Gildan Activewear Inc (GIL) 2024 Q3 法說會逐字稿

Good morning and welcome to the third-quarter 2024 Gildan Activewear earnings conference call.

早安，歡迎參加 Gildan Activewear 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Jessy Hayem, Senior Vice President, Head of Investor Relations and Global Communications. Please go ahead.

我現在想將電話轉給資深副總裁兼投資者關係和全球傳播主管 Jessy Hayem。請繼續。

Thank you, Angela. Good morning, everyone.

謝謝你，安吉拉。大家早安。

Earlier, we issued a press release announcing our results for the third quarter of 2024 along with our interim shareholder report containing management's discussion and analysis as well as consolidated financial statements. These documents are expected to be filed with the Canadian Securities and Regulatory Authorities and the US Securities Commission today and they'll also be available on our corporate website.

早些時候，我們發布了一份新聞稿，宣布了 2024 年第三季的業績以及包含管理層討論和分析以及合併財務報表的中期股東報告。這些文件預計將於今天提交給加拿大證券和監管機構以及美國證券委員會，並且也將在我們的公司網站上提供。

Joining me on the call today are Glenn Chamandy, President and CEO of Gildan; Rhod Harries, Executive Vice President and Chief Financial and Administrative Officer; and Chuck Ward, President, Sales, Marketing and Distribution.

今天和我一起參加電話會議的是 Gildan 總裁兼執行長 Glenn Chamandy；羅德‧哈里斯 (Rhod Harries)，執行副總裁兼財務與行政官；查克·沃德 (Chuck Ward)，銷售、行銷和分銷總裁。

This morning, we'll take you through the results for the quarter and then a question-and-answer session will follow. 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. We refer you to the company's filings with the US Securities and Exchange Commission and Canadian Securities Regulatory Authorities.

今天早上，我們將向您介紹本季度的結果，然後將進行問答環節。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所表達或暗示的未來結果存在重大差異看起來的陳述。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。

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.

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。今天的收益報告以及我們的 MD&A 中提供了與最直接可比較的 IFRS 指標的調節。

And now I'll turn it over to Glenn.

現在我將把它交給格倫。

Thank you, Jessy and good morning, everybody.

謝謝你，傑西，大家早安。

As highlighted in this morning's release, our Gildan Sustainable Growth Strategy or GSG is clearly driving growth. We delivered record third-quarter sales of $891 million which were up 2.4% versus last year. Excluding the phase out of Under Armour, our third quarter consolidated sales would have been up high single digits.

正如今天早上發布的新聞稿中所強調的，我們的 Gildan 永續成長策略（GSG）顯然正在推動成長。我們第三季的銷售額達到創紀錄的 8.91 億美元，比去年增長 2.4%。排除 Under Armour 的逐步淘汰，我們第三季的綜合銷售額將實現高個位數成長。

We are not only strengthening our competitive position and driving growth, but we are also continuing to enhance our profitability as reflected in our Q3 results with adjusted operating margins of 22.4%, up 430 basis points year over year and record third-quarter adjusted diluted EPS of $0.85, up 15% versus last year. All while continuing to return significant capital to shareholders with a record of $404 million returned in Q3 and $643 million year to date. Rhod will provide more details shortly.

我們不僅加強了競爭地位並推動成長，而且還繼續提高盈利能力，如第三季度業績所反映的那樣，調整後營業利潤率為22.4%，同比增長430 個基點，第三季度調整後攤薄每股收益創歷史新高0.85 美元，比去年增長 15%。同時繼續向股東返還大量資本，第三季返還創紀錄的 4.04 億美元，今年迄今返還 6.43 億美元。羅德很快就會提供更多細節。

But let me tell you that we are very excited about the opportunities ahead. As we continue to leverage the benefits of our ongoing yarn operation modernization in the United States, scale up further capitalizing on our new Bangladesh operation, which is ramping up as planned and which will support the long-term growth of our ring spun products as we continue to optimize our operations in Central America to support the growth of our fleece.

但讓我告訴你，我們對未來的機會感到非常興奮。隨著我們繼續利用美國正在進行的紗線業務現代化的優勢，進一步擴大我們在孟加拉國的新業務的規模，該業務正在按計劃擴大規模，並將支持我們環錠紡產品的長期增長。我們在中美洲的業務，以支持我們羊毛的成長。

And as we leverage the largest pipeline of innovation in the company's history with the development of our new soft pump technology, our new MVS technology for fleece, our new color blast for comfort colors, our plasma technology to improve and reduce the cost of screen printers digital printing just to name a few with more to come in 2025. The successful execution of the three str -- of three strategic pillars, capacity expansion, innovation, ESG; all of which are pretty much in place today and definitely moving the company in the right direction.

我們利用公司歷史上最大的創新管道，開發了新的軟泵技術、新的羊毛 MVS 技術、新的舒適色彩噴色技術、改進和降低絲網印刷成本的等離子技術數位印刷僅舉幾例，2025年還會有更多。如今，所有這些都已基本到位，並且肯定會推動公司朝著正確的方向發展。

Our complete focus on executing our GSG strategy gives us the confidence in our ability to deliver on our three-year growth targets that we had laid out earlier this year for the 2025 to 2027 period, including mid-single digit sales growth, improved adjusted operating margins over the three-year period as compared to 2024, CapEx as a percentage of sales about 5% per year on average, continued share repurchase in line with leverage framework of 1.5 to 2.5 net debt to adjusted EBITDA, and adjusted diluted EPS growth in the mid-teen range.

我們完全專注於執行 GSG 策略，這讓我們對實現今年早些時候制定的 2025 年至 2027 年三年增長目標的能力充滿信心，包括中個位數的銷售增長、調整後運營的改善與2024 年相比，三年期間的利潤率、資本支出佔銷售額的百分比平均每年約為5%、根據調整後EBITDA 淨債務1.5 至2.5 倍的槓桿框架持續進行股票回購，以及調整後稀釋後每股收益增長中等青少年範圍。

As we approach 2025, we are well positioned with good visibility, heading into the new year, assuming that the current macroeconomic outlook holds. I'm looking forward to answering your questions after Rhod's formal remarks and I now will turn it over to Rhod.

隨著 2025 年的臨近，假設當前的宏觀經濟前景保持不變，我們已處於有利位置，具有良好的預見性，進入新的一年。我期待在羅德正式發言後回答你們的問題，現在我將把它交給羅德。

Thank you, Glenn, and good morning, everyone, and thank you for joining us today to discuss our third-quarter results.

謝謝格倫，大家早安，感謝您今天加入我們討論我們的第三季業績。

I'll start by going over the specifics of the quarter and then I will comment on our outlook and guidance for 2024.

我將首先回顧本季的具體情況，然後評論我們對 2024 年的展望和指導。

So let's begin with the quarter's results. As Glenn mentioned in his remarks, we reported third-quarter sales of $891 million, up $21 million or 2.4% at the high end of our guidance range for the quarter of flat to low single digit growth.

讓我們從本季的業績開始。正如格倫在演講中提到的那樣，我們公佈的第三季度銷售額為8.91 億美元，增長了2100 萬美元，即2.4%，高於我們該季度持平或低個位數增長的指導範圍的上限。

If we exclude the impact of the phase out of Under Armour, net sales for the quarter were up high single digits on a year-over-year basis. This was driven by a strong performance in active wear, up $44 million or 6% driven by higher sales volumes reflecting positive POS across channels in North America.

如果我們排除 Under Armour 逐步退出的影響，該季度的淨銷售額年增高個位數。這是由運動服裝的強勁表現推動的，銷售額增加了 4,400 萬美元，即 6%，反映出北美各通路的積極 POS。

We observed continued momentum with National account customers in several of our retail end markets namely craft, online retailers, and in certain other mass markets. Moreover, our strong competitive positioning has enabled us to capitalize on recent changes in the industry landscape. The overall growth in activewear sales would have been (technical difficulty) but was partially offset by unfavorable product mix in the quarter.

我們觀察到國民帳戶客戶在我們的幾個零售終端市場（即工藝品、線上零售商和某些其他大眾市場）的持續成長勢頭。此外，我們強大的競爭地位使我們能夠利用行業格局的最新變化。運動服銷售的整體成長本來是（技術難度），但被本季不利的產品組合部分抵銷。

This was partly because of lower fleece sales compared to last year's strong performance, which was largely due to timing differences and which we had anticipated. Overall though, we were pleased with our mid-single digit sales growth and active wear. As we continue to see market share gains in key growth categories as well as a positive market response to our newly introduced product feature -- products featuring our new soft cotton technology.

這在一定程度上是因為與去年的強勁表現相比，羊毛銷售量有所下降，這主要是由於時間差異造成的，也是我們預期的。總體而言，我們對中個位數的銷售成長和運動服裝感到滿意。我們繼續看到關鍵成長類別的市場份額不斷增長，以及市場對我們新推出的產品功能（採用我們新的軟棉技術的產品）的積極反應。

Looking at international markets, sales increased by 20%. Growth stemmed from positive POS in Europe, our largest market as well as inventory replenishment by distributors from suboptimal levels. We are now clearly increasingly better positioned to service this market as we ramp up our Bangladesh facility.

放眼國際市場，銷售額成長了20%。成長源自於歐洲（我們最大的市場）積極的 POS 以及經銷商從次優水準補充庫存。隨著我們擴大孟加拉國工廠的規模，我們現在顯然越來越能更好地服務這個市場。

Turning to hosiery and underwear. As expected, this category was down 18% versus the prior year, mainly due to the phaseout of the Under Armour business and to a lesser extent due to unfavorable mix. Excluding this phase out, our hosiery and underwear sales would have been up low-double digits year over year, highlighting strong underlying growth as we gain further traction with other National account customers. And despite the prevailing broader market weakness in underwear.

轉向襪子和內衣。正如預期，該類別比前一年下降了 18%，主要是由於 Under Armour 業務的逐步淘汰，其次是由於不利的組合。如果不考慮這一逐步淘汰的情況，我們的襪子和內衣銷售額將同比增長兩位數，這凸顯出隨著我們進一步吸引其他國民帳戶客戶，強勁的潛在增長。儘管內衣市場普遍疲軟。

And finally, a quick note regarding our year-to-date net sales. If we exclude the impact of the Under Armour phase out, sales for the hosiery and underwear category as well as consolidated sales would have increased by mid-single digits year over year.

最後，簡單介紹一下我們今年迄今的淨銷售額。如果我們排除 Under Armour 淘汰的影響，襪子和內衣類別的銷售額以及綜合銷售額將同比增長中個位數。

Turning our focus to margins for the quarter. Our gross margin was 31.2% versus 27.5% in the prior year, a 370-basis-point improvement primarily due to lower raw material and manufacturing input costs in line with our expectations.

將我們的注意力轉向本季的利潤率。我們的毛利率為 31.2%，與前一年的 27.5% 相比，提高了 370 個基點，這主要是由於原材料和製造投入成本的降低符合我們的預期。

As for SG&A, expenses were $84 million in the quarter including $6 million in carryover charges related to the proxy contest and related matters. Excluding these charges, adjusted SG&A expenses were $78 million or 8.8% of net sales, a 70-basis-point improvement versus last year. The year-over-year reduction in SG&A mainly reflected the ongoing positive benefit of the jobs credit introduced by Barbados during the second quarter as part of their economic policies.

至於 SG&A，本季費用為 8,400 萬美元，其中包括與代理權爭奪及相關事宜相關的 600 萬美元結轉費用。排除這些費用，調整後的銷售、管理及行政費用為 7,800 萬美元，佔淨銷售額的 8.8%，比去年提高了 70 個基點。 SG&A 的同比減少主要反映了巴貝多作為其經濟政策的一部分在第二季度引入的就業信貸的持續積極效益。

As we bring all these elements together and adjusting for proxy contest and related matters, we generated adjusted operating income of $200 million or 22.4% of net sales in line with our guidance and up 430 basis points compared to the prior year.

當我們將所有這些要素整合在一起並針對代理競爭和相關事項進行調整時，我們產生了2 億美元的調整後營業收入，即淨銷售額的22.4%，符合我們的指導方針，比前一年成長了43​​0 個基點。

As expected, the company's adjusted effective income tax rate for the quarter was 18.7% compared to 5.1% last year, reflecting the enactment of global minimum tax in Canada and Barbados earlier this year. After reflecting higher net financial and income tax expenses and our lower outstanding share base, we reported GAAP EPS of $0.82. Adjusting for the charges related to the proxy contest and related matters, our adjusted diluted earnings per share were at a record level for a third quarter at $0.85 versus $0.74 in the prior year, which represents a 15% increase.

正如預期，該公司本季調整後有效所得稅率為 18.7%，而去年為 5.1%，反映了今年稍早加拿大和巴貝多頒布的全球最低稅率。在反映較高的淨財務和所得稅費用以及較低的流通股基礎後，我們報告的 GAAP 每股收益為 0.82 美元。在調整與代理權爭奪和相關事宜相關的費用後，我們第三季調整後的攤薄每股收益達到創紀錄的水平，為 0.85 美元，而去年同期為 0.74 美元，增長了 15%。

Now let's shift to cash flow and balance sheet items. With cash flow from operating activities of $178 million and CapEx of $30 million, the company generated free cash flow of $149 million in the third quarter.

現在讓我們轉向現金流和資產負債表項目。營運活動現金流為 1.78 億美元，資本支出為 3,000 萬美元，該公司第三季自由現金流為 1.49 億美元。

This together with our strong balance sheet allowed us to continue to execute on our capital allocation priorities and reflecting our strong commitment to returning capital to shareholders. We repurchased close to 9 million shares under our NCIB and returned a quarterly record of $404 million in capital including dividends to shareholders in the third quarter. We ended the quarter with net debt of $1.5 billion and a net debt to EBITDA leverage ratio of 1.9 times well within our targeted debt levels.

這與我們強大的資產負債表一起使我們能夠繼續執行我們的資本配置優先事項，並反映了我們向股東返還資本的堅定承諾。我們根據 NCIB 回購了近 900 萬股股票，並在第三季向股東返還了創紀錄的 4.04 億美元資本（包括股東股息）。本季結束時，我們的淨負債為 15 億美元，淨負債與 EBITDA 的槓桿率為 1.9 倍，完全符合我們的目標負債水準。

Let's now focus on our strategy and outlook. As Glenn mentioned earlier, we continue to progress in the three pillars of our GSG strategy; capacity-driven growth, innovation, and ESG. The ramp-up of our new manufacturing complex in Bangladesh is on track and set to be an exit capacity rate of 75% by year end. On the innovation front, our new products are receiving positive feedback. And lastly, with regards to ESG, we're proud to have received yet another recognition, this time as one of Canada's most responsible companies by Newsweek, ranking 14th overall and securing the top spot in the retail and consumer goods industry, a testament to our fundamental commitment to ESG.

現在讓我們專注於我們的策略和前景。正如格倫之前提到的，我們繼續在 GSG 策略的三大支柱方面取得進展；能力驅動的成長、創新和 ESG。我們在孟加拉的新製造基地的產能擴張工作正在按計畫進行，預計到年底產能利用率將達到 75%。在創新方面，我們的新產品得到了正面的回饋。最後，在 ESG 方面，我們很自豪再次獲得認可，被《新聞周刊》評為加拿大最負責任的公司之一，總體排名第 14 位，並在零售和消費品行業中穩居榜首，這證明了我們對ESG 的基本承諾。

So overall, we're very pleased with our performance, despite a somewhat mixed macroeconomic backdrop. More specifically considering where we are today in our final quarter, we feel we are on track to deliver our full-year 2024 guidance and as such, we have further narrowed our 2024 outlook range as follows.

因此，總的來說，儘管宏觀經濟背景有些複雜，但我們對我們的表現非常滿意。更具體地說，考慮到我們今天最後一個季度的情況，我們認為我們有望實現 2024 年全年指導，因此，我們進一步縮小了 2024 年展望範圍，如下。

We're moving our revenue growth guidance to the upper end of our previous range. So we now anticipate growth of low-single digits compared to our previous guidance of flat- to up-low single digits noting that if we were to exclude the impact of the Under Armour license agreement, 2024 full-year revenue growth would be in the mid-single digit range. And remember, this phase out has had minimal impact on our profitability.

我們正在將收入成長指引上調至先前範圍的上限。因此，與我們之前持平到上升低個位數的指導相比，我們現在預計低個位數的增長，並指出，如果我們排除 Under Armour 許可協議的影響，2024 年全年收入增長將在中間個位數範圍。請記住，這項淘汰對我們的獲利能力影響很小。

We now also expect adjusted operating margin to slightly exceed 21% compared to our previous guidance of slightly above the high end of our [18% to 20%] (technical difficulty) target range for 2024. This factor is in the benefit of the refundable jobs credit introduced by Barbados as described earlier. We now expect adjusted diluted EPS to be in the range of $2.97 to $3.02, up significantly between 15.5% and 17.5% year over year, which compares to our previous guidance range of $2.92 to $3.07 for 2024. This takes into account an expected adjusted effective income tax rate of approximately 18% for the full year compared to 4.4% last year.

我們現在也預期調整後的營業利潤率將略高於21%，而我們先前的指引略高於2024 年[18% 至20%]（技術難度）目標範圍的上限。款如前所述，巴貝多推出了就業信貸。我們現在預計調整後稀釋每股收益將在2.97 美元至3.02 美元之間，同比大幅增長15.5% 至17.5%，而我們之前的2024 年指導範圍為2.92 美元至3.07 美元。有效收益全年所得稅稅率約為 18%，而去年為 4.4%。

We also continue to expect CapEx to come in at approximately 5% of net sales and free cash flow is still expected to be above 2023 levels driven by increased profitability, lower working capital investments, and lower CapEx than in 2023.

我們也繼續預期資本支出將佔淨銷售額的約 5%，由於獲利能力提高、營運資本投資減少以及資本支出低於 2023 年，預計自由現金流仍將高於 2023 年的水準。

Finally, we plan to continue to share -- to continue share repurchases in the final quarter, given the strength of our balance sheet, our expected strong free cash flow, and our leverage framework target of 1.5 to 2.5 times net debt to adjusted EBITDA.

最後，考慮到我們的資產負債表實力、預期強勁的自由現金流以及淨債務與調整後 EBITDA 1.5 至 2.5 倍的槓桿框架目標，我們計劃在最後一個季度繼續進行股票回購。

So this wraps up our financial overview for the quarter. Before we take your questions, I would just like to reemphasize that the strength of our vertical integration model, our steadfast focus on our cost structure, the successful execution of our GSG strategy combined with the strength of our balance sheet and free cash flow generation ability, all position the company favorably for the coming years, especially considering the current competitive landscape.

這就是我們本季的財務概覽。在回答您的問題之前，我想再次強調我們的垂直整​​合模式的優勢、我們對成本結構的堅定關注、我們 GSG 策略的成功執行以及我們資產負債表的優勢和自由現金流產生能力，所有這些都對公司未來幾年的發展有利，特別是考慮到當前的競爭格局。

So bottom line and as Glenn mentioned earlier, we feel like we are fully on track to deliver on the targets we have provided for the next three years of mid-single digit revenue growth, improved annual adjusted operating margin as compared to 2024, and mid-teen adjusted EPS growth.

因此，正如格倫之前提到的，我們認為我們完全有能力實現未來三年中個位數收入增長的目標，與2024 年相比，年度調整後營業利潤率有所提高，並且中年營業利潤率有所提高。

Thank you all for joining us today. I will now turn it back over to Jessy.

感謝大家今天加入我們。我現在將把它轉回給傑西。

Thank you, Rhod. This concludes our prepared remarks and we'll now begin taking your questions.

謝謝你，羅德。我們準備好的演講到此結束，現在我們將開始回答你們的問題。

(event instructions)

（活動說明）

Angela, you may begin the Q&A session.

安琪拉，您可以開始問答環節了。

(Operator Instructions)

（操作員說明）

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Two questions. One. Just -- during the quarter, curious if you could talk about POS trends that you saw throughout how it trended. And if you could comment on anything that you might be seeing fourth quarter to date. And then looking out to next year, curious if you have any high level thoughts about '25 market growth, but also market share opportunities just given the change of competitive landscape that you're seeing out there. Thanks.

兩個問題。一。只是 - 在本季度，我想知道您是否可以談談您在整個趨勢中看到的 POS 趨勢。如果您可以對迄今為止第四季度可能看到的任何內容發表評論。然後展望明年，好奇您是否對 25 年市場成長有任何高層次的想法，而且考慮到您所看到的競爭格局的變化，也對市場份額機會有什麼看法。謝謝。

[Why don't you start on POS]?

[為什麼不開始使用 POS]？

Good morning, Paul. It's Chuck. And I guess we'll start with your question on the POS trends. So overall, we think the market has continued to be down low-single digit to mid-single digits. But we've been gaining share in all the categories. We -- our basics POS was positive for the second quarter in a row. And I think it's showing really as Rhod and Glenn both mentioned that our innovation, our soft cotton technology is really coming through and well received by the market.

早安，保羅。是查克。我想我們將從您關於 POS 趨勢的問題開始。因此，整體而言，我們認為市場繼續下跌至低個位數至中個位數。但我們在所有類別中的份額都在增加。我們的基礎 POS 連續第二季表現良好。我認為這確實表明了羅德和格倫都提到我們的創新，我們的軟棉技術確實得到了市場的認可並受到了市場的歡迎。

But then our growth continues to be really in the ring spun of fleece categories where we're continuing to take share and drive growth with those categories. As for the trends through the quarter and then also what Q4 looks like, we continue the same trend we've been seeing which the quarter start out with a little slower POS and then it picks up throughout the quarter. We saw that in Q3 and we continue to see that in as we go into Q4. So that's the trends where the POS had been and I'll let Glenn talk about 2025.

但我們的成長實際上仍然是在羊毛類別中，我們將繼續佔據份額並推動這些類別的成長。至於整個季度的趨勢以及第四季度的情況，我們延續了我們一直看到的相同趨勢，即本季開始時 POS 速度稍慢，然後在整個季度有所回升。我們在第三季度看到了這一點，並且在進入第四季度時我們繼續看到這一點。這就是 POS 的趨勢，我將讓 Glenn 談談 2025 年。

Yeah, look as far as we go forward into 2025, I think, look, we've got very good visibility first of all on our cost structure. And we have very good visibility on new programs that are basically going to support our growth for 2025. And I would say that we've taken a conservative assumption to flat-to-low single digit growth. Basically, we're taking still a view that the market is still going to be weak as we move into next year. But those things considered, we feel comfortable that we'll be able to hit our mid-single-digit growth target.

是的，展望 2025 年，我認為，首先我們對成本結構有了很好的了解。我們對新計劃有很好的了解，這些計劃基本上將支持我們 2025 年的成長。基本上，我們仍然認為，進入明年，市場仍將疲軟。但考慮到這些因素，我們對能夠實現中個位數成長目標感到放心。

Thanks. And just to be clear, that was a flat-to-low single digit growth of the market overall.

謝謝。需要明確的是，整個市場的成長持平至低個位數。

Yeah, that's correct, Paul. Flat to low on the market. And then overall, we're effectively going to be mid single in line with our three-year algorithm for growth. And that obviously, we do feel very good about the market share opportunities highlight -- when we opened up the call and on all the things that we're working on.

是的，沒錯，保羅。市場持平至低點。總的來說，根據我們的三年成長演算法，我們實際上將處於中等水平。顯然，當我們打開電話會議以及我們正在做的所有事情時，我們確實對市場份額機會的亮點感到非常滿意。

Mark Petrie, CIBC.

馬克·皮特里，CIBC。

I wanted to just follow that same theme and maybe specifically hone in on National accounts if you could just talk about the dynamics that you saw in Q3. How do you expect that to play out in Q4 and then into 2025? And how sticky do you think the gains that you've been able to secure?

我想遵循同樣的主題，如果你能談談你在第三季度看到的動態，也許會特別關注國民帳戶。您預計第四季以及 2025 年的情況會如何？您認為您所獲得的收益有多大黏性？

Okay. Thank you, Mark. And we feel like our National account business has been going well. Rhod called it out in his comments. We've seen gains across the categories there and across channels within our National accounts. And we think we've continued to gain share because as I mentioned earlier where the market is down low-to-mid single digits, but yet we are continuing to grow. So we continue to gain share in those categories. And we feel good about that moving forward as well as Glenn mentioned, as we think about going forward into 2025 between the market growth and then plus our new programs, we feel like we're going to be able to hit our targets of growing mid-single digits, so I think we feel good about the National account business.

好的。謝謝你，馬克。我們感覺我們的國民帳戶業務進展順利。羅德在評論中指出了這一點。我們已經看到了國民帳戶中各個類別和各個管道的收益。我們認為我們的份額繼續增加，因為正如我之前提到的，市場下降了低至中個位數，但我們仍在繼續成長。因此，我們繼續在這些類別中獲得份額。我們對這一進展感到滿意，就像格倫提到的那樣，當我們考慮進入 2025 年市場增長以及我們的新計劃時，我們覺得我們將能夠實現中年增長的目標-個位數，所以我認為我們對國民帳戶業務感覺良好。

And also some of it is not just market share, but don't forget we're getting new programs which just add on to, so it's a combination of new programs and shared as growing the overall growth. I think that's an important point.

其中一些不僅僅是市場份額，但不要忘記我們正在獲得新的計劃，這些新計劃只是增加，所以它是新計劃的組合，並隨著整體增長的增長而共享。我認為這是很重要的一點。

Understood. Thank you.

明白了。謝謝。

And also could you just expand on specifically how the US yarn operations layer into the GSG plan and the opportunities that that's affording you with regards to market share momentum?

您能否具體詳細介紹一下美國紗線業務如何納入 GSG 計劃以及這為您提供的市場份額動力方面的機會？

Well, what they're supporting first of all is giving us a competitive advantage as all of our soft cotton technology has really been developed through our yarn operations and gives us a competitive advantage. We've also not just modernized and changed the way we make our MVS for our fleece, but we've also significantly increased the capacity within those factories. So part of the optimization is the change over from our new soft (technical difficulty) technology as well as adding capacity and tweaking how we're going to make our yarn for our fleece, which will now become more -- will become softer as well as the -- we will have much better printing capabilities in terms of the garments themselves.

嗯，他們首先支持的是為我們帶來競爭優勢，因為我們所有的軟棉技術實際上都是透過我們的紗線業務開發的，並為我們帶來了競爭優勢。我們不僅實現了現代化並改變了羊毛 MVS 的製造方式，而且還顯著提高了這些工廠的產能。因此，優化的一部分是我們新的軟（技術難度）技術的轉變，以及增加產能和調整我們將如何為羊毛製造紗線，羊毛現在將變得更加柔軟，也將變得更加柔軟因為——就服裝本身而言，我們將擁有更好的印刷能力。

So these are the types of things that we're continuing to do. And it's for us being a vertically integrated company, I mean, it gives us an advantage and we continue to spend and innovate and drive sales. And this is -- our sales in basics are positive for second quarter and this is really because of the technology we've been able to deliver to the market.

這些是我們正在繼續做的事情。對我們來說，作為一家垂直整合的公司，我的意思是，它為我們帶來了優勢，我們將繼續支出、創新並推動銷售。這是——我們第二季的基本銷售量是正面的，這實際上是因為我們能夠向市場提供技術。

Okay. I appreciate the comments. All the best.

好的。我很欣賞這些評論。一切順利。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great. Thank you so much.

偉大的。太感謝了。

Glenn, I want to ask you a question. I think Rhod had alluded to this in his prepared remarks, but just changing industry dynamics, two of your largest customers essentially have now gotten together because of an acquisition. Talk about how that might impact the business. I guess there's some concern out there that they're bigger. Maybe they have a little bit more leverage now, they can maybe extract some better price and put some pressure on your margin. I mean, do you think that's possible? And really what do you think the impact to Gildan is from that acquisition?

格倫，我想問你一個問題。我認為羅德在他準備好的演講中已經提到了這一點，但只是改變了行業動態，你們最大的兩個客戶現在基本上已經因為收購而走到了一起。討論這可能會對業務產生怎樣的影響。我猜有人擔心它們更大。也許他們現在有更多的槓桿，他們也許可以提取一些更好的價格，並對你的利潤施加一些壓力。我的意思是，你認為這可能嗎？您認為這次收購對 Gildan 有何影響？

Well, I think that we're going to be the beneficiary of consolidation and consolidation has been happening for the last 20 years. So this is not new. We understand what's happening in the market and we've been the beneficiaries. So when you look at what is going to continue to happen, the distributor market consolidate, but there's also going to be consolidation in brands. Delta has gone away. I don't know if you just heard recently that Fruit is pulling out of the printware market.

嗯，我認為我們將成為整合的受益者，而且整合已經發生了 20 年。所以這並不新鮮。我們了解市場正在發生的事情，我們也是受益者。因此，當你看到將繼續發生的事情時，經銷商市場將會整合，但品牌也會整合。德爾塔已經走了。我不知道您最近是否聽說Fruit 正在退出列印軟體市場。

So as brands leave the industry, Gildan has a competitive advantage. They are a large customer to us but they're -- we're also a large customer to them as well. So I think it's a mutually good opportunity for everybody, and the market will be more stable with fewer distributors and I think overall it's a win, win for everybody.

因此，隨著品牌退出產業，吉爾丹擁有競爭優勢。他們是我們的大客戶，但他們──我們也是他們的大客戶。因此，我認為這對每個人來說都是一個互惠互利的機會，隨著經銷商的減少，市場將會更加穩定，我認為總的來說，這對每個人來說都是雙贏。

Stephen MacLeod, BMO.

史蒂芬·麥克勞德，BMO。

I just wanted to see if you could give a little bit of a more specific color around what you saw for POS trends within ring spun fashion, basics, fleece, and basics.

我只是想看看您是否可以就您所看到的環錠紡時尚、基本款、羊毛和基本款中的 POS 趨勢提供一些更具體的顏色。

Stephen so as I was mentioned, we did see again positive (technical difficulty) basics as Glenn mentioned as well. And again, we think our soft cotton technology is hitting the market and is well received. As I mentioned, we're still driving growth with our ring spun as we continue to take share across ring spun in fleece categories. And we see those will be -- have driven growth and they're going to continue to drive growth in the future years. We've seen ring spun up high-single digits and fleece maybe a little softer as it started out the season due to weather, but we still feel really good about the category and really good about our strong position that we have in the fleece category as well so positive momentum in both those areas.

史蒂芬，正如我所提到的，我們確實再次看到了積極的（技術難度）基礎知識，正如格倫所提到的。再次，我們認為我們的軟棉技術正在進入市場並受到好評。正如我所提到的，我們仍在透過環錠紡推動成長，因為我們繼續在羊毛類別中佔據環錠紡的份額。我們看到這些將推動成長，並將在未來幾年繼續推動成長。我們已經看到環錠紡出現了高個位數，而羊毛由於天氣原因在本季開始時可能會稍微軟一些，但我們仍然對該類別感覺非常好，並且對我們在羊毛類別中的強勢地位感到非常滿意這兩個領域也呈現出正面的動力。

Okay. That's great.

好的。那太棒了。

And then just on fleece with respect to the timing impact that in -- that you saw in Q3. How do you expect that to evolve in Q4? Can you just remind us the timing impact on fleece?

然後就你在第三季看到的時間影響而言，就羊毛而言。您預計第四季狀況會如何發展？您能提醒我們時間對羊毛的影響嗎？

Steve, it's Rhod. Yeah, we will see, I would say good fleet sales in Q4 as we said. If we look at Q3 where we're impacted by some timing as we've been moving our production around really to optimize cost. And so we had expected that Q3, we wouldn't see quite the fleet sales that we might normally expect, but we will see the fleet sales now flowing through in the fourth quarter. And that would, I would say effectively support us as we move through the quarter.

史蒂夫，我是羅德。是的，我們會看到，正如我們所說，我想說第四季度的車隊銷售良好。如果我們看一下第三季度，我們受到了一些時間的影響，因為我們一直在調整生產以優化成本。因此，我們預計在第三季度，我們不會看到我們通常預期的車隊銷售量，但我們將看到第四季度的車隊銷售量。我想說，這將在我們度過本季時有效地支持我們。

Look, I think that the fourth quarter looks good as we've talked about. Overall, if you look at the -- we have headwind, right? We have headwind with respect to the phase out of Under Armour and the fourth quarter is a big quarter historically from a hosiery perspective. So you'll see the most significant impact of that phaseout occurring in the fourth quarter.

看，我認為第四季度看起來不錯，正如我們所說的。總的來說，如果你看一下——我們有逆風，對嗎？我們在逐步淘汰 Under Armour 方面遇到了阻力，從襪子的角度來看，第四季是歷史上一個重要的季度。因此，您將在第四季度看到逐步淘汰的最重大影響。

But overall, I would say we feel good about the way that the quarter is unfolding. And I think what's -- I would say very pleasing about all of this, if you look at where -- what our active wear business is doing because of all the things that we've talked about where we're trending up 6% sales in the third quarter, that overall category is really driving, I would say the mid-single-digit growth overall. And I would say, as we move into the fourth quarter, we should continue to expect that to unfold as we finish the year.

但總的來說，我想說我們對本季的發展方式感到滿意。我認為，如果你看看我們的運動服業務正在做什麼，我會說這一切非常令人高興，因為我們討論過的所有事情，我們的銷售額趨勢增長了 6%在第三季度，整個類別確實在推動，我想說的是整體中個位數的成長。我想說，隨著我們進入第四季度，我們應該繼續預期這一情況會在年底時出現。

Again, we'll see what happens to the macro environment, but that's what our expectation is. And then as we move into '25 again, we continue to see that as being a big driver of our overall performance. So I would say we're in good shape for the quarter. The innerwear business, obviously, I talked about the Under Armour phase-out. I would say in some areas, things are a little bit weaker than we might like call out there would be underwear, for example. That segment overall continues to be down if you look more broadly from a market perspective, but we're performing well there. So I would say that we are happy with our underwear performance and we will see that flow through also in the fourth quarter. So I think we're set up well for -- to finish the year and to move into '25.

同樣，我們將看看宏觀環境會發生什麼，但這就是我們的預期。然後，當我們再次進入 25 年時，我們仍然認為這是我們整體業績的重要推動力。所以我想說我們這個季度的狀況良好。顯然，內衣業務我談到了 Under Armour 的逐步淘汰。我想說，在某些領域，事情比我們想像的要弱一些，例如內衣。如果從市場角度更廣泛地觀察，該細分市場總體繼續下滑，但我們在那裡表現良好。所以我想說，我們對內衣的表現感到滿意，我們也將在第四季看到這種表現。所以我認為我們已經做好了準備——今年結束並進入 25 年。

Okay. That's a great color. Thanks, Rhod.

好的。這是一個很棒的顏色。謝謝，羅德。

And then maybe just one more if I could just, you talked a little bit about like unfolding 2025 in terms of the top line. You've had strong gross margin and strong SG&A leverage year to date. Can you just give a little bit of color on how you would expect that to evolve as you look into 2025?

如果可以的話，也許再講一個，您談到了 2025 年的營收情況。今年迄今為止，您的毛利率和銷售、管理及行政費用 (SG&A) 槓桿率都很高。您能否透露一下展望 2025 年時您預計這種情況會如何發展？

Yeah, look, I think we feel that we have gross margin well under control and if you look at the performance in the quarter effectively where we ended up 31.2% and now we've moved above that 30% level as we've been talking about and Glenn highlighted it in the early part of the comments. If you look at what's going on, on the cost side, we feel we have that well under control with the ramp up of Bangladesh, effectively the optimization of Central America with the yarn optimization. And so that's going well.

是的，我認為我們覺得我們的毛利率得到了很好的控制，如果你有效地觀察本季度的業績，我們最終達到了 31.2%，現在我們已經超過了我們一直在談論的 30% 的水平關於，格倫在評論的前半部分強調了這一點。如果你看看正在發生的事情，在成本方面，我們認為隨著孟加拉國的增長，我們已經很好地控制了，透過紗線優化有效地優化了中美洲。一切進展順利。

I think from a pricing perspective, we see a very stable environment. And so I would say we feel well positioned on the growth margin side for '25. And actually, really, as we go forward right over the whole three-year period, I would say everything is coming together and we really are benefiting from all of these elements of the strategy that we've put in place. And then we continue to grow top line and then we leverage SG&A as well as that in order to drive operating margin performance. So we're in good shape overall and very much in line with what we planned for -- finished the year for '25 and over the three years.

我認為從定價角度來看，我們看到了一個非常穩定的環境。所以我想說，我們在 25 年的成長利潤方面感覺處於有利位置。事實上，當我們在整個三年期間向前邁進時，我想說一切都在齊頭並進，我們確實從我們制定的策略的所有這些要素中受益。然後我們繼續成長收入，然後我們利用銷售、管理和行政費用來提高營業利潤率。因此，我們總體狀況良好，非常符合我們的計劃——25 年以及過去三年的計劃已經結束。

Martin Landry, Stifel.

馬丁·蘭德里，斯蒂菲爾。

I wanted to touch on the upcoming US election. There's a lot of discussions about the implementation of tariffs. So I'm just trying to understand what would be the implication for your production in Bangladesh that's destined to the US market.

我想談談即將到來的美國大選。關於關稅的實施有很多討論。所以我只是想了解你們在孟加拉生產的銷往美國市場的產品會產生什麼影響。

Well, Martin, well, first of all we're diagnostic because if tariffs come in, they come in for everybody, right? So we'll be in the same position that we're in today. Today in Bangladesh, we do have tariffs coming back into the United States at the rate of 16.5%. And that's factored into our cost savings and everything else we have planned for that facility. So I would say we're diagnostic.

嗯，馬丁，首先我們要進行診斷，因為如果關稅進來，每個人都會受到影響，對嗎？因此，我們將處於與今天相同的位置。今天，在孟加拉國，我們確實以 16.5% 的稅率返回美國。這已考慮到我們節省的成本以及我們為該設施計劃的其他一切。所以我想說我們是診斷性的。

I mean, the only thing I think tariffs could do is create inflation and the question is will be there elasticity and how many garments people can buy because costs will go up for consumers. But don't forget even within Gildan, I mean, we're still very attractively priced in the marketplace. So I don't think it will be hugely effective to us personally. When our shirts are selling for [$250] wholesale I mean, even if they do go up, I mean, it's still be very attractively priced overall. So it's hard to say what will happen, but I don't think we're going to be at a disadvantage. In fact, it may even be an advantage for us.

我的意思是，我認為關稅唯一能做的就是造成通貨膨脹，問題是彈性以及人們可以購買多少衣服，因為消費者的成本會上升。但不要忘記，即使在 Gildan 內部，我們在市場上的定價仍然非常有吸引力。所以我認為這對我們個人來說不會有很大的效果。當我們的襯衫批發價為 [250 美元] 時，我的意思是，即使它們確實上漲，我的意思是，整體價格仍然非常有吸引力。所以很難說會發生什麼，但我不認為我們會處於劣勢。事實上，這對我們來說甚至可能是一個優勢。

Okay. And then is -- would your production in Central America be impacted by the tariffs that are contemplated?

好的。然後是──你們在中美洲的生產會受到預期關稅的影響嗎？

We don't know. I mean, honestly, we have free trade agreements today which we're applying to bring our products back into the United States. So it depends on if they apply tariffs on their free trade agreements or not or we don't know that, right? So we'll wait and see.

我們不知道。老實說，我的意思是，我們今天簽訂了自由貿易協定，我們正在申請這些協定將我們的產品帶回美國。所以這取決於他們是否對自由貿易協定徵收關稅，或者我們不知道，對嗎？所以我們拭目以待。

Brian Morrison, TD Cowen.

布萊恩·莫里森，TD·考恩。

Question for Rhod or Glenn. How should we think about cotton prices and your pricing strategy going forward next year? I assume your competitors with all their difficulties may be hesitant to lower prices. But could that be a market share opportunity for you? I'm just wondering how we should think about this as the hedging rolls off next year.

問羅德或格倫的問題。我們該如何看待棉花價格以及你們明年的定價策略？我認為您的競爭對手儘管面臨種種困難，可能會對降低價格猶豫不決。但這對您來說可能是個市場佔有率機會嗎？我只是想知道，隨著明年對沖活動的結束，我們應該如何考慮這個問題。

Well, I would say that look, cotton prices -- first of all, we got very good visibility on all of our cost structure including cotton and cotton has come down a little bit since last year, but there's still inflation in the system, right? So if you look at labor, transportation, energy; these things are all up. So I would say that whatever benefit there was of slightly lower cost of cotton, I think of offset by other inflationary items in people's overall cost structures. So our view is that pricing would be somewhat flat because of that.

好吧，我想說的是，棉花價格——首先，我們對包括棉花在內的所有成本結構都有很好的了解，自去年以來棉花已經有所下降，但係統中仍然存在通貨膨脹，對吧？因此，如果你看看勞動力、交通、能源；這些事情都完成了。因此，我想說，無論棉花成本稍微降低有什麼好處，我認為都會被人們整體成本結構中的其他通膨項目所抵消。因此，我們認為定價會因此而持平。

But look, we're well positioned. We have a lot of cost initiatives coming through. We got Bangladesh this year as we ramped it up. It was not a cost savings and it didn't affect our cost structure. It was probably operating at the same cost as our Central American operations. But what we pointed out is that once it's fully ramped up, it would be a 25% reduction relative to what we produced fashion basics in Central America.

但看，我們處於有利位置。我們有很多成本計劃正在實施中。今年，隨著我們的加大力度，我們迎來了孟加拉。這不是成本節約，也沒有影響我們的成本結構。它的營運成本可能與我們在中美洲的營運成本相同。但我們指出的是，一旦全面提高產量，相對於我們在中美洲生產的時尚基本款產品來說，產量將減少 25%。

And our yarn optimization project, those costs have not -- savings have not flown through our cost of goods sold yet. So that's something that will be complete as we move into next year. So we're (technical difficulty) our capacity -- our utilization of capacity in Central America is not running full at this point. And we're continuing to ramp that up, particularly with the mix of fleece, it's using much more of our capacity. So we're going to get some benefits as we move into next year on our capacity utilization.

而我們的紗線優化項目，這些成本還沒有——節省的成本還沒有計入我們的銷售成本。因此，這將在我們進入明年時完成。因此，我們的產能（技術困難）—我們在中美洲的產能利用率目前尚未充分利用。我們正在繼續加大力度，特別是羊毛的混合，它使用了我們更多的產能。因此，隨著明年的產能利用率提高，我們將獲得一些好處。

So overall, we're well positioned and we got a good visibility. I would say that we've got a lot of new programs that have already been established as we move into '24. And the only thing that we can't really control really is the outlook and (technical difficulty) [the economic outlook] and hopefully things improve because the market is weak. I mean, it's weak in all categories across the board today. And hopefully, we're at a bottom and that turns and that would actually be upside to our overall sales plan.

總的來說，我們處於有利位置並且獲得了良好的可見性。我想說，隨著我們進入 24 年，我們已經制定了很多新計劃。我們唯一無法真正控制的是前景和（技術難度）[經濟前景]，希望情況能有所改善，因為市場疲軟。我的意思是，今天它在所有類別中都很弱。希望我們正處於谷底，情況會逆轉，這實際上會對我們的整體銷售計劃產生積極影響。

Okay. I appreciate that, Glenn.

好的。我很感激，格倫。

Maybe I can just -- maybe I'm getting a bit in front of myself here, but with the success that you have with your market share gains and maybe this is for Chuck. But where do we stand with phase two of Bangladesh? And what is the cost to complete that facility? Because I believe you have infrastructure in place. Should we be thinking that this could be a 2025 CapEx or 2026 CapEx? Maybe any color (multiple speakers)--

也許我可以——也許我在這裡有點超前了，但是隨著你所取得的成功以及你的市場份額的增長，也許這對查克來說是好事。但孟加拉第二階段的進展如何？完成該設施的成本是多少？因為我相信你們已經擁有適當的基礎建設。我們是否應該認為這可能是 2025 年資本支出或 2026 年資本支出？也許任何顏色（多個發言者）--

I would say two things. First of all, we have all the capacity installed today to support the 2025, '26, and '27 period. So if you look at what we've done, we've already -- once we fully ramp up Bangladesh and optimize our Central American capacity, we have enough capacity in place.

我想說兩件事。首先，我們今天已安裝了所有容量來支援 2025 年、26 年和 27 年期間的需求。因此，如果你看看我們所做的事情，我們已經——一旦我們全面提升孟加拉國的產能並優化我們的中美洲產能，我們就擁有足夠的產能。

In our CapEx of 5%, what we've done is we will in that period include the development of our phase two of Bangladesh, but that's really going to be supporting the sales of the end of '27 and probably into '28 let's say, for example. So we have enough. We're well positioned. I mean, everything that we need to deliver our three-year targets is in place. The capacity is in place, the innovation is in place, and the ESG initiatives are in place. So we're really -- I think that's why we were so confident and bullish about our three-year outlook is because we really don't have to do anything but continue to sell and deliver and execute.

在我們 5% 的資本支出中，我們所做的是在此期間包括孟加拉國第二階段的開發，但這確實會支持 27 年底甚至可能到 28 的銷售， 例如。所以我們已經足夠了。我們處於有利位置。我的意思是，我們實現三年目標所需的一切都已到位。能力到位、創新到位、ESG 措施到位。所以我們真的 - 我認為這就是為什麼我們對我們的三年前景如此有信心和看好，因為我們實際上不需要做任何事情，除了繼續銷售、交付和執行。

Brian, the only thing I would add to that also, as Glenn said, we're, well set up for the next three years, right? We know exactly where we're going and how to deliver it. But if things get better, we have the ability to also take advantage of that. And then if you think beyond that, and you think about the next phase of Bangladesh, what's important is that we put all of the infrastructure in for the second phase we built the first phase, so it's all there. And so the cost of the second phase will be very low as compared to what we've spent on phase one.

布萊恩，我唯一要補充的是，正如格倫所說，我們為未來三年做好了準備，對嗎？我們確切地知道我們要去哪裡以及如何交付它。但如果情況變得更好，我們也有能力利用這一點。然後，如果你考慮除此之外，你會考慮孟加拉的下一階段，重要的是我們將所有基礎設施投入到第二階段，我們建造了第一階段，所以一切都在那裡。因此，與我們在第一階段的支出相比，第二階段的成本將非常低。

So when we see that come through, you're not going to see, I would say, anything of a meaningful impact. It will be inside of our normal envelope of effectively the 5% per year that we have assumption for the next three years and then even beyond that. Historically, we've been at those levels and we think we can run the business and grow the business running with that type of spending.

因此，當我們看到這一點實現時，我想說，你不會看到任何有意義的影響。它將在我們假設的未來三年有效每年 5% 的正常範圍內，甚至超出這個範圍。從歷史上看，我們一直處於這些水平，我們認為我們可以用這種類型的支出來經營業務並發展業務。

And just maybe to add one more thing that I would say is that in our planning process towards the end of '25 is when we plan to start to develop the second phase of the operation.

也許我要補充的一件事是，在 25 年底的規劃過程中，我們計劃開始開發第二階段的作業。

[Vishal Shreedhar] National Bank.

[Vishal Shreedhar] 國家銀行。

Hi, I just want to ask about Bangladesh and the civil unrest there and how you see that unfolding? Is it fully stabilized? And do you see that as an impediment [looking for]?

你好，我只是想問孟加拉和那裡的內亂，你如何看待事態的發展？是否已完全穩定？您認為這是[尋找]的障礙嗎？

No, look, we've been in Bangladesh for over 10 years. We've seen some instability in the past during election years, but I would say, look, we're very comfortable with Bangladesh. We lost a couple of days as we left -- let people stay home just for safety reasons. But overall things are running as planned, the plants are fully functioning and running today and being ramped up. So we're very comfortable with where we are in Bangladesh.

不，你看，我們在孟加拉已經十多年了。在過去的選舉年裡，我們看到了一些不穩定的情況，但我想說，看，我們對孟加拉感到非常滿意。我們離開時損失了幾天時間——出於安全原因讓人們留在家裡。但總體而言，一切都按計劃運行，工廠今天已全面運轉並正在運行，並且正在加速推進。所以我們對孟加拉的現狀感到非常滿意。

Obviously, it's something we've developed and being vertically integrated low-cost manufacturer. Basically, we have the skill set to operate in some of these countries. We're still operating today every day in Haiti, which is probably in a lot of cases much more difficult environment in which to operate. So I would say that we're very comfortable with where we are in Bangladesh and things are going well and the plant will be on track and ramped up at 75% by the end of the year.

顯然，這是我們開發的產品，並且是垂直整合的低成本製造商。基本上，我們擁有在其中一些國家開展業務的技能。今天，我們仍然每天在海地運營，在許多情況下，海地的營運環境可能要困難得多。所以我想說，我們對孟加拉的現狀感到非常滿意，一切進展順利，工廠將步入正軌，到年底產能將達到 75%。

Thank you for that.

謝謝你。

With respect to fleece performance, you mentioned it earlier in the call. It's been strong for the last several years, kept it in the quarter due to timing. But fleece has also benefited from a fashion trend towards that type of product, so wondering how you see that unfolding through the years. Do you expect the tailwind to persist or is it more of a transient bump over the last few years associated with the trend?

關於抓絨性能，您之前在電話中提到過。過去幾年一直很強勁，由於時機的原因，它保持在本季度。但羊毛也受益於此類產品的時尚趨勢，所以想知道您如何看待這些年來的發展。您預計這種順風會持續下去，還是在過去幾年中與這一趨勢相關的短暫衝擊？

Well, there's two things to note. One is that there's different areas in which we sell fleece. I mean, we've traditionally sold and have a larger market share in our distributor channel, but we have very little market share in our National account channel. So that's an area of significant growth for us.

嗯，有兩件事要注意。一是我們銷售羊毛的區域不同。我的意思是，我們傳統上在經銷商通路中進行銷售並擁有較大的市場份額，但我們在全國帳戶管道中的市場份額非常小。所以這對我們來說是一個顯著成長的領域。

Fleece today as a category is around 70 -- 17% of our unit volume. So it's still got a long way to go in terms of growth. So it's something that it's still in its beginning stages. So we're very comfortable that fleece as a category will continue to grow. We're comfortable that in the distributor business, we'll continue to take share. We've got new products that are coming in to be able to support future growth. We're very under penetrated in the National account area. So overall, I would say that fleece will continue to be a growth category high [single] (technical difficulty) digit growth (technical difficulty) over the next three years.

如今，抓絨品類約占我們單位銷售的 70% 至 17%。因此，就成長而言，它還有很長的路要走。所以這仍處於起步階段。因此，我們對羊毛作為一個類別將繼續增長感到非常滿意。我們很高興在分銷商業務中繼續佔據份額。我們即將推出新產品來支持未來的成長。我們在國民帳領域的滲透率還很低。所以總的來說，我想說，羊毛在未來三年內將繼續成為高[單]（技術難度）數位成長（技術難度）的成長類別。

There are no further questions. I would now like to turn the call back over to Jessy Hayem for closing remarks.

沒有其他問題了。我現在想將電話轉回傑西·海耶姆 (Jessy Hayem) 進行結束演講。

Thanks, Angela. Once again, we'd like to thank everyone for joining us and attending our call today and we look forward to speaking with you soon. Have a great day.

謝謝，安吉拉。我們再次感謝大家今天加入我們並參加我們的電話會議，我們期待很快與您交談。祝你有美好的一天。

That concludes today's conference call. Thank you all for joining. You. May now disconnect.

今天的電話會議到此結束。感謝大家的加入。你。現在可以斷開連線。