Gildan Activewear Inc (GIL) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Gildan Activewear's 2025 Q1 Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jesse Hayem, Senior Vice President, Head of Investor Relations and Global Communications. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎參加 Gildan Activewear 2025 年第一季財報電話會議。請注意，今天的會議正在錄音。現在，我想將會議交給資深副總裁、投資者關係和全球傳播主管 Jesse Hayem。請繼續。

Thank you, Sarah. Good afternoon, everyone, and thank you for joining us. Earlier today, we issued a press release announcing our results for the first quarter and maintaining our guidance for 2025. We also issued our interim shareholder report containing management's discussion and analysis and consolidated financial statements. These documents are expected to be filed with the Canadian Securities and Regulatory Authorities and the U.S.

謝謝你，莎拉。大家下午好，感謝大家的參與。今天早些時候，我們發布了一份新聞稿，宣布了第一季的業績，並維持了 2025 年的預期。我們也發布了包含管理階層討論與分析以及合併財務報表的中期股東報告。預計這些文件將提交給加拿大證券監理局和美國。

Securities Commission today, and they're available on our corporate website. As a reminder, please note that we'll be holding our AGM tomorrow morning at 10:00 AM Eastern Time with more information available on the Events page of our corporate website. Now joining me on the call today are Glenn Chamandy, President and CEO of Gildan; Luca Barile, Executive Vice President, Chief Financial Officer; and Chuck Ward, Executive Vice President, Chief Operating Officer. This afternoon, we'll take you through the results for the quarter, and then a question-and-answer session will follow.

證券委員會，它們可以在我們的公司網站上查閱。提醒一下，請注意，我們將於明天上午東部時間 10:00 舉行年度股東大會，更多資訊請參閱我們公司網站的活動頁面。今天與我一起參加電話會議的還有 Gildan 總裁兼執行長 Glenn Chamandy； Luca Barile，執行副總裁、財務長；以及執行副總裁兼營運長 Chuck Ward。今天下午，我們將向您介紹本季的業績，然後進行問答環節。

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. We refer you to the company's filings with the U.S. 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.

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，可能導致實際結果與此類前瞻性陳述表達或暗示的未來結果有重大差異。我們請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 指標的對帳。

And now I'll turn it over to Glenn.

現在我將把發言權交給格倫。

Thank you, Jesse, and good afternoon, everybody. As we highlighted in our press release, you can see that the Gildan Sustainable Growth Strategy, or GSG, continues to drive profitable growth, and we are very pleased with our progress and performance. We delivered first quarter sales of $712 million, which were up 2.3% versus last year, driven primarily by strong activewear sales growth of 9%. Our first quarter growth rate would have been mid-single digits when you exclude the phaseout of our Under Armour business. Our adjusted earnings per share of $0.59, essentially flat year-over-year, which includes a negative impact of the enactment of global minimum tax and the positive impact of job credits.

謝謝你，傑西，大家下午好。正如我們在新聞稿中所強調的那樣，您可以看到 Gildan 永續成長策略（GSG）繼續推動獲利成長，我們對我們的進展和表現感到非常滿意。我們第一季的銷售額為 7.12 億美元，比去年同期成長 2.3%，主要得益於運動服銷售額 9% 的強勁成長。如果排除 Under Armour 業務的逐步淘汰，我們的第一季成長率將達到中等個位數。我們的調整後每股收益為 0.59 美元，與去年同期基本持平，其中包括全球最低稅頒布的負面影響和就業抵免的正面影響。

Despite the rapidly evolving environment, we remain highly committed to continue executing on our GSG strategy across its three pillars: capacity, innovation and ESG. We continue to be on a path to deliver on our three-year objectives for 2025 to 2027 period, which include net sales growth of mid-single-digit range and adjusted EPS growth in the mid-teen range. Now looking at the current year, with the recent tariff announcement and despite the challenging macroeconomic environment, we are maintaining our guidance for 2025, supported by many drivers, which should allow us to deliver on our objectives for the full year.

儘管環境瞬息萬變，我們仍然堅定致力於繼續執行我們的 GSG 策略，涵蓋三大支柱：產能、創新和 ESG。我們將繼續朝著實現 2025 年至 2027 年三年目標的方向努力，其中包括淨銷售額增長達到中等個位數，調整後每股收益增長達到中等十幾個百分點。現在回顧今年，隨著最近關稅公告的發布，儘管宏觀經濟環境充滿挑戰，我們仍維持 2025 年的指導方針，並受到多種驅動因素​​的支持，這應該使我們能夠實現全年目標。

As we mentioned in the past, about 3/4 of our expected sales growth for 2025 is coming from new programs. And we remain very excited about our innovation pipeline, such as our soft cotton technology, our plasma print, our Color blast, just to name a few, which is increasing our competitive advantage and allowing us to continue to drive market share gains.

正如我們過去提到的，我們預計 2025 年銷售成長的約 3/4 來自新項目。我們對我們的創新管道感到非常興奮，例如我們的柔軟棉技術、等離子列印、彩色噴墨等等，這些都增強了我們的競爭優勢，使我們能夠繼續推動市場份額的成長。

Luca will go over our 2025 guidance in more detail. But I'd like to address the current operating environment and the recent tariff announcement. Although the situation remains fluid with respect to tariffs, the 10% reciprocal tariff now in effect on goods imported into the U.S. from most countries, I'd like to leave you with three points to keep in mind. First, remember, we are a global vertically integrated low-cost manufacturer.

Luca 將更詳細地介紹我們的 2025 年指導方針。但我想談談目前的經營環境和最近的關稅公告。儘管關稅方面的情況仍不明朗，但目前美國對從大多數國家進口的商品徵收 10% 的互惠關稅，我想給大家留下三點需要記住的地方。首先，請記住，我們是一家全球垂直整合的低成本製造商。

which we believe is our competitive advantage as it provides a great deal of flexibility and agility. Second, we have a significant U.S. cotton and yarn content in our products, which should allow for significant tariff savings since the 10% reciprocal baseline tariff does not apply to the value of U.S. content imported products, which puts us in a very strong competitive advantage. Finally, we have other levers which we can use in this environment such as price.

我們相信這是我們的競爭優勢，因為它提供了巨大的靈活性和敏捷性。其次，我們的產品含有大量美國棉花和紗線，這應該可以節省大量關稅，因為 10% 的互惠基準關稅不適用於美國成分進口產品的價值，這使我們具有非常強大的競爭優勢。最後，我們還有其他可以在這種環境下使用的槓桿，例如價格。

So in conclusion, we will continue to monitor the situation closely. We are cautiously optimistic as we look ahead. Though we are well positioned to maneuver through a period of uncertainty, thanks to our strong industry positioning, our agility to operate in dynamic environments. However, while we continue to focus on the things that we can control, I'd like to emphasize that regardless of the environment, we will continue to leverage our GSG strategy with a focus on executing long-term shareholder value. I look forward to answering your questions after our formal remarks.

總而言之，我們將繼續密切關注局勢。展望未來，我們持謹慎樂觀的態度。憑藉強大的行業定位和在動態環境中靈活運營的能力，我們已做好準備，度過一段不確定的時期。然而，在我們繼續關注我們能夠控制的事情的同時，我想強調的是，無論環境如何，我們都將繼續利用我們的 GSG 策略，專注於實現長期股東價值。我期待在我們正式發言後回答你們的問題。

And now I'd like to turn it over to Luca for a financial review.

現在我想將其交給 Luca 進行財務審查。

Thank you, Glenn, and good afternoon, everyone. Thank you for joining us today to discuss our first quarter results. Let me start by saying that I'm very pleased to be here today and to have the opportunity to take you through our company's first quarter performance. Before we begin, I'd like to take a brief moment and thank Glenn, Rod and the rest of the management team for their continued support as I step into this role. Let me begin by covering the specifics of the quarter, and then I will comment on our outlook and guidance for 2025.

謝謝你，格倫，大家下午好。感謝您今天加入我們討論我們的第一季業績。首先，我很高興今天能來到這裡，向大家介紹我們公司第一季的業績。在我們開始之前，我想花一點時間感謝格倫、羅德和其他管理團隊成員在我擔任這一職位期間給予的持續支持。首先，我將介紹本季度的具體情況，然後我將評論我們對 2025 年的展望和指導。

So let's begin with the quarter's results. We reported first quarter sales of $712 million, up 2.3% year over year. If we exclude the impact of the phaseout of Under Armour, net sales for the quarter are up mid-single digits. This was driven by a strong performance in Activewear, up $55 million or 9.3%, driven by higher sales volumes, which reflected a favorable product mix in North America with a higher proportion of fleece and Ringspun products. Although the quarter started slower than expected, we observed an improving trend as we move through the second half of February and into March.

那麼就讓我們從本季的業績開始吧。我們報告第一季的銷售額為 7.12 億美元，年增 2.3%。如果我們排除 Under Armour 逐步停產的影響，本季淨銷售額將成長中個位數。這是由於運動服的強勁表現所推動的，由於銷量增加，運動服銷售額增長了 5500 萬美元（9.3%），這反映了北美有利的產品組合，其中羊毛和環錠紡產品的比例較高。儘管本季的開局比預期要慢，但隨著進入二月下半月和三月，我們觀察到了改善的趨勢。

We continue to experience a strong market response to our recently introduced products, which feature key innovations, including our soft cotton technology. We also saw continued momentum with national account customers, driven by our competitive positioning and the ongoing benefits from recent changes in the industry landscape. Looking at international markets, sales decreased by 2% year over year following two strong quarters of growth. Europe, our largest market, performed well in the quarter, but was offset by softness in Asia, which persisted due to the macroeconomic backdrop and a tougher year-over-year comp in Latin America. Turning to hosiery and underwear.

我們最近推出的產品持續獲得市場的強烈反響，這些產品具有包括柔軟棉技術在內的關鍵創新。我們也看到，在我們的競爭定位和近期行業格局變化帶來的持續利益的推動下，全國客戶繼續保持成長勢頭。縱觀國際市場，在經歷了兩個季度的強勁成長之後，銷售額比去年同期下降了 2%。我們最大的市場歐洲在本季表現良好，但被亞洲的疲軟所抵消，由於宏觀經濟背景和拉丁美洲同比情況更為嚴峻，亞洲的疲軟持續存在。轉向襪子和內衣。

This category was down 38% versus the prior year, mainly due to the phaseout of our Under Armour business, along with unfavorable mix within this category. We also continued to see broader market softness in hosiery and underwear in the category in Q1, though we are encouraged to see some pickup in momentum for underwear in the current quarter. Turning our focus to margins for the quarter.

這一類別比前一年下降了 38%，主要是因為我們逐步淘汰了 Under Armour 業務，以及這一類別內部的結構不利。我們也看到第一季襪類和內衣市場普遍疲軟，但我們很高興地看到本季內衣市場勢頭有所回升。將我們的注意力轉向本季的利潤率。

Our gross margin was 31.2%, a 90 basis point improvement over the prior year, primarily due to lower raw material costs. SG&A expenses decreased by $18 million to $87 million versus $105 million last year, which included significant proxy contest and leadership charges.

我們的毛利率為 31.2%，比前一年提高了 90 個基點，主要歸因於原物料成本降低。銷售、一般及行政費用 (SG&A) 減少了 1800 萬美元，從去年的 1.05 億美元降至 8700 萬美元，其中包括大量代理權爭奪和領導費用。

Excluding these charges, adjusted SG&A for the quarter was $86 million or 12.1% of sales and essentially flat year-over-year as the positive benefit of the Jobs credit introduced by Barbados in the second quarter of 2024 was largely offset by higher variable compensation and higher distribution expenses. As we bring all these elements together and after adjusting for restructuring and acquisition-related items in both years, we generated adjusted operating income of $135 million or 19% of net sales, up 100 basis points year over year, well ahead of guidance provided, driven primarily by higher gross margins. Moving on to taxes.

不計這些費用，本季調整後的銷售、一般及行政費用為 8,600 萬美元，佔銷售額的 12.1%，與去年同期基本持平，因為巴貝多在 2024 年第二季推出的就業信貸帶來的積極效益在很大程度上被更高的浮動薪酬和更高的分銷費用所抵消。將所有這些因素綜合起來，並調整兩年的重組和收購相關項目後，我們實現了 1.35 億美元的調整後營業收入，佔淨銷售額的 19%，同比增長 100 個基點，遠高於預期，這主要得益於更高的毛利率。繼續討論稅收。

The company's adjusted effective income tax rate for the quarter was 15% compared to 3.6% last year, reflecting the enactment of global minimum tax in Canada and Barbados in the second quarter of 2024 as previously communicated. After reflecting higher net financial and income tax expenses and our lower outstanding share base, we reported GAAP diluted EPS of $0.56 in the first quarter, up 19% versus the prior year, whereas adjusted diluted EPS of $0.59 came in flat year-over-year after adjusting for the negative impact of proxy costs in 2024.

該公司本季的調整後有效所得稅率為 15%，而去年為 3.6%，這反映了加拿大和巴貝多在 2024 年第二季頒布的全球最低稅率（如之前所述）。在反映了更高的淨財務和所得稅費用以及更低的流通股基數後，我們報告第一季的 GAAP 稀釋每股收益為 0.56 美元，較上年增長 19%，而調整後的稀釋每股收益為 0.59 美元，在調整了 2024 年代理成本的負面影響後，與去年同期持平。

Now turning to cash flow and balance sheet items. Cash flows used in operating activities totaled $142 million compared to $27 million in the first quarter of 2024, primarily due to an increase in noncash working capital, largely in line with the company's expectations. After accounting for CapEx of $23 million, the company consumed approximately $166 million in free cash flow. We also returned $62 million to shareholders by repurchasing 1.2 million shares in the quarter. Finally, we ended the quarter with net debt of about $1.8 billion and a leverage ratio of 2.2x net debt to adjusted EBITDA, well within our targeted range of 1.5 to 2.5x.

現在轉向現金流和資產負債表項目。經營活動所用現金流總計 1.42 億美元，而 2024 年第一季為 2,700 萬美元，主要是由於非現金營運資本增加，基本上符合公司的預期。在計算了 2,300 萬美元的資本支出後，該公司消耗了約 1.66 億美元的自由現金流。本季我們也回購了 120 萬股股票，向股東返還了 6,200 萬美元。最後，我們在本季結束時的淨債務約為 18 億美元，淨債務與調整後 EBITDA 的槓桿率為 2.2 倍，遠低於我們 1.5 至 2.5 倍的目標範圍。

So overall, and concluding on the results, we're very pleased with the quarter, and we remain confident in our ability to deliver this continued financial performance despite a dynamic macroeconomic environment.

因此，總體而言，就本季的結果而言，我們對該季度非常滿意，儘管宏觀經濟環境動態變化，但我們仍然有信心能夠繼續保持這樣的財務表現。

Now turning to our strategy and outlook. As Glenn highlighted earlier, we are pleased with our execution and the progress made on the 3 pillars of our GSG strategy. First, our new manufacturing complex in Bangladesh continues to ramp up and is well on track. Moreover, on the innovation front, we continue to tap into the largest innovation pipeline in the company's history with more product launches to come in 2025 as detailed by Glenn.

現在談談我們的策略和展望。正如 Glenn 之前所強調的那樣，我們對我們的執行情況以及 GSG 策略三大支柱所取得的進展感到滿意。首先，我們在孟加拉的新製造基地持續擴大規模，並且進展順利。此外，在創新方面，我們繼續挖掘公司歷史上最大的創新管道，正如 Glenn 所詳述的那樣，2025 年將推出更多產品。

And lastly, with regards to ESG, we remain fully on track with our next-generation objectives. In this regard, we are pleased to have been included in S&P's 2025 Sustainability Yearbook for the 13th consecutive year. Moreover, Glenn was also included in CDP's leadership band for its 2024 climate change disclosures for the fifth time, highlighting our strong commitment to sustainable practices. With regards to our outlook, we continue to feel cautiously optimistic. As Glenn detailed, we are committed to executing our GSG at approximately 5% of sales, adjusted diluted EPS to be in the range of $3.38 to $3.58, up between approximately 13% and 19% year-over-year.

最後，關於 ESG，我們仍在全力實現下一代目標。在這方面，我們很高興連續第13年被納入標準普爾2025永續發展年鑑。此外，格倫還第五次被列入 CDP 2024 年氣候變遷揭露領導力排行榜，凸顯了我們對永續實踐的堅定承諾。對於我們的前景，我們仍然保持謹慎樂觀的態度。正如 Glenn 所詳述的，我們致力於將 GSG 執行為銷售額的約 5%，調整後的稀釋每股收益在 3.38 美元至 3.58 美元之間，同比增長約 13% 至 19%。

And free cash flow is expected to come in above $450 million. Further, the outlook that I just laid out is underpinned by some key assumptions, including the following: Firstly, based on the information available at this time, we have considered the impact of tariff measures in place on our operations as well as on industry demand in conjunction with mitigation initiatives that are available to us and our ability to leverage our flexible business model as a low-cost, vertically integrated manufacturer. We also continue to expect growth in key product categories, driven by recently introduced innovation, a favorable impact from new program launches, and continued market share gains. We expect ongoing benefits from the Jobs Credit program that took effect in Barbados in 2024, and we anticipate that our effective tax rate for 2025 will remain at a similar level to what we saw for the full year in 2024. Lastly, we expect to continue repurchasing shares under our NCIB program, given the strength of our balance sheet, our expected strong free cash flow, and our leverage framework target of 1.5 to 2.5x net debt to adjusted EBITDA.

預計自由現金流將超過 4.5 億美元。此外，我剛才提出的展望基於一些關鍵假設，包括：首先，根據目前掌握的信息，我們考慮了現行關稅措施對我們的營運以及行業需求的影響，同時考慮了我們可以採取的緩解措施，以及我們作為低成本、垂直整合製造商利用靈活商業模式的能力。我們也預計，受近期推出的創新、新項目推出的有利影響以及市場份額持續成長的推動，主要產品類別將持續成長。我們預計 2024 年在巴貝多生效的就業信貸計畫將持續帶來好處，並且我們預計 2025 年的有效稅率將保持在與 2024 年全年相似的水平。最後，鑑於我們資產負債表的強勁、預期的強勁自由現金流以及我們的槓桿框架目標（即淨債務與調整後 EBITDA 比率為 1.5 至 2.5 倍），我們預計將繼續根據 NCIB 計劃回購股票。

Finally, we have also provided guidance for our second quarter with net sales expected to be up mid-single digits year-over-year and adjusted operating margin expected to be in a similar range as the second quarter of 2024, which included the significant positive benefit from the Jobs credit introduced in May 2024 by Barbados and which was retroactive to January 1, 2024. We also expect our adjusted effective income tax rate in the second quarter of 2025 to be at a similar level to the full year 2024 adjusted effective income tax rate. In summary, while we are mindful of the uncertain economic environment, our solid foundation, our resilient low-cost vertically integrated business model, and our operational and financial discipline provide us agility, confidence, and the foundation to navigate through this environment. Thank you. And now I'll turn it over to Jessy.

最後，我們也提供了第二季的業績指引，預計淨銷售額將同比增長中個位數，調整後的營業利潤率預計將與 2024 年第二季度持平，這其中包括巴巴多斯於 2024 年 5 月推出的就業信貸計劃帶來的重大積極效益，該計劃可追溯至 2024 年 1 月 1 日。我們也預計，2025 年第二季的調整後有效所得稅率將與 2024 年全年調整後有效所得稅率處於相似水準。總而言之，雖然我們意識到不確定的經濟環境，但我們堅實的基礎、有彈性的低成本垂直整合業務模式以及我們的營運和財務紀律為我們提供了靈活性、信心和在這種環境中航行的基礎。謝謝。現在我將把時間交給傑西。

Thank you, Luca. This concludes our prepared remarks, and now we'll begin taking your questions. Sarah, you may begin the Q&A session.

謝謝你，盧卡。我們的準備好的演講到此結束，現在我們開始回答大家的提問。莎拉，你可以開始問答環節了。

(Operator Instructions) Paul Lejuez, Citigroup.

（操作員指示）花旗集團的 Paul Lejuez。

Two questions. One, can you talk about POS trends in each of your major channels and whether you're seeing any signs of destocking amongst your major customers? And then second, can you talk about what specific tariff pressure you bake into guidance from a cost perspective? And what sort of mitigation you built in on the pricing side?

兩個問題。首先，您能否談談每個主要管道的 POS 趨勢，以及您是否看到主要客戶出現去庫存的跡象？其次，您能否從成本角度談談您在指導中納入了哪些具體的關稅壓力？您在定價方面採取了哪些緩解措施？

Okay. Well, Chuck will start up with the POS.

好的。好吧，Chuck 將開始使用 POS。

Yes, Paul. As Glenn mentioned in his comments, we had a very strong quarter from an activewear perspective, and we're really happy with where we landed there. We continue to gain share in a market that was down low to mid-single digits, but we gained share capitalizing on the same drivers that we have talked about the last few quarters. Our innovation in TEAs and PLEAs with our soft cotton technology. Our comfort colors and American Apparel were both up double digit again as well.

是的，保羅。正如格倫在評論中提到的那樣，從運動服的角度來看，我們這個季度的業績非常強勁，我們對所取得的成績感到非常滿意。我們繼續在低至個位數中段的市場中獲得份額，但我們獲得份額的動力與我們在過去幾個季度中討論過的相同。我們利用柔軟棉技術對 TEA 和 PLEA 進行了創新。我們的舒適色彩和 American Apparel 也再次實現了兩位數的成長。

And then Luca mentioned, obviously, we had a strong momentum in national accounts. One, we had wraparound effect of business that we picked up from Delta and the closure last year, but also we started to ship some of the new programs that we've been talking about. So again, we performed better than the market, and we're happy with the activewear side and what we saw. We did mention also on the Innerwear, we were down in Innerwear, but largely driven by underwear.

然後盧卡提到，顯然，我們在國民帳戶方面有著強勁的發展勢頭。一方面，我們從達美航空和去年關閉的航班中獲得了業務的環繞效應，另一方面，我們也開始推出一些我們一直在談論的新項目。因此，我們的表現再次優於市場，我們對運動服方面的表現感到滿意。我們也提到內衣，我們的內衣銷量有所下降，但主要是受內衣的推動。

As far as the inventory in the channel, it's in good balance, and we haven't seen any sign of destocking. Luca?

就渠道庫存而言，庫存處於良好的平衡狀態，我們尚未看到任何去庫存的跡象。盧卡？

Now with respect to the guidance and the assumptions with respect to tariffs, I think it's important to understand that when we maintained our guidance, our guidance is based on elements that we can control. What we've done is we've taken the impact of the current measures that are in place, and we factored in how that impacts our operations. We factored in what that means in terms of demand, and we factored in those mitigating factors that you alluded to. So again, in terms of our guidance for the full year, revenue is up mid-single digits. And if you peel back the onion and you take a look at the market assumption, we're a bit conservative there.

現在關於關稅的指導和假設，我認為重要的是要理解，當我們維持指導時，我們的指導是基於我們可以控制的因素。我們所做的是考慮了現行措施的影響，並考慮了這些措施對我們營運的影響。我們考慮了這對需求意味著什麼，也考慮了您提到的那些緩解因素。因此，就我們對全年的預期而言，收入將成長中等個位數。如果你剝開洋蔥並看一下市場假設，你會發現我們在這方面有點保守。

And we're saying, look, the market is going to be flat to down low single digit based on the uncertainty that's in the market and the impacts of tariffs more broadly. With respect to tariffs, I think the headline that you have to remember is that with respect to Gildan, tariffs impact before any mitigation strategies are well below the 10% of the headline number that you see in the overall environment. And the reason for that is because we benefit from the amount of U.S. content that is in our product. So we know that U.S.

我們說，看，基於市場不確定性和關稅的更廣泛影響，市場將持平至下降個位數。關於關稅，我認為你必須記住的要點是，就 Gildan 而言，在採取任何緩解策略之前，關稅的影響遠低於整體環境中整體數字的 10%。原因在於我們的產品含有大量的美國成分，這讓我們受益匪淺。所以我們知道美國

inputs make up a meaningful percentage of our cost of sales. And so we've baked that into our guidance assumptions. And in terms of the mitigation factors, we've taken a little bit of price. That assumption is in there. And we also take a look at, let's not forget, we're the low-cost manufacturer, and we have flexibility within our supply chain.

投入占我們銷售成本的很大一部分。因此我們將其納入了我們的指導假設中。在緩解因素方面，我們已經付出了一點代價。這個假設就在那裡。我們還要考慮，別忘了，我們是低成本製造商，我們的供應鏈具有彈性。

So there's elements that we've already put in place within our supply chain using that flexibility to mitigate some of those factors. So in summary, we're very comfortable. We're confident in the guidance that we've maintained. We've given you a little bit of the assumptions behind the curtain, and it takes into account the measures that are in place today.

因此，我們已經在供應鏈中實施了一些措施，利用這種靈活性來緩解其中的一些因素。總而言之，我們感到非常舒服。我們對所維持的指導充滿信心。我們已經為您提供了一些幕後的假設，並考慮到了目前採取的措施。

Brian Morrison, TD Cowen.

布萊恩·莫里森（Brian Morrison），TD Cowen。

First question, in the MD&A, you note benefits from national accounts due to changes in the industry landscape. I just want to make sure I understand this. It sounds like competitor weakness, new product success, and I assume vertical integration and widening your cost advantage. Can you confirm that? And then the question is, is this leading to nearshoring?

第一個問題，在 MD&A 中，您注意到由於行業格局的變化而從國家帳戶中獲益。我只是想確保我理解這一點。這聽起來像是競爭對手的弱點、新產品的成功，而且我認為是垂直整合和擴大成本優勢。你能證實嗎？那麼問題是，這是否會導致近岸外包？

And if so, are you seeing further incomings, including GLB?

如果是這樣，您是否看到了包括 GLB 在內的更多新事物？

Well, the change in the competitive landscape on a year-over-year basis is really some of the competitors have left the channel. Delta, who closed down last year, other competitors have vacated the channel and a combination of as well as potentially nearshoring and other activities coming back to this hemisphere. I think that things are changing now rapidly, particularly with the tariffs. The one thing maybe from a near-shoring perspective, when you look at the, I think, imports into the United States, maybe to put things in perspective, China represents around over 20% of the products being sold into the United States today. And obviously, with their tariff levels, that's prohibitive for them to supply products into the market.

嗯，與去年同期相比，競爭格局的變化確實是一些競爭對手已經離開了通路。達美航空去年關閉，其他競爭對手也已撤離該航線，而近岸外包和其他活動也有可能重返這個半球。我認為現在情況正在迅速變化，尤其是關稅。從近岸外包的角度來看，當你觀察美國的進口量時，也許可以更全面地了解情況，目前中國占美國銷售產品的 20% 以上。顯然，他們的關稅水準讓他們無法向市場供應產品。

And then if you take the Asiana type countries, which is Vietnam, Indonesia, Cambodia, Thailand, Philippines, Myanmar, those are also countries which still have to negotiate their tariff levels that had high tariff levels in the first go around, they represent another 31%. So I would say that when you look at the overall structure, particularly in retail because you have a lot more Asian type product in the servicing retail markets than you would in the wholesale, I think we're going to see a lot of people thinking about their supply chain, and that could be a positive impact for us on people looking to nearshore. And maybe just to add one last thing on that is that the CAFTA region only represents around 9% of total apparel in the United States. So we think that there's a lot of opportunity with the way the landscape is changing and our competitive positioning, particularly on how we're positioned globally today.

然後，如果你以韓亞航空類型的國家為例，即越南、印尼、柬埔寨、泰國、菲律賓、緬甸，這些國家仍然需要談判其關稅水平，而這些國家在第一次談判中的關稅水平很高，它們佔了另外 31%。所以我想說，當你看整體結構時，特別是在零售業，因為在服務零售市場中，亞洲類型的產品比批發市場中多得多，我認為我們會看到很多人在考慮他們的供應鏈，這可能會對我們這些尋求近岸發展的人產生積極的影響。最後再補充一點，CAFTA 地區僅占美國服飾總量的 9% 左右。因此，我們認為，隨著情勢的變化和我們的競爭定位，特別是我們目前在全球範圍內的定位，存在著許多機會。

That's great, Glenn. My second question is, and I noticed you left out Bangladesh from your comment there. From a strategy perspective, Bangladesh is being built as a ring spun hub for the U.S. The tariff is 10% now. And I understand you source cotton and yarn from the U.S.

太棒了，格倫。我的第二個問題是，我注意到您的評論中沒有提到孟加拉。從戰略角度來看，孟加拉正在打造成為美國的環錠紡紗樞紐。目前關稅為10%。據我了解，你們從美國購買棉花和紗線。

and you're agile. But how do you adjust to meet growth if Bangladesh tariffs are reinstated at that higher rate? Is there capacity in Honduras? How should we think about this?

而且你很敏捷。但是，如果孟加拉恢復更高的關稅，你該如何調整以滿足成長呢？宏都拉斯有這個能力嗎？我們該如何看待這個問題？

Well, first of all, we've got a lot of flexibility in our supply chain, number one, which is the first thing you have to understand is how we can maneuver things. But I would say to you is, look, firstly, from Bangladesh,- it was a $500 million, and we're running at full I mean the thing is running full, I mean, today, just to put things in perspective. And of the $500 million we're running out of the plant today, 50% of that servicing international markets in Canada, which we still provide product into these countries. The other 50% is producing ring spun products, which are coming back to the U.S. Now to put things in perspective, what we said is that the cost, once the factory is fully ramped up, we will have a 25% reduction in cost relative to our Central American cost.

嗯，首先，我們的供應鏈具有很大的靈活性，首先，你必須了解的是我們如何操縱事物。但我想對你們說的是，首先，看看來自孟加拉國的援助，金額是 5 億美元，而且我們正在全力以赴，我的意思是，今天，一切都在全力以赴，只是為了把事情看清楚。目前，我們工廠投入的 5 億美元中，有 50% 用於服務加拿大的國際市場，我們仍向這些國家提供產品。其餘 50% 生產環錠紡產品，這些產品將返回美國。現在，客觀地講，我們所說的是，一旦工廠全面投產，我們的成本將相對於中美洲成本降低 25%。

So if you look at the 10% minus the input of U.S. component, that's still not moving the needle and still very viable for us to produce goods in Bangladesh and particularly in the ring spun category. In the same breadth, I would say to you is that we have the capabilities of maneuvering within our supply chain if tariffs do come back at a higher rate. Bangladesh, to answer your question before, it represents around 9% of the apparel going back into the U.S. just for that perspective.

因此，如果將 10% 減去美國零件的投入，這仍然不會產生任何影響，而且對於我們在孟加拉生產產品，特別是環錠紡產品來說，仍然非常可行。同樣，我想告訴你們的是，如果關稅真的以更高的幅度回升，我們有能力在我們的供應鏈中進行調整。孟加拉國，回答你之前的問題，從這個角度來看，它代表了輸往美國的服裝約 9%。

And at the same time, one thing I would tell you is that we're actually in the process now of looking our capacity today is running around 90%. So we do have available capacity. Most of our capacity that's available is in Central America because of the way we've optimized our capacity, and we ramped up Bangladesh to 100% of its utilization. But within our footprint in Central America, we're also looking to actually increase the capacity as well because we think that there's going to be a lot of opportunity as we go forward, particularly with the way the tariffs are evolving. And the fact is that I think we're going to be at a cost advantage relative to other geographical areas.

同時，我想告訴大家的是，我們實際上正在觀察，目前的產能利用率約為 90%。所以我們確實有可用容量。由於我們優化了產能，因此我們大部分的可用產能位於中美洲，並且我們將孟加拉的利用率提高到了 100%。但在我們位於中美洲的業務範圍內，我們也希望真正提高產能，因為我們認為，隨著我們前進，將會有很多機會，特別是隨著關稅的演變。事實上，我認為我們相對於其他地理區域而言具有成本優勢。

So all things put in place, with our supply chain, I think we've got a very effective opportunity here to take advantage of the situation.

因此，有了我們的供應鏈，一切就緒後，我認為我們就有了一個非常有效的機會來利用這個情況。

Chris Li, Desjardins.

Chris Li，Desjardins。

My first question is, I just want to confirm just your answer to an earlier question about what's embedded in your guidance. Does it now incorporate a more conservative outlook in terms of industry demand? I think it was mentioned it's now flat to down low single digit. I think it was flat last quarter. So have you kind of tweaked your outlook to flat sort of down low single digit for industry demand?

我的第一個問題是，我只是想確認您對先前關於您的指導中包含什麼內容的問題的回答。現在，它對產業需求的看法是否更為保守？我認為有人提到現在它已經持平至低個位數。我認為上個季度是持平的。那麼，您是否已經調整了對行業需求的預測，將其調整為持平或下降個位數？

Yes. Thank you for your question, Chris. Yes, absolutely. So look, when you take a look at the guidance for the full year, revenue up mid-single digit, okay? So the first element is the market.

是的。謝謝你的提問，克里斯。是的，絕對是。所以，當你查看全年指引時，你會發現收入成長了中等個位數，好嗎？所以第一個要素就是市場。

So we did add that element of conservatism. And the market is now the assumption is that it will be flat to down low single digit. But then you have to go one step further and we have to say, okay, we're in a great position to take share. And we have the assumption that we're going to continue to take share on our core business. And then let's remember that around 75% of our growth going forward is based on new programs.

所以我們確實添加了保守主義的元素。而市場現在的假設是，它將持平或下降個位數。但你必須更進一步，我們必須說，好吧，我們處於一個很好的位置來佔據市場份額。我們假設我們將繼續佔據核心業務的份額。然後讓我們記住，我們未來約 75% 的成長都基於新計劃。

And those new programs, there's meaningful T-shirt and fleece programs in the national account business as well as the Champion license, right, in our printwear channel. So those are the elements you have to keep in mind. And definitely, what we did factor in is some of that conservatism when it comes to the market assumption.

這些新計劃包括國家帳戶業務中有意義的 T 恤和羊毛衫計劃以及我們的印花服裝管道中的 Champion 許可證。所以這些都是你必須牢記的要素。當然，我們在考慮市場假設時確實考慮了一些保守因素。

Got it. Okay. And my follow-up question is that in terms of that 75% coming from new programs, how much visibility do you have? How secure are they? Are they dependent on market conditions, i.e., if the economy does take a sort of downturn, are those programs at risk?

知道了。好的。我的後續問題是，就 75% 來自新專案而言，您的可見度有多高？它們有多安全？它們是否依賴市場條件，即如果經濟確實出現下滑，這些項目是否會面臨風險？

And if they are, will you be compensated somehow by the customers? Like how much protection do you have on those?

如果是的話，您會從客戶那裡得到某種補償嗎？例如你對這些有多少保護？

No, Chris. So we're going to launch these programs. We look at what the opportunity is in the POS or the point of sale of these programs once they get launched. So let's say, you take our program, you put in retail, these are all replenishment, no fashion risk type programs. So if the market is slightly down, yes, maybe we can lose a couple of percentage points on the overall program in our anticipation, which we factored into our forecast.

不，克里斯。因此我們將啟動這些項目。一旦這些項目啟動，我們就會研究 POS 或銷售點中存在哪些機會。因此，假設您採用我們的計劃，投入零售，這些都是補貨，沒有時尚風險類型的計劃。因此，如果市場略有下滑，是的，也許我們的預期中整個計劃會損失幾個百分點，我們已經將其納入預測中。

But overall, I would say to you that they're pretty secure because we're taking space. The space is quantified into sales per square foot, and that sales per square foot should yield the 3/4 of our sales guide that we laid out. Did that answer your question?

但總的來說，我想說它們非常安全，因為我們佔據了空間。該空間被量化為每平方英尺的銷售額，每平方英尺的銷售額應達到我們所製定的銷售指南的 3/4。這回答了你的問題嗎？

Luke Hannan, Canaccord Genuity.

盧克漢南 (Luke Hannan)，Canaccord Genuity。

Glenn, you talked about some of the innovation that's going to continue within 2025. Just curious if we can get a little bit more granularity on it, specifically if it's going to be concentrated, if at all, across any of your main channels being basic, ring spun or fleece? And then secondly, what about the cadence of that as well? And is it going to be filling white space within the portfolio? Or is it going to be more about revamping some of the existing SKUs that you sell?

格倫，您談到了 2025 年將繼續進行的一些創新。只是好奇我們是否可以對它進行更詳細的了解，特別是它是否會集中在您的任何主要渠道中，是基本渠道、環錠紡還是羊毛？其次，它的節奏又如何呢？它會填補投資組合中的空白嗎？或者是否要更多地改進您銷售的一些現有 SKU？

I'll start off by saying that, look, what we did in 2024 after two years of a lot of work is we really revamped almost all of our product lines. Our basics, our fleece. I mean, basically, we touched almost every product line with our soft cotton technology, but our fleece basically with the MBS yarn, et cetera. So we also changed the way the fabric is constructed. It's softer, it pills less.

首先我要說的是，經過兩年的大量工作，我們在 2024 年所做的就是真正改造了幾乎所有的產品線。我們的基礎，我們的羊毛。我的意思是，基本上，我們的柔軟棉技術幾乎觸及了每條產品線，但我們的羊毛基本上採用 MBS 紗線，等等。因此我們也改變了織物的構造方式。它更柔軟，起球更少。

So there's all kinds of different things that we've done through the innovation of our yarn spinning, et cetera, et cetera. But we also have a pipeline of other product categories. And Chuck, maybe you want to just...

因此，我們透過紗線紡紗等創新做了很多不同的事情。但我們還有其他產品類別的管道。查克，也許你只是想…

Yes. Sure, Luke. And as Glenn said, we've touched a lot of product, if not all of the product over the last two years. But as he was talking, we also have something called plasma print technology that's coming online that will come on later this year, early next year that really improves the printability from a direct-to-garment printing perspective. We did showcase it at the ISS show in Long Beach earlier this year, and the reception to it has been outstanding.

是的。當然，盧克。正如格倫所說，在過去的兩年裡，我們接觸了許多產品，甚至是所有的產品。但正如他所說，我們還有一種稱為等離子列印技術的技術即將上線，該技術將於今年晚些時候或明年年初推出，從直接服裝印刷的角度來看，它將真正提高印刷性能。我們確實在今年早些時候在長灘的 ISS 展會上展示過它，並且反應非常熱烈。

And so we're going to continue to innovate across all of our product lines. We have some additional programs coming out in Innerwear as well where we're moving into different fabrications, that sort of thing where we're picking up space. And so we're really taking the innovation throughout our product and picking up new programs across all categories.

因此，我們將繼續對所有產品線進行創新。我們在內衣領域也推出了一些額外的項目，我們正在涉足不同的製造領域，這類事情我們正在佔據空間。因此，我們確實在整個產品中進行了創新，並在所有類別中採用了新的程序。

And we also have innovation and quite a few new products that we're offering in our Comfort Colors brand as well. So we're constantly we just got a whole pipeline of innovation that's going to continue to roll out through 2025 and into 2026.

我們的 Comfort Colors 品牌也擁有創新技術並提供許多新產品。因此，我們一直在不斷推出一系列創新，這些創新將持續到 2025 年和 2026 年。

That's great. And then as a follow-up to the tariff conversation, you mentioned that even the product that you're creating in Bangladesh, that does use U.S. cotton. I believe you do most of your yarn spinning within the U.S., but in Bangladesh, you do use third-party spinners. You can correct me if I'm wrong.

那太棒了。然後，作為關稅對話的後續，您提到，即使是您在孟加拉國生產的產品也使用了美國棉花。我相信你們的大部分紗線紡紗工作都在美國進行，但在孟加拉國，你們確實使用第三方紡紗廠。如果我錯了你可以糾正我。

But if that is the case, do you envision setting up more yarn spinning facilities of your own to support your operations in Bangladesh?

但如果情況確實如此，您是否計劃建立更多自己的紡紗設施來支持您在孟加拉國的業務？

Well, we have a vested interest in all of our yarn spinning facilities in Bangladesh. What and we use U.S. cotton. So we ship the cotton, we purchase the cotton, we ship it to Bangladesh and it gets spun into yarn and produce. We do have cotton is a large component of our total cost structure, particularly on basic T-shirts.

嗯，我們對孟加拉的所有紡紗設施都有既得利益。我們使用美國棉花。因此，我們運送棉花，我們購買棉花，我們將其運送到孟加拉國，然後將其紡成紗線並生產。棉花確實是我們總成本結構的重要組成部分，尤其是在基本款 T 恤上。

So it's important part of our ESG strategy and let alone our whole manufacturing process. So in the States, obviously, we have a little bit more U.S. content in the U.S. because of the yarn spinning in this hemisphere. But we're well-positioned, I think, from a tariff perspective, you can do the math, and the cotton and spinning is a large proponent of our cost structure.

因此，它是我們 ESG 策略的重要組成部分，更不用說我們整個製造過程了。因此，在美國，顯然，由於這個半球的局勢變化，我們在美國擁有更多的美國內容。但我認為，從關稅的角度來看，我們處於有利地位，你可以算一下，棉花和紡紗是我們成本結構的重要組成部分。

Stephen MacLeod, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Stephen MacLeod。

Lots of great color so far. But I just had 2 follow-up questions. One is, I'm just wondering if you can provide any color on what you've seen on second second-quarter-to-date basis with respect to the North American distributor channel in terms of sales trends? And then secondly, Glenn, you talked a little bit about the opportunities to increase capacity in Central America, which I think is particularly interesting. So I'm just curious if you can provide just even a little bit of color around, would that be potentially something expansion within your current Rio Nance facility?

到目前為止，有很多漂亮的顏色。但我還有兩個後續問題。一是，我只是想知道您是否可以提供一下第二季迄今為止北美經銷商通路的銷售趨勢？其次，格倫，您談到了增加中美洲產能的機會，我認為這特別有趣。所以我只是好奇，您是否可以提供一點點相關信息，這是否有可能成為您目前 Rio Nance 工廠的擴展？

Or is there something new that you're potentially contemplating?

或者您正在考慮一些新事物？

Well, I would tell you, look, like everything else, we have a lot of flexibility in our system. And we're continuing to look like everything else, when we build our plants, we build them and we are capable of expanding them quickly. We always give ourselves a little bit of room to maneuver. So our objective is that we don't want to spend a lot of capital to expand, and we need to expand quickly. So, most likely working with existing structure basically is the best way for us to do it.

好吧，我想告訴你，就像其他所有事物一樣，我們的系統具有很大的靈活性。我們繼續像其他一切一樣，當我們建造工廠時，我們建造它們，並且我們能夠快速擴大它們。我們總是給自己一點迴旋的空間。因此，我們的目標是不想花費大量資金來擴張，而且我們需要快速擴張。因此，對我們來說，利用現有結構進行工作基本上是最好的方法。

It's going to maximize our cost and efficiency, keep us within our CapEx range, and allow us to maximize output. So I would say that we're very optimistic that we can increase our capacity in this hemisphere. And it's part of what we think is a big opportunity. Now, one of the things I would say to you is that as I mentioned earlier in terms of the imports from Asia, we're already seeing customers coming and looking for filling shelves, really at the end of the day. I mean, there's definitely going to be, we think, potentially a shortage of product because it's prohibited to bring product in from China.

它將最大限度地提高我們的成本和效率，使我們保持在資本支出範圍內，並使我們能夠最大限度地提高產量。因此我想說，我們非常樂觀地認為我們可以增加我們在這個半球的產能。我們認為這是一個巨大的機會。現在，我想告訴你們的一件事是，正如我之前提到的從亞洲進口的商品，我們已經看到顧客蜂擁而至，希望貨架上擺滿商品，真的到了一天結束的時候。我的意思是，我們認為肯定會出現產品短缺的可能性，因為禁止從中國進口產品。

So we think we need to take advantage of it, and we're cautiously optimistic. So we can put and align our capacity without really sticking our neck out, but giving us all the flexibility that, as we go forward, if things materialize and we have opportunity, we can take advantage of it. And I would say to you on another front is that we have a lot of, I would say, momentum as we already move into 2026 in terms of building new business. And I think that that's also because it takes time to do these things, but we're starting to see retailers allocate or work with our team, and we're pretty excited about that, too. So our pipeline is strong for 2026.

因此我們認為我們需要利用它，並且我們持謹慎樂觀的態度。因此，我們可以在不冒風險的情況下整合和調整我們的能力，但給予我們所有的靈活性，隨著我們前進，如果事情實現並且我們有機會，我們就可以利用它。我想從另一個方面告訴你們，我們在開拓新業務方面擁有很大的發展勢頭，我們已經邁入 2026 年。我認為這也是因為做這些事情需要時間，但我們開始看到零售商分配或與我們的團隊合作，我們對此也感到非常興奮。因此，我們的 2026 年規劃十分強大。

And I think that we even have a chance to do some fill-in for this year. And that's really why we're excited and really focusing on expanding our capacity.

我認為我們甚至有機會為今年做一些填補。這就是我們感到興奮並真正致力於擴大產能的原因。

And on the quarter-to-date Q2 POS front and business front, we've kind of seen the trend as we talked about the last few quarters where a quarter would start out a little slower and then accelerate, but we're actually seeing - so in January, we saw it start off a little slower, impacts of weather, fires, different things happening. It improved sequentially in February. It improved again in March. Well, the good news is it's going ahead and improving again in April. So we're continuing to see consistent improvement through April.

就本季迄今為止的第二季度 POS 業務和業務而言，我們已經看到了這種趨勢，正如我們談到的過去幾個季度那樣，一個季度開始時會稍微慢一些，然後加速，但我們實際上看到 - 所以在一月份，我們看到它開始時有點慢，受到天氣、火災和不同事情的影響。2月情況有所改善。三月情況再次好轉。好消息是，四月情況會繼續好轉。因此，我們將在四月繼續看到持續的改善。

So we feel good about how this quarter has started out.

因此，我們對本季的開局感到滿意。

Yes. And I would say just to end off on the second quarter is that we've put the guidance right, that our revenue is up mid-single digits, and we feel comfortable with the outlook that we've laid out. We remain cautiously optimistic. But for the second quarter, you should see some of the same trends as we finished the first quarter, right, where there's market share gains across the channels and key product categories, and we start to see some of the impact of the new program. So, second quarter revenue up mid-single digit.

是的。我想說的是，第二季的業績指引是正確的，我們的收入成長了中等個位數，我們對所製定的前景感到滿意。我們仍然保持謹慎樂觀的態度。但對於第二季度，您應該會看到與第一季相同的趨勢，即各個通路和主要產品類別的市場份額都有所增長，並且我們開始看到新計劃的一些影響。因此，第二季的營收成長了中等個位數。

We're quite pleased. It's still very early in the quarter, but we're quite pleased with what we see.

我們非常高興。本季還處於初期階段，但我們對所看到的情況感到非常滿意。

Paul Kearney, Barclays.

巴克萊銀行的保羅·科爾尼。

Can you talk about what you're seeing in terms of pricing in the market? Have prices in your key categories already started to rise for tariff costs? And my second question is, given your relative advantage, how do you balance accelerating the potential market share gains versus taking some benefit on margin?

您能談談您所看到的市場定價情況嗎？由於關稅成本，你們主要產品類別的價格是否已經開始上漲？我的第二個問題是，鑑於你們的相對優勢，你們如何平衡加速潛在的市佔率成長與獲取利潤？

Thank you, Paul. On the pricing front, we've seen pricing remain fairly stable through Q1 and into early Q2. So, not a lot of price changes at that point. We have taken selective minimal price so far to offset inflation and some of the tariffs. Some of that will begin taking effect later in Q2.

謝謝你，保羅。在定價方面，我們看到價格在第一季和第二季初保持相當穩定。因此，那時價格不會有太大變動。到目前為止，我們採取了選擇性最低價格來抵消通貨膨脹和部分關稅。其中一些措施將在第二季稍後開始生效。

But again, we're not seeing that as both Glenn and Luca have mentioned, with our ability with our vertically integrated supply chain, our flexibility, we think that will continue to be selective minimal price offsetting that tariff and not large price changes as you may have to see from other regions or other suppliers.

但是，正如 Glenn 和 Luca 所提到的，我們並沒有看到這種情況，憑藉我們垂直整合的供應鏈能力和靈活性，我們認為這將繼續是有選擇性的最低價格來抵消關稅，而不是像您可能從其他地區或其他供應商那裡看到的那樣出現大幅度的價格變化。

And I guess just to round out the question from the margin perspective, for the full year, we're guiding to an improvement in the operating margin by 50 basis points versus 2024. And if you boil it down to the levers that we need in order to achieve the expected operating margins, which underpin our guidance, the first is fully leveraging our greenfield project in Bangladesh, right, and that flow through in cost of sales. The second is improving the utilization of the Central American capacity, produce more fleece, high-growth products, right? And the third is benefiting from the yarn modernization investments and other strategic initiatives that optimize our supply chain. And finally, successfully navigate the tariff situation with the levers that are available to us, which is we went over, but the flexibility in our operations as well as a little bit of price.

我想，從利潤率的角度來看，我們預計全年營業利潤率將比 2024 年提高 50 個基點。如果你把它歸結為我們實現預期營業利潤率所需的槓桿（這支撐了我們的指導），那麼首先就是充分利用我們在孟加拉國的綠地項目，然後流入銷售成本。第二是提高中美洲產能的使用率，生產更多的羊毛、高成長產品，對嗎？第三是受益於紗線現代化投資和其他優化我們供應鏈的策略措施。最後，利用我們可用的槓桿成功應對關稅形勢，這是我們已經克服的困難，但我們的營運具有靈活性，而且價格也低一些。

Vishal Shreedhar, National Bank.

維沙爾‧什裡達爾 (Vishal Shreedhar)，國家銀行。

With respect to the industry trends in Q1, when you talked about the declines, was that in sales or units?

關於第一季的行業趨勢，您所說的下降是指銷售額下降還是單位數量下降？

We're speaking mainly in units from a unit perspective, but I think the sales perspective tracks the same.

我們主要從單位角度談論單位，但我認為銷售角度也是一樣的。

I see. And with respect to Gildan, what were your units year-over-year in Q1?

我懂了。就 Gildan 而言，第一季您的銷售量與去年同期相比如何？

Neutral. Our price is neutral, and our Activewear sales were up 9%, basically driven by the marine innovation, basically our soft style technology, our fleece, our comfort colors, our AA. I think we had a good quarter. We're taking share. We have a little bit of revenue from our new programs.

中性的。我們的價格是中性的，我們的運動服銷售額成長了 9%，主要得益於海洋創新、我們的柔軟風格技術、我們的羊毛、我們的舒適色彩和我們的 AA。我認為我們這個季度表現不錯。我們正在分擔份額。我們從新項目獲得了一點收入。

But, all in all, there was no real price moving in the quarter.

但總體而言，本季價格並沒有實際變動。

Right. But given that mix was favorable, presumably units was something less than 9%, but still positive?

正確的。但考慮到這種組合是有利的，大概單位數會低於 9%，但仍然是正數？

No. The mix was slightly the same. I don't think mix was...

不。混合物略有相同。我不認為混合是......

Well, I think, again, if we take a look, you have to start with the market assumption, right, or how the market performed. The market was down low to mid-single digit in the first quarter. And for the reasons that Glenn went over, we were taking share. And we saw strength in our U.S. in our national accounts business, the categories that are touched by innovation, like Glenn mentioned, comfort colors, American Apparel, those were up double digits.

好吧，我認為，如果我們再看一下，你必須從市場假設開始，對吧，或者市場表現如何。第一季市場跌幅達到低至個位數的中段。由於格倫過去的原因，我們獲得了份額。我們看到，美國國民帳戶業務表現強勁，受到創新影響的類別，如格倫提到的舒適色彩、美國服飾等，都實現了兩位數的成長。

So those really underpin the 9% growth in Activewear. And we're I mean, we're quite pleased with that performance. That's a good performance in our quarter and the first quarter is usually the lowest quarter, and we have to remember that. Now on the underwear and hosiery side, that's where we did have lower sales, 38%, but that's because of the phasing out of the under armour business.

所以這些確實支撐了運動服 9% 的成長。我的意思是，我們對這項表現非常滿意。這是我們本季的良好表現，第一季通常是業績最低的季度，我們必須記住這一點。現在，就內衣和襪子方面而言，我們的銷售額確實較低，下降了 38%，但這是因為安德瑪業務的逐步退出。

Okay. And when do you anniversary the introduction of the soft cotton technology?

好的。柔軟棉技術什麼時候推出？

The soft cotton technology, well, it's hard to say, though, because you know why, because it's it takes a long time for it to constantly get out to the marketplace. So like if you look at last year, we started being flat in sales, and we were slight Q2, we were flattish, slightly up one. And then as we move through the quarters, it got a little bit better. So it's hard to say, to be perfectly honest with you. But I would say to you that it's resonating with end users.

柔軟棉技術，嗯，這很難說，因為你知道原因，因為它需要很長時間才能持續進入市場。因此，如果你看看去年，我們的銷售額開始持平，而第二季的銷售額則略有持平，略有上升。隨著我們進入新季度，情況開始好轉。所以說實話，這很難說。但我想告訴你的是，它引起了最終用戶的共鳴。

It's a product of choice. And I would say, particularly when you look in a market where inflation is a factor, people look to trade down. And our soft cotton technology is a great trade-down product. And maybe one other point that we haven't crossed today is that but people don't realize is that the wholesale cost on our cost, what our customers are selling to end users are basic bread and butter T-shirt is selling for $2.30. So there's two important points here.

這是值得選擇的產品。我想說的是，特別是當你看到通貨膨脹是一個因素的市場時，人們會選擇降低消費。我們的柔軟棉技術是一款出色的降級產品。也許我們今天還沒有談到的另一個觀點是，但人們沒有意識到的是，我們的批發成本是我們的客戶賣給最終用戶的基本生活必需品 T 卹，售價為 2.30 美元。這裡有兩個重點。

One is that even if there's a slight price increase on $2.30, it's not going to even move the needle because by the time our products get sold to end users and end up at either Souvenir store or somewhere else, I mean, they're selling for between $20 and $25. So that couple of cents a shirt is never going to move the needle. And secondly, because of our price point, is so favorable, we think that we have a good chance in trade down, et cetera, et cetera. So I think we're well positioned overall to continue our momentum and continue taking share. And we're better positioned than anybody else in the market, which I think is an important part because not everybody can offset the tariff costs like we do because of our vertically integration, our low-cost manufacturing, our flexibility, our agility and everything else that we have working for Gildan, and we're pretty excited about the opportunity.

一是即使價格在 2.30 美元的基礎上略有上漲，也不會產生什麼影響，因為當我們的產品賣給最終用戶並最終出現在紀念品商店或其他地方時，它們的售價在 20 到 25 美元之間。因此，一件襯衫的幾美分根本無法帶來什麼改變。其次，由於我們的價格點非常優惠，我們認為我們有很好的機會進行降價等等。因此我認為我們總體上處於有利地位，可以繼續保持發展勢頭並繼續佔據市場份額。我們在市場上的地位比任何其他公司都要好，我認為這是很重要的一點，因為不是每個人都能像我們一樣，透過垂直整合、低成本製造、靈活性、敏捷性以及我們為 Gildan 所做的一切，來抵消關稅成本，我們對這個機會感到非常興奮。

Martin Landry, Stifel.

馬丁·蘭德里 (Martin Landry)，Stifel。

My question is on your Q2 guidance for margins, for operating margins. You're guiding for operating margins to be stable year-over-year. Last year, it was your highest quarter, I think, at 22.7%. So this would be in last year, you had the Barbados tax credit for six months. That was a significant help.

我的問題是關於您對第二季度利潤率和營業利潤率的預測。您預計營業利潤率將比去年同期保持穩定。我認為，去年是你們最高的一個季度，達到了 22.7%。去年，您享受了六個月的巴貝多稅收抵免。這是一個很大的幫助。

So this year, you're going to have the highest gross operating margin you've had in a long time. So the question is, how sustainable is that margin level? And where could margins go next in the long term? Is there upside to your 2025 level? Or are you maxed out?

因此，今年你們的毛營業利潤率將達到長期以來的最高水準。那麼問題是，該利潤水準的可持續性如何？長遠來看，利潤率將會如何改變？您的 2025 年水準還有上升空間嗎？還是你已經達到極限了？

Well, thank you for your question, Martin. I think when you take a look at the operating margin and you take a look at the evolution of the business, right? And like you said, last year, the operating margin was 22.7%. We've guided to a similar operating margin for the second quarter of this year. You're correct that, that last year included the positive benefit of the jobs credits.

嗯，謝謝你的提問，馬丁。我認為，當您查看營業利潤率並查看業務發展時，對嗎？正如您所說，去年的營業利潤率為 22.7%。我們預計今年第二季的營業利潤率也將類似。您說得對，去年確實包括了就業補貼帶來的正面效益。

It was introduced in May by Barbados. It was retroactive to the first quarter. And in our disclosures, you see that that there was $17 million of that benefit now. So that we have to take into account. But nonetheless, it is like you say, it's a strong operating margin, and we're comfortable with the guidance that we've given for the second quarter, given the trends that you see exiting Q1, right?

它是在五月由巴貝多推出的。它追溯至第一季。在我們的揭露中，您會看到現在該項福利已達 1700 萬美元。所以我們必須考慮到。但儘管如此，就像您所說的那樣，這是一個強勁的營業利潤率，並且考慮到您看到的第一季趨勢，我們對第二季的指導感到滿意，對嗎？

When you take a look at where the growth comes from, coming from categories such as comfort colors, right, American Apparel, fleece, so these are categories that really do benefit the margin. And then with respect to the future view, we've given the guidance for the full year, right, 50 basis points versus 2024. And then again, if you peel back the onion there, when you look at the assumptions, we are cautiously optimistic. But at the same time, we're comfortable with the guidance that we gave. So similar to last year in Q2 and 50 basis point expansion for the full year.

當你查看成長來自哪裡時，你會發現成長來自舒適色彩、美國服飾、羊毛等類別，這些類別確實有利於利潤率。然後，關於未來展望，我們給出了全年預測，相對於 2024 年，預測為 50 個基點。再說了，如果你剝開洋蔥，當你看到這些假設時，我們持謹慎樂觀的態度。但同時，我們對給予的指導感到滿意。與去年第二季類似，全年擴張了 50 個基點。

That's the way I would think about it.

我就是這麼想的。

Okay. That's helpful. And Glenn, just coming back to the dynamic at play here. It seems like your competitive advantage is improving. It seems like you could increase your capacity utilization.

好的。這很有幫助。格倫，我們再回到這裡的動態。看起來你的競爭優勢正在提升。看起來您可以提高產能利用率。

I mean I would assume that gives you a bit more flexibility to pick and choose which program and you want to play in and maybe potentially improve your margin. Is that a fair assessment?

我的意思是，我認為這會給你更多的靈活性來選擇你想參加的項目，並可能提高你的利潤。這是一個公平的評價嗎？

Well, I would say to you is that, obviously, that's our goal is always to return and focus on shareholder value. So I would say, yes, that would be the answer. But if you look at there's strategic opportunities for us right now. We're going to continue to focus on the long term for the business and making sure that we work with our customers for the long term. And I think that's really going to be the most important decision that will drive our decision-making.

嗯，我想告訴你的是，顯然我們的目標始終是回歸並專注於股東價值。所以我會說，是的，這就是答案。但如果你看一下，你會發現我們現在面臨戰略機會。我們將繼續專注於業務的長期發展，並確保與客戶長期合作。我認為這確實會成為推動我們決策的最重要的決定。

Mark Petrie, CIBC.

加拿大帝國商業銀行的馬克‧皮特里。

Just a couple of follow-ups. I guess, first, with regards to price, have you observed any price activity or price increases from your competitors?

僅需幾個後續行動。我想，首先，關於價格，您是否觀察到競爭對手有任何價格活動或價格上漲？

We've seen selective pricing out by some competitors as well. So I think we're going to continue to see that dynamic play out through the rest of this quarter. I think it was early days. It took some people time to assess our supply chain. I think we could do so quickly due to our vertically integrated manufacturing, our ability to control what we do.

我們也看到一些競爭對手採取選擇性定價策略。因此我認為我們將在本季剩餘時間內繼續看到這種動態表現。我認為那是早期。有些人花了一些時間來評估我們的供應鏈。我認為，憑藉我們垂直整合的製造能力和控制自身業務的能力，我們可以快速實現這一目標。

And so we've moved accordingly. But I think we'll continue to see that happen over the coming weeks and months.

因此我們也採取了相應的行動。但我認為，在未來幾週和幾個月內，我們將繼續看到這種情況發生。

And would you characterize your moves as being roughly in line with the competitive set or lagging or leading?

您認為您的舉動與競爭對手大致一致、落後還是領先？

Well, it's early days still. So I would say to you that, look, I mean, we have, I think, an advantage because of our US content, both our cotton and our yarn versus some of the competitors in the market. So we'll see what happens. I mean, they might just sacrifice their margin, we'll see.

嗯，現在還為時過早。所以我想告訴你，你看，我的意思是，我認為，與市場上的一些競爭對手相比，我們擁有優勢，因為我們的棉花和紗線都來自美國。因此我們將拭目以待。我的意思是，他們可能只是犧牲他們的利潤，我們拭目以待。

But I think we're being cautious on how we maneuver in the market on price, and we're going to leverage our infrastructure and our low-cost manufacturing.

但我認為，我們對如何在市場上操縱價格持謹慎態度，我們將利用我們的基礎設施和低成本製造。

Yes. Understood. Okay. And then just on the cash flow, working capital, is that just sort of typical seasonality? Or is there something else there and we should just sort of expect it to continue to normalize throughout the balance of the year?

是的。明白了。好的。那麼就現金流、營運資本而言，這只是典型的季節性嗎？或者是否存在其他因素，我們是否應該期望它在今年餘下時間繼續正常化？

And then also related to that, I suppose, a bit of a slower pace on buybacks for you in Q1 versus obviously being more aggressive on the re-leveraging in 2024. But how should we think about the pace of buybacks through the balance of the year, assuming the 5% to 6% sort of general target is still the right number?

然後，我想，與此相關的是，第一季的回購速度會稍微慢一些，而 2024 年的再槓桿化速度顯然會更積極。但是，假設 5% 到 6% 的總體目標仍然是正確的數字，我們應該如何考慮今年餘下的回購速度？

Yes, Mark, thank you for your question. So for the first part, in terms of the working capital, look, the working capital is under control, right? So like heading into season, it's normal that the working capital as a percentage of sales will be higher. But in terms of our projections and really our target is that would moderate back to something around, let's say, 37% of sales towards the end of the year. And the components of that will in terms of the receivables and the inventory will both moderate.

是的，馬克，謝謝你的提問。那麼對於第一部分，就營運資金而言，你看，營運資金是在控制之下的，對嗎？因此，隨著進入旺季，營運資本佔銷售額的百分比會更高，這是正常的。但就我們的預測和實際目標而言，到年底銷售額將回落至 37% 左右。其中應收帳款和庫存的組成部分都將趨於緩和。

So we feel very comfortable there. We're also well positioned. When you look at working capital at this juncture, working capital is a good thing because don't forget, #1 purchasing criteria for our customers is availability. So that comes with the working capital cost upfront and then you monetize. So by the end of the year, normalized back to 37%.

所以我們在那裡感覺很舒服。我們的定位也十分有利。當你在這個時刻考慮營運資金時，營運資金是一件好事，因為不要忘記，我們客戶的首要購買標準是可用性。因此，這需要先支付營運資金成本，然後才能將其貨幣化。因此到年底，恢復到 37% 的正常水平。

And in terms of the return of capital to shareholders, that's of utmost importance for us. We've laid that out in our capital allocation strategy. First quarter, $62 million, 1.2 million shares. And the way to think about our NCIB program is that we will continue to buy back shares in a sustained cadence and 5% to 6% over the course of the year is the way to think about that. And really important to us is that as we provide capital back to shareholders and as we meet our objectives, we have to maintain a healthy balance sheet.

就向股東返還資本而言，這對我們來說至關重要。我們已經在資本配置策略中闡明了這一點。第一季度，6,200 萬美元，120 萬股。而我們思考 NCIB 計畫的方式是，我們將繼續以持續的節奏回購股票，全年的回購率為 5% 至 6%。對我們來說真正重要的是，當我們向股東提供資本並實現我們的目標時，我們必須保持健康的資產負債表。

And our leverage framework of 1.5 to 2.5x is what we're comfortable with. And so you'll see that also be monitored in conjunction with the way we buy back stock. So I think that should answer both of your questions.

我們對 1.5 到 2.5 倍的槓桿框架感到滿意。因此，您會看到，這也與我們回購股票的方式一起受到監控。所以我認為這應該可以回答你的兩個問題。

Yes. Yes, it does. And maybe just one quick one. I think I'm hearing you say that the account wins for 2025 were maybe slightly in place for Q1, but obviously getting much more material throughout the year. Is that right?

是的。是的。也許只需要一個快速的。我想我聽到您說 2025 年的帳戶勝利可能在第一季略有到位，但顯然全年會獲得更多材料。是嗎？

Yes, that's right. I mean we feel most of those will continue through the back half, and you'll see it accelerate there. And also, as Glenn mentioned, we also have line of sight of new programs into 2026 that we think will also give us the same level of sustained growth as we look through and support our mid-single-digit growth going into 2026.

是的，沒錯。我的意思是，我們覺得其中大部分將在後半段持續下去，並且你會看到它在那裡加速。而且，正如格倫所提到的，我們也對 2026 年的新計劃有了展望，我們認為這些新計劃也將為我們帶來同樣的持續增長水平，並支持我們在 2026 年實現中等個位數的增長。

This concludes the question-and-answer session. I'll turn the call to Jessy Hayem for closing remarks.

問答環節到此結束。我將把電話轉給傑西·海耶姆 (Jessy Hayem) 來做結束語。

Thanks, Sarah. 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 evening.

謝謝，莎拉。再次感謝大家今天的加入和參加我們的電話會議，我們期待很快與您交談。祝您有個愉快的夜晚。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。