Gildan Activewear Inc (GIL) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Gildan Activewear's 2025 Q3 earnings conference call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jessy Hayem, Senior Vice President, Head of Investor Relations and Global Communications. Please go ahead.

女士們、先生們，感謝各位的耐心等待，歡迎參加 Gildan Activewear 2025 年第三季財報電話會議。請注意，今天的會議正在錄影。現在我謹將會議交給高級副總裁兼投資者關係和全球傳播主管傑西·海耶姆 (Jessy Hayem)。請繼續。

Thank you, Jeannie. Good morning, everyone, and thank you for joining us. Earlier today, we issued a press release announcing our results for the third-quarter, while updating our full year 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 US Securities Commission today, and they'll also be available on our corporate website.

謝謝你，珍妮。各位早安，感謝各位的參與。今天早些時候，我們發布了一份新聞稿，公佈了第三季的業績，同時更新了我們對 2025 年全年的業績預期。我們也發布了中期股東報告，其中包含管理階層討論與分析以及合併財務報表。預計這些文件將於今日提交給加拿大證券監管機構和美國證券交易委員會，同時也會在我們的公司網站上公佈。

Now, joining me on the call today are Glenn Chamandy, our President and CEO; Luca Barile, Executive Vice President, CFO; and Chuck Ward, Executive Vice President, and Chief Operating Officer. This morning, we'll take you through the results for the quarter and then a question-and-answer session will follow.

今天和我一起參加電話會議的有：總裁兼執行長 Glenn Chamandy；執行副總裁兼財務長 Luca Barile；以及執行副總裁兼營運長 Chuck Ward。今天上午，我們將為大家介紹本季的業績，之後將進行問答環節。

Before we begin, please take note that certain statements included in this conference call may constitute forward-looking statements, which involve unknown and known risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. We refer you to the company's filings with the US Securities and Exchange Commission and Canadian securities regulatory authorities.

在會議開始之前，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。請查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. And now I'll turn it over to Glenn.

在本次電話會議中，我們也將討論一些非GAAP財務指標。與最直接可比較的IFRS指標的調節表已在今天的收益報告以及我們的管理層討論與分析中提供。現在我把麥克風交給格倫。

Thank you, Jessy, and good morning, everyone. We're pleased with our third-quarter results as we continue to drive profitable growth, especially in a macroeconomic backdrop, which remains fluid. We saw strong net sales growth of 5.4% in Activewear and adjusted operating margins of 23.2%, which allowed us to deliver record adjusted diluted EPS of $1 this quarter, an increase of 17.6% versus the same period last year.

謝謝你，傑西，大家早安。我們對第三季的業績感到滿意，因為我們繼續保持獲利成長，尤其是在宏觀經濟狀況仍然不穩定的情況下。運動服業務淨銷售額強勁增長 5.4%，調整後營業利潤率達 23.2%，這使得我們本季調整後攤薄每股收益創下 1 美元的歷史新高，比去年同期增長 17.6%。

These are record-setting third-quarter results, which once again showcased the effectiveness of our Gildan sustainable growth strategy in driving strong financial performance. Our sales in the distributor channel remain healthy, and we're seeing sustained momentum in our national account customers, which is supported by strong overall competitive positioning.

這是創紀錄的第三季業績，再次證明了吉爾丹永續成長策略在推動強勁財務業績方面的有效性。我們在分銷管道的銷售仍然健康，並且在全國客戶中也看到了持續的成長勢頭，這得益於我們強大的整體競爭地位。

We continue to drive growth in key categories. We're very pleased that our innovation pipeline continues to create excitement, and we have now introduced new brand offerings such as All Pro and Champion. Furthermore, our Comfort Colors brand continues to perform very well. This year, the brand is actually celebrating its 50 anniversary. A great milestone for Comfort Colors whose pigment dyed shirts are redefining comfort and style.

我們持續推動重點領域的成長。我們非常高興看到我們的創新產品線不斷帶來驚喜，現在我們已經推出了 All Pro 和 Champion 等新品牌產品。此外，我們的 Comfort Colors 品牌表現依然非常出色。今年，該品牌正在慶祝其成立50週年。對於 Comfort Colors 來說，這是一個重要的里程碑，該公司採用顏料染色技術生產的襯衫正在重新定義舒適性和時尚。

They're crafted from 100% ring-spun cotton, grown and harvested in the US using a pigment pure technology, which helps to reduce water and energy and shortens processing type. So as we turn the page to another successful quarter of execution, we are narrowing our adjusted diluted EPS guidance to a range of $3.45 to $3.51 and also updating our full year adjusted operating margins, CapEx, and free cash flow guidance.

它們採用 100% 環錠紡棉製成，這種棉花在美國種植和收穫，並採用純顏料技術，有助於減少水和能源消耗，並縮短加工時間。因此，隨著我們翻開新的一頁，迎接另一個成功的季度，我們將調整後的稀釋每股收益預期範圍縮小至 3.45 美元至 3.51 美元，同時更新了全年調整後的營業利潤率、資本支出和自由現金流預期。

Luca will detail this in a moment. We believe that this is an exciting pivotal moment for Gildan, and we're enthusiastic about the next phase of our growth journey. We're delivering constant execution of our strategic priorities. We're capitalizing on the largest innovation pipeline in the company's history. And now, we're focused on planning the integration of the proposed acquisition of Hanesbrands, which will broaden our portfolio of retail presence as we look to drive meaningful run rate synergies of at least $200 million by leveraging our best-in-class large-scale, low-cost vertically integrated manufacturing network.

盧卡稍後會詳細說明。我們相信，對 Gildan 而言，這是一個令人興奮的關鍵時刻，我們對下一階段的成長之旅充滿熱情。我們持續推動各項戰略重點的落實。我們正在充分利用公司史上規模最大的創新項目儲備。現在，我們正專注於規劃對 Hanesbrands 的擬議收購的整合，這將擴大我們的零售業務組合，同時我們將利用我們一流的大規模、低成本垂直整合的製造網絡，推動至少 2 億美元的顯著年度協同效應。

We continue to expect the transaction to close late this year or early 2026. As you can expect, we have put in place an integration team that have begun planning for this combination. At this point, there is no further commentary that will be positioned to provide for the proposed transaction. In conclusion, we continue to execute from a position of strength. We have a solid foundation.

我們仍然預計該交易將於今年年底或 2026 年初完成。正如您所料，我們已經組建了一個整合團隊，並開始為此次合併做準備。目前，沒有進一步的評論可以為擬議的交易提供支持。總之，我們將繼續憑藉優勢地位執行各項任務。我們擁有堅實的基礎。

We're focusing on our GSG strategy with our strong competitive positioning all of which is putting us in a great position to execute on the eventual combination with HanesBrands and ultimately drive long-term shareholder value. I look forward to answering your questions after our formal remarks.

我們正專注於我們的 GSG 策略，憑藉我們強大的競爭地位，所有這些都使我們處於有利地位，可以最終與 HanesBrands 合併，並最終推動股東的長期價值。正式發言結束後，我期待回答各位的問題。

I'll now turn it over to Luca for a financial review.

現在我將把它交給盧卡進行財務審查。

Thank you, Glenn. Good morning, everyone, and thank you for joining us today to discuss our third-quarter results. Let me start with the specifics of the quarter, then turn to our 2025 outlook and guidance. First, the quarterly results. We reported third-quarter sales of $911 million, up 2.2% year-over-year, in line with previously provided guidance of low single-digit growth.

謝謝你，格倫。各位早安，感謝各位今天蒞臨現場，與我們共同探討第三季業績。讓我先介紹一下本季的具體情況，然後再談談我們對 2025 年的展望和指導。首先是季度業績。我們公佈的第三季銷售額為 9.11 億美元，年成長 2.2%，與先前給出的個位數低成長預期相符。

The 5.4% increase in Activewear sales was driven by favorable product mix and higher net prices. As Glenn mentioned, we continue to drive growth in key categories and are experiencing robust demand for Comfort Colors, while supplementing our portfolio with the addition of All Pro and Champion. Sales to North American distributors were solid, complemented by sustained momentum at our national account customers, driven by our strong overall competitive positioning.

運動服銷售額成長 5.4%，主要得益於有利的產品組合和更高的淨價。正如 Glenn 所提到的，我們繼續推動關鍵類別的成長，並且對 Comfort Colors 的需求強勁，同時透過增加 All Pro 和 Champion 來補充我們的產品組合。北美經銷商的銷售業績穩健，同時，由於我們整體強大的競爭地位，我們在全國客戶中的銷售勢頭也保持強勁。

Sales in the Hosiery and Underwear category were down 22% versus last year, which reflect, as expected, a timing shift of shipments into the fourth quarter and to a lesser extent, unfavorable mix as the category experienced continued broader market weakness during the quarter.

與去年相比，襪類和內衣類產品的銷售額下降了 22%，這正如預期的那樣，反映了出貨時間轉移到了第四季度，以及在較小程度上，由於該類別在本季度持續的整體市場疲軟，導致產品組合不利。

Turning to international markets. Sales were down by $4 million or down 6.1% year-over-year, primarily reflecting ongoing demand softness across markets. We don't typically spend time on our year-to-date results, but just a brief comment that on a year-to-date basis, our consolidated revenue growth is at mid-single digits, excluding the impact of the exit of the Under Armour business in 2024, setting us up well for the full year.

轉向國際市場。銷售額較去年同期下降 400 萬美元，降幅達 6.1%，主要反映各市場需求持續疲軟。我們通常不會花時間討論年初至今的業績，但這裡簡單提一下，年初至今，我們的綜合收入增長為個位數中段，不包括 2024 年 Under Armour 業務退出帶來的影響，這為我們全年的發展奠定了良好的基礎。

Shifting to margins for the quarter. Our gross margin was 33.7%, a 250 basis point improvement over the prior year. primarily due to lower manufacturing costs and favorable pricing, which reflect price increases implemented to offset the initial impact from tariffs. To a lesser extent, we also benefited from lower raw material costs. SG&A expenses were $95 million versus $84 million last year.

接下來討論季度利潤率。我們的毛利率為33.7%，比前一年提高了250個基點，這主要歸功於製造成本降低和定價策略有利，而定價策略則反映了為抵消關稅初期影響而實施的價格上漲。原材料成本降低也在一定程度上使我們受益。銷售、一般及行政費用為9,500萬美元，去年為8,400萬美元。

Excluding charges related to the proxy contest and leadership changes and related matters, which were almost entirely incurred in the prior year, adjusted SG&A were still $95 million or 10.4% of sales, compared to $78 million or 8.8% of sales in the same quarter last year, reflecting higher variable compensation and IT-related general and administrative expenses.

剔除與代理權爭奪、領導層變動及相關事項有關的支出（這些支出幾乎全部發生在上一年），調整後的銷售、一般及行政費用仍為 9500 萬美元，佔銷售額的 10.4%，而去年同期為 7800 萬美元，佔銷售額的 8.8%，這反映出可變薪酬和 IT 相關一般及行政費用的增加。

As we bring these elements together, and adjusting for restructuring and acquisition-related costs, primarily related to the proposed HanesBrands acquisition as well as the costs related to the proxy contest and leadership changes and related matters, which were almost all entirely incurred in the prior year. We generated adjusted operating income of $212 million, up $12 million representing a record 23.2% of net sales. This reflects an 80 basis point improvement year-over-year, which came in ahead of guidance we provided.

我們將這些因素綜合起來，並調整重組和收購相關成本（主要與擬議的 HanesBrands 收購有關），以及與代理權爭奪、領導層變動和相關事項有關的成本（這些成本幾乎全部在上一年發生）。我們實現了調整後的營業收入 2.12 億美元，比上年增長 1,200 萬美元，佔淨銷售額的 23.2%，創歷史新高。這反映出年比改善了 80 個基點，高於我們先前給出的預期。

Net financial expenses of $44 million were up $13 million over the prior year due primarily to fees related to the committed financing that we obtained for the proposed HanesBrands acquisition and due to generally higher borrowing levels. Furthermore, in connection with the proposed acquisition, as you may have seen, we announced on September 23, a private placement offering of USD 1.2 billion aggregate principal amount of senior unsecured notes across two series.

淨財務支出為 4,400 萬美元，比去年增加了 1,300 萬美元，主要原因是與我們為擬議的 HanesBrands 收購獲得的承諾融資相關的費用，以及普遍較高的借款水平。此外，關於擬議的收購，正如您可能已經看到的，我們在 9 月 23 日宣布，將分兩期發行總額為 12 億美元的高級無抵押票據。

The proceeds from this offering will be used to fund the proposed acquisition of HanesBrands, refinance its debt, and cover related transaction costs. Taking into account all these factors and adjusting for restructuring and other costs and the financing fees in connection with the proposed HanesBrands acquisition, we generated record adjusted diluted EPS of $1, up 17.6% compared to $0.85 in the comparable period.

本次發行所得款項將用於為擬議收購 HanesBrands 提供資金、為其債務進行再融資以及支付相關交易費用。考慮到所有這些因素，並調整重組和其他成本以及與擬議的 HanesBrands 收購相關的融資費用，我們實現了創紀錄的調整後稀釋每股收益 1 美元，比上年同期的 0.85 美元增長了 17.6%。

Now turning to cash flow and balance sheet items for the first nine months of 2025. Operating cash flow was $270 million compared to $291 million last year, primarily reflecting higher working capital investments. After accounting for CapEx of $82 million, we generated approximately $189 million in free cash flow in the first nine months of 2025, of which $200 million was generated in the third-quarter.

現在來看2025年前九個月的現金流量和資產負債表項目。經營現金流為 2.7 億美元，去年同期為 2.91 億美元，主要反映營運資本投資增加。在計入 8,200 萬美元的資本支出後，我們在 2025 年前九個月產生了約 1.89 億美元的自由現金流，其中第三季產生了 2 億美元。

During the first nine months of the year, we returned $286 million in capital to shareholders, including $102 million in dividends and repurchased about 3.8 million shares under our NCIB program. Finally, we ended this quarter with net debt of about $1.7 billion and at a leverage ratio of two times net debt to trailing 12 months adjusted EBITDA at the midpoint of our targeted range of 1.5 to 2.5 times.

今年前九個月，我們向股東返還了 2.86 億美元的資本，其中包括 1.02 億美元的股息，並根據我們的 NCIB 計劃回購了約 380 萬股股票。最後，本季末，我們的淨債務約為 17 億美元，槓桿率為淨債務與過去 12 個月調整後 EBITDA 的兩倍，處於我們目標範圍 1.5 至 2.5 倍的中點。

Now turning to our strategy and outlook. As Glenn highlighted earlier, we are pleased with the team's continued execution as we approach the end of a very solid year. We continue to tap into the largest innovation pipeline in the company's history with more product launches to come in 2025 and into 2026. Now turning to the outlook. We remain focused on operational agility and committed to executing on our GSG strategy in order to drive strong financial performance as we navigate a fluid macroeconomic environment.

現在談談我們的策略和展望。正如格倫之前所強調的那樣，我們對球隊在即將結束這個非常穩健的一年之際所展現出的持續出色表現感到滿意。我們將繼續利用公司史上最大的創新管道，在 2025 年和 2026 年推出更多產品。現在來展望一下前景。我們將繼續專注於營運靈活性，並致力於執行我們的全球策略成長策略，以在瞬息萬變的宏觀經濟環境中實現強勁的財務表現。

We are updating our 2025 guidance as follows and expect revenue growth for the full year to be up mid-single digits in line with previous guidance; full year adjusted operating margin to increase approximately 70 basis points compared to previous guidance of up approximately 50 basis points. Our CapEx to come in at approximately 4% of sales compared to previous guidance of 5% of sales; adjusted diluted EPS to be in the range of $3.45 and to $3.51, which is up approximately 15% and 17% year-over-year, compared to our previous guidance of $3.40 to $3.56. And free cash flow to now approximately $400 million compared to our previous guidance of above $450 million.

我們對 2025 年的業績指引進行瞭如下更新：預計全年收入增長將達到中等個位數，與之前的指引一致；全年調整後營業利潤率將比之前的指引提高約 50 個基點。我們的資本支出預計約為銷售額的4%，低於先前預期的5%；調整後攤薄每股收益預計在3.45美元至3.51美元之間，同比增長約15%至17%，高於此前預期的3.40美元至3.56美元；自由現金流預計約為4億美元，低於此前預期的4.5億美元以上。

The assumptions underpinning this outlook are the following: Firstly, we continue to reflect the impact of tariffs currently in place in conjunction with mitigation initiatives available to us, including pricing and our ability to leverage our flexible business model as a low-cost vertically integrated manufacturer. The higher tariffs are also embedded in our inventory costs.

支撐這項展望的假設如下：首先，我們繼續反映當前關稅的影響，以及我們可以採取的緩解措施，包括定價和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。更高的關稅也反映在我們的庫存成本中。

Furthermore, the outlook continues to reflect growth in key product categories, driven by recently introduced innovation the favorable impact from new program launches and market share gains and the various incentives from jurisdictions where we operate. We've assumed no share repurchases for the remainder of 2025 as indicated at the time of the announcement of the proposed HanesBrands acquisition.

此外，前景持續反映出主要產品類別的成長，這得益於近期推出的創新、新專案推出和市場份額成長帶來的有利影響，以及我們營運所在司法管轄區提供的各種激勵措施。正如宣布擬收購 HanesBrands 時所表明的那樣，我們假設 2025 年剩餘時間內不會進行任何股票回購。

We've taken into account acquisition-related costs incurred thus far and we anticipate that our adjusted effective tax rate for 2025 will remain at a similar level to what we saw for the full year in 2024. Finally, we've assumed no meaningful deterioration from the current market conditions, including the pricing and inflationary environment and the absence of a significant shift in labor conditions or the competitive environment.

我們已經考慮了迄今為止發生的收購相關成本，預計 2025 年的調整後實際稅率將與 2024 年全年的稅率保持相似水準。最後，我們假設當前市場狀況不會出現實質惡化，包括定價和通膨環境，以及勞動力狀況或競爭環境不會發生重大變化。

So in summary, we are pleased with the quarter, and we remain confident in our ability to deliver continued strong financial performance as we look ahead and get ready to welcome HanesBrands. Thank you. And now I'll turn it over to Jessy.

總而言之，我們對本季業績感到滿意，並且我們仍然有信心在展望未來並迎接 HanesBrands 之際，繼續保持強勁的財務業績。謝謝。現在我把麥克風交給傑西。

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

謝謝你，盧卡。我們的發言稿到此結束，現在開始回答各位的問題。

(Event Instructions) Jeanie, can you please begin the Q&A session?

（活動說明）珍妮，請你開始問答環節好嗎？

(Operator Instructions) Paul Lejuez, Citigroup.

（操作員說明）Paul Lejuez，花旗集團。

A couple of questions. One, can you just talk a little bit more about the weakness in the Underwear business, where you think that market share might be going? Maybe you can quantify how much the shift versus overall market weakness? And what's your view on when that business stabilizes?

幾個問題。第一，您能否再詳細談談內衣產業的疲軟之處，以及您認為這部分市佔率可能會流向哪裡？或許您可以量化一下這種轉變相對於整體市場疲軟的程度？那你認為這家公司何時才能穩定下來？

And then second, just curious what you're seeing at point of sale overall? Maybe if you could talk to pockets of strength and weakness at point of sale.

其次，我很好奇您在銷售點整體觀察到的情況如何？或許你可以和銷售點的優勢和劣勢群體談談。

Paul, it's Chuck. A couple of quick things. I guess, first, on the Underwear and Innerwear business. What we're seeing, the Innerwear business was impacted by a few things for the quarter. There continues to be some delays in some floor sets by a large retailer, so we're continuing to face that a bit.

保羅，我是查克。有幾件事要簡單說明一下。我想，首先來說說內衣和貼身衣物生意。我們看到，內衣業務在本季受到了一些因素的影響。一家大型零售商的部分商品陳列仍有延誤，所以我們仍然會遇到一些問題。

Also, some of it is retailers managing inventory investments and balances due to the impacts if you think of what they now have impacts of tariffs in their inventory and some cautiousness overall. We did see during Q3, the retailers starting to manage inventory a little tighter. And also, we talked previously about some ongoing product and program resets that are happening within the space with some customers. So all those things kind of drove the quarter results that you see here. I think as we think about it going forward, we expect to see a return in Innerwear of growth in Q4.

此外，部分原因是零售商由於關稅的影響，正在管理庫存投資和餘額，考慮到他們目前庫存受到的影響以及整體上的謹慎態度。我們在第三季確實看到，零售商開始更嚴格地管理庫存。此外，我們之前也討論過一些客戶正在進行的產品和專案調整。所以，所有這些因素共同導致了你現在看到的這個季度業績。我認為，展望未來，我們預計內衣業務將在第四季度恢復成長。

So we expect Q4 to be back to a growth perspective. Overall, on POS and what we're seeing in the market, I mean, what we're seeing is a stable market. We have seen it stabilized over the year. We think that we'll continue to see that through Q4 as well. And so -- and I think if you think about categories and how they're performing, I mean, we're seeing strong performance, obviously, with our Comfort Colors brand.

因此，我們預計第四季將恢復成長態勢。總的來說，就POS機和我們目前在市場上看到的情況而言，我的意思是，我們看到的是一個穩定的市場。過去一年來，我們看到情況趨於穩定。我們認為這種情況在第四季也會持續下去。所以——而且我認為，如果你考慮一下各個類別以及它們的表現，我的意思是，很明顯，我們的 Comfort Colors 品牌表現強勁。

We're continuing to see very large growth in net. Fleece has performed well. Glenn mentioned in his comments some about some new Activewear programs and national account growth that we're seeing as well. So we're capitalizing on those things as we go. And then obviously, we feel good about our brand portfolio and where we are to address the market going forward.

我們持續看到淨利潤大幅成長。羊毛表現良好。Glenn 在他的評論中也提到了一些我們正在看到的新的運動服項目和全國客戶成長情況。所以我們正在逐步利用這些優勢。顯然，我們對我們的品牌組合以及我們未來進軍市場的地位感到滿意。

When you say stable marketing, are you saying stable for last year, like PLS is flat to last year or stable at a low single-digit mid-single-digit rate?

您所說的穩定市場，是指與去年持平，例如PLS與去年持平，還是指穩定在個位數低至個位數的成長率？

More in line with Q2, what we were talking about in Q2, the market has kind of been stable at that same rate going forward.

與第二季的情況更吻合，正如我們在第二季討論的那樣，市場一直保持著相同的穩定速度。

Chris Li, Desjardins.

Chris Li，德斯賈丁斯集團。

Just maybe a first question on your guidance update. On your free cash flow guidance, you are guiding a little bit lower despite lower CapEx. It looks like it's mostly coming from higher working capital investment. Can you please elaborate a little bit on what's driving the change in the guidance for this year?

關於您更新的指導意見，我可能想問第一個問題。儘管資本支出減少，但您對自由現金流的預期略有下調。看起來主要原因是營運資本投入增加。請您詳細說明今年業績指引改變的原因？

Yes, sure. Thank you, Chris, for your question. So look, from a free cash flow perspective, we're actually -- so a few things. One, very good free cash flow performance in the quarter. We generated $200 million, which is right in line with our own internal expectations.

當然可以。謝謝你的提問，克里斯。所以你看，從自由現金流的角度來看，我們其實——有幾點。第一，本季自由現金流表現非常出色。我們創造了 2 億美元的收入，這與我們內部的預期完全一致。

And the revision to the guidance from a free cash flow perspective, there's a few things that drive that. One is the -- taking into account the transaction costs incurred to date with the proposed HanesBrands acquisition. The second is there's a bit of timing with respect to working capital. I'd reiterate that our view on working capital as a percentage of sales is really to be around 37% to 38%. We will get there as we move into 2026.

從自由現金流的角度來看，指導意見的修訂主要受以下幾個因素所驅動。一是考慮到迄今為止擬議的 HanesBrands 收購所產生的交易成本。第二點是營運資金方面存在一些時機問題。我重申，我們認為營運資本佔銷售額的比例應該在 37% 到 38% 左右。隨著我們邁入2026年，我們將實現這個目標。

And right now, there's also some tariff costs that are incurred in our inventory. So that's really the main drivers. From a cash flow generation perspective, that we're still generating healthy elements of free cash flow, that's really driven by the fact that we have really strong margin performance coming through, and that's expected to continue into next year.

目前，我們的庫存還會產生一些關稅成本。所以，這才是真正的主要驅動因素。從現金流產生的角度來看，我們仍然能夠產生健康的自由現金流，這主要得益於我們強勁的利潤率表現，預計這種情況將持續到明年。

Great. Okay. That's very helpful. And then maybe just another one on the guidance update. The operating margin is expected to increase by 70 basis points this year. As you look out into next year, what are some of the key puts and takes? And maybe directionally speaking, do you think 70 basis point improvement again next year is achievable?

偉大的。好的。那很有幫助。然後或許還可以再發一篇關於指導意見更新的文章。預計今年營業利潤率將提高70個基點。展望明年，您有哪些關鍵的投入與投入？或許從方向來看，您認為明年再提高 70 個基點是否可行？

Well, starting with the guidance for this year, the one thing that we're very pleased with, and that is -- it starts with the performance that we've seen sort of quarter-over-quarter and specifically in the third-quarter is strong margin performance. And the strong margin performance comes from -- is twofold. One, from strong gross margin performance but also really good cost control around SG&A.

首先，就今年的業績指引而言，我們最滿意的一點是——我們從季度環比業績，特別是第三季度的強勁利潤率表現中看到了這一點。強勁的利潤率表現源自於兩方面。第一，毛利率表現強勁，而且銷售、管理及行政費用控制也非常好。

And the reason why we've upped the guidance there in terms of up to 70 basis points improvement year-over-year, versus the 50 that we previously guided to is because the elements that we control that have been driving the margin expansion are things that are foundational to the way the company is running today and will continue to run. Those things are really embedded in the ramp-up of Bangladesh, right?

我們將該領域的預期值從先前的 50 個基點提高到 70 個基點，原因是推動利潤率擴張的因素是我們能夠控制的，也是公司目前營運和未來將繼續營運的基礎。這些因素確實已經深深融入孟加拉的崛起進程中，對吧？

Our investment in Bangladesh and the cost differential that's bringing us is contributing to that margin, that's expected to continue. The investments we made in our Yarn operations, optimization of our Yarn footprint and those costs are coming through, those will continue. The optimization of our Central American capacity and quite frankly, overall, our network overall, that's coming through. So there are elements that when you take a look at the gross margin in the third-quarter, we do have some impact from favorable pricing. There's a little bit of timing versus Q4.

我們在孟加拉的投資以及由此帶來的成本差異，正在促進利潤成長，預計這一趨勢將持續。我們在紗線業務方面的投資、紗線佈局的優化以及這些成本正在產生效益，而且這些效益還會繼續產生。我們正在優化中美洲地區的運力，坦白說，也優化了我們整個網絡，這些優化正在逐步實現。因此，在查看第三季的毛利率時，我們會發現有利的定價因素對其產生了一定的影響。與第四季度相比，時間上稍有延遲。

But the way to think about the margin, it's strong and it's sustained, and it's driven by things that we control and that are foundational to the business model. So that's what I would -- how I would think about heading into next year.

但從利潤率的角度來看，它強勁且可持續，並且是由我們可控的、對商業模式至關重要的因素所驅動的。所以這就是我對明年會怎麼想的。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Two-part question for me. First is just on the Fleece business. Glenn, if you can just talk about how the Fleece business trended maybe in September, if the weather is a little bit warmer and maybe what you've seen in October as the weather has got a little cooler. Just how inventory in that business is looking overall and how that is looking?

對我來說，這個問題包含兩個部分。首先，我們只談羊毛業務。格倫，如果你能談談抓絨面料業務在九月份的趨勢，那時天氣稍微暖和一些，以及十月份天氣稍微涼爽一些時的趨勢，那就太好了。該企業整體庫存狀況如何？情況又如何？

And then secondly, with all the tariffs now, it's been a couple of quarters since the April 2, what kind of conversations are you having with companies? What kind of opportunity do you see maybe to capture some new business from companies may be looking to move some of their production out of Asia, maybe to your factories with your company, whether it's in Bangladesh and Central America?

其次，鑑於目前所有的關稅政策，自 4 月 2 日以來已經過去了幾個季度，您與各公司進行了哪些方面的對話？您認為有哪些機會可以吸引一些新業務，例如一些公司可能正在考慮將部分生產從亞洲轉移到貴公司位於孟加拉和中美洲的工廠？

Okay. Well, I would say, look, Fleece is still performing well for us. We're in a good position with Fleece this year. It's really early. I mean the season only starts kicking off, like we ship a lot of our Fleece at the end of Q2, Q3 basically, and then the season really sell-through period starts now and moves into the fall and winter really.

好的。嗯，我想說，你看，羊毛布料目前在我們這裡表現依然不錯。今年我們在羊毛方面處於有利地位。現在還很早。我的意思是，銷售季才剛開始，例如我們基本上是在第二季末、第三季出貨很多抓絨衫，然後真正的銷售旺季才開始，一直持續到秋季和冬季。

So I think we're -- it's early days in terms of weather, but so far, the sales are meeting our expectations, I would say, in terms of Fleece so far for this year. Regarding tariffs, I would say to you that, look, there's a lot of uncertainty in the market today. And I think that we're seeing a lot of people looking to reorient their supply chain. But at the same time, there's a little bit of I would say, hesitation because people don't understand are tariffs off? Tariffs are on?

所以我覺得——現在就天氣而言還為時過早，但就今年目前的抓絨衫銷售情況而言，可以說銷售情況符合我們的預期。關於關稅問題，我想說的是，目前市場上存在著許多不確定因素。我認為我們看到很多人都在尋求調整他們的供應鏈。但同時，我認為也存在一些猶豫，因為人們不明白關稅是否已經取消？關稅生效了嗎？

They're making a deal. They're not making a deal. They're going to court, they're not going to court. So shifting your supply chain is never something you want to do in a knee-jerk type of reaction. So -- and even ourselves, to be honest with you, there's ways for us in our own manufacturing to further optimize, I would say, our supply chain relative to the way we're set up, but we're sort of waiting to see how all these things materialize.

他們正在達成交易。他們沒達成協議。他們要上法庭，他們又不上法庭。因此，調整供應鏈絕不應該是一種倉促的反應。所以——坦白說，即使是我們自己，在生產製造方面，也有一些方法可以進一步優化我們的供應鏈，以適應我們目前的設置，但我們還在觀望所有這些事情將如何實現。

So overall, I would say that there's definitely going to be a rethink in terms of how people are trying to reorient into their supply chain. And there's also going to be specific areas where I think the opportunity is going to allow us to look at other product categories. So for example, if you look at the 100% polyester product category. That's an area where the tariffs are the highest, and duties are the highest. So -- and that's an area that we have -- our Rio Nance VI facility, for example, has got a lot of capabilities of producing polyester.

所以總的來說，我認為人們肯定會重新思考如何調整他們的供應鏈。而且我認為，在某些特定領域，我們將有機會關注其他產品類別。例如，如果您查看 100% 聚酯產品類別。那是關稅最高的地區。所以──這是我們的優勢領域──例如，我們的里約南斯六號工廠就具備很強的聚酯生產能力。

So -- and there's been trade legislation changes in that category. So we think that, that's something that we can capitalize on. And that's probably one of the areas where we have actually the lowest market penetration. So -- we're working quickly now on building product innovation, things that we're doing to look at that category. And one of our brands, which is All Pro, that means really focusing on all polyester type products and as well as a lot of the big brands that are looking maybe potentially near shore, those are -- that's a category which is really important to them.

所以——而且這一領域的貿易立法也發生了一些變化。所以我們認為，這是我們可以利用的優勢。而這或許是我們市場滲透率最低的領域之一。所以——我們現在正迅速致力於產品創新，我們正在研究該領域正在做的事情。我們旗下的品牌之一 All Pro，意味著我們真正專注於全聚酯類產品，而且許多大品牌都在考慮在近岸地區生產，這對他們來說是一個非常重要的類別。

So overall, look at, we think there's going to be an opportunity. I think it still has to come to fruition, I would say, as we move into the future. But I think we're well positioned with our manufacturing footprint to take advantage of any type of opportunity.

所以總的來說，我們認為會有機會。我認為，隨著我們邁向未來，它還有待實現。但我認為，憑藉我們的生產佈局，我們完全有能力抓住任何類型的機會。

Vishal Shreedhar, National Bank.

維沙爾‧什裡達爾 (Vishal Shreedhar)，國家銀行。

Luca, when you mentioned that the market was stable, my understanding was that the market was -- the wholesale market was under pressure, at least for the last several quarters. So were you talking on a volume basis or on a sales basis. And are you including national accounts in that as well when you're saying it's stable?

盧卡，當你提到市場穩定時，我的理解是市場——批發市場——至少在過去的幾個季度一直處於壓力之下。所以你指的是銷量還是銷售額？您在說經濟穩定時，是否也把國民經濟會計納入其中了？

When we look at the market, we look at the whole market in its entirety. I would say to you that the was similar to Q2. And what we said in Q2, it was down low single digits basically. So we're seeing the same type of comps as we move into Q3. So it hasn't really improved and hasn't gone any worse.

當我們審視市場時，我們會將整個市場視為一個整體。我想說的是，它與 Q2 類似。我們在第二季所說的，基本上就是低於個位數的降幅。因此，進入第三季後，我們看到的情況與之前類似。所以情況既沒有好轉，也沒有惡化。

So it's more stable relative to Q2 but still negative year-over-year. Obviously, we're doing well in the market because of our Soft Cotton technology, our Comfort Colors. AA basically is continuing to grow. Our launch of our All Pro, Champion and remember that three quarters of our sales growth this year, 2025 was projected coming from new programs. Our Fleece is in retail, a big major program we had is doing very well.

因此，與第二季度相比更加穩定，但同比仍然為負。顯然，我們憑藉著柔軟棉質技術和舒適色彩，在市場上取得了良好的表現。AA 基本上仍在持續成長。我們推出了 All Pro 和 Champion 產品，請記住，我們預計今年和 2025 年四分之三的銷售成長將來自新項目。我們的抓絨產品已經進入零售市場，我們之前開展的一項大型專案進展非常順利。

So all those things are driving the sales growth for us to have our mid-single-digit growth for the full year, which we're on track for. But I would say that the market, it was down probably low to mid in Q1. We said low in Q2, it is probably in the same level Q3, and we're expecting that type of scenario in Q4 in our assumption.

因此，所有這些因素都在推動我們的銷售成長，使我們全年實現個位數中段的成長，而我們目前正朝著這個目標穩步前進。但我認為，第一季市場可能處於低點到中位數水準。我們說第二季處於低位，第三季可能也處於同樣的水平，我們預計第四季也會出現這種情況。

Okay. And that's on a sales basis, right? Not on unit space?

好的。這是按銷售額計算的，對吧？不在單元空間內？

Yes.

是的。

Okay. And with respect to the gross margin and I know you chatted to this a little bit earlier, but it improved quite a bit sequentially. Is that mainly related to the manufacturing initiatives? Or was there pricing in there as well?

好的。至於毛利率，我知道你之前也稍微談過，但它環比有了相當大的改善。這主要與製造業措施有關嗎？或是裡面也包含價格資訊嗎？

Yes, Vishal. So again, the gross margin was strong in the quarter. It is a combination of things, but really what's driving the foundation of the margin at the end of the day is the contribution of the lower manufacturing costs. There is some impact from pricing, but really the lower manufacturing cost is what's foundational. And that is what's going to carry forward, not only into the fourth quarter, but that's foundational to the business as we move into next year.

是的，維沙爾。所以，本季的毛利率依然強勁。雖然有許多因素共同作用，但歸根結底，真正推動利潤率成長的是製造成本降低。價格方面確實存在一些影響，但真正起根本作用的是較低的製造成本。而這不僅會延續到第四季度，也是我們邁入明年業務發展的基礎。

Yes. And then, maybe just to add one thing to that I would say is that look at the fundamentals of our strategy of optimizing our manufacturing and scaling and generating scale in our operations is going to continue as we move into 2026 because we've expanded in Central America like we said this year, which we've added another 10% capacity in our facilities and our four walls at a limited CapEx and the CapEx is coming even below our expectations.

是的。然後，我還要補充一點，那就是，我們優化生產製造、擴大規模、提升營運規模的戰略基礎將繼續推進到 2026 年，因為正如我們今年所說，我們在中美洲進行了擴張，在有限的資本支出下，我們的工廠產能增加了 10%，而且資本支出甚至低於我們的預期。

So as we leverage that CapEx as we move into 2026, obviously, that's going to continue to help us with additional cost reductions and margin expansion as we continue to optimize our facilities. And we're actually in the process now of looking to expand within our Bangladeshi facility within the four walls of that as well. And we believe that we actually can expand that facility by probably another 50% as we look at the four walls of that building by utilizing some space that we have within our park, and allowing us to drive additional capacity.

因此，隨著我們進入 2026 年，利用這些資本支出，顯然，隨著我們不斷優化設施，這將繼續幫助我們進一步降低成本並擴大利潤率。目前，我們正在考慮在孟加拉工廠內部進行擴建。我們相信，透過利用我們園區內的一些空間，我們可以將該設施的規模再擴大 50%，從而提高產能。

So these are all the things that's built into Gildan's MD&A is looking at ways really to optimize our manufacturing, particularly as we look at our overall planning as we move into 2026 and bringing on Hanes and as far as we continue to plan our integration strategy. So scale is going to be a key driver of continued margin expansion. And we think we're well positioned to continue to grow our margins as we move forward and lower our costs.

所以這些都是吉爾丹的管理層討論與分析 (MD&A) 中考慮的因素，旨在真正優化我們的生產製造，尤其是在我們展望 2026 年並引入 Hanes 以及繼續規劃我們的整合戰略時。因此，規模將是利潤率持續擴張的關鍵驅動因素。我們認為，隨著我們不斷發展並降低成本，我們有能力繼續提高利潤率。

Brian Morrison, TD Cowen.

Brian Morrison，TD Cowen。

I want to follow up with that, what you just talked about. So how much capacity you talked about the increase in Bangladesh and in Honduras throughput, how much available capacity in dollars is within your existing infrastructure? It sounds like there's another $200 million to $250 million in Bangladesh 1, and what is your view for a go-ahead for a second facility at Bangladesh? I know you already have some of the pieces already in place there.

我想就您剛才談到的內容再補充一點。那麼，您剛才提到的孟加拉和宏都拉斯的吞吐量成長是多少？在你們現有的基礎建設中，以美元計價的可用產能是多少？聽起來孟加拉 1 號計畫還需要 2 億至 2.5 億美元的投資，您認為在孟加拉建造第二個核設施是否應該獲得批准？我知道你們那邊已經具備了一些條件。

Well, I think -- two things. One, look, we'll articulate some of our plans as we move into Q1 and report because we'll have good visibility on our total integration plan with HBI. So I think that will sort of give you a little bit of context. But the increased capacity that we can get out of Bangladesh right now doesn't preclude us from putting up the second facility. So we still have that optionality.

嗯，我想──有兩件事。首先，我們將在進入第一季並報告時闡明我們的一些計劃，因為我們將對與 HBI 的整體整合計劃有清晰的了解。所以我覺得這應該能給你一些背景資訊。但是，我們現在可以從孟加拉獲得的更高產能並不妨礙我們建造第二個工廠。所以我們仍然有這種選擇權。

What we're going to do is we have space available to us in Bangladesh, where we can add additional knitting equipment, and we're putting in some more dyeing and finishing equipment in the facility and the existing facility will allow us to get the first level of expansion. And then we'll also, obviously, as we move forward, evaluate Phase 2.

我們將利用我們在孟加拉的可用空間，在那裡我們可以增加額外的針織設備，並且我們正在工廠內安裝一些更多的染色和整理設備，現有的設施將使我們能夠實現第一階段的擴張。然後，很顯然，隨著工作的推進，我們也會評估第二階段。

Phase 2 would be a much bigger, longer project. It's going to take 12 to 18 months to develop. So that's something that will be down the road. But trying to get incremental capacity and also looking to optimize our cost structure and reduce the amount of capital we've got to spend. That's our first priority as we bring on HBI.

第二階段將是一個規模更大、週期更長的專案。開發需要12到18個月的時間。所以這是以後才會考慮的事情。但我們正在努力增加產能，同時也尋求優化成本結構，減少我們需要花費的資金。這是我們引進HBI後的首要任務。

So with all of that and looking at the ecosystem of what they're doing, the products, the mix and all the different things, we're building, I think, a cohesive integration plan that ultimately is going to continue to lower our costs and bring us scale, which is what we called out before. But more importantly, we think that there's a lot of room in terms of the margin improvement and operating margin improvement on the other side because we don't -- we believe that Hanes should be operating in the same type of operating margins as Gildan does today.

因此，考慮到所有這些因素，以及他們正在做的生態系統、產品、組合和所有不同的方面，我認為我們正在建立一個統一的整合計劃，最終將繼續降低我們的成本並為我們帶來規模，這正是我們之前所強調的。但更重要的是，我們認為在利潤率和營業利潤率方面還有很大的提升空間，因為我們不認為──我們認為Hanes的營業利潤率應該和Gildan目前的營業利潤率一樣。

So that's our long-term goal, let's say, for example, as we drive into the future. So everything being equal, I think we're in a very good position. We're very comfortable with our positioning, and we're going to continue to leverage our best-in-class vertically integrated large-scale manufacturing as we build our plans into '26, '27 and '28.

所以，比如說，這就是我們邁向未來的長期目標。所以，在其他條件相同的情況下，我認為我們處於非常有利的地位。我們對自己目前的市場定位非常滿意，我們將繼續利用我們一流的垂直整合的大規模生產能力，制定 2026 年、2027 年和 2028 年的發展計劃。

And Glenn, to follow up, how long would it take you to expand Bangladesh 1 ? And have tariffs on Bangladesh made you alter any of your logistics or supply chain in order to optimize your cost structure?

格倫，接下來我想問一下，你需要多長時間才能將孟加拉1區擴展開來？對孟加拉國徵收的關稅是否導致您調整了物流或供應鏈，以優化成本結構？

I would say, look at the -- even with tariffs, Bangladesh is very competitive. And what we said before is that it had a 25% cost advantage relative to what we're doing in Central America and the products that we're producing. So the tariff impact with US cotton obviously is a lot lower than that. And then as we continue to scale the thing up and lower our cost, therefore, they will be offsetting some of that tariff cost even further. So that's all part of the strategy, how we're going to continue to drive efficiencies in our system.

我想說，即使加上關稅，孟加拉仍然非常有競爭力。我們之前說過，與我們在中美洲開展的業務和生產的產品相比，它具有 25% 的成本優勢。因此，美國棉花的關稅影響顯然要低得多。隨著我們不斷擴大規模並降低成本，他們將進一步抵銷部分關稅成本。所以，這都是我們策略的一部分，我們將如何繼續提高我們系統的效率。

So look, we think that we're in a good place. We're going to continue -- we feel comfortable, and you can see it's flowing through in our operating margin expansion this year. And all we're saying to you is that, look, we've got further room to continue to expand our manufacturing footprint, reduce our costs and make us more competitive and continue to innovate our products.

所以你看，我們認為我們現在處境不錯。我們將繼續這樣做——我們感覺很有信心，而且你可以看到，這體現在我們今年的營業利潤率成長上。我們想告訴大家的是，我們還有進一步擴大生產規模、降低成本、提高競爭力、持續創新產品的空間。

And don't forget, one of the things that you could take into account is that even though that we've seen margin expansion, don't preclude us that the fact that we've reinvested significantly in our product and innovation because the things that we're doing in our soft cotton technology, for example, have -- we're putting more value into these garments, so more cost in terms of a like-for-like type thing.

別忘了，你需要考慮的一點是，儘管我們看到了利潤率的擴張，但這並不意味著我們忽視了我們對產品和創新進行了大量再投資的事實，例如，我們在柔軟棉質技術方面所做的工作——我們為這些服裝注入了更多價值，因此，就同類產品而言，成本更高。

But the fact is, is because we're optimizing, we're offsetting those costs with lower manufacturing costs, which is improving our operating margin. So it's a win-win scenario in our ecosystem. And by bringing in, I think, as we move forward into '26 and taking in the big volume that we have from Hanes, that's only going to continue to allow us to scale up even further, and we're really excited about the opportunity.

但事實是，正因為我們進行了優化，我們才能用更低的製造成本來抵銷這些成本，從而提高我們的營業利潤率。所以這對我們的生態系統來說是一個雙贏的局面。我認為，隨著我們進入 2026 年，並吸收 Hanes 的大量訂單，這將使我們能夠進一步擴大規模，我們對此機會感到非常興奮。

Stephen MacLeod, BMO Capital Markets.

Stephen MacLeod，BMO資本市場。

Just a couple of questions. Just looking at the imprintables channel in Q3, and you sort of called it out as being similar to Q2. Can you talk a little bit about sort of what you're seeing within each segment of that market, fashion basics, basics, and fleece?

幾個問題。僅從第三季的可印製產品管道來看，您也指出它與第二季的情況類似。您能否談談您在時尚基本款、基本款和抓絨衫這幾個細分市場中觀察到的情況？

Well, I would say to you that, look, our soft cotton technology continues to drive our basic strategy. Comfort Colors is doing really well again, similar to last year. AA is actually coming back. We're seeing good growth in AA. And we have our new brands, ALLPRO, Champion and all the new programs we have.

我想說的是，我們柔軟的棉質技術仍然是我們基本策略的驅動力。Comfort Colors 的表現依然非常出色，與去年類似。AA 真的要回歸了。我們看到AA業務發展良好。我們還有ALLPRO、Champion等新品牌以及所有新項目。

So it's -- we're doing well in a bad market, I mean that's the truth of the situation. The market conditions, like we said, are down low single digits, and we're doing well. So I think that we're well positioned and good -- hopefully, we'll see a big improvement in market conditions in 2026. And with the momentum we have, I think we'll be -- we'll see a good strong 2026.

所以，我們在一個糟糕的市場中做得不錯，我的意思是，這就是事實。正如我們所說，市場狀況目前處於個位數低位，而我們做得很好。所以我認為我們處於有利地位，而且情況良好——希望我們能在 2026 年看到市場狀況的大幅改善。憑藉我們目前的勢頭，我認為我們將迎來一個強勁的 2026 年。

Okay. That's great. And then just turning to the cotton cost environment. Obviously, it's been very benign over the last sort of year or so. And I'm just curious, how much does that play into your gross margin outlook? And do you see incremental upside from this sort of more benign cotton cost environment?

好的。那太棒了。然後我們再來看看棉花成本環境。顯然，在過去一年左右的時間裡，情況一直非常平靜。我很好奇，這會對你們的毛利率預期產生多大影響？您認為在這種較溫和的棉花成本環境下，棉花價格上漲的空間會逐漸增加嗎？

No, I would say that, look, it's sort of going sideways right now. So there'll be no impact one way or the other on margins.

不，我覺得，現在情況有點不妙。因此，對利潤率不會有任何影響。

Yes. And I would say -- just to complement that, I would say that, look, if you look at the -- starting with the Q3, the strong margin performance, it really was driven by lower manufacturing costs. There was a little bit of lower raw material costs that did come through. And we do have visibility of that as we move forward. But the real driver of the sustained margin moving forward is from the manufacturing cost.

是的。我還要補充一點，如果你看一下第三季度，強勁的利潤率表現其實是由製造成本降低所驅動的。原材料成本確實略有下降。隨著我們不斷前進，我們確實能夠看到這一點。但未來利潤率持續成長的真正驅動力來自於製造成本。

Martin Landry, Stifel.

Martin Landry，Stifel。

Glenn, I want to come back on the market dynamic. You're saying that the market has been weak in Q1, Q2 and Q3, and you also expect the market to be down in Q4. I'm just trying to understand why is the importable market down. The economy is doing well. GDP is growing nicely. So what explains the fact that the industry is in decline?

格倫，我想回到市場動態這個主題。你的意思是說，第一季、第二季和第三季市場表現疲軟，你預期第四季市場也會下滑。我只是想弄清楚為什麼進口商品市場會下滑。經濟形勢良好。國內生產毛額成長良好。那麼，是什麼原因導致該行業走向衰退呢？

Well, I would say that there's different things overall when we look at the market. Our GLB customers are basically -- you can follow them. I mean, they're not performing as they were in previous years. So that's one. We're seeing large retailers managing inventory a little bit on maybe the national account side.

嗯，我認為從整體上看市場有很多不同的因素。我們的 GLB 客戶基本上都是—您可以關注他們。我的意思是，他們的表現不如往年。這是其中之一。我們看到大型零售商可能在全國性客戶方面對庫存進行了一些管理。

You have corporate promotional products, companies worried about tariffs and spending money basically in -- which is affecting potentially some of the print wear market. The travel, the tourism sort of it, I think that part is still going good. People are still moving around and spending. So there's different pockets of things, I would say, that are affecting the market. And it's hard to say really because there's so many different avenues of market growth, let's say, for example, or market consumption really at the end of the day.

企業促銷產品、擔心關稅的公司以及基本上把錢花在——這可能會影響到部分印花服裝市場。旅遊業，或者說旅遊這方面，我認為目前發展動能依然良好。人們仍在四處走動和消費。所以，我認為，有許多不同的因素在影響市場。很難說，因為市場成長的途徑有很多種，比如說，或者說，歸根究底，市場消費也是如此。

So we really don't have a total handle on it, to be perfectly honest with you. But we just -- we get the results, obviously, and it's a little bit here, a little bit there, and it all adds up to -- maybe, Chuck, you want to add into that?

坦白說，我們對此還沒有完全掌握。但我們只是──我們得到了結果，很明顯，這裡一點，那裡一點，加起來就是──也許，查克，你想補充一點嗎？

Yes. No, I think, Martin, again, I think to be clear, that's the market overall. As Glenn said, it's all the -- it's not just in imprintables. It's across the whole market we're talking about the way it looks at that, and we talked about inventory and retailers and so forth. I mean when you're talking about the imprintables market, Martin, we feel great about our positioning.

是的。不，我認為，馬丁，再次強調，我認為要明確一點，這就是整個市場的情況。正如格倫所說，這不僅體現在印刷品上。我們討論的是整個市場的情況，包括庫存、零售商等等。我的意思是，馬丁，說到可列印市場，我們對自己的市場定位感到非常滿意。

When we look at our brand portfolio, what we have and the ability to address the market. Glenn's talked about our soft cotton technology, things we've done there that's really driving our basics category. Plasma print, which we've talked about, which has been testing with DTG printers is going great. It's going to be launched in Q4. It looks good.

當我們審視我們的品牌組合、我們擁有的資源以及我們開拓市場的能力。Glenn談到了我們的柔軟棉質技術，以及我們在該領域所做的工作，這些工作真正推動了我們基本款服飾品類的發展。我們之前討論過的等離子列印技術，已經用DTG印表機進行了測試，效果非常好。它將於第四季發布。看起來不錯。

We're expanding the Gildan line and with the new Hammer Max heavyweight that kind of takes on the workwear, streetwear side. He talked about Comfort Colors, it's our fastest-growing brand. We've doubled our manufacturing capacity with that. And we're seeing a lot of organic marketing coming out of that, like CNBC had an article recently, New York Times had one. GQ had something.

我們正在擴大 Gildan 產品線，而新款 Hammer Max 重型鞋款則兼顧了工裝和街頭服飾領域。他談到了 Comfort Colors，這是我們成長最快的品牌。我們因此將生產能力提高了一倍。我們看到許多自然行銷活動由此產生，例如 CNBC 最近發表了一篇文章，《紐約時報》也刊登了一篇文章。GQ 雜誌刊登了一些內容。

We're just getting a lot of organic marketing through that brand. And we're capitalizing on that brand strength and going to expand it into premium bags and hats. We're doing a women's fleece collection. So Glenn talked about AA. And really, when you think about it, Martin, one of the things if you look back at our investor presentations and what's on our website, we had said that we really participated in the core of the imprintables market, which is about 60% of that market. And we've said we really don't play in the 40% overall.

我們透過這個品牌獲得了大量的自然流量行銷。我們將充分利用這一品牌優勢，並將其擴展到高端包款和帽子領域。我們正在推出女士抓絨系列。所以格倫談到了AA。馬丁，仔細想想，如果你回顧我們之前的投資者報告和我們網站上的內容，我們會發現我們曾說過，我們真正參與了可印製材料市場的核心部分，這部分約佔該市場的60%。我們已經說過，我們整體上真的不在前 40% 的行列。

But now we're looking -- for example, I just talked about Comfort Colors going into hats and bags. We hadn't historically played in hats, outerwear, teamwear, bags, accessories. And we're working to now try to reach into that 40%. We're investing in innovation in our polyester fibers and the imprintability of poly and poly yarns to maybe benefit going forward, as Glenn was talking about bringing in poly product. And so that brings me to ALLPRO, where that's hitting new white space categories with performance and corporate ID, uniforming markets, outerwear, some outerwear jackets in that.

但現在我們正在考慮——例如，我剛才談到了舒適色彩在帽子和包包中的應用。我們以前比賽時從來不戴帽子、穿外套、隊服、背包、配戴配件。我們現在正努力爭取達到40%的目標。我們正在投資聚酯纖維的創新以及聚酯和聚酯紗線的可印染性，以期在未來從中受益，正如格倫所說的引進聚酯產品一樣。因此，這讓我想到了 ALLPRO，它正在開拓新的空白領域，包括高性能服裝、企業標誌、制服市場、外套，以及一些外套夾克。

Champion, obviously, going off the heritage of the Champion brand with authentic sports team colors or fanwear, teamwear, coaches jacket, shorts, different things. So I would say we feel very good about our ability to address the imprintables market and as we go forward and again, to play in areas maybe we hadn't played in the past.

Champion，顯然沿襲了 Champion 品牌的傳統，採用正宗的運動隊伍顏色或球迷服裝、隊服、教練夾克、短褲等各種產品。因此，我認為我們對進入可印製產品市場的能力感到非常滿意，並且我們將繼續前進，再次進入我們過去可能沒有涉足的領域。

So just to summarize that despite there could be some negativity in the market, we're well positioned for growth regardless. And despite the market being down, we're still seeing mid-single-digit growth from all these factors that Chuck just mentioned. And hopefully, as we move into 2026, we'll see some positive momentum in the market, which will even accelerate our growth further.

總而言之，儘管市場可能存在一些負面因素，但我們已做好充分準備迎接成長。儘管市場低迷，但正如 Chuck 剛才提到的所有因素，我們仍然看到了中等個位數的成長。希望進入 2026 年後，市場能夠出現一些積極的勢頭，這將進一步加速我們的成長。

Okay. That's great color. And just to be clear, you said, Chuck, that you're entering into hats. Are you entering into other categories like bags and workwear or just hats?

好的。顏色真好看。查克，你剛才說過你要進軍帽子行業。你們還會涉足其他類別，例如包包和工作服，還是只涉足帽子？

No, no, hats. We're doing hats. We're going to do some bags. Things like our Hammer Max will probably play a little bit in workwear, as I mentioned. We're going to do some outerwear jackets things in ALLPRO, and Champion has coaches jackets. So yes, we're playing in areas that if you go back to that investor presentation in areas where we said we didn't play in the past, we're reaching into.

不，不，是帽子。我們正在做帽子。我們要做一些包包。正如我之前提到的，像我們的 Hammer Max 這樣的產品可能會在工作服領域中發揮一定作用。我們將在 ALLPRO 上介紹一些外套夾克，Champion 有教練夾克。所以，是的，我們正在涉足一些我們過去從未涉足的領域，如果你回顧一下我們之前的投資者報告，你會發現我們正在進入這些領域。

Paul Kearney, Barclays.

保羅‧卡尼，巴克萊銀行。

First one is just looking at inventories, can you comment on levels in the quarter? How much of the increase was from the higher tariff costs? And where do you expect to end Q4? And then I have a quick follow-up.

首先，我們來看看庫存狀況，您能談談本季的庫存水準嗎？成長中有多少是因為關稅成本上漲造成的？你預計第四季末的業績會如何？然後我還有一個簡短的後續問題。

Yes. Thanks for your question. So we're comfortable with where inventories are. The inventory levels are slightly higher, and there's a few reasons for that. One, yes, there are some costs related to tariffs that are in our inventory, but it's better -- it's more that we're really well positioned from an in-stock level. And if you remember that when we have really good in-stocks, that drives really good availability, and that's what's really important from the market's perspective of our customers.

是的。謝謝你的提問。所以我們對目前的庫存狀況感到滿意。庫存水準略高，有幾個原因。沒錯，我們的庫存中確實存在一些與關稅相關的成本，但情況更好——更確切地說，我們的庫存水準非常充足。如果你記住，當我們庫存充足時，就能帶來良好的供貨能力，而這對我們客戶而言，才是真正重要的。

So as I did comment earlier, look, we've got a strong focus on working capital, a strong focus on generating cash flow. Our target is to bring that working capital down towards the 37%, 38% as we're in 2026. We'll be slightly higher than that as we end Q4, but we're well positioned, and we're in control of our working capital. So it's -- I would think of it as good inventory.

正如我之前提到的，我們非常重視營運資金，並且非常重視創造現金流。我們的目標是到 2026 年將營運資本降至 37% 或 38%。到第四季末，我們的實際數字會略高於這個數字，但我們目前處於有利地位，並且能夠控制我們的營運資金。所以——我認為這是一筆不錯的庫存。

Okay. And that was great color on the innovation and the growth outlook for the Activewear for next year. I guess my follow-up is I'm curious, after the HanesBrands acquisition, is there anything that we should be considering for the organic outlook for the Gildan business as you kind of roll in those brands and those customers? How should we think about the hosiery and underwear part of the business or any kind of shifts as you combine the businesses?

好的。這篇報導精彩地介紹了明年運動服飾產業的創新和成長前景。我想問的是，在收購 HanesBrands 之後，隨著這些品牌和客戶的加入，對於 Gildan 業務的有機成長前景，我們是否應該考慮一些因素？在合併業務時，我們應該如何看待襪子和內衣業務部分，或任何形式的業務轉型？

Well, I think what's really important is if we take this kind of step by step is we look at what we're putting out in terms of guidance for this year, right? So when we take a look at the top line, we're reconfirming our guidance there on the top line of revenue up mid-single digit, right? We've seen this year a very strong performance, which is really fueling that top line growth. So revenue up mid-single digits, right?

我認為真正重要的是，如果我們採取這種循序漸進的方式，我們就要看看我們今年發布的指導意見是什麼，對吧？所以，當我們看一下營收數據時，我們再次確認了我們對營收成長的預期，即實現個位數中段的成長，對吧？今年我們取得了非常強勁的業績，這確實推動了營收成長。所以營收成長了中等個位數，對吧？

Then when we take a look at the margin profile, we're calling up our operating margin guidance to 70 basis points year-over-year. Just as a reminder, 2024 was at 21.3%. And then this all feeds into an adjusted EPS guidance range that we've tightened right at $3.45 to $3.51, which is up 15% to 17%. As you think of the go forward, right, in terms of the proposed acquisition, what we've gone out to the market with, right, is a view that net sales are going to accrete over the next three years at a rate of 3% to 5% CAGR, right? So that's the way you have to think of the top line.

然後，當我們查看利潤率情況時，我們將營業利潤率預期同比上調 70 個基點。提醒一下，2024 年的機率是 21.3%。所有這些都促成了我們調整後的每股收益預期範圍，我們將其收緊至 3.45 美元至 3.51 美元，比上調了 15% 至 17%。展望未來，就擬議的收購而言，我們向市場傳達的觀點是，未來三年淨銷售額將以 3% 至 5% 的複合年增長率增長，對吧？所以，這就是你理解頂線的方式。

In terms of how much we're going to continue to invest in the business is 3% to 4% of that top line into CapEx, which is going to be really important, we're going to be doing this within a leverage framework of always with our target between 1.5 times to 2.5 times. It's really important to us to maintain that. If you notice where we are right now, we're actually at the midpoint of our range going into the closing of the transaction. And then from an EPS perspective, really jumping up to the low 20% range off the midpoint of what we're guiding to in terms of 2025.

至於我們將繼續對業務進行多少投資，我們將把營業額的 3% 到 4% 投入資本支出，這將非常重要，我們將始終在槓桿框架內進行投資，目標是始終保持在 1.5 倍到 2.5 倍之間。對我們來說，保持這一點非常重要。如果你注意到我們現在所處的位置，我們實際上正處於交易結束前的價格區間的中間位置。從每股盈餘的角度來看，確實比我們 2025 年預期值的中點高出 20% 左右。

So that's the profile of how you have to think about the coming together of the two entities. And then the first year, what we've articulated as well is that the EPS will be meaningfully higher than that average of the 20% over the next three years. So hopefully, that's helpful, but that's the way you should be thinking about the coming together of the two entities.

這就是看待這兩個實體合併時應該如何思考的問題。然後，我們也明確表示，第一年的每股盈餘將顯著高於未來三年 20% 的平均值。希望這能有所幫助，但你應該這樣看待這兩個實體的結合。

Luke Hannan, Canaccord.

盧克·漢南，Canaccord。

Thanks for the commentary thus far. I wanted to follow up on the topic of there being delays in floor sets by large retailers. I know it was mentioned in the past that you have a large fleece program that's either already in place with your large retailer customers or set to. Has the timing of that been impacted at all by the fact that retailers are being a little bit more diligent in managing inventory?

感謝您迄今為止的評論。我想就大型零售商的店鋪陳列延遲問題進行後續跟進。我知道之前有人提到過，你們有一個大型抓絨項目，要么已經與你們的大型零售客戶合作開展，要么正在籌備中。零售商在庫存管理方面更加謹慎，這是否對時間安排產生了一定影響？

No, Luke, that has set and on the floor, it is doing well. It's performing well. Early reads on it are very good. They definitely wouldn't want to miss that fleece season. So, no, it's been placed in on the floor. It was more in the innerwear categories.

不，盧克，球已經落地了，而且狀況很好。它的表現很好。早期的評述非常精彩。他們絕對不想錯過穿著羊毛衫的季節。所以，不，它被放在地板上了。它更偏向內衣類產品。

And I would just add -- Luke, I would just add that, again, from a growth perspective this year, 75% of our growth is coming from new programs. That includes the T-shirt and fleece, meaningful programs within our national accounts and so that plays into that piece right there.

我還要補充一點——盧克，我還要補充一點，從今年的成長角度來看，我們 75% 的成長來自新專案。這包括T恤衫和抓絨衫，以及我們全國客戶群中的重要項目，所以這其中就包含了這部分內容。

And then for my follow-up, I wanted to ask on that same sort of topic or dynamic of customers being a little bit more diligent in managing inventory, it sounds like distributors overall seem to be okay with their inventory balances. What's your view on why that sort of dynamic wouldn't impact distributors, but retailers seem to be a little bit more impacted?

然後，作為後續問題，我想就客戶在庫存管理方面更加勤勉這一類似話題或動態進行詢問，聽起來分銷商總體上似乎對他們的庫存餘額感到滿意。您認為為什麼這種動態不會對經銷商產生影響，但零售商似乎受到的影響更大？

Well, I think when you look at it, again, distributors have always known that availability is their number one purchase criteria. So they have to have the product available. And so -- and they found as they do that, they have a better chance of servicing the market. So there's been an appetite to make sure they're well balanced and well stocked to service it.

嗯，我覺得仔細想想，經銷商一直都知道供貨情況是他們最重要的採購標準。所以他們必須確保產品有貨。因此，他們發現這樣做能讓他們更好地服務市場。因此，人們一直希望確保他們的產品供應充足且均衡，以滿足市場需求。

And again, I think when you look at the retailers, I think they're a lot wider in what they're dealing with. It's not just innerwear that we talked about or Activewear we talked about, it could be everything else in the store and fashion goods, electronics, everything across the store that they're running into, and they're really uncertain about tariffs and so forth going forward. So I think they look at it probably a little differently than the distributors have to look at their supply chains.

而且，我認為當你觀察零售商時，你會發現他們所經營的業務範圍要廣泛得多。我們討論的不僅是內衣或運動服，還可能是商店裡的其他所有商品，包括時尚用品、電子產品等等，他們遇到的所有問題都與關稅等有關，他們對未來的關稅政策等等感到非常不確定。所以我認為他們看待這個問題的方式可能與經銷商看待其供應鏈的方式略有不同。

John Zamparo, Scotiabank.

約翰‧贊帕羅，加拿大豐業銀行。

I wanted to come back to the free cash flow guide, but related to the CapEx. Apologies if I missed it. What is the nature of that update? Are you deferring projects? Or are some areas of spending no longer as compelling as they were prior? And if it's the former, is that based on the supply chain uncertainty from some customers that you referenced?

我想回到自由現金流指南，但這次是關於資本支出的。如果我錯過了，請見諒。這次更新的具體內容是什麼？你們是否正在推遲專案？或者說，某些領域的支出是否已不如以前那麼有吸引力了？如果是前者，這是基於您提到的某些客戶供應鏈的不確定性嗎？

No. So two things. Starting with the CapEx guide, right? So going from 5% to 4% of net sales, I mean, still that's a healthy number, number one. One thing that we do not move off of, I think it's important to understand is how we reinvest in the maintenance of our assets. So always think about almost around two-thirds of what we spend in CapEx goes through maintenance and reinvesting into our assets to make sure that we maintain our competitive advantage. That doesn't move.

不。所以有兩件事。從資本支出指南開始，對吧？所以，從淨銷售額的 5% 降到 4%，我的意思是，第一，這仍然是一個健康的數字。我認為，有一件事我們始終不能忽視，那就是我們如何對資產的維護再投資，這一點非常重要。所以要時時謹記，我們資本支出中近三分之二都用於資產維護和再投資，以確保我們保持競爭優勢。它一動也不動。

And there is a little bit of shift in terms of timing of projects, which is effectively the difference between the 5% and the 4%. So that's the way I would think of the CapEx. And again, you touched upon free cash flow. I think, again, free cash flow is very important to us, and we're comfortable in terms of our free cash flow generation. The difference in the guide, again, comes down to we've reflected the transaction costs incurred to date.

專案進度方面也略有變化，這實際上就是 5% 和 4% 之間的差異。這就是我對資本支出的看法。您再次提到了自由現金流。我認為，自由現金流對我們來說非常重要，而且我們對自身的自由現金流狀況感到滿意。指南的不同之處在於，我們已經反映了迄今為止產生的交易成本。

There's a bit of timing of working capital where we have a little bit of tariff cost that's in our inventories, but we're comfortable where we are, and we're comfortable that where we're going. There's nothing really major. It's timing.

營運資金方面存在一些時間上的問題，我們的庫存中有一些關稅成本，但我們對現狀感到滿意，對未來發展方向也充滿信心。沒什麼大事。關鍵在於時機。

Okay. Understood. And then I wanted to ask about the competitive landscape, and I wonder if you've seen any meaningful change in that over the last quarter or so. Do you think your competitors are behaving rationally? Are they also passing on costs as you'd expect?

好的。明白了。然後我想問一下競爭格局的情況，我想知道在過去一個季度左右的時間裡，您是否看到這方面有任何實質性的變化。你認為你的競爭對手的行為是理性的嗎？他們是否也像你預期的那樣將成本轉嫁出去了？

I'd say overall, the whole market has passed on costs associated with tariff. I mean that's pretty consistent across all categories, all markets, all channels. I would say that in the printwear market, we're continuing to win. Our strength, like Chuck mentioned, in all the brand portfolio, the technology, the innovation, that's all a function of the capital that we've been spending and leveraging our large-scale low-cost manufacturing.

我認為總體而言，整個市場已經將與關稅相關的成本轉嫁給了消費者。我的意思是，這種情況在所有類別、所有市場、所有管道都相當一致。我認為在印花服裝市場，我們繼續保持領先。正如 Chuck 所提到的，我們的優勢在於所有品牌組合、技術和創新，而這一切都得益於我們投入的資本以及我們大規模低成本製造的優勢。

And so it takes a long time to put that in place, and then we're really capitalizing it in this type of market where our competitors, we think, are weak, undercapitalized and don't have really the brand strength, the innovation, the manufacturing to really grow their businesses. So we're continuing to lead and widen the gap against the competitive landscape in most of the cases where we operate.

因此，這需要很長時間才能落實，然後我們才能在這種類型的市場中真正利用這一點，因為我們認為我們的競爭對手很弱，資金不足，而且沒有真正的品牌實力、創新能力和製造能力來真正發展他們的業務。因此，在我們營運的大多數地區，我們都將繼續保持領先地位，並擴大與競爭對手的差距。

Chris Li, Desjardins.

Chris Li，德斯賈丁斯集團。

Glenn, I want to follow up your last answer to your last question. I just want to confirm, so have you seen a widening of your price gap versus your competitors given your low-cost advantage? And is that also allowing you to gain more market shares?

格倫，我想就你上次回答的最後一個問題再補充一點。我只是想確認一下，鑑於您的低成本優勢，您是否發現您與競爭對手之間的價格差距正在擴大？這是否也有助於你獲得更多市場佔有率？

No. We've taken price equal to whatever tariff impact, and we did it in stages, too. So we didn't really go out and price at one time. So we slowly took prices up to cover the impact of tariffs, so they would be aligned. And basically, the market had to follow because everybody has that same type of cost.

不。我們已經將價格調整至足以抵消任何關稅影響的水平，而且我們也分階段進行了調整。所以我們並沒有真正出去一次性地進行價格調查。因此，我們逐步提高價格以彌補關稅的影響，使價格與關稅保持一致。基本上，市場也必須跟隨，因為每個人都面臨著相同的成本。

So I would say to you that the pricing, I would say, relationship before and after tariffs is probably pretty consistent in the market, and everybody had to react to the tariff cost and everybody really reacts to our pricing because we're the price leader.

所以我想說的是，關稅前後的定價關係在市場上可能相當穩定，每個人都必須對關稅成本做出反應，而且每個人都會對我們的定價做出反應，因為我們是價格領導者。

Okay. That's helpful. And maybe, Luca, just a follow-up for you. Just on the SG&A expense, sorry if you answered this already. It was a bit higher than what we were expecting in Q3.

好的。那很有幫助。盧卡，或許我還有一點後續問題想問你。僅就銷售、管理及行政費用而言，如果您已經回答過這個問題，請見諒。第三季比我們預期的要高一些。

You noted there's some increase in variable compensation. Are you able to kind of break out for us just how much of that was from variable comp? And then maybe a follow-up to that is, as you look out for next year, your SG&A rate, should we be kind of anchoring around 10% of sales for next year? Is that still a good soft target?

您提到浮動薪酬有所增加。您能否具體說明一下，其中有多少是可變成分造成的？那麼，接下來可以考慮的是，在展望明年時，你們的銷售、一般及行政費用率是否應該設定在銷售額的 10% 左右？那仍然是一個好的軟目標嗎？

Yes. Thanks for your question. So look, in the quarter, I mean, slightly higher. I think there's two things. The drivers are some higher variable comp, but there was also some IT-related expenses that were more onetime in nature.

是的。謝謝你的提問。所以你看，在這個季度，我的意思是，略高一些。我認為有兩件事。驅動因素包括一些較高的可變薪酬，但也包括一些與 IT 相關的、性質更偏向一次性的支出。

The way you have to think about the target for SG&A and specifically for this year, right, we've given the operating margin guidance of 70 basis points higher year-over-year. And when you look at the composition of the gross margin and the SG&A, our SG&A is always targeted to be around 10% of sales.

你必須這樣看待銷售、一般及行政費用目標，特別是今年的目標，對吧？我們已經給出了比上年同期高出 70 個基點的營業利潤率預期。從毛利率和銷售、一般及行政費用的組成來看，我們的銷售、一般及行政費用始終以銷售額的 10% 左右為目標。

So there's a couple of one timers here in the quarter, but we're comfortable with that target. And then with your question with respect to next year, I would point you towards the guidance that we've given in terms of the two companies coming together, the combination, which really yields really strong adjusted diluted EPS CAGR over the next three years with the first year being meaningfully higher than that low 20% range. So 10% is what we're looking at for this year in terms of what we can control on our end.

所以本季有幾個單次交易就能完成，但我們對這個目標感到滿意。至於你提出的關於明年的問題，我想指出我們給出的指導意見，即兩家公司合併後，未來三年調整後稀釋每股收益複合年增長率將非常強勁，第一年將顯著高於 20% 的低水平。所以，就我們自身可控的因素而言，今年我們預期的目標是10%。

Ryland Conrad, RBC.

Ryland Conrad，RBC。

Just on the three quarters of expected growth from new programs this year. Just curious how long of line of sight or how much visibility you have on incremental program wins in national accounts into 2026?

僅佔今年新項目預期成長的四分之三。我只是好奇，您對到 2026 年全國性客戶專案中的增量專案成功有多大的預見性或可見性？

Yes, Ryland, thanks for the question. We have similar -- as we've mentioned, we have similar line of sight on our growth for next year. So similar percentages that we're looking at, as we said, for this year of growth that we see and have line of sight for next year.

是的，萊蘭，謝謝你的提問。正如我們之前提到的，我們對明年的成長有著相似的看法。所以，正如我們所說，我們看到今年的成長百分比與明年的成長百分比相似，而且我們對明年的成長也有了預期。

Okay. Great. And just on Comfort Colors, I guess, could you talk a bit about the performance year-to-date and just the underlying drivers there? And then on the plans to expand that brand into additional product categories, like is there anything that you could share additionally there on that front, whether it be kind of timing or just expectations on how that will benefit the brand?

好的。偉大的。關於 Comfort Colors，您能否談談它今年的表現以及背後的驅動因素？關於將該品牌擴展到其他產品類別的計劃，您能否在這方面分享一些信息，例如時間安排或對這將如何使品牌受益的預期？

Sure. I mean, again, the brand is -- again, it's our fastest-growing brand with double-digit growth. It's been very strong all year long. We haven't seen it falter at all. It just keeps growing.

當然。我的意思是，再說一遍，這個品牌——再說一遍，它是我們成長最快的品牌，實現了兩位數的成長。它全年表現都非常強勁。我們絲毫沒有看到它有任何故障。它還在不斷增長。

I mentioned we doubled our manufacturing capacity for that brand, and we're going to invest additional in 2026 to grow that capacity more. And so that's the reason we think it has brand strength to move outside of just where we have been, which is tees and fleece. We're adding more women's collections, which will be very strong. We're going to go into caps and bags, as I mentioned.

我提到我們已經將品牌的生產能力提高了一倍，並且我們將在 2026 年追加投資，進一步擴大產能。所以，這就是我們認為它具有品牌實力，可以走出我們一直以來所處的領域（即T恤和抓絨衫）的原因。我們正在增加更多女裝系列，這些系列將會非常出色。正如我剛才提到的，我們要去了解帽子和包包。

Again, I think that will be well received because then people can -- when they're putting this product out in the printwear, could go to fraternity stores, resorts, see it in bars where they're putting the things, they want to sell a hat and a T-shirt. They don't -- we're actually seeing it picked up quite a bit in band merch. And when people go to a concert, they may pick up a shirt, but they also want a hat. So we're trying to put out things that will go well with the core product and a lot of it will move together.

我覺得這會很受歡迎，因為這樣一來，人們就可以——當他們把這種產品印在服裝上時，可以去兄弟會商店、度假村，在酒吧里看到他們擺放這些東西，他們想賣帽子和T卹。並沒有——我們實際上看到這種現像在樂團週邊商品中越來越普遍。人們去看演唱會時，可能會買一件T卹，但他們也想要一頂帽子。所以我們正在努力推出一些能夠與核心產品完美契合的產品，而且很多產品都會同步推出。

And just to reference, even though there's hats and bags, these are all going to be cotton-based. They're going to be basically dyed in the same process as we make the T-shirts. So it's going to give an nostalgic look in terms of the pigment type technology that we use on all of the Comfort Colors products that we sell. So it's really going to be enlightening and stay consistent with the brand's heritage and focus.

另外要說明的是，雖然有帽子和包包，但這些產品都將以棉質布料製成。它們的染色工藝基本上與我們製作 T 恤的工藝相同。因此，就我們銷售的所有 Comfort Colors 產品所使用的顏料類型技術而言，它將帶來懷舊的外觀。所以它真的會很有啟發性，並且與品牌的傳統和重點保持一致。

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

目前沒有其他問題了。現在我將把電話轉回給傑西·海耶姆，請她作總結發言。

Thank you, everyone, for joining us today and attending our call, and we look forward to speaking with you soon. Have a great day.

感謝各位今天參加我們的電話會議，我們期待很快與您再次交流。祝你有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。