁表現基礎上，新增在阿曼的第四個合作夥伴海灘營運據點。

A new rooftop restaurant in Miami is also set to open in the coming weeks.

邁阿密一家全新的屋頂餐廳也預計將於未來幾週內開幕。

Looking ahead, our strategy remains focused on premium product with higher AURs, creative collaborations to drive global awareness and hospitality led distribution at a boutique placement in incremental brand builders. Vilebrequin continues to be a key player in our own portfolio as we unlock its long-term global potential.

展望未來，我們的策略仍聚焦於具較高平均單價（AUR）的高端產品、以創意合作推動全球知名度，以及以款待體驗為導向的通路布局，在精品式據點進行陳列，作為增量的品牌建設者。Vilebrequin 持續是我們自有品牌組合中的關鍵角色，我們正釋放其長期的全球成長潛力。

In addition to owned brands, licensed brands remained a core pillar of our strategy with an enhanced focus on contemporary fashion and sports lifestyle categories. These segments allow us to leverage our core competencies and capture incremental market share and sales. In fiscal 2026, our licensed brands generated mid-single-digit growth excluding our PVH and other exited licensing businesses.

除自有品牌外，授權品牌仍是我們策略的核心支柱，並加強聚焦於當代時尚與運動生活風格類別。這些領域使我們能發揮核心能力，並取得額外的市占率與銷售增量。在 2026 財年，若排除我們的 PVH 及其他已退出的授權業務，我們的授權品牌實現中個位數成長。

Team sports, led by Starter, continues to expand our reach within the licensed sports marketplace. This division serves a highly engaged sports fan and unlocks additional distribution across stadiums, sporting goods and specialty retail and strategic digital channels.

以 Starter 為首的團隊運動業務，持續擴大我們在授權運動市場的觸及範圍。該事業部服務高度投入的運動迷，並在體育場館、運動用品與專業零售，以及策略性數位通路上，開拓更多通路布局。

With the addition of Converse, which we launched in the second half of the year and is already contributing to top line sales, this portfolio represents more than $130 million in net sales in fiscal 2026, and we see a path to growth to $500 million over time. In contemporary fashion, we're building a portfolio that complements our own brands and strengthens our presence in modern lifestyle categories.

隨著 Converse 的加入（我們於下半年推出，且已開始貢獻營收），該組合在 2026 財年的淨銷售額超過 1.30 億美元，我們也看見其隨時間成長至 5 億美元的路徑。在當代時尚方面，我們正打造一個可與自有品牌互補、並強化我們在現代生活風格類別能見度的品牌組合。

BCBG launched for Fall 2025 is performing well alongside an increase in door counts this year. In January, we signed a new licensing agreement for a French connection to design and distribute women's and men's apparel and select accessories in North America. This addition enhances our contemporary offering and is expected to contribute revenue beginning this year.

於 2025 年秋季推出的 BCBG 表現良好，且今年門店數增加。1 月，我們簽署了新的 French Connection 授權協議，於北美設計與銷售女裝、男裝及部分配件。此新增項目強化我們的當代產品供給，並預期自今年起開始貢獻營收。

In terms of our Calvin Klein and Tommy Hilfiger licenses, we've continued to manage these businesses diligently as the license rolls off. In fiscal 2026, they represented approximately $830 million in revenue, and we expect them to generate approximately $360 million in fiscal 2027 before rolling off in fiscal 2028.

就 Calvin Klein 與 Tommy Hilfiger 的授權業務而言，隨著授權到期，我們持續審慎管理這些業務。在 2026 財年，它們約占 8.30 億美元營收；我們預期在 2027 財年約產生 3.60 億美元營收，並於 2028 財年到期結束。

Turning to our next priority of enhancing omnichannel. We're on track to return our North American retail segment to profitability in fiscal 2027. Through management changes, reduced store footprint and better merchandising, we strengthened our execution and improved the brand presence. As a result, we further cut operating losses by more than 50% in fiscal 2026. Digital remained a key growth and profit driver.

接著談我們下一項優先事項：強化全通路。我們正按計畫在 2027 財年讓北美零售部門恢復獲利。透過管理層調整、縮減店鋪規模與更佳的商品策略，我們強化了執行力並提升品牌呈現。因此，我們在 2026 財年將營運虧損進一步削減逾 50%。數位業務仍是關鍵的成長與獲利驅動因素。

Sales on our own website grew over 30% this year, led by outsized growth on our donnakaran.com. This momentum reinforces the importance of the channel and our ability to meet consumers wherever they shop. Across our marketplace platforms, including Amazon and Zalando, we delivered strong bottom line profitability and top line performance for our go-forward businesses. This was fueled by advertising efficiencies and promotional discipline driving stronger ROIs on reduced expenses.

今年我們自有網站銷售成長超過 30%，其中以 donnakaran.com 的強勁成長領先。此動能再次印證該通路的重要性，以及我們在消費者購物的任何場域都能滿足其需求的能力。在包含 Amazon 與 Zalando 在內的各大市集平台上，我們的未來核心業務在營收表現與獲利能力方面皆有強勁表現。這主要受惠於廣告效率提升與促銷紀律，使得在費用降低的情況下，投資報酬率（ROI）更為強勁。

We'll continue to expand our brand's presence across platforms through new category launches and assortment extensions. At the same time, we're investing in data and AI capabilities, modernizing our enterprise systems and enhancing digital content and consumer insights to drive higher engagement and conversion. Together, these efforts position us to scale profitably while delivering richer brand experience across channels. In our cost structure, we remain actively focused on driving cost savings and efficiencies across the business, including optimizing our supply channel infrastructure.

我們將持續透過新品類上市與品項延伸，擴大品牌在各平台的能見度。同時，我們正投資資料與 AI 能力、現代化企業系統，並強化數位內容與消費者洞察，以提升互動與轉換。綜合而言，這些舉措使我們能在擴大規模的同時維持獲利，並在各通路提供更豐富的品牌體驗。在成本結構方面，我們仍積極聚焦於推動全公司成本節省與效率提升，包括優化供應通路基礎設施。

As we look forward to fiscal 2027 and the expected volume loss tied to the PVH license givebacks, we're implementing further cost reduction to drive profit improvements over time. As we work to enhance productivity and profitability, this will free up resources to invest further in our highest priority growth initiatives.

展望 2027 財年，考量與 PVH 授權返還相關的預期出貨量下滑，我們正推動進一步的成本削減，以在時間推移中改善獲利。在我們提升生產力與獲利能力的同時，這也將釋放資源，以加碼投資於我們最優先的成長計畫。

Thus far, we've identified $25 million of cost savings across supply chain, organizational structure as well as discretionary expenses and expect to achieve this on a run rate basis in fiscal 2028. We'll continue to evaluate our cost structure and seek additional areas where we can unlock savings to further align our go-forward model.

截至目前，我們已在供應鏈、組織架構以及可控支出等方面辨識出 2,500 萬美元的成本節省，並預期在 2028 財年以年化運行率（run rate）方式達成。我們將持續檢視成本結構，並尋找更多可釋放節省的領域，以進一步使我們的未來營運模式更為一致。

Turning to our outlook. As we continue to transform the business, our outlook reflects an improving margin profile on lower revenues in the near term as the remaining PVH licenses roll off. We're focused on driving gross margin expansion, streamlining our cost structure and operating with greater discipline to enhance profitability and efficiency.

接著談我們的展望。隨著我們持續轉型，因剩餘的 PVH 授權逐步到期，短期內營收較低，但我們的展望反映出毛利率結構正在改善。我們聚焦於推動毛利率擴張、精簡成本結構，並以更高的紀律營運，以提升獲利能力與效率。

At the same time, we remain committed to growing our go-forward brands, generating healthy cash flow and remaining a very strong balance sheet and maintaining a very strong balance sheet. As we enter fiscal 2027, we do sell from a position of strength with brand momentum, expanding margins and the flexibility to invest in both ourselves and in strategic opportunities.

同時，我們仍致力於成長我們的未來核心品牌、創造健康的現金流，並維持非常強健的資產負債表。進入 2027 財年之際，我們確實是以優勢地位在推進：品牌動能強勁、利潤率擴張，且具備彈性可投資於自身及策略性機會。

For the year, we expect net sales of approximately $2.71 billion, which reflects an approximate $470 million reduction in our expiring Calvin and Tommy businesses. Meanwhile, our go forward business is expected to grow high single digits driven by continued momentum of our own brands. Non-GAAP diluted earnings per share for the year is expected to be between $2 and $2.10.

就全年而言，我們預期淨銷售額約為 27.1 億美元，其中反映即將到期的 Calvin 與 Tommy 業務約減少 4.70 億美元。同時，我們的未來核心業務預期將在自有品牌持續動能帶動下，實現高個位數成長。全年非 GAAP 稀釋每股盈餘預期介於 2.00 至 2.10 美元。

In closing, I want to thank our global teams for their continued hard work and dedication. Their execution, creativity and commitment are what drive our success.

最後，我要感謝我們全球團隊持續的辛勤付出與投入。正是他們的執行力、創意與承諾，推動了我們的成功。

I'll now pass the call to Neal who will walk you through the financial results of the fourth quarter and full year as well as our fiscal 2027 outlook.

接下來我將把電話交給 Neal，他將帶各位回顧第四季與全年財務結果，以及我們對 2027 財年的展望。

Thank you, Morris. Net sales for the fourth quarter ended January 31, 2026, were $771 million down 8% compared to $840 million in the same period last year. Relative to our guidance, sales results were negatively impacted by approximately $20 million as we stopped shipments to Saks in December ahead of the bankruptcy filing. Net sales of our wholesale segment was $737 million compared to $799 million in the previous year. We saw healthy increases in our owned brands and our go-forward license portfolio, offset by lower sales from our Calvin Klein and Tommy Hilfiger licensed businesses.

謝謝你，Morris。截至 2026 年 1 月 31 日止的第四季淨銷售額為 7.71 億美元，較去年同期的 8.40 億美元下降 8%。相較於我們的指引，由於我們在 12 月於 Saks 申請破產前停止出貨，銷售結果受到約 2,000 萬美元的負面影響。批發部門淨銷售額為 7.37 億美元，去年同期為 7.99 億美元。我們看到自有品牌與未來核心授權組合均有健康成長，但被 Calvin Klein 與 Tommy Hilfiger 授權業務較低的銷售所抵銷。

Net sales of our retail segment was $63 million for the fourth quarter compared to net sales of $56 million in the previous year's fourth quarter. We achieved strong double-digit comp sales in Karl Lagerfeld Paris, DKNY and Donna Karan. Fourth quarter gross margins were 37% compared to 39.5% in the previous year, reflecting the negative impact of tariffs which was the largest quarter impacted for the year, partially offset by a favorable mix shift towards more full-price sales. The wholesale segment's gross margin percentage was 34.8% and compared to 38.1% in the previous year's quarter.

零售部門第四季淨銷售額為 6,300 萬美元，去年第四季為 5,600 萬美元。Karl Lagerfeld Paris、DKNY 與 Donna Karan 的同店銷售（comp）均實現強勁的雙位數成長。第四季毛利率為 37%，去年同期為 39.5%，反映關稅的負面影響（這是全年受影響最大的季度），部分被產品組合轉向更多正價銷售所帶來的有利影響所抵銷。批發部門毛利率為 34.8%，去年同期為 38.1%。

The gross margin percentage in our retail segment was 46.3% compared to 48.3% in the prior year's period.

零售部門毛利率為 46.3%，去年同期為 48.3%。

Non-GAAP SG&A expenses were $260 million in the fourth quarter compared to $244 million in the previous year's fourth quarter. The fourth quarter reflects a $17.5 million bad debt expense associated with the Saks bankruptcy, which drove our SG&A expenses to be higher than planned. Non-GAAP net income for the fourth quarter was $13 million or $0.30 per diluted share compared to $58 million or $1.20 per diluted share in the previous year's fourth quarter. Fourth quarter EPS reflects an approximate $0.30 impact from the Saks bankruptcy filing. Excluding this, our fourth quarter earnings would have been ahead of our internal expectations.

第四季非 GAAP 銷售、一般及行政（SG&A）費用為 2.60 億美元，去年第四季為 2.44 億美元。第四季包含與 Saks 破產相關的 1,750 萬美元壞帳費用，導致 SG&A 費用高於原先規劃。第四季非 GAAP 淨利為 1,300 萬美元，或稀釋後每股 0.30 美元；去年第四季為 5,800 萬美元，或稀釋後每股 1.20 美元。第四季每股盈餘反映 Saks 申請破產約 0.30 美元的影響。若排除此影響，我們第四季獲利將優於內部預期。

Let's review the full fiscal year ended January 31, 2026. Net sales for the full year were $2.96 billion compared to $3.18 billion in the previous year. Net sales of our wholesale segment were $2.87 billion compared to $3.08 billion in the previous year. The decrease is driven primarily by the $254 million decline in our Calvin Klein and Tommy Hilfiger businesses due largely to the exited licenses. These decreases were partially offset by growth of our go-forward owned and licensed brands, particularly our key owned brands, which grew mid-single digits for the year.

讓我們回顧截至 2026 年 1 月 31 日止的完整財政年度。全年淨銷售額為 29.6 億美元，較前一年的 31.8 億美元下降。我們批發部門的淨銷售額為 28.7 億美元，較前一年的 30.8 億美元下降。下降主要是由於我們 Calvin Klein 與 Tommy Hilfiger 業務因退出授權而導致 2.54 億美元的下滑。上述下滑部分被我們持續經營的自有與授權品牌的成長所抵銷，尤其是我們的核心自有品牌，全年成長達中個位數百分比。

Net sales of our retail segment were $186 million, up approximately 12% from last year's $166 million. The increase was driven by our owned digital business particularly donnakaran.com, we also saw strong comparable store sales increases across our Karl Lagerfeld and DKNY retail stores. Gross margins for the full year were 39.4% compared to 40.8% in the previous year.

我們零售部門的淨銷售額為 1.86 億美元，較去年的 1.66 億美元約成長 12%。成長主要由我們的自有數位業務所帶動，尤其是 donnakaran.com；同時，我們在 Karl Lagerfeld 與 DKNY 零售門市也看到強勁的同店銷售成長。全年毛利率為 39.4%，較前一年的 40.8% 下降。

The year-over-year margin decline reflects approximately $65 million of unmitigated impact from tariffs. While gross margins were down to last year, they actualized ahead of expectations driven by a favorable mix shift towards more full-price sales.

毛利率年減反映約 6,500 萬美元未被抵銷的關稅影響。雖然毛利率較去年下滑，但實際表現優於預期，主要受惠於產品組合轉向更多正價銷售。

Gross margins in the wholesale segment were 37.4% compared to 39.4% in the previous year.

批發部門毛利率為 37.4%，較前一年的 39.4% 下降。

Gross margin in the retail segment were 50.1% compared to 50.4% in the prior year. Non-GAAP SG&A expenses for the year were $975 million or 33% of sales compared to $968 million or 30.4% of sales in the previous year. The increase in SG&A as a percentage of sales was driven primarily by the unplanned increase in bad debt expense as a result of the Saks bankruptcy filing.

零售部門毛利率為 50.1%，較前一年的 50.4% 略降。全年非 GAAP 銷售、一般及行政（SG&A）費用為 9.75 億美元，占銷售額 33%，較前一年的 9.68 億美元（占銷售額 30.4%）增加。SG&A 占銷售額比重上升，主要是因 Saks 申請破產導致呆帳費用出現非計畫性增加。

In the second half of the year, we began to see the benefit of our efforts to optimize warehouse capacity and expect this improvement in efficiency to continue into fiscal 2027. We continue our tight review and control over expenses and were in line with our plan, excluding the Saks fair debt expense.

在下半年，我們開始看到優化倉儲產能的努力帶來效益，並預期此效率改善將延續至 2027 財年。我們持續嚴格檢視並控管費用；若排除 Saks 呆帳費用，我們的表現符合計畫。

We also continue to invest in infrastructure, technology and talent as well as marketing to support long-term growth of our brands.

我們也持續投資於基礎設施、科技與人才，以及行銷，以支持品牌的長期成長。

Non-GAAP net income for the year was $116 million or $2.61 per diluted share compared to $204 million or $4.42 per diluted share in the previous year. Full year non-GAAP earnings per diluted share would have exceeded the high end of our guidance range, excluding the $0.30 impact from the Saks bad debt expense.

全年非 GAAP 淨利為 1.16 億美元，或稀釋後每股 2.61 美元，較前一年的 2.04 億美元或稀釋後每股 4.42 美元下降。若排除 Saks 呆帳費用造成的每股 0.30 美元影響，全年非 GAAP 稀釋後每股盈餘將高於我們指引區間的上緣。

Turning to the balance sheet. We strengthened our balance sheet and liquidity position, ending the year with $407 million in cash and more than $900 million in total liquidity, while returning over $50 million to shareholders through share repurchases and a new cash dividend.

接著看資產負債表。我們強化了資產負債表與流動性部位，年末現金為 4.07 億美元、總流動性超過 9 億美元；同時透過庫藏股回購與新的現金股利，向股東返還超過 5,000 萬美元。

As a reminder, we initiated our first ever dividend program in December of last year. Inventories remain in good shape down 4% to $460 million from the previous year's $478 million, reflecting our disciplined approach to inventory management. Unit decreases are down high single digits compared to the prior year.

提醒一下，我們在去年 12 月啟動了公司史上首次的股利計畫。存貨狀況仍然良好，較前一年的 4.78 億美元下降 4% 至 4.60 億美元，反映我們在存貨管理上的紀律。與前一年相比，件數下降達高個位數百分比。

Cost variances to the prior year reflects higher unit costs this year and as a result of the new tariffs. Our strong financial position and ability to generate cash provide us with ample optionality and we remain committed to a balanced capital allocation framework.

相較前一年，成本差異反映今年單位成本較高，且受到新關稅影響。我們強勁的財務狀況與現金創造能力，為我們提供充足的策略彈性；我們仍致力於均衡的資本配置架構。

First and foremost, we will continue to invest in ourselves to organically grow our business for the long term. Second, we will pursue strategic opportunities, including acquisitions as well as new brand licenses. Third, we will continue to return capital to shareholders through opportunistic share repurchases and quarterly dividends.

首先也是最重要的，我們將持續投資自身，以有機方式推動業務長期成長。第二，我們將尋求策略性機會，包括併購以及新的品牌授權。第三，我們將透過機會性庫藏股回購與季度股利，持續向股東返還資本。

Turning to our outlook. For the full fiscal year 2027, we expect net sales of approximately $2.71 billion, down 8% to the prior year. This reflects $470 million of lost sales from Calvin Klein and Tommy Hilfiger products, partially offset by the growth of our go-forward portfolio, which we expect to grow high single digits. Non-GAAP net income for fiscal 2027 is expected to be between $88 million and $92 million or between $2 and $2.10 per diluted share. This compares to non-GAAP net income of $116 million or $2.61 per diluted share for fiscal 2026.

接著談展望。對於 2027 財年全年，我們預期淨銷售額約為 27.1 億美元，較前一年下降 8%。此預期反映 Calvin Klein 與 Tommy Hilfiger 產品流失 4.70 億美元銷售額，部分由我們持續經營的產品組合成長所抵銷；我們預期該組合將成長達高個位數百分比。2027 財年非 GAAP 淨利預期介於 8,800 萬至 9,200 萬美元，或稀釋後每股介於 2.00 至 2.10 美元。相較之下，2026 財年非 GAAP 淨利為 1.16 億美元，或稀釋後每股 2.61 美元。

Full year adjusted EBITDA is expected to be between $158 million and $162 million compared to $192 million in fiscal 2026. For the first quarter of fiscal 2027, we expect net sales of approximately $530 million compared to $584 million in the first quarter of fiscal 2026. We expect the net loss in the first quarter of between $13 million and $18 million or $0.30 and $0.40 per share. This compares to non-GAAP net income of $8.4 million or $0.19 per diluted share for the first quarter of fiscal 2026. We are expecting increases in our gross margin percentage of approximately 150 basis points. Our SG&A will be impacted by higher marketing spend due to timing in our spring marketing initiatives.

全年調整後 EBITDA 預期介於 1.58 億至 1.62 億美元，較 2026 財年的 1.92 億美元下降。對於 2027 財年第一季，我們預期淨銷售額約為 5.30 億美元，較 2026 財年第一季的 5.84 億美元下降。我們預期第一季淨損介於 1,300 萬至 1,800 萬美元，或每股 0.30 至 0.40 美元。相較之下，2026 財年第一季非 GAAP 淨利為 840 萬美元，或稀釋後每股 0.19 美元。我們預期毛利率將提升約 150 個基點。由於春季行銷活動時點因素，我們的 SG&A 將受到較高行銷支出的影響。

Now let me discuss a few modeling points. First, on tariffs, our guidance reflects tariff rates effective prior to the recent Supreme Court ruling and assumes the most recent 2025 IEFA trade policies. We have not anticipated any changes to tariff policy or refunds in our outlook.

接下來我說明幾個建模要點。第一，關於關稅，我們的指引反映的是近期最高法院裁決之前生效的關稅稅率，並假設採用最新的 2025 年 IEFA 貿易政策。我們在展望中未預期關稅政策會有任何變動或退稅。

In terms of sales cadence, we expect the first half sales decline to be larger than the second half which reflects several new brand licenses that we expect will scale toward the end of this year. On gross margins, we are expecting as much as 300 basis points of gross margin improvement for the year resulting in significantly higher gross margin percentage than where we have historically been.

就銷售節奏而言，我們預期上半年銷售下滑幅度將大於下半年；這反映我們預期數個新的品牌授權將在今年接近年底時逐步放量。就毛利率而言，我們預期全年毛利率可改善最多達 300 個基點，使毛利率顯著高於我們歷史水準。

Margins will benefit from our tariff mitigation efforts as we lap the impact of tariffs in the second half of the year.

隨著我們在下半年進入關稅影響的比較基期，毛利率將受惠於我們的關稅緩解措施。

Furthermore, margins will benefit from the shift in penetration toward our higher-margin owned brands as the more significant portion of the PVH licenses roll off this year. In the first quarter, we expect less margin growth as compared to the balance of the year. As a reminder, our first quarter of last year was not impacted by last year's tariff increases.

此外，隨著今年較大部分的 PVH 授權到期退出，銷售滲透率將轉向毛利較高的自有品牌，毛利率也將因此受惠。在第一季，我們預期毛利率成長將低於全年其餘期間。提醒一下，去年第一季並未受到去年關稅上調的影響。

Regarding SG&A, we expect expense deleverage for the full year as our newer businesses scale and as we continue to invest in people, technology and marketing spend to support growth, while the top line is impacted by significant loss Calvin Klein and Tommy Hilfiger sales. We expect the largest amount of deleverage in the first quarter as a result of the timing of spring marketing initiatives and anticipate sequential improvement as we move through the year.

關於 SG&A，我們預期全年費用將出現去槓桿化，因為我們較新的業務仍在擴張，同時我們持續投資於人員、科技與行銷支出以支持成長，而營收端則受到 Calvin Klein 與 Tommy Hilfiger 銷售大幅流失的影響。由於春季行銷活動時點因素，我們預期第一季的去槓桿化幅度最大，並預期隨著年度推進將逐季改善。

Meanwhile, we have identified several cost savings initiatives that we expect will result in $25 million in run rate savings in fiscal 2028. We expect net interest income of approximately $2 million for the full year and estimate our tax rate to be 30%. We expect capital expenditures to be approximately $40 million.

同時，我們已辨識出數項成本節省措施，預期將在2028會計年度帶來2,500萬美元的年度化（run rate）節省。我們預期全年淨利息收入約為200萬美元，並估計稅率為30%。我們預期資本支出約為4,000萬美元。

Lastly, we have not anticipated any potential share repurchases for the year in our guidance. Our business remains strongly cash generative and despite our expectation for lower earnings versus fiscal 2026, we anticipate we will generate very healthy free cash flows for the year to further enhance our current strong financial position. That concludes my comments. I will now turn the call back to Morris for closing remarks.

最後，我們在指引中未預期今年會有任何潛在的庫藏股回購。我們的業務仍具強勁的現金創造能力，儘管我們預期相較於2026會計年度獲利較低，我們仍預期今年將產生非常健康的自由現金流，以進一步強化我們目前強勁的財務狀況。以上為我的評論。我現在把電話交回給Morris作結語。

Thank you, Neal, and thank you all for joining us today. I'm incredibly proud of our team and the progress we're making as we build some of the best fashion brands in the world. I also want to thank our partners and shareholders for their continued support as we continue to transform G-III and build value for the long term.

謝謝你，Neal，也謝謝各位今天加入我們。我為我們的團隊以及我們在打造世界上一些最優秀時尚品牌過程中所取得的進展感到無比自豪。我也要感謝我們的合作夥伴與股東在我們持續轉型G-III並為長期建立價值的過程中，給予持續支持。

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

接線員，我們現在準備開始回答一些問題。

(Operator Instructions) Our first question will come from the line of Bob Drbul with BTIG LLC.

(接線員指示) 我們的第一個問題來自BTIG LLC的Bob Drbul。

A couple of questions, Morris. On the first one, in terms of, I guess, your visibility on your own brands for this year, in terms of the way that retailers are ordering, your wholesale partners sort of into the fall, I guess, give great visibility into the spring now, but into the fall. Can you just talk us through how you see inventory levels, how you see the order books and really from like the own brand perspective, I think that would follow in, in terms of the marketing investments that you're making, especially what's happening in the first quarter?

Morris，我有幾個問題。第一個是，關於你們對今年自有品牌的能見度——就零售商下單的方式而言，你們的批發合作夥伴對春季應該提供很好的能見度，但對秋季呢。你能否帶我們了解一下你們如何看待庫存水位、訂單簿（order book），以及從自有品牌角度來看，這如何與你們正在進行的行銷投資相互呼應，特別是第一季正在發生的情況？

Thanks, Bob. Our own brands, as you heard in our presentation and possibly, as you read, we did well last year. Last year, our businesses in our own brands grew high single digits and the pressure on our company is really the exiting brands and not only the scale of the exiting brands, but also the margin retrieval as you exit brands. There's margin pressure that we didn't anticipate to be as strong as it was. The demand for an exiting brand with uncertainty as to what the future is with those brands put pressure on our ability to move product.

謝謝，Bob。如你在我們的簡報中聽到、也可能如你所讀到的，我們的自有品牌去年表現不錯。去年，我們自有品牌業務成長了高個位數，而公司面臨的壓力主要來自於退出中的品牌（exiting brands），不僅是退出品牌的規模，還包括退出品牌時的毛利回收（margin retrieval）。我們遇到的毛利壓力比我們原先預期的更強。對於退出品牌，市場對其未來存在不確定性，這也對我們推動產品銷售的能力造成壓力。

So we are really comfortable with our own brands. We're garnering additional space as we stated and one brand, we're anticipating at least 400 more points of sale and the other brands is 300. So we're excited. Our order book anticipate it. And our inventory is very much in line. We're tempering the level of inventory as you have a conscious effort to change your distribution to more full-price business. You're willing to take less risk on inventory levels and protecting some of your premier brands.

因此，我們對自有品牌其實非常有信心。如我們所說，我們正在取得更多陳列空間；其中一個品牌我們預期至少新增400個銷售據點（points of sale），其他品牌則是300個。所以我們很興奮。我們的訂單簿也反映了這點。我們的庫存也非常符合規劃。當你有意識地把通路結構轉向更多全價（full-price）業務時，我們也會調整庫存水位。你會願意在庫存水位上承擔較少風險，並保護一些旗艦品牌。

So you'll find in the future that our inventory levels will be more controlled with the conscious effort in bringing down our level of [all] price selling. And that said, growth is coming from outside of the United States for the first time. We're not fully penetrated in areas of the world that have high demand for the product. There's not a nickel's worth of product other than fragrance for Donna Karan. So that brand will show its face throughout the world in the coming months.

因此你會看到，未來我們的庫存水位會更受控，因為我們有意識地降低[全]價位銷售（[all] price selling）的比重。此外，成長首次將來自美國以外的市場。我們在全球一些對產品需求很高的地區尚未完全滲透。Donna Karan除了香氛之外，幾乎沒有任何產品。因此在接下來幾個月，這個品牌將在全球各地展露頭角。

And the marketing spend, as you touched, will be fairly aggressive to support our initiative of growing our own brands. We've done well with marketing. We we've gotten awards from media publications for our efforts in Donna Karan and DKNY and Karl Lagerfeld as well, quite honestly. So our team challenged really for the first time in the last 18 or 24 months is really the first time our marketing team has been aggressive on campaigns because of our need to grow our own brands. And it's worked. It's worked incredibly well. They've achieved notoriety. They've achieved success for our company, and thank you to our marketing team.

至於你提到的行銷支出，為了支持我們擴大自有品牌的策略，將會相當積極。我們在行銷方面做得不錯。坦白說，我們在Donna Karan、DKNY以及Karl Lagerfeld的行銷努力，也獲得媒體刊物頒發獎項。所以我們的團隊在過去18到24個月裡，這其實是第一次因為需要擴大自有品牌，而讓行銷團隊在活動投放上更為積極。而且有效。效果非常好。他們提升了知名度。他們為公司帶來了成果，也在此感謝我們的行銷團隊。

I guess could I ask a follow-up, just a different question, but can you guys give us an update on the Converse launch, how that's going, what you've learned and sort of the prospects for that this year?

我想追問一下，換個問題：你們能否更新一下Converse的上市/推出（launch）進展如何、你們學到了什麼，以及今年的前景如何？

So we took on Converse. We had an old history with Nike. Little known fact is that G-III had a studio that developed the Michael Jordan brand as it was coming to market. So we had a partnership with Nike in the early '90s. Maybe it was 1995.

我們接下了Converse。我們與Nike過去有一段合作歷史。一個鮮為人知的事實是，G-III曾有一個工作室在Michael Jordan品牌上市時協助開發。所以我們在90年代初期就與Nike有合作關係。也許是1995年。

I don't recall the date. And we continue to do a little bit of private label with them and through a partnership with the (inaudible) to do kids Converse with -- they have a great relationship with Nike. We're building the brand globally. Converse gave us the right to expand beyond North America. And we read the same thing that you do a little bit of uncertainty and softness maybe in the brand. And that really doesn't apply to us for the moment. Their strategy for the brand has not really come out yet.

我不記得確切日期。我們也持續與他們做一些自有品牌（private label）合作，並透過與（聽不清）的合作來做兒童Converse——他們與Nike的關係非常好。我們正在全球打造這個品牌。Converse授予我們將業務擴展到北美以外地區的權利。我們也看到你所看到的：品牌可能有一些不確定性與疲軟。但就目前而言，這並不適用於我們。他們對品牌的策略其實還沒有真正明朗。

When I say there is, I would go to Nike and ask what the strategy for the brand is because, again, we're sort of the service to the Lord where Nike wants to take the brand is where we need to follow. There are new accounts that we're opening every day. There is an appetite for the brand. It's an amazing brand. And hopefully, Nike supports the growth of the brand.

我說有不確定性時，我會去問Nike品牌策略是什麼，因為再說一次，我們某種程度上是配合Nike的方向；Nike希望品牌走向哪裡，我們就必須跟隨。我們每天都在開拓新的客戶。市場對這個品牌有需求。這是一個很了不起的品牌。也希望Nike能支持品牌的成長。

We're doing our part. And as we've shown, when we have control, we're incredible. Where we have less control, we don't rule. We're guided by the licensor. So it's hard to tell you where the brand goes. I can tell you where we could take it if Nike supports it, I think we have an incredible business.

我們會做好我們的部分。而且如我們所展現的，當我們有掌控權時，我們表現非常出色。當我們掌控較少時，我們就無法主導。我們會受到授權方（licensor）的引導。所以很難告訴你品牌會走向何方。我可以告訴你的是：如果Nike支持，我們能把它帶到哪裡——我認為我們可以做出一個非常出色的業務。

Victoria Apostolico, KBC.

Victoria Apostolico，KBC。

I just wanted to hit on acquisitions and licensing. As we enter 2026, how are you prioritizing acquisitions versus new licensing opportunities, particularly given the strength in balance sheet and ongoing shift towards these own brands?

我想談談併購與授權。在進入2026年之際，考量資產負債表的強勁以及持續轉向自有品牌的趨勢，你們如何在併購與新的授權機會之間做優先排序？

So Victoria, I'm not sure we prioritized. We are looking for an amazing acquisition, and we are, at the same time, looking for amazing licenses. Our balance sheet supports our ability of funding a sizable acquisition and our talent pool support and our balance sheet, again, supports our ability of managing through a great license.

Victoria，我不確定我們是否有做優先排序。我們一方面在尋找非常出色的併購機會，同時也在尋找非常出色的授權。我們的資產負債表支持我們為一筆相當規模的併購提供資金；而我們的人才庫也支持——再加上資產負債表同樣支持——我們有能力把一個很棒的授權經營好。

So I'm not sure that there's an issue and we can do both, which is exactly what we're doing. We've licensed some amazing brands because that was the opportunity at the moment and the appropriate acquisition had not come up. And we've tapped into our competencies, brands and businesses that we can manage easily.

所以我不確定這裡是否真的有問題，我們可以兩者兼顧，而這正是我們正在做的事。我們授權了一些非常出色的品牌，因為當時那是最好的機會，而且合適的收購案尚未出現。同時我們也運用自身的核心能力，選擇那些我們能夠輕鬆管理的品牌與業務。

Okay. Great. And then you've spoken about category expansion and things such as fragrance, eyewear home, hospitality. Which these would you say is furthest along in becoming a meaningful revenue contributor?

好的。很好。接著你們談到品類擴張，例如香氛、眼鏡、家居、旅宿等。你會說其中哪一項在成為有意義的營收貢獻者方面進展最快？

So if we look at Karl Lagerfeld, you look at hospitality as a key driver in the last, I'd say, the last 18 months and [Belbuca] and alongside of that. When you look at DKNY, it's more consumer driven, and we're assigning global licenses where we've signed deals in Latin America. We have a new deal in China. We're expanding into India and that's for a broad range of product. Some will be distributor based and some will be classification-based. So the highlights for two of the brands are hospitality and DKNY, we're not seeing interest in DKNY as hospitality or food and beverage provider but very strong on the consumer side.

如果我們看 Karl Lagerfeld，你會看到旅宿在過去——我會說——過去 18 個月是一個關鍵驅動因素，並且還有 [Belbuca] 與之並行。再看 DKNY，它更偏向消費者驅動，我們正在配置全球授權，並且已在拉丁美洲簽署了合作協議。我們在中國也有一個新合作。我們正在擴展到印度，涵蓋廣泛的產品範圍。其中一部分會以經銷商模式為主，另一部分則會以分類（classification）為基礎。因此，這兩個品牌的亮點分別是旅宿，以及 DKNY；我們沒有看到市場對 DKNY 的旅宿或餐飲服務供應有興趣，但在消費端非常強勁。

Mauricio Serna, UBS.

Mauricio Serna，瑞銀（UBS）。

This is Mauricio Serna from UBS. I think the registration got confused. Just a couple of questions first. On Donna Karan, great to see the strong growth in last fiscal year, up 40%. Maybe could you give us a sense of how big the business is right now?

我是瑞銀的 Mauricio Serna。我想是報名登記那邊搞混了。先問幾個問題。關於 Donna Karan，很高興看到上一財年強勁成長，上升 40%。你能否讓我們了解一下目前這項業務的規模大概有多大？

And then on the growth outlook, the go-forward business being up high single digits. Could you maybe break that down? Like how much of that is coming from like the key own brands versus growth from the licenses that you've been launching over the last few years?

另外關於成長展望，未來業務預期為高個位數成長。你能否拆解一下？例如其中有多少來自你們的核心自有品牌，多少來自過去幾年推出的授權業務成長？

So your first question, the size of Donna Karan, we don't disclose the size of the business. But I could tell you in 18 months of doing business, let's go back to when we started Calvin Klein, which grew to be $1.2 billion in sales. We're bigger and further along in 18 months of Donna Karan than we were with Calvin Klein. So I would say we're very happy with the positioning. We're cautious on the distribution, and it's a very scalable business.

關於你的第一個問題，Donna Karan 的規模，我們不揭露該業務的規模。但我可以告訴你，在經營 18 個月的時間裡，回頭看我們當初開始做 Calvin Klein，後來成長到 12 億美元的銷售額。Donna Karan 在 18 個月的進度上，我們比當時的 Calvin Klein 規模更大、進展更快。所以我會說我們對目前的定位非常滿意。我們對通路分布保持謹慎，而且這是一個非常可擴張的業務。

It's not intended to be a designer. It's not intended to be boutique. It's intended to fill the racks of department stores that we have our greatest competency in and we're going to scale it an added feature that we did not have with Calvin Klein, we have global rights to our own brands. So there's an opportunity throughout the world to expand this brand. So we're in the early stage.

它的定位不是要做設計師品牌。也不是要做精品店（boutique）。它的目標是填滿百貨公司的貨架——這正是我們最擅長的領域——我們會把它做大；此外還有一個我們在 Calvin Klein 時沒有的加分項：我們對自有品牌擁有全球權利。因此在全球各地都有機會擴展這個品牌。所以我們仍處於早期階段。

You're going to see great percentage increases. And we're at a point where the percentages do make a difference in the future. We're not talking about a $10 million initiative that grew 50%.

你會看到非常亮眼的百分比成長。而我們目前所處的階段，這些百分比在未來確實會帶來實質影響。我們談的不是一個 1,000 萬美元的計畫成長了 50% 那種規模。

Yes. And with respect to the second part of your question, we are seeing and anticipating high single-digit growth in the key owned brands and when you look at the total go-forward portfolio, we're also seeing good strong growth. That go-forward portfolio is going to include the key owned brands, it's going to conclude a few other own brands that we have and then, of course, the license portfolio. So we see, in total, high single-digit growth from all of those pieces.

是的。至於你問題的第二部分，我們看到並預期核心自有品牌將有高個位數成長；而當你看整體未來的產品組合（go-forward portfolio），我們也看到良好且強勁的成長。這個未來產品組合將包含核心自有品牌，也會包含我們的其他幾個自有品牌，當然還包括授權組合。因此整體而言，我們認為上述各部分合計將帶來高個位數成長。

Great. A quick follow-up just on the commentary on gross margin. I think you mentioned 300 basis point expansion for the year. Just I think doing the math on that, I think it implies, based on what you said on EBITDA or EBIT, it implies SG&A dollars. We're going to be up around 3%. I just want to make sure the math on that is correct. And if that's the case, it's going to be up like around maybe like 2% to 3%. What are the drivers behind that SG&A dollar growth?

很好。我想就毛利率的評論快速追問一下。我記得你提到全年毛利率擴張 300 個基點。我稍微算了一下，根據你對 EBITDA 或 EBIT 的說法，這似乎意味著 SG&A 金額大約會成長 3%。我只是想確認這個計算是否正確。如果是的話，可能大概會增加約 2% 到 3%。推動 SG&A 金額成長的因素是什麼？

Yes, I think you've got the math fairly close. The expansion in SG&A going forward is really primarily maintaining the talent pool that we have. We are going to make some additional investments in our infrastructure. We've been on a path of increasing some of our spend on technology with all the new technology that's out there and just continuing to upgrade the systems that we use. So it's really those three components that will continue for us to have investment spend.

是的，我想你的計算相當接近。未來 SG&A 的增加，主要是為了維持我們現有的人才庫。我們也會在基礎設施上做一些額外投資。我們一直在提高部分科技支出，因為市面上有很多新技術，同時也會持續升級我們使用的系統。所以主要就是這三個組成部分，會讓我們持續有投資性支出。

And of course, when you have such a large fall off the top line, it's hard to leverage that or it's certainly not prudent to leverage that in the near term. We will be looking to, as we mentioned on the call, cost savings initiatives. We've not built that into our plan for fiscal '27. We expect that will roll in, in fiscal '28.

當然，當營收端出現如此大幅下滑時，很難去槓桿化（leverage）這些費用，或者至少在短期內這麼做並不審慎。我們會如同在電話會議中提到的，尋求成本節省計畫。我們尚未把這些納入 2027 財年的計畫。我們預期這些會在 2028 財年逐步反映。

And I would now like to hand the conference back over to Morris Goldfarb for any closing remarks.

現在我想把電話會議交回給 Morris Goldfarb，請他做任何結語。

Thank you all for spending time with us and hearing our story, and we will talk to you next quarter.

感謝各位撥冗與我們交流並聆聽我們的故事，我們下個季度再與各位通話。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。祝各位今天愉快。