Gildan Activewear Inc (GIL) 2023 Q4 法說會逐字稿

Good morning. My name is Jamie, and I will be your conference operator today. We'd like to welcome you to the Q4 2023 Gildan Activewear earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

早安.我叫傑米，今天我將擔任你們的會議操作員。我們熱烈歡迎您參加 2023 年第四季 Gildan Activewear 財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。

If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Jessy Hayem, Vice President, Head of Investor Relations. You may begin your conference.

如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。如果您想撤回問題，請再按星號一。謝謝。我現在想將電話轉給副​​總裁兼投資者關係主管 Jessy Hayem。您可以開始您的會議了。

Thank you, Jamie. Good morning, everyone. Earlier, we issued a press release announcing our results for the fourth quarter and full year 2023, as well as our first time guidance for 2020 for the company's management discussion and analysis and consolidated financial statements are expected to be filed with the Canadian Securities Regulatory Authorities and the US Securities Commission today and will also be available on our corporate website.

謝謝你，傑米。大家，早安。早些時候，我們發布了新聞稿，公佈了我們2023年第四季度和全年的業績，以及我們首次對公司管理層進行討論和分析的2020年指引，預計將向加拿大證券監管機構提交合併財務報表和美國證券委員會今天發布的信息，也將在我們的公司網站上發布。

Joining me on the call today are Vince Tyra, President and CEO of Gildan, Rhod Harries, our Executive Vice President and Chief Financial and Administrative Officer, and Chuck Ward, President, sales marketing and distribution. This morning will take you through the results for the quarter and a question and answer session will follow.

今天與我一起參加電話會議的有 Gildan 總裁兼執行長 Vince Tyra、我們的執行副總裁兼首席財務和行政官 Rhod Harries，以及銷售行銷和分銷總裁 Chuck Ward。今天早上將向您介紹本季度的結果，隨後將進行問答環節。

Before we begin, please take note that certain statements included in this conference call may constitute forward-looking statements which involve unknown and known risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward looking statements.

在我們開始之前，請注意，本次電話會議中包含的某些陳述可能構成前瞻性陳述，其中涉及未知和已知的風險、不確定性和其他因素，這些因素可能導致實際結果與此類前瞻性陳述或暗示的未來結果存在重大差異聲明。

We refer you to the Company's filings with the US Securities and Exchange Commission and Canadian securities regulatory authorities. During this call, we will also discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable IFRS measures are provided in today's earnings release as well as our MD&A. And now I'll turn it over to Vince.

我們建議您參閱該公司向美國證券交易委員會和加拿大證券監管機構提交的文件。在本次電話會議中，我們也將討論某些非公認會計準則財務指標。今天的收益發布以及我們的 MD&A 中提供了與最直接可比較的 IFRS 指標的調節。現在我會把它交給文斯。

Thank you, Jesse. Morning, everyone, and welcome to our we're looking forward to engaging with you all, and I'm thrilled to address you today on my first earnings call was the newly appointed CEO of Gildan Activewear sales for the results.

謝謝你，傑西。大家早安，歡迎來到我們的網站，我們期待與大家交流，今天我很高興能在我的第一次財報電話會議上向大家發表講話，會議的主題是新任命的Gildan Activewear 銷售首席執行官。

We delivered a solid Q4, thanks to the outstanding operational execution by our highly skilled team of employees across our global footprint. In fact, 2023 was a year of strong progress on Guild and sustainable growth strategy despite an overall Europe heritage periods.

由於我們在全球範圍內的高技能員工團隊出色的營運執行力，我們在第四季度取得了穩健的業績。事實上，儘管總體上處於歐洲傳統時期，但 2023 年是行會和永續成長策略取得強勁進展的一年。

This foundation together with a solid balance sheet. And I enviable puts us in an enviable enviable position enhancements upon it as we go forward. In my early weeks with the Company I witnessed firsthand the incredible talent.

這個基礎加上堅實的資產負債表。我令人羨慕的是，我們處於一個令人羨慕的位置，並且隨著我們的前進，它得到了增強。在加入公司的最初幾週，我親眼目睹了這些令人難以置信的人才。

Dedication of the gold and team have been a participant in this industry for several decades has been operating executive and and other capacities and Gildan's powerful manufacturing engine is truly a key differentiator. I look forward to leveraging yield and strengths are incredible, our team and my experience to drive this organization's long-term growth and create value for shareholders.

幾十年來，黃金和團隊一直是該行業的參與者，一直在營運管理和其他能力，而 Gildan 強大的製造引擎確實是一個關鍵的差異化因素。我期待利用令人難以置信的產量和優勢、我們的團隊和我的經驗來推動組織的長期成長並為股東創造價值。

And I'm from closely with the leadership team and the Board to find opportunities to further leverage our strong foundation and drive strong and durable growth in the future. Finally, as I've been onboarding with our great company, I had the opportunity to visit with hundreds of employees in Montreal and Honduras.

我與領導團隊和董事會密切合作，尋找機會進一步利用我們強大的基礎，推動未來強勁而持久的成長。最後，隨著我加入我們偉大的公司，我有機會拜訪了蒙特婁和宏都拉斯的數百名員工。

And I recently met with many of our key customers during the recent industry trade shows and Las Vegas, Nevada and Long Beach, California, which is fueling my excitement for the future. It was great to reconnect with many familiar faces in the industry as well and gain their perspective on our company as well as the industry.

最近，我在最近的行業貿易展以及內華達州拉斯維加斯和加州長灘期間會見了我們的許多重要客戶，這讓我對未來更加興奮。很高興能夠與業內許多熟悉的面孔重新建立聯繫，並了解他們對我們公司和行業的看法。

And I'm personally looking forward to sharing my views with you in the months ahead as we leverage our strong capabilities and innovation to create further opportunities going forward. I look forward to taking your questions a little later during the Q&A session. And with that, I will turn it over to Rod.

我個人期待在未來幾個月與您分享我的觀點，因為我們將利用我們強大的能力和創新來創造更多的未來機會。我期待稍後在問答環節回答您的問題。這樣，我就把它交給羅德了。

Thank you, Vince. Good morning to all, and thank you for joining us today. I'd like to start the call by thanking the entire Gildan team for everyone's excellent work and dedication through 2023, leading to a leading us to a strong finish to the year. We delivered sales growth of 9% in the fourth quarter. Adjusted operating margin at the high end of the Company's targets retiree arrange double digit EPS growth.

謝謝你，文斯。大家早安，感謝您今天加入我們。在通話開始時，我要感謝整個 Gildan 團隊每個人在 2023 年的出色工作和奉獻精神，使我們在這一年取得了出色的成績。我們第四季的銷售額成長了 9%。調整後的營業利潤率處於公司目標退休人員的高端，實現了兩位數的每股收益成長。

We generated robust cash flow, allowing us to execute on our capital allocation priorities. We are now two years into the Gildan sustainable growth strategy or GSG. strategy, and we are pleased with the progress made across our three key strategic pillars, but also excited to capitalize and further enhance all of the work that has been done in 2023 as we enter 2024.

我們產生了強勁的現金流，使我們能夠執行我們的資本配置優先事項。Gildan 永續成長策略（GSG）現已實施兩年了。我們對三大關鍵策略支柱的進展感到高興，同時也很高興在進入 2024 年時能夠利用並進一步加強 2023 年已完成的所有工作。

I will expand on this shortly, along with our outlook for 2024. But for now let's shift our focus to the fourth quarter results. Net sales for the fourth quarter came in at $783 million, up 9%, with active wear sales at $644 million, up 8%, and hosiery and underwear sales at $139 million, up 11% increase in active wear sales was fueled by higher volumes driven by POS.

我很快就會詳細闡述這一點以及我們對 2024 年的展望。但現在讓我們將注意力轉向第四季的業績。第四季淨銷售額為7.83 億美元，成長9%，其中運動服銷售額為6.44 億美元，成長8%，襪類和內衣銷售額為1.39 億美元，成長11% 銷量增加推動運動服銷售額成長由 POS 驅動。

As well as high higher levels of customer replenishment in the prior year. We specifically benefited from healthy POS levels and continued strong performance in key growth categories such as fleece and ring-spun T-shirts, which translated into favorable mix versus last year. Finally, our international sales were down 24% in the quarter despite some POS recovery as difficult macroeconomic conditions in these markets led to lack of inventory replenishment compared to the prior year.

以及上一年較高水準的顧客補貨。我們特別受益於健康的 POS 水平以及抓絨和環錠紡 T 恤等關鍵增長類別的持續強勁表現，這轉化為與去年相比有利的組合。最後，儘管 POS 有所恢復，但本季我們的國際銷售額仍下降了 24%，因為這些市場宏觀經濟狀況困難導致庫存補充與去年相比缺乏。

Turning to the hosiery and underwear category. The sales increase was fueled by higher volumes driven by a combination of POS. with pockets of strength, notably in global lifestyle brands as well as the continued rollout of programs in the mass retail channel.

轉向襪子和內衣類別。POS 組合推動銷量增加，推動了銷售額的成長。擁有強大的實力，特別是在全球生活風格品牌以及在大眾零售通路持續推出的項目方面。

So despite continued industry weak demand for men's underwear and socks, we continue to achieve a solid performance in this category. Wrapping up on sales overall were very pleased with the performance that we delivered in the quarter in the context of what continues to be an uncertain environment for consumer spending as we move from 2023 to 2024. Turning to the margins for the quarter, adjusted gross margin came in at 30.2%, up 110 basis points year over year, primarily due to lower raw material costs, slightly offset by lower net selling prices.

因此，儘管業界對男士內衣和襪子的需求持續疲軟，但我們繼續在這一類別中取得穩健的業績。從 2023 年邁入 2024 年，在消費者支出環境仍然不確定的背景下，整體銷售結束時，我們對本季的業績感到非常滿意。談到本季的利潤率，調整後毛利率為 30.2%，年增 110 個基點，主要是由於原料成本下降，但被淨售價下降略有抵銷。

As fully expected, we saw sequential improvement of 200 pressure from the flow through of peak cotton costs cited significantly in the fourth quarter. And as we previously called out, this will continue to be a tailwind as we move through 2024. Moving on to SG&A.

正如預期的那樣，我們看到第四季棉花成本峰值流入帶來的壓力環比改善了 200。正如我們之前所說，隨著 2024 年的到來，這將繼續成為順風車。繼續討論SG&A。

Expenses were $88 million or 11.3% of sales, including CEO, separation costs and related advisory fees on shareholder matters. On an adjusted basis. As a percentage of sales, SG&A was up 30 basis points to 10.5% as the impact of higher year-over-year expenses more than offset the benefit of sales leverage looked at their overall SG&A performance in 2023.

費用為 8,800 萬美元，佔銷售額的 11.3%，其中包括 CEO 費用、離職費用以及股東事務的相關諮詢費。在調整的基礎上。SG&A 佔銷售額的百分比上升了 30 個基點，達到 10.5%，因為從 2023 年整體 SG&A 表現來看，同比費用增加的影響遠遠抵消了銷售槓桿帶來的好處。

We continued to be pleased with how the team managed SG&A in this inflationary environment, and we expect this performance to continue as we move forward. So summing up these elements in the quarter, we generated an operating margin of 22.8% of sales.

我們仍然對團隊在這種通貨膨脹環境下管理銷售、管理和行政費用的方式感到滿意，我們預計隨著我們的前進，這種表現將繼續下去。因此，總結本季的這些要素，我們的營業利潤率的 22.8%。

Now as part of an annual impairment testing requirements and given improved profitability projections related to our hosiery sales, we recorded a 41 new $41 million reversal of prior year misery related impairment charges.

現在，作為年度減損測試要求的一部分，並考慮到與我們的襪子銷售相關的獲利預測的改善，我們記錄了 41 個新的 4,100 萬美元的上一年痛苦相關減損費用沖銷。

Adjusting for this as well as for restructuring costs in both years and an insurance accounting gain in 2022, we generated adjusted operating margin of 19.7%, up 90 basis points over last year at the high end of our target range of 18% to 20% and in line with our expectations.

對此以及這兩年的重組成本和 2022 年的保險會計收益進行調整後，我們的調整後營業利潤率為 19.7%，比去年上升 90 個基點，處於 18% 至 20% 目標範圍的高端並符合我們的預期。

Further after reflecting net financial expenses of $21 million and factoring in continued share repurchases, we reported GAAP diluted EPS and adjusted diluted EPS of $0.89 and $0.75, respectively. Turning to cash flow and balance sheet items.

此外，在反映了 2,100 萬美元的淨財務費用並考慮到持續的股票回購後，我們報告的 GAAP 稀釋每股收益和調整後稀釋每股收益分別為 0.89 美元和 0.75 美元。轉向現金流量和資產負債表項目。

Cash flow from operating activities totaled $239 million, with free cash flow coming in at $203 million, driven by higher adjusted net earnings, together with lower working capital investments and lower CapEx. The strong finish yielded full year cash flow from operating activities of $547 million and free cash flow of $392 million.

經營活動產生的現金流量總計 2.39 億美元，其中自由現金流量為 2.03 億美元，這是由調整後淨利潤增加、營運資本投資減少和資本支出減少所推動的。全年經營活動現金流達 5.47 億美元，自由現金流達 3.92 億美元。

The significant increase in free cash flow in 2023, which albeit came in a little lower than previously anticipated, reflected lower capital expenditures as well as lower working capital in investments versus the prior year when we were working hard to bring inventories to hire a more optimal levels and during the pandemic, the progressive ramp-up of our new larger scale Bangladesh facility is underway, which will continue through 2024.

2023 年自由現金流顯著增加，儘管略低於先前的預期，但反映出與前一年相比，資本支出以及投資營運資本的減少，當時我們正在努力增加庫存以僱用更優化的人員疫情期間，我們正在逐步擴大規模更大的孟加拉國新工廠，並將持續到2024 年。

And as up as planned, we exited 2023 at a capacity run rate of 25% and continue to expect an exit rate of about 75% at the end of 2024. Finally, and importantly, we ended the year with a very satisfactory inventory levels in in a strong position to service our customers as we move through 2024.

依照計劃，我們在 2023 年退出時的產能運作率為 25%，並繼續預期 2024 年底退出率約為 75%。最後，也是重要的是，我們以非常令人滿意的庫存水準結束了這一年，在 2024 年為我們的客戶提供服務方面處於有利地位。

Moving on to our NCIB. Robust buyback activity this quarter underscores our strong cash flow generation and commitment to delivering value to our shareholders. In fact, in 2023, we repurchased approximately [11.5 million] shares under our NCIB program or close to 7% of our public float, returning a total of $492 million of capital to shareholders for the year, including dividend payments and given the strength of our free cash flow,.

繼續我們的 NCIB。本季強勁的回購活動凸顯了我們強大的現金流產生能力以及為股東創造價值的承諾。事實上，2023 年，我們根據NCIB 計劃回購了約[1,150 萬] 股股票，或接近我們公眾持股量的7%，全年向股東返還了總計4.92 億美元的資本，包括股息支付，併考慮到我們的自由現金流。

Even with the significant return of capital during 2023, our net debt finished at $993 million well within our one to two times targeted debt levels. This brings me to have a few thoughts on our GSG. strategy and our outlook for the year ahead. We've made strong progress on our three key strategic pillars, optimizing our capacity, fostering innovation and implementing our next-generation ESG strategy.

即使 2023 年資本回報顯著，我們的淨債務仍達到 9.93 億美元，遠低於目標債務水準的一到兩倍。這讓我對我們的 GSG 有一些想法。戰略和我們對未來一年的展望。我們在優化能力、促進創新和實施下一代 ESG 策略這三個關鍵策略支柱上取得了強勁進展。

We have also successfully executed on several components of the financial framework we laid out. While our revenue growth during 2023 was hindered by an industry wide soft demand environment, driven by the challenging macroeconomic backdrop.

我們也成功執行了我們制定的財務框架的幾個組成部分。儘管我們在 2023 年的營收成長受到充滿挑戰的宏觀經濟背景推動下的全產業疲軟需求環境的阻礙。

We have nonetheless, continue to drive market share gains in key product categories, and this positions us well as we move forward, leveraging our strong capabilities in the target markets that we serve. So for 2024, we expect the following revenue growth for the full year to be flat to up low single digits.

儘管如此，我們仍在繼續推動關鍵產品類別的市場份額成長，這使我們在前進中處於有利地位，利用我們在所服務的目標市場中的強大能力。因此，對於 2024 年，我們預計全年營收成長將持平或成長低個位數。

Adjusted operating margin slightly above the high end of our 18% to 20% annual target range. Capex to come in at approximately 5% of sales. Adjusted diluted EPS in the range of $2.92 to $3.7, up significantly between 13.5% and 19.5% year over year.

調整後的營業利潤率略高於我們 18% 至 20% 年度目標範圍的上限。資本支出約佔銷售額的 5%。調整後攤薄每股收益在 2.92 美元至 3.7 美元之間，年比大幅成長 13.5% 至 19.5%。

Free cash flow above 2023 levels, driven by increased profitability, lower working capital investments and lower capital expenditures than in 2023. Further, the outlook that I just laid out is underpinned by some key assumptions, including the following.

與 2023 年相比，由於獲利能力提高、營運資本投資減少和資本支出減少，自由現金流高於 2023 年水準。此外，我剛剛提出的前景是由一些關鍵假設所支撐的，包括以下內容。

Our outlook assumes that POS trends continue to improve compared to 2023, reflecting potential for recovery in various markets as well as overall growth opportunities. Our SoC license agreement with Under Armour is expiring late March, which is expected to have a minimal impact on our profitability.

我們的展望假設 POS 趨勢與 2023 年相比繼續改善，反映了各個市場的復甦潛力以及整體成長機會。我們與 Under Armour 的 SoC 授權協議將於 3 月底到期，預計這對我們的獲利能力影響很小。

Excluding the impact of this agreement and on a comparable basis, our outlook implies full year revenue growth in 2024 would be more in the low to mid-single digit range. We also assume continued share repurchases in 2024 for further demonstrating our belief in the strength of our business and our commitment to optimizing capital allocation.

排除該協議的影響並在可比基礎上，我們的前景意味著 2024 年全年收入成長將更多地處於中低個位數範圍內。我們也假設 2024 年將繼續進行股票回購，以進一步表明我們對業務實力的信心以及對優化資本配置的承諾。

And we expect to maintain our debt leverage ratio within our target range of one to two times. Finally, as discussed last quarter, the timing of the potential enactment of legislation related to global minimum tax or GMT. in Canada remains uncertain. We have nonetheless incorporate into our guidance, the estimated impact of the implementation of draft GMT.

我們預期債務槓桿率將維持在一到兩倍的目標範圍內。最後，如上季所討論的，與全球最低稅或 GMT 相關的立法的潛在頒布時間。加拿大的情況仍不確定。儘管如此，我們仍將實施 GMT 草案的估計影響納入我們的指導中。

In Canada and Barbados retroactive to January 1, 2024, as well as certain expected refundable tax credits, which will reduce our SG&A. I also want to provide you with an update on the current quarter, while we expect positive POS trends across the board in 2024, POS.

在加拿大和巴貝多，追溯至 2024 年 1 月 1 日，以及某些預期的可退還稅收抵免，這將減少我們的 SG&A。我還想向您提供本季的最新情況，同時我們預計 2024 年 POS 將整體呈現正面趨勢。

Has been somewhat mixed so far in Q1 with good strength in certain important active wear areas such as in fleece and ring-spun products, but with more variability in other areas such as with underwear and hosiery and underwear category.

到目前為止，第一季的情況有些好壞參半，在某些重要的運動服裝領域（例如羊毛和環錠紡產品）具有良好的實力，但在其他領域（例如內衣、襪類和內衣類別）的變化較大。

Moreover, and more importantly, with respect to Q1, we expect the higher levels of customer replenishment that we saw in Q4 will impact the level of restocking that we will take that will take place in Q1. As such, we currently expect Q1 net sales to be down low single digits and expect Q1 adjusted OP percent target range.

此外，更重要的是，就第一季而言，我們預計第四季度的更高水準的客戶補貨將影響我們將在第一季進行的補貨水準。因此，我們目前預計第一季淨銷售額將下降至低個位數，並預期第一季調整後的營運百分比目標範圍。

So in conclusion, I'd like to leave you with a few thoughts following the multiyear volatility related to the pandemic. We saw normalizing inventory replenishment and patterns as we move through 2023, but it was a challenging year overall, given the impact of the macroeconomic environment, and we are pleased with the progress we achieved as we begin 2024, we feel like Gildan is well positioned to continue when too wind in our markets regardless of the macroeconomic backdrop.

因此，總而言之，在與大流行相關的多年波動之後，我想留給您一些想法。隨著2023 年的到來，我們看到了庫存補充和模式的正常化，但考慮到宏觀經濟環境的影響，總體來說這是充滿挑戰的一年，我們對2024 年伊始所取得的進展感到滿意，我們認為Gildan 處於有利地位無論宏觀經濟背景如何，當我們的市場風速太大時，我們都會繼續這樣做。

While we expect continued momentum in the and principles market end user behavior continues to be affected by the inflationary pressures weighing on buying patterns, still leading some of our customers to place orders close to their needs and managing their inventory and replenishment levels more tightly. That said, we expect demand for replenishment type products to continue to normalize as we move through the year, given the nature of the products we sell.

雖然我們預計原則市場的持續成長動能將繼續受到通膨壓力的影響，從而影響購買模式，但仍導致我們的一些客戶下達接近其需求的訂單，並更嚴格地管理庫存和補貨水準。也就是說，考慮到我們銷售的產品的性質，我們預計今年補貨型產品的需求將繼續正常化。

Furthermore, our in-stock levels are in great shape. We have significant flexibility in our manufacturing system and a healthy balance sheet. We also remain encouraged by market share gains in key growth categories such as fleece and ring-spun and are incredibly excited with our recent product innovation as introduced at the impressions Trade Show in January 2020 for these products feature softer fabric and enhanced printability based on our new proprietary soft cotton technology, which is expected to further enhance our competitive positioning. Consequently, you can see we're continuing to leverage the GSG.

此外，我們的庫存水準狀況良好。我們的製造系統具有顯著的靈活性和健康的資產負債表。我們也對抓絨和環錠紡等關鍵成長類別的市佔率成長感到鼓舞，並對我們在2020 年1 月的印象貿易展上推出的最新產品創新感到非常興奮，這些產品基於我們的技術，具有更柔軟的面料和增強的可印刷性。新的專有軟棉技術，預計將進一步增強我們的競爭地位。因此，您可以看到我們正在繼續利用 GGS。

Strategy to drive organic growth and remain confident in our ability to drive shareholder value into the future. We thank you for your interest and support in our company. This concludes my formal remarks. And with that, I'll turn it back over to Jessy.

推動有機成長的策略，並對我們未來推動股東價值的能力保持信心。我們感謝您對我們公司的興趣和支持。我的正式發言到此結束。有了這個，我會把它轉回給傑西。

Thank you, Rod. Before moving to the Q&A session, I'd ask you to limit the number of questions to two, and we'll circle back for a second round of questions. If time permits. Finally, please note as the purpose of today's call is to discuss Gildan's results for the fourth quarter and year ended December 31, 2023. We will only address questions relating to our financial results and guidance and related operational matters. Jamie, you may begin the Q&A session.

謝謝你，羅德。在進入問答環節之前，我建議您將問題數量限制為兩個，然後我們將返回第二輪問題。如果時間允許的話。最後，請注意，今天電話會議的目的是討論 Gildan 截至 2023 年 12 月 31 日的第四季度和年度業績。我們只會解決與我們的財務表現和指導以及相關營運事宜有關的問題。傑米，您可以開始問答環節了。

(Operator Instructions)

（操作員說明）

Paul Lejuez, Citigroup. Your line is open.

保羅‧勒胡埃斯，花旗集團。您的線路已開通。

Although all of a couple quick ones on the G N to K, it's what tax rate, both formal and also the SG&A offset, but they're both available on bone on a little bit about the pricing environment remains volatile. But also lower pricing. But what do you think that evolves? We expect a whole all year on the pricing, quite an uninformed. The magnitude you can share in our light vehicle by category and clients? Okay.

雖然從 G N 到 K 上有幾個快速的稅率，包括正式稅率和 SG&A 抵消稅率，但它們都可以在定價環境仍然不穩定的情況下獲得基本資訊。而且定價也較低。但你認為這會演變什麼？我們預期一整年的定價，相當不知情。您可以按類別和客戶分享我們的輕型汽車的規模嗎？好的。

Paul start And now I'll turn it over the team to answer the question on up on pricing. But if you look at effectively what we've assumed with on the on the tax side, as I indicated in the comments, we've assumed the enactment of the global minimum tax and that will occur were retroactive to January 1, 2024.

保羅開始：現在我將把它交給團隊來回答有關定價的問題。但如果你有效地審視我們在稅收方面的假設，正如我在評論中指出的那樣，我們假設全球最低稅的頒布將追溯至 2024 年 1 月 1 日。

Clearly, there's draft legislation out there hasn't been enacted yet, but is our expectation that we'll be enacted in Canada this year. And so what we've assumed from a tax perspective is that in parallel with the enactment of GMT., our effective tax rate will move up to 18% on sequence of GMT. rolling through Canada and other jurisdictions.

顯然，立法草案尚未頒布，但我們預計今年將在加拿大頒布。因此，我們從稅收角度假設，在 GMT 頒布的同時，我們的有效稅率將按 GMT 順序升至 18%。滾動通過加拿大和其他司法管轄區。

However, there are other benefits that we expect to see related to tax reform that are expected to yield credits that will flow through our SG&A line. And the simplest way to think about that is that the quantum of those credits will probably reduce our SG&A as a percent of sales sales by about 80 basis points. So that effectively will bring down the net impact of GMTRP. and L.

然而，我們預計還會看到與稅收改革相關的其他好處，這些好處預計會產生流經我們的 SG&A 額度的信貸。最簡單的思考方式是，這些信貸的數量可能會將我們的 SG&A 佔銷售額的百分比減少約 80 個基點。這樣就可以有效降低 GMTRP 的淨影響。和我。

Will also boost up our operating margin. And so that is reflected in our EPS guidance. If we move to the question on pricing and what we've assumed in the pricing environment, effectively, if you look at prices overall, we do see stability as we as we move into 2024.

也將提高我們的營業利潤率。這也反映在我們的每股盈餘指引中。如果我們轉向定價問題以及我們在定價環境中的假設，實際上，如果你從整體上看價格，我們確實會在進入 2024 年時看到穩定。

We've seen it in '23, and we do see it as we move into '24. There are pockets where we do see some real competitiveness in pricing, I would say. And if you think about our national accounts business there, it's a I would say it's very competitive.

我們在 23 年就已經看到了這一點，進入 24 年後我們也確實看到了這一點。我想說，在某些地方，我們確實在定價方面看到了一些真正的競爭力。如果你考慮一下我們在那裡的國民帳戶業務，我會說它非常有競爭力。

And then if you look at in the international markets as well, we've seen some price, some price pressure there, although we do see that abating, I would say as we move into '24 and partly because from our perspective, we're going to be very strong on the product side.

然後，如果你也看看國際市場，我們已經看到了一些價格，一些價格壓力，儘管我們確實看到這種情況有所減弱，我想說，隨著我們進入“24”，部分原因是從我們的角度來看，我們」我們在產品方面將會非常強大。

But overall, we are expecting a I would say it takes a stable price price environment with a little bit of, I would say, downward pressure overall on now on net price, very manageable as we as we move through 2024. And that gives a lot about. Thank you.

但總體而言，我們預計，這需要一個穩定的價格環境，目前淨價總體上有一點下行壓力，隨著我們進入 2024 年，這是非常可控的。這提供了很多資訊。謝謝。

Jay Sole, UBS. Your line is open.

傑伊·索爾，瑞銀集團。您的線路已開通。

Great. Thank you so much. Come. I have two questions. First for events. As you've gotten acclimated to the company, what do you see the biggest long-term growth opportunities through a sort of big picture qualitative perspective?

偉大的。太感謝了。來。我有兩個問題。首先是為了活動。隨著您逐漸適應公司，您從宏觀定性角度認為最大的長期成長機會是什麼？

And then secondly, for rod, where you think about the fiscal '24 margin guidance, how are you thinking about gross margin versus SG&A with Imec? I thank you. Thank you.

其次，對於 rod，您在考慮 24 財年利潤率指引時，您如何考慮毛利率與 Imec 的 SG&A？我謝謝你。謝謝。

Jay adverse events, and are you having obviously that's a great question that it gets that's getting developed that can talk about my initial impressions in the 1st month or so here. But in terms of nailing down the long-term strategy, I think that will come as 2024 develops.

傑伊的不良事件，你顯然有一個很好的問題，它正在發展，可以在這裡談談我在第一個月左右的初步印象。但就確定長期策略而言，我認為這將隨著 2024 年的發展而到來。

Certainly my experience with the industry is helping, hopefully, short cut that time frame. But with that being said, I mean, I think the reasons I'm here or what have been able to validate in terms of what we have and the manufacturing capacity and the agility of our capacity.

當然，我在該行業的經驗有望幫助縮短這個時間框架。但話雖這麼說，我的意思是，我認為我在這裡的原因或能夠根據我們擁有的、製造能力和我們能力的敏捷性來驗證。

Obviously the brands that we have when you think about American Apparel, Comfort Colors and go down itself is or of your powerful in this industry and where reenergizing the American apparel brand, as most know. But you have the leadership team.

顯然，當您想到美國服裝時，我們擁有的品牌，Comfort Colors 本身就是您在這個行業中的強大品牌，正如大多數人所知，這些品牌正在為美國服裝品牌注入新的活力。但你有領導團隊。

There's a there's a number of things that go into it. But I think I will be focusing on what our capabilities are in the manufacturing, obviously, looking at how we can enhance upon the GSJ., which I think is a pretty strong approach. I mean this back to basics that I've kind of watched and look and see what's happened. The last couple of years has led to the GSG. and what's happening internationally.

其中涉及很多事情。但我認為我將重點關注我們在製造方面的能力，顯然，看看我們如何增強 GSJ。我認為這是一個非常強大的方法。我的意思是，這回到了我所觀察和觀察發生的事情的基礎。過去幾年導致了 GSG。以及國際上正在發生的事情。

I think you've got to bear some nice opportunities. And the the end of the private biggest surprise I saw and just being in Honduras for a week is just how much innovation is going on inside the plant and what it avails us long term opportunities. Okay.

我認為你必須承受一些很好的機會。我在宏都拉斯待了一周後看到的個人最大的驚喜是工廠內部正在進行多少創新以及它為我們帶來了哪些長期機會。好的。

For your question, Jay, on gross margin SG&A and maybe also talk about it from an operating margin perspective. But look, we think we're in very good shape as we do move into '24. If you look from a gross margin perspective, if you look at where we were in Q4, our gross margin came in just a little above 30%, and that was in line with what we had anticipated.

對於你的問題，Jay，關於毛利率、SG&A，也許可以從營業利益率的角度來談談。但看，我們認為進入 24 年後我們的狀態非常好。如果你從毛利率的角度來看，如果你看看我們第四季的情況，我們的毛利率略高於 30%，這符合我們的預期。

And we have been saying all through '23 that effectively we expect to see the tailwind associated with the with fiber costs are really kick in as we get into Q4. And as we move into 2024, you made, you may recall that cause pressure and the early part of '23, we did not price for that. We knew it was effectively going to flow through. And now we're seeing it in Q4.

我們在整個 23 年一直在說，實際上，我們預計進入第四季度時，與光纖成本相關的順風將真正發揮作用。當我們進入 2024 年時，您可能還記得這會造成壓力，而 23 年初，我們沒有為此定價。我們知道它會有效地流通。現在我們在第四季度看到了這一點。

And you can expect our gross margins to stay strong as we move through through '24 and will continue to improve upon that, right, because there are other things that we're doing from a manufacturing perspective. We continue to optimize optimizers, our structure.

您可以預期，隨著我們進入 24 年，我們的毛利率將保持強勁，並將繼續改善，對吧，因為從製造角度來看，我們正在做其他事情。我們繼續優化優化器和我們的結構。

We have Bangladesh ramping up, which we're incredibly excited about. And so we believe that we are we have gross margin very well under control as we move into into '24. Same thing from an SG&A perspective, I think we're very disciplined on SG&A.

孟加拉正在崛起，對此我們感到非常興奮。因此，我們相信，隨著進入 24 年，我們的毛利率得到了很好的控制。從 SG&A 的角度來看也是如此，我認為我們在 SG&A 方面非常嚴格。

We've been very focused on effectively and making sure that the front end of our business is very efficient in the way that we operate. And if you look at our our SG&A performance, the full year in '23, we came in just around 10%, which is around our target.

我們一直非常注重有效並確保我們業務的前端以我們的運作方式非常有效率。如果你看看我們 SG&A 的表現，23 年全年，我們的表現只有 10% 左右，這接近我們的目標。

And as we move into '24, we'll be looking to continue to run at those levels, maybe improve upon it a little bit. And then we'll get also the benefit of the refundable tax credits flowing through. And so you can and CSG. and A. for on a full-year basis, we should look at it on a comp basis versus '23.

當我們進入 24 年時，我們將尋求繼續在這些水平上運行，也許會稍微改進一下。然後我們還將獲得可退還的稅收抵免的好處。所以您可以和 CSG 一起。 A. 就全年而言，我們應該以與 23 年相比的比較基礎來看待它。

And then when you look at overall op margin, that's why we've given the guidance that we expect it to be slightly above the 18% to 20% range, the higher than the 20% because of what we're seeing gross margin and SG&A, silver, all we feel we're very well-positioned. Things are well under control and we are excited about what we see for '24.

然後，當你查看整體營運利潤率時，這就是為什麼我們給出的指導，我們預計它會略高於 18% 至 20% 的範圍，高於 20%，因為我們看到了毛利率和SG&A、銀牌，我們覺得我們處於非常有利的位置。事情得到了很好的控制，我們對 24 年所看到的情況感到興奮。

Got it.

知道了。

Thank you so much.

太感謝了。

George Doumet, Scotiabank. Your line is open.

喬治‧杜梅特，豐業銀行。您的線路已開通。

Yes. Good morning, guys. Rod, can help us understand the moving parts embedded in the Q1 guidance of low down low single digits, and how should we how should we think of the recovery towards the flat to up low single digits? Is that it would not be linear or a little bit more bumpy.

是的。早上好傢伙。羅德，可以幫助我們理解第一季指導中低個位數下降的移動部分，我們應該如何看待從持平到上升低個位數的復甦？它不會是線性的或有點顛簸。

So if you look at Q1, we had called out that it would be down low single digits. And I gave some color in the script, right? We talked about POS effectively be mixed. But I think the really the story behind POS and POPS and POS is in good shape in good shape.

因此，如果你看看第一季度，我們已經指出它將下降低個位數。我在劇本中添加了一些色彩，對吧？我們談到 POS 有效地是混合的。但我認為 POS 和 POPS 背後的故事確實很好。

First across the M the active wear category. If you look and that's the most important category for us, that if you look across the board, POSs is performing reasonably well as you as you think about the macro backdrop. So I would say we are comfortable with what we're seeing.

首先跨越M運動服類別。如果你看一下，這對我們來說是最重要的類別，如果你全面看一下，當你考慮宏觀背景時，POS 的表現相當好。所以我想說我們對所看到的感到滿意。

There's there are some spots, some pockets of weakness where it's a little bit more variable, but I would say it's holding up. But as we go into Q1, what we do see is effect on the on the distributor side, we're going into season.

雖然有一些地方、一些弱點，變化有點大，但我想說它仍然有效。但當我們進入第一季時，我們確實看到了對經銷商的影響，我們即將進入銷售旺季。

So we expect to see restocking. But because of the strength of what we saw in Q4, where normally we would expect a destock in Q4, and we called that out, we were expecting that. But what happened was we ship to POS. We shipped in line with POS in in Q4. And effectively as a result of that, we didn't see that, I would say, the destock in Q4.

因此，我們預計會看到補貨。但由於我們在第四季度看到的強勁勢頭，通常我們預計第四季度會出現庫存減少，我們也指出了這一點，我們對此是預料之中的。但發生的事情是我們運送到 POS。我們在第四季度按照 POS 發貨。因此，我想說的是，我們沒有看到第四季庫存減少。

And so what we expect to lower levels of replenishment in in Q1. So the restock won't be as large as ours as you might normally expect in the first quarter. So the impact of that in total basically meant that we will see a little bit of weaker start to the year.

因此，我們預計第一季的補貨水準會降低。因此，第一季的補貨量不會像您通常預期的那麼大。因此，整體影響基本上意味著我們將看到今年開局略有疲軟。

But I would say as we go forward, we do see strength as we move into Q2, Q3, Q4, and that's all on the back of ours, strong competitive positioning, what we're seeing with market share gains, what we're seeing in these key categories, ring-spun, fleece, all the drivers of the business.

但我想說，隨著我們前進，當我們進入第二季、第三季、第四季時，我們確實看到了實力，而這一切都取決於我們強大的競爭定位，我們所看到的市場份額增長，我們所看到的在這些關鍵類別中，環錠紡、搖粒絨都是該業務的驅動力。

I mean, there are many, I would say, drivers of the business as we think about '24 in total, right? So we've got those product categories that we're doing very well on. We've got product innovation coming through, which I called out. We're very excited about. You'll see I know the basic side.

我的意思是，我想說，當我們考慮到 24 年來，有很多業務驅動因素，對嗎？所以我們在這些產品類別上做得非常好。我指出，我們已經實現了產品創新。我們非常興奮。你會發現我知道基本的一面。

We've got new product styles that are effectively rolling through, which will drive our business at national accounts in international. We've got new retail programs in activewear and underwear and hosiery. We're doing well well on the hosiery side, with some of our customary well, actually with some of our customers we've got we're excited about what's going on with Comfort Colors, American Apparel, and we've got strong product availabilities.

我們的新產品款式正在有效地推廣，這將推動我們在國際國民帳戶上的業務。我們在運動服、內衣和襪類領域推出了新的零售計劃。我們在襪子方面做得很好，我們的一些習慣很好，實際上我們的一些客戶我們對 Comfort Colors、American Apparel 的進展感到興奮，我們有強大的產品可用性。

If you look across the board at all of the different areas of the business, even though you've got the macro backdrop to deal with, we feel we're well positioned as we move through the year. And you'll see that as we move through the quarters. Target.

如果你全面審視業務的所有不同領域，即使你要應對宏觀背景，我們也認為我們在這一年中處於有利位置。當我們進入各個季度時，你會看到這一點。目標。

Vaccines for my follow-up was plug a little bit more about some free cash flow.

我的後續疫苗更多地涉及一些自由現金流。

Can you maybe quantify the lift or can you give us some goalposts in terms of working capital and CapEx for the next? Yes. If you until

您能否量化提升量，或者您能否為我們提供一些關於下一步營運資本和資本支出的目標？是的。如果你直到

CapEx, I called out 5% of sales is a good guide. And as you think about CapEx, we had a little bit higher in '23 there. We were spending a little bit more on Bangladesh, but now we're ramping up Bangladesh. So CapEx comes down as we as we move into into '24.

資本支出，我認為銷售額的 5% 是一個很好的指導。當你想到資本支出時，我們在 23 年的資本支出略高一些。我們在孟加拉的支出多了一點，但現在我們正在擴大孟加拉的規模。因此，隨著我們進入 24 年，資本支出會下降。

And then if you look from working capital perspective, inventory, we've made our investments in working capital. So as we move into into '24, we don't have to make type of investments that we've been making in the last couple of years. And so as a result of that would say, we do see that strong free cash flow.

然後，如果你從營運資本的角度來看，庫存，我們已經在營運資本上進行了投資。因此，當我們進入 24 世紀時，我們不必進行過去幾年一直在進行的投資。因此，我們確實看到了強勁的自由現金流。

So the guide is that a free cash flow will come in stronger than than '23. And we fully expect that given the different elements, what we see from a profitability perspective, working capital and CapEx like it.

因此，指導意見是自由現金流將強於 23 年。我們完全期望，考慮到不同的因素，我們從獲利能力的角度來看，營運資本和資本支出都是如此。

When you correct me if I remember us for working capital exists to get a sense of where you see that line area of the year.

當你糾正我時，如果我記得我們的營運資金存在，以了解你在哪裡看到一年中的線面積。

Well, look, if you think about working capital at the end of the year, we generally are running in the mid 30s, right? As a percent of sales. That's effectively where we tend to be solely around that in that area is what I will be looking at.

好吧，如果你考慮年底的營運資金，我們通常會在 30 多歲左右運行，對嗎？作為銷售額的百分比。實際上，這就是我們傾向於只關注該領域的地方，這就是我將要關注的內容。

George, as you think about effectively modeling out working capital, again, working capital is like all of the different to other areas of our business. And we think we've got it well under control. And as I said, our inventory position is very good where in a very pleasant to support product availability and then they'll mid-30's around that area is kind of the way to think about to working capital for us when we finished '24.

喬治，當你考慮有效地建立營運資本模型時，再次強調，營運資本與我們業務的其他領域的所有不同之處一樣。我們認為我們已經很好地控制了局勢。正如我所說，我們的庫存狀況非常好，可以非常愉快地支持產品可用性，然後他們將在該地區周圍的 30 年代中期，這是我們在 24 年結束時考慮營運資金的方式。

Hello. Thank you.

你好。謝謝。

Brian Morrison, TD Securities. Your line is open.

布萊恩·莫里森，道明證券。您的線路已開通。

Good morning. Rod, can you just elaborate on some of the industry details on the Q4 POS performance? Maybe an update on inventory in the distributor channel and then the trend to trade down to lower price points. Is that accelerating? You're seeing constant. Okay. Brian out to shuffle will answer this question, Brian. I think as we looked at?

早安.Rod，您能否詳細說明一下第四季度 POS 表現的一些行業細節？也許是分銷商通路庫存的更新，然後是降價至更低價格點的趨勢。這是在加速嗎？你看到的是恆定的。好的。布萊恩出來洗牌會回答這個問題，布萊恩。我想正如我們所看到的？

Good morning, as we looked at Q4, I mean we continue to see growth in the areas we've been talking about with ring-spun and fleece being up double digits. We saw good positive POS from from the basics as well. It was up low-single digits. So again, I think we saw growth across categories throughout the fourth quarter and what we're seeing that carry into Q1 with positive POS as well.

早上好，當我們看到第四季度時，我的意思是我們繼續看到我們一直在談論的領域的成長，其中環錠紡和羊毛增長了兩位數。我們從基礎上也看到了良好的正面 POS。漲幅為低個位數。再說一次，我認為我們在第四季度看到了各個類別的成長，我們看到第一季的銷售收入也呈現正面成長。

And so again, we saw ourselves continue to gain share. We've been talking about that the last few quarters with a challenge in the market, we've outperformed the market in those categories. We continue to gain share from a channel inventory perspective potentially. I think it's in balance, it's a healthy inventory, especially as we go into the season here later in the quarter, Bob.

如此，我們再次看到自己的市佔率不斷增加。我們一直在談論過去幾季市場面臨的挑戰，我們在這些類別中的表現優於市場。從渠道庫存的角度來看，我們有可能繼續獲得份額。我認為這是平衡的，這是一個健康的庫存，特別是當我們在本季度晚些時候進入這個季節時，鮑勃。

And so I think product cap rate down, Brian, we did see some trade down as we as we move through Q4 as it I mean at the trade down is sort of evolving the way that we discussed. A few category we like to talk about is fleece.

因此，我認為產品上限利率下降，布萊恩，隨著我們進入第四季度，我們確實看到了一些交易下降，因為我的意思是，交易下降是我們討論的方式的演變。我們喜歡談論的幾個類別是羊毛。

And if you look at the mix between the liquids in the cruise, again is sort of one more to a balanced mix versus what we've traditionally we see, which is the more heavy on the LED side versus the crude. So the trade down did unfold as we move through the fourth quarter.

如果你觀察遊輪中液體之間的混合，你會發現這又是一種平衡的混合，與我們傳統上看到的相比，LED 側比原油側更重。因此，當我們進入第四季度時，交易確實出現了下滑。

But mix overall, I would say we're okay as we look at it. And then as we move into '24, we have been careful as we think about mix with respect to the guide. So we'll see how the year evolves. But because of the macro backdrop and everything that we're seeing with respect to inflation, you all the things that are creating a little bit of pressure for everybody. We have been careful about how we fix think about mix as we've given you there guide for full year '24. Okay.

但總體來說，我想說，從我們的角度來看，我們還不錯。然後，當我們進入 24 年時，我們在考慮與指南有關的混合時一直很小心。所以我們將看看這一年如何演變。但由於宏觀背景和我們所看到的通膨方面的一切，所有這些都給每個人帶來了一點壓力。我們一直很謹慎地考慮如何解決混音問題，因為我們已經為您提供了 24 年全年的指南。好的。

Thanks for that will go into button and check. I want to follow on question, which is prevents. I want to circle back to the creation of long-term shareholder value in your prepared remarks. Again, it's early days. It sounds like you're content with GSG. that high level.

感謝您將進入按鈕並檢查。我想繼續討論這個問題，這是阻止的。我想在您準備好的發言中回到創造長期股東價值的話題。再說一遍，現在還為時過早。聽起來您對 GSG 很滿意。這麼高的水平。

What are your initial thoughts on growth drivers are avenues as we look beyond on the execution in the near term? GSG. strategy? You mentioned international, you mentioned the cost advantage for. Does anything stand out that requires a material shift from the current strategy?

當我們展望近期的執行時，您對成長驅動因素的初步想法是什麼？GSG。戰略？你提到國際化，你提到成本優勢。有什麼突出的事情需要對當前策略進行重大轉變嗎？

No, I think I'm quick to answer that. I don't see a material shift in our and our go-to and sustainable gross hedge out, I think is profound. In terms of what like I said, there's coming off the baked back to basics of SKU rationalization where manufacturing is today with the U.S. Certainly you can see the plant in Bangladesh where we one of the DNA is to be a low-cost producer. And I think just leveraging the Bangladesh investment is going to be important as well.

不，我想我很快就能回答這個問題。我認為我們的首選和可持續的總對沖策略沒有重大變化，我認為這是意義深遠的。就像我所說的那樣，SKU 合理化的基礎正在逐漸回歸，今天的製造是在美國進行的。當然，你可以看到孟加拉的工廠，我們的 DNA 之一就是成為低成本生產商。我認為利用孟加拉的投資也很重要。

That also avails us opportunities in Europe and international that maybe strengthens our opportunity to expand their. So no, I don't see anything material, um, you know that we need that we just need to enhance upon what we have.

這也為我們在歐洲和國際上提供了機會，這可能會增強我們擴大業務的機會。所以不，我沒有看到任何實質的東西，嗯，你知道我們需要我們只需要增強我們所擁有的東西。

Thanks very much. Launch.

非常感謝。發射。

Luke Hannan, Canaccord Genuity. Your line is open.

盧克漢南 (Luke Hannan)，Canaccord Genuity。您的線路已開通。

Thanks, good morning. Wanted to ask about product innovation, which has come up a number of times on this call and specifically on the new products that were introduced last month. Can you give us a sense of directionally what roughly are we talking about in terms of the magnitude of sales that will that this will impact or even a percentage of SKUs? And where else do you see opportunities for innovation within the portfolio?

謝謝，早安。我想詢問有關產品創新的問題，這個問題在這次電話會議上多次出現，特別是關於上個月推出的新產品。您能否給我們一個大致的方向感，即這將影響的銷售規模，甚至是 SKU 的百分比？您在產品組合中還發現哪些創新機會？

A few things. one, you know, as we think about innovation, we think about innovation of across not only product, but also our manufacturing at our ESG. So we continue to innovate throughout. And so we're continuing to constantly focused on where we can innovate in the product.

一些東西。第一，你知道，當我們思考創新時，我們不僅考慮產品的創新，還考慮 ESG 的製造創新。因此我們始終不斷創新。因此，我們將持續不斷關注產品的創新領域。

As you said at the show, we were excited about the innovations innovations we put out around our core basics. We really touched each one of the basics are style 12 in our style 5,000 or 8,000 and our fleece. So, you know, we wanted to make some changes there. It would give it a better features of about 10 that are better printability. I think it was well received in the market.

正如您在展會上所說，我們對圍繞核心基礎知識推出的創新感到興奮。我們真正接觸到的每一件基本款都是我們的款式 5,000 或 8,000 中的款式 12 以及我們的羊毛。所以，你知道，我們想在那裡做出一些改變。它會賦予它大約 10 的更好的特性，即更好的印刷適性。我認為它在市場上很受歡迎。

We'll start seeing that product come through the market midyear. And then from a P&L impact perspective, we think it shores up our base of OE. product and then we'll continue to grow in that lease area. We've seen drastic growth because I was mentioning double-digit growth before and fleece that's going to continue. And so just shores up that base and will continue to drive growth across the category.

我們將在年中開始看到該產品上市。然後從損益影響的角度來看，我們認為它支撐了我們的 OE 基礎。產品，然後我們將繼續在該租賃領域發展。我們看到了急劇的增長，因為我之前提到過兩位數的增長，而且這種增長將會持續下去。因此，這只是鞏固了這個基礎，並將繼續推動整個類別的成長。

Okay, understood. Thanks in advance for my it for my follow-up here. I just wanted to ask about where we're both retailers and distributors are sitting as of today.

好的，明白了。預先感謝我在這裡的後續行動。我只是想問一下我們零售商和分銷商今天的處境。

When it comes to inventory, where does that stand versus pre-pandemic levels maybe in terms of weeks of weeks of supply or otherwise? I know it was mentioned that it seems like everyone is ordering a little bit closer to their needs. But I guess as the overall thinking that these parties feel like, can they do less or sorry, can they do more with less inventory on hand?

就庫存而言，與大流行前的水平相比，可能以周供應量或其他方式計算，情況如何？我知道有人提到似乎每個人的訂單都更接近他們的需求。但我猜想，作為這些各方的整體想法，他們可以少做一點或抱歉，他們可以用更少的庫存做更多的事情嗎？

So if you look at where we are from an inventory perspective with our customers, Luke, I would say we're at good levels were at a normalized level. And as I called out earlier in my remarks, in over the last few years, we've been working to do is to build back our inventory base that we can effectively get our customers to normalized levels.

因此，如果你從客戶的庫存角度來看我們的情況，盧克，我會說我們處於正常化水平的良好水平。正如我之前在演講中指出的那樣，在過去的幾年裡，我們一直在努力重建我們的庫存基礎，以便我們能夠有效地讓我們的客戶達到正常水平。

So I would say if you look across the board, we feel like inventory is in good shape and where it needs to be in for the most part. Now we're past all of the pandemic impacts right of inventories going down and then going back up again to a certain extent and then coming down steadily in the retail side.

因此，我想說，如果你全面審視，我們認為庫存狀況良好，並且大部分都處於需要的位置。現在，我們已經克服了所有大流行的影響，即庫存下降，然後在一定程度上再次回升，然後零售方面穩步下降。

So it printwear inventories, good shape, normalized levels, and that will have I think that is great from a POS perspective because you have to have that inventory to drive the POS. That's how we see the strong growth in fleece in ring-spun And across the board because we everybody is effectively well replenished on the retail side.

因此，它會列印服裝庫存、良好的形狀、標準化水平，我認為從 POS 角度來看這非常好，因為你必須擁有該庫存來驅動 POS。這就是我們看到環錠紡羊毛的強勁增長和全面增長的原因，因為我們每個人都在零售方面得到了有效的補充。

If you look at inventory levels there, if you recall, in '22, we had the impact of destocking going on '23. That moderated a bit as we move to the through the middle of the year. But as we've gotten to the end of the year and as we move into '24 on the retail side, we are again seeing tight inventory levels.

如果你看看那裡的庫存水平，如果你還記得的話，在 22 年，我們在 23 年受到了去庫存的影響。隨著我們進入年中，這種情況有所緩和。但隨著年底的到來以及零售方面進入 24 世紀，我們再次看到庫存水準緊張。

I think people are being very careful in the way that the they manage their inventory in this environment. And so a lot more tighter than on the Printwear side where that that's a little bit more normalized. Whereas if you look on the retail side, people may not necessarily be replenishing to POS that might be going a little bit lower than that in order to keep both at, I would say for them very well positioned, I suppose, in the against for the macro backdrop. Okay.

我認為人們在這種環境下管理庫存的方式非常小心。因此比印花服裝方面更緊，後者更加標準化。然而，如果你從零售方面來看，人們可能不一定會向POS 補貨，為了保持兩者的平衡，他們可能會比POS 補貨稍微低一點，我認為他們處於非常有利的位置，我想，反對宏觀背景。好的。

Thank you very much. Thank you very much.

非常感謝。非常感謝。

Mark Petrie, CIBC Your line is open.

Mark Petrie，CIBC 您的路線已接通。

Good morning. Thanks, Vince. Just given your background, both with brands and distributors, can you talk about your views on gold? Is positioning the brand portfolio at a PC., any holes or opportunities? You mentioned the American Apparel specifically and hoping you could just expand on that in the broader topic?

早安.謝謝，文斯。鑑於您在品牌和經銷商方面的背景，您能談談您對黃金的看法嗎？將品牌組合定位在PC上，有什麼漏洞或機會嗎？您特別提到了美國服裝，並希望您能在更廣泛的主題中對此進行擴展？

Yes. I mean, it obviously of the Gildan brand is even stronger than when I left the industry. The market shares is enviable, as I mentioned, to be in this position. So I think that part of it is as strong in terms of what we're doing in the market share, I think of Chuck's hinted at the ring-spun a place where we feel like they're still a lot of opportunity grow.

是的。我的意思是，Gildan 品牌顯然比我離開這個行業時還要強大。正如我所提到的，處於這個位置的市場份額令人羨慕。因此，我認為這部分與我們在市場份額方面所做的事情一樣強大，我認為查克暗示環錠紡是一個我們認為他們仍然有很多成長機會的地方。

We'd love to see those categories reach the open in market share dominance that we have. But um, you know, when you look at the American Apparel and Comfort Colors, both I mean, I can member bank Comfort Colors from bearish odd years ago and and seeing where the brand is today and how was merchandise that and the trade shows was I frankly, terrific, any we're talking about the innovation behind the scenes with use of water and how we how we will push the the governments and so forth.

我們希望看到這些類別在市場份額上達到我們所擁有的主導地位。但是，嗯，你知道，當你看美國服裝和舒適色彩時，我的意思是，我可以將舒適色彩從多年前的看跌中存儲起來，看看該品牌今天的位置以及商品和貿易展的情況如何坦率地說，太棒了，我們正在談論用水的幕後創新以及我們如何推動政府等等。

So it's what we do from there of tweaks and enhancement maybe on the euro and the marketing side of things don't want to get into a lot of SG&A. That's that's not the best, not the driver of this brand North American Apparel. So I don't want to make you believe that we have got big plans around that, but that the the heritage of the brand with the customers.

因此，我們可能會在歐元方面進行調整和增強，而行銷方面不想涉及太多的銷售、管理和行政費用。那不是最好的，不是北美服裝這個品牌的驅動力。所以我不想讓你相信我們對此有宏偉的計劃，而是品牌與客戶的傳承。

I think a strong these distributors appreciate what the brand brings about much like I did in the early 90s and through the early 2000s. And if anything, that's been accentuated over the years. So I've I just think there's opportunities still within the Gildan brand, but also in there and the ancillary brands for American Apparel.

我認為這些經銷商很欣賞該品牌帶來的成果，就像我在 90 年代初和 2000 年代初所做的那樣。如果有什麼不同的話，那就是多年來這一點一直在強調。所以我認為 Gildan 品牌以及 American Apparel 的輔助品牌中仍然存在著機會。

And as we continue to enhance that reenergizing and then with a Comfort Colors, it's still got a great place and resort where he's got a great place in the Greek where, if you will, for college campuses and what we do with it for here, there will be a lot of fun to play with.

當我們繼續增強這種重新註入活力，然後用舒適的顏色時，它仍然有一個很棒的地方和度假村，他在希臘語中有一個很棒的地方，如果你願意的話，對於大學校園以及我們在這裡所做的事情，玩起來會有很多樂趣。

Okay. I appreciate that. Thank you, Ada m. And I wanted to also just ask about retail shelf space. How much of the programs that you've won are reflected in Q4? Was that sort of fully embedded there? Is there further gains embedded in the guidance for 2024?

好的。我很感激。謝謝你，艾達米。我還想問一下零售貨架空間。您贏得的專案中有多少反映在第四季？那是完全嵌入那裡的嗎？2024 年的指引是否包含進一步的利益？

And would you say that there's potential upside based on what you're seeing in the market today?

根據您今天在市場上看到的情況，您是否認為有潛在的上漲空間？

Mark, I would say we we did have some programs in 2023 that were launched and are in our results for 2023. But in the guidance rod gave, we also have some new retail programs in both active wear, some some changes and some underwear programs and that are reflected going forward as well as where I think we talked about Rhod talked about some of the 2024 growth mean that we're going to see we're going to see at retail.

馬克，我想說的是，我們確實在 2023 年推出了一些計劃，這些計劃已包含在 2023 年的結果中。但在給出的指導桿中，我們在運動服裝、一些變化和一些內衣項目方面也有一些新的零售計劃，這些計劃都反映了未來的發展，我認為我們在談到羅德時談到了2024 年的一些成長意味著我們將在零售業看到這一點。

Again, there's underwear, some activewear. We're also going to see it in the hosiery side because despite the UA license of non-renewal, there are filling up that capacity with margin enhancing programs from some other brands. So we feel good about that.

同樣，還有內衣和運動服。我們還將在襪子方面看到這一點，因為儘管 UA 許可證不更新，但其他一些品牌的利潤提高計劃正在填補這一產能。所以我們對此感覺良好。

And then obviously, some of our global lifestyle brand partners on the active wear side, we see recovery there. So there's there's definitely new programs and recovery built into our 2024 guidance kind of across each of the channels.

顯然，我們在運動服裝方面的一些全球生活方式品牌合作夥伴，我們看到了那裡的復甦。因此，我們的 2024 年指南中肯定會在每個管道中內建新的計劃和恢復措施。

Okay, thanks. And I guess maybe just a follow up and Chuck, the other than the SoC replacement program, because obviously the UA PROGRAM doesn't expire until next month, but other than that, are those programs already in place in general? Or can you just give us a sense of how that plays out through the year?

好的謝謝。我想也許只是後續行動，Chuck，除了 SoC 更換計劃之外的其他計劃，因為顯然 UA 計劃要到下個月才會到期，但除此之外，這些計劃是否已經到位？或者您能否讓我們了解這一年的情況？

Yes. Well, they're in place and they're in the plan. They're not things we're still having to go chase. They are they are locked in. Now. We're just as we brought down manufacturing of some of the UA product. We filled it up with other product along the way. So we're able to switch that out and basically replace that with, again, margin accretive programs going forward and like some of these programs are doing very well in the marketplace, right?

是的。嗯，它們已經到位並且在計劃中。它們不是我們仍然需要去追逐的東西。他們是被鎖在裡面的。現在。我們就像我們停止了一些 UA 產品的生產一樣。我們一路上用其他產品填滿了它。因此，我們能夠將其切換出來，並基本上用未來的利潤增值計劃取代它，就像其中一些計劃在市場上表現得很好，對嗎？

When we think about the chip called out in the GLB side, so in some respects. We're very pleased with our positioning. The programs that we're running with the GLGLB. side are winning are gaining market share. The program that we're getting out of a license that we're getting out of in many respects, we see that as almost a back to basics initiative.

當我們考慮在GLB方面調用的晶片時，因此在某些方面。我們對我們的定位非常滿意。我們與 GLGLB 一起運行的程式。獲勝的一方正在獲得市場份額。我們正在從許多方面取消許可的計劃，我們認為這幾乎是一項回歸基礎的舉措。

So if you look at the the complexity, if you look at the cost of the program. You look at that as Chuck and I have mentioned them a margin very, very low associated with that profitability in the area. And so I mean, we're very excited actually, in the way things are shifting because we get to use our capacity.

因此，如果你看看專案的複雜性和成本。你看，查克和我提到他們的利潤率與該地區的盈利能力非常非常低。所以我的意思是，我們實際上非常興奮，因為事情正在發生變化，因為我們可以利用我們的能力。

I would say in a more productive way and the programs that we're buying and supporting the GLB partners are doing very well. They're taking share. And so our positioning on the hosiery side, I would say, as good as we as we build through '24 and '25 as we move forward longer term.

我想說的是，以一種更有成效的方式，我們購買和支持 GLB 合作夥伴的計劃做得非常好。他們正在分享。因此，我想說，我們在襪業方面的定位與我們在 24 年和 25 年期間建立的定位一樣好，因為我們長期向前邁進。

I appreciate all the color. Appreciate it. Thank you.

我欣賞所有的顏色。欣賞它。謝謝。

Chris Li, Desjardins. Your line is open.

克里斯李，加鼎。您的線路已開通。

Good morning, everyone. I just maybe have a two-part question on capital allocation first, and you mentioned obviously very strong free cash flow and leverage is very solid expected for this year. I'm just wondering in terms of your share buyback, right, do you expect to spend about the same amount of money on share buyback this year as you did, let's shift?

大家，早安。我首先可能有一個關於資本配置的兩部分問題，您提到今年的自由現金流和槓桿率顯然非常強勁，預期非常穩健。我只是想知道你的股票回購方面，對吧，你預計今年在股票回購上花的錢和你花的錢差不多嗎，我們換換吧？

Yes, if we look at the share buyback, Chris, as you said, we feel very well much of that. We are positioned to continue with our share buyback as we move through '24. I mean, we've got, I think, a strong record of returning capital to shareholders.

是的，如果我們看看股票回購，克里斯，正如你所說，我們對此感覺非常好。我們準備在 24 世紀繼續進行股票回購。我的意思是，我認為我們在向股東返還資本方面有著良好的記錄。

And I will I do want to start by also just calling out the dividend increase that we're doing, right? So we are excited about our ability to do the 10% dividend increase. That's the 3rd year in a row where we've increased our dividend.

我確實想先呼籲我們正在增加股息，對嗎？因此，我們對股息增加 10% 的能力感到非常興奮。這是我們連續第三年增加股利。

And then as we think about running out return of capital to our shareholders, we very definitely think about a share buyback program. And if you think about what we've been able to do over the last few years. Last year, we did 7%.

然後，當我們考慮用完股東的資本回報時，我們肯定會考慮股票回購計畫。如果你想一想我們在過去幾年所做的事情。去年，我們做到了 7%。

And we do have, I would say, have a baseline positioning of being able to do about 5%. And I would say this year, again, because of overall strength of our balance sheet or free cash flow, I wouldn't be surprised if we wouldn't be able to do a little bit more than that throughout the full year. That's how we're thinking about NCIB. as we as we start the year.

我想說，我們確實有一個能夠做到 5% 左右的基線定位。我想說，今年，由於我們資產負債表或自由現金流的整體實力，如果我們全年無法做得比這多一點，我不會感到驚訝。這就是我們對 NCIB 的看法。正如我們新年伊始一樣。

Okay. That's helpful. And then maybe related. Maybe related to that is on M&A. I apologize if you made comments maybe earlier, but just what's your view on M&A overall from a capital allocation perspective? Yes. And at this event?

好的。這很有幫助。然後也許相關。也許與此相關的是併購。如果您早些時候發表評論，我深表歉意，但從資本配置的角度來看，您對併購總體有何看法？是的。而在這次活動中呢？

I think I'll take that one. I mean the company had a kind of history in the mid 10s at 2013 to 2017 timeframe where there was acquisitions, but right now our capital is focused on organic. That gets when we think about we have next year related to late M&A.

我想我會接受那個。我的意思是，該公司在 2013 年至 2017 年的 10 年代中期有過一段收購歷史，但現在我們的資本專注於有機業務。當我們想到明年與後期併購相關的事情時，就會發生這種情況。

I don't foresee that plan this year as we think about it. I think our equity allocation is geared towards Bangladesh, more towards innovation and organic play, not in the inorganic area say.

當我們考慮時，我預計今年不會有這個計劃。我認為我們的股權分配是針對孟加拉的，更多的是針對創新和有機發展，而不是無機領域。

Thanks very much, guys.

非常感謝，夥計們。

Thanks, Christy.

謝謝，克里斯蒂。

Martin Landry, Stifel.

馬丁·蘭德里，斯蒂菲爾。

Your line is open and good morning, guys. I would like to dig into the Q1 guidance and your you're talking about a margin which is going to be coming in at the lower end of your 18% to 20% range for Q1, but you're also talking about cotton being a tailwind into '24. So I'm just trying to reconcile the two and trying to understand why your operating margins are going to be a little softer to start the year.

你們的線路已開通，早安，夥計們。我想深入研究第一季度的指導，您談論的利潤率將位於第一季 18% 至 20% 範圍的下限，但您也談論棉花是一種順風進入'24。因此，我只是試著協調兩者，並試著理解為什麼今年年初你們的營業利潤率會下降。

Yes. Thanks, Martin. So if you look at Q1, I mean the primary reason that the margins are going to be a little bit lower is because it's a smaller quarter, right? So if you if you think about Q1 and compare to Q2, Q3, Q4 effectively gross margins in good shape, as I said, right, as we as we leave '23 and then from a from an SG&A perspective, you tend to see our SG&A.

是的。謝謝，馬丁。因此，如果你看看第一季度，我的意思是利潤率會稍微低一些的主要原因是因為它是一個較小的季度，對嗎？因此，如果您考慮第一季並與第二季、第三季、第四季相比，實際上毛利率狀況良好，正如我所說，對的，當我們離開23 年時，然後從SG&A 的角度來看，您往往會看到我們的銷售及行政管理 (SG&A)。

Because our SG&A is reasonably consistent quarter to quarter other than distribution expense. You normally see our Q1 is a little bit higher from a from an SG&A perspective. But so if you look last year, we were at 11, 11.5% of sales. And so as we think about Q1 this year, effectively probably around the same range is the way to think about that.

因為除了分銷費用外，我們的 SG&A 季度與季度相當一致。通常，從 SG&A 的角度來看，我們的第一季略高一些。但如果你看看去年，我們的銷售額佔 11%，即 11.5%。因此，當我們考慮今年第一季時，實際上可能會在相同的範圍內進行思考。

And as a result of that, you end up with operating margin a little bit towards the lower lower end of the range. But again, we feel like our operating margin for the full year is in great shape. We've called it out as being slightly above the high end of our range and you'll definitely see that as we move into Q2, Q3, Q4.

因此，您最終的營業利潤率會稍微接近該範圍的下限。但我們再次感覺到全年的營業利潤率狀況良好。我們稱其略高於我們範圍的高端，當我們進入第二季、第三季、第四季時，您肯定會看到這一點。

Yes, cotton has come up a little bit as of late. We see that. I mean, it's interesting when you what the cotton markets will be like everything else be inflation still out there. And I would say that effectively, if you look at what's going on and to a certain extent that provides price stability, right as we move through.

是的，棉花最近有上漲。我們看到了這一點。我的意思是，當通貨膨脹仍然存在時，棉花市場將像其他一切一樣，這很有趣。我想說的是，如果你看看正在發生的事情，並在一定程度上提供了價格穩定，就在我們經歷的過程中。

Yes, '24 and as probably as you think about moving into '25. But overall, I would say we have good visibility on our cotton position. I we've call that out and last quarter, we generally have good visibility on our position as we as we move them through the years.

是的，24 歲，也可能是你想進入 25 歲的時候。但總的來說，我想說我們對棉花部位有很好的了解。我已經指出了這一點，上個季度，隨著我們多年來的發展，我們通常對我們的立場有很好的了解。

And we feel very good about again, our what we're going to have in cost of goods sold for '24 and our ability to basically drive that gross margin. And again, our pricing is, I would say in good shape, very much aligned with our cost structure. And you know, again, we'll see what happens with cotton and what that does of prices in the marketplace as we go forward, maybe again, in some places puts upward pressure on it. But overall, we're in good shape.

我們再次對 24 年的銷售成本以及我們基本推動毛利率的能力感到非常滿意。再說一次，我想說，我們的定價狀況良好，與我們的成本結構非常一致。你知道，隨著我們的前進，我們將再次看到棉花會發生什麼，以及市場價格會發生什麼，也許在某些地方會再次對其施加上行壓力。但總體而言，我們的狀況良好。

Okay. Thank you, Ray. You.

好的。謝謝你，雷。你。

Vishal Shreedhar, National Bank. Your line is open.

維沙爾‧什裡達爾 (Vishal Shreedhar)，國家銀行。您的線路已開通。

Hi. I was wondering about volume growth in 2024. Should we think it's in line with sales? And if not, what are the puts and takes there? And is the expectation that as Bangladesh ramps up, we should anticipate that volume growth to accelerate through the year and accelerate to 2025?

你好。我想知道 2024 年的銷售成長情況如何。我們應該認為它與銷量相符嗎？如果不是，那麼那裡的看跌期權和看跌期權是什麼？隨著孟加拉的成長，我們是否應該預期全年銷售成長將加速，並加速到 2025 年？

Yes, if you look at if you assume or you think about volume growth through the year? I mean, yes, we definitely expect to have volume growth as we as we move through 2024, if you heard earlier, we said we're being cautious on mix and we also said there are areas where we've assumed price stability, but there are some areas where we see a little bit more competitiveness.

是的，如果你看看你是否假設或考慮了全年的銷售成長？我的意思是，是的，隨著我們進入2024 年，我們肯定預計銷量會增長，如果您之前聽說過，我們說過我們對混合持謹慎態度，我們也說過在某些領域我們假設價格穩定，但是在某些領域我們看到了更多的競爭力。

So if you put all of that together, Michel, you can see that we are assuming a good volume growth and volume growth of fundamentally a little bit better than our than our sales growth rate in order to deliver on that.

因此，如果你把所有這些放在一起，米歇爾，你可以看到我們假設銷量增長良好，並且銷量增長從根本上來說比我們的銷售增長率要好一點，以便實現這一目標。

And then as we move through the year, I would say that effectively we do expect it to come through on that in Q1, as I said, we've got to be a little bit careful because of what's going on with the lower level of replenishment because of the strength of Q4.

然後，當我們度過這一年時，我想說，實際上我們確實希望在第一季度實現這一點，正如我所說，我們必須要小心一點，因為較低水平的情況正在發生由於Q4的強勁補貨。

But as we move into Q2, Q3, Q4, you'll see that. So volume growth is a key driver. And for us, it's always a key driver. And that's how we think about basically growing our business over the long term.

但當我們進入第二季、第三季、第四季時，您就會看到這一點。因此，銷量成長是關鍵驅動因素。對我們來說，它始終是關鍵驅動因素。這就是我們考慮長期發展業務的基本方式。

Okay. And with regard to the prospectivity of the operating margin targets, given the tax credits that's embedded in SG&A should we think of that operating margin target of 18% to 20% being permanently moved up from post 2024?

好的。至於營業利潤率目標的前景，鑑於 SG&A 中包含的稅收抵免，我們是否應該考慮將 18% 至 20% 的營業利潤率目標從 2024 年後永久上調？

Well, it's I think it's a good question and something for us to think about right as we move through the through '24. As I said earlier, legislation has not been enacted yet effectively. We've assumed that it will be and there will be retroactive. But as we move through '24, obviously, we'll be assessing that.

嗯，我認為這是一個很好的問題，也是我們在整個 24 年期間應該思考的問題。正如我剛才所說，立法尚未有效制定。我們假設它會發生並且會有追溯力。但顯然，隨著 24 年的到來，我們將對此進行評估。

And as we move into the two towards '25, we'll be thinking about that. I mean I think fundamentally, it just shows as we think about our operating target, it's how we set that. It's a bit of a we use that as a bit of a proxy to be able to drive return on invested capital to drive RONA.

當我們進入 25 年的時候，我們會考慮這個問題。我的意思是，我認為從根本上來說，它只是表明我們在考慮我們的營運目標時，這就是我們設定的方式。我們用它作為一個代理，能夠提高投資資本的回報率，從而推動 RONA。

So what we want is good top-line growth and we want very good return on invested capital way. We want efficient use of our asset base.

因此，我們想要的是良好的營收成長，並且我們希望獲得非常好的投資回報。我們希望有效利用我們的資產基礎。

And we use operating margin as a way to achieve that in 18% to 20% has been a good range for us.

我們使用營業利潤率來實現 18% 至 20% 對我們來說是一個不錯的範圍。

But if ultimately fundamentally the landscape changes and as we continue to actually leverage the GSG strategy, which, as you can tell, we're very, very excited about it. I think as we move to '25. We'll be assessing how we think about that target we give to you.

但如果最終情況發生根本性的變化，並且隨著我們繼續實際利用 GGS 策略，正如你所知，我們對此非常非常興奮。我認為當我們進入 25 世紀時。我們將評估我們如何看待我們給您的目標。

Thank you.

謝謝。

Stephen MacLeod, BMO Capital Markets. Your line is open.

史蒂芬‧麥克勞德（Stephen MacLeod），蒙特婁銀行資本市場部。您的線路已開通。

Mr. MacLeod, your line is open.

麥克勞德先生，您的線路已接通。

There are no further questions at this time. I will now turn the call back over to Jesse Hayem for closing remarks.

目前沒有其他問題。現在，我將把電話轉回給傑西·海耶姆 (Jesse Hayem)，讓其致閉幕詞。

Thank you, Jamie. Once again, we'd like to thank everyone for joining us this morning, and we look forward to speaking to you soon. Have a great day.

謝謝你，傑米。我們再次感謝大家今天早上加入我們，我們期待很快與您交談。祝你有美好的一天。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。